Maniolas

MANILA, Philippines – The industry development and investments promotion arm of the Department of Trade and Industry has assured top European multinational companies of continued healthy relationship between the Philippines and the European Union (EU) despite President Duterte’s previous outbursts against the 28-member economic bloc. The Board of Investments (BOI) said it received recently an 18-member delegation from Europe-ASEAN Business Alliance (EABA), a group composed of leading European multinational firms with major business interests in Southeast Asia. During the meeting, BOI managing head Ceferino Rodolfo assured the delegates economic ties between the Philippines and European countries would be strengthened further through the government’s initiatives and policies that aim to foster a better business environment. He cited the EU GSP+, Philippines-EU free trade agreement (FTA) and Philippines-European Free Trade Association (EFTA) agreement as huge areas of opportunities EU companies investing in the Philippines may take advantage of. The BOI said this year’s 18-member EABA delegation is twice the size from the 2014 EABA mission’s nine delegates. Rodolfo said the increased number of delegates represents the strong interest of European companies to do business in the Philippines.  Business ( Article MRec ), pagematch: 1, sectionmatch: 1 He said this year’s EABA delegation consists of high-profile companies operating in the areas of automotive, high-value agro technology, health services, dairy food production, innovation, power and automation, and banking and finance.  The Philippines is EU’s sixth largest trading partner in the region and 44th worldwide. The EU, on the other hand, is the Philippines’ fourth Read More …

The peso still emerged as the least volatile currency in the region despite shedding four percent last month due to uncertainties brought about by the impending increase in US interest rates. MANILA, Philippines – The peso still emerged as the least volatile currency in the region despite shedding four percent last month due to uncertainties brought about by the impending increase in US interest rates. Latest data from the Bangko Sentral ng Pilipinas (BSP) showed the year-to-date volatility of the peso stood at 1.21 percent better than the Thai baht’s 1.3 percent, Indonesian rupiah’s 1.94 percent, Taiwanese dollar’s 2.01 percent, Singaporean dollar’s 2.1 percent, and the Malaysian ringgit’s 3.03 percent. The volatility of the Chinese yuan stood at 1.11 percent. The volatility of the euro stood at 1.48 percent, while that of the British pound or sterling averaged 4.45 percent after the United Kingdom decided to leave the European Union (Brexit) through a referendum held last June 23. The Indian rupee emerged as the least volatile currency with a rate of 0.86 percent, while Brazil’s real was the most volatile at 8.26 percent. The Swiss franc had a volatility rate of 1.56 percent followed by the Turkish lira with 2.05 percent, the Australian dollar with 3.05 percent, the Mexican peso with 3.33 percent, and the New Zealand dollar with 3.82 percent. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 BSP Governor Amando Tetangco Jr. told members of the Rotary Club of Makati West during a lunch meeting that the Read More …

WORLD BANK ECON UPDATE: World Bank lead economist Birgit Hansl answers queries from the press after giving an economic update on the Philippines. Also in photo is economist Kevin Chua. MIKE AMOROSO MANILA, Philippines – The World Bank has retained its three-year economic growth forecasts for the Philippines, but stressed these projections can be exceeded if the government can ramp up its infrastructure spending as planned and provide clarity on its economic policies. Drawing from its earlier forecast in April, the multilateral lending institution said it still expects the Philippine economy to grow 6.4 percent this year and 6.2 percent in the next two years. In its October update on the domestic economy titled “Outperforming the Region and Managing the Transition,” the World Bank said the country has weathered the challenging global economy and grown at a rapid pace over the past five years, “supported by strong macroeconomic fundamentals and a highly competitive workforce.” Domestic consumption is seen to prop up the economy driven by increased purchases from an expanding middle class, remittances from overseas Filipino workers, and increased employment. “The economic outlook is optimistic with risks tilted to the upside,” said the report, noting “substantial” improvements in macroeconomic stability by way of low and stable inflation rates, prudent fiscal management, and comfortable level of foreign reserves. The proposed budget for 2017 would increase infrastructure spending to 5.4 percent of gross domestic product (GDP) in order to address infrastructure bottlenecks and “enhance connectivity between the country’s wealthier and poorer areas.” Read More …

MANILA, Philippines – Passenger traffic at the Mactan Cebu International Airport (MCIA) is seen to post a compounded annual growth rate of 10 percent in the next five years as its private operator continues to woo airlines to offer flights to new destinations from Cebu. GMR-Megawide Cebu Airport Corp. (GMCAC) president Louie Ferrer said the projection was anchored on the 33 percent growth in passenger volume to eight million last year. “Cebu already has the necessary infrastructure and strong international connectivity. We want to take it a step further by continuously seeking new destinations that can be opened via Cebu, and in doing so open new channels for tourism and trade in neighboring provinces, most especially those in Mindanao,” he said. He said the growth of MCIA would also lead to the development of smaller airports in the southern part of the Philippines. “Airline partners such as Philippine Airlines (PAL) have also re-established regional hubs in Visayas and Mindanao. In fact, with the increased number of visitors, smaller airports connected to Cebu have already seen significant traffic growth,” he said. He added the increase in traffic is being seen more in the connection from Mindanao to Cebu than Mindanao to Manila. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Since GMCAC took over the operations of the MCIA in November 2014, 11 new routes were opened by airlines at the airport. The most recent route launched was China Eastern Airlines’ direct flight to Chengdu in China from Cebu last Read More …

A model of container ship with Hanjin Shipping Co’s logo, is displayed at its head office in Seoul, South Korea, Monday, Sept. 5, 2016. Financially troubled Hanjin Shipping Co. will seek stay orders in dozens of countries this week to help minimize disruptions caused by its slide into bankruptcy proceedings, the Financial Services Commission said Monday. AP Photo/Lee Jin-man MANILA, Philippines – Multilateral organizations said the collapse of South Korean giant Hanjin Shipping Co. Ltd. is a threat to the economic growth of the Philippines. In its Asian Development Outlook, multilateral lender Asian Development Bank (ADB) said weaker-than-expected export demand from the country’s major markets is among the threats to sustained economic growth for the Philippines this year. Economic managers penned a gross domestic product (GDP) growth of between six and seven percent this year from 5.9 percent last year. The economy grew seven percent in the second quarter from 6.8 percent in the first quarter amid strong boost from election related spending. This brought the GDP expansion to 6.9 percent in the first half from 5.5 percent in the same period last year. This prompted the ADB to revise upwards its GDP growth forecast for the Philippines to 6.4 percent from the original target of six percent for 2016 and to 6.2 percent from 6.1 percent for 2017. On the other hand, the World Trade Organization (WTO) slashed its global trade forecast, warning that anti-globalization rhetoric as well as the decision of the United Kingdom to leave the European Read More …