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 …

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 …

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 …

IMPORTERS could once more resort to a voluntary disclosure program for errors in their Bureau of Customs (BoC) records, with a draft memorandum order for the implementation of the post-clearance audit provisions of the Customs Modernization and Tariff Act (CMTA) providing for a Prior Disclosure Program (PDP), restoring the bureau’s post-clearance audit functions.

MANILA, Philippines – Mass housing developer 8990 Holdings hopes to double its revenues to P24 billion next year from a target of P12 billion this year. In a press briefing, Januario Jesus Atencio, president and CEO of 8990, said that with the company’s pipeline of projects, the company is hopeful it would meet its revenue guidance of P12 billion this year. “We still have a shot at making our guidance this year,” Atencio said. At the same time, he said the company is facing many challenges such as delays in the permits issued by the local government units. “There are many things that can directly affect us. We’re experiencing many delays in the local government level,” he said. Nevertheless, Atencio said sales continue to be robust and that the company is starting 14 new projects this year. For 2017, the company hopes to double its revenues. “P24 billion could be our guidance for next year,” Atencio said. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 The company will also be launching five new projects next year. Atencio said 8990 Holdings would soon be a force to reckon with in the National Capital Region condominium industry. “Because we will now offer condominiums in NCR at low cost,” he said. These projects include those in Ortigas, Cubao and Commonwealth. In the first half, the company reported a net income of P2.18 billion, three percent up from a year ago. During the period, 8990 delivered 4,289 units worth P4.73 billion exceeding the target Read More …