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Strong local banks buttress economy
The strong banking system is considered a source of strength for the economy, Bangko Sentral ng Pilipinas Deputy Governor Francisco Dakila Jr. declared during the Philippine Economic Briefing on 12 September 2023 in Dubai. The economic team visited the Middle Eastern country to discuss investment prospects in the Philippines, updates on the economy, the government’s spending priorities, fiscal and infrastructure programs, and recent reforms that further opened the economy to foreign investors. Around 80 senior executives representing investment funds, corporations, business associations and the media participated in the roadshow. Dakila said banks are well-capitalized with a capital adequacy ratio, or CAR, of 16.4 percent on a consolidated basis as of the end of last March, above the minimum thresholds set by the BSP and the Bank for International Settlements. Efficient funds conduit The Philippine banking system’s assets, deposits and profits also grew year-on-year by nine percent, eight percent, and 26.1 percent, respectively, in June this year. “Indeed, the country’s banking system continues to be an efficient and responsible intermediator of funds,” he added. BSP Assistant Governor Arifa Ala also highlighted the government’s efforts to promote Islamic finance, including the issuance of its first sovereign Sukuk or Shari’ah-compliant bonds, which can expand the Philippines’ engagement with Islamic financial markets. Sukuk are certificates that represent shares in the ownership of assets, services, projects, or investment activities. These are issued under Shari’ah principles. Speakers of the PEB in Dubai included Ambassador to the United Arab Emirates Alfonso Ferdinand Ver, Department of Finance Secretary Benjamin Diokno, Budget Secretary Amenah Pangandaman, National Economic and Development Authority Secretary Arsenio Balisacan, Standard Chartered regional head of global subsidiaries Shada Elborno, and MUFG Global Corporate and Investment Banking MENA chief executive officer Elyas Al Gaseer. The post Strong local banks buttress economy appeared first on Daily Tribune......»»
UAE agri, energy, banking deals eyed
The Department of Finance, or DoF, on Wednesday said United Arab Emirates or UAE-based firms are keen on exploring investments in a range of industries in the Philippines, including food, water management, renewable energy, and Islamic banking. DoF said the economic team talked to executives of Brevan Howard, a technology-driven investment management platform; Arqaam Capital, a financial firm for emerging markets; and Investment Corporation of Dubai, the Dubai Government’s principal investment arm for the possible foreign investments. “The companies expressed interest in the Philippines’ renewable energy projects, port operations, water and wastewater management, waste-to-energy projects, upcoming Sukuk bond issuances, Islamic banking, and the Maharlika Investment Fund,” DoF said in a statement to the media. Middle East roadshow Investment and trade discussions surfaced during the Philippine economic team’s investor briefing in the UAE, a seven-state federation, from 11 to 12 September. The finance department said the possible foreign investments affirm the need for the Comprehensive Economic Partnership Agreement or CEPA with the UAE aimed at easing and expanding trade between the two countries. DoF said the UAE Government and the Philippines have already signed an agreement for investment protection and collaboration as part of the ongoing negotiations over CEPA. It added the UAE will soon submit to the Philippines its template for the final document on CEPA. President Ferdinand Marcos Jr. said he aims to adopt foreign water technologies, such as hydroelectric power plants, irrigation canals, and diversion dams to store and distribute more water for households, commercial establishments, and farm irrigation amid the threats of climate change. Food exports to Dubai usually include pineapples, bananas, and fresh and processed fish amounting to over $30 million. For renewable energy, the Department of Energy aims to generate power capacity of at least 20,000 megawatts through a mix of sources, such as the sun, wind and geothermal. Meanwhile, National Treasurer Rosalia de Leon said the Philippines is entering the Islamic debt market by issuing Sukuk bonds, or Islamic bonds, in the fourth quarter this year or early next year to raise $1 billion. “Sukuk bonds will diversify the Philippines’ sources of financing, widen its investor base to reach the untapped Islamic finance market, and boost investments in physical and digital connectivity,” she said. The Islamic bonds offer investors a share of profits from projects financed by the debt instrument instead of interest payments from traditional bonds. The government aims to raise $5 billion from commercial borrowing and already acquired $3 billion in January. The post UAE agri, energy, banking deals eyed appeared first on Daily Tribune......»»
‘Junk’ investment grade if pension reform ignored
Amid a perceived stirred-up hornet’s nest by introducing reforms in the military and uniformed personnel’s pension plan, Finance Secretary Benjamin Diokno on Wednesday warned that the next administration will face a huge problem if the planned changes to the MUP pension system are not enacted into law. “The rating agencies are looking at that. If we continue to ignore the military pension system, our current investment grade with the rating agencies might turn into junk,” Diokno said in a briefing on the projected 2024 National Expenditure Program for the Development Budget Coordination Committee. He told the lawmakers that the Philippines may lose its investment grade rating if it doesn’t change its “unsustainable” MUP pension system since reducing debt and deficit will be more difficult. The sovereign bonds of the Philippines are rated BBB by Fitch Ratings, with a stable outlook; similarly, they are rated Baa2 by Moody’s Investors Services and BBB+ by S&P Global Ratings. The Philippines could see its investment-grade rating, which it has held for a decade, relegated to “junk” territory if “we continue to ignore” the need to reform the MUP system, Diokno said. “The pension system is not a real pension system in the following sense — there are no contributors. A pension system is where the beneficiaries of the pension system contribute and there’s a government counterpart,” he added. Diokno said a pension system is one in which the government matches the contributions made by the pension system’s beneficiaries. However, he underscored that the beneficiaries “do not contribute” to the pension, and the money is only appropriated once a year. The current setup, Diokno added, was “unsustainable” because it would become a “huge component of the national budget.” “I think if you let this through, continue I think the next administration will be faced with a huge problem. The current situation is that the amount we allocate for the military pension is much higher than the current operating budget of the military,” Diokno said. He admitted that the government is recommending P164 billion for the MUP pension under the 2024 NEP, representing a 3.5 percent increase over the financing for benefits this year. The government pays for this in full without funds coming directly from the MUPs, Diokno added. Liablilities Although the country’s gross domestic product is anticipated to be approximately P20 trillion, he said the liabilities of the pension system, which does not receive payments from MUPs, have already been calculated at P9 trillion. The debt payment level, he said, had already risen to 61 percent of the GDP after the Covid-19 pandemic when the government had to accrue trillions of pesos in debt. President Ferdinand Marcos Jr. has prioritized revamping the service personnel retirement system as part of his government’s efforts to streamline its budget and free up funds for much-needed infrastructure. Meanwhile, a House of Representatives special committee approved yesterday a substitute bill on pension reforms for MUP — it includes provisions for a special assistance fund for retired MUPs in need and establishes uniform rates for lump sum benefits. The bill also proposes that MUPs contribute a percentage of their basic pay based on their years of service, with the government also contributing to complete the 21 percent pension contribution. It was found acceptable by all stakeholders, was agreed upon by the committee members, and was supported by both the military and uniformed services as well as the economic managers. The MUP pension system was established during the administration of former President Fidel Ramos. It includes retirees from the Philippine Public Safety College, the Philippine Coast Guard, the Philippine Armed Forces of the Philippines, the Philippine National Police, the Bureau of Fire Protection, the Bureau of Jail Management and Penology and the Bureau of Corrections. The proposal to redesign the current MUP pension system to contribute 5 percent of their basic pay for the first three years, 7 percent for the next three years, and 9 percent after that for those in active service, while new entrants would contribute 9 percent of their base pay. However, several uniformed personnel on active duty oppose the requirement that they make pension system contributions. The PMA Class of 1971 questioned Diokno on why he singled out the military and uniformed personnel pension system. The post ‘Junk’ investment grade if pension reform ignored appeared first on Daily Tribune......»»
D& L expects capacity, income boost via Batangas plant
With its Batangas plant up and running since July, listed chemicals manufacturer D&L Industries, Inc. expects to double its existing manufacturing capacity in the coming years — a move that will also perk up the company’s financial backbone. “The plant that we have built is not just another plant. Specced to the highest standards and equipped with new capabilities, our Batangas plant will elevate the company to operate on a whole new level,” D&L President and CEO Alvin Lao said at a press briefing on Wednesday. D&L’s Batangas plant sits on a 26-ha property in First Industrial Township - Special Economic Zone in Batangas. It will mainly cater to D&L’s growing export businesses in the food and oleochemicals segments. The facility will also add the capability to manufacture downstream packaging; thus, allowing the company to capture a bigger part of the production chain. While the company primarily sells raw materials to customers in bulk, the new plants will allow it to “pack at the source.” This means that D&L can efficiently process the raw materials and package them closer to finished consumer-facing products. Relatedly, it will enable D&L to move a step closer to its customers by providing customized solutions and simplifying its supply chain, which is of high importance given ongoing logistical challenges. However, Lao pointed out that the high volume of orders from prior periods coupled with the lingering effects of high inflation and generally cautious consumer sentiment slightly took a toll on the company’s profits. During the first half of the year, D&L’s earnings annually declined by 28 percent to P1.24 billion. Notably, in the second quarter, there was a subtle but continued sequential recovery with quarterly earnings growth of 9 percent to P646 million. Additionally, Lao noted that incremental expenses were booked in the first semester because of the new plant in Batangas. Excluding the Batangas-related expenses, first-half income would have fallen by just 13 percent yearly to P1.5 billion. “Similar to what we have seen with the various plants that we have built over the past 60 years, the commercial operations of a new plant will mean incremental expenses that may affect near-term income,” Lao pointed out. As the company moves past peak capex with the completion of its Batangas plant, coupled with the normalization of commodity prices, the company’s free cash flows, or FCF turned positive for the first time in two years. From January to June, the company’s FCF stood at positive P2 billion vs negative P1.7 billion and negative P3.4 billion booked in 2022 and 2021, respectively. With improving FCF, falling debt levels, and continued business optimism, D&L conveyed having “the highest confidence in its ability to service bonds maturing in 2024 and 2026.” The post D&L expects capacity, income boost via Batangas plant appeared first on Daily Tribune......»»
Phl mulls Islamic bond issue
The Marcos administration unveiled plans to issue its first Islamic bond or sukuk, in the third quarter of this year to raise additional funds for its economic recovery initiatives, Finance Secretary Benjamin Diokno said. On the sidelines of the Philippine Economic Briefing in Toronto, Canada, on Thursday morning (Eastern Time), Diokno told reporters that the country eyes raising $1 billion through sukuk. National Treasurer Rosalia de Leon, for her part, said the Philippines wants to “penetrate” the Middle East market for Islamic bond issuance. However, she said that the Philippine banks still need a mandate for the transaction. De Leon added that the transaction, which could include two parts with durations of five years and 10 years, respectively, may occur later this year, depending on market conditions. “We are looking at 10 years, but we are also being advised that the sweet spot would be five years,” De Leon said. “We are working on the structure of the notes,” De Leon added. For context, Fitch Ratings said in a report earlier this week that the volume of sukuk bonds grew by 10 percent during the first 12 months ending 30 June and even exceeded $800 billion. Fitch Ratings added that the Islamic bonds could pick up in the last quarter of the year. Earlier this month, Diokno said that apart from the Islamic bonds, the government eyes selling US dollar denominated bonds to retail investors to raise $2 billion. In his speech before the PEB, Diokno expressed optimism that the country would reach its target gross domestic product growth rate of six to seven percent this year. He explained that the Philippines is among Asia’s “fastest-growing economies,” beating growth expectations in the first quarter. Gross domestic product in the three months through March rose 6.4 percent from a year earlier. Diokno added that the World Bank and International Monetary Fund recently upgraded the growth outlook on the Philippines to six percent for 2023 against the backdrop of slower growth in developed markets globally. He added that the Philippines also maintained investor-grade credit ratings. Fitch Ratings has revised its outlook on the Philippines’ BBB rating from negative to stable due to the country’s growth outlook and some macroeconomic policy framework. However, Diokno said inflation remains a concern for the country’s economic managers as the Philippines’ inflation eased for the fifth consecutive month in June 2023. The latest data showed that the country’s inflation rate hit 5.4 percent, down from 6.1 percent in May. “This slowdown in inflation suggests that the government’s inflation mitigating measures are gaining ground,” Diokno said. “In terms of policy, the Philippine government is continuously harmonizing efforts to ensure a timely analysis of the demand and supply of key commodities,” Diokno added. The post Phl mulls Islamic bond issue appeared first on Daily Tribune......»»
Phl eyeing to raise $1-B in Islamic bonds to fund budget deficit — Diokno
The Philippines plans to issue its first Islamic bond, or sukuk, in the third quarter of this year to fund its budget deficit, Finance Secretary Benjamin Diokno said. On the sidelines of the Philippine Economic Briefing (PEB) in Toronto on Thursday morning (Eastern Time), Diokno told reporters that the country eyes raising $1 billion in Islamic bonds. Treasurer Rosalia de Leon, for her part, said the Philippines wants to "penetrate" the Middle East market. However, she said that the Philippine banks still need to have a mandate for the transaction. De Leon mentioned that the transaction, which could include two parts with durations of 5 years and 10 years, respectively, may occur later this year, depending on market conditions. “We are looking at 10 years, but we are also being advised that the sweet spot would be five years,” de Leon said. "We are working on the structure of the notes," de Leon added. For context, Fitch Ratings said in a report earlier this week that the volume of suksuk bonds grew by 10 percent during the first 12 months ending 30 June and even exceeded $800 billion. Fitch Ratings added that the Islamic bonds could pick up in the last quarter of the year. Apart from the Islamic transaction, Diokno said earlier this month in his weekly talk to reporters that the government eyes selling US Dollar denominated bonds to retail investors raising $2 billion. Meanwhile, Diokno expressed his optimism in his speech during the PEB that the country will reach its target gross domestic product (GDP) growth of six to seven percent this year. He explained that the Philippines is among Asia's "fastest-growing economies," beating growth expectations in the first quarter. Gross domestic product in the three months through March rose 6.4 percent from a year earlier. Diokno added that both the World Bank and International Monetary Fund both upgraded the growth outlook on the Philippines just recently to 6 percent for 2023 against the backdrop of slower growth in developed markets globally. He added that the Philippines also maintained investor-grade credit ratings. For context, Fitch Ratings revised its outlook on the Philippines' BBB rating from negative to stable due to country's growth outlook and some macroeconomic policy framework. However, Diokno said inflation remains a concern for the country's economic managers as the Philippines' inflation eased for the fifth consecutive month in June 2023. The latest data showed that the country's inflation rate hit 5.4 percent, down from 6.1 percent in May. "This slowdown in inflation suggests that the government's inflation mitigating measures are gaining ground," Diokno said. "In terms of policy, the Philippine Government is continuously harmonizing efforts to ensure a timely analysis of the demand and supply of key commodities," Diokno added. The post Phl eyeing to raise $1-B in Islamic bonds to fund budget deficit — Diokno appeared first on Daily Tribune......»»
PBBM administration to raise $2b from Retail Dollar Bond
The Marcos administration remains committed to raising $2 billion from its first-ever Retail Dollar Bond this September to support the government’s budget. In a weekly briefing, National Treasurer Rosalia de Leon said the country initiated the marketing process for its retail dollar bonds scheduled for September to make government securities available to individual retail investors. “We’re doing all the marketing now, and if the markets are favorable—that’s always our coletilla—around September maybe,” De Leon told repeaters. De Leon mentioned that efforts were underway to simplify the acquisition of retail dollar bonds. As part of this initiative, negotiations were taking place with certain banks to waive the fees associated with opening dollar accounts. The objective is to enhance convenience for investors interested in purchasing these bonds. “We lowered the minimum denomination,” De Leon said, adding that interested investors can invest as low as $200. “It’s also tax-exempt,” De Leon added Meanwhile, Finance Secretary Benjamin E. Diokno clarified that retail dollar bonds are accessible to all individuals, not limited exclusively to Overseas Filipino Workers (OFWs). “Being a Filipino residing abroad is not a requirement. Filipinos residing in the country can also invest. If you have a dollar account, it will be automatically converted to dollars,” Diokno said. Furthermore, Diokno stated that the issuance of yen-denominated bonds is being considered, while the potential introduction of a retail euro bond is currently being discussed. The potential retail euro bond is intended to cater to the increasing demand from Filipino investors residing in Europe. The post PBBM administration to raise $2b from Retail Dollar Bond appeared first on Daily Tribune......»»
BSP looking at pausing rate increase regime
The Bangko Sentral ng Pilipinas is considering pausing its tightening cycle as inflation prints for the past few months have been very good, Governor Felipe Medalla recently said. During the Philippine Economic Briefing in Washington, D.C. earlier this week, Medalla explained that the appreciation of the Philippine peso was due to their aggressive actions, such as increasing the policy rate from 200 basis points to 425 basis points, which is more than any other central bank in Asia. “We’re probably near the end (of our tightening cycle). We’re probably (considering) pausing at the next meeting because the (month-on-month) inflation prints are very good. If April turns out to be another very low inflation month, so that’s three good points in a row, then we are in a position to pause,” said Medalla. Medalla also emphasized that the BSP is committed to supporting the three pillars of the economy: namely price stability, financial stability, and a safe, secure and efficient payments and settlements system. Primed for long-term growth He added that the financial and banking conditions in the Philippines are consistent with long-term growth. Medalla also commended the Philippine government for being fiscally responsible, which has allowed them to finance a big part of the government’s debt by issuing peso-denominated bonds. “In summary, what you have is the financial and banking conditions of the Philippines are consistent with long-term growth. No shortcuts. No boom and bust,” Medalla said. “We try to keep growth as steady as possible and to make sure that the banks are strong so that the economy will be supported by price stability, financial stability, and the payment system that we support,” he added. The BSP’s commitment to supporting economic development has been beneficial not only for the country but also for the Philippine government, Medalla said. He added that the government’s debt is mostly domestic and is longer than two years. Governor Medalla’s comments suggest that the BSP is focused on maintaining a stable economic environment to support sustainable growth.borrowing requests made by the NG, government agencies, and government financial institutions. The post BSP looking at pausing rate increase regime appeared first on Daily Tribune......»»
Bonds, REITs seen to perform better than stocks
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BTr raises P120 billion from T-bond sale
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Año urges rebels to surrender, avail themselves of amnesty program
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Measles vaccine drive launched in BARMM
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