Category: General

Foreign direct investments (FDI) net inflow went up by 29.9 percent in December last year.

Data released by the Bangko Sentral ng Pilipinas (BSP) on Monday showed that FDI net inflows during the month amounted to USD826 million from USD636 million in December 2022.

“FDI increased mainly on the back of the 86.2 percent growth in nonresidents’ net investments in debt instruments to USD527 million from USD283 million in the comparable month in 2022,” the central bank said.

Top sources of FDIs during the month was Japan, followed by Singapore and the United States.

These were channeled primarily to manufacturing, real estate, and wholesale and retail trade.

The full-year FDI net inflows, however, declined by 6.6 percent to USD8.9 billion from USD9.5 billion net inflows recorded in 2022.

“Notwithstanding the country’s sound macroeconomic fundamentals, concerns over subdued global economic growth and geopolitical risks continued to weigh on investors’ investment plans,” the BSP said.

The BSP said the bigges
t sources of FDIs last year were Japan, United States, Singapore and Germany.

More than 50 percent of these FDIs went to the manufacturing sector, followed by real estate and financial and insurance.

Source: Philippines News Agency

Military forces in Maguindanao del Sur have been placed on heightened alert after two extremists were killed in a clash with government forces in Datu Saudi Ampatuan town over the weekend.

As of Monday, military detachments in the adjoining towns of Shariff Aguak, Datu Saudi Ampatuan, Mamasapano, and Shariff Saydona in Maguindanao Sur, areas where the Bangsamoro Islamic Armed Forces (BIFF) operates, remain on alert for possible retaliatory attacks.

Maj. Gen. Alex Rillera, Army’s 6th Infantry Division commander, said the Army’s 1st Brigade Combat Team conducted the decisive military operations at about 5 a.m. Saturday that left two members of the BIFF dead.

Brig. Gen. Jose Vladimir Caraga, 1BCT commander, said the remains of two slain BIFFs were retrieved in the village of Kitango in Datu Saudi Ampatuan.

‘We found an M16 rifle, a .50-caliber homemade Barrett rifle, ammunition, and two improvised explosive devices,’ Caraga said in his report to Rillera.

Caraga said about 20 BIFFs were sighted by civilians
in the village and alerted military checkpoints nearby, which triggered the clash.

He said soldiers are now pursuing the BIFF group belonging to the Kagui Karialan faction.

On March 3, a BIFF fighter was killed while his father, a sub-leader, was arrested in Mamasapano, Maguindanao del Sur.

Source: Philippines News Agency

The Bureau of the Treasury (BTr) fully awarded bids for Treasury bills (T-bills) during Monday’s auction.

The 90-, 182-, and 364-day T-bills fetched average rates of 5.772 percent, 5.966 percent, and 6.087 percent, respectively, slightly lower than last week’s average auction yield.

Last week, the 90-, 182-, and 364-day T-bills average rate was at 5.778 percent, 5.995 percent, and 6.100 percent.

Rizal Commercial Banking Corporation chief economist Michael Ricafort said T-bills average auction yield corrected slightly lower for the first week, after rising for 11 straight weeks.

Ricafort said this is “amid large maturities of Retail Treasury Bonds worth about PHP700 billion from March 9-12, 2024 that would increase peso liquidity in the financial system some of which would [be] reinvested in government securities (GS) in the market, thereby could lead to lower GS yields.”

“T-bill auction yields also corrected slightly lower after more dovish signals from Fed Chair Powell and other Fed officials recently
on possible Fed rate cuts later this year with high odds of Fed rate cuts over the past two weeks,” he said.

The auction was 3.4 times oversubscribed, attracting PHP50.7 billion in total tenders.

The BTr raised the full program of PHP15 billion for the auction.

Source: Philippines News Agency

– Airport authorities expect an influx of passengers this Holy Week, with about 180,000 travelers daily at the Ninoy Aquino International Airport (NAIA) alone.

Manila International Airport Authority (MIAA) Acting General Manager Eric Jose Ines said Monday about 50,000 passengers would add to the daily average of 130,000 for the Holy Week break.

This is higher compared to the same period last year with 20,000 additional passengers.

“We’re expecting more passengers, especially in the domestic (destinations). It’s more convenient to travel these days, even to nearby cities in the region. So we are expecting higher than 20,000,” Ines said in an interview.

In preparation for the Holy Week, the MIAA is looking for ways to collaborate with police departments and the Metropolitan Manila Development Authority to help them manage the traffic build-up near the airport.

Sanitation measures have been strengthened and more pest controllers deployed, he added.

“We also request our passengers to throw their wastes in
proper areas or trash bins to maintain cleanliness. Further, we request the public to refrain from sleeping on the chairs in the arrival area, especially those who are not waiting for a passenger,” Ines said.

Office for Transportation Security spokesperson Kim Marquez said there are over 1,100 personnel manning the country’s main gateway.

“We remind the passengers to check the OTS prohibited items list, to avoid delays and long queues in processing. If in doubt, it would be better to just leave the item in their house to avoid confiscation,” Marquez told the Philippine News Agency in a separate interview.

Passengers can no longer retrieve the confiscated items, Marquez added.

“Because we prevent negotiations, which causes corruption. Thus we prohibit passengers from retrieving the confiscated items. The items are placed in a box and will be disposed of by the MIAA, subject to their policy,” Marquez said.

Meanwhile, the Civil Aviation Authority of the Philippines is expecting an average of 7 to 10 percent
increase in passenger influx across the 44 commercial airports it operates.

CAAP airports had 231,479 passengers during this period in 2021, and 1,715,720 in 2022.

“Historically, CAAP airports logged an average of 7 to 10 percent increase in (passenger volume) during Holy Week,” CAAP spokesperson Eric Apolonio said in a televised briefing.

Source: Philippines News Agency

Mayor Alfredo Abelardo Benitez has formed a coordinating action team mainly to expedite the implementation of vital infrastructure to improve water supply for Bacolodnons.

In Executive Order 014, series of 2024, Benitez said the body, which he chairs, will come up with a coordinated action and approach plan as well as build effective collaboration between and among agencies in both the public and private sectors.

‘The city government is taking steps to address the shortage in water supply,’ he said in a press conference on Monday.

Benitez noted ‘as much as 15 percent’ reduction in the level of the city’s water sources, based on the report of Bacolod City Water District (Baciwa)-PrimeWater.

He said reports of water shortages and interruptions aggravated by the El Niño weather phenomenon have affected the daily lives of residents.

Benitez said one of the recognized causes of water shortage is the difficulty of acquiring ownership or road right of way in areas where the pipes pass through to supply water
to the city.

‘Acquiring road right of way for infrastructure projects is essential for the development and improvement of road networks in our city. There is a need to expedite the process of acquiring road right of way,’ he added.

Benitez said the coordinating action team will also develop and implement short-term and long-term strategies to address water shortages and ensure the provision of adequate water supply to all residents.

They will also make recommendations and endorsements to the appropriate office and/or agency of any activity, plan or project to be pursued as part of the coordinated effort to improve the city’s water supply, he added.

Since the last week of February, the Bureau of Fire Protection (BFP) has been rationing water to several sub-villages and schools in Barangay Mandalagan with limited water supply.

In a statement over the weekend, PrimeWater, together with its joint venture partner Baciwa, said it has acquired a water truck for deployment as a contingency plan to mitigate the i
mpact of the El Niño on the current water supply.

The water truck, which can store up to three cubic meters of water, is being used to deliver water during service disruptions across multiple barangays, it added.

Source: Philippines News Agency

Lawmakers on Monday said the country is now seeing the results of President Ferdinand R. Marcos Jr.’s efforts to promote the country to foreign investors with the arrival of the high-level United States (US) trade and investment mission in the Philippines.

In a press conference, Deputy Speaker David Suarez commended President Marcos for his role in facilitating the high-level US trade mission to Manila, acknowledging his efforts in promoting the country abroad.

‘It is true that his numerous visits and trips abroad allowed these trade missions to happen in the country. Congratulations to our President,’ Suarez said.

Suarez expressed elation over the mission’s arrival, emphasizing the significance of foreign direct investments (FDIs) for the country’s economy and national defense.

“I think this is another realization for us to accept why [foreign direct investments] will be beneficial to the country, especially in addressing the aggressiveness of China against the Philippines,’ Suarez said.

He said the t
rade mission is timely as Congress deliberates on proposed economic amendments to the Constitution that would allow the country to attract more foreign investments.

‘If I was a businessman and if I was part of the trade mission and I’m going to the Philippines knowing that the Constitution will be improved for us to be allowed to invest more, I think that’s a green light for the trade mission,’ Suarez said.

1-RIDER Party-list Rep. Rodge Gutierrez echoed Suarez’s sentiments, saying the proposed economic constitutional amendments would facilitate a smoother entry for foreign investments.

“It really reminds us of the discussions on Charter change. Opening up the economy would create a more welcoming environment for foreign investors,’ Gutierrez said.

Gutierrez pointed out that President Marcos’ foreign trips are paying off, especially with the first-of-its-kind US trade and investment mission.

‘If you could recall binabatikos siya [President Marcos] (he has been criticized) because he would visit a lot of c
ountries. We question the strategy but now that we see it more coherent together with the advice ng mga (of our) fiscal managers ng country natin, it has been very consistent. The administration has been nothing but consistent, and ngayon nagbubunga na po (and now it’s bearing fruits),’ Gutierrez said.

For his part, Cagayan de Oro City Rep. Lordan Suan lauded President Marcos for his proactive approach to promoting the country overseas.

‘It just goes to show that you have to go out of your comfort zone, you have to go out of your own country, stir things up, make things happen. I guess that’s one of the jobs of our President and it has borne fruit,’ Suan said.

He also emphasized the importance of supporting the President through economic reforms.

‘I guess the least that we can do is to help him through the amendment of economic provisions in our Charter, which are restrictive, to make it easier for foreign investment to come in,’ he said.

Leading the mission to Manila from March 11 to 12 is US Secretary
of Commerce Gina Raimondo.

She is accompanied by 21 American business leaders and senior corporate executives, along with notable personalities such as celebrity and philanthropist Allan Pineda, widely known as Black Eyed Peas rapper Apl.de.Ap and founder of the Apl.de.Ap Foundation International.

Source: Philippines News Agency