October 31, 2014
Latest Fed action ‘positive’ -- BSP (Can also be read in Manila Bulletin, Philippine Daily Inquirer, Business Mirror, Manila Standard Today, Malaya) THE END of the Federal Reserve’s massive bond buying is “positive” for emerging markets since it reflects confidence in recovery of the world’s biggest economy, and the Fed guidance that overnight borrowing costs would stay low for “a considerable time” leaves more room for Philippine monetary policy to remain steady, Bangko Sentral ng Pilipinas (BSP) Governor Amando M. Tetangco, Jr. told reporters via text yesterday. New charge looms for power users CONSUMERS of electricity will have to shoulder an additional charge starting next year to cover payments to renewable energy (RE) developers under the feed-in tariff (FIT) scheme, according to a document released yesterday by the industry regulator. New rules on collateral ‘credit positive’(Can also be read in Philippine Daily Inquirer, Manila Standard Today) THE BANGKO Sentral ng Pilipinas’ (BSP) new regulation governing the use of real estate to secure a borrower’s loan bodes well for Philippine lenders’ credit score, Moody’s Investors Service, Inc. said yesterday. Biggest Philippine fund manager buying shares as foreigners sell THE LARGEST Philippine money manager has been buying shares as record foreign outflows drive the country’s benchmark stock index toward its biggest monthly loss this year. P2.9 billion worth of products booked in BIMP-EAGA trade fair in Davao City DAVAO CITY -- About P2.9 billion in booked sales were realized during a fiveday international trade fair last week where member countries of the BruneiIndonesia-Malaysia-Philippines-East ASEAN (Association of Southeast Asian
Nations) Growth Area (BIMP-Eaga) and the Indonesia-Malaysia-Thailand Growth Triangle displayed their products. Finance department targets fertilizer importers COMPANIES’ IMPORTS of urea -- a nitrogen fertilizer also used as an ingredient for various consumer goods -- were featured in the Finance department’s latest Tax Watch advertisement as the agency noted varying price declarations of importers of the product. Ethanol imports seen rising THE PHILIPPINES will likely import more ethanol in the coming years to meet the mandated ethanol blends in gasoline, as supply will be unable to meet rising demand through 2020 due to low productivity and disincentives on investments. Abaya to LTFRB: ‘Work with Uber, modernize rules’ (Can also be read in Business Mirror) THE TRANSPORTATION department wants the Land Transportation Franchising and Regulatory Board (LTFRB) to work with ride-sharing service Uber to modernize transportation rules, a Cabinet official said. Filipinos online found still among most bullish FILIPINOS remained the third most optimistic consumers globally in a quarterly online poll conducted by research group Nielsen. Supreme Court acts on JPEPA legal challenge AFTER SIX YEARS, the Supreme Court has acted on a 2008 petition filed by various groups questioning the constitutionality of a bilateral trade treaty between the Philippines and Japan. Peso at two-week low after Fed exit THE PESO fell hard against the dollar yesterday as the US Federal Reserve confirmed the end of its vast bond-buying scheme, known as quantitative easing (QE). ‘Fiscal underspending’ to barely lift growth THE ECONOMY likely got little lift from public investment yet again in the third quarter as the government’s “fiscal underspending” persists, but other sectors’ performances could have spurred expansion nonetheless, Citi Research said.
Tetangco welcomes move, cautions investors on FX market volatility Bangko Sentral ng Pilipinas (BSP) Governor Amando M. Tetangco Jr. yesterday said renewed confirmation of a more solid US economy recovery is good news
for the Philippines but cautioned investors of increased volatility particularly on the foreign exchange (FX) market. Budget deficit declines to P31.1B in 9 months (Can also be read in Malaya) The National Government reported a P5.2-billion budget gap in September, reversing a surplus in August, while on a nine-month tally the deficit amounted to P31.1 billion which is P70.2 billion lower compared to the same period in 2013. Subic sees cargo volume to double Subic Bay Freeport expects to double its cargo volume this year as more shipping lines in the Southeast Asian region notice its potential as an ideal port to move and transship both containerized and bulk cargo shipments. Auto Lemon Law IRR now completed The DTI has completed the finalized implementing rules and regulations for Lemon Law which provides clear procedure between buyers and manufacturers over defective cars. BOI grants tax incentives to 6 power projects worth P146B (Can also be read in Business Mirror, Malaya) The Board of Investments (BOI) has granted tax and fiscal incentives to six power projects worth P146.18 billion accounting for more than half of the P258.709-billion total approved investments as of September this year. Globe myBusiness leads tech revolution in PH mSMEs, boosts biz operations with Google Apps With businesses quickening their operations and processes, they are steadily arming themselves with the newest ICT capabilities to get work done.
Moody’s says BSP move credit positive for banks MANILA, Philippines - The Bangko Sentral ng Pilipinas’ recent measure aimed at strengthening banks’ credit risk management and tightening lending standards is credit positive for local lenders, Moody’s Investors Service said yesterday. US decision seen to ease uncertainty in Phl markets MANILA, Philippines - The US Fed’s decision to end its monthly bond purchase program should reduce uncertainty in financial markets including those in the Philippines, the Bangko Sentral ng Pilipinas said yesterday. End of US bond buying program boosts index
MANILA, Philippines - The local benchmark index moved past the 7,100 mark on Thursday following the US Federal Reserve’s decision to end its bond purchase program. DA, Nestle to establish more coffee nurseries MANILA, Philippines - The Department of Agriculture (DA) has signed several agreements with Nestlé Philippines Inc. for the establishment of more Robusta coffee nurseries in research stations run by the department. Phl to put up own electronic development center – P-Noy MANILA, Philippines - President Aquino revealed yesterday that the National Government, through the Department of Science and Technology, is in the process of putting up a development center and tapping the expertise of Filipinos in making products world-class. ‘US-DOST partnership to fast-track big projects’ MANILA, Philippines - Department of Science and Technology (DOST) Secretary Mario Montejo said that the active partnership they have struck with the United States on science and technology collaboration in the fields of climate change and disaster resilience, health research, marine biodiversity and conservation, agriculture and food security and “improving science” was seen to fast-track the rollout and development of their various ambitious big-ticket projects. EDITORIAL - Doing business in the Philippines Certain businessmen, especially those affected by congestion in the Port of Manila, are questioning the latest World Bank report showing the country improving in ease of doing business. Phl-China relations: Doing business as usual in unusual times FILIPINO WORLDVIEW by Roberto R. Romulo (2nd of 3 parts) Doing business in China even in the best of times has not been as straightforward as one is accustomed to in other parts of the world. Yet you, the business community have demonstrated that this is possible to do business and indeed even thrive under the present circumstances. I think in addition to your excellent insight into the Chinese business mindset it also helps that it serves China no purpose to damage people-to-people relations.
Gross revenues of key industries up 10.8% in Q2 (Can also be read in Manila Times)
Gross revenues of key domestic industries jumped by over a tenth during the second quarter of 2014, faster than that of a year ago. More int’l shipping lines calling on Subic Port (Can also be read in Business Mirror) More shipping lines operating within Southeast Asia have expressed interest to use the Subic Port to move containerized and bulk cargo shipments, the Subic Bay Metropolitan Authority (SBMA) said Thursday. Global networking firm puts up unit in PH Business Network International, the largest business networking organization in the world, has set up a Philippine chapter to help local small and medium-sized enterprises (SMEs) grow their respective businesses through a referral marketing system. Mindanao ready to showcase its quality coffee to the world Think about the heady aroma of coffee and what will likely come to mind immediately is Batangas or Cavite when thinking about where it comes from in the Philippines. Renewable energy subsidy OKd The feed-in-tariff scheme created to grant incentives to renewable energy (RE) projects is now set for implementation, as the Energy Regulatory Commission approved the FIT allowance application of fund administrator National Transmission Corp., or Transco. Despite differences, China-PH trade on the rise (Can also be read in Manila Times) Despite the ongoing dispute over vast swaths of the West Philippine Sea, trade and investments between China and the Philippines continue to flourish, according to the National Economic and Development Authority (Neda). Finance open to changes in tax system The Department of Finance is open to implementing changes in the integration. Asia shares mixed after Fed decision HONG KONG–Asian markets were mixed Thursday while the dollar resumed its upward march against the yen after the Federal Reserve wound up its vast bondbuying scheme and reiterated its plan to keep interest rates at record lows. Illegal, unreported and unregulated fishing Commentary Ephraim Patrick Batungbacal
By December, the European Union will decide on the status of the Philippines as a noncooperating third party in its campaign against illegal, unreported and unregulated fishing (IUUF). Last June, the Philippines received a “yellow card” from the European Union; the sanction was only a warning and did not entail trade measures.
PHL seen to capture huge share of halal industry THE country is ready to clinch a big chunk of the trillion-dollar halal industry once the integration of the respective economies of the Association of Southeast Asian Nations (Asean) is formalized next year, the Department of Agriculture (DA) said. Davao Sur town mayor to local farmers: Go organic MAGSAYSAY, Davao del Sur—In efforts to make this municipality the organic capital of the country, Mayor Arthur Davin told his constituents to go organic in their farming practice. Adjustments in risk management, lending standards seen as credit boosters The mandate of the Bangko Sentral ng Pilipinas (BSP) to strengthen the banks’ credit-risk management and tighten their lending standard represents a credit boost for the industry, an international credit-ratings agency said on Thursday. Most banks seen requiring more capital next year Some of the banks need to raise additional capital next year to remain competitive, according to the research arm of Maybank ATR Kim Eng.
Dubai vows the boom is not bubble this time ALONGSIDE the Dubai Mall, one of the world’s largest shopping centers, sits an ersatz version of what would be an authentic retail experience in most Persian Gulf cities: an Arab souk. To regulate or not to regulate: Uber and other regulatory issues Eagle Watch by Dr. Alvin P. Ang THE current economic growth is being challenged by institutional concerns, particularly those regarding the delicate balance between the state and the market.
PSEi back at 7,100 on upbeat Q3 earnings (Can also be read in Manila Standard Today) THE benchmark Philippine Stock Exchange index (PSEi) rebounded on Thursday, climbing back to 7,100 points as investors cheered the initial releases of third-quarter corporate earnings results.
China eyes PH power sector China is “very much interested” in investing in the Philippines and may help the country resolve its 2015 energy problem, an official of the Chinese embassy in Manila said.
More infra tourism projects completed THE Department of Public Works and Highways (DPWH) in Davao Region reported it completed 57.81 percent of tourism infrastructure projects being implemented in the region as of October 15. Aboitiz pursues P80B plan to add 2,000 MW THE Aboitiz Group the other day reported it is on track in its P80-billion plan to add 2,000 megawatts (MW) more to the company's portfolio by 2017.
P167B Yolanda rehab plan approved President Aquino approved yesterday the P167.9 billion Comprehensive Rehabilitation and Reconstruction Program (CRRP) for 171 cities and municipalities affected by typhoon Yolanda.
Modernization of RP agri sector urgent (PHILEXPORT News and Features) The agricultural sector in the Philippines has described as urgent the need to modernize infrastructure, facilities, equipment and technologies to enable the industry to compete at regional and global levels. Paid-up capital increase for RBs reasonable — RBAP Rural banks (RBs) all over the counter see no problem on the recent paid up capital increase set by the Bangko Sentral ng Pilipinas (BSP).