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OFW remittances up 3 percent to $3.1 billion in August
Dollars sent home by Filipinos abroad grew almost three percent to $3.1 billion in August, as overseas workers sent more money to their families back home amid the continued rise in commodity prices, according to the Bangko Sentral ng Pilipinas (BSP)......»»
Philippine remittances grow by 2.8 pct in August
MANILA, Oct. 16 (Xinhua) -- Personal remittances from overseas Filipinos reached 3.10 billion U.S. dollars in August, 2.8 percent higher than the 3.02 billion dollars recorded in August last year, the Philippine central bank said on Monday. The Bangko Sentral ng Pilipinas (BSP) said the remittances from January to August grew by 2.9 percent to 24.01 billion dollars from 23.34 billion dollars recorded during the.....»»
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......»»
Solons confident of lower prices in October despite September 6.1% inflation
September inflation rate soared to 6.1 percent, but lawmakers are optimistic that prices of goods and services will likely dissipate this month. Albay Rep. Joey Salceda and Quezon Rep. Mark Enverga, who head the House Committee on Ways and Means, and Agriculture and Food Committee, respectively, were saying that the inflation, or the rate of increase in the prices of goods and services, will not be perceptible this October due to the lifting of rice price ceiling and the ongoing harvest season. The Philippine Statistics Authority reported on Thursday that commodity prices jumped anew in September, with the inflation rate rising to 6.1 percent from 5.3 percent in August, bringing year-to-date inflation to 6.6 percent. September's inflation rate was the sharpest in four months. Salceda said the uptick can be solely attributed to rice price spikes and the global surge oil price spike in September. However, he believes that this could dissipate this month as global oil prices experienced a significant decline towards the end of September and with compliance with the rice price ceiling imposed by President Ferdinand Marcos Jr. The price cap on rice, recently enforced by the President via Executive Order 39, intends to exert pressure on individuals or entities holding rice inventories to sell it at a reasonable price in hopes that this move will purge the supply shortage and price increase. EO 39 sets the price of regularly milled rice to P41 while P45 is for well-milled rice. However, Mr. Marcos lifted the price cap on Wednesday, or a day before the imposition mark its first month. While rice prices went up 17.9% year-on-year in September, Salceda noted global rice prices took a nosedive in late September and are now at their lowest point since early August. Salceda, however, forecasted that September inflation is "probably the worst inflation rate we will record for the "ber" months, and it gets better from here." Despite having optimistic forecasts for the inflation rate in October and subsequent periods, the economist-lawmaker asserts the necessity of implementing measures to alleviate potential risks. "Food prices still need to be watched out for, especially because the ber months typically tend to be bonus season, which is naturally inflationary," he said. In the same vein, Enverga anticipates a steady decline in inflation rates, and this month's will be on a downward trend due to the ongoing harvest season, which "historically plays in stabilizing prices and alleviating economic pressures on the public." Harvest season starts in September and will last up to November. "As the harvest season approaches, we can anticipate stabilization and, eventually, a decrease in inflation rates. Our nation's agricultural sector is a cornerstone of our economy, and the bountiful harvests ahead will undoubtedly have a significant impact on curbing inflation," Enverga pointed out. Moreover, he emphasized the decrease in the pricing of crucial agricultural commodities, such as sugar, attributable to strategic changes implemented within the farming industry. September inflation is primarily attributed to higher food prices, which surged 10 percent from 8.2 percent in August. Key contributors include rice (17.9% from 8.7%), meat (1.3% from -0.1%), fruits (11.6% from 9.6%), and corn (1.6% from 0.9%). In contrast, the prices of sugar, fish, vegetables, eggs and dairy products, and bread and cereals experienced slower inflation. The post Solons confident of lower prices in October despite September 6.1% inflation appeared first on Daily Tribune......»»
Maharlika gets P75-B seed fund
Two state financial institutions have plunked down their contributions to get the ball rolling for the Maharlika Investment Fund, or MIF, the country’s first sovereign wealth fund. The Development Bank of the Philippines turned over its P25-billion contribution on 15 September, the day after the Land Bank of the Philippines pumped in its P50 billion to the Maharlika Investment Corp., the corporate vehicle for the MIF, for a total of P75 billion in seed fund for the MIC. The Bureau of the Treasury, or BTr, on 28 August issued the implementing rules and regulations of the MIF Act of 2023, which took effect on 12 September. President Ferdinand “Bongbong” Marcos Jr., in a forum last Wednesday in Singapore organized by the US think tank Milken Institute, said the government will be tapping mainly its unutilized reserves to find investment opportunities. He assured that professionals will run the fund without intervention from politicians. Marcos said the MIF will allow the government to tap the country’s reserves for investment without borrowing. The government seeks to utilize the MIF to bankroll infrastructure, energy development, and agriculture projects. DBP president and chief executive officer Michael de Jesus said DBP deposited its share of the seed fund to the BTr’s account on 15 September, ahead of the 17 September deadline. Under the law, the national government, DBP and LandBank are mandated to put up the initial capital of the MIC, contributing P50 billion, P25 billion, and P50 billion, respectively. Finance Secretary Benjamin Diokno said the remittances from the two largest state institutions will pave the way for the full operation of the MIC. Hunt for execs starts Foreign and domestic investors are eagerly awaiting the full establishment of the MIC, as the national government is expected to complete the appointment of highly qualified and capable individuals who will comprise the MIC governing board. “We are witnessing a growing interest in investments in the MIF from multilateral financial institutions and foreign investors. With the regulatory requirements in place, and after securing the seed capital from the state-run institutions, we are confident the fund will be operational by yearend,” Diokno said. De Jesus said the MIC should optimize the use of the government’s financial assets to generate substantial returns and support infrastructure to promote the efficient management of wealth and assets. He added that “gains from both the financial and developmental fronts as a result of the trailblazing activities of the MIC” will be realized in the next four to five years. The post Maharlika gets P75-B seed fund appeared first on Daily Tribune......»»
Economy humming under PBBM — AMRO
Despite the challenges of spiraling prices resulting to a 5.3 percent inflation in August from the 4.7 percent recorded in the previous month, economic experts maintained that the economy is on strong footing under the charge of President Ferdinand “Bongbong” Marcos Jr. Growth was supported by resilient domestic demand with a strong recovery in the labor market despite weaker external demand, according to the ASEAN+3 Macroeconomic Research Office, or AMRO. AMRO held its Annual Consultation Visit to the Philippines from 29 August to 8 September. According to the report, the economy maintained its robust momentum in the first half following a multi-decade high growth rate of 7.6 percent in 2022. It added that notwithstanding a widening current account deficit, the external position remains sound with sufficient international reserve buffer and low external debt. Despite some moderation in 2023, inflation remained high, at a level above the 2 percent to 4 percent target, driven by buoyant demand, the report indicated. Favorable outlook “Economic growth is projected to moderate to 5.9 percent in 2023 due to high base effects and weaker external demand, before edging up to 6.5 percent in 2024 as external demand recovers,” AMRO group head and principal economist Runchana Pongsaparn said. “Meanwhile, domestic demand is expected to remain robust supported by continued improvement in labor market conditions, lower inflation, robust overseas remittances, and higher government infrastructure spending.” Headline inflation is projected to moderate to 5.5 percent in 2023 from 5.8 percent in 2022, and slow further to 3.8 percent in 2024. Despite some moderation, inflationary pressure will likely remain elevated as reflected in the high level of core inflation, due to a positive output gap and the second-round effects induced by increases in the minimum wages and expectations of persistently high inflation. Favorable indicators Other positive factors cited in the report include: On the external front, a widening current account deficit was partly offset by net capital inflows; External debt remained low and international reserve buffer was adequate; The banking sector has improved profitability, ample liquidity, and sufficient capital buffer; and Fiscal position continues to improve in 2023, attributed to robust revenue collection and moderate spending. Scar effects linger AMRO, however, warned that the outlook is clouded by risk factors and challenges. In the short term, the economy could be adversely affected by high inflation, especially due to local supply shocks in the food sector, the report added. An economic slowdown in major trading partners and volatility in the global financial market, along with tighter financial conditions, also pose risks. The long-term growth potential is largely affected by the scarring effects of the pandemic, the pace of infrastructure development, geopolitical risks, and the economic losses from natural disasters, which are being exacerbated by climate change. The Bangko Sentral ng Pilipinas, or BSP, tightened monetary policy aggressively to address rising inflation. Policy interest rate was raised by a cumulative 425 basis points, or bps, between May 2022 and March 2023. The 2024 budget aims to continue to reduce the budget shortfall, guided by the medium-term fiscal framework. Complementary tacks Tightened monetary policy and contractionary fiscal stance is an appropriate policy mix amid a positive output gap and persistent inflationary pressure. The “all-of-government approach” against inflation is welcomed as it addresses the supply side problems. Macroprudential tools can be used actively to address potential financial stability issues. The report added in the medium to long term, budget policy should balance between restoring fiscal buffer and supporting sustainable growth and development. Based on the report, fiscal consolidation is supported by strong commitment and well-defined targets and measures, anchored by fiscal rules and discipline. On the financial system side, close coordination between regulators is crucial in identifying, monitoring and mitigating financial stability risks. Meanwhile, the authorities should continue to improve the liquidity management framework, develop the bond and repo markets, and continue to expand financial inclusion, to enhance the system’s resilience to shocks and promote market activities. To do list The report said a comprehensive strategy is warranted to bolster the medium- to long-term economic growth potential. Overcoming the scarring effects of the pandemic mandates a sustained focus on upgrading and upskilling the workforce to embrace a more technology-driven economy, it added. Implementation of policies and measures to attract investments, particularly foreign investments, and promote exports of both goods and services are the underpinnings of long-term economic development, the report added. Furthermore, the government can enhance the country’s competitiveness through infrastructure investment, digitalization, and developing a green economy. The post Economy humming under PBBM — AMRO appeared first on Daily Tribune......»»
Analysts predict inflation rate at around 5.0% for August
The country's inflation rate will remain above the government's 2 to 4 percent target band, said private sector economists who slightly upgraded their price-rise forecasts for August. A DAILY TRIBUNE poll of analysts over the weekend yielded a median estimate of 5.0 percent for August inflation, within the 4.8 to 5.6 percent forecast given by the Bangko Sentral ng Pilipinas (BSP) last Thursday. If the August number matches the poll consensus, the median estimate will be higher than the 4.6 percent print in July 2023 but lower than the 5.4 percent inflation rate in June 2023. The Philippine Statistics Authority is expected to release the August inflation data on Tuesday, 5 September. Bank of the Philippine Islands's lead economist Emilio "Jun" Neri Jr. said higher prices of liquefied petroleum gas (LPG), kerosene, diesel and vegetables likely drove the Consumer Price Index much higher month-on-month. "Lower electricity (and) other food items may offset some of this," Neri said in an email to Daily Tribune. Rizal Commercial Banking Corp. chief economist Michael Ricafort said that the country's higher local palay and rice prices are one of the "main catalysts" for the August inflation print due to weather disturbances in most Southeast Asian countries affecting rice exports. He added that the agriculture damages caused by tropical storms in Northern and Central Luzon likewise affected the prices in the country. Ricafort likewise attributed the higher fuel prices and depreciating Philippine Peso against the US Dollar to the slightly higher inflation rate for August. "However, these are offset by mostly softer economic data in China and other countries, as partly weighed by higher inflation that reduced household spending and higher interest rates that led to higher borrowing costs," Ricafort said in a Viber message. Security Bank's senior assistant vice president and chief economist Robert Dan Roces also shared the same insights with other economists, saying that the primary factors contributing to the slight increase in the August inflation print are fuel and food prices. "Although the current diesel pump price is significantly lower than the P75 per liter average recorded in June of the previous year, food and fuel prices remain the main drivers of inflation. Notably, farm gate prices of other food items decreased in August compared to July," Roces said in an email. Despite these factors, Roces said the retailers may either be reluctant to reduce current prices or the price reduction price may be taking some time. Roces also underscored that the current inflation increase is mainly driven by the price of rice, which has recently surged by up to P10 per kilo. "Looking ahead, we still see that inflation will fall into the Bangko Sentral ng Pilipinas (BSP) target range of 2 percent to 4 percent by the fourth quarter of this year, barring sustained spikes in rice and fuel in the remaining months of 2023," Roces said. China Banking Corp. chief economist Domini Velasquez said core inflation is expected to continue its downtrend to around 6.0 percent in August despite the projected higher headline rate. "If realized, we do not expect BSP to react immediately to the expected inflation print with higher policy rates. Shocks for August were largely supply-side but have not, so far, detailed the inflation path toward the target range in (the fourth quarter). We still expect inflation to fall within the BSP's target by November," Velasquez said. The post Analysts predict inflation rate at around 5.0% for August appeared first on Daily Tribune......»»
Marcos imposes rice price cap of P41/P45
President Ferdinand Marcos Jr. has imposed a price cap on rice amid what the Palace described Thursday as supply chain challenges and widespread hoarding to effect an artificial shortage. Mr. Marcos’ Executive Order 39, signed by Executive Secretary Lucas Bersamin, set a mandatory price ceiling of P41 per kilo for regularly milled rice and P45 per kilo for well-milled rice. With the order released yesterday, Malacañang said the President seeks to ease “the considerable economic strain on Filipinos, particularly the underprivileged and marginalized,” arising from the spiking inflation. In justifying the price cap, the EO cited reports from the Department of Agriculture and Department of Trade and Industry that members of a rice cartel have been actively engaged in hoarding and price manipulation. These illegal activities, coupled with global supply issues like the Russia-Ukraine conflict and the oil price swings, have contributed to the rising rice prices, it added. Nonetheless, the EO said the arrival of imported rice and the expected local production surplus are seen to stabilize the rice supply. Marcos, who concurrently heads the DA, last week inspected several rice storage facilities and ordered the Bureau of Customs and other agencies to raid warehouses storing hoarded rice. He also ordered the Philippine Competition Commission to take action against the cartels. Likewise, he ordered penalties for merchants who leverage their dominant market position or who collude with one another to mark up rice prices. Rice price increased The National Economic and Development Authority said the price of rice in the Philippines increased by 1 percent from January 2022 to 4.2 percent in July 2023. Early in his administration, Marcos said his aspiration was to bring down the price of rice to P20 per kilo. The DA last month projected the supply of rice for the second semester would hit 10.15 million metric tons (MMT), of which 2.53 MMT is ending stock from the first semester. Of the volume, 7.20 MMT is the expected output from domestic production, with 0.41 MMT representing imported rice. The overall supply would result in an ending stock of 2.39 MMT which would be good for 64 days, more than enough to meet the present demand of 7.76 MMT, the DA said. The price cap shall remain in force until lifted by the President upon the recommendation of the Price Coordinating Council and the agriculture and trade departments. The DA and the DTI will lead in the implementation of EO 39 by doing price checks in wet markets and supermarkets. “The EO primarily mandates the DTI and the DA to strictly implement the price ceilings. We will visit major wet markets and retail stores in the coming days,” DTI Secretary Alfredo Pascual told reporters. “This is not the sole responsibility of the DTI and DA because it’s a whole of government approach to ensure that rice in the markets is reasonably priced and remains a conveniently accessible staple food to Filipinos,” Pascual added. The DTI chief pointed out during the Laging Handa Public Briefing yesterday that the EO is not mainly on the retail price of rice but also its supply. Not a price freeze “There is no price freeze but a price cap, to be clear. Traders can still lower their prices. This EO is being implemented to prevent price manipulation in the market. Despite the ample supply, prices of rice surged in the past few days,” Pascual said. He maintained the price cap does not apply to other varieties of rice and is only meant for regular-milled rice and well-milled rice. “We have premium varieties that are not covered by the price cap. During our rounds, we will ensure that the subjects of EO 39 are not mislabeled as premium,” he added. Under the Price Act, retailers violating the price ceiling face imprisonment of from one to 10 years and/or fines of P5,000 to P1 million. Price manipulators and hoarders, on the other hand, face prison sentences from five to 15 years and fines of from P5,000 to P2 million. In a media interview in Palawan yesterday, where he opened the celebration of National Peace Consciousness Month, Marcos said the DA and DTI will be joined by the Department of Justice and Department of the Interior and Local Government in enforcing the price ceiling. “We have put together a structure for the continuing monitoring,” the President said. “These agencies already have regular inspections when it comes to other issues, so they will now apply the price ceilings that I have ordered in the EO that I signed on Thursday.” Focus on Metro Marcos said the government will focus on Metro Manila, where the problem of rising rice prices is most acute. However, he urged the public to report retailers who are selling rice above the price ceiling to the police, the DA, the DTI, or their local government. “If you find someone selling rice above the price ceiling, please report it,” he said. “We need your help to ensure that everyone has access to affordable rice.” The price ceiling on rice was set in response to the recent surge in rice prices. As of 28 August, the average price of regular milled rice in Metro Manila was P42 per kilo, while the average price of well-milled rice was P48 per kilo. The post Marcos imposes rice price cap of P41/P45 appeared first on Daily Tribune......»»
‘Rice hoarding, manipulation feasible’ — lawmaker
Rice hoarding and price manipulation, at this time when the commodity's cost surged at P56 per kilo, is a feasible occurrence. The vice chairperson of the House committee on agriculture and food, Agricultural Sector Alliance of the Philippines (AGAP) Representative Nicanor Briones, in a radio interview on Sunday, said he would not rule out the possibility that there is indeed hoarding and price manipulation of rice in the Philippine market. "Like this time, the rice is already in their possession, to traders and importers. That means they can really manipulate the price," Briones said. "They may not release a lot of rice right away if they already have it in warehouses and are waiting for the price to go up," he added. According to the solon, stockpiling of rice in warehouses is not unlikely at this time, given that harvest season has yet to begin. The harvest season for rice will kick off next month until October. He, however, said there is a good chance that the price will drop when the harvest comes. Briones noted that the current challenge arises from the lack of visits to warehouses, which the Department of Agriculture and the Department of Trade and Industry do the shepherding. This way, the national government could quickly identify the potential hoarders, assuming any exist. President Ferdinand Marcos Jr. last week ordered the DA, which he heads, and the DTI to keep a close eye on the price of the commodity in light of the surge, which soared at P56 per kilo. The P20 per kilo rice, which is one of the campaign promises of Marcos, has yet to be felt by Filipinos over two years of his presidency. In the House of Representatives, the agriculture panel last 16 August conducted a briefing with the DA officials on the adequacy of the country's rice supply as there were reports of an impending rice crisis despite the DA undersecretaries' statements that the country is expecting 852,000 metric tons of imported rice and 5.7-million MT of “palay” yielded during the first-semester harvest. The post ‘Rice hoarding, manipulation feasible’ — lawmaker appeared first on Daily Tribune......»»
New BuCor deputy director named
Bureau of Corrections director general Gregorio Catapang Jr. on Wednesday announced the appointment of Gil Tisado Torralba as deputy director general for operations of the agency. Catapang said that President Ferdinand Marcos Jr.’s appointment of Torralba was dated 7 August 2023 and he received it from the office of Justice Secretary Jesus Crispin Remulla. The BuCor chief has welcomed the appointment of Torralba as he is already intensifying efforts to implement stricter security measures to protect the lives and human rights of persons deprived of liberty and at the same time they are in the process of reviewing the privileges granted to PDLs. “As guided by the ongoing investigation in congress, we are presently reviewing the privileges granted to PDLs starting with the visitations, food deliveries, remittances and accounting of our PDLs, while balancing the right to life and the right to health of PDLs,” Catapang said. “We are looking on how we can improve more, and Torralba’s appointment will give us a big boost due to his experiences as former police superintendent and provincial warden,” he added. When it comes to BuCor personnel, the bureau is hiring young blood of corrections officers and Catapang intends to promote all qualified uniformed BuCor personnel to next higher rank to weed out all scalawags in the bureau. The BuCor already hired 1,000 COs last year and currently hiring another 1,000 this year and the Department of Budget approved for the hiring of another 1,000 next year, Catapang told the committee “They will constitute the new blood of BuCor who will regain the trust and confidence of the Filipino people. We will therefore have a total of 3,000 new correction officers by end of 2024 who will represent the beginning of a reformed BuCor,” Catapang said. He added that they will ingrain to them integrity, dedication to service and the courage to refuse corruption. The post New BuCor deputy director named appeared first on Daily Tribune......»»
Growth, typhoon backlash will guide BSP — economists
Economists believed the Bangko Sentral ng Pilipinas, or BSP, might raise its policy rate this month amid prospects of high economic growth in the second quarter and faster inflation in August. “If we see a hot GDP or gross domestic product reading for the second quarter, this could be a precursor to more tightening ahead. We think GDP will come in at 6.1 percent year-on-year for the second quarter, and the BSP doing an insurance hike of 25 basis points to bring policy rate to 6.50 percent,” Dan Roces, chief economist of Security Bank Corp., told the Daily Tribune. The Asian Development Bank forecasted the GDP at 6 percent this year, higher than Indonesia’s 4.8 percent and Malaysia’s 4.7 percent. GDP stood at 6.4 percent in the first quarter this year, while it surged to 7.4 percent in the second quarter last year as the global economies started reopening from the pandemic, hiking demand for various goods and services and the inflation rate to 6.1 percent during that period. Last month, inflation continued slowing to 4.7 percent from 5.4 percent in June due to cheaper food prices. Critical factor Roces said the downtrend will be impeded if food supply turns insufficient due to recent typhoon “Egay” and forces businesses to raise prices in offsetting costs for imports. “There might be higher importation to fill the void in food items as well as construction repair materials which may pressure the Philippine peso,” he said. Michael Ricafort, chief economist of Rizal Commercial Banking Corp., said a likely higher BSP rate will prevent jumps in prices of imports as it would keep the peso from weakening against the US dollar. “A possible local policy rate hike to match the latest US.Federal Reserve hike would aim to maintain healthy interest rates differentials to stabilize the peso exchange rate versus the US dollar, import prices, and overall inflation,” he explained. If this materializes, Roces said inflation will likely dip below 4 percent by October, within the BSP’s target range of 2 percent to 4 percent this year. Ricafort said the peso has been strong which indicates currency resiliency and sound policy decisions by the BSP. “An offsetting positive factor for inflation would be the relatively stronger peso exchange rate versus the US dollar recently, to among the strongest in three months, thereby could somewhat help ease import prices and overall inflation,” he said. The post Growth, typhoon backlash will guide BSP — economists appeared first on Daily Tribune......»»
Wonder women
It’s been a special week for Filipina athletes. The Blu Girls made a strong run in the XVII Women’s Softball World Cup while the Filipinas posted a historic triumph in the FIFA Women’s World Cup. Oft-ignored in a country that is crazy over basketball, boxing, and volleyball, the Filipina clouters opened their campaign with three straight losses to Canada, Japan and Venezuela before finally winning over New Zealand and Italy to gain a slight chance of barging into the final round. But in a battle of survival, the Blu Girls fell short. The scores were tied at 5 in the fourth inning when Italy surged again by sending Alessandra Rotondo home. The Blu Girls tried to launch a final attempt to retake the lead but Cristy Joy Roa was struck out by the airtight Italian defense. The Blu Girls missed a chance to vie in the finals next year as they ended their campaign in fourth place with a 2-4 win-loss card. Still, it was a solid performance considering the high level of competition at this prestigious event held at the Campo Comunale da Softball in Castions di Strada, Italy. Around 18,000 kilometers from Italy, the Filipinas were making the country proud in the FIFA Women’s World Cup. Sarina Bolden, a 27-year-old daughter of an American father and a Filipino mother from California, soared high to connect a header right into the heart of the Kiwi defense that served as the country’s first-ever goal in the World Cup. Then, another Filipino-American in Olivia McDaniel repeatedly extinguished numerous Kiwi attacks to preserve the victory that shook the entire football world to its very foundation. Although international media had put an asterisk on the victory for having all but one foreign-born player in the 24-woman roster, the fact remains that they wouldn’t be donning the national colors in the biggest, grandest stage of football in the world if they were not emotionally attached to their homeland. Bolden put it nicely. Being part of the Filipinas is their only way to reconnect with their roots. It is their way to pay homage to their Filipino ancestors who molded them into what they are right now. The success of the women should serve as a challenge to the men. Gilas Pilipinas is also competing in a world-class event — the FIBA Basketball World Cup. But it is facing the huge challenge of forming a solid team with barely a month before the prestigious 32-nation event kicks off on 25 August. Injuries have hampered the formation of the Gilas squad. Gilas coach Chot Reyes had yet to set up the team when Carl Tamayo withdrew, saying that he needed to rest following a grueling campaign in Japan. Then, the injury bug hounded the team with RR Pogoy, Ray Parks and Calvin Oftana all failing to join the first training camp at Inspire Sports Academy in Laguna due to various ailments. Gilas left for Europe with an incomplete roster. But before they could go home, Scottie Thompson crashed with a finger injury, raising fears that he would no longer be available for the biggest basketball showpiece in the world. Worse, Gilas’s biggest marquee players — Jordan Clarkson and Kai Sotto — have yet to see a single minute of playing time with their Gilas teammates. Clarkson was supposed to arrive six weeks before the World Cup. But his negotiations with the Samahang Basketbol ng Pilipinas stalled until he finally agreed to show up on 6 August, barely three weeks before the competition. Sotto, for his part, has a different story. After joining the National Basketball Association Summer League, the 7-foot-3 slotman flew to Manila, not to join Gilas, but to rest and recover from the back injury that he suffered in the United States. It took a week before he finally signed with Gilas, but there’s still no clarity as to when he will formally join the training. As of Saturday, Sotto, idolized by millions of Filipinos for being their brightest hope to represent them in the NBA, has yet to see a single second on the floor with the national team. With the way things are going, it seems that the country’s hosting of the World Cup is a disaster waiting to happen. The best players in the world are all set to compete but the Filipino “superstars” appear to be finding a lot of excuses to shun the huge responsibility of representing the country. Gilas should be inspired by the feats of the Blu Girls and the Filipinas. In a nation where softball and football fans are in the minority, these wonder women overcame great adversities and made great sacrifices just to play their hearts out and bring pride and glory to the country. Never mind if they can’t speak fluent Filipino or are being bashed for being the “Team B” of the United States. The mere fact that they are playing in a world-class event with the Philippine flag on their chests without conditions, without excuses is already a testament to their patriotism and burning desire to make the country proud. Indeed, strong women will always be men’s secret weapons. The post Wonder women appeared first on Daily Tribune......»»
Remittance to PH from Jan to Oct Increases by 3.1%
Remittances to the Philippines from the start of the year to October surged by 3.1 percent, according to data from the Bangko Sentral ng Pilipinas (BSP). This comes as Filipinos living and working abroad sent more money to the country in the first 10 months of the year, translating to USD29.72 billion in total remittances. […].....»»
Philippine remittances up 4.4 pct in August
MANILA, Oct. 17 (Xinhua) -- Personal remittances from overseas Filipinos reached 3.02 billion U.S. dollars in August, an increase of 4.4 percent year-on-year, the Philippine central bank said on Monday. The Bangko Sentral ng Pilipinas (BSP) said the cumulative personal remittances from January to August rose by 3 percent to 23.34 billion U.S. dollars. The BSP said the United States, Saudi Arabia, Singapor.....»»
OFW remittances up 4% in August
The amount of US dollars sent home by overseas Filipino workers to their families in the Philippines grew at a faster rate of more than four percent in August, according to the Bangko Sentral ng Pilipinas......»»
FDI inflows surged to $637m in August
Net inflow of foreign direct investments rose for the fourth consecutive month as investors reacted positively to the government’s fiscal stimulus and monetary authorities’ stance to lessen the impact of the COVID-19 pandemic to the economy, the Bangko Sentral ng Pilipinas said Wednesday......»»
Remittances fell 4.1% to $2.48b in August & mdash; BSP
Cash remittances from Filipinos working overseas declined 4.1 percent in August to $2.48 billion from $2.589 billion a year ago, on lower inflows from both the land-based and sea-based workers amid the prolonged impact of the COVID-19 pandemic, the Bangko Sentral ng Pilipinas said Thursday......»»
Xinhua world news summary at 0600 GMT, Oct. 15
MANILA -- Personal remittances from overseas Filipinos in August 2020 declined year-on-year by 4.2 percent to 2.756 billion U.S. dollars from 2.875 billion U.S. dollars recorded in August 2019, the.....»»
Remittances snap fragile recovery to fall anew in August
In a sign that a corner is yet to be turned, cash remittances coursed through banks by Filipinos abroad declined 4.1% year-on-year in August to $2.48 billion......»»
OFW remittances dropped 4.2 percent in August
Cash remittances from Filipinos working overseas declined by 4.1 percent in August to $2.483 billion from $2.589 billion in the same month last year after the government placed Metro Manila and other areas under the moderate enhanced community quarantine status......»»