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$400-M ADB loan to spur employment growth

The Asian Development Bank (ADB) recently approved a $400 million policy loan to bankroll projects that would reduce the number of out-of-school and unemployed young Filipinos. The Facilitating Youth School-to-Work Transition Program, subprogram 2, supports government reforms improving the employability of young Filipinos through labor market schemes and providing easier access to on-the-job training programs. “Many young […] The post $400-M ADB loan to spur employment growth appeared first on Daily Tribune......»»

Category: newsSource: tribune tribuneDec 4th, 2019

Fitch Ratings sees loan growth recovery

Loan growth in the Philippines is likely to regain its momentum as it will be supported by the government’s investment in infrastructure and sustained consumer demand, Fitch Ratings said. “We expect a pick-up in government infrastructure spending to spur broader investment activity, amid sustained consumer demand,” the credit ratings agency forecasted in a report titled […].....»»

Category: newsSource:  manilatimes_netRelated NewsDec 5th, 2019

Piñol outlines plans to boost agriculture

Agriculture Secretary Manny Piñol yesterday said government must invest heavily in agriculture and fisheries sectors to spur economic growth and generate employment in the countryside......»»

Category: newsSource:  tempoRelated NewsOct 17th, 2016

Cash remittances dip 6.4% in January-May

The central bank said cash remittances or transfers via the banking system has declined by 6.4 percent year-on-year in the first five months of the year to $11.554 billion from $12.349 billion.  “The decline in cash remittances was due to the negative effects of the continued limited operating hours of some banks and institutions that provide money transfer services during the lockdown and the repatriation of many OFWs (Overseas Filipino Workers) in March 2020,” said the Bangko Sentral ng Pilipinas (BSP) in a statement Monday. The cash remittances of land-based overseas Filipinos dropped 7.2 percent to $8.965 billion compared to same time last year of $9.664 billion. The remittances of sea-based workers also dipped 3.6 percent to $2.589 billion from $2.684 billion.  “By country source, the US registered the highest share to total overseas Filipinos remittances at 39.4 percent for January–May. It was followed by Singapore, Saudi Arabia, Japan, the United Kingdom, United Arab Emirates, Canada, Hongkong, Qatar, and Taiwan,” the BSP said. “The combined remittances from these countries accounted for 78.8 percent of total cash remittances.” For the month of May only, remittances sent through the banks decreased by 19.3 percent to $2.106 billion compared to $2.609 billion same time in 2019. Also for the month of May, personal remittances fell by 19.2 percent to $2.341 billion versus $2.896 billion in May 2019. Personal remittances from land-based workers with work contracts of one year or more slipped by 21.2 percent to $1.77 billion in May from $2.24 billion. Sea-based workers and land-based workers with work contracts of less than one year also declined by 12.4 percent to $519 million from $592 million in 2019. According to the BSP, “this is the third consecutive month that personal remittances posted year-on-year contraction amid the adverse effects of the COVID-19 pandemic on global economic activity, travel, and employment, resulting in the repatriation or deferment of employment of many OFWs.” For the cumulative January-May, personal remittances went down by 6.4 percent year-on-year to $12.835 billion from $13.707 billion. Personal remittances as defined by the BSP, is the “sum of net compensation of employees, personal transfers and capital transfers between households.” For 2020, the BSP expects cash remittances to contract by five percent and end up with $28.6 billion and then recover next year, bouncing back to a four percent growth to $29.8 billion. Last year, cash remittances reached $30.133 billion or up 4.1 percent from 2018, while personal remittances grew by 3.9 percent year-on-year to $33.467 billion......»»

Category: sportsSource:  abscbnRelated NewsAug 3rd, 2020

Opportunity to reform market economy

The crisis brought about by the COVID-19 pandemic provides a singular opportunity to significantly reform the so-called free market economy that has been embraced by countries of different political shades and persuasions, from socialist China to capitalist America.  Although it cannot be denied that the experiment with market-oriented economic policies by China has resulted in the liberation from dehumanizing poverty of hundreds of millions of people over the last 20  to 30 years, there continues to be scandalous disparity of income and wealth among those who have benefited from these reforms and those who have been left behind.  The massive unemployment that has been caused by the lockdowns of  economies all over the world has worsened the inequity in the distribution of income even in the most developed countries of Europe and elsewhere. The human sufferings that we are witnessing during the worst global economic crisis in 150 year  should bring world leaders to finally come to their senses and listen to what Pope Francis has been saying about   the limitations of the free market economy in respecting the dignity of each human person and in pursuing the common good of society. In The Joy of the Gospel, Pope Francis clearly states that “the dignity of each human person and the pursuit of the common good are concerns which ought to shape all economic policies. At times, however, they seem to be a mere addendum imported from without in order to fill out a political discourse lacking in perspectives or plans for true and integral development.”  The Holy Father points out that  growth in social justice “requires more than economic growth, while presupposing such growth.”  it requires decisions, programs, mechanisms, and processes especially geared to a better distribution of income, the creation of sources of employment, and an integral promotion of the poor which goes beyond a simple welfare mentality.”  In the publication “This Economy Kills,” authors Andrea Tornielli and Giacomo Galeazzi, inspired by the teachings of Pope Francis, enumerate the types of leaders who are needed for authentic human development in both developed and emerging markets.  According to them, we need “men and women who look to the future, who are committed to pursue the common  good and whose goal is not just the next election campaign.  It requires men and women who not only look at the spread and stock market indices as indicators of the health of a country but inquire whether the younger generations have a job, a future, and hope; whether children have kindergartens and schools that can educate them by introducing them to reality; whether couples have the opportunity to buy a house; whether there are effective welfare programs available for the elderly; and whether those who still bet on the future by putting children into the world are justly taxed, rather than penalized.  It requires men and women who are engaged in politics and work in institutions without corrupting themselves or letting others corrupt them, even managing perhaps to revive a minimum of esteem (which has never been so in decline) for that ‘highest form of charity’—that is, politics—in as much as it is exclusively committed to the common good and to the real lives of people, with special attention   and dedication to those in difficulty, those left behind, those  who are excluded and should be included.” We have in the above quote a program that should permeate the so-called new normal post-pandemic.  What I have read so far about prognostications concerning the “new normal” are mostly about means, not ends. There is a lot of talk about the digital transformation that all economic sectors shall have undergone as a response to the changes in consumer lifestyle and business practices brought about by COVID-19. It asserted that digitalization will be a universal practice. Online purchases of practically all types of consumer goods and services; modes of payments; delivery of formal education and all types  of skills training; banking practices; religious services; sports events; forms of entertainment; etc.  These transformations, however,  could occur without addressing the fundamental problem of great disparities in the distribution of income and wealth and may even exacerbate the problem of the poor if, for example, their children are further left behind because they lack the resources to participate in online learning.  Although the means are also important, there should be greater emphasis in the transformation of the ends or objectives of the economic system.  Our leaders should ask themselves how to make the structural changes necessary to reduce mass poverty (which has worsened during the many lockdowns made necessary by the pandemic).  In more concrete terms, the economic system should be geared to providing more nutritious food to the poorest of the poor; better quality education and health care to the bottom 20 percent of the population; free health services to those who cannot afford them;  socialized housing for the homeless; and well paying jobs for the unemployed and underemployed. The new normal should give the highest priority to providing the small farmers with what they need to eke out a decent living by providing them with the necessary infrastructures such as farm-to-market roads, irrigation systems, post-harvest facilities, access to credit and other farm support services that have long been denied the Filipino farmers.  I have always maintained that the first cause of dehumanizing poverty in the Philippines is the long-term neglect of rural and agricultural development.  It is not a coincidence that 75 percent of those who fall below the poverty line are in the rural areas. Many of them are the beneficiaries of agrarian reform who, after being provided with one or two hectares of land, were completely abandoned to their own resources.  They are the landless farm workers, the “kaingeros” (slush-and-burn farmers), and the subsistence fisherfolk. Hopefully, the shortage of food during  the pandemic has made it crystal clear that food security should be on top of our economic objectives.  Food security now and in the future can be made possible only by a significant increase in the productivity with which we use our agricultural resources.  To be continued For comments, my email address is bernardo.villegas@uap.asia.....»»

Category: sportsSource:  abscbnRelated NewsAug 3rd, 2020

Lockdowns temper bank lending in April

Lower loan take-up from both consumer and businesses eased bank lending growth in April, as the impact of one of the world's longest and toughest coronavirus lockdowns became more pronounced during the month......»»

Category: financeSource:  philstarRelated NewsJun 15th, 2020

Russia to spend over $70 billion on virus recovery plan

The Russian government plans to spend about five trillion rubles ($72 billion) on a plan to restore the economy following the coronavirus shutdown, Prime Minister Mikhail Mishustin said Tuesday. The programme to boost employment, incomes and economic growth “contains over 500 actions, its cost over two years will be about five trillion rubles,” Mishustin told […] The post Russia to spend over $70 billion on virus recovery plan appeared first on Daily Tribune......»»

Category: newsSource:  tribuneRelated NewsJun 2nd, 2020

House OKs bill to spur economic growth in Eastern Visayas

House OKs bill to spur economic growth in Eastern Visayas.....»»

Category: financeSource:  bworldonlineRelated NewsMay 30th, 2020

Sotto proposes P548-B ‘economic stimulus strategy’

Senate President Vicente Sotto has proposed an “economic stimulus strategy” worth at least P548 billion to help the Philippines recover from the COVID-19 pandemic’s social and economic impacts. Sotto yesterday disclosed that he has filed Senate Bill No. 1542 proposing a stimulus program to “restore economic growth, maintain employment levels, and expand the productive capacity of the […].....»»

Category: newsSource:  tempoRelated NewsMay 27th, 2020

ADB extends $400-m loan for PH

The Asian Development Bank said Tuesday it approved a $400-million policy-based loan to support the Philippine government’s efforts to strengthen domestic capital markets and reach its development goals of high, sustained economic growth and poverty reduction......»»

Category: financeSource:  thestandardRelated NewsMay 26th, 2020

Call center group reviews revenue, employment targets

The umbrella organization of the country’s contact center industry is revisiting its revenue and employee growth projection for the year to take into account the impact of the coronavirus disease 2019 or COVID-19 crisis to operations......»»

Category: newsSource:  philstarRelated NewsMay 7th, 2020

Millennials poised to drive Philippine home loan market& mdash;Nook

Millennials emerged as the fastest-growing generation to contribute to the growth of the home loan landscape in the country, according to PH’s first online mortgage brokering platform, Nook......»»

Category: techSource:  thestandardRelated NewsMar 25th, 2020

S& P Global Ratings sees slower loan growth

S&P Global Ratings warned of slower credit growth and more bad loans for Philippine banks this year on account of coronavirus disease 2019 (Covid-19) outbreak’s impact to the economy and financial markets. This was contradicted by the Bangko Sentral ng Pilipinas (BSP), saying that lenders continue to be well-capitalized and for its part, the monetary […].....»»

Category: newsSource:  manilatimes_netRelated NewsMar 10th, 2020

PH credit growth expected to slow

Debt watcher S&P Global Ratings said Monday Philippine banks are likely to post another year of single-digit loan growth and an increase in non-performing loans as the coronavirus disease 2019 threatens the economy and financial markets......»»

Category: financeSource:  thestandardRelated NewsMar 9th, 2020

Households fuel loan growth, offset slower demand from industries

Households continued to pick up the slack in loans from production activities as credit growth quickened to its fastest pace in eight months at 11.6 percent in January from 10.9 percent in December, ahead of the impact of the global outbreak of the coronavirus disease 2019......»»

Category: financeSource:  philstarRelated NewsMar 4th, 2020

What workers want

Filipinos hang on to their jobs if it gives them career growth and work-life balance on top of a competitive salary, according to an employment company which gathered data from 18,000 Filipino candidates from 25 industries......»»

Category: newsSource:  thestandardRelated NewsMar 1st, 2020

Metrobank& rsquo;s profit jumps 27% to P28.1B

Metropolitan Bank & Trust Company, the country’s second-largest lender, said Thursday consolidated net income climbed 27 percent in 2019 to P28.1 billion from a year ago, on the back of moderate loan growth and margin expansion, strong trading and foreign exchange gains, double-digit increase on fee-based income and manageable cost growth......»»

Category: financeSource:  thestandardRelated NewsFeb 21st, 2020

Pag-IBIG loan up 15%

Home loan releases of Pag-IBIG Fund posted double-digit growth for the fourth consecutive year with the agency setting new record-highs in housing accomplishments in 2019......»»

Category: newsSource:  thestandardRelated NewsFeb 19th, 2020

Experts to gov’t, businesses: Invest in innovation

CEBU CITY, Philippines — Economic experts are encouraging both the government and private establishments to start investing in innovation as a means to tap younger markets, and spur economic growth. Canada-based research firm Colliers International, in their latest Market Intelligence Report for Cebu, stressed that with the help of digital technology, retailers would be able […] The post Experts to gov’t, businesses: Invest in innovation appeared first on Cebu Daily News......»»

Category: newsSource:  inquirerRelated NewsFeb 15th, 2020

Coronavirus to weaken PH growth, says Moody& rsquo;s

Global debt watcher Moody’s Investors Service said the spread of the 2019 novel coronavirus disease will weaken the Philippines’ economic growth and employment outlook this year......»»

Category: financeSource:  thestandardRelated NewsFeb 13th, 2020

UnionBank profit more than doubles

The earnings of Aboitiz-led Union Bank of the Philippines more than doubled to a record high of P14 billion last year from P6.87 billion in 2018 on the back of the listed bank’s double-digit loan growth......»»

Category: financeSource:  philstarRelated NewsJan 27th, 2020