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Philippine remittances rise by 2.9 pct in November
MANILA, Jan. 15 (Xinhua) -- Personal remittances from overseas Filipinos reached 3 billion U.S. dollars in November 2023, 2.9 percent higher than the 2.9 billion dollars recorded in November 2022, the Philippine central bank said Monday. The Bangko Sentral ng Pilipinas (BSP) said the cumulative personal remittances grew by 2.9 percent to 33.6 billion dollars in the first 11 months of 2023 from 32.6 billion dolla.....»»
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......»»
2nd State of the Nation Address
Anti-inflation measures Crafting of Medium-Term Fiscal Framework supported by Congress Implementation of strategies to capacitate economic sectors Results (1) 7.6 percent growth in 2022 — highest rate in 46 years. (2) January to March 2023 — 6.4 growth percent (within 6 to 7 percent target) (3) Philippines considered to be among fastest-growing economies in the Asian region and in the world (4) Strong and stable financial system (5) Banks have strong capital and liquidity positions. (6) Digital economy contributed P2 trillion in 2022, the equivalent of 9.4 percent of our GDP. (7) World Bank projects a 6 percent overall growth rate due to strong local demand, consumer spending, strength from the BPO industry, steady flow of remittances, and continuing jobs recovery (8) Inflation rate eased up from 8.7 percent in January to 5.4 percent in June. (9) Bureau of Internal Revenue posted P1.05 trillion collections — an increase of almost 10 percent over the last year (10) Bureau of Customs increased collection by 7.4 percent for the first seven months of 2023, amounting to P476 billion. (11) PAGCOR increased collection by 47.9 percent (12) PCSO increased collection by 20 percent Reduction of prices of commodities like rice, meat, fish, vegetables and sugar Roll out of more than 7,000 KADIWA stores nationwide that link farmers with consumers, benefited 1.8 million families Agriculture Science-based methods toward food security Revision of Fisheries Code Unify 300 farm and fisheries clusters composed of 900 cooperatives Extensive technology training like the use of local bio-fertilizers Distribution of farm machinery, tools and inclement Distribution of more than 5 million rice seedlings and other crops Fuel at fertilizer discount vouchers Geo-Agri map of farm-to-market roads Irrigated 49,000 hectares of farmlands across the country. Constructed 4,000 additional fabrication labs, production at cold storage facilities Built 24 multi-species hatcheries to increase fisheries production Anti-animal pest monitoring, medicines, and vaccines Cloud seeding and buffer stocks in preparation for El Niño 70,000 agrarian land titles distributed Signing of EO No. 4. Or New Agrarian Emancipation Act the condoned P57-billion farmers’ loans Smuggling and hoarding Days of smugglers and hoarders are numbered Water Supply Creation of Water Resources Management Office Working for legislation of Department of Water Resource Management Allocated P14.6 billion for water supply projects Completion of Wawa Bulk Water Supply Project Phase 1 Installed 6,0000 rainwater collection systems across the country Infrastructure 8.3-trillion peso “Build, Better, More” Program in progress 194 flagship projects Continuation of “Build, Build, Build” projects Infrastructure spending stays at 5 to 6 percent of GDP 1,200-kilometer Luzon Spine Expressway Network Program will effectively connect Ilocos to Bicol from 20 hours to just 9 hours of travel Under Mega-Bridge Program, 12 bridges totaling 90 kilometers will be constructed including Bataan-Cavite Interlink Bridge and the Panay-Guimaras-Negros Island Bridges, and Samal Island-Davao City Connector Bridge As of June 2023, 4,000 kilometers of roads and 500 bridges have been constructed, maintained and upgraded Completed Cebu’s Pier 88 smart port, new passenger terminal buildings of Clark Airport and Port of Calapan. North-South Commuter Railway System now in full swing Strategic financing Enactment into law of Maharlika Investment Fund Social security Funds for the social security and public health insurance intact and separate Energy and Power Generation Price of crude oil stabilized Since last year, gasoline and diesel prices have gone down by 18 to 29 percent, respectively. Built 8 new additional power plants, bringing to 17 the total number of power generation facilities Energy production increased by 1,174 megawatts. Almost half a million homes given access to electricity; 100 percent household electrification by June 2028 Renewable energy is the way forward Promotion of renewables targets 35 percent share in the power mix by 2030, and 50 percent by 2040 Opened renewable energy projects to foreign investments Since last year, an additional 126 renewable energy contracts with potential capacity of 31,000 megawatts awarded. To date, more than 1,000 active projects all over the country — 299 are solar, 187 are wind, 436 are hydroelectric, 58 are biomass, 36 are geothermal, and 9 are ocean-powered. Malampaya project is boon, energizing 20 percent of Luzon; renewal of the contract guarantees continued revenues and energy production for another 15 years Push for more gas exploration in other parts of the country Partnered with the BARMM in regard to energy exploration and development The Philippines now has a Unified National Grid with the interconnection of the Luzon, Visayas and Mindanao grids “One Grid, One Market” will enable more efficient transfers and more competitive pricing of electricity Performance review of National Grid Corporation of the Philippines to complete all of its deliverables, starting with the vital Mindanao-Visayas and Cebu-Negros-Panay interconnections. Social welfare Enough funds for underprivileged DSWD, DoLE, DepEd, TESDA and CHEd involved in providing assistance Programs like AICS, TUPAD, TVET for Social Equity, Social Pension for Indigent Senior Citizens, Cash-for-Work for PWDs, and Integrated Livelihood Program-Kabuhayan available for indigents Social protection Pension of the military and the uniformed personnel is as important, urgent, and humanitarian as that of all other civilian Filipino employees Working closely with Congress to ease the transition from the old system to the new one, to guarantee that no effects are felt by those in the uniformed services. The post 2nd State of the Nation Address appeared first on Daily Tribune......»»
Remittances reach P2.78B, rise by 2.9%
PAMPANGA – Cash remittances coursed through banks increased in May following the growth in receipts from workers abroad. Data from Bangko Sentral ng Pilipinas showed on Monday that overseas Filipino remittances reached $2.78 billion in May 2023, higher by 2.9 percent than the $2.70 billion registered in the same month last year. "The expansion in cash remittances in May 2023 was due to the growth in receipts from land- and sea-based workers," BSP said in a statement. Consequently, personal remittances for the first five months of the year grew by 3.1 percent to $14.46 billion, from $14.02 billion posted in the comparable period in 2022. On a year-to-date basis, cash remittances reached $12.98 billion, 3.1 percent higher than the year-ago level of $12.59 billion. "The growth in cash remittances from the United States, Singapore, and Saudi Arabia contributed mainly to the increase in remittances in the first five months of 2023," BSP said. "Meanwhile, in terms of country sources, the U.S. posted the highest share of overall remittances during the period, followed by Singapore, Saudi Arabia, and Japan," BSP added. In an emailed commentary, Rizal Commercial Banking Corp. chief economist Michael Ricafort said the continued growth in the year-on-year overseas Filipino remittances growth might have to do with increased OFW remittances sent back home in May 2023 in time to finance holiday-related spending continued since the Holy Week in April 2023. "More people travel to go back to their respective hometowns in the provinces for vacations, also during the school break (June to July), spend for gatherings/reunions, as well as finance vacations locally or overseas," Ricafort said. He added that relatively higher inflation also required sending more overseas Filipino remittances to families and dependents in the Philippines. Ricafort said further reopening the economy towards greater normalcy also led to increased spending with some pent-up demand or even some revenge spending by OFW families and dependents locally that are partly financed by increased sending OFW remittances. The post Remittances reach P2.78B, rise by 2.9% appeared first on Daily Tribune......»»
BSP cuts 2-year BOP forecasts
The Bangko Sentral ng Pilipinas on Friday lowered its forecasts for the country’s balance of payments for this year and 2024 due to weaker global growth prospects and the downside risks of the trade outlook. The BSP expects the BoP to be in deficit this year, with a shortfall of $1.2 billion, down from the $1.6 billion deficit that the BSP forecasted in March. “The overall BoP position is expected to post lower deficit levels in 2023 and 2024 than previously anticipated due to revisions made in the forecasts for both the current account and financial account,” the BSP said. In a briefing, BSP Director Sittie Hannisha Butocan of the Department of Economic Research explained that domestic and external risks affect the country’s BOP. She added that these risks come from inflation, less pent-up demand because of higher interest rates, and tighter fiscal space. China risks Butocan noted that China poses risks and opportunities for global trade, especially for regional trade that affects BOP. Even though China’s economy is reopening and getting back to normal after supply-side problems, especially with oil, it is growing more slowly than projected. The BSP said that weak external demand is likely to continue, which will “weigh on the trade and investment prospects in emerging market economies, including the Philippines. Even as the domestic economy continued to recover strongly from the pandemic, the spillover effects from the global economic slowdown can be a major drag.” The BOP shortfall is $3.3 billion as of the end of April this year. The BSP only gives information about the current account, which is a big part of the BOP, every three months. Monetary Policy Subsector officer-in-charge Paolo M. Alegre Jr., for his part, said the latest current account showed a deficit of $4.3 billion as of the first quarter of this year. He said that this was because of the growing trade-in goods deficit and lower net receipts in the main income account. The increase in net receipts in the trade-in services account helped to lessen the effect of these factors. The BSP now thinks that this year’s current account deficit will be $15.1 billion, which is less than its earlier prediction of $17.1 billion. Butocan said that the current account will be helped by a steady recovery in the BPO and tourist industries and by remittances that keep coming in. 2024 expectations Next year, the Central Bank expects the country’s BOP to have a $0.5 billion deficit, which is -0.1 percent of GDP. “For 2024, the overall BOP position is projected to post a slightly lower deficit relative to the previous forecast. This is hinged mainly on the foreseen normalization and return to pre-pandemic levels of global and domestic economic activity,” the BSP said. The central bank predicts a $15.4 billion current account deficit next year as the trade-in goods gap narrows. The BSP also predicted 6 percent export growth and 8 percent import growth for next year.The Central Bank also expects the services exports to rise by 16 percent and imports by 10 percent in 2024. Next year, BPO receipts may climb by 9 percent and travel receipts by 50 percent. Growth prospects “Growth prospects for BPO and travel sectors remain on a steady course. The latter is forecasted to exceed its pre-pandemic level by 2024 buoyed by much-improved international mobility and supported by government-led tourism promotion programs to regain market losses from the pandemic,” the BSP said. The central bank also expects 3 percent cash remittance growth in 2024 as Filipino workers fill in for the labor shortage resulting from pandemic-induced job losses and aging populations in host economies. Meanwhile, BSP reduced its financial account prediction to $14.4 billion from $15.7 billion next year. It also expects the Foreign Direct Investments net inflows to reach $11 billion and foreign portfolio investments net inflows at $3.5 billion. The central bank said its forecasts are limited due to persistent external concerns. The BSP assured that it would regularly monitor external sector developments and risks affecting its pricing and financial stability objectives. The post BSP cuts 2-year BOP forecasts appeared first on Daily Tribune......»»
China approves coal power surge despite emissions pledge: Greenpeace
China has approved a major surge in coal power so far this year, prioritizing energy supply over its pledge to reduce emissions from fossil fuels, Greenpeace said Monday. The world's second-largest economy is also its biggest emitter of the greenhouse gases driving climate change, such as carbon dioxide (CO2), and China's emissions pledges are seen as essential to keeping global temperature rise well below two degrees Celsius. The jump in approvals for coal-fired power plants, however, has fueled concerns that China will backtrack on its goals to peak emissions between 2026 and 2030 and become carbon-neutral by 2060. Local governments in energy-hungry Chinese provinces approved at least 20.45 gigawatts of coal-fired power in the first three months of 2023, Greenpeace said. That is more than double the 8.63 GW Greenpeace reported for the same period last year, and greater than the 18.55 GW that got the green light for the whole of 2021. China relied on coal for nearly 60 percent of its electricity last year. The push for more coal plants "risks climate disasters... and locking us into a high-carbon pathway," Greenpeace campaigner Xie Wenwen said. "The 2022 coal boom has clearly continued into this year." A study released in February by Global Energy Monitor (GEM) said China last year approved the largest expansion of coal-fired power plants since 2015. Vicious cycle Most of the new coal projects approved in the January-March period this year were in provinces that have suffered punishing power shortages due to record heatwaves in the last two years, Greenpeace said. Several others were in southwest China, where a record drought last year slashed hydropower output and forced factories to shut down. It was unclear how many of the coal power plants approved this year will begin construction. Greenpeace analysts warned that investing in more fossil-fuel plants to prepare for the spike in air conditioning will create a vicious cycle: increased greenhouse gas emissions from the coal plants will accelerate climate change, resulting in more frequent extreme weather such as heat waves. "China's power sector can still peak emissions by 2025," Greenpeace's Xie said, but added that emissions released today will linger in the atmosphere for decades. China is also the world's largest and fastest-growing producer of renewable energy. Wind, solar, hydro and nuclear sources are expected to supply a third of its electricity demand by 2025, up from 28.8 per cent in 2020, according to estimates by the National Energy Administration. But Greenpeace said the rise in approvals for coal power projects shows how the need for short-term economic growth is diverting investment away from renewable energy projects such as grid upgrades that can supply surplus wind and solar power to regions that need it. With an average lifespan of about 40 to 50 years, China's coal plants will be operating at minimum capacity and at a loss if the country delivers on its emissions pledge, according to the report. The China Electricity Council said more than half of the country's large coal-fired power companies made losses in the first half of 2022. The post China approves coal power surge despite emissions pledge: Greenpeace appeared first on Daily Tribune......»»
Remittances sustain rise to hit 6-month high
Remittances from overseas Filipino workers continue to climb, hitting the highest level in six months in June amid further global economic reopening, although at a slower pace than the double-digit growth recorded in April and May, according to the Bangko Sentral ng Pilipinas......»»
September remittances rose by 9.3% to $2.601b
Remittances rose 9.3 percent in September from a year ago, the fastest growth in 29 months, as the economies hosting overseas Filipino workers gradually recovered from the impact of the coronavirus pandemic, data from the Bangko Sentral ng Pilipinas show on Monday......»»
September remittances surprise with fastest growth in 29 months
The expansion was the fastest since the 12.7% annual uptick in April 2018......»»
T-bill rates rise on inflation recoil
The rates for the government’s short-term securities picked up across the board as the market expects inflation to have snapped four straight months of easing......»»
As air fares go up, airlines dangle early bookings for flights
As worries that air fares may rise in the coming months, the country’s top carriers are urging travelers to book their flights early to take advantage of cheaper prices......»»
Philippine remittances hit all-time high in 2023
MANILA, Feb. 15 (Xinhua) -- Personal remittances from overseas Filipinos reached an "all-time high" of 37.2 billion U.S. dollars in 2023, 3 percent higher than the 36.1 billion dollars recorded in 2022, the Philippine central bank said on Thursday. "The robust inward remittances reflected the rise in the deployment of overseas Filipino workers due to the continuous increase in demand for foreign workers in host.....»»
Philippine remittances hit all-time high in 2023
MANILA, Feb. 15 (Xinhua) -- Personal remittances from overseas Filipinos reached an "all-time high" of 37.2 billion U.S. dollars in 2023, 3 percent higher than the 36.1 billion dollars recorded in 2022, the Philippine central bank said on Thursday. "The robust inward remittances reflected the rise in the deployment of overseas Filipino workers due to the continuous increase in demand for foreign workers in host.....»»
BSP to keep policy stance sufficiently tight
Despite the slowdown in the rise in consumer prices in the past four months, monetary authorities deem it necessary to keep monetary policy settings sufficiently tight until there is sustained decline in inflation......»»
Remittances ease to $3 billion in November
Remittances sent home by Filipinos abroad eased to $3 billion in November 2023, reaching their lowest level in six months despite the holiday season......»»
Car production zooms by 29 percent in 10 months
Motor vehicle production in the Philippines maintained its position as the fastest-growing in the ASEAN region, achieving a 28.5-percent growth in the first 10 months......»»
Remittances hit 10-month high in October
The amount of money sent home by overseas Filipino workers (OFWs) to their loved ones in the Philippines continues to pick up during the ‘ber’ months, rising by more than three percent in October and reaching its highest level in 10 months......»»
Philippines remittances grow 3.1 pct in October
MANILA, Dec. 15 (Xinhua) -- Personal remittances from overseas Filipinos reached 3.33 billion U.S. dollars in October, 3.1 percent higher than that in October 2022, the Philippine central bank said on Friday. "This resulted in total personal remittances rising by 2.9 percent to 30.57 billion dollars in the first 10 months of 2023 from 29.72 billion dollars recorded in the comparable period in 2022," the Bangko S.....»»
Philippines remittances grow 3.1 pct in October
MANILA, Dec. 15 (Xinhua) -- Personal remittances from overseas Filipinos reached 3.33 billion U.S. dollars in October, 3.1 percent higher than that in October 2022, the Philippine central bank said on Friday. "This resulted in total personal remittances rising by 2.9 percent to 30.57 billion dollars in the first 10 months of 2023 from 29.72 billion dollars recorded in the comparable period in 2022," the Bangko S.....»»
Lancaster New City s first low-rise condo Westwind breaks ground, eyes turnover in Q3 2026
The first low-rise condominium of Profriends inside Lancaster New City, Westwind, has officially broken ground, with a targeted turnover in the third quarter of 2026. The groundbreaking ceremony took place in General Trias, Cavite last November 11, three months after the project’s grand unveiling at Acacia Alabang in Muntinlupa......»»