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ADB raises $5 billion via dual bonds
The Asian Development Bank has raised $5 billion via a dual bond issuance to bankroll initiatives to promote social and economic development in Asia and the Pacific......»»
Government eyes $5 billion from global bonds
The Philippines plans to borrow $5 billion from the international debt market through various global bond issuances this year amid expectation of easing interest rates......»»
Government raises P30 billion from new bond issuance
The government borrowed P30 billion from the domestic market via the fresh issuance of long-term securities, with the coupon rate set above secondary markets......»»
Domestic bond issuances drop 59 percent
Funding raised via the domestic corporate bond market plunged by 58.8 percent to P209.33 billion this year from a record high of P508.66 billion last year amid heightened uncertainties, according to the Philippine Dealing and Exchange Corp......»»
RDB issuance boosts government borrowings
The Marcos administration hiked its borrowings by 23 percent to P225 billion in October following the issuance of the first retail dollar bond of the government......»»
Vista Land raises P6 billion from bond issue
Vista Land & Lifescapes Inc. has successfully raised P6 billion through the issuance of its fixed-rate peso denominated bonds......»»
Government borrows P20 billion from T-bond issuance
The government borrowed P20 billion in long-term securities even as rates slightly inched up from the secondary market......»»
UnionBank raises P18 billion from bond sale
Union Bank of the Philippines has raised P18.17 billion from the successful dual tranche offering of peso-denominated fixed rate bonds amid strong demand from investors......»»
Filinvest Land raises P11.4 billion from bond offer
Filinvest Land Inc. has successfully raised P11.4 billion from the bond market to fund capital expenditures and refinance debt......»»
Cliffhanger
One of the challenges of operating a convenience store is theft by shoplifters. In the United States alone, the losses of small city retail stores were estimated at over $94 billion in 2021, Bloomberg reported. Washington State recorded the highest retail store losses from theft in the country, according to the National Retail Federation. Local stores have installed security cameras, motion sensors, and inventory control systems to help prevent shoplifting, an NRF survey showed. It remains to be seen if such high-tech security measures work, but location and size are definitely effective in discouraging shoplifters for one remote convenience store in China. The tiny wooden store at the Shiniuzhai Scenic Area in the Chinese province of Hunan is only two square meters. Opened in 2018, the store recently trended online after a popular military blogger with 889,400 followers posted on the popular Chinese social network Weibo a photo with the caption: “The most inconvenient convenience store,” CNN reported. Few customers are served by the store but not because of its limited offerings. It just so happens to be located along a route less traveled called via ferrata. The pathway for climbers consists of steel bars driven into the mountainside to serve as steps and metal anchors for fastening climbing ropes. In any case, the store is convenient for adventurers summiting the mountain, as they can get a water refill or buy a beverage for hydration while perched on the side of a vertical cliff. At the same time, the store looks inconvenient for its sole attendant as it hangs halfway to the top of the cliff, 120 meters from the ground, with its floor supported only by steel brackets bolted to the cliffside. Moreover, restocking requires the storekeeper to pull up supplies from the ground with a rope, according to Oddity Central. To others, inconvenient is an understatement for the store hanging from a cliff. Scary should be a more accurate description......»»
FDC to raise P32 billion from bond offer
Filinvest Development Corp., the listed conglomerate of the Gotianun family, is looking to raise P32 billion from the issuance of fixed rate bonds......»»
UnionBank returns to domestic debt market
Listed Union Bank of the Philippines is returning to the domestic bond market to raise at least P2 billion via a dual-tranche bond offering with bond exchange option......»»
Government borrows P30 billion via T-bond issuance
The government borrowed P30 billion in long-term securities even as investors sought slightly higher rates ahead of the Bangko Sentral ng Pilipinas policy meeting this week......»»
Forex buffer hits above $100 billion in October
he proceeds of the retail onshore dollar bond issuance by the national government boosted the Philippines’ foreign exchange buffer to hit a six-month high of $101.09 billion in October from $98.12 billion in September......»»
LTO innovates responses to backlogs
The Land Transportation Office, or LTO, now under the leadership of Atty. Vigor Mendoza II, has committed to implementing innovative solutions to immediately address the piles of problems “inherited” from the previous leaderships. Mendoza, whom Transportation Secretary Jaime J. Bautista tasked to help the agency improve its current state, expressed confidence that he could turn the LTO around and make it more efficient and effective. He said this aligns with the Marcos administration’s marching orders to digitalize and bring government services closer to the people seamlessly. Mendoza has already begun to execute some changes, such as streamlining the driver’s license application process, implementing a new online vehicle registration system, and reducing the number of fixers at LTO offices, among others. Speaking in a recent interview on DAILY TRIBUNE’s Straight Talk, Mendoza disclosed that his agency is studying cost-effective ways to produce license plates. Presently, the LTO has a manufacturing plant with eight machines working to produce license plates, but as recently directed by Bautista, the agency is looking at outsourcing them instead of producing them. “We make the plates ourselves, although we are studying if maybe it is high time to review whether the LTO should produce or outsource the plates. I told Secretary Bautista that in terms of efficiency, it might be less costly and faster if we outsource it,” Mendoza said. “We are thoroughly studying those options to weigh which will be less costly to the government. Thus, finally, we could resolve all the backlogs,” he added. Million plates a month Mendoza added that the agency’s plate-making plant could produce a million monthly plates to replace all the backlogs — from the old green plates to the new white ones. He said before the end of November, the license plate backlog will hopefully be fully addressed. With production in full swing, a motorist with a newly acquired four-wheel vehicle can claim his license plates within 10 days. In the meantime, new motorcycle owners can now get their plates immediately. This significantly improved from the previous year when motorists took years to get their plates. To recall, in March, ex-LTO chief Jay Art Tugade issued a memo suspending the production of license plates due to a shortage of materials. Online portal needs full utilization Mendoza said the LTO is also working on finally utilizing the Land Transportation Management System, or LTMS, a P3.14-billion portal created to address Filipinos’ motoring concerns. He lamented that the underutilization of the online portal, which he described as just one of the many inherited problems of the agency, was a misuse of government funds. “The system design is incomplete, and you know that as much as possible, we want to be fully digital as instructed by the President. We want motorists to be able to apply for a license and register their vehicles through that platform,” Mendoza said. “We supposedly have all the facilities. There will be no need to go to LTO offices as it will also address the issues of fixers. However, we cannot do all these until we fully resolve the website’s functionalities,” he said, adding that the LTO would need the developers to provide them with some missing source and application codes. The LTMS was jointly developed by German technology firm Dermalog and its local partners, Holy Family Printing Corp., Microgenesis, and Verzontal Builders Inc. The project went through competitive bidding in May 2018. The LTO’s online portal is a one-stop shop that will integrate all LTO services in a single contactless database system and digital platform. “We are waiting for their reply. I have been open since my first day in office, and I’ve been very open to them. There is a problem, let us talk about it. However, they have not replied to my letters on the source code and application code issue. We have to protect the government’s interest, and the government’s interest is to get the source and application codes so we can do the enhancements ourselves,” Mendoza said. According to the new LTO chief, hiring another third-party team to resolve the LTMS issues might cost the government at least another billion pesos. Mendoza asked why the government does not just find another software developer, saying: “We already paid for the contract.” “If we do it, maybe they will spend another billion just to complete everything, so the government will save a lot if we do it ourselves. We have DICT with us, and LTO is also hiring technical people for us to be able to do it ourselves. So, we can do it, we don’t need foreigners to teach us.” The post LTO innovates responses to backlogs appeared first on Daily Tribune......»»
Govt. to boost agri, fishery sectors
President Ferdinand Marcos Jr. on Wednesday underscored the need to address the systemic issues plaguing Philippine agriculture for years due to the longstanding neglect of this sector. During his speech at the 70th anniversary of the Federation of Free Farmers (FFF) in Quezon City, Marcos Jr said the welfare of farmers and fisherfolk has been forgotten for decades, dating back to the inception of agricultural reform during his father and namesake's tenure. "We have a significant amount of work ahead of us because we need to fix the entire agricultural system that has been neglected for a long time, perhaps since the start of agricultural reform, during (the late President Ferdinand Marcos Sr.'s) time," Marcos Jr. said. "Now, many changes have occurred, the world has changed, and it has revolved several times. Therefore, we need to examine the needs of our farmers and fishermen to improve their lives because we often hear that we need to increase our yield, improve our harvest, and our productivity," he added. The latest data from the Philippine Statistics Authority showed that agricultural production in the country decreased by 1.3 percent during the year's second quarter. The figures unveiled by the PSA showed that the production value in agriculture and fisheries, calculated at constant 2018 prices, totaled P427.69 billion, a decline from the P433.10 billion recorded during the same period the previous year. Minimum wages for agricultural laborers in the Philippines vary by region, ranging from P306 in the Bangsamoro Autonomous Region in Muslim Mindanao to P573 in the National Capital Region. These wage rates, determined by tripartite boards, differ based on the specific region. “But let's not forget that the livelihood of our farmers and fishermen should also be taken care of and improved because that is our goal for all our farmers and fishermen,” Marcos said. Marcos emphasized the pressing need for his administration to boost the agricultural sector, with more than P92 billion set aside for upcoming agri-fisheries projects next year. Additionally, the Department of Agriculture has allotted P4.73 billion to improve large-scale agriculture and fishery mechanization and modernization, aiming to decrease post-harvest losses and cost-effectively enhance farmers' yields. However, the President underlined the enormity of the task ahead and called upon the public for their support and collaboration. "So, this is a massive task. That's why we need your help because the government alone cannot do all of this. We need your diligence, we need your advice because you are the ones facing the problems in agriculture that we are going through now,” Marcos said. “Rest assured, your government is here to do everything in its power to assist our farmers in producing a bountiful harvest, catching enough fish for our fellow citizens, and selling these products at prices affordable to our people,” Marcos added. The post Govt. to boost agri, fishery sectors appeared first on Daily Tribune......»»
8-month debts increase 50%
The government’s gross borrowings rose in the first eight months, Bureau of the Treasury data showed, surging by 50.48 percent to P1.58 trillion as of the end of August from P1.05 trillion a year earlier. Based on the Treasury’s latest cash operations report, gross domestic borrowings accounted for the bulk of the first eight month’s total at P1.28 trillion. Gross overseas loans, meanwhile, clocked in at P394.56 billion during the period. Gross domestic loans increased from the year earlier from P996.14 billion. Gross overseas borrowings also rose from P337.79 billion previously. Fixed-rate treasury bond issuances worth P904.76 billion made up most of the first eight months of the domestic borrowings. An additional P283.76 billion and P95.84 billion were raised through retail T-bonds and T-bills, respectively. Foreign debts rise Gross external borrowings, meanwhile, increased by 16.80 percent from P337.79 billion in August 2022 to P394.56 billion in August this year. Total borrowings in August alone reached P119.12 billion, an increase from P118.36 billion in August 2022. During the month, borrowings from local lenders slipped by 34 percent to P110.5 billion from P167.81 billion secured in the same period last year. A huge chunk of the gross domestic borrowings, at P117.37 billion, was from fixed-rate Treasury bonds at P110.23 billion. The government borrowed the remaining P7.13 billion from short-term T-bills. In terms of external debt, the Treasury increased its gross borrowings to P6.68 billion from just P1.31 billion from foreign sources last year. The entire external financing for August was made up of project loans from multilateral institutions. The post 8-month debts increase 50% appeared first on Daily Tribune......»»
Saavedra to appeal dismissal of cases vs Tomas, ex-city officials over Kawit Island deal
CEBU CITY, Philippines – Businessman and whistleblower Crisologo Saavedra is not yet giving up on the criminal and administrative complaints that he filed against former Cebu City Mayor Tomas Osmena and his City Council on the controversial P18 billion Kawit Island deal. Saavedra said he will be filing a petition to ask the Office of the Ombudsman-Visayas to reconsider its earlier decision to dismiss the criminal and administrative complaint that he filed. “I’ll file an MR (motion for reconsideration),” said Saavedra in an interview with CDN Digital. In 2018, Saavedra filed criminal and administrative complaints over the controversial P18 billion Kawit Island deal. The project paved the way for Gokongwei-owned Universal Hotel and Resorts Inc. (UHRI) to establish an integrated casino and resort in the South Road Properties (SRP). But acting Assistant Ombudsman for the Visayas Jane Aguilar, in a 21-page decision promulgated January 27, junked the criminal and administrative cases for ‘lack of substantial evidence’. A copy of the decision was furnished to the media on Oct. 20. Osmeña’s co-respondents in the case were then Councilors Margarita Osmeña, Dave Tumulak, Sisinio Andales, Alvin Arcilla, Eugenio Gabuya Jr., Gerry Guardo, Joy Augustus Young, Mary Ann delos Santos and Franklyn Ong who approved the ordinance that allowed the Gokongwei-owned company to establish an integrated casino and resort in Kawit Island, SRP and UHRI executives Frederick Go, Lance Gokongwei, James Go, Robina Gokongwei-Pe and Patrick Henry Go. Saavedra insisted that Ombudsman-Visayas should look into the technicalities of how the city government awarded the P18-billion project in 2018. He mentioned City Ordinance No. 2154 as his basis, saying that members of the private sector, when entering into joint venture agreements with the government, must meet the “technical and financial qualifications” prescribed by law. “The private participants should have technical and financial capability. I never questioned the financial capability… It is the track record of the corporation, not of the individual offices,” Saavedra added. The Camp of Osmeña has since welcomed the decision of the Ombudsman. ALSO READ: Ombudsman upgrades Saavedra complaint against Tomas Osmeña, 9 others over Kawit Island deal.....»»
BPI begins bond float to raise P5 billion
Ayala-led Bank of the Philippine Islands has commenced its bond float to raise P5 billion aimed at diversifying its fund sources......»»
Government raises $1.26 billion from retail $ bonds
The government raised $1.26 billion from the first retail dollar bond issuance of the Marcos administration aimed at boosting state coffers......»»