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Debt payments reach P608 billion in 7 months

The government spent P608.26 billion from January to July to pay off its maturing debt, up 27.33 percent from P477.71 billion a year ago, according to the Bureau of the Treasury......»»

Category: financeSource: philstar philstarSep 13th, 2020

Debt payments reach P889 billion

The national government spent P888.96 billion in the first 11 months of 2020 to settle its debt from domestic and foreign lenders, according to the Bureau of the Treasury......»»

Category: newsSource:  philstarRelated NewsJan 10th, 2021

Gov& rsquo;t debt surged P869b in 4 months

The government’s outstanding debt jumped by P869 billion or 11.2 percent since the start of the year to reach P8.6 trillion as of end-April, the Bureau of Treasury said Tuesday......»»

Category: financeSource:  thestandardRelated NewsJun 2nd, 2020

Tonik digital bank deposits reach P3.5 billion

Purely digital and branchless bank Tonik reported P3.5 billion in retail deposits as of mid-August, less than six months after it opened in the Philippines......»»

Category: financeSource:  philstarRelated NewsAug 21st, 2021

Debt payments soar 41% to P774 billion in H1

The government hiked its debt payments in the first semester by more than 41 percent to P774 billion due to double-digit increases in interest payments and amortization......»»

Category: financeSource:  philstarRelated NewsAug 15th, 2021

Debt servicing rises 53% to P37.8 billion in May

The government spent more than half for debt payments in May at nearly P38 billion as interest payments and amortization rose by double digits, the Bureau of the Treasury said......»»

Category: financeSource:  philstarRelated NewsJul 11th, 2021

Dollar deficit widest in 29 months on foreign debt payments

Philippines sustained a balance of payments deficit in February, not because of hefty imports, but due to debt payment......»»

Category: financeSource:  philstarRelated NewsMar 26th, 2021

AUB to redeem P5 billion debt ahead of schedule

Rebisco Group’s Asia United Bank is redeeming P5 billion in debt notes ahead of scheduled maturity to save on interest payments......»»

Category: financeSource:  philstarRelated NewsJan 13th, 2021

Balance of payments posted $11.8-b surplus in 11 months

The Philippines’ balance of payments posted a surplus of $1.47 billion in November, up from a $541-million excess in the same month last year, on sustained inflows from the Bangko Sentral ng Pilipinas’ foreign exchange operations and income from investments abroad......»»

Category: financeSource:  thestandardRelated NewsDec 29th, 2020

Shell widens losses to P13.9-B in 9 months; P1B investment set for import facility

With additional valuation-anchored inventory losses and one-off charges booked, the net loss of listed firm Pilipinas Shell Petroleum Corporation (PSPC) had widened to P13.9 billion in nine months this year. That’s a complete reversal of the P4.4 billion net income it posted last year, when oil prices were at more predictable state and there had been no pandemic-induced uncertainties disrupting oil markets. It specified that if the P5.7 billion inventory valuation losses had not turned up, the company’s net loss in the third quarter should have been at leaner P700 million versus P900 million in the second quarter. And without the one-off charges that stood at P7.5 billion, the oil firm’s net loss should have been trimmed to P6.4 billion within the January-September stretch. The one-off charges came about because of the closure of its refining operations that subsequently prompted the conversion of its Tabangao facility into a world-class import terminal. But while the company works on improving its financial performance in the coming months, Pilipinas Shell President and CEO Cesar G. Romero announced that they will be re-investing roughly P1.0 billion in the next few years “to fully transform Tabangao into a world class facility that will support its marketing growth aspirations.” Part of the company’s major step this year is to set on stream the commercial operations of its 54-million liter capacity terminal in Subic to underpin its supply chain, primarily to serve the demand of its Northern Luzon customers; while its Tabangao import facility will cater to the needs of customers in other parts of Luzon and Northern Visayas. To complete the loop, its Northern Mindanao Import Facility (NMIF) in Cagayan de Oro will be supporting the rest of Visayas and well as customers in Mindanao. Pilipinas Shell said it now “has a more resilient network of three medium-range import terminals with sufficient finished products capacity to effectively serve the demands of customers nationwide.” The firm indicated that despite the challenges, it prioritized business strategies that shall result in cash preservation for the company. As of third quarter’s end, the savings logged by the company stood at P2.5 billion; and this is seen sustained at the level of P2.0 billion until the end of this year. “Savings of P1.2 billion were generated from OPEX (operating expenses); with P1.3 billion from CAPEX (capital expenditure),” Shell emphasized. While the company still navigates the tough terrain of business induced by the coronavirus pandemic, Romero asserted their overall frame “remains optimistic,” as he noted that the “government’s efforts to gradually reopen the economy by prudently relaxing quarantine restrictions are slowly giving elbow room for the economy to recover.” He specified that for Shell, “the wins are coming in gradually as more businesses operate at increased capacity in the areas of manufacturing and transportation.” The company chief executive expounded “our balance sheet, technical capability and resources are solid; and serve as well in continuing to provide Filipinos with high quality fuel products despite the challenging environment.” Parallel to the firm’s aspirations for demand and financial rebound, Romero noted they are also making “the right sustainable decision to protect the long-term interests of our shareholders.” The company’s gearing had risen to 47-percent, and that was mainly attributed to “lower equity from net loss rather than an increase in net debt,” with it emphasizing that “excluding the impact of the refinery one-off charges, the company’s gearing stands at 41-percent.” Romero indicated “the pandemic has forced us to rethink the way we do things, while ensuring the quality of service that Filipinos expect from us.”.....»»

Category: newsSource:  mb.com.phRelated NewsNov 12th, 2020

Landbank’s agriculture loan portfolio expands to P230 billion in 9 months

The Land Bank of the Philippines’ total loan portfolio to the agriculture sector expanded to P230.34 billion as of end-September, as its intensified lending activities enabled it to reach more than two million farmers this year......»»

Category: financeSource:  philstarRelated NewsOct 28th, 2020

Government foreign borrowings surge to $13 billion in 9 months

Foreign borrowings by the national government surged by 44.2 percent to $13.14 billion in the nine months to September as the country turned to the offshore debt market for more funds to bankroll key infrastructure projects and to control the COVID-19 pandemic......»»

Category: financeSource:  philstarRelated NewsOct 24th, 2020

URC& rsquo;s income increased P7% to P7.5B in 1st three quarters

Food manufacturer Universal Robina Corp. said Friday net income attributable to parent equity holder increased 7.2 percent in the first nine months to P7.5 billion from P7 billion in the same period last year, driven by higher operating income, lower debt and interest expense and reduced foreign exchange losses......»»

Category: financeSource:  thestandardRelated NewsOct 23rd, 2020

Christmas 2020 for workers and farmers

HOTSPOT Tonyo Cruz Two things workers are looking forward to at the end of each year are the 13th month pay and the Christmas bonus. And it seems about two million workers may not get any 13th month pay at all, if the Duterte government would have its way. The reason? Because of the pandemic. In reaction, Kilusang Mayo Uno chairperson Elmer Labog  issued his shortest statement yet this year, unable to hide labor’s frustration: “It is the government’s responsibility to bail out MSMEs in times of emergencies.” Indeed, it is the state’s obligation to support and prop up micro, small and medium-scale enterprises especially now in the time of pandemic. By saying MSMEs could dispense with the 13th month pay, the government is practically passing on its responsibility to MSMEs. Workers continue to give their share through the cheap, underpaid and overstressed labor power that makes sure MSMEs continue to function and perform their role as main engines of the economy. The government must do its job: Bail out the MSMEs. It is quite surprising that the Duterte government seems disinterested in bailing out MSMEs, considering the avalanche of news about the borrowings here and there. According to Sonny Africa, executive director of the think-tank Ibon Foundation, the borrowings has reached a historic high: “It took 118 years for the country’s debt to reach P6.1-trillion in 2016. President Duterte is taking just six years to more than than double that to P13.7-trillion in 2022.” Again, the reason for the borrowing has been “because of the pandemic.” Regardless of where the money goes, and whether or not MSMEs and workers received only a drop from it, they would pay the entire debt through more and higher taxes for years to come. Workers are not asking for something they have not earned through hard work. They earned that 13th month pay. It is not an optional thing. It is part of the law. The pandemic should oblige the state to bail out our MSMEs to enable them to fully function, and to give the workers’ their due under the law. Workers have given and lost a lot because of the pandemic. Workers have not asked for free rides to work, but the government fails to provide adequate and safe mass transport. Workers have asked for free mass testing in their companies and communities, but the government has other ideas. Workers and their families would have fared better with unemployment benefits amid the dismal pandemic response of government, but it seems the same government wishes to push them instead to pawnshops and loan sharks. We haven’t even factored in the laid-off, underemployed and unemployed workers, as well as the undetermined number of overseas Filipino healthcare workers stranded in the country since April. They all don’t wish to be “patay-gutom” and “pala-asa”.  They don’t wish to stay unemployed and be dependent on aid. They are ready to work and earn their keep. But since the president made policy decisions affecting their ability to obtain work, it is the government’s obligation to bail them out as well. The situation of our nation’s farmers is no different. For instance, rice farmers continue to produce our national staple. The pandemic made even worse the effects on them of the combined power of policies such as rice tarrification, the stranglehold of Big Landlords, the vast influence of rice cartels, and the continued operation of illegal rice importers. Price monitoring by Bantay Bigas and the Kilusang Magbubukid ng Pilipinas reveals the outrageously low palay prices nationwide, which means ruin to our nation’s rice farmers: Negros Occidental and Bicol region P10; Capiz P10-P11; Caraga P11; Tarlac P11-12; Ilocos Sur and Nueva Ecija P11-13; Camarines Sur P11.50-14; Bulacan and Mindoro P12; Isabela P12-P13.50; Pangasinan P12-P12.30; Antique P12.50; Agusan del Sur P13; Davao de Oro P13.14; Davao del Norte, Surigao del Sur and South Cotabato P13.50; North Cotabato P14; and Lanao del Norte P15. If you look at it, plantitos and plantitas today pay 20 to 50 times more for ornamental plants, compared to the prices traders and the NFA offer to our farmers. According to Bantay Bigas and KMP, the government procures way less than 20 percent of the produce of rice farmers.  And then we hear that the NFA would rather import rice from other countries, at pandemic-affected prices at that. Without any state intervention, by way of NFA buying rice farmers’ produce at P20 per kilo, and providing loans to farmers, there could be worse rural poverty in the coming months and years. Between our workers and farmers, their families have been made to sacrifice a lot since March, with prices of basic goods spiking, with new and higher expenses arising from online classes for the children. There cannot be no aid for them.  Neither should workers and farmers shoulder the burden of the failure or refusal of government to provide funding for bailouts sorely needed by MSMEs, and be forced to accept new national debts to pay for policies such as rice tarrification and importation. The government knows the scale of the problem. The Department of Labor and Employment says 13,127 companies have either laid off workers or permanently closed. The response cannot be “pass the burden to workers”. The answer should be: “the state must do everything to rescue the companies and the workers.” OFWs across the world should be familiar with bailouts and economic protections because of the pandemic. Many countries that host OFWs enacted huge bailouts and stimulus to their economies, partly so that migrant labor could continue to be employed. They enjoy health insurance, and special COVID19 coverage. Governments handed out checks to both citizens and companies. Is it too much to ask that the same be done in our own country? Or do Filipinos have to go abroad to experience such social and economic protections?.....»»

Category: newsSource:  mb.com.phRelated NewsOct 9th, 2020

Sans debt payments, state spending dips in the face of pandemic

Actual spending by agencies, or that so-called “productive spending,” was worse, declining for the first time in 14 months by 0.71%......»»

Category: financeSource:  philstarRelated NewsSep 23rd, 2020

Government debt hits P1.86 trillion in 7 months

The government’s gross borrowings from January to July soared by more than 121 percent to P1.86 trillion from P840 billion in the same period last year as the country borrowed more to meet its pandemic needs, according to the Bureau of the Treasury......»»

Category: financeSource:  philstarRelated NewsSep 7th, 2020

Investors swamp BDO bond offer

BDO Unibank Inc. raised P36 billion after it returned to the onshore debt market via the issuance of fixed-rate peso bonds that was put on hold a few months ago due to the outbreak of coronavirus disease 2019 or COVID-19......»»

Category: financeSource:  philstarRelated NewsJul 4th, 2020

Taxes from fuel marking reach P275 billion in 2 years

The government has collected P275.38 billion in taxes from fuel marking, nearly two years since this scheme was implemented, Finance Secretary Carlos Dominguez said......»»

Category: financeSource:  philstarRelated NewsAug 20th, 2021

Agriculture loan guarantees reach P3.5 billion in H1

The government extended P3.5 billion in guarantees to loans in the agriculture sector in the first semester, nearly achieving the full year target of P3.7 billion......»»

Category: financeSource:  philstarRelated NewsAug 20th, 2021

AllDay Marts files application for P6-billion IPO

AllDay Marts Inc., a grocery chain operator led by the Villar Group, plans to raise P6 billion from an initial public offering to bankroll expansion and repay debt......»»

Category: financeSource:  thestandardRelated NewsAug 18th, 2021

AUB income down 36% in 6 months

Rebisco-led Asia United Bank incurred a 36 percent drop in net income to P1.9 billion in the first half, from P2.4 billion in the same period last year, on the back of lower trading and securities gains amid the COVID-19 pandemic......»»

Category: financeSource:  philstarRelated NewsAug 12th, 2021