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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.....»»
BayaniPay expands North American reach
Backed by an additional funding round of $2.1 million, Filipino-owned financial technology firm BayaniPay is expanding its services in North America to better serve more Asian American immigrants. Speaking to reporters on Wednesday, BayaniPay CEO Winston Damarillo said the company will leverage the large concentration of Filipinos in Canada to grow its reach. Filipino immigrants in Canada recorded a population of almost one million in 2021, while Filipino immigrants in the United States or US numbered around 2 million, comprising more than 4 percent out of over 45.3 million US immigrants. “We aim to sustain this momentum and explore new territories. Our commitment towards improving and growing our platform is driven by the desire to make the lives of Filipinos easier, wherever they may be found,” Damarillo said. BayaniPay currently serves customers in California, Hawaii, New Jersey, and Alaska by allowing them to remit funds to their loved ones and make direct payments to service providers in the Philippines. Its platform allows customers to have easy access to a digital checking account, a debit card that maximizes their spending power, zero fee remittance fees, and market-leading forex rates. According to Damarillo, the company will utilize its new funding, which brought the total seed round of BayaniPay to $6.6 million to date, for the planned expansion. BayaniPay previously raised $4.5 million in seed funding, allowing it to scale its product features and explore new territories. During the first half of the year, BayaniPay saw its average transaction value surge to over P100 million per month, a huge jump from only P30.64 million in average transactions last year. Damarillo attributed this to the strong demand for cross-border payment solutions, including remittances as well as bill payments. BayaniPay thus targets to reach P1 billion in total transaction value before the end of the year. “We are on track to meet this milestone, as we continue to acquire more customers each month. The demand for BayaniPay continues to grow as more and more Filipinos see the value and benefit of convenience while allowing them to enjoy zero fees and competitive foreign exchange rates,” Damarillo said. Early this year, BayaniPay, in partnership with BDO Remit USA, launched its Buena Mano Rate program of $1 = P60 forex rate for its first-time remitters, which exponentially increased BayaniPay’s customer acquisition. The Buena Mano Rate program is applicable for up to $500 of every first remittance or first remittance in six months. BayaniPay plans to launch its loyalty program for active users this fourth quarter, which would grant them preferential high forex rates as incentives. As of end-June, BayaniPay recorded a 36-percent growth in new users. It is also strengthening its partnerships with other institutions to further expand its portfolio of services. BayaniPay targets to increase its current 10,000 user base to 100,000 in the next two years. The post BayaniPay expands North American reach appeared first on Daily Tribune......»»
Outlook upgraded, says Tokyo’s R& I
Tokyo-based debt watcher Rating and Investment Information Inc., or R&I, kept the country at investment grade BBB+ while upgrading the country’s outlook from stable to positive due to the economy’s continued resilience in the face of global headwinds. In a statement on Monday, the debt watcher said the country has been performing well despite uncertainty surrounding the global economy. R&I cited the economy’s strong performance, improving fiscal position, and stable political environment as reasons for the upgrade. The agency also noted that the Marcos Jr. administration’s policies are supportive of economic growth and poverty reduction. Steady policies “In terms of economic policies, the Marcos Jr. administration has continued the previous administration’s policies to address key infrastructure development and structural reforms, leading to better prospects that the country will make progress in raising income levels, which has been a key challenge,” R&I said. “R&I will upgrade the rating once the factors such as the economic growth path sought under the Philippine Development Plan 2023 to 2028, the stable macro-economic condition, and the improving trend of fiscal position are confirmed,” the debt watcher added. R&I also said that the country’s strong growth in gross domestic product or GDP in 2022 by 7.6 percent “has continued” into 2023. The economy grew by 6.4 percent in the first quarter of 2023. The growth made the Philippines one of the fastest-growing economies among R&I-rated peers like Indonesia and Mexico. The government’s goal for growth in 2023 is for it to be between 6.0 and 7.0 percent. The debt watcher stressed that it doesn’t see the country’s current account deficit on the negative side as the government is spending a lot on infrastructure, which will help the economy grow. R&I also took note of the country’s steady inflows from abroad Filipino remittances and foreign direct investments, as well as its enough foreign reserves, when talking about the country’s external payments. Countries with investment-grade ratings can get cheaper loans from development partners and foreign debt capital markets because they are less likely to default on their loans. In a separate statement, Finance Secretary Benjamin Diokno said the Philippines’ strong macroeconomic fundamentals, improving fiscal position, stable political environment, strong banking system, and comfortable external payments led to the affirmation and revised outlook. A “BBB+” rating is two levels above the minimum investment grade and only one level lower than an “A-” rating. Diokno also said that the R&I’s better outlook got the Philippines closer to the government’s goal of getting an “A” rating before 2028 or before President Ferdinand Marcos Jr. ends his term. Road to A “We are firmly on track to our ‘Road to A’ and remain committed to further improving the country’s investment climate through structural reforms to enhance the quality and pace of infrastructure development,” he added. Diokno said that the good outlook means there is a good chance that the Philippines’ credit rating will improve. But he also said that this would rely on things such as meeting the goals for economic growth set out in the Philippine Development Plan, keeping the economy stable, and making progress toward improving the country’s finances. The post Outlook upgraded, says Tokyo’s R&I appeared first on Daily Tribune......»»
Japan debt watcher keeps Phl credit rating, upgrades outlook to ‘positive’
Tokyo-based debt watcher Rating and Investment Information Inc. kept the Philippines' investment grade credit rating at BBB+ and changed the country's stable outlook to positive due to the Philippine economy's continued resilience in the face of global headwinds. In a statement on Monday, the debt watcher said the Philippine economy has been performing well despite uncertainty surrounding the global economy. R&I cited the Philippine economy's strong performance, improving fiscal position, and stable political environment as reasons for the upgrade. The agency also noted that the Marcos Jr. administration's policies are supportive of economic growth and poverty reduction. "In terms of economic policies, the Marcos Jr. administration has continued the previous administration's policies to address key infrastructure development and structural reforms, leading to better prospects that the country will make progress in raising income levels, which has been a key challenge," R&I said. "R&I will upgrade the rating once the factors such as the economic growth path sought under the Philippine Development Plan 2023-2028, the stable macro-economic condition, and the improving trend of fiscal position are confirmed," the debt watcher added. R&I also said that the country's strong growth in gross domestic product in 2022 by 7.6 percent "has continued" into 2023. The Philippine economy grew by 6.4 percent in the first quarter of 2023, making one of the fastest-growing economies among R&I-rated peers like Indonesia and Mexico. The government's goal for growth in 2023 is for it to be between 6.0 and 7.0 percent. The debt watcher stressed that it doesn't see the country's current account deficit on the negative side as the government is spending a lot on infrastructure, which will help the economy grow. R&I also took note of the country's steady inflows from abroad Filipino remittances and foreign direct investments, as well as its enough foreign reserves, when talking about the country's external payments. Countries with investment-grade ratings can get cheaper loans from development partners and foreign debt capital markets because they are less likely to default on their loans. In a separate statement, Finance Secretary Benjamin Diokno said the Philippines' strong macroeconomic fundamentals, improving fiscal position, stable political environment, strong banking system, and comfortable external payments led to the affirmation and revised outlook. A 'BBB+' rating is two levels above the minimum investment grade and only one level lower than an 'A-' rating. Diokno also said that the R&I's better outlook got the Philippines closer to the government's goal of getting an "A" rating before 2028 or before President Ferdinand Marcos Jr. ends his term. "We are firmly on track to our 'Road to A' and remain committed to further improving the country's investment climate through structural reforms to enhance the quality and pace of infrastructure development," Diokno said. Diokno said that the good outlook means there is a good chance that the Philippines' credit rating will improve. But he also said that this would rely on things such as meeting the goals for economic growth set out in the Philippine Development Plan, keeping the economy stable and making progress toward improving the country's finances. The post Japan debt watcher keeps Phl credit rating, upgrades outlook to ‘positive’ appeared first on Daily Tribune......»»
Japan debt watcher keeps Phl credit rating, upgrades outlook
Tokyo-based debt watcher Rating and Investment Information Inc. kept the Philippines' investment grade credit rating at BBB+ and changed the country's stable outlook to positive due to the Philippine economy's continued resilience in the face of global headwinds. In a statement on Monday, the debt watcher said the Philippine economy has been performing well despite uncertainty surrounding the global economy. R&I cited the Philippine economy's strong performance, improving fiscal position, and stable political environment as reasons for the upgrade. The agency also noted that the Marcos Jr. administration's policies are supportive of economic growth and poverty reduction. "In terms of economic policies, the Marcos Jr. administration has continued the previous administration's policies to address key infrastructure development and structural reforms, leading to better prospects that the country will make progress in raising income levels, which has been a key challenge," R&I said. "R&I will upgrade the rating once the factors such as the economic growth path sought under the Philippine Development Plan 2023-2028, the stable macro-economic condition, and the improving trend of fiscal position are confirmed," the debt watcher added. R&I also said that the country's strong growth in gross domestic product in 2022 by 7.6 percent "has continued" into 2023. The Philippine economy grew by 6.4 percent in the first quarter of 2023, making one of the fastest-growing economies among R&I-rated peers like Indonesia and Mexico. The government's goal for growth in 2023 is for it to be between 6.0 and 7.0 percent. The debt watcher stressed that it doesn't see the country's current account deficit on the negative side as the government is spending a lot on infrastructure, which will help the economy grow. R&I also took note of the country's steady inflows from abroad Filipino remittances and foreign direct investments, as well as its enough foreign reserves, when talking about the country's external payments. Countries with investment-grade ratings can get cheaper loans from development partners and foreign debt capital markets because they are less likely to default on their loans. In a separate statement, Finance Secretary Benjamin Diokno said the Philippines' strong macroeconomic fundamentals, improving fiscal position, stable political environment, strong banking system, and comfortable external payments led to the affirmation and revised outlook. A 'BBB+' rating is two levels above the minimum investment grade and only one level lower than an 'A-' rating. Diokno also said that the R&I's better outlook got the Philippines closer to the government's goal of getting an "A" rating before 2028 or before President Ferdinand Marcos Jr. ends his term. "We are firmly on track to our 'Road to A' and remain committed to further improving the country's investment climate through structural reforms to enhance the quality and pace of infrastructure development," Diokno said. Diokno said that the good outlook means there is a good chance that the Philippines' credit rating will improve. But he also said that this would rely on things such as meeting the goals for economic growth set out in the Philippine Development Plan, keeping the economy stable and making progress toward improving the country's finances. The post Japan debt watcher keeps Phl credit rating, upgrades outlook 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......»»
Malnutrition, hunger shade Phl growth
The Asian Development Bank’s outlook for the Philippines remains unchanged since April, maintaining that the country’s economy would expand by 6.0 percent for the remainder of the year and grow by 6.2 percent in 2024. In April, Kelly Bird, ADB country director for the Philippines, noted that the economy was in expansion mode after the gross domestic product grew 7.6 percent throughout 2022. “It (Philippine economic growth) is expected to moderate this year (2023) from the previous year’s forecast-beating outturn, but will remain on a healthy expansion mode underpinned by rising domestic demand and a recovery in services, particularly tourism,” he said. In the latest update of its quarterly Asian Development Outlook 2023 report, the ADB said domestic demand and services continue to drive growth in Southeast Asia, with many economies in the region, including the Philippines’, benefiting from strong tourism recovery. It said robust investment and private consumption, along with rising employment, growth in production and retail sales, and upbeat activity in private and public construction, is propelling the Philippine economy forward, making the country a strong candidate for the fastest-growing economy in the region in 2023, even surpassing Singapore’s and Vietnam’s. Filipinos look forward to ADB’s forecast that growth will remain strong, albeit slowed by global headwinds, high inflation, and tighter monetary policy. GDP growth should pick up even more as the external environment improves. Hopes are pinned on private consumption and investment to continue to expand, though easing from 2022’s brisk pace while household spending will be buoyed by rising employment and steady remittances from Philippine workers overseas. The bank’s outlook on the Philippine economy should get President Marcos into a pumped-up mood as he gets ready to address the country in his 2nd State of the Nation address on Monday. But ADB’s sobering notes on hunger and malnutrition threaten to dim whatever bright disposition he may have at the moment. In its report, the ADB notes that despite rapid economic growth in recent years, these “impressive gains” along with whatever efforts to reduce poverty have not lowered hunger, particularly among people in lower income levels. The ADB cites data from the UN Food and Agriculture Organization indicating the prevalence of food insecurity in the Philippines, averaging 43.8 percent of the total population from 2019 to 2021 with 5.2 percent of the people undernourished. An Expanded National Nutrition Survey in 2021 revealed that under-nutrition rates were “very high,” with 26.7 percent of children under five years old stunted. Among school-age children (5-10 years old), the stunting rate was 19.7 percent and much higher among the poorest quintile at 32.7 percent. Alarming figures indicate that chronic malnutrition and stunting are strongly linked to disease and premature death; they adversely affect crucial stages of development (of children), causing cognitive and behavioral deficits, learning disabilities and ultimately a sub-optimal and uncompetitive labor force. The government’s response, the ADB observed, was short-term measures providing social support to vulnerable groups and temporarily easing import restrictions on some agricultural products. And this note should be of particular concern to the President, who remains unmoved by calls to designate a full-time, hands-on expert thoroughly steeped in agriculture at the agency. These data are also alarming: Agriculture growth in the Philippines has underperformed for the past two decades; it grew 3.5 percent on average annually from 2000 to 2010, then by 1.5 percent from 2011 to 2022; Agriculture’s share of GDP has declined from over 15 percent in early 2000 to an average of 9 percent in the past five years, with one-fifth of employment remaining in agriculture; and today’s Philippine agriculture labor productivity continues to lag behind its peers in the Southeast region. The ADB recommended that government strengthens food security and nutrition through social protection responses. Data on poverty incidence showed it declined from 23.5 percent of the population in 2015 to 16.7 percent in 2018 but rose again to 18.1 percent in 2021 because of the pandemic. As the President prepares to take on another year in office, we hope that the President is aware of the urgencies that need to be effectively tackled in the sector he insists on overseeing and of the sociopolitical costs and the not-so-flattering image the country — and the world — would have of his leadership if he leaves these issues substantially unresolved. The post Malnutrition, hunger shade Phl growth appeared first on Daily Tribune......»»
Twitter rival Threads signs up 100 million users in five days
The Threads app launched by Instagram as a rival to Twitter has signed up more than 100 million users in less than five days, data tracking websites said on Monday, smashing the record of AI tool ChatGPT for fastest-growing consumer app. While ChatGPT took two months to hit the 100 million user mark and video-sharing app TikTok took nine months, Instagram itself took two and a half years to reach that mark after its 2010 launch. Threads went live on Apple and Android app stores in 100 countries late on Wednesday, though it is not available in Europe because parent company Meta is unsure how to navigate the European Union's data privacy legislation. Twitter is thought to have around 200 million regular users but it has suffered repeated technical failures since Elon Musk bought the platform last year and sacked thousands of staff. Musk, who also serves as the boss of Tesla and SpaceX, has also alienated many users by introducing charges for previously free services and allowing banned right-wing accounts back on the platform. Several rivals have emerged but most are niche platforms without the capacity to grow at the necessary scale to dethrone Twitter. Threads is finding it easier because it is linked to Instagram, which has more than one billion regular users. Online data service Quiver Quantitative reported that the app passed 100 million users at 0700 GMT on Monday. Other websites using a count of the "badges" received by Instagram users who have downloaded Threads reckoned the mark had passed earlier. Musk has threatened to sue Meta for stealing trade secrets and intellectual property, claims denied by the company, which also owns Facebook and WhatsApp. Musk is locked in a rivalry with Meta chief Mark Zuckerberg, with the two men calling each other out for a cage fight recently. The post Twitter rival Threads signs up 100 million users in five days 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......»»
Golden Haven’s OFW week event a success
Golden Haven, a prominent name in the Philippine death-care industry, recently invited Overseas Filipino Workers to participate in its OFW Week 2023 event held from 22 to 29 May. With the theme “Mas PinaWais, Mas PinoYaman: Offering Filipinos a Wise Investment,” the celebration helped teach OFWs the right way to grow their money through wise and sustainable investments. OFW remittances contributed $36.14 billion to the country’s coffers by the end of 2022. Throughout the event, exclusive promos were offered to participants, aimed at jumpstarting their investment with Golden Haven such as the 20 percent spot cash discount. There were also deferred payment promotions up to 36 months with zero interest. A talk on investment opportunities was conducted by Peter Frances Simon, an analyst, digital marketer and project lead of the Market Research Department of Vista Land. Golden Haven presented its own Virtual Road Show that took participants on a digital tour of the famed memorial parks of Golden Haven, giving them a glimpse of its memorial lots and columbarium vaults. As our kababayans continue to recognize OFWs for their supreme accomplishments, Golden Haven endeavors to give back to them by helping ensure their families’ future through sound property investments. The post Golden Haven’s OFW week event a success appeared first on Daily Tribune......»»
Correct fiscal moves feed robust growth
Good financial decisions have helped the economy grow, even though the growth was slower in the first quarter, Finance Secretary Benjamin Diokno recently said. The economy expanded by 6.4 percent in the first quarter of 2023, beating market expectations and surpassing other major emerging economies in the region. “This is very good news, especially in the midst of a slowing global economy and elevated inflation,” Diokno said during his weekly talk with the reporters. “This is slightly higher than the median forecast of private analysts of about 6 percent and is well within our target growth range of 6 to 7 percent for this year,” Diokno added. Demand remains resilient Diokno attributed the broad-based expansion to the country’s resilient domestic demand, despite the increase in domestic and international commodity prices. The labor market also showed remarkable improvement, with a lower unemployment rate of 4.7 percent and the lowest underemployment rate since April 2005. Diokno noted that the government’s initiatives to improve labor conditions in the country contributed to the positive outcome. On the debt front, the total outstanding debt of the national government amounted to 13.86 trillion as of end-March 2023, a marginal 0.8-percent increase from the previous month. Diokno remained optimistic, saying that the country’s strong growth momentum will help the government outgrow its debt and achieve its targets set on the Medium-Term Fiscal Framework. The fact that the debt-to-GDP ratio dropped to 61 percent in the first quarter of 2023 from 63.5 percent in the same period last year is seen as a positive sign. The government aims to bring down the debt-to-GDP ratio to less than 60 percent by 2025 and further down to 51.1 percent in 2028. Despite global headwinds, the Philippine economy has remained strong in the first quarter of 2023. “All in all, the Philippine economy remains resilient and continues to be one of the fastest-growing economies in the region,” Diokno said. Slower expansion in store As the government continues implementing sound macroeconomic policies and initiatives to improve the country’s labor conditions, experts predict that the Philippines will continue to see slow economic growth in the coming months. In a commentary, BMI Country Risk & Industry Research, a unit of the Fitch Group, said that while it maintains its 2023 growth forecast for the Philippines at 5.9 percent, the projection implies that “real GDP growth to remain on a slowing trend over the coming quarters.” According to BMI, the primary reason for the anticipated deceleration is the increase in interest rates, which may dampen the enthusiasm for investment. BMI stated that the Philippines would receive minimal external assistance due to sluggish global demand, despite the recovery in Mainland China which may provide some compensation. Additionally, BMI anticipates that pent-up demand will diminish, and increased inflation rates and higher borrowing expenses will significantly impact consumer spending growth in the future. “Risks to our growth forecast are skewed slightly to the upside. We are currently expecting external demand to remain weak throughout the year,” the Fitch unit said. “However, a stronger recovery in Mainland China could provide a more significant offset. If inflation declines faster than expected, this would also enable the BSP to loosen financial conditions earlier,” it added. The post Correct fiscal moves feed robust growth appeared first on Daily Tribune......»»
‘Big sponge’: new CO2 tech taps oceans to tackle global warming
Floating in the port of Los Angeles, a strange-looking barge covered with pipes and tanks contains a concept that scientists hope to make waves: a new way to use the ocean as a vast carbon dioxide sponge to tackle global warming. Scientists from University of California Los Angeles (UCLA) have been working for two years on SeaChange -- an ambitious project that could one day boost the amount of CO2, a major greenhouse gas, that can be absorbed by our seas. Their goal is "to use the ocean as a big sponge," according to Gaurav Sant, director of the university's Institute for Carbon Management (ICM). The oceans, covering most of the Earth, are already the planet's main carbon sinks, acting as a critical buffer in the climate crisis. They absorb a quarter of all CO2 emissions, as well as 90 percent of the warming that has occurred in recent decades due to increasing greenhouse gases. But they are feeling the strain. The ocean is acidifying, and rising temperatures are reducing its absorption capacity. The UCLA team wants to increase that capacity by using an electrochemical process to remove vast quantities of CO2 already in seawater -- rather like wringing out a sponge to help recover its absorptive power. "If you can take out the carbon dioxide that is in the oceans, you're essentially renewing their capacity to take additional carbon dioxide from the atmosphere," Sant told AFP. Engineers built a floating mini-factory on a 100-foot (30-meter) long boat which pumps in seawater and subjects it to an electrical charge. Chemical reactions triggered by electrolysis convert CO2 dissolved in the seawater into a fine white powder containing calcium carbonate -- the compound found in chalk, limestone and oyster or mussel shells. This powder can be discarded back into the ocean, where it remains in solid form, thereby storing CO2 "very durably... over tens of thousands of years," explained Sant. Meanwhile, the pumped water returns to the sea, ready to absorb more carbon dioxide from the atmosphere. Sant and his team are confident the process will not damage the marine environment, although this will require further testing to confirm. A potential additional benefit of the technology is that it creates hydrogen as a byproduct. As the so-called "green revolution" progresses, the gas could be widely used to power clean cars, trucks and planes in the future. Of course, the priority in curbing global warming is for humans to drastically reduce current CO2 emissions -- something we are struggling to achieve. But in parallel, most scientists say carbon dioxide capture and storage techniques can play an important role in keeping the planet livable. Carbon dioxide removal (CDR) could help to achieve carbon neutrality by 2050 as it offsets emissions from industries which are particularly difficult to decarbonize, such as aviation, and cement and steel production. It could help to tackle the stocks of CO2 that have been accumulating in the atmosphere for decades. Keeping global warming under control will require the removal of between 450 billion and 1.1 trillion tons of CO2 from the atmosphere by 2100, according to the first global report dedicated to the topic, released in January. That would require the CDR sector "to grow at a rate of about 30 percent per year over the next 30 years, much like what happened with wind and solar," said one of its authors, Gregory Nemet. UCLA's SeaChange technology "fits into a category of a promising solution that could be large enough to be climate-relevant," said Nemet, a professor at the University of Wisconsin-Madison. By sequestering CO2 in mineral form within the ocean, it differs markedly from existing "direct air capture" (DAC) methods, which involve pumping and storing gas underground through a highly complex and expensive process. A start-up company, Equatic, plans to scale up the UCLA technology and prove its commercial viability, by selling carbon credits to manufacturers wanting to offset their emissions. In addition to the Los Angeles barge, a similar boat is currently being tested in Singapore. Sant hopes data from both sites will quickly lead to the construction of far larger plants that are capable of removing "thousands of tons of carbon" each year. "We expect to start operating these new plants in 18 to 24 months," he said. The post ‘Big sponge’: new CO2 tech taps oceans to tackle global warming appeared first on Daily Tribune......»»
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......»»
Cash remittances dip 6.4% in January-May
The central bank said cash remittances or transfers via the banking system has declined by 6.4 percent year-on-year in the first five months of the year to $11.554 billion from $12.349 billion. “The decline in cash remittances was due to the negative effects of the continued limited operating hours of some banks and institutions that provide money transfer services during the lockdown and the repatriation of many OFWs (Overseas Filipino Workers) in March 2020,” said the Bangko Sentral ng Pilipinas (BSP) in a statement Monday. The cash remittances of land-based overseas Filipinos dropped 7.2 percent to $8.965 billion compared to same time last year of $9.664 billion. The remittances of sea-based workers also dipped 3.6 percent to $2.589 billion from $2.684 billion. “By country source, the US registered the highest share to total overseas Filipinos remittances at 39.4 percent for January–May. It was followed by Singapore, Saudi Arabia, Japan, the United Kingdom, United Arab Emirates, Canada, Hongkong, Qatar, and Taiwan,” the BSP said. “The combined remittances from these countries accounted for 78.8 percent of total cash remittances.” For the month of May only, remittances sent through the banks decreased by 19.3 percent to $2.106 billion compared to $2.609 billion same time in 2019. Also for the month of May, personal remittances fell by 19.2 percent to $2.341 billion versus $2.896 billion in May 2019. Personal remittances from land-based workers with work contracts of one year or more slipped by 21.2 percent to $1.77 billion in May from $2.24 billion. Sea-based workers and land-based workers with work contracts of less than one year also declined by 12.4 percent to $519 million from $592 million in 2019. According to the BSP, “this is the third consecutive month that personal remittances posted year-on-year contraction amid the adverse effects of the COVID-19 pandemic on global economic activity, travel, and employment, resulting in the repatriation or deferment of employment of many OFWs.” For the cumulative January-May, personal remittances went down by 6.4 percent year-on-year to $12.835 billion from $13.707 billion. Personal remittances as defined by the BSP, is the “sum of net compensation of employees, personal transfers and capital transfers between households.” For 2020, the BSP expects cash remittances to contract by five percent and end up with $28.6 billion and then recover next year, bouncing back to a four percent growth to $29.8 billion. Last year, cash remittances reached $30.133 billion or up 4.1 percent from 2018, while personal remittances grew by 3.9 percent year-on-year to $33.467 billion......»»
Remittances grow at slower 2.7 Percent pace in January
Personal remittances from overseas Filipino workers (OFWs) grew by only 2.7 percent to $3.15 billion in January from $3.07 billion in the same month last year, according to the Bangko Sentral ng Pilipinas (BSP)......»»
Japan credit rater bullish on Philippine growth this year
The Philippine economy is likely to grow by six percent this year, mainly driven by robust private consumption amid easing prices and stable remittances, Japan Credit Rating Agency Ltd. said......»»
Philippines FDI net inflows grow by 27.8 pct in November
MANILA, Feb. 12 (Xinhua) -- Foreign direct investment (FDI) that flowed into the Philippines grew year-on-year by 27.8 percent in November 2023 to reach 1 billion U.S. dollars, the country's central bank said Monday. The Bangko Sentral ng Pilipinas (BSP) said the November figure brought the country's FDI net inflows from January to November 2023 to 7.6 billion dollars, 13.3 percent lower than the 11 months in 20.....»»
Philippines FDI net inflows grow by 27.8 pct in November
MANILA, Feb. 12 (Xinhua) -- Foreign direct investment (FDI) that flowed into the Philippines grew year-on-year by 27.8 percent in November 2023 to reach 1 billion U.S. dollars, the country's central bank said Monday. The Bangko Sentral ng Pilipinas (BSP) said the November figure brought the country's FDI net inflows from January to November 2023 to 7.6 billion dollars, 13.3 percent lower than the 11 months in 20.....»»