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GSIS taps Maya for payments
State-run pension fund Government Service Insurance System is expanding its payment channels through a partnership with digital bank Maya Bank Inc......»»
China sidetracked as funding source for PNR Bicol
The government is taking another funding route for the Philippine National Railways South Long Haul, also called the PNR Bicol instead of China. It is seeking the assistance of the Asian Development Bank instead to pursue the long-delayed rail project......»»
China Bank nets record P22 billion
Higher core business revenues boosted the net income of Sy-led China Banking Corp. by 15 percent to hit an all-time high of P22 billion in 2023......»»
China Bank beefs up remittance business
China Banking Corp. is further beefing up its global remittance business through a partnership with a leading financial technology service business in Thailand......»»
PSEi poised to end year in the green
The Philippine Stock Exchange index is set to end the year on a positive note, according to Juan Paolo Colet, managing director of China Bank Capital Corp......»»
Fight back China hostility by drilling our Recto gas
The best defense is offense. China schemes to steal oil and gas in Recto Bank within Philippine exclusive economic zone. To avert that, the Philippines must extract the fuel for itself......»»
China s constant shadowing forces Christmas convoy to abort WPS mission
It said that the convoy’s primary vessel was shadowed by Chinese vessels starting at 3:40 p.m. at the south of Kayumanggi Bank......»»
Stock markets dip as US inflation comes into view
Stock markets drifted lower on Monday as investors eyed the release this week of key US inflation data that could guide Federal Reserve plans for interest rates going into the new year. Oil prices fell nearly two percent before bouncing higher and then sliding back lower as dealers awaited a delayed meeting of OPEC and its allies to decide over output levels. With Wall Street seeing little action at the back of last week owing to the Thanksgiving break, traders had few catalysts to drive action, though analysts were upbeat about the end of the year. "Although there isn't much buying interest at the moment, it's more notable that there still isn't much selling interest," said Briefing.com analyst Patrick O'Hare. The retreat in equities comes after a recent run-up across world stock markets fuelled by bets the US central bank has finished lifting interest rates as inflation comes down and the jobs market comes off the boil. Expectations that the Federal Reserve is done with hiking rates continued to weigh on the dollar Monday. The main focus this week is the release Thursday of the personal consumption expenditures (PCE) price index, the Fed's preferred gauge of inflation. "These numbers will be closely scrutinized for insights into inflation trends and their potential implications for monetary policy decisions," said SPI Asset Management's Stephen Innes. "While the current backdrop does not signify 'mission accomplished' in terms of addressing inflation, policymakers must now focus on planning for the next phase of the economic battle." Still, observers were upbeat about the outlook, with the latest weakness blamed on traders taking a breather after a strong month. Tony Sycamore, at IG Group, said early December could see some selling as investors "rebuild energy and (look) to set up for the end-of-year fireworks". Others said a drop in Wall Street's VIX "fear gauge" -- a measure of equity volatility -- to its lowest since January 2020 suggested investors were getting their mojo back. Eyes are also on developments at OPEC after the group and its allies, notably Russia, delayed a meeting aimed at agreeing production quotas, with some African countries said to be baulking at Saudi Arabian calls for more cuts. The group is thought to be close to reaching an agreement that could see the Saudis and Russia extend output reductions into the new year. OANDA analyst Craig Erlam said the OPEC+ group has shown in the past it usually can get a deal done, even if Saudi Arabia and Russia need shoulder bigger cuts. "But the question is how far they'll push it, given the recent trend in oil prices and increasing concerns around global growth next year," said Erlam. Crude prices have fallen in recent weeks as demand is seen coming down owing to slowing economies, particularly China's, and the Middle East conflict appears to not have expanded to include other countries in the region. Key figures around 1630 GMT New York - DOW: DOWN 0.2 percent at 35,338.58 points London - FTSE 100: DOWN 0.4 percent at 7,460.70 (close) Paris - CAC 40: DOWN 0.4 percent at 7,265.49 (close) Frankfurt - DAX: DOWN 0.4 percent at 15,966.37 (close) EURO STOXX 50: DOWN 0.4 percent at 4,354.41 (close) Tokyo - Nikkei 225: DOWN 0.5 percent at 33,447.67 (close) Hong Kong - Hang Seng Index: DOWN 0.2 percent at 17,525.06 (close) Shanghai - Composite: DOWN 0.3 percent at 3,031.70 (close) Euro/dollar: UP at $1.0935 from $1.0922 Pound/dollar: UP at $1.2611 from $1.2585 Euro/pound: DOWN at 86.70 pence from 86.79 pence Dollar/yen: DOWN at 148.94 from 149.56 yen West Texas Intermediate: DOWN 0.1 percent at $75.44 per barrel Brent North Sea crude: DOWN 0.3 percent at $80.36 per barrel .....»»
Scramble in Wall Street Following ICBC Hack
Title: Cyberattack on ICBC’s US Brokerage Raises Concerns of Financial Stability In a recent cyber assault on the Industrial and Commercial Bank of China’s (ICBC).....»»
Chinabank’s 9-month net income reaches P16.2B
China Banking Corporation, also known as Chinabank, reported a net income of P16.2 billion for the first nine months of 2023, a 10% increase compared to the same period last year. The bank's strong performance was attributed to growth in core businesses and lower loan loss provisions. In the third quarter alone, Chinabank recorded profits of P5.4 billion, a 16% increase from the previous year. The bank's President and CEO, Romeo D. Uyan, Jr., credited the success to effective business strategies and efficient operations. Net interest income grew by 16% to P39.2 billion, while total credit provisions were reduced to P1.3 billion. Despite this, Chinabank maintained a better-than-industry non-performing loans (NPL) cover of 126%. Operating expenses increased by 14% to P20.5 billion, driven by manpower and inflation-related expenses. Chinabank remains the 4th largest private domestic bank with total assets of P1.4 trillion. Gross loans grew by 10% to P765 billion, with consumer loans experiencing a 19% expansion. The bank's NPL ratio remained manageable at 2.2%. Total deposits increased by 14%.....»»
China Bank profit hits P16.2 billion in 9 months
China Banking Corp. grew its earnings by 10.2 percent to P16.2 billion from January to September versus last year’s P14.7 billion on the back of robust growth from core businesses and lower loan loss provisions......»»
‘Reed Bank issue first before environment case vs China’
The Philippine government should first resolve the situation on Reed Bank before it files its environmental case against China on the damage to marine resources, including coral reefs, former Supreme Court senior associate justice Antonio Carpio has suggested......»»
Phl looking for railways funds
The Philippines will have to find other funding sources to bankroll big-ticket transport infrastructure projects after the Department of Transportation or DoTr decided to drop China as its partner for the Mindanao Railway Project. Transportation Secretary Jaime Bautista on Thursday confirmed the DoTr is currently “looking for other lending sources.” “We will look for another funding source. We are working on that now,” Bautista said on the sidelines of the German–Philippine Chamber of Commerce and Industry luncheon meeting. The transport chief said three DoTr projects – the South Long Haul Project, Mindanao Railway Project, and Subic-Clark Railway—were dropped as Chinese Official Development Assistance projects or ODA as the latter’s interest had “waned.” “Those are what we are going to look for additional funding or replacement for,” he said in English and Filipino, adding that the DoTr has requested assistance from the Department of Finance. Bautista said he was unfazed as other funding sources are available, including the Japan International Cooperation Agency or JICA, the World Bank, and the Asian Development Bank. “Our options are we can still go for other ODA. There’s the JICA, the ADB, the World Bank,” he said. “There are other governments talking to us on the possibility of financing these projects,” he added. The post Phl looking for railways funds appeared first on Daily Tribune......»»
Climate ‘loss and damage’ talks end with no agreement
A crucial meeting on climate “loss and damages” ahead of COP28 ended in failure Saturday, with countries from the global north and south unable to reach an agreement, according to sources involved in the talks. The agreement to set up a dedicated fund to help vulnerable countries cope with climate “loss and damage” was a flagship achievement of last year’s COP27 talks in Egypt. But countries left the details to be worked out later. A series of talks held this year have tried to tease out consensus on fundamentals like the structure, beneficiaries and contributors — a key issue for richer nations who want China to pay into the fund. A transition committee on the establishment of the fund met late Friday and into Saturday in Aswan, in southern Egypt. But the delegates were unable to reach an agreement and deferred the decision to another meeting due 3 to 5 November in the United Arab Emirates, according to a webcast of the debate on the official YouTube channel of the United Nations. Ahead of the breakdown, the discussion hit a hurdle over where the funds should be held. There was a divide over it being managed by the World Bank, accused of being in the hands of the West, or in a new independent structure, called for by many developing nations, but would be time consuming and complex to replenish with new funds. The failure “is a clear indication of the deep chasm between rich and poor nations,” Harjeet Singh, head of global political strategy for Climate Action Network International, said in a statement to Agence France-Presse on Saturday. “Developed countries must be held accountable for their shameless attempts to push the World Bank as the host of the fund, their refusal to discuss the necessary scale of finance, and their blatant disregard for their responsibilities” under the terms of already established international climate agreements, he said. Rachel Cleetus with the Union of Concerned Scientists said that “today’s disappointing outcome is a blow to communities... facing an unrelenting onslaught of climate impacts.” “The United States and other rich countries seem more focused on evading or minimizing their responsibility than engaging in good faith negotiations,” she added. The post Climate ‘loss and damage’ talks end with no agreement appeared first on Daily Tribune......»»
Phl economy still strongest this year — RCBC
The Philippine economy will remain among Asia’s strongest in the fourth quarter despite a possible higher interest rate because of strong consumer demand for certain products and services and more employed Filipinos, the chief economist of Rizal Commercial Banking Corporation said Saturday. “This growth forecast is still among the fastest in the region because our economy is doing well,” RCBC’s Michael Ricafort said. The World Bank recently downgraded this year’s Philippine economic growth to 5.6 percent from 6 percent due to inflation risks, apart from lower government spending and weaker demand for exports. However, it is still higher than China’s 5.1 percent, Indonesia’s 4.9 percent, and Malaysia’s 4.3 percent growth forecast. Ricafort said the Bangko Sentral ng Pilipinas (BSP) might raise its policy rate this year to slow inflation to 4 percent by year-end after it accelerated again to 6.1 percent last month. “The BSP is working to bring down prices of goods and services. As an unintended consequence, the economy could slow down. Borrowing costs for business owners also increase and consumer demand weakens,” he said. Ricafort said global oil prices have started falling which could discourage the central bank from raising its rate drastically. “Global oil prices have declined to $82 to $83 per barrel from a peak of $95 per barrel last month or since the war between oil-rich countries Russia and Ukraine began,” the economist said. He also expected a downtrend in rice prices starting this month as he said local farmers have begun collecting fresh harvests. “Inflation quickened last month mainly from higher prices of rice which accounted for nearly 9 percent of the inflation basket and grew 17 percent year-on-year,” Ricafort said. While a higher interest rate aims to slow consumption, Ricafort said the continued flow of remittances from overseas Filipino workers, or at least 3 percent growth yearly will still support substantial levels of consumer spending, especially during the Christmas season. “That is more than $40 billion a year. That’s the fourth largest in the world after India, China and Mexico,” the economist said. He added more Filipinos or 800,000 could earn from business process outsourcing or BPO this year as the industry’s revenue could rise from $32.5 billion to $59 billion based on data from the Contact Center Association of the Philippines. Another growth area is tourism, which Ricafort said saw 4 million foreign visitors last month, nearing the 4.8 million full-year target of the government. He added higher productivity among Filipinos is also expected as the country’s unemployment rate declined to 4.4 percent in August from 4.8 percent in July, based on data from the Philippine Statistics Authority. Moving forward, Ricafort said the government must improve science and technology education for higher quality jobs and increase spending on infrastructure amid the full reopening of most economies. “We are now fully reopened. Students are also back in schools which encourages putting up food businesses. Labor market in the US also improved which will affect export trade,” he said. Ricafort added the government could continue distributing financial and other assistance to farmers to control inflation. He believed the inflation rate will approach 3 percent next year, close to the ideal 2 percent for healthier economic growth. The post Phl economy still strongest this year — RCBC appeared first on Daily Tribune......»»
Humans increasingly settling in high-risk flood zones, study warns
Humans are increasingly settling in areas highly exposed to dangerous flooding, a study warned Wednesday, with China helping drive the rise in risky urban expansion into exposed areas. The research, led by a World Bank economist, warns that settlement growth in flood zones has vastly outpaced growth in safe areas since 1985. "In a time when human settlements should be adapting to climate change, many countries are actually rapidly increasing their exposure to floods," author Jun Rentschler told AFP. The study analysed 30 years of satellite imagery tracking the expansion of human settlement globally, along with flood maps. While past studies have tended to focus on a particular region or type of flooding, the new research looked worldwide at coastal, rainfall and river flooding risks. It found that by 2015, 20 percent of all settlement areas were in zones with medium or higher flood risks, up from 17.9 percent three decades earlier. The percentage rise might not seem substantial, but it represents an enormous area because of how quickly human settlement has expanded globally since 1985. About 76,400 square kilometres (29,500 square miles) of human settlement -- about 48 times the size of greater London -- now faces flooding of more than half a metre, Rentschler said. "These expanding settlements in high-hazard areas lock in flood exposure, as well as future losses and the need for mounting flood-protection investments," the paper published in Nature warns. East Asia and the Pacific region are among the most exposed, driven particularly by urban expansion in China, as well as Vietnam and Bangladesh. "In Vietnam, where almost one-third of the coastline is now built up, the safest and most productive locations are increasingly occupied," the authors wrote. "Thus, new developments are disproportionately forced onto hazardous land and previously avoided areas, such as riverbeds or floodplains." 'Authorities can do much more' The analysis does not incorporate potential increases in flood risks caused by climate change, deforestation or changes to features such as riverbeds. But Rentschler said there was little evidence flood zones were expanding at a rate similar to human settlement in known risk areas, suggesting settlement patterns remain the key factor for policymakers to address. The research does not distinguish between flood zones in countries with strong protections, such as the Netherlands, and those without. "There are large differences in flood protection systems, especially when comparing high- and low-income countries," Rentschler acknowledged. "However, in this study we consider relatively rare and intense flood scenarios, against which even most high-income countries cannot provide full protection," he said. Climate change increases the risk of devastating flooding, because a warmer atmosphere holds more moisture, making rain events potentially more powerful. That has meant flood events once considered likely just every hundred years or so are now increasingly common. Rentschler argues understanding the settlement trend should be the first step in shifting urbanisation policies. "This is where you want to start: before reducing risks, countries need to stop increasing it," he said. "Local authorities can actually do much more to protect people and prevent future climate change impacts." The post Humans increasingly settling in high-risk flood zones, study warns appeared first on Daily Tribune......»»
Asian markets fall on rate fears as bond yields rise
Asian markets fell across the board Wednesday following Wall Street's lead after robust US employment data and rising Treasury yields exacerbated fears that interest rates will be higher for longer. The labor report, known as JOLTS, showed a surprise increase in the number of job openings to 9.6 million, a sign of continued tightness in the market and fuelling worries of a further rate hike by the Federal Reserve before year's end. The report comes ahead of Friday's highly anticipated September US employment report. Following the JOLTS report, 10-year US Treasury note yields climbed to levels last seen in 2007. Treasury bond yields are seen as a proxy for US interest rates and are closely watched. All three major US indices closed in the red, falling by more than one percent. "Stock market investors were sent reeling after US job openings unexpectedly rebounded in August, adding to concerns that the Federal Reserve could hike rates in November but unquestionably maintain elevated borrowing costs for an extended duration," said SPI Asset Management's Stephen Innes. Tokyo and Seoul, which resumed trade after a long holiday weekend, led the Asian selloff Wednesday, both falling around two percent, while Hong Kong, Taipei, Jakarta, Singapore, Sydney, and Wellington were all sharply lower in a sea of red. Markets in mainland China were closed for a week-long holiday. "It is difficult (for investors) to move towards bargain-hunting as yields in US Treasury notes keep climbing," analyst Shutaro Yasuda of Tokai Tokyo Research Institute said. On forex markets the yen was trading at 149.28 to the dollar after hitting 150.16 in London on Tuesday, its weakest level in a year. Japan's top finance officials declined to comment Wednesday on whether Tokyo had intervened to support the yen after it had breached the psychological 150 level. In recent months, the yen has plummeted against the dollar in part because of the widening gap in interest rates set by the Bank of Japan and the US Federal Reserve. The post Asian markets fall on rate fears as bond yields rise appeared first on Daily Tribune......»»
Regional economies slowing down — WB
The World Bank expects East Asia and Pacific economies, excluding China, to grow by 4.6 percent this year as the Philippines catches up with digitalization. The WB prediction is slower than the previous 4.9 percent estimate announced by the multinational financial institution in April. If China is included, economic growth in the region is projected to settle at five percent, the World Bank’s report from Washington said last Sunday. “This is higher than average growth projected for all other emerging market and developing economies but lower than previously projected,” the World Bank said. “The East Asia and Pacific region remains one of the fastest growing and most dynamic regions in the world, even if growth is moderating,” World Bank East Asia and Pacific vice president Manuela Ferro said. The multinational financial institution said the region might continue to face challenges in supplies of goods as more typhoons hit the region in the fourth quarter this year and climate change persists. Geopolitical tensions The World Bank added geopolitical tensions aside from the Russia-Ukraine war threatens to further hamper trade. China, the world’s second largest economy, and the US have been exchanging export bans, especially on electronic and technology products. Meanwhile, the Philippines and other Southeast Asian states are protesting against China’s aggression in the West Philippine Sea. For these reasons, the World Bank said prices of goods and services might rise, forcing central banks in the region’s developing countries to raise interest rates to prevent inflation from accelerating further. However, this means consumers might cut back spending on certain goods and services, while businesses slow operations. Borrowing costs to remain high “Therefore, borrowing costs will likely remain high, constraining room for spending and raising the risk of debt distress in some countries. Furthermore, high indebtedness, combined with rising costs of servicing debt, will weigh on private investments,” the World Bank said. For its 2024 forecast, the bank is more optimistic that the region’s economy excluding China’s will expand from 4.6 percent to 4.7 percent. “Growth in the rest of the region is expected to edge up, as recovery in global growth and easing of financial conditions offsets the impact of slowing growth in China and trade policy measures in other countries,” the World Bank said. Philippine economic growth is seen to improve to 5.9 percent next year from a 5.6 percent forecast for this year. Meanwhile, China’s economy could shrink by 4.4 percent next year from a 4.8 percent estimate for 2023 due to persisting elevated debt, tamer demand for real estate, and aging population. Sustaining high growth to require reforms “Over the medium term, sustaining high growth will require reforms to maintain industrial competitiveness, diversify trading partners, and unleash the productivity-enhancing and job-creating potential of the services sector,” Ferro said. The World Bank reported digitalization and other reforms in government services in the Philippines increased productivity of firms by 1.5 percent from 2010 to 2019. Digital technologies, for example, can spread education and health services in the provinces to ensure a bigger pool of high-skilled and energetic workers. The post Regional economies slowing down — WB appeared first on Daily Tribune......»»
Vietnam economy grows 5.3% in third quarter
Vietnam's economy grew 5.3 percent on-year in the third quarter, official data showed Friday, though experts warned it was on course to miss an ambitious year-end target. Loan interest rate reductions, an extension of tax payments and increased public investment had a positive impact, the General Statistics Office said. But analysts warn it will be an uphill battle for the clothing, shoes and electronics manufacturing hub to reach a year-end target of 6.5 percent expansion for 2023. "Vietnam would only reach a year-end economic growth of between 4.5 percent and 4.7 percent, much lower than the government's set target," Rong Viet Stocks Company chief economist Tran Thi Ha My told AFP. "Growth for the fourth quarter is expected to be at around six percent... largely thanks to improved industrial production and exports." According to GSO, a slump in demand hit the country's exports. One of Vietnam's largest shoemakers for brands such as Nike, Adidas and Reebok announced in August it would cut jobs for the third time this year. Vietnam earned nearly $260 billion in the first nine months from exports. The communist state has long been a success story among Asian economies and in 2022, its economy grew eight percent. The Asian Development Bank predicts 5.8 percent growth for Vietnam's year-end figure, "mainly due to weak external demand". "Weak external environment, including from a subdued recovery in the People's Republic of China, has hampered export-led manufacturing, thus shrinking industrial production in Vietnam," the bank’s Vietnam country director Shantanu Chakraborty said this week. "The economy remains resilient, and recovery is expected to pick up in the near term, driven by strong domestic consumption, which is supported by moderate inflation, an acceleration of public investment and improved trade activities." The GSO reported that 776,000 more laborers in Vietnam have found jobs since the beginning of the year, compared with the same period last year. Average monthly income was around $288, nearly seven percent higher, GSO said. The post Vietnam economy grows 5.3% in third quarter appeared first on Daily Tribune......»»
Uganda seeks Chinese funding for oil pipeline project
Uganda is in the final stages of negotiations with Chinese financiers to help fund a controversial pipeline project after some Western partners pulled out, a senior official said Wednesday. "We are having final discussions with our Chinese partners to provide about half of the finances required for the construction of the EACOP (East African Crude Oil Pipeline)," Irene Bateebe, permanent secretary at the energy ministry, told AFP. "We should be concluding the arrangements with the Chinese financiers this coming month (October)," she added. French energy giant TotalEnergies is leading a multi-billion dollar project to develop Ugandan oilfields and ship the crude through a 1,445-kilometre (900-mile) pipeline to a port in Tanzania. But the scheme has come under fire from human rights groups and environmental campaigners who say it will harm fragile ecosystems and the livelihoods of tens of thousands of local people. The government has vowed to plough ahead despite the opposition, and TotalEnergies says those displaced by the project have been fairly compensated and measures have been taken to protect the environment. "This is a critical project for Uganda," Bateebe said. "Some of our international partners from Europe were forced to pull out from financing this project and as a country, we sourced for other friendly partners to finance the balance of the financing and we are on course." She said Uganda was speaking to two Chinese financiers, the Export-Import Bank of China and Sinosure. TotalEnergies has a 62 percent stake in the pipeline, with Ugandan and Tanzanian state-owned oil companies holding 15 percent each and China National Offshore Oil Corporation eight percent. The pipeline is part of a $10 billion project to develop oilfields in Lake Albert in northwestern Uganda and export the crude to international markets via the Indian Ocean port of Tanga in Tanzania. The lake lies atop an estimated 6.5 billion barrels of crude, of which about 1.4 billion barrels are currently considered recoverable. Uganda's first oil is expected to flow in 2025 -- almost two decades after the reserves were discovered -- and the project has been hailed by President Yoweri Museveni as an economic boon for the landlocked country where many live in poverty. The post Uganda seeks Chinese funding for oil pipeline project appeared first on Daily Tribune......»»