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Borrowings Spike 31.01%
The National Government's (NG) gross borrowings in April spiked by 31.01 percent year-on-year amid a rise in domestic borrowings, data from the Bureau of the Treasury (BTr) showed over the weekend. Data from the BTr showed that gross borrowings in April soared to P125.230 billion from P95.588 billion in the same month a year ago. However, month-on-month gross borrowings declined by 45.42 percent from the P229.432 billion recorded in January. In April, domestic debt accounted for 76.66 percent of total gross borrowings. Gross domestic borrowings increased by 0.43 percent to P96,002 billion in April, from P95.588 billion in the same month in 2022. During the month, the BTr raised none from retail Treasury bonds (RTBs), P94.475 billion from fixed-rate Treasury bonds, and P1.652 billion from Treasury bills. Meanwhile, gross external borrowings declined to P33.779 billion in April from P34.883 billion in the same month in 2022. External borrowings consisted of project loans at P6.213 billion and program loans at P27.566 billion. For the first four months of the year, gross borrowings declined by 12.16 percent to P1.026 trillion, from P1.168 trillion in the same period a year ago. Gross domestic debt declined by 13.68 percent to P780.785 billion in the January-to-April period, from P904.494 billion a year ago. Meanwhile, the external gross borrowing increased by 22.76 percent to P328.883 billion in the first four months of the year from P267.905 billion during the same period last year. The post Borrowings Spike 31.01% appeared first on Daily Tribune......»»
Government sets P585 billion borrowings in Q2
The government is set to borrow P585 billion from the domestic market in the second quarter amid hopes of more favorable interest rates here and abroad......»»
House panel to start deliberations on wage hike tomorrow
The House committee on labor and employment will start tomorrow deliberations on various bills proposing wage adjustments amid the high inflation rate in the country......»»
Treasury raises P120 billion from T-bonds
The government raised the entire program of P120 billion in long-term securities this month amid the downtrend in investor asking rates......»»
T-bills upsized to P19 billion
The government upsized its short-term securities to P19 billion, marking the second straight week of increased award amid better demand......»»
Government eyes $5 billion from global bonds
The Philippines plans to borrow $5 billion from the international debt market through various global bond issuances this year amid expectation of easing interest rates......»»
Exporters push for several trade-related bills
The Philippine Exporters Confederation Inc. is urging Congress to pass several economic and trade-related bills to sustain a rebound in exports amid the continuing weakness in the global economy and to achieve the intended targets under the export development plan......»»
3-month T-bills upsized
The government upsized its three-month short-term securities as the asking rates of investors dropped amid easing oil prices in the global market......»»
UnionBank raises P18 billion from bond sale
Union Bank of the Philippines has raised P18.17 billion from the successful dual tranche offering of peso-denominated fixed rate bonds amid strong demand from investors......»»
Treasury raises P100 billion from T-bonds in November
The government raised P100 billion from long-term securities this month amid mixed rates demanded by investors......»»
Government raises P51 billion from T-bills
The government managed to borrow P51 billion in short-term securities this month, roughly 93 percent of the target amount amid high asking rates from investors......»»
Government sells P15 billion in tokenized T-bonds
The government borrowed P15 billion from the local debt market via the issuance of the peso-denominated tokenized Treasury bonds amid strong demand for the maiden offering......»»
8-month debts increase 50%
The government’s gross borrowings rose in the first eight months, Bureau of the Treasury data showed, surging by 50.48 percent to P1.58 trillion as of the end of August from P1.05 trillion a year earlier. Based on the Treasury’s latest cash operations report, gross domestic borrowings accounted for the bulk of the first eight month’s total at P1.28 trillion. Gross overseas loans, meanwhile, clocked in at P394.56 billion during the period. Gross domestic loans increased from the year earlier from P996.14 billion. Gross overseas borrowings also rose from P337.79 billion previously. Fixed-rate treasury bond issuances worth P904.76 billion made up most of the first eight months of the domestic borrowings. An additional P283.76 billion and P95.84 billion were raised through retail T-bonds and T-bills, respectively. Foreign debts rise Gross external borrowings, meanwhile, increased by 16.80 percent from P337.79 billion in August 2022 to P394.56 billion in August this year. Total borrowings in August alone reached P119.12 billion, an increase from P118.36 billion in August 2022. During the month, borrowings from local lenders slipped by 34 percent to P110.5 billion from P167.81 billion secured in the same period last year. A huge chunk of the gross domestic borrowings, at P117.37 billion, was from fixed-rate Treasury bonds at P110.23 billion. The government borrowed the remaining P7.13 billion from short-term T-bills. In terms of external debt, the Treasury increased its gross borrowings to P6.68 billion from just P1.31 billion from foreign sources last year. The entire external financing for August was made up of project loans from multilateral institutions. The post 8-month debts increase 50% appeared first on Daily Tribune......»»
Winning bets facing poll violation charges to be suspended
he Department of the Interior and Local Government will swiftly enforce suspensions ordered by the Commission on Elections over poll charges amid reports of rampant violations at the start of the campaign period for the barangay and Sangguniang Kabataan elections Interior Secretary Benhur Abalos warned candidates yesterday......»»
Malasakit Centers: Haven for poor Pinoys
Amid prevailing financial hardships particularly among poor Filipinos, the pivotal role of Senator Christopher “Bong” Go’s Malasakit Centers comes to fore through the compelling narrative of 23-year-old Wally Bernardo of Cavite. A small baking business, which Wally runs with his partner, helps cover his dialysis expenses. His ordeal started in 2017 when a nagging backache unveiled an unsettling reality — a diagnosis of chronic kidney disease secondary to arthritis. Initially misdiagnosed with high blood pressure, he soon found himself restricted to the regular hum of dialysis machines, a routine that escalated from three times a week to an excruciating 12 times a week, as his condition worsened. As Wally’s medical bills soared, he sought intervention from a Malasakit Center, which led to a much-needed relief for his dire financial situation. Recounting the day his relatives approached the center, Wally said, After that we approached the social health service as I knew there was Malasakit here.” “My relatives went there and gave us our bill. It was processed at about noon. In the afternoon we were already discharged.” The indelible mark of gratitude is apparent in Wally’s words, “Thank you to Senator Bong Go, to his staff. We are really grateful for his help, in giving us a guarantee letter, in assuring those who have not much finances.” As chairperson of the Senate Committee on Health and Demography, Go persistently encouraged the public to avail themselves of the medical and financial assistance offered by the Malasakit Centers. Malasakit Centers bring together representatives from the Department of Social Welfare and Development, Department of Health, Philippine Health Insurance Corporation, and Philippine Charity Sweepstakes Office. These one-stop shops aim to support impoverished patients in reducing their hospital costs to the least possible amount. The Malasakit Centers Act of 2019, or Republic Act 11463, principally authored and sponsored by Go, has so far facilitated the establishment of 159 operational Malasakit Centers across the country. Meanwhile, Go’s outreach team, together with Mayor Elmor Vita and Councilor Rey Comendador, conducted a relief operation at the municipal gymnasium in Nagcarlan, Laguna last Tuesday, 17 October. Go provided masks, vitamins, shirts, and balls for basketball and volleyball for 450 market vendors. He also gave away shoes, and mobile phones to select recipients. The post Malasakit Centers: Haven for poor Pinoys appeared first on Daily Tribune......»»
PhilHealth insists ‘no data was compromised’ amid cyberattack
The Philippine Health Insurance Corporation or PhilHealth on Wednesday maintained its claim that its members' data was not compromised by the recent cyberattack on its system. In an interview with Daily Tribune, PhilHealth spokesperson and Senior Vice President for Health Finance Policy Israel Pargas reiterated that their database remained “intact”. He, however, admitted that hackers behind the cyberattack accessed the data that were stored in the servers affected by the hacking. “We cannot verify that. It can be a possibility because again, checking our database, it is still intact. If we check the database, it appears that no data was compromised or leaked,” he said. “However, since our employees are also working with regard to our members and all, it could be true that there may be data stolen by these hackers. It is uncertain whether any data was stolen or not,” he added. On Tuesday night, the Department of Information and Technology confirmed that the hackers have already started publishing PhilHealth employees’ data on the dark web. DICT Undersecretary Jeffrey Dy said the stolen data includes details on employees' identification cards, memorandum, directives, and hospital bills. The development came a day after the self-imposed deadline of the hackers on the government to pay a $300,000 ransom for the data expired. Dy said the information posted on the dark web could just be a “teaser” of what the hackers have stolen from the state-run health insurer’s system. At the same time, in an advisory, PhilHealth confirmed that some members' personal information including names, addresses, dates of birth, sex, phone numbers, and PhilHealth identification numbers were compromised. The corporation said it is “working to notify all affected individuals directly.” The state-run health insurer also urged its members to take precautionary measures in light of the cyberattack on its system. “Monitor your credit reports for any unauthorized activity,” it said. Members were also encouraged to place a fraud alert on their credit reports and change their passwords for their online accounts, especially their financial accounts. Members were also advised to be wary of phishing emails and smishing text messages. No numbers Asked how many members were affected by the incident, Pargas said PhilHealth has yet to know the quantity of the data stolen by the hackers. “There might have been data that were compromised but we don’t have any numbers yet,” he said. In case PhilHealth members receive suspicious calls about their data, they may report it through phic.actioncenter2023@gmail.com or phic.dpo@gmail.com, he said. Online Meanwhile, the state-run health insurer said its website, member portal, e-claims, HCI portal, Electronic Premium Remittance System, and electronic PhilHealth Acknowledgment Receipt can now be accessed by the public and their partners. On September 22, PhilHealth temporarily shut down its website and membership portal due to an "information security incident." The post PhilHealth insists ‘no data was compromised’ amid cyberattack appeared first on Daily Tribune......»»
Go reiterates call for increased health fund
Senator Christopher “Bong” Go, chairperson of the Senate Committee on Health, emphasized in an interview on Tuesday, 26 September, the urgent need to bolster the Department of Health’s budget as the country movestowards pandemic recovery even amid several existing and emerging public health concerns. He recalled the budget deliberations in December 2019 when there were attempts to cut the budget of the Research Institute for Tropical Medicine for year 2020. “In the 2019 budget deliberations, I defended the RITM budget which was on the brink of being slashed. We even added more funds,” he narrated. This decision turned out to be crucial then, as RITM later played a vital role in Covid-19 testing when the pandemic started in 2020. Go noted that the restoration of RITM’s budget underscored the importance of adequately funding healthcare institutions, especially in unpredictable times. Go’s recollection came at a critical time when DoH is facing a P10-billion budget cut for 2024. The proposed budget cut would bring DoH’s overall budget down to P199.45 billion from P209.62 billion under the General Appropriations Act of 2023. With this, Go argued that the healthcare system needs more, not less, financial support. He then underscored the urgency for increased investment in the public healthcare system. Meanwhile, Go continued to push for the Department of Disaster Resilience and Mandatory Evacuation Center bills. Go’s office, in coordination with Mayor Clark Ngaya, distributed grocery packs to 500 typhoon “Egay” victims at the municipal hall in Barlig, Mountain Province last Monday, 25 September. The post Go reiterates call for increased health fund appeared first on Daily Tribune......»»
Gross borrowings reach P1.46T
Gross financing of the national government has already increased in the first seven months of the year due to higher domestic borrowings. The latest data from the Bureau of Treasury (BTr) showed that the national government's gross borrowings from January to July 2023 reached P1.46 trillion. Gross borrowing is the entire sum of loans or borrowings made by the government from domestic and international sources to cover its necessary expenditures and close budget gaps. During the first seven months, gross domestic borrowings reached P1.17 trillion, while the gross external financing reached P387.88 billion. Fixed-rate treasury bonds worth P794.53 billion, retail treasury bonds worth P283.76 billion and net treasury bills worth P88.70 billion were both issued to raise funds from domestic sources. Meanwhile, project loans totaling P79.21 billion, program loans of P145.06 billion, and global bonds comprising P163.60 billion made up the entire amount of external funding. *July borrowings down* Meanwhile, the national government's July borrowings declined year-on-year, mainly due to reduced loans acquired from local creditors. Marcos administration's borrowing in July came to P131.13 billion, down from P174.21 billion during the same month last year. The decrease in borrowing from the domestic market is mainly the cause of the decline. In July 2023, gross local financing stood at P167.81 billion. However, the government's net local borrowing reached P110.5 billion this year. Out of the total, P108.4 billion came from the sale of long-term debt papers, while P2.12 billion was acquired through short-term IOU offerings. National Treasurer and Monetary Board member Rosalia de Leon previously stated that the government needs to borrow money because its spending outweighs its revenue collections. Due to this condition, a budget deficit must be solved via borrowing. But not all the money the government borrows goes toward closing the budget gap. A portion of it is used to pay off past debts, including interest. The post Gross borrowings reach P1.46T appeared first on Daily Tribune......»»
The Advantage of Adopting the Right Digital Tools for your Business
Amid the uncertainty in customer behaviors and trends from the crisis, this much is clear: updating the business for a digital-first world, led by purpose, is now a must for almost every company. To do so, they must determine where new business value exists in the new normal, what digital business models will capture it, and which tools and behaviors will support the adaptability and resilience that these models require. On this section, we talked to the creators behind the award-winning platform made for businesses like yours. The Digital Advantage Companies need an understanding of 3rd Platform technologies to capitalize on improved decision-making and to deliver enhanced, customized experiences to stakeholders. The rapid acceleration of 3rd Platform technology adoption means that corporates need to actively be looking for ways to improve their operational efficiency and customer service, otherwise, they will be in danger of falling too far behind digitally-native competitors to ever catch up. Efficiency Past recessions show that controlling costs by improving operational efficiency—a task for which digital solutions are perfectly suited for—is more effective in sustaining businesses through financial turbulence than traditional cost-cutting measures alone. The biggest efficiency play is automation. Streamlining operations and automating manual processes result in greater speed, less waste and more focus on revenue-generating activities. The economics of automation is simple: the same work is performed faster and with fewer mistakes, while human capital resources can be redeployed to higher-value tasks or to fill critical gaps. Convenience Company bank accounts are available in any device, the only things you need are internet connection and a few taps on the screen. This brings about an increase in customer satisfaction as they are able to constantly keep track of their account balances and manage the information on their personal profile (i.e. add new mailing address, e-mails, telephone numbers, etc.). In addition to this, there is no need to go to the bank to get checks as they can be instantly sent via email. 24/7 Reliability Online banking services are available 24/7 all year round, even on weekends. There is no need to line up and wait for the bank to open in order to conduct certain operations. This is a huge advantage that comes with digital solutions Security With all the recent news about data breaches, you might be wondering about the security of mobile and online banking. Security is top priority for banks when choosing whether or not to offer online banking. All banks use “Pentagon-grade” encryption technology and sophisticated firewalls. Mandatory security upgrades are required by bank regulators, so you can be confident that keeping your information secure is one of your bank’s utmost priorities. As digital transactions increase and productivity grow, companies must take proactive steps to protect their data privacy and security and adopt models that give them governance over their data. Today’s Platform Driven Solutions Self-service account management, bills payment and electronic fund transfers are considered the basic banking functions that each business should have. Account management allows viewing of account balances and transaction history without going to the bank. All these were made easy and accessible, by just logging into UnionBank’s The Portal app. Bills Payment, on the other hand, gives businesses access to a large list of billers. They can pay their water, electricity, telco, and other utilities online. BIR ePayment is also available, allowing users to pay taxes online. If the company is an accounting firm, they can also pay for their client’s taxes on The Portal app. Electronic fund transfers save companies time and reduce their risk exposure. Just upload the batch crediting file on the platform and it automatically disburses it to their recipients. Clients can also set up their recipients in UnionBank Business Banking so they receive email and SMS notifications every time they are credited. All these are made possible without stepping inside a branch. Batch Electronic Funds Transfer is also now made available for UnionBank Transfers and PESONet. This enables the streamlining of bulk account to account transfers to another UnionBank account or to other bank accounts. This has highlighted the ease and convenience of going digital to corporate clients versus processing transactions through the traditional way of banking over-the-counter or paying via cheques. Going beyond the basic functions of a normal digital banking tool, The Portal’s self-enrollment feature allows businesses to conveniently self-enroll their nominated accounts and users through the simple enrollment steps. Once completed, access to The Portal is granted and clients may enjoy the convenience of processing their funds transfer instructions online. In addition, there is an option to initiate the enrollment of the beneficiary accounts individually or in bulk. This can be essential for clients that need a payee maintenance feature to ensure that the initiated transactions are only credited to enrolled account. With the convenient, hassle-free and straight-through processing in The Portal, businesses can easily push fund transfers in the comfort of their own homes or offices. This pandemic serves as a widespread test case for the effectiveness of these digital solutions, many of which will be permanent fixtures and lead to long-term changes for many businesses. Organizations that embrace digital solutions have greater resiliency in the face of adversity and are way ahead of the competition, which will enable them to recover faster and pivot from playing defense to chasing growth. While many believe it is too idealistic to have a good workplace culture and excellent compensation, many jobseekers significantly consider these two factors when applying for a job, according to two studies. The 2021 Employee Experience Survey by Willis Towers Watson reported that 89 percent of respondents believe a positive employee experience is a crucial driver of engagement, while a 2023 survey from the online recruitment platform JobStreet found that 53 percent of Filipino job seekers would like to know the salary range offered while still in the recruitment process. Aside from great benefits and compensation, employees in the IT industry pointed out that a good work culture and environment, as well as training programs, are the top priorities of job seekers. Vanessa Liwanag, business development director at Yondu, acknowledged the company’s role in her growth, “Yondu has helped me develop my leadership, decision-making, and communication skills through its effective leadership training programs. The company also helped me grow personally because of its hybrid setup. This allows me to have a work-life balance. I can still care for my family and health while contributing to the organization.” Leather, who specializes in securing networks from vulnerabilities, noted that training programs are essential as trends continuously evolve. IT professionals need to keep up in order to be efficient. Steph, a software solutions engineer, echoed this, adding that since the industry is highly competitive and fast-paced, getting equipped with the right skills and knowledge is essential. Grace, a malware researcher, said that one advantage in the IT field is that since it’s a broad industry, there is always much to learn and room for improvement. Yondu, an IT solutions company wholly owned by Globe, offers all these benefits and compensation, a good working environment, and training programs to Yondudes, a nickname for its employees. Competitive pay and benefits are OK for Yondu as the company ensures this through regularly benchmarking market data and best practices. There are also tailor-fitted rewards programs according to talent segments. Yondu also ensures its employees remain competitive and well-equipped by industry standards through various training, reskilling, and upskilling programs to hone their skills in the constantly changing tech industry. Despite the fast-paced sector continuously evolving, Yondu still values work-life balance and provides programs to support Yondudes’ well-being further. “What sets Yondu apart from other organizations is its genuine focus on understanding and supporting its employees,” said Javen Babac, lead application support specialist at Yondu. “The company recognizes that employees perform their best when they feel valued and supported, and this philosophy sets Yondu apart by fostering a positive and inclusive work environment. The organization’s commitment to understanding its employees and providing the necessary resources demonstrates its dedication to employee well-being and sets a strong foundation for professional growth and job satisfaction.” The post The Advantage of Adopting the Right Digital Tools for your Business 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......»»