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January 13, 2016
Up to P3.5 trillion eyed for 2017 budget
THE GOVERNMENT is looking to propose a national budget of up to P3.5 trillion for
2017, with a particular focus on climate change mitigation alongside increased
spending on infrastructure and agriculture, the country’s Budget chief said.
Export drop persists in November, though smallest in eight months (Can also be
read in Manila Bulletin, Philippine Star , Philippine Daily Inquirer, Business Mirror,
Manila Times, The Standard, Malaya, Daily Tribune)
THE DECREASE in sales of the country’s goods to foreign markets persisted in
November last year in the face of a continued slump in global demand, even though
that drop was the smallest in eight months.
Automobile sales top 2015 goal (Can also be read in Philippine Star, Philippine Daily
Inquirer, The Standard)
VEHICLE SALES increased 25.1% in December last year to 26,679 units, bringing
the full-year 2015 total to 288,609 units or higher by nearly 23% compared with the
figure a year earlier.
PHL stocks recover as investors pick up bargains (Can also be read in Philippine
Star, Philippine Daily Inquirer, Business Mirror, The Standard, Malaya)
LOCAL SHARES partially recovered from Monday’s bloodbath yesterday after
investors seized buying opportunities on marked-down equities, analysts said.
Nov. factory output highest in 8 months (Can also be read in Manila Bulletin,
Philippine Star, Manila Times, The Standard, Malaya)
INDUSTRIAL PRODUCTION in November grew at its fastest pace in eight months,
fueled by strong domestic demand, the government reported yesterday.
Fourth-quarter growth ‘at least’ 6% on gov’t spending -- ING (Can also be read in
Philippine Daily Inquirer
GROWTH in the fourth quarter was likely the fastest in 2015, ING Bank said, due to
“favorable” developments in government spending late in the year.
OPEC may call emergency conference in March -- Nigeria
ORGANIZATION of the Petroleum Exporting Countries (OPEC) will soon make
efforts to convene before the next scheduled meeting in June as the slump in oil
prices is hurting producers, including the world’s biggest exporter, Saudi Arabia, said
Emmanuel Kachikwu, Nigeria’s minister of state for petroleum resources.
Food, transport, travel are BIMP-EAGA priorities
DAVAO CITY -- The Brunei Darussalam-Indonesia-Malaysia-Philippines-East
ASEAN (Association of Southeast Asian Nations) Growth Area (BIMP-EAGA) is
putting flesh into the policy framework that is intended to guide the sub-region’s
development strategy from 2017 to 2025 by identifying priority projects to receive
investment.
China slump gives BPO boom 10 more years to run -- CBRE
THE BUSINESS process outsourcing (BPO) industry will continue flourishing in the
Philippines for at least 10 more years, boosting demand for office as well as
residential space, according to a real estate advisory firm.
Davao told to build better ports to attract more EU investment
DAVAO CITY -- Better and bigger ports are needed in the Davao Region to attract
more investment from member nations of the European Union (EU), according to the
EU’s top representative in the country.
Banks’ borrowing rate for yuan in Hong Kong at record levels
ENERGY REMAINS a major constraint for manufacturing, which is more electricityintensive than most sectors of the economy, the economic planning secretary said in
discussing what could possibly derail the government’s drive to boost industrial
production.
No industrial revival without addressing energy issues -- Balisacan
ENERGY REMAINS a major constraint for manufacturing, which is more electricityintensive than most sectors of the economy, the economic planning secretary said in
discussing what could possibly derail the government’s drive to boost industrial
production.
Fed hike bets, market volatility drive up yield on 10-year bonds
THE GOVERNMENT yesterday made a partial award of re-issued 10-year Treasury
bonds (T-bonds) as bids by banks went higher, with market players now pricing in
future US rate hikes, and on persisting volatilities.
Peso hits fresh six-year low amid China worries
THE PESO continued its slide against the dollar to fall to a new six-year low
yesterday, tracking the slump of regional currencies, on safe-haven buying amid
persisting worries over China.
House to investigate bombing of transmission towers in Mindanao
LAWMAKERS on Tuesday filed a resolution calling on the House committee on
energy to probe the bombing of transmission towers of the National Grid Corporation
of the Philippines (NGCP) in Mindanao.
Massive solar incursion may compromise Visayas grid
By mid-March, about 300 megawatts of solar power capacity in Negros Oriental will
be on stream, but wheeling of their generated capacity is a dilemma hobbling
industry players as this could compromise the power grid of Visayas and may cause
troubles such as power interruptions.
BSP brings down losses to P3.77 billion in Nov. (Can also be read in Philippine Star,
Business Mirror, The Standard)
The Bangko Sentral ng Pilipinas’ (BSP) latest unaudited statement of income and
expense shows it continues to bring down its losses to P3.77 billion as of endNovember, 2015, compared to P7.19 billion the same time in 2014.
DENR completes geohazard maps to help in disaster risk reduction
The Department of Environment and Natural Resources (DENR) has completed
high-resolution geohazard maps of 171 cities and municipalities affected by typhoon
‘Yolanda’ (Haiyan), which will help fast track the rehabilitation and development
efforts, including local government units’ (LGUs) proactive measures on disaster
prevention and preparedness.
European, US shares rally despite 12-year low for crude prices
New York, United States -- European and US stock markets rallied Tuesday on
easing concerns about global economic powerhouse China despite another fall in
the price of oil.
Treasury makes partial award for 10-year T-bonds (Can also be read in Philippine
Daily Inquirer, Business Mirror, The Standard)
MANILA, Philippines – The Bureau of Treasury yesterday made a partial award of
the re-issued 10-year Treasury bonds (T-bonds) amid the volatile global financial
markets led by the stock market crash last Monday.
Palawan town power supply now 24/7
MANILA, Philippines – Rizal town in Palawan will now get 24 hours of power supply
after the state-run National Power Corp. (Napocor) installed a 300-kilowatt (kW)
generator set in the area.
Asia Pacific carriers report drop in cargo volume
MANILA, Philippines – Despite the decrease in air freight volumes, Asia-Pacific
based carriers are seen to improve as better demand in advanced economies is
expected to drive export growth in some countries, according to the International Air
Transport Association (IATA).
Shortcomings and gaps: Philippine economy and Aquino presidency, 2010-2016
CROSSROADS (TOWARD PHILIPPINE ECONOMIC AND SOCIAL PROGRESS)
By Gerardo P. Sicat
After presenting the macroeconomic aspects of the economy during the Aquino
years, I will now focus on the shortcomings and gaps.
Direct foreign investments elusive–Aquino
PRESIDENT Aquino on Tuesday acknowledged that the Philippines lagged behind
many of its Southeast Asian neighbors in terms of direct foreign investments but said
this situation was improving with the entry of Japanese and other foreign banks in
the country.
PH needs to address key challenges to sustain growth, says AmCham (Can also be
read in Business Mirror)
The next administration is deemed well positioned to move forward the Philippine
economy but it would need to address key challenges in infrastructure, education
and business environment to better leverage on the gains achieved under the
current leadership.
Neda’s Balisacan says PHL should boost MSMEs to raise manufacturing capacity
Restrictive legislations and cumbersome business processes have kept the
manufacturing sector’s productive capacity low, according to the National Economic
and Development Authority (Neda).
Paje to next DENR chief: Pursue total log ban, sustain reforestation program
Environment Secretary Ramon J.P. Paje on Tuesday said that maintaining the twin
policies of imposing a nationwide total log ban and reforestation are a must to
sustain gains achieved by the Department of Environment and Natural Resources
(DENR) in the forestry sector.
PHL needs ‘CrescentRating’ to lure more Muslim tourists
DAVAO CITY-—The Philippines has aspired to be listed in the travel index among
Muslim travelers to capture a sizable slice of the rich multitrillion-dollar halal market,
a Muslim business leader here said.
Millers report drop in sugar output
The country’s sugar farmers and millers are now feeling the drop in their sugar
production, as El Niño continues to linger in the Philippines, an industry group said
on Tuesday.
Iloilo and Bacolod emerge as top Tier 3 sites for outsourcing firms
WHILE India and the Philippines remain the top countries for offshoring, an A.T.
Kearney study revealed companies are looking to locating in Tier-3 sites outside
these nations’ capitals.
Philippines still decades away from demographic sweet spot
THE court case involving P400 million worth of contraceptive implants, which will
expire in 2019, is the latest addition to the list of influences seen delaying the
country’s entry into the so-called demographic sweet spot.
Telcos urge government to build broadband infrastructure, prioritize open access
legislation (Can also be read in Manila Times, The Standard)
THE government must prioritize the development of Internet infrastructure to enable
businesses to build on their capabilities and support domestic economic growth,
amid robust digitization of various industries, the chief honcho of Globe Telecom Inc.
said on Tuesday.
Government seeks to halt land degradation
The government said on Tuesday it is crafting measures to make farmlands more
productive, even as the country’s agriculture sector grapples with land degradation
and drought caused by El Niño.
Bfar bans sardine fishing in Sulu Sea, Basilan Strait
DAVAO CITY—The Bureau of Fisheries and Aquatic Resources (Bfar) in the
Autonomous Region in Muslim Mindanao (ARMM) has ordered a three-month ban
on sardine fishing in the Sulu Sea and Basilan Strait.
Foreign brands drive PH retail property sector
THE Philippine retail property sector is experiencing ripples of excitement from the
current upbeat business environment on the back of sustained overseas money
inflow and bigger household spending, thanks mainly to business process
outsourcing (BPO) income.
PH scientific community worries over GMO ruling
scientific community is gravely concerned about the negative effects on food security
and research development in agriculture of the Supreme Court decision banning field
testing on genetically-modified (GM) crops and scrapping the biosafety standards set
by the Department of Agriculture (DA).
Peso falls, stocks end firmer
The peso dropped further against the US dollar on Tuesday even as the stock
market recovered a bit, with investor sentiment still soured by the weak outlook for
China.
Batangas gas pipeline facing new delay
The bidding for the 100-kilometer Batangas-Manila (Bat-Man 1) gas pipeline will
likely be delayed further pending a revised proposal from the Energy Department.
Transportation issues penalty guidelines on regional airport projects
The Transportation Department issued compensation guidelines for the P108.2billon regional airports project under the government’s public private partnership
program once a party failed to comply with the conditions under the contract.
DTI registers 9,955 businesses in NegOcc
THE Department of Trade and Industry (DTI) in Negros Occidental has recorded an
accomplishment rate of 100.18 percent for business registration last year, listing a
total of 9,955 businesses, which exceeded its target registrants of 9,937.
‘Formulate tourism code,’ LGUs urged
THE Provincial Tourism Office of Negros Occidental is urging local government units
(LGUs) to formulate their respective tourism codes to further bring in developments.
More manufacturing hubs in Mindanao amid integration
TO FULLY seize opportunities and economic advantage of the “in motion”
Association of Southeast Asian Nations (Asean) Integration, Mindanao must create
more manufacturing hubs for value-added export products, an official said.
Jobs generated down by 38%
A TOTAL of 5,233 jobs have been generated by new investments across Mindanao
for the year 2015, some 38 percent lower as compared to last year's 8,384
generated jobs.
Election spending to boost collection
THE Bureau of Internal Revenue sees the upcoming election as a booster to the
agency’s tax collection efforts.
Outsourcing fuels property growth
Property consultant CB Richard Ellis chairman Rick Santos said the offshore and
outsourcing industry will continue to support growth of the property sector.
Gov’t accepts higher rate for bonds
The national government made a partial award on the 10-year bonds it sold
yesterday as investors sought a higher rate for the government IOU.
Automobile sales exceed ’15 target
Manufacturers in the automotive industry in the Philippines surpassed their 272,000unit sales target for 2015, as sales grew by 22.9 percent, the Chamber of Automotive
Manufacturers’ of the Philippines Inc. (CAMPI) and Truck Manufacturers’ Association
(TMA) said yesterday.