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FDI NET INFLOWS REACH $1.03 BILLION IN SEPTEMBER
Foreign direct investment (FDI) net inflows to the Philippines reached $1.03 billion in September, data released by the Bangko Sentral ng Pilipinas (BSP) on Oct. 31 showed.
September net inflows increased by over 92%, or $491.82 million higher from the previous month, up from the $533.95 million in August.
“The $1,025.77 million net inflows for September 2024 are a reversal from the $698.01 million net outflows recorded for the same period a year ago,” BSP said.
Year-on-year, September’s registered investments surged to $2.53 billion, nearly tripling the $887.61 million seen in September 2023, reflecting an increase of 185.2%.
More than half of these registered investments, or about 57.5%, were placed in peso-denominated government securities.
BSP SEES OCTOBER INFLATION SETTLING AT 2% TO 2.8%
The inflation rate for this month (October) is expected to settle within 2% to 2.8% due to increased costs for food and fuel, according to the Bangko Sentral ng Pilipinas (BSP) on Oct. 31.
“Higher prices of food commodities, such as vegetables, fruits, and fish, as well as the increase in prices of domestic petroleum products and the peso depreciation are the primary sources of upward price pressures for the month,” the BSP said.
The central bank’s forecast is higher than the 1.9% September inflation rate, marking the lowest rate since May 2020.
Upward inflation pressures, the BSP said, are likely to be tempered by recent declines in rice and meat prices and a reduction in electricity rates.
“Going forward, the Monetary Board will continue to take a measured approach in ensuring price stability conducive to balanced and sustainable growth of the economy and employment,” it added.
PAGCOR JANUARY-SEPTEMBER REVENUES UP 42% TO P79 BILLION
The revenues of the Philippine Amusement and Gaming Corp. (PAGCOR) for the first nine months of the year reached P79.43 billion, increasing by 42% from the P55.95 billion logged in the same period last year, according to the state gaming agency on Oct. 31.
Its net income in the January-September period was at P9.63 billion, nearly double last year’s P4.85 billion.
PAGCOR Chairman and Chief Executive Officer Alejandro Tengco said that the revenue increase was driven by the electronic games sector.
“The electronic games sector alone contributed P28.22 billion or 35.52% to the gaming revenue pie, followed by the licensed casino sector which chipped in 30.84% or P24.50 billion from licensee fees,” he said.
“Our third quarter performance is a strong indication that in spite of the President’s decision to ban offshore gaming operations in the country, we are still on track to meet our P100 billion revenue target by yearend,” Tengco added.
LONDON OFFICIAL BACKS PH AI, CLIMATE FINANCE AMBITIONS
The Lord Mayor of London Alderman Michael Mainelli will support the Philippines in advancing its ambitions in artificial intelligence (AI) and climate finance, according to Finance Secretary Ralph Recto on Oct. 30.
In a high-level meeting on Oct. 29 at the Mansion House in London, Mainelli invited the Philippines to join the UK’s Ethical AI Initiative, which is an AI management program taken by around 60 countries.
This initiative champions the ethical development and application of AI that will help the Philippines create a culture of human-centered technology that prioritizes rights, privacy, and dignity.
Also, Mainelli pledged his support for the Philippines’ climate finance goals by offering assistance in establishing sustainability-linked policy performance bonds, which are an innovative alternative to traditional environmental, social, and governance (ESG) financing.
He, likewise, introduced the potential of hydrogen investments, such as hydrogen-fueled vehicles, to accelerate the Philippines’ decarbonization efforts.
DTI SEIZES P298 MILLION IN SUBSTANDARD PRODUCTS
The Department of Trade and Industry’s (DTI) Task Force Kalasag (TFK) has seized substandard goods worth almost P298 million in October since the TFK was formed in April.
The DTI said on Oct. 30 that the confiscated products were deemed substandard as they did not have proper markings mandated by the Bureau of Philippine Standards (BPS) and lacked proper product information.
The confiscated products included appliances; ceramic tiles/sanitary wares; steel wires; plywood; lead-acid batteries; television sets (consumer electronics); tires for automotive vehicles; and electrical (lighting and wiring devices).
Foam and dry chemical portable fire extinguisher; pipe (PE) for potable water supplies; lighter; monobloc chairs; helmet and their visors; motor vehicle brake fluid; inner tubes for tires; steel-angle bar; medical grade oxygen; deformed steel bars; safety belts (seat belts); unplasticized polyvinyl chloride or UPVC rigid electrical conduit; and black iron or galvanized iron (BI/GI steel) pipes were also seized.
REGION 8 REPORTS REDUCTION IN POVERTY INCIDENCE
The National Economic and Development Authority (NEDA)-said that the sustained economic growth of Region 8 (Eastern Visayas) contributed to the 1.9% reduction in poverty incidence in the region.
NEDA Assistant Regional 8 Director Jam Colas-Villaber attributed the decline in poverty to the region’s robust economic performance, with the gross regional domestic product increasing by at least 6% from 2021 to 2023.
“Sustained growth, driven by key sectors such as agriculture, services, and infrastructure, has been crucial in creating jobs and improving household incomes,” Villaber said on Oct. 29.
Eastern Visayas posted a 20.3% poverty incidence in 2023, lower by 1.9 percentage points from the 22.2% posted in 2021, according to the Philippine Statistics Authority.
This means that 10,264 more people in Eastern Visayas have been lifted out of poverty during the three-year period.
RE-ISSUED T-BONDS GET HIGHER YIELD
Re-issued 10-year Treasury bonds (T-bonds) worth P15-billion were awarded on Oct. 29, the Auction Committee of the Bureau of the Treasury said.
The T-bonds were oversubscribed and attracted P43.28 billion in as the debt paper fetched higher yields.
Rizal Commercial Banking Corp. (RCBC) chief economist Michael Ricafort said that the average yield for the auction was at 5.87%, slightly higher than the 5.85% PHP Bloomberg Valuation yield on Oct. 28.
He added that the yield during the bid on Oct. 29 was lower than the 5.967 percent posted in the previous 10-year T-bond auction last Sept. 17.
The re-issued debt securities have a coupon rate of 6.25%, with a remaining life of 9.2 years, or payable by Jan. 25, 2034.
MSMEs IN SEVEN PROVINCES CAN APPLY FOR RECOVERY LOANS
Micro, small, and medium enterprises (MSMEs) in seven provinces and 26 municipalities and cities affected by Severe Tropical Storm “Kristine” (international name Trami) may apply for recovery loans.
On Oct. 28, Department of Trade and Industry (DTI) Acting Secretary Ma. Cristina Roque said that as of Oct. 27, almost 400 MSMEs were already affected by Kristine.
“So, for now, we have the enterprise for rehabilitation fund, which is P2 billion, which we are now dispatching to all the MSMEs that were affected by the calamity. This fund, they can get it from the SB Corp. (Small Business Corporation), which is actually the bank that is under DTI,” Roque said.
“There’s actually seven provinces and 26 municipalities and cities that can avail of this loan. Those are the ones that were affected by Kristine,” she added.
Among these areas are Albay, Camarines Norte, Catanduanes, Cavite, Camarines Sur, Cotabato, Quezon, Eastern Samar, Calbayog in Samar, and Borongan City in Eastern Samar, among others.
Roque said the loanable amount ranges from P10,000 to a maximum of P300,000, with zero interest on the first year.
(PHOTO FROM PNA)
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