Download Can also be read in Manila Bulletin, Philippine Star

February 26, 2016
Import surge seen signaling economic boost (Can also be read in Manila Bulletin,
Philippine Star, Philippine Daily Inquirer, Manila Times, The Standard, Daily Tribune)
Data from the Philippine Statistics Authority (PSA) show the country imported $6.36
billion worth of goods last March, up 11.7% from $5.69 billion recorded in the same
month last year.
Robust public spending to be sustained in 2nd quarter (Philippine Daily Inquirer,
Manila Times, The Standard, Daily Tribune)
ROBUST public spending is expected to be sustained through the second quarter
since the elections’ tail-end effects will continue to support rapid economic growth
during the first three months of the year.
Maiden term deposit auction readied (Can also be read in Manila Bulletin, Philippine
Star, Business Mirror, Manila Times, The Standard)
THE BANGKO SENTRAL ng Pilipinas (BSP) will be offering P30 billion for its June 8
maiden auction of term deposits, a new facility designed to siphon excess liquidity
from the financial system while at the same time reinforce policy influence on market
rates.
Investment approvals report surge in April (Can also be read in Philippine Star,
Philippine Daily Inquirer, Business Mirror, The Standard)
INVESTMENT approvals in April surged, posting more than twice the amount
reported during the same period last year, data from the Board of Investments (BoI)
said.
Construction industry to grow in next 4 years, boosted by housing market (Can also
be read in Philippine Star, The Standard)
THE PHILIPPINE construction industry is expected to grow in the next four years,
reaching $47.0 billion in 2020 through funds driven largely by the residential and the
infrastructure markets, a report by Timetric’s Construction Intelligence Center (CIC)
said yesterday.
Improved airport infra needed for ASEAN open skies, PAL says (Can also be read in
Philippine Star, Philippine Daily Inquirer, The Standard)
“I am hoping for better airport and aviation-related infrastructure for continuous
growth,” said Mr. Bautista during an interview on the sidelines of the PAL Boutique
launch yesterday at the carrier’s headquarters in Pasay City. “With the
implementation of the Association of Southeast Asian Nations (ASEAN) open skies,
our country’s airports should have the proper facilities,” he added.
Banks face additional liquidity requirement (Can also be read in Philippine Star,
Business Mirror)
NEW RULES under the Basel 3 framework specifically aimed at requiring banks to
have “reliable” sources of funding to survive a funding stress scenario lasting for at
least a year could be implemented at end-2016, a senior central bank official said.
Peso bounces back against dollar
THE PESO bounced back against the dollar on Wednesday after two days of decline
as market players took their cue from data releases both here and abroad.
PSE: Draft framework for listing PPP projects finished
THE Philippine Stock Exchange, Inc. (PSE) has finished drafting the framework for
the listing of public-private partnership (PPP) projects on the local bourse.
Virgin Group’s Branson says Philippines should relax foreign ownership caps
VIRGIN GROUP founder Sir Richard Branson on Wednesday said the Philippines
should relax foreign ownership restrictions in order to attract more investments from
international companies.
DoF advertisement questions value of used imported trucks
“ARE THERE used trucks valued at P76,000?” That was the question posed by the
Department of Finance (DoF) in a newspaper advertisement it took out for its latest
Tax Watch.
PHL, Thailand to talk about undervalued cigarette imports
CONSULTATIONS on supposed undervalued cigarettes imported by Thailand from
the Philippines is set to begin on June 2, a trade official said on Wednesday.
Local equities take cue from surge in US stocks (Can also be read in Philippine Star,
Philippine Daily Inquirer)
AFTER TWO DAYS of marginal gains, the Philippine Stock Exchange index (PSEi)
jumped by 107.23 points or 1.45% to close Wednesday’s session at 7,463.95 in a
climb that followed a more-than-1% surge on Wall Street.
IT security: What lurks in the dark
Taxwise Or Otherwise by Basil Eric Espacio
The digital age has reintroduced data as a crucial resource for businesses. Data is
now a precious asset that you can convert to valuable and useful information to help
your business grow. Needless to say, if data is not being carefully safeguarded,
opportunities and even confidential information may be lost. The recent data breach
in the Commission on Election Web site has placed people’s privacy at risk, ranging
from access to their bank accounts to using their personal information for
impersonation, fraud, and much more. This and other similar incidents have
reinforced the business community’s concern over the security of their data. They
ask: “How will I know if my data is being breached when the thieves are just there,
lurking in the dark?”
100 indicators better than GDP
My Cup Of Liberty by Bienvenido S. Oplas, Jr.
Many people are getting impatient with gross domestic product (GDP) growth data,
especially growth rates of 6% or higher, saying these numbers are “irrelevant”,
“useless”, “misleading”, and “mean nothing” to their lives. Stronger criticisms of GDP
growth numbers include “jobless growth” and “outright lies” that paint a rosy picture
of an otherwise thorny and despicable society.
Start the debates on tax reform
Static by Marvin A. Tort
As a taxpaying citizen, do I prefer to be taxed more on what I earn or on what I buy
or consume? I am not yet fully convinced that now is the best time to raise the value
added tax or VAT -- to the proposed 14% from the present 12% -- but if this will
mean lower income taxes particularly for individuals, then I am willing to consider it.
Cagayan Valley gets power supply boost
City Of Ilagan, Isabela — The provinces of Cagayan, Isabela, Kalinga, and Apayao
will benefit from the 100-MVA power transformer.
US companies welcome creation of DICT – Cuisia (Can also be read in Philippine
Daily Inquirer, Business Mirror)
Philippine Ambassador to the United States Jose L. Cuisia, Jr. said yesterday the
American business community is a strong supporter for the creation of the
Department of Information and Communications Technology (DICT) stressing the
passage of Republic Act (RA) No. 10844 will long be remembered as one of the
important pillars of President Aquino’s economic legacy.
Bank depositors entitled to enhanced protection (Can also be read in Philippine Daily
Inquirer, The Standard)
Depositors will have enhanced deposit insurance protection with the signing of the
amended Philippine Deposit Insurance Corp. (PDIC) Charter, one of the last laws
signed before President Benigno Aquino III steps down next month.
Pagcor remits P8.8-billion dividend to gov’t (Can also be read in Philippine Daily
Inquirer)
The Philippine Amusement and Gaming Corp. (Pagcor) remitted its highest
contribution to state coffers last year, maintaining its position as one of the
government’s top-revenue earners.
Group of 7 seeks way forward for aging, faltering economies (Can also be read in
Philippine Daily Inquirer)
TOKYO — Leaders of the Group of Seven rich nations will undoubtedly voice unity
over fighting terrorism, pandemics and tax evasion at their summit in Japan this
week. Finding a consensus on how to breathe life into their sluggish economies is
proving more elusive.
Outstanding government IOUs down to P3.77 T in Q1 (Can also be read in
Philippine Daily Inquirer)
MANILA, Philippines – The value of outstanding government securities slightly
declined in April, a sign investors remained optimistic on the economy ahead of the
presidential elections.
Keeping our commitment to the Paris accord
BIZLINKS By Rey Gamboa
Can humans live without oil? If just to run air-conditioners and electrical appliances,
it seems possible. And European countries like Denmark, Germany and Sweden are
showing that it can indeed be a reality, just so to survive in the modern world without
burning fossil fuels.
Abolition
EDITORIAL
Some quarters dismiss the statement as hyperbole, but incoming president Rodrigo
Duterte’s comment about abolishing what he described as the three most corrupt
government agencies was an accurate expression of his frustration over the Bureau
of Customs, Bureau of Internal Revenue and Land Transportation Office.
6.4%
FIRST PERSON By Alex Magno
The business community, it seems, has reconciled itself with the incoming Duterte
presidency.
Neda official wants Iloilo to diversify, urges planting of high-value crops
ILOILO CITY—The demand for high-value crops, like cacao and coffee, is insatiable
and the regional office of the National Economic and Development Authority (NEDA)
here claimed it is high time they start convincing Ilonggos to grab this opportunity.
Competition agency to probe telcos
Presumptive President-elect Rodrigo Duterte’s stern warning for the two dominant
telecommunication companies to shape up has emboldened the Philippine
Competition Commission (PCC) as it vowed to look into possible uncompetitive
business practices in the provision of Internet services.
Population growth slows as contraceptive use spikes (Can also be read in Business
Mirror)
The country’s population of 100.98 million recorded in 2015 was half a million lower
than what was forecast in 2010, an indication that population growth had slowed
down nationwide as more couples use contraceptives, according to the Population
Commission (PopCom).
6-year term for president may not be good, Jica laments
TOKYO—The six-year nonextensible term for Philippine presidents may be an
obstacle to the country’s development goals, according to a senior official of the
Japan International Cooperation Agency (Jica).
Lopez firms vow to tap low-carbon suppliers (Can also be read in Business Mirror)
Following a bold declaration by Lopez-led First Philippine Holdings Corp. (FPH) to
shun any investment in coal energy, two non-energy subsidiaries have committed to
contribute to climate change mitigation initiatives by sourcing all their power needs
from low-carbon suppliers.
Measuring gross national wellbeing
NO FREE LUNCH by Cielito F. Habito
It seems good news that we are again the fastest growing economy in Asia, and
possibly the world, with the 6.9 percent reported annual growth rate of our gross
domestic product (GDP) in the first quarter. Still, not everyone is applauding. I have
written time and again on the need for caution against reading too much into that
number, and for everyone to understand what GDP tells us, and what it doesn’t. (The
same holds true with its accompanying measure gross national income or GNI,
formerly known widely as gross national product or GNP.)
TMAP bats for tax-bracket adjustment ahead of alternative revenue measures
The Tax Management Association of the Philippines (TMAP) said on Wednesday the
adjustment of tax brackets to factor in the effects of inflation should be enacted
immediately, even without the other tax reforms meant to make up for the resulting
revenue shortfall.
Bello says he will ‘cleanse’ DOLE upon assumption as secretary
DAVAO CITY—Labor Secretary-designate Silvestre H. Bello III on Wednesday said
he will subject all Department of Labor and Employment (DOLE) agency officials and
units to a performance audit to weed out so-called undesirables—from labor
attaches to arbiters.
SMEs urged to outsource labor needs to mitigate cost of high turnover rates
GIVEN that the massive employee turnover trend is now apparent across all
industries which, in turn, could be costly to any organization, Filipino companies,
especially small and medium enterprises (SMEs), are encouraged to outsource their
human-resource (HR) requirements instead to focus more on their core businesses.
Banking experts at ADB forum expound on financial inclusion in the global digital
A country that encourages and promotes the adoption of technological developments
in banking, which give ordinary citizens access to financial services, has a better
chance to achieve financial inclusion in the digital economy.
PHL needs to open door for wider competition
Asean Economic Community by Henry J. Schumacher
ASEAN has achieved worldwide recognition for being one of the new dynamic kids
on the block. The growing purchasing power of the 600 million consumer market and
the ongoing progress of the regional community offer an integrated market and
production base for both business and consumers.
When do Filipinos reap the fruits of a robust GDP?
Opinion Column by Val A. Villanueva
Val Villanueva1Before he finally steps down from office, President Aquino can
bequeath to the nation the glowing economic numbers the country has achieved
during his six years at the helm of Malacañang.
Asean’s $200-billion Internet revolution
Editorial
AS global investors and multinational companies are increasingly turning their gaze
southward to the 10 dynamic economies that make up the Association of Southeast
Asian Nations (Asean), the region continues to compete among the world’s fastestgrowing markets. In the field of e-commerce, Asean’s Internet economy—from online
shopping to games and advertising—is seen surging to about $200 billion in the next
decade, according to a joint research by Google Inc. and Temasek Holdings Pte.
That growth will be driven by an increase in the number of Internet users, affordable
smartphones and affordable data.
APEC automotive sector dialogue to focus on MSME participation
The 24th Asia-Pacific Economic Cooperation Automotive Dialogue (APEC-AD) is
giving weight on the importance of micro, small and medium enterprises (MSMEs) in
the development of the industry.
No office property bubble in PH – analyst
Despite the large amount of office stock set to come online in the next two years,
there is no threat of a supply bubble forming, according to a real estate analyst.
‘Global conditions to temper tourist arrivals’
TOURISM arrivals are expected to grow at a moderate pace this year as developed
economies experience uneven growth.
Coconut oil exports fell 4% in 2 months
Coconut oil exports dropped 4.2 percent in the first two months from a year ago, on
low supply of raw materials, the United Coconut Association of the Philippines said
Wednesday.
20 million cacao trees eyed in Negros Island Region
THE Davao City-based Plantacion de Sikwati Cacao Producers Association Inc., a
non-stock, non-profit group of cacao growers and processors, is eyeing 20 million
cacao trees to be planted in Negros Island Region (NIR) in the next five years.
Microsoft opens wallet to extend Internet in PH, remote areas
SAN FRANCISCO -- Microsoft has joined other tech giants working to deliver the
Internet in remote parts of the world, although it's taking a smaller-scale approach
than some of its rivals.
Canned food maker backs DepEd project
The Century Pacific Group-RSPo Foundation Inc. (CPG-RSP) has begun supporting
the Kariton Klasrum Project of the Department of Education, which is meant to
address the needs of hard-to-reach learners as well as out-of-school children and
youth (OSCYs).