Maniolas

MANILA, Philippines – The Philippine manufacturing sector grew at a record pace in September, outpacing the performance of other countries in Southeast Asia, according to the latest reading of the Nikkei Philippines Manufacturing Purchasing Manager’s Index (PMI). The PMI registered a higher reading of 57.5 in September, higher than the August reading of 55.3 and is the steepest since data collection for the local manufacturing sector began in January. An index reading of above 50 indicates improvement in business conditions and activity while a reading below 50 indicates the opposite. The Nikkei manufacturing PMI is released monthly ahead of official economic data. The positive reading in September was attributed to strong client demand and higher production targets. “Driving the overall improvement in business conditions was another marked rise in new contract win as a number of firms reported having secured new customers. Moreover, the rate of growth was the sharpest on record so far,” said IHS Markit the entity that compiles the data for Nikkei. Purchasing managers surveyed during the reference period reported hiring more workers to enhance operating capacity and accommodate additional orders. Greater demand for goods also led manufacturers to purchase more input materials despite the higher cost brought about by the depreciation of the peso against the US dollar. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 “All looks positive for goods-producing companies in the Philippines, with strong demand conditions leading to robust growth of new orders and output,” IHS Markit economist Alex Gill said in Read More …

MANILA, Philippines – The Philippines will name a finance attaché to China to help resolve discrepancies in trade data between the two countries which resulted in billions of pesos in revenue losses. “I will appoint a finance attaché to China to talk and go over the exporters there so we can solve this,” Finance Secretary Carlos Dominguez told a budget hearing at the Senate yesterday. “We would like our attaché in China to work very closely with our BOC (Bureau of Customs) here and the BOC in China,” he said. According to Finance data, there exists an “alarming” discrepancy worth P1.8 trillion in trade data between the Philippines and its trading partners in 2014. As a result, the government lost P231 billion in revenues that year, equivalent to two percent of gross domestic product. Dominguez said around 30 percent of the P1.8 trillion came from China, which is the country’s fourth biggest export destination and top source of imports in July, latest figures showed. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Specifically, China cornered 11.3 percent of exports and 11.2 percent of imports during the period. “The differential is about 50 percent (from what is reported here and there) so with that, we hope the attaché can assist the BOC to correct them,” Dominguez said. Appointing a finance attaché is consistent with Department of Finance Order 105-2015 issued during the previous administration that mandated a two-year stint for every person deployed overseas. They are appointed by the President Read More …

MANILA, Philippines – PhilWeb Corp. is implementing a retrenchment program following the non-renewal of its license by the Philippine Amusement and Gaming Corp. The company disclosed yesterday that vice president Antonio Jose Garcia would serve in the corporation only until Nov. 4 due to retrenchment. Businessman and former trade minister Roberto Ongpin was the first to resign from the company after President Duterte singled him out as an oligarch who must be destroyed. Ongpin is divesting his entire holdings equivalent to 771.6 million PhilWeb shares or 53.76 percent of the company. He is in talks with investment bankers on how best to go about his divestment including selling this in the open market or through a private placement. Following Ongpin’s resignation, businessman Gregorio Ma. Araneta III, chairman and CEO of Araneta Properties Inc. and the son-in-law of the late dictator Ferdinand Marcos, has been elected as chairman. Business ( Article MRec ), pagematch: 1, sectionmatch: 1  Araneta is the second largest shareholder of PhilWeb and has been a director of the company for a number of years. He also has other business interests in property development and energy aside from his investment in the company. PhilWeb is on temporary shutdown after Pagcor refused to renew its gaming license which expired on Aug.10. The company used to provide technology for some internet cafes exclusively dedicated to casino games. PhilWeb is also studying the viability of participating in the Duterte administration’s plan to roll out offshore gaming, which will target foreign players.