business news – Page 26 – Author Carlo Carrasco

World Bank sees stronger Philippine economic growth in 2025

April 11, 2024April 2, 2024carlocarrasco

Recently the World Bank (WB) revealed its forecast of stronger economic growth for the Philippines in the year 2025 although still below the projections of the government, according to a BusinessWorld news report.

To put things in perspective, posted below is an excerpt from the BusinessWorld report. Some parts in boldface…

THE WORLD BANK (WB) maintained its economic growth forecast for the Philippines this year but raised its 2025 growth projection, amid expectations of higher consumer spending and foreign investments.

In its latest East Asia and Pacific (EAP) Economic Update, the World Bank said it expects Philippine gross domestic product (GDP) to grow by 5.8% this year, the fastest in Southeast Asia along with Cambodia.

The Philippines and Cambodia are seen to expand faster than Vietnam (5.5%), Indonesia (4.9%), Malaysia (4.3%), Lao People’s Democratic Republic (4.0%), Timor-Leste (3.6%), Thailand (2.8%) and Myanmar (1.3%).

For 2025, the World Bank raised its GDP forecast for the Philippines to 5.9% from 5.8%.

However, the World Bank’s growth forecasts for the Philippines are lower than the government’s target of 6.5-7.5% for 2024 and 6.5-8% for 2025 to 2028.

“What has sustained growth in the Philippines, like much of the region, has been consumption and the recovery in services,” WB East Asia and Pacific Chief Economist Aaditya Mattoo said at a virtual briefing on Monday.

He noted foreign investment flows into the Philippines might increase after the government implemented significant reforms such as Republic Act No. 11659 or the Public Service Act, which allows full foreign ownership in key sectors such as telecommunications and airlines.

“(The reforms) should begin to pay off in terms of greater foreign investment, which though in the short run… the flows have been less strong than we would have expected,” Mr. Mattoo said.

Climate and geopolitical shocks, as well as elevated inflation and high interest rates are risks to the growth outlook.

“If there is a resurgence in inflation, for example in the United States, which might well see interest rates even higher for longer, that would certainly affect growth throughout the region as we have estimated,” he said.

Let me end this piece by asking you readers: What is your reaction to this recent development? Do you think the Philippine economy can grow stronger than the forecast of the World Bank for 2025?

You may answer in the comments below. If you prefer to answer privately, you may do so by sending me a direct message online.

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Philippine exports of goods and services surpassed $100 billion in 2023

April 11, 2024April 2, 2024carlocarrasco

For the year 2023, Philippine exports of good and services reached over $100 billion based on the balance of payments (BOP) from the Bangko Sentral ng Pilipinas (BSP), according to a Philippine News Agency (PNA). By comparison, less than $100 billion was achieved in 2022.

To put things in perspective, posted below is an excerpt from the PNA news article. Some parts in boldface…

Despite global trade challenges, Philippine exports surpassed the USD100-billion mark in 2023, an all-time high revenue for the country’s outbound trade.

The Department of Trade and Industry (DTI) said in a statement Monday that based on the balance of payments (BOP) from the Bangko Sentral ng Pilipinas (BSP), exports of goods and services reached USD103.6 billion. This is higher by 4.8 percent from the total exports of USD98.8 billion in 2022.

DTI Secretary Alfredo Pascual said this is the first time the Philippines breached the USD100-billion mark in export revenues.

Pascual said the strong exports last year was driven by services, especially the information technology and business process management (ITBPM) and tourism services.

Services exports rose 17.4 percent in 2023 to USD48.29 billion from USD41.12 billion in 2022.

According to the Information Technology and Business Process Association of the Philippines, ITBPM revenues last year stood at USD35.5 billion, while government data showed that travel services reached USD9.1 billion last year.

On the other hand, exports of goods last year declined by 4.1 percent to USD55.32 billion from USD57.71 billion in 2022.

The country’s top goods export alone, electronics, decreased by 3.4 percent or USD955 million in 2023 compared to its previous year.

“This decline highlights the importance of diversifying export portfolios and enhancing competitiveness in key sectors,” the DTI said.

“The path to global excellence and export growth requires shared ambition, where the government and the private sector must intensify and sustain collaborations. Our guideline is the Philippine Export Development Plan (PEDP) 2023-2028, which aims to address constraints to production, diversify and improve access to markets, and develop a strong and innovative export ecosystem,” Pascual said.

However, export revenues last year were USD23.2 billion away from the PEDP target of USD126.8 billion for 2023.

“We recognize the ongoing challenges in both the domestic and global trading environments and hope to address the binding constraints to Philippine export competitiveness as we continue to implement the PEDP for 2023 to 2028,” the DTI chief added.

Let me end this piece by asking you readers: What is your reaction to this recent development? Do you think the Philippines can achieve at least $100 billion worth of export revenue this year?

You may answer in the comments below. If you prefer to answer privately, you may do so by sending me a direct message online.

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Only cash and manager’s checks will be accepted by Muntinlupa Treasurer’s Office

April 10, 2024April 1, 2024carlocarrasco

Recently in the progressive City of Muntinlupa, the City Government announced that its Treasurer’s Office will no longer accept personal and company checks as forms of payment, according to a Manila Bulletin news report. This effectively means that only cash and manager’s checks will be accepted by the said office on-site (over the counter).

To put things in perspective, posted below is an excerpt from the Manila Bulletin news report. Some parts in boldface…

The Muntinlupa City government announced that its Treasurer’s Office will no longer accept personal and company checks as payment.

In a Facebook post on April 1, the city government said this is based on the “Commission on Audit (COA) Circular No. 2013-004, Items 26-28, Chapter II” or the Revised Cash Examination Manual.

It said only cash and manager’s checks with the City Treasurer of Muntinlupa as payee will be accepted for on-site payment.

Under items 26 to 28 of the COA circular, “Checks presented for payment must be drawn by the payor himself and made payable to the agency or head of agency. In the latter case, only the official title or designation of the agency head concerned shall be stated as the payee.”

It prohibits the following checks as payment: checks drawn payable to the name of the agency head or any of its officers, endorsed private checks, post-dated checks, and stale checks.

“When a check drawn in favor of the government is not accepted by the drawee for any reason, the drawer shall continue to be liable for the sum due and all penalties resulting from delayed payments. Where the reason for non-acceptance by the drawee bank is insufficiency of funds, the drawer shall be criminally liable therefore,” the circular stated.

It added, “Whenever a payor has a record of a previously dishonored private check drawn by him in payment of taxes and dues, even if such check has already been settled, any private check presented by him shall no longer be accepted. In such case, the payor shall be required to pay only in cash or by certified check. Each agency head, or treasurer, in the case of local government units, shall make a list of payors whose checks have been dishonored and shall circularize the list to all COs under his jurisdiction.”

Let me end this post by asking you readers: What is your reaction to this recent development? If you are a resident of Muntinlupa City, do you have any issues with having to pay only cash or manager’s checks to the Treasurer’s Office?

You may answer in the comments below. If you prefer to answer privately, you may do so by sending me a direct message online.

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Maynilad’s New Ceramic UF Modular Treatment Plant in Muntinlupa City Inaugurated

April 4, 2024March 25, 2024carlocarrasco

Recently in the City of Muntinlupa, water concessionaire Maynilad inaugurated their modular treatment plant which was designed to treat raw water using state-of-the-art ceramic ultrafiltration (UF) technology, according to the official announcement.

To put things in perspective, posted below is an excerpt from the company’s announcement online. Some parts in boldface…

Operated under a “build-operate-transfer” contract by Rendco-FFJJ Consortium, the Laguna Lake Modular Treatment Plant (ModTP) can produce 20 million liters per day (MLD) of potable water supply, augmenting the production of Maynilad’s three existing treatment facilities in Muntinlupa that also use Laguna Lake as a source.

The 20-MLD water supply from this additional facility will help to improve service reliability for Maynilad customers in the south, as its technologically advanced treatment processes ensure sustained production despite abrupt fluctuations in the lake’s raw water quality, which have been occurring with more frequency owing to climate change effects.

Besides the state-of-the-art Ceramic UF membranes, the facility also uses other key global treatment technologies, such as Ceramic Flatsheet Membranes, Nanobubble Technology, and Sludge Dewatering Press, all incorporated into a localized design that produces zero liquid discharge. This means that every drop of water is used and conserved.

The facility’s various treatment processes also require less maintenance and lower energy and chemical consumption, thus resulting in cost efficiencies and reduced environmental impact.

“Maynilad continues to adopt innovative solutions to meet the evolving water supply and treatment challenges, ensuring long-term resilience and sustainability. With this new facility, we are setting a milestone in municipal water treatment here in the Philippines, as we explore the potential of scaling similar technologies across other facilities,” said Maynilad President and CEO Ramoncito S. Fernandez.

The use of ModTPs that tap alternative sources to Angat Dam form part of Maynilad’s service enhancement program, which aims to address water security challenges.

Let me end this piece by asking you readers: What is your reaction to this recent development? If you are a Maynilad customer, do you think this newest project will improve the water supply as well as your access to water in the near future?

You may answer in the comments below. If you prefer to answer privately, you may do so by sending me a direct message online.

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Luxury cars, villas, tunnels and more found inside raided POGO in Tarlac

April 1, 2024March 19, 2024carlocarrasco

As I was browsing news of national interest, I came upon a news report by GMA Network related to a Philippine Offshore Gaming Operator (POGO) hub in the municipality of Bamban, Tarlac province that was already raided by local authorities. Beyond the raid, the authorities uncovered luxury cars, villas and even tunnels inside the facility.

To put things in perspective, posted below is an excerpt from the GMA news report. Some parts in boldface…

A swimming pool, several tunnels and luxury cars were among the discoveries inside a Philippine Offshore Gaming Operators (POGO) hub that was allegedly used for illegal activities by scammers in Bamban, Tarlac.

In an exclusive report from Saleema Refran on 24 Oras, the 10-hectare Zun Yuan Technology complex that was raided by a joint team of Presidential Anti-Organized Crime Commission, Philippine National Police and the Armed Forces of the Philippines (AFP) had more than just offices and dormitories.

There were also villas that were reportedly reserved for high ranking officials and VIPs as well as an (Olympic)-sized swimming pool.

Aside from allegations of scams, human trafficking and illegal detention, the compound was also hiding other secrets.

There is a network of tunnels underneath the villas. Authorities said the tunnels led outside the compound.

PAOCC spokesperson Winston Casio said the underground passageways might have been used by other suspects to make good their escape.

“Posible kasi na yung mga nakatakas ay dumaan po sa underground tunnels. Mayroon kasing open na mga gates doon sa ibang tunnels pwedeng doon sila nagtakasan.

(It’s possible those who escaped underground. There were open gates in some of the tunnels.)

Inside the villas were expensive furniture and appliances. There were also safety vaults in several rooms. Outside were parked several SUVs and luxury cars.

The massive compound is located beside the Bamban Municipal Hall.

Casio said Bamban town officials should have been more vigilant when it allowed the establishment of the amusement and gaming hub in 2020.

“Lahat po ng POGO, lahat ng (internet gaming license) operators kinakailangan po magkaroon niyan ng Letter of No Objection galing sa city council. Dapat bago nag release ng LONO yung munisipyo dinouble, di lang double, triple o quadruple check kasi nga nakita natin yung mga ebidensya ng scamming dito sa loob,” he said.

The Department of Justice is also investigating the case.

Prior to the March raid, the compound was also raided last February this year due to allegations of a cryptocurrency scam when it was licensed under the Hongsheng Gaming technology.

Posted below is the related news video of GMA.

Let me end this piece by asking you readers: What is your reaction about this recent development? Do you think that the remaining POGOs here in the Philippines could be engaging in illegal activities and added to criminal activities in local communities near their facilities?

You may answer in the comments below. If you prefer to answer privately, you may do so by sending me a direct message online.

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Filinvest REIT Corp. (FILRT) remains as one of the top taxpayers in Muntinlupa City

April 1, 2024March 20, 2024carlocarrasco

Recently in the progressive City of Muntinlupa, Filinvest REIT Corp. (FILRT) was recognized by the City Government as one of the Top 10 taxpayers in the city and this is also the 3^rd consecutive year the corporation made it in the prestigious rankings, according to a Malaya Business Insight news report.

For the newcomers reading this, Filinvest REIT Corp. (FILRT) describes itself as “a real estate investment trust backed by Filinvest Land, Inc. (FLI), one of the largest property developers in the Philippines with an established portfolio of residential, office, retail and industrial developments around the country.”

To put things in perspective, posted below is an excerpt from the news report of the Malaya Business Insight. Some parts in boldface…

Filinvest REIT Corp. (FILRT), the pioneering real estate investment trust (REIT) arm supported by Filinvest Land, Inc. (FLI), and renowned as the country’s first sustainability-themed REIT, has once again received recognition as one of Muntinlupa City’s top taxpayers for the third consecutive year. Acknowledged alongside nine other esteemed businesses by the city, under the guidance of Hon. Mayor Ruffy Biazon, FILRT has been commended for its significant contribution to the city’s economic progress, bolstering various local government initiatives such as scholarships, healthcare, and security infrastructure.

Maricel Brion-Lirio, FILRT President and CEO, affirmed, “We are steadfast in our commitment to embedding sustainability in our Muntinlupa developments, and we remain dedicated to investing in projects and endeavors that champion environmental and social responsibility. FILRT and FLI stand as steadfast allies of the government, offering unwavering support for the city’s continuous pursuit of advancement.”

FILRT currently owns and manages 16 eco-efficient buildings encompassing over 280,000 square meters of gross leasable area within Northgate Cyberzone, an IT BPO campus-style hub accredited by the Philippine Economic Zone Authority (PEZA) in Filinvest City, Alabang, Muntinlupa City. Notably, FILRT’s office property portfolio boasts a globally competitive tenant mix predominantly consisting of blue-chip BPO companies.

Let me end this post by asking you readers: What is your reaction to this recent development? If you are a resident of Muntinlupa City, are you delighted to see how much socio-economic progress FILRT contributed to the city? Are many members of your local community working in a company occupying properties within the Northgate Cyberzone or at Filinvest City?

You may answer in the comments below. If you prefer to answer privately, you may do so by sending me a direct message online.

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P170.6-billion NAIA deal signed

March 28, 2024March 18, 2024carlocarrasco

Recently at Malacañang Palace, the ambitious P170.6 billion agreement to rehabilitate and modernize the Ninoy Aquino International Airport (NAIA) was formally signed in the presence of President Ferdinand “Bongbong” Marcos Jr., House Speaker Martin Romualdez and Executive Secretary Lucas Bersamin which symbolically starts the public-private partnership, according to a Philippine News Agency (PNA) news article.

To put things in perspective, posted below is an excerpt from the PNA news article. Some parts in boldface…

The PHP170.6-billion Public-Private Partnership (PPP) agreement for the rehabilitation of the Ninoy Aquino International Airport (NAIA) is expected to herald economic growth through better collaborations with both local and foreign investors, Transportation Secretary Jaime Bautista said Monday.

At the signing of the concession deal between the Department of Transportation (DOTr) and the New NAIA Infra Corp. (NNIC) in Malacañang, Bautista said the PPP project would “open floodgates” of opportunities from investments, business, tourism, and employment.

“We welcome this development for the NAIA PPP Project as this will not only generate revenue for the government but it will also create opportunities for Filipinos. With a modernized NAIA, we are elevating the airport’s facilities and services to international standards,” he said.

The agreement, Bautista said, would send signal to the international business community about the viability of government infrastructure projects.

“This radical transformation comes at no small price Substantial investments in infrastructure and technology will necessitate collaborations with local and foreign partners,” he added.

San Miguel Corporation president and chief executive officer Ramon Ang, for his part, said the NNIC would not only rehabilitate but also improve the airport’s functionality and “establish a new standard in serving excellence.”

“Together with our partner, Incheon, we have assembled a team of experts, focused on implementing immediate improvement, and help us achieve our long-term goal for NAIA,” Ang said.

President Ferdinand R. Marcos who witnessed the signing described the pact as an “investment in our future.”

“This undertaking is not just about revenues that will be remitted to treasury alone, but resources invested in the airport,” Marcos said.

The agreement, signed by Bautista, Ang and Manila International Airport Authority (MIAA) General Manager Eric Ines, covers 15 years with an option for a 10-year extension.

Let me end this piece by asking you readers: What is your reaction about this recent development? Do you think this new public private partnership will succeed with achieving its goals of modernizing the NAIA, creating new jobs and attract both new investments and a higher number of foreign visitors in the years in the come?

You may answer in the comments below. If you prefer to answer privately, you may do so by sending me a direct message online.

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Fitch sees Philippine economy outpacing Southeast Asian economies this year with 6.4% growth

March 25, 2024March 15, 2024carlocarrasco

Financial firm Fitch Ratings expects the economy of the Philippines to grow the fastest among Southeast Asian economies this year with a growth rate of 6.4%, according to a news article by BusinessWorld.

To put things in perspective, posted below is an excerpt from the BusinessWorld news report. Some parts in boldface…

THE PHILIPPINES is expected to be the fastest-growing economy in Southeast Asia this year, according to Fitch Ratings.

Data from Fitch Ratings’ Asia-Pacific Sovereigns Credit Outlook for February showed that the Philippines’ gross domestic product (GDP) is projected to expand by 6.4% this year.

This will be the fastest growth in Southeast Asia, ahead of Vietnam (6.3%), Indonesia (5%), Malaysia (4.2%), Thailand (3.8%) and Singapore (2.3%).

Krisjanis Krustins, Fitch Ratings’ primary sovereign analyst for the Philippines, said Philippine GDP growth would likely remain above 6% in the next few years.

“We forecast real GDP growth of above 6% over the medium term, considerably stronger than the ‘BBB’ median of 3%, supported by large investments in infrastructure and reforms to foster trade and investment, including through public-private partnerships (PPPs),” he said in an earlier commentary.

Fitch Ratings’ forecast is slightly below the government’s 6.5-7.5% target this year.

The Philippine economy grew by 5.6% in 2023, slower than 7.6% in 2022 and fell short of the government’s 6-7% full-year target.

Economic managers have said they might revise growth assumptions and targets to be more “realistic” and account for global economic conditions.

The Philippine Statistics Authority (PSA) is set to release first-quarter GDP data on May 9.

For 2025, Fitch expects Philippine economic output to expand by 6.5%. This also makes it the fastest-growing economy in the region next year, alongside Vietnam. It will be ahead of Indonesia (5.2%), Malaysia (4.5%), Thailand (3.4%) and Singapore (3%).

In November, Fitch Ratings affirmed the Philippines’ “BBB” investment grade rating and kept its “stable” outlook.

A “BBB” rating indicates low default risk and reflects the economy’s adequate capacity to pay debt. A “stable” outlook on the rating also means it is likely to be maintained over the next 18-24 months.

Let me end this piece by asking you readers: What is your reaction about this recent development? Do you think Fitch’s predictions for the Philippine economy will turn out true by the end of 2024?

You may answer in the comments below. If you prefer to answer privately, you may do so by sending me a direct message online.

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Philippines secures at least $4 billion worth of investments from Germany

March 22, 2024March 13, 2024carlocarrasco

The Philippines has been on a roll lately when it comes to attracting investors and sealing agreements. Following the success of attracting investment from Australia, the Philippines secured from Germany investments worth at least $4 billion (over P220 billion) as President Ferdinand “Bongbong” Marcos and his team went there recently, according to a news article by the Philippine News Agency (PNA). The said amount is more than double than what the nation secured from Australia.

To put things in perspective, posted below is an excerpt from the PNA news report. Some parts in boldface…

The Philippines has secured at least USD4 billion (PHP222 billion) worth of investments in various sectors during President Ferdinand R. Marcos Jr.’s working visit in Germany.

“We have secured business deals worth USD4 billion in Germany, the EU’s economic powerhouse!” he said in a Facebook post Wednesday morning.

“Last year’s significant investments from Germany underscore their confidence in us as a key partner in the Asia-Pacific. We eagerly welcome further collaborations in climate action and energy transition.”

On Tuesday night (Manila time), Marcos became the first Philippine president to address German business leaders in 10 years, coinciding with the 70th anniversary of Philippine-Germany diplomatic relations.

The Philippines and Germany established their diplomatic relations on Oct. 8, 1954.

Marcos also witnessed during the business forum the presentation and exchange of various memoranda of agreement or understanding and letters of intent with different German businesses.

Marcos, in his speech, said Germany is one of the countries that the Philippines is looking forward to further fostering strong business partnerships and collaboration, being one of the biggest economies in the European Union.

He said Germany has the biggest economy both in Gross Domestic Product and population, and a global force in technology and innovation.

“Last year was a testament to the continuing confidence of Germany in the Philippines as a partner in the Asia-Pacific and the ASEAN (Association of Southeast Asian Nations) region by leading among the countries in terms of investments,” Marcos said.

The President also touted the policy reforms and key legislations made by his government to make the Philippines a reliable partner for foreign investors.

In 2022, Germany was the Philippines’ 12th largest trading partner, 10th export market, and 15th import supplier.

Let me end this piece by asking you readers: What is your reaction about this recent development? Do you think that the confirmed investments from Germany will translate into new jobs and new opportunities for social and economic prosperity?

You may answer in the comments below. If you prefer to answer privately, you may do so by sending me a direct message online.

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Three major Japanese investors plan to expand operations in PEZA ecozones

March 15, 2024March 11, 2024carlocarrasco

With all the uncertainty and economic challenges going on, the economy of the Philippines could get a much-needed boost as the Philippine Economic Zone Authority (PEZA) revealed that three major Japanese investors are planning to expand their existing operations in the country, according to a Manila Bulletin news report.

To put things in perspective, posted below is an excerpt from the Manila Bulletin news report. Some parts in boldface…

The Philippine Economic Zone Authority (PEZA) disclosed that three major Japanese investors are planning to expand their operations in the Philippines.

PEZA Director General Tereso Panga, who was guest speaker during an Economic Seminar in Tokyo recently, reported that he held talks with long-time PEZA investors Tsuneishi, electronics manufacturing firm SIIX Co., and automobile manufacturer FCC Co., Ltd. The seminar hosted by Sumitomo Mitsui Banking Corp. was attended by 140 Japanese firms.

According to PEZA, Tsuneishi is preparing for its fifth phase of expansion, including projects to manufacture the world’s first methanol-fueled TEU container carriers and establishing a wood pelletizing business.

Since 1994, the Japanese shipbuilder has already expanded its Philippine operations four times. Its first project was its shipbuilding business in Balamban, Cebu which grew to a 170-hectare facility from 25 hectares.

It also employs around 10,000 direct and subcontracted employees, a long way from the mere 300 workers it had when it began operations.

In Panga’s meeting with SIIX Co.,Ltd, its President Koji Yanase said they see their Philippine operations “playing a crucial role as they expand their core business and enter new territories.”

SIIX Co. has been engaging with the Philippines since 1957 as with the establishment of the first offshore operations for their ink production in the country.

The company said that it will manufacture its patented conductive ink in the Philippines, according to Panga.

Meanwhile, Yoshitaka Saito’s FCC Co. said they expect their Philippine operations to grow in the coming years as they ramp up “manufacturing of the clutch for Honda Click 125 motorcycle, production of paper ceramics for other electronics component manufacturers, and investment in new advanced technology businesses that will involve the assembly line for scooters, lining molding line, and weight line.”

FCC is also eyeing involvement in the country’s circular economy through using solid oxide fuel cells (SOFC) for water filtration and production of solid biomass fuel.

Let me end this piece by asking you readers: What is your reaction about this recent development? Do you think that the planned expansion of the three Japanese firms will help the national economy a lot in the long-term?

You may answer in the comments below. If you prefer to answer privately, you may do so by sending me a direct message online.

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