business – Page 26 – Author Carlo Carrasco

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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Over P577 million deposited through BSP coin machines

April 1, 2024March 26, 2024carlocarrasco

More than P577 million worth of coins have been deposited through the many coin deposit machines (CoDMs) of the Bangko Sentral ng Pilipinas (BSP) as of March 15, 2024, as published on their website.

Based on the latest statistics, a total of P577,421,900.87 in coins got deposited into BSP machines on 147,517 transactions from customers. In terms of physical quantity, 162,311,398 coins were deposited. All these numbers are accurate as of March 15, 2024.

Doing the math on the latest statistics, customers averaged P3,914.27 per transaction (depositing of coins) at the machines. As for the grand total Peso amount divided by the number of coins deposited, the average is P3.55749 per coin deposited.

As with recent times, in my experience, it is getting more challenging for me to deposit loose change at the BSP coin deposit machine inside Festival Mall in Alabang not just because more people lined up but also because more people are individually carrying jars or bags full of coins to deposit. The more coins a customer tries to deposit during his or her turn at the machine, the wait can be a few to several minutes long. I also noticed that more motorcycle delivery operators have joined the line inside Festival Mall supposedly to do the deposits for their clients.

Let me end this piece by asking you readers: What is your reaction to this recent development? Were you able to deposit your excess coins into a BSP coin deposit machine in your locality recently? Do you think the BSP should put up more coin deposit machines to keep up with the growing consumer demand? How long normally is the line at the BSP coin deposit machine in your locality each time you visit?

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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Las Piñas City’s PESO recognized by DOLE

March 13, 2024March 5, 2024carlocarrasco

Recently in the City of Las Piñas, the City Government announced that its Public Employment and Services Office (PESO) was recognized by the Department of Labor and Employment (DOLE) for its efficient and effective conduct and monitoring of job fairs, according to a Manila Bulletin news report.

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

The Department of Labor and Employment (DOLE)-National Capital Region (NCR) recognized the Las Piñas Public Employment and Services Office (PESO) for its efficient and effective conduct and monitoring of job fairs that contributed to the increase of employment in the region.

Vice-Mayor April Aguilar said the department was awarded by the DOLE-NCR as best performing PESO in job placement for 2023.

The recognition was given to PESO during the regular flag raising ceremony on Monday, March 4.

Aguilar expressed her pride for the recognition as she reiterated the city government’s commitment to increasing the employment opportunities for Las Piñas residents.

Let me end this piece by asking you readers: If you are a resident of Las Piñas City, what is your reaction to this development? Do you think PESO office deserves the recognition from DOLE? Did anyone in your local community got employed through the services of the PESO over the past twelve months?

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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PNP tells public to avoid scammers and transact only with legitimate companies when booking for travel

March 11, 2024March 2, 2024carlocarrasco

In recent times, the Philippine National Police (PNP) advised people to avoid scammers, protect their personal information and only transact with legitimate companies with regards to making arrangements for travel as the summer season approaches, according to a Philippine News Agency (PNA) news article. The PNP’s Anti-Cybercrime Group (ACG) noticed that scammers have been using digital methods and social media to deceive customers and take their money.

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

The Philippine National Police (PNP) on Friday advised the public to ensure that they are transacting with legitimate companies to avoid falling victims to scams ahead of the summer travel season.

The PNP Anti-Cybercrime Group (ACG) issued the warning due to the upward trend in vacation or travel accommodation scams last year.

PNP spokesperson Col. Jean Fajardo, citing ACG data, said from 39 cases in 2021 and 91 cases in 2022, the police recorded 313 cases in 2023. This year, the police has so far recorded 35 cases.

Criminals utilize social media and digital technology to impersonate legitimate establishments, offering online accommodation services at much lower rates than usual.

However, upon arrival, victims discover that their reservations do not exist in the establishment’s system.

“We would like to take this opportunity to warn and remind our public na mag ingat (to be wary). Katulad ng sinasabi natin (As we have been saying), this is not only limited sa mga (to) vacation scam. Pati nga ‘yung mga nagbebenta ng mga murang services, nagbebenta ng mga ano-anong produkto, mag-ingat tayo especially kung ang kapalit agad nun is magpapadala kayo ng pera without you not knowing kung sino ang mga iyon (This includes those offering cheap services, selling different kinds of products, let’s be wary especially if the scheme means you have to send money without you knowing who are these),” she added.

ACG director Maj. Gen. Sidney Hernia Director urged netizens to exercise utmost caution and refrain from providing personal or financial details online without verifying the legitimacy of the recipient.

Let me end this piece by asking you readers: What is your reaction about this recent development? Do you think the scammers have been victimizing a lot of local travelers lately? Have you seen lots of enticing travel promos on social media that promised huge discounts? If you have been traveling lately, do you do your bookings online or over the counter with a travel agency?

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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Dutch bank predicts Philippine economy will grow 5.4% this year

March 8, 2024February 28, 2024carlocarrasco

ING, a bank and financial services firm based in the Netherlands, published its forecast that the economy of the Philippines will grow by 5.4% this year, 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…

Dutch bank ING is projecting a moderate 5.4 percent growth for the Philippines this year, saying the impact of the central bank’s rate hikes could have propelled robust growth but it is handicapped by “soft” capital formation.

The 5.4 percent growth estimate is considerably lower than the government target of 6.5 percent to 7.5 percent this year. It is also lower than 2023’s full-year 5.6 percent growth, which was also below the government’s goal of six percent to seven percent.

ING senior economist Nicholas Mapa, in an ING Manila’s economic briefing on Monday, Feb. 19, said domestic growth seems strong this year but “below par as handicaps persist.”

He said one of these handicaps is the lack in capital formation as an impact of the Bangko Sentral ng Pilipinas’ (BSP) cumulative rate hikes since May 2022, for a combined 450 basis points to bring the target reverse repurchase rate or the policy rate to 6.5 percent.

Because of this, Mapa said the “missing link” for a within-target growth is private investment and a National Government spending spree not hampered by a “soft” capital formation.

Capital formation is an integral part of GDP growth. However, capital formation and growth prospects were soft in 2023 due to rate hikes and it could persist this year.

For 2024, ING also forecasts inflation of three percent versus an actual six percent in 2023. The forecast is within the BSP’s target of two percent to four percent. It is also lower compared to the risk-adjusted forecast of the BSP of 3.9 percent for 2024.

Mapa also predict the exchange rate will end with a stronger peso this year at P54.90 since he also expects the BSP’s Monetary Board will cut the policy rate by 50 basis points (bps) from 6.5 percent to six percent, thereby boosting the peso performance.

Based on his presentation during the briefing, Mapa expects the first quarter GDP will perform better at six percent compared to the fourth quarter 2023 GDP of 5.6 percent. By the second quarter, he thinks the economy will grow by 6.3 percent but then will drop to 4.7 percent by the third quarter and further down to 4.5 percent in fourth quarter this year.

He said the rate hikes impact bank lending as well as GDP growth, and that the “elevated rates (has kept) capital formation subdued after years of underinvestment.”

Let me end this piece by asking you readers: What is your reaction about this recent development? Do you think ING’s prediction will turn out correct by the end of this year? Do you think that the economy of the Philippines can somehow grow by at least 6% 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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Muntinlupa City Council amends ordinances related to companies’ hiring of local residents

March 7, 2024February 27, 2024carlocarrasco

Recently in the progressive City of Muntinlupa, the City Council amended two local ordinances that affects companies (with operations within the city) with regards to their hiring of local residents, according to a Manila Bulletin news report.

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

The Muntinlupa City Council amended an ordinance that requires companies operating in the city to hire 70 percent of their rank-and-file employees from among residents.

Under existing ordinances 08-028 and 96-80, all companies that have at least five employees are mandated to hire at least 70 percent of their rank-and-file employees from among Muntinlupa residents.

Ordinance 2024-151 was passed by the City Council amending the two ordinances.

Under the amended ordinance, excluded in the scope of the local law are the banking sector and any industry mandated by law to implement periodic forced rotation of employees.

Section 6 of Ordinance 96-80 was also amended. Under the new provision, all companies in Muntinlupa including business establishments that contract or avail of rank-and-file employees from service agencies located outside the city are required to submit a yearly report of the list of their employees.

The list will be submitted to the Muntinlupa Public Employment Service Office (PESO) by Sept. 30 of every year.

The PESO monitors all business establishments and companies in Muntinlupa for their compliance with the 70-percent workforce requirement.

According to PESO, the ordinance addresses the unemployment problem in the city by giving Muntinlupeños assurance to be employed by companies.

Under the existing ordinance, companies are required to submit to the PESO and Business Permit and Licensing Office (BPLO) a list of employees as part of requirements in the issuance of business permits.

In the amended law, in addition to submitting the age, address, period of employment in the company, and position and duties of employees, companies are now required to submit the employee’s gender, employees who are classified as persons with disabilities (PWDs) and senior citizens, and the company’s reason for not meeting the 50 percent compliance rating in the employment of Muntinlupa residents.

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 who happens to be looking for a job, do you think the latest move by the City Council will boost your chances of getting hired? If you own a business operating in the city, do you think the amendments will make managing your lineup of employees more challenging?

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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