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BDO funds 28 green projects from P52.7 billion bond proceeds
Around 28 green projects benefitted from the first ASEAN sustainability bond issuance of BDO Unibank Inc. in January 2022, bolstering the bank’s sustainability commitment......»»
EDC tapping Asean green bonds anew
Energy Development Corp., the pure renewable energy arm of the Lopez-led First Gen Corp., will tap anew ASEAN green bonds in a bid to raise up to P10 billion to fund the company’s expansion plans......»»
DFA chief sets Argentina visit
Department of Foreign Affairs Secretary Enrique Manalo is set to undertake a five-day official visit to Buenos Aires, Argentina, according to the agency on Sunday. Manalo will be in Argentina from 11 to 16 September to commemorate the 75th anniversary of the establishment of diplomatic relations between the Philippines and Argentina. According to the DFA, Manalo is expected to be received by his Argentine counterpart, Minister for Foreign Affairs Santiago Andres Cafiero on 13 September 2023. The DFA chief and Cafiero will discuss the deepening Philippine-Argentina cooperation agenda, which includes cooperation in science and technology, specifically in the peaceful uses of nuclear energy and outer space; technical cooperation in agriculture; trade and investments; and cultural relations. He will also have speaking engagements in the multilateral arena at the Consejo Argentino para Relaciones Internacionales, the foremost think tank in Argentina; and the Universidad de Belgrano, about the longstanding bilateral relations and cooperation between Argentina and the Philippines. The Philippines was the first ASEAN country to establish relations with Argentina. The DFA said Manalo’s trip to Argentina will be the first official visit by a Philippine foreign chief to that country in more than 10 years, a “concrete demonstration of the country’s commitment to forging stronger and deeper bonds with Latin America.” The agency described Latin America as “a region with which the Philippines shares many cultural and historical commonalities.” The post DFA chief sets Argentina visit appeared first on Daily Tribune......»»
Monetary Board approves government’s $2.73-B borrowings
The Monetary Board, the policy-making body of the Bangko Sentral ng Pilipinas, approved the government's borrowing in the second quarter to fund various railway projects across the country. In a statement on Friday, the BSP said it approved the government's borrowing of $2.73 billion in the second quarter, which is 23 percent lower than the borrowing amount during the same period in 2022, which was $3.54 billion. “These are all borrowings by the Republic of the Philippines consisting of three project loans from the Japan International Cooperation Agency. These borrowings will fund various railway projects of the NG (national government),” the BSP explained. For comparison, the BSP in April reported $5.56 billion in public sector foreign borrowings in the first quarter, up 16 percent from last year's $4.8 billion. Public sector borrowings comprise a combination of project loans and program loans. These borrowings also involve the issuance of sovereign bonds to fulfill the national government's general financing needs, which include addressing the impacts of the COVID-19 pandemic and funding infrastructure-related projects. Most of the country's borrowings primarily originate from domestic creditors to protect the national government from the unpredictable fluctuations of exchange rates and other factors. Foreign loans necessitate the approval of the BSP through its Monetary Board before the national government can guarantee them. According to data from the BSP, the country's foreign debt reached a record high of $118.81 billion in the first quarter. To ensure that the level of foreign debt remains within manageable limits, the BSP is responsible for reviewing and approving all public sector or government foreign borrowings following Section 20, Article VII of the 1987 Philippine Constitution. The BSP has emphasized its commitment to promoting the prudent utilization of resources and ensuring that the country's external debt requirements are maintained at manageable levels to support external debt sustainability. The post Monetary Board approves government’s $2.73-B borrowings appeared first on Daily Tribune......»»
What experts want to hear during Marcos’ SONA this month
Economists said they are most interested to hear the plans of President Ferdinand Marcos Jr. on managing inflation, creating more jobs and his assessment of the proposed Maharlika Fund at his second State of the Nation Address on 24 July. “I’m looking forward to his plans on inflation and competitiveness. Inflation is a day-to-day concern of the ordinary Pinoy. You and I feel it,” Economics Prof. Ser Peña-Reyes of the Ateneo de Manila University’s Department told The Daily Tribune. The government aims to curb the rise in prices of goods and services within the inflation range of 2 percent to 4 percent this year. Last month, inflation figured at 5.4 percent, the lowest since June last year. In general, food as a basic need was cheaper as its inflation rate decreased to 6.7 percent in June from 7.4 percent in May. However, prices of certain food items, namely rice, fish and vegetables were up. Being also the agricultural chief, Peña-Reyes said Marcos must inform related industries and consumers of his strategies for boosting agricultural supplies and ensuring their efficient delivery to the markets. He said this should help meet the consumer demand which prevents price hikes. “Farmers and fishermen need to be organized to achieve economies of scale, and also be given access to credit, inputs, technology, and markets to make them competitive.” He added, “We really need to have a coordinated effort, similar to what our ASEAN neighbors are doing, where the entire value chain, from farm to fork, is covered.” Prof. Ramon Clarete of the University of the Philippines (UP) said he is keen on hearing from the president, the progress on clustering of farm lots nationwide as a way to increase agricultural production. “The president should end policies in the Comprehensive Agrarian Reform Law of 1988 or CARP and aggressively express support for cluster farming by small farmers.” This is echoed by Philippine Chamber of Commerce and Industry President George Barcelon, who said the government must consolidate small-scale farmers to achieve the economies of scale or increasing harvests at the lowest cost of production possible, through the use of machines and delivery of group assistance, such as loans and skills training, to farmers cooperatives and associations. “Three hectares of farmland allowed by CARP is small land for families of farmers, unlike in other countries. As we invest in machinery, research and development, the government must also allow bigger land for farmers to encourage productivity.” Barcelon added Marcos should also elaborate on his plan on “rightsizing to lessen bureaucracy and corruption.” Rightsizing ensures government agencies perform more efficiently and achieve certain objectives by implementing one or a combination of measures such as reducing the workforce, reorganizing the management team, or hiring new employees. However, he stressed rightsizing should not be confused with reducing government expenses as “it is more about gaining the most benefits for the government and the public in the soundest way.” According to the World Competitiveness Yearbook by the Switzerland-based Institute of Management Development, the Philippines ranked the lowest in government efficiency among 64 countries at 52nd this year from 48th last year. “Competitiveness is very important because it affects our attractiveness as an investment destination for foreign firms to expand their operations here, which would also affect our labor productivity,” Ateneo Prof. Peña-Reyes said. Aside from these, UP Prof. Clarete said he is awaiting statements from the president, which would indicate his support or disapproval of the proposed Maharlika Fund. Proponents of this fund said it will help increase the financial resources of the government and build more infrastructure projects through proceeds from a mix of investment channels such as stocks and bonds. Capital fund sources will come from the Bangko Sentral ng Pilipinas (BSP), Land Bank of the Philippines, and the Development Bank of the Philippines. “In my view, the country is taking a big risk. Poor governance is a problem and remains to be so,” Clarete warned. “It may not happen in this administration but future administrations with nothing to prove as they only inherit the management of it may create innovative ways of stealing from the fund masked as failed investments.” The post What experts want to hear during Marcos’ SONA this month appeared first on Daily Tribune......»»
What experts want to hear during Marcos’s SONA this month
Economists said they are most interested to hear the plans of President Ferdinand Marcos Jr. on managing inflation, creating more jobs and his assessment of the proposed Maharlika Fund at his second State of the Nation Address on 24 July. “I’m looking forward to his plans on inflation and competitiveness. Inflation is a day-to-day concern of the ordinary Pinoy. You and I feel it,” Economics Prof. Ser Peña-Reyes of the Ateneo de Manila University’s Department told The Daily Tribune. The government aims to curb the rise in prices of goods and services within the inflation range of 2 percent to 4 percent this year. Last month, inflation figured at 5.4 percent, the lowest since June last year. In general, food as a basic need was cheaper as its inflation rate decreased to 6.7 percent in June from 7.4 percent in May. However, prices of certain food items, namely rice, fish and vegetables were up. Being also the agricultural chief, Peña-Reyes said Marcos must inform related industries and consumers of his strategies for boosting agricultural supplies and ensuring their efficient delivery to the markets. He said this should help meet the consumer demand which prevents price hikes. “Farmers and fishermen need to be organized to achieve economies of scale, and also be given access to credit, inputs, technology, and markets to make them competitive.” He added, “We really need to have a coordinated effort, similar to what our ASEAN neighbors are doing, where the entire value chain, from farm to fork, is covered.” Prof. Ramon Clarete of the University of the Philippines (UP) said he is keen on hearing from the president, the progress on clustering of farm lots nationwide as a way to increase agricultural production. “The president should end policies in the Comprehensive Agrarian Reform Law of 1988 or CARP and aggressively express support for cluster farming by small farmers.” This is echoed by Philippine Chamber of Commerce and Industry President George Barcelon, who said the government must consolidate small-scale farmers to achieve the economies of scale or increasing harvests at the lowest cost of production possible, through the use of machines and delivery of group assistance, such as loans and skills training, to farmers cooperatives and associations. “Three hectares of farmland allowed by CARP is small land for families of farmers, unlike in other countries. As we invest in machinery, research and development, the government must also allow bigger land for farmers to encourage productivity.” Barcelon added Marcos should also elaborate on his plan on “rightsizing to lessen bureaucracy and corruption.” Rightsizing ensures government agencies perform more efficiently and achieve certain objectives by implementing one or a combination of measures such as reducing the workforce, reorganizing the management team, or hiring new employees. However, he stressed rightsizing should not be confused with reducing government expenses as “it is more about gaining the most benefits for the government and the public in the soundest way.” According to the World Competitiveness Yearbook by the Switzerland-based Institute of Management Development, the Philippines ranked the lowest in government efficiency among 64 countries at 52nd this year from 48th last year. “Competitiveness is very important because it affects our attractiveness as an investment destination for foreign firms to expand their operations here, which would also affect our labor productivity,” Ateneo Prof. Peña-Reyes said. Aside from these, UP Prof. Clarete said he is awaiting statements from the president, which would indicate his support or disapproval of the proposed Maharlika Fund. Proponents of this fund said it will help increase the financial resources of the government and build more infrastructure projects through proceeds from a mix of investment channels such as stocks and bonds. Capital fund sources will come from the Bangko Sentral ng Pilipinas (BSP), Land Bank of the Philippines, and the Development Bank of the Philippines. “In my view, the country is taking a big risk. Poor governance is a problem and remains to be so,” Clarete warned. “It may not happen in this administration but future administrations with nothing to prove as they only inherit the management of it may create innovative ways of stealing from the fund masked as failed investments.” The post What experts want to hear during Marcos’s SONA this month appeared first on Daily Tribune......»»
SEC approves Ayala Land’s P50-B bond sales program
The Securities and Exchange Commission gave the go-ahead to Ayala Land Inc.’s shelf registration that covered up to P50 billion in bonds......»»
SEC approves CPG’s P3 billion bond issue
Antonio-led Century Properties Group has been given permission to sell P3 billion in fixed rate retail bonds......»»
CREIT lists maiden ASEAN green bonds
Citicore Energy REIT Corp. has raised P4.5 billion from its maiden issuance of ASEAN green bonds......»»
CREIT plans up to P4.5 billion ASEAN green bonds issue
Citicore Energy REIT Corp. plans to tap the capital markets for the first time through the issuance of ASEAN green bonds within the fourth quarter to accelerate the company’s real estate asset portfolio growth......»»
Petron& rsquo;s board approves plan to issue P50-b bonds
Petron Corp., the country’s lone oil refiner, plans to issue up to P50 billion worth of fixed-rate bonds as part of a capital raising program......»»
Bonds to fast-track SDGs in ASEAN pushed
The Asian Development Bank has proposed a new way for countries in Southeast Asia to tap global capital markets to achieve the Sustainable Development Goals.....»»
EDC raises P5 billion from green bonds
Energy Development Corp. raised P5 billion from its ASEAN green bond offering, which will be used to fund expansion and growth plans......»»
RCBC eyes P3 billion from issuance of ASEAN sustainability bonds
Rizal Commercial Banking Corp. is eyeing to raise at least P3 billion from the issuance of ASEAN sustainability peso bonds......»»
SEC approves Aboitiz Power& rsquo;s application to sell fixed-rate bonds worth at least P30 billion
The Securities and Exchange Commission approved the application of Aboitiz Power Corp. to raise up to P30 billion......»»
EDC board approves issuance of P5B bonds in second quarter
The board of geothermal power producer Energy Development Corp. said Tuesday it approved the issuance of up to P5 billion worth of bonds in the second quarter to finance capital expenditures......»»
Arthaland sets P3 billion green bond offering
Arthaland Corp., the listed boutique developer of the Po family, will soon issue P3 billion worth of fixed-rate ASEAN Green Bonds......»»
SEC approves local Del Monte’s P7.5-B bond offer
The Securities and Exchange Commission (SEC) has approved the public offering by Del Monte Philippines Inc. (DMPI) of fixed-rate bonds worth up to P7.5 billion. The Commission En Banc resolved to render effective the company’s registration statement for up to P5 billion worth of bonds, with an oversubscription option of up to P2.5 billion, subject to the company’s compliance with certain remaining requirements. DMPI will issue the bonds at face value, consisting of series A bonds due 2023 and series B bonds due 2025. They will be listed and traded on the Philippine Dealing & Exchange Corporation. The company expects to net P7.39 billion from the offer, assuming the oversubscription option is fully exercised. Proceeds from the offer will be used to repay the company’s existing debt, which are short-term and unsecured in nature. The fixed-rate bonds were assigned a PRS Aaa rating by the Philippine Rating Service Corporation. BDO Capital & Investment Corporation, China Bank Capital Corporation, First Metro Investment Corporation, and RCBC Capital Corporation were tapped as joint issue managers, joint lead underwriters, and joint bookrunners for the offer......»»
BPI readies COVID bonds to support affected MSMEs
The Securities and Exchange Commission on Thursday confirmed the planned issuance of the country’s first COVID Action Response Bonds (CARE Bonds) by the Bank of the Philippine Islands, which qualified as social bonds under the ASEAN Social Bonds Standards in the Philippines......»»
NBA: Warriors win against Magic despite Green ejection
The Golden State Warriors, fueled by 23 points from Andrew Wiggins and two late baskets by Stephen Curry, beat the Magic 101-93 in Orlando, despite the ejection of Draymond Green just 3 minutes 36 seconds into the contest. Curry was left shaking his head when Green was tossed, receiving two quick technical fouls for heatedly.....»»