BUSINESS NEWS ROUND UP NOV. 11 TO 17

DTI RELEASES NOCHE BUENA PRODUCTS PRICE GUIDE

The 2024 Noche Buena products price guide has been released by the Department of Trade and Industry (DTI), noting many of the essential items for the holidays have remained at their 2023 prices with some having price decreases.

The DTI said on Nov. 17 that guide includes prices for 236 stock keeping units (SKUs) from 22 Noche Buena manufacturers across 12 categories: ham, queso de bola, fruit cocktail, cheese, sandwich spread, all-purpose cream, mayonnaise, pasta noodles, elbow and salad macaroni, and tomato and spaghetti sauce.

The DTI said the price stability is reflected in 121 SKUs, including holiday staples such as certain brands of ham, fruit cocktail, queso de bola, sandwich spread, cheese, spaghetti sauce, tomato sauce, and all-purpose cream.

The 13 SKUs with price reductions include select brands of mayonnaise, pasta, elbow macaroni, salad macaroni, and all-purpose cream.

OFW CASH REMITTANCES UP 3.3% TO $3B IN SEPTEMBER

Cash remittances sent by overseas Filipino workers (OFWs) went up year-on-year by 3.3% to $3.01 billion in September, according to the Bangko Sentral ng Pilipinas (BSP) on Nov. 15.

“The growth in cash remittances in September 2024 was due to the growth in receipts from land- and sea-based workers,” the BSP said.

The BSP said inflows from the United States, Saudi Arabia, Singapore and the United Arab Emirates “contributed mainly to the increase in remittances in January-September 2024.”

Rizal Commercial Banking Corporation chief economist Michael Ricafort said remittances remain among the Philippine economy’s bright spots as these boost consumer spending, which makes up at least 70% of the domestic economy’s output.

DOE ISSUES NOTICE FOR NEXT GREEN ENERGY AUCTION

The Department of Energy (DOE) said in Nov. 14 that it has issued the notice of auction and terms of reference for the third round of the Green Energy Auction (GEA-3) within the year, and urged energy developers to participate in the initiative, which aims to accelerate the country’s transition to renewable energy.

“We are pleased to release the notice of auction and terms of reference of the GEA-3, a pivotal mechanism in accelerating our nation’s energy transition. By promoting competition and transparency, we are ensuring that the Philippines remains at the forefront of the global move towards a cleaner and more sustainable energy future,” Energy Secretary Raphael Lotilla said in a statement.

The GEA-3 will target 4,475 megawatts (MW) of new renewable energy capacity, covering both non-feed-in-tariff (non-FIT) eligible and FIT-eligible technologies.

Under the terms of reference, the auction capacity requirements for non-FIT eligible resources are 100 MW for geothermal; 300 MW for impounding hydropower; and 4,000 MW for pumped-storage hydropower.

Delivery date for the geothermal will be 2025 to 2027; 2028 to 2030 for the impounding hydropower; and 2028 to 2032 for the pumped storage.

For FIT-eligible renewable energy technology projects, the installation target is 75 MW for run-of-river hydro and should be delivered by 2027 to 2029.

WORLD BANK TO EXTEND $750M LOAN TO BOOST DIGITAL DRIVE

The World Bank will extend a $750 million development policy loan to the Philippine government to boost the country’s digital transformation.

The World Bank said on Nov. 13 that the Second Digital Transformation Development Policy Loan would help the Philippine government lower barriers to entry and investment in the broadband sector to promote competition and improve connectivity.

The World Bank said the policy loan would also be used to improve trust in e-commerce, expand logistics, create jobs in digital services, and enhance the Philippines’ competitiveness in the digital sector.

“Digitalization is a transformative force that can drive productivity-led growth and enhance the efficiency of critical services such as transport, health care, education, energy, and agriculture in the Philippines,” World Bank Country Director for the Philippines, Malaysia, and Brunei Zafer Mustafaoğlu said.

DTI LAUDS SIGNING OF CREATE MORE ACT

The Department of Trade and Industry (DTI) lauded on Nov. 12 the newly-signed Corporate Recovery and Tax Incentives for Enterprises Maximize Opportunities for Reinvigorating the Economy (CREATE MORE) Act, calling it a “game-changing” legislation that can transform the Philippine economic landscape.

The DTI said the law would strengthen the country’s position as an attractive investment destination through significant tax incentives and regulatory reforms.

“This law marks a critical turning point in the Philippines’ economic development, underscoring our dedication to building a thriving and globally competitive business landscape,” DTI said.

Signed by President Ferdinand R. Marcos Jr. on Nov. 11, Republic Act (RA) 12066 or the CREATE MORE Act makes the Philippines’ tax incentives regime more globally competitive, investment-friendly, predictable and accountable.

“Indeed, the CREATE MORE law is a game-changing legislation aimed at transforming the Philippine economy. It will boost investor confidence and drive long-term growth by making the business environment more transparent, efficient, and predictable,” DTI said.

FDIS NET INFLOW REACH $813 MILLION IN AUGUST

Foreign direct investments (FDI) net inflows reached $813 million in August this year, or lower by 14.5% than the $951 million net inflows recorded in August 2023, according to the Bangko Sentral ng Pilipinas (BSP) on Nov. 11.

FDIs include investment by a non-resident direct investor in a resident enterprise, whose equity capital in the latter is at least 10 percent, and investment made by a non-resident subsidiary or associate in its resident direct investor.

The BSP said an FDI can be in the form of equity capital, reinvestment of earnings, and borrowings. For August, net inflows was mainly from the 21.6% contraction in nonresidents’ net investments in debt instruments to $529 million from $675 million.

For January to August this year, FDI net inflows went up by 3.9% to $6.1 billion from the $5.8 billion net inflows posted in January to August last year.

Top country sources include the United Kingdom, Japan, and the United States.

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