Sustained inflation slowdown to benefit bond, equities market

The outlook for the domestic bond and equities market looks bright if the domestic inflation rate sustains its deceleration, executives of Manulife Investment Management (IM) and Trust Corp. Philippines said Thursday. In a commentary, Manulife IM Philippines head of fixed income Jean de Castro said a further slowdown in the rate of price increases in April to 6.6 percent from 7.6 percent the previous month affirms ‘that inflation may have already peaked for the Philippines.’ She cited the likelihood that negative base effects in the succeeding months would ‘significantly result in slower inflation data in line with the BSP (Bangko Sentral ng Pilipinas) inflation forecast for May.’ ‘Looking ahead to 4Q (fourth quarter), local inflation can be expected to fall within the BSP’s 2 (percent) to 4 percent target range, barring any sharp increases in global oil prices. The moderating inflation environment coupled with the pause in monetary policy actions supports the positive local bond outlook for the second half of 2023,’ she added. Inflation rate posted a slower annual rate for the third consecutive month in April after hitting a 14-year high of 8.7 percent in January. This is the reason for the cut in the central bank’s average inflation forecast for this year from 6 percent to 5.5 percent and the expectations that monthly figures would return to within the government’s 2 percent to 4 percent target band starting in the last quarter of this year. For May this year, the BSP forecasts inflation to stay within 5.8 percent to 6.6 percent. Manulife IM Philippines head of equities Mark Canizares said ‘moderating inflation should be able to provide support to local share prices going into the second half of the year.’ ‘Rate-sensitive sectors, such as residential property, will likely benefit from this tailwind,’ he said. Canizares said domestic consumption continues to improve as the economy has fully reopened. This, he said, is boosted by the easing of prices ‘as raw material and other input costs moderate.’ ‘Should the trend of deceleration continue in the second half, the local market’s focus will likely shift to when interest rates will peak and eventually decline,’ he said, adding that ‘lower rates historically help drive a rally in equity markets.’ The deceleration of the inflation rate is among the factors on local monetary authorities’ decision to keep the BSP’s key rates steady last month, after hiking it by a total of 425 basis points since May 2022. Some economists forecast the BSP to maintain its current stance unless inflation reverses its path.

Source: Philippines News Agency

POC, MVPSF to hand out P12.4-M incentive to SEAG medalists

A total of PHP12.4 million is set to be given by the Philippine Olympic Committee (POC) to the medalists of the recently concluded Southeast Asian Games. Of the total bonus, PHP7.2 million comes from the Manuel V. Pangilinan Sports Foundation (MVPSF), and the other PHP5.2 million from POC funds. ‘The amount is from the generosity of Manny V. Pangilinan through the efforts of [MVPSF president] Al Panlilio,’ Tolentino said. Panlilio is also POC’s first vice president. Under the incentive program, gold medalists will receive PHP100,000 if they’re individual medalists, PHP50,000 each if they played as pairs or relay teams, and PHP30,000 each for team sports squads. For silver medalists, PHP50,000 will be given to individuals and PHP30,000 to doubles and relay teams, while bronze medalists will get PHP30,000 and PHP10,000, respectively, for individuals and teams. Gymnast Caloy Yulo gets a lion’s share of the cash bonuses as he will receive PHP270,000 in total for winning two golds and two silvers. He won it all in the men’s individual all-around and parallel bars while winning silvers in rings and the team all-around. Swimmer Jasmine Alkhaldi is the most bemedalled Filipino athlete during the biennial meet with six medals — three silvers and two bronzes — and she will receive PHP240,000 from the POC. The POC bonuses are separate from the incentives the medalists would get from the national government through the Philippine Sports Commission.

Source: Philippines News Agency

Arandia eyes table tennis gold in ASEAN Para Games

Andrew Kevin Arandia was not expecting a podium finish when he debuted at the 2022 ASEAN Para Games held in Surakarta, Indonesia. But he did, winning the men’s singles Class 9 silver medal that proved he has a bright future in table tennis. “I was so happy when I got the silver medal in Indonesia. It inspired me to do better this year,” the 26-year-old said during the team’s practice at the Table Tennis Hall inside the Morodok Techo Sports Complex here Thursday. Born with a club foot, he underwent surgery and began playing table tennis in grade school. “The target is to win the gold medal. I’ve been training well and I hope I can achieve my goal here in Cambodia,” said the 5-foot-7 Arandia, who joined the national team after winning the silver medal in the 2018 Philippine National Para Games in Bulacan. Aside from the silver, Arandia bagged the men’s doubles bronze medal with Benedicto Gaela in Indonesia. Gaela pocketed his second bronze medal in the men’s singles Class 9. Minnie Cadag and Mary Eloise Sable also won two bronze medals each. Cadag teamed up with Sable in the women’s doubles and partnered with Pablo Catalan Jr. in Class 10 mixed doubles. Sable got another bronze in the women’s singles. The other bronze medals in the 2022 ASEAN Para Games came from Jobert Lumanta and Jayson Ocampo (men’s team and doubles Class 8); Billy Smith Cartera, Darwin Salvacion, Racleo Martinez Jr. (men’s team Class 4); Cartera and Martinez (men’s doubles Class 4); Linard Sultan (men’s singles Class 9); and Catalan and Sultan (men’s doubles). “We expect our players to give their best performances and hopefully, all will be able to win medals,” said head coach Louise Mark Eballa, a member of the De La Salle varsity team from 2002-2007. He was named MVP while playing for the University of the East high school team. The competition in para table tennis will start on June 4.

Source: Philippines News Agency

South Korea turns over P253-M agri centers to Quirino

The Korean government turned over on Thursday two agricultural centers that would boost the income of some 650 farmer households in Quirino. In a ceremony, Korea formally handed over to the province the completed Quirino Livelihood for Everyone (Q-LiFE) and cattle breeding centers (CBC), two of the major structures built under the USD9.5 million worth of Quirino Integrated Rural Development Project (QIRDP) Phase II. Of the total funding, USD4.5 million (approximately PHP253 million) was allocated for the construction of Q-LiFE and CBC, while the remaining USD5 million was spent for capacity building, technical assistance and the distribution of seeds and calves to farmers. The Korean Embassy in Manila said the QIRDP will help Quirino process meat, fruits and vegetables, tea, bread and noodles and other products at large quantities and sell these to neighboring provinces through the state-of-the-art Q-LiFE Center. The CBC, on the other hand, would be used for cattle raising and distribution. ‘The centers will showcase advanced and cutting-edge technologies and will benefit more than 650 farming households in Quirino Province for inclusive and sustainable rural development,’ it said in a statement. ‘The development project will contribute to poverty reduction by increasing farmers’ income and will also serve as a model of a comprehensive and integrated rural development initiative, not only to other provinces in the Philippines, but also to other developing countries around the world,’ it added. The construction of Q-LiFE and CBC started in 2018 and follows the completion of QIRDP’s Phase I, which. was also supported by a USD5 million grant from Korea International Cooperation Agency (KOICA). Under Phase I, KOICA helped construct farm-to-market roads, establish a feed mill and mushroom production facilities and demonstrate improved farming technologies for agroforestry, among others. The entire QIRDP covers 29 barangays in the municipalities of Aglipay, Cabarroguis, Diffun and Maddela.

Source: Philippines News Agency

Agusan Sur town ARBs get P21-M irrigation project from NIA

The Agusan del Sur town of Trento welcomed Wednesday the turnover of a PHP21-million irrigation project by the National Irrigation Administration (NIA) to help increase their rice production. The project, known as the Obian Communal Irrigation System, will directly benefit 65 agrarian reform beneficiaries (ARBs) in Barangay Tudela of Trento with more than 100 hectares of rice fields, including the nearby areas. ‘The project is funded through the Comprehensive Agrarian Reform Program for 2022 which was implemented by the NIA-Agusan del Sur,’ the Trento local government unit (LGU) said in a statement Thursday. Most of the project’s construction works include canalization, diversion work and road surfacing, the LGU added. In a phone interview Thursday, Trento information officer Allen Joe Lumanta noted that their town is among the rice-producing municipalities in Agusan del Sur. ‘Among the priorities of the local government is the welfare of the rice farmers who contribute significantly to the progress and development of the town,” Lumanta said as he expressed gratitude to the NIA for the project. The ARBs of Barangay Tudela also thanked the government for the project, saying that it will help them increase their future yields and income. Sufficient water supply, they said, is vital in rice farming from land preparation, planting and propagation stages.

Source: Philippines News Agency

US Embassy sees record number of visas for Pinoys in 2023

The United States (US) Embassy in the Philippines is expecting a record number of visas to be processed in 2023 as the embassy works to restore and improve its operation since the Covid-19 (coronavirus disease 2019) pandemic in 2019. During a press conference at the embassy, US Embassy Consul General Mark McGovern said the Consular Affairs Section (CAS) of the embassy is on track to issue up to 330,000 non-immigrant visas for Fiscal Year 2023 (October 2022 to September 2023) compared to 188,000 in 2022. ‘Last year, we got around 190,000 and we were at two-thirds of our capacity last year,’ McGovern said. The number of non-immigrant visas expected to be issued this year, he said, is higher than the pre-pandemic record of 290,000 issued in 2019. ‘We’re really trying our best and we’re thankful for the patience the Filipino public is giving us,’ he said. The CAS, he said, has not yet been restored to its full capacity of 200 employees but improvements in the work flow have led to more visas being processed per employee. ‘A year ago, the wait time for a non-immigrant visa was close to two years. It is now four to five months. We’re looking to lower that to 2 to 3 months by the end of the year,’ he said. He encouraged those with expired visas to have them renewed as visas can now be renewed up to four years past the expiration date. He noted that the current non-immigrant visa fee of USD185 is the first fee increase in 10 years, with such visas — tourist, student, business, etc. — valid for up to 10 years. ‘We have an increase in salaries, importation of visa foils and other materials. The fee increase is a worldwide change, not just in the Philippines,’ he said. Aside from non-immigrant visas, he said the embassy is also working ‘extra hard’ on processing immigrant visas or green cards. Tips for visa applicants For those interested in getting a US visa, he shared some things to keep in mind to get approved. Applicants, he said, must stay relaxed and always tell the truth during their interview. Getting confused and lying, he said, are noticed by their trained personnel and may lead to doubt about their application. He also asked visa applicants to avoid scammers or those promising to have their visa approved for a fee and to protect themselves from disinformation by getting their information from the embassy website. The embassy, he said, has a fraud team that investigates scammers. ‘We work to make sure the victims have a chance to receive justice,’ he said. He noted that there is no checklist or ‘magic list’ that applicants need for a visa, and debunked rumors that having a certain amount of cash in the bank or having endorsement letters from famous or powerful people would help in a visa application. ‘The money in their bank account doesn’t matter, we don’t rely on that because we know people can just remove the amount the next day,’ he said. However, he said the embassy does look into a person’s ability to pay for their stay in the US such as their employment, previous travel record, and their properties, among others. ‘There is no checklist because cases differ. But what I can say is that third-party endorsements do not matter,’ he said. In case an applicant forgets a necessary document, he said the embassy is willing to hold their application until their documentary requirements are complete. He noted that after a visa interview, 90 percent of applicants will know whether they have been approved or not. For those aspiring to work in the US, he said the country has no temporary work program but it is possible if they find the right employer. ‘They would have to find an employer that would be willing to process their visa and its documentary requirements — they would need to be an exceptional worker,’ he said. Prior to the press briefing, US Embassy Deputy Consul General James Fellows led Philippine media representatives on a tour of the CAS and talked about their process for non-immigration visas.

Source: Philippines News Agency