Business - Arkipelago News

Go Negosyo mentors over 1.5K QC students on youth entrepreneurship

MANILA – The Go Negosyo non-profit organization, in cooperation with the Department of Education (DepEd), conducted a youth entrepreneurship mentoring session for more than 1,500 senior high school students in Quezon City under the group’s Youthpreneur program. The mentorship event was held at San Francisco High School in Quezon City on February 21, 2025, co-led by DepEd Secretary Sonny Angara, other department officials, and the Quezon City Local Government Unit (LGU). More than 50 mentors, led by the Philippine Chamber of Commerce and Industry (PCCI) and successful entrepreneurs—including Violy Lapid, owner of R. Lapid’s Chicharon; Graciano “Butch” Salvador, owner of Car Magic Auto Painting and Street Smart Magic General Merchandise; Kim Lato, founder of Kim Store; Mika Leetong, owner of Brew & Co.; and content creator Reymond ‘Boss RDR’ Delos Reyes of RDR Business Solutions —oriented students on the fundamentals of entrepreneurship. Angara hailed the gathering as the “biggest Youthpreneur event” to date and expressed gratitude to Go Negosyo and other partners for spearheading the project. He also thanked the mentors for sharing their lessons, insights, and experiences in entrepreneurship. "What the mentors will share here today cannot be found in books because they are real-life lessons. Our young entrepreneurs are lucky to have a strong support system. DepEd and Go Negosyo are here to show you different dreams," Angara told the students at the event's opening. Concepcion also thanked key officials from DepEd, the Quezon City government, and the country’s largest business groups for supporting public school students. “Character formation is important, and a lot of it comes from parents, from mentors, from good friends,” Concepcion emphasized. The mentors encouraged students to pursue their entrepreneurial dreams at an early age. RFM Corporation President and Chief Executive Officer (CEO) Joey Concepcion, who also serves as Chairman of the Association of Southeast Asian Nations (ASEAN) Business Advisory Council, leads Go Negosyo, which aims to “alleviate poverty in the Philippines by promoting an entrepreneurial mindset and by leading programs that help grow small businesses, with the goal of one day transforming the Philippines into a nation of entrepreneurs.” As stated on the group’s website: “Youthpreneur… is designed for Filipino youth, specifically for senior high school students. It aims to nurture the next generation of Filipino entrepreneurs or offer entrepreneurship as an alternative to traditional employment.” “Youthpreneur is the newest program of Go Negosyo, launched on November 25, 2023, aimed at promoting an entrepreneurial mindset among Filipino youth. The program seeks to build skills through mentorship, increase financial literacy, raise agricultural awareness, cultivate entrepreneurial skills in agriculture, and facilitate industry connections for mentorship.” According to Go Negosyo, the Youthpreneur program has already reached more than 6,000 public school students across 22 schools nationwide, including several cities in the National Capital Region, Quezon Province, General Santos City, Cebu, Davao, La Union, Lucena, Laoag, Baguio, Bataan, and Occidental Mindoro. 📷 DepEd, Go Negosyo 1 month ago

PH sardine industry gets boost as tamban gains international recognition

MANILA -- The inclusion of Sardinella lemuru (tamban) in the Codex international food safety standards is expected to boost Philippine marine exports, according to the Department of Agriculture (DA). Approved during the 47th Codex Alimentarius Commission (CAC) session, this move ensures compliance with global food safety standards, benefiting the local sardine industry. In 2022, sardines were the Philippines’ seventh-largest fish export, with 2.7% of the total 282,674 metric tons exported. The country shipped 9,154.31 metric tons of sardines in 2024, valued at USD 19.5 million. The Philippine Sardine Industry at a Glance Sardinella lemuru is the main species used for canned sardines, a vital protein source for Filipinos. The Canned Sardines Association of the Philippines (CSAP) reports that canned sardines reached 89.6% of households in 2020. The sardine industry supports at least 2.19 million fisherfolk and employs over 57,000 workers. Region IX produces 63% of the country’s tamban, with an average annual catch growth of 3.88% over the past decade. Retail sales of canned sardines increased from 189,000 to 227,300 tonnes annually from 2019 to 2022, per Euromonitor. The estimated annual demand is 186,000 metric tons, while local canneries produce about 130,835 metric tons. The country’s six major sardine fishing grounds, including the Visayan Sea and Moro Gulf, provide abundant resources for the industry. Impact of Codex Inclusion Agriculture Secretary Francisco P. Tiu Laurel Jr. called the Codex approval a "major win" for the fishery industry, expected to attract investments and create jobs. Previously, Philippine sardines faced trade barriers in the EU due to tamban's non-inclusion in Codex standards. The government, through BFAR and NFRDI, pushed for its recognition starting in 2018, with technical studies funded by P17 million from BFAR. After six years of advocacy, the Codex Committee on Fish and Fishery Products approved tamban's inclusion in 2024, affirming its quality and sustainability. “We thank the European Union for supporting this effort, which will significantly benefit our fisheries and the sardine industry,” the DA stated. With Codex recognition, Philippine sardines are expected to gain broader global market access, securing the livelihoods of local fisherfolk and exporters. Source: Board of Investments📷 Department of Agriculture 1 month ago

International Food Exhibition PH 2025 to showcase thousands of global food products

MANILA – The International Food Exhibition (IFEX) Philippines, the country’s largest international food, beverage, and ingredients trade show, is set to return this year, featuring thousands of global food products and brands from hundreds of companies across various countries. The 18th IFEX Philippines is scheduled to take place on May 22-24, 2025, at the World Trade Center in Pasay City, Metro Manila. This business-to-business and export-oriented international trade show is organized by the Center for International Trade Expositions and Missions (CITEM), the export promotions arm of the Philippine Department of Trade and Industry (DTI). Since its inception in 2004, IFEX Philippines has been recognized as a pioneering sourcing event that caters to the export needs of the global food and beverage (F&B) industry. It has played a significant role in the growth and development of export-oriented micro, small, and medium enterprises (MSMEs) by providing a platform for fostering connections between trade buyers and exhibitors, increasing consumer awareness, and facilitating industry innovations. IFEX Philippines 2025 will feature over 5,000 global food products and brands from more than 700 companies, attracting over 10,000 trade buyers and visitors from 50 countries. Enhanced Digital Platform and Business Networking CITEM highlighted the continuous development of IFEXConnect.com, the digital platform of IFEX Philippines, which enhances year-round business opportunities for exhibitors. Through IFEXConnect, food suppliers gain access to a lead generation storefront that boosts their visibility and streamlines the sourcing experience for buyers worldwide. This platform also opens doors for potential cross-industry collaborations and expanded business opportunities. By facilitating seamless networking among the country’s food suppliers, manufacturers, traders, consolidators, and both private and public support organizations, many IFEX exhibitors also gain exclusive access to international food trade fairs where CITEM organizes Philippine participation. CITEM guarantees that this year’s IFEX Philippines will provide an interactive and immersive sourcing experience for buyers and visitors from around the world. Four Key Sectors and Special Features IFEX Philippines 2025 will feature four distinct exhibition sectors at the World Trade Center Metro Manila namely,the FOODPhilippines Hall, International Zone, Sustainability Hall, and MarketPlace. Additional highlights include:● Business-matching activities to facilitate smooth engagements between exhibitors and buyers, with a dedicated Buyers’ Lounge for B2B transactions.● Knowledge-sharing conferences led by industry experts and thought leaders.● Special events peppered throughout the fair to foster a collaborative business environment.● Very Important Buyer (VIB) Program, including special event rates, incentives, and premium networking opportunities.● Digital storefronts at IFEXConnect.com, available 24/7 for seamless market access and trade insights. Sustainability Takes Center Stage A major highlight this year is the co-location of the Sustainability Solutions Exchange (SSX) Exhibition and Conference with IFEX Philippines. SSX serves as a pioneering platform in the country that promotes environmental and social responsibility in the food sector and other key industries. By integrating SSX, IFEX Philippines 2025 reinforces its commitment to sustainability and circularity in the food industry, contributing to global efforts toward responsible and sustainable trade. With its expansive showcase, enhanced digital engagement, and focus on sustainability, IFEX Philippines 2025 promises to be a premier event for the international food trade, offering unparalleled business opportunities for exhibitors and buyers alike. 📷 IFEX 1 month ago

Coconut farmers bid to claim back UCPB Savings Bank

MANILA – The Confederation of Coconut Farmers Organization (CONFED-CCFOP), composed of several thousand coconut farmers from across the country, has stepped forward to bid for the United Coconut Planters Bank Savings Bank, Inc. (UCPB Savings), a bank whose shares were acquired using the coco levy fund. The Land Bank of the Philippines (LBP) is selling its ownership stake in UCPB Savings, equivalent to 97.55 percent of the latter’s total outstanding capital stock. Land Bank has set the asking price at ₱341.14 per share for its nearly seven million (6,996,467) common shares in UCPB Savings. During a forum over the weekend in Quezon City, CONFED-CCFOP Chief Executive Officer Charles Avila stated that their bid is backed by local and foreign entities committed to supporting coconut farmers and restoring the Philippines’ position as a leading global coconut exporter. However, he also expressed hope that President Ferdinand R. Marcos Jr. could help "ensure the awarding, conveyance, and control" of UCPB Savings to CONFED-CCFOP. Avila noted that at least three entities, including CONFED-CCFOP, are vying for UCPB Savings. He stressed, "Walang pag-asa ang industriya habang ang credit facility ay wala sa magsasaka. Ngayon, kung maibabalik sa magsasaka (ang bangko), payagan ang mga magniniyog na mahawakan ito, hindi na kailangan tayong mangutang ng 5-6." Coco Levy and the UCPB The Supreme Court’s ruling in G.R. No. 217965, dated August 8, 2017, states: "The collection of what is known as the coconut levy funds all began on June 19, 1971, following the passage of Republic Act (R.A.) No. 6260, for the purpose of providing the necessary funds for the development of the coconut industry. The imposition, which was pooled into what was called the Coconut Investment Fund (CIF), consisted of a sum equivalent to fifty-five centavos (P0.55) on the first domestic sale by a coconut farmer for every 100 kilograms of copra or other coconut products. In exchange for the levy, the coconut farmer was to be issued a receipt which shall be converted into shares of stock of the Coconut Investment Company (CIC). Playing key roles in the collection, administration, and/or use of the coconut levy funds were the Philippine Coconut Authority (PCA), formerly the Philippine Coconut Administration (PHILCOA), the United Coconut Planters Bank (UCPB), and the Philippine Coconut Producers Federation, Inc. (COCOFED). By legal mandate, COCOFED once received allocations from the coconut levy funds to finance its projects. Among the assets allegedly acquired through the direct or indirect use of the Fund was a block of San Miguel Corporation (SMC) shares of stock. The declaration of martial law in September 1972 saw the issuance of several presidential decrees (P.Ds.), purportedly designed to improve the coconut industry through the collection and use of the coconut levy funds. Among these decrees were: P.D. No. 276 – Established the Coconut Consumers Stabilization Fund (CCSF) and declared its proceeds as a trust fund to subsidize the sale of coconut-based products, stabilizing the price of edible oil. P.D. No. 582 – Created the Coconut Industry Development Fund (CIDF) to finance the operation of a hybrid coconut seed farm. P.D. No. 755 – Approved the acquisition of a commercial bank (UCPB) for the benefit of coconut farmers to enable the bank to efficiently implement the industry’s credit policy. P.D. No. 961 (Coconut Industry Code) – Codified and consolidated all existing laws and decrees related to the coconut industry.” In a statement, CONFED-CCFOP recalled, "After the historic victory in Court in 2012, wherein the majority of farmers and the government worked side by side for decades to obtain a clear judicial definition of the coco levy funds’ ownership, CONFED sadly had to go back to court in 2015 to restrain the government at that time from behaving like it was the absolute owner of these funds and assets, which included the United Coconut Planters Bank." The group emphasized that the Supreme Court upheld their petition (G.R. 217965) and restrained the administration at that time from arbitrarily using the funds. In its letter to President Marcos Jr., CONFED-CCFOP stated: "We are bidding to acquire the USB (UCPB Savings Bank), Mr. President, because we are its true beneficial owners as per unassailable court doctrine. We are bidding because we know what to do with it as responsible stewards of a special fund that enabled that bank to come into existence from out of the blood, sweat, and tears of the coconut farmers of this land. We are bidding to have that bank in farmers’ hands because we know there is no existing agri-bank in this country now functioning as such in a real sense, and we are committed to have our key bankers learn agri-banking from the best agri-banks in the world." The group further asserted, "It is now common knowledge that the world looks to the Philippines for a constant supply of coconut products that can provide so many of our necessities… All this, however, will be one big illusion unless the development of the industry includes meaningful farmers’ participation. And the latter would be empty if their own bank is not returned to them." Strategic Importance of the Philippine Coconut Industry Avila underscored, "Sa buong mundo, the demand for coconut products is increasing kasi hindi lang ang paggamit ng meat, ng water, ng husk – all the other parts of coconut, malaki ang demand – hindi lang coconut oil, hindi lang the traditional food, pati non-food, pati energy, pati medicines." He added, "Pero, sa mga 80 bansa po na may mga niyugan, tatlo lang ang malaki talaga – iyon ang Pilipinas, ang Indonesia at India… Sa tatlo na iyan, iisa lang ang inaasahan ng mundo – ang Pilipinas lang, sapagkat ang India ay halos hindi sapat ang supply; ang Indonesia ganoon din, sila lang rin ang gumagamit. Almost 80% ng world traded na coconut products nanggagaling sa Pilipinas – number one. Number two, ay ganoon man ang demand, ang supply is dwindling sapagkat while it is shown na mga 350 million-plus trees sa Pilipinas po, giving us 15 billion – that’s every year, ang kondisyon po ng mga niyugan natin ay, officially at least 10%… ang sabi ng iba 30% senile na – hindi na namumunga ng madami." Avila highlighted that there are more than three million coconut farmers, making coconut farming the largest subsector in Philippine agriculture. However, he lamented that it remains the poorest subsector. After 30 years of struggle, nagkaroon ng judicial definition kung kanino ‘yun (coco levy fund). Ang sabi ng doktrina ng Supreme Court, iyan pala ay both public and private. Bakit public, kasi resulta po ng buwis, ng taxation. Pero bakit private, sapagkat hindi para sa lahat, para lamang sa mga coconut farmers’ benefit at sa industriya. So walang absolute ownership ang government, trust ownership po lamang,” he explained, adding, “Ngayon, ito ang problema… panahon ni President Duterte ay basta kinuha niya ang bangko, minerge [merge] niya sa Landbank. Ang announcement ay merging, pero ang totoo ay buyout!” Avila insisted, “Kung maibabalik sa magsasaka ang bangko, payagan ang mga magniniyog na mahawakan ito… maisusulong ang pag-unlad ng magsasaka at ang rehabilitasyon ng industriya ng pagniniyog.” Former priest Ed Dela Torre, who is President of Philippine Rural Reconstruction Movement (PRRM), stressed the need for all the coconut farmers and their groups to unite to be able to really push their common interests. He said, “Ang PRRM is designated ng Kilos Magniniyog na secretariat nila kaya ako kasama dito ngayon. Kasi ang mga leader, iba-iba pa ang posisyon, pero noong lumabas nga iyong batas, nag-usap kami, hindi maganda ang batas, pero nandiyan na eh, i-engage natin ang government.” He added, “Kaya nag-decide kami na we will always collaborate. Kaya ang aming parehong goal, ma-develop iyong mga local farmer leaders, na hindi lang sila local, dapat maging kasama rin sila sa national voices.” Dela Torre emphasized, “So, isang challenge sa amin rin ay i-organize further. It’s not just a matter of having a bank or getting money kung ‘di tulungang magkaroon ng pagkakaisa. Kaya, ang punto namin, mag-usap tayo dito, tumatanda na tayo pare-pareho, siguraduhin nating hindi na magpatuloy itong banggaan, kawalan ng katarungan, at tunggalian [hanggang sa mga susunod na henerasyon]. 📷 Saturday News Forum 1 month ago

PH hosts regional cruise event

MANILA -- The Philippines, through the Department of Tourism (DOT), has formally opened and hosted Seatrade Cruise Asia 2024, a major cruise industry gathering. The event is taking place at the Shangri-La The Fort in Taguig City from Nov. 11 to 13, 2024. It gathers more than 350 delegates, including cruise line executives, itinerary planners, port agents, and tourism authorities from across the globe. The event is envisioned to mark a milestone in the Philippines' growing leadership in cruise tourism. The DOT said it would also reflect the country’s commitment to fostering a world-class cruise hub in Asia. “Hosting Seatrade Cruise Asia 2024 underscores the Philippines' readiness and capability to lead in cruise tourism,” DOT Secretary Christina Frasco said. “Our archipelago’s vibrant culture, exceptional hospitality, and breathtaking natural attractions make us an ideal destination for international cruise lines and travelers,” she added. Seatrade Cruise Asia 2024 opened with a welcome reception, showcasing Filipino heritage through captivating cultural performances. The event features networking sessions, learning forums, and strategic discussions aimed at propelling sustainable growth and regional collaboration in the cruise industry. Highlights of the event include a keynote discussion on the “State of the Asian Cruise Industry” and a ministry dialogue on the future of Asian cruise tourism, emphasizing sustainable practices and regional synergies. It is also set to provide an essential platform for dialogue and partnerships, which the DOT said would drive the country’s cruise tourism industry forward and reinforce its status on the global tourism stage. The DOT expects the event to mark a significant step in the nation’s expansion as a premier cruise destination in Asia. The Philippines recently introduced a Cruise Visa Waiver program to streamline travel access for international cruise passengers as part of its efforts to attract more cruise operators. The initiative is aimed at boosting the country’s appeal to global cruise lines by simplifying entry procedures, aligning with international tourism trends that prioritize ease of travel and accessibility. 📷 DOT 5 months ago

MORE STORIES

DTI rolls out financing program for ‘Kristine’-hit businesses

MANILA, Philippines -- The Department of Trade and Industry (DTI) has officially launched the Enterprise Rehabilitation Financing (ERF) Program, offering financial assistance to businesses impacted by Typhoon Kristine (Trami). “This ‘ERF Kristine program’ is aimed at providing the affected businesses with the resources they need to rebuild, recover, and restore their operations,” DTI Secretary Christina Roque said during the program launch on Nov. 7. The program, which has a P2 billion fund, is being implemented through the Small Business Corp., a government corporation under the policy program and administrative supervision of the Small and Medium Enterprise Development (SMED) Council of the DTI. It aims to assist micro, small, and medium enterprises (MSMEs) in areas placed under a state of calamity due to the storm. Under the ERF program, these businesses can avail themselves of a loan from SBCorp with a ceiling of P300,000, payable monthly for up to three years with zero interest and zero principal payment for the first year. In the second year, the interest rate will be 1 percent monthly, based on the diminishing balance for the following years. The program also includes a three-month grace period for interest and principal. “We really need this fund out there to help the people to be able to bounce back, especially, malapit na ang Pasko,” Sec. Roque said. “They could also take advantage of the Christmas season to be able to sell a lot of their products and to be able to have a merry Christmas also,” the DTI chief added. “This loan is really designed to really help those that were affected by typhoon Kristine. So, I encourage everyone from Luzon and all the affected areas to take advantage of this loan program,” she said. The DTI stated that eligible MSMEs may avail themselves of the loan within three processing days. Applications can be submitted online via the SBCorp loan portal. 📷 DTI Philippines FB Read more >> 5 months ago

Philippines and Saudi Arabia ink deal on energy cooperation, AI exploration

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PH marks 7-year high employment data as manufacturing sector expands

MANILA, Philippines -- The country recorded a seven-year high in local employment in October 2024, according to S&P Global financial information and analytics on Tuesday, Nov. 5. Citing its Philippines Manufacturing PMI (Purchasing Managers' Index) data compiled from a survey conducted among manufacturers, S&P Global said this employment increase is primarily attributed to the sustained expansion of the manufacturing sector. The manufacturing sector has shown continuous improvement, driven by a strong increase in the volume of new product orders, the report highlighted. S&P Global stated, “Improved demand trends allowed firms to expand their workforce numbers strongly. Filipino goods producers ramped up hiring, with the recent wave of job creation marking the most significant increase since mid-2017.” It further noted, “Additionally, growth in employment allowed firms to work through the slight build-up of backlogs seen in the previous month and also keep up with current production requirements.” Maryam Baluch, economist at S&P Global Market Intelligence, emphasized, “Employment became the real stand-out this month [October], with the rate of job creation the strongest in over seven years.” The latest S&P Global Philippines Manufacturing PMI, which measures factory output, showed that manufacturing experienced a slight decline from September’s two-year high of 53.7 to 52.9. S&P Global attributed this decrease to rising raw material prices, which often discouraged firms from purchasing inputs. Despite this, October’s index reached the second-highest level since January last year, marking the fourteenth consecutive month it has stayed above the 50-point threshold, indicating ongoing growth. Baluch noted that the Philippine manufacturing sector demonstrated stable growth, with strong new orders enabling producers to increase output. She added, “The expansion in new orders was again robust, allowing goods producers to raise their output again.” “Firms remain optimistic with more than half of survey respondents anticipating expansion in the year ahead,” Baluch said. 📷 Contributed photo Read more >> 5 months ago

Consumer group says govt’s fear of losing investors due to wealth tax is misplaced

Bonifacio Global City📷 OJ Serrano, Unsplash MANILA, Philippines -- The consumer group SUKI or Samahan at Ugnayan ng mga Konsyumer Para sa Ikauunlad ng Bayan (SUKI) responded to the country’s economic managers' fear that a wealth tax will drive away investors. “Ang wealth tax ay usually direct tax sa mga pinakamayayamang citizen, kaya ibig ba nilang sabihin mangingibang-bansa ang mga local na giant oligarchs? Either way, hindi dapat ikatakot ng gobyerno kung maayos ang sariling stream of revenues ng bansa from equitable and just sources such as progressive tax, strong agriculture and local industries, robust jobs, and households with good purchasing power.” This response follows Finance Secretary Ralph Recto's public opposition to recent wealth tax proposals put forward by certain militant groups and international and local NGOs. Recto stated that a new tax policy targeting the wealthy is no longer necessary, asserting that there are already enough taxes. He insinuated that the government cannot show hostility toward the wealthy, as they provide major capital for most economic activities in the country. “Why should we penalize those who are working hard?” Recto asked. Recto’s stance seems to echo that of his predecessor, former Finance Secretary Carlos Dominguez, who previously told the media that taxing the wealthy could drive capital out of the country. In 2022, the Makabayan bloc proposed House Bill No. 258 to impose a 1-3% tax on super-rich individuals with a net value of taxable assets exceeding 1 billion. The measure was expected to generate P236.7 billion yearly from the top 50 richest Filipinos alone. However, this proposal was rejected by the government. Economic managers worldwide are clamoring to tax the wealthy during these times of scarcity to address global inequality. In the Philippines, local and international NGOs share the same sentiment, arguing that the time to impose a wealth tax is now, noting that at least nine Filipino billionaires possess more wealth than half of the entire population. Proponents argue that the imposition of a wealth tax could help reduce the country’s ballooning budget deficit. Read more >> 5 months ago

Mitsubishi acquires 50% stake in Ayala subsidiary for P18.4 billion, boosting digital finance in the Philippines

MANILA, Philippines – Mitsubishi Corporation has announced an agreement to acquire a 50% stake in AC Ventures Holdings Corp., a subsidiary of Ayala Corporation, for 18.4 billion pesos (approximately US$318 million). AC Ventures currently holds a 13% stake in Globe Fintech Innovations Inc. (Mynt), the operator of the leading mobile wallet service, GCash. In a statement, Mitsubishi expressed enthusiasm for the partnership, noting that the agreement is subject to the execution of definitive transaction documents and customary closing conditions. The collaboration aims to enhance Mynt's corporate value while exploring new business opportunities in the Philippines. With the Philippines poised for significant economic growth—driven by a rising population and increasing GDP among ASEAN countries—there remains a vast market for digital financial services despite the country’s relatively low banking penetration rate. The widespread use of mobile phones and internet access offers a substantial opportunity, as approximately 80% of Filipinos have used GCash, which has become integral to daily transactions. "We believe Mitsubishi can add meaningful value to Mynt, which will allow Mynt to deliver significant value to its over 94 million registered users," said Ayala President and CEO Cezar Consing. Mynt, a joint venture between Alibaba affiliate Ant Group, Ayala, and Globe Telecom, operates two fintech companies: G-Xchange, which runs GCash, and Fuse Lending, a tech-based micro-lender. In addition to digital payments, Mynt provides a variety of financial services, including loans, savings, insurance, and investment products. The company also boasts a vast network of over 6 million merchants. Mitsubishi and Ayala also plan to sign a memorandum of understanding to explore joint ventures across several sectors, including property, energy, water, and automotive industries. This initiative continues their long-standing partnership in the Philippines, which began in 1974, and highlights their shared commitment to contributing to the country’s economic development. 📷 GCash FB Read more >> 5 months ago

PPP Center: 169 projects worth P3.2 Trillion in pipeline

NEDA Secretary Arsenio Balisacan MANILA, Philippines – The Public-Private Partnership (PPP) Center currently has 169 projects valued at PHP 3.2 trillion in the pipeline, aimed at strengthening cooperation between the government and the private sector. Breakdown of Projects Data from the PPP Center, released on Wednesday, shows that 113 of these projects are at the national level, while 56 will be implemented by local government units (LGUs). The list includes 91 solicited projects and 78 unsolicited ones. Several key projects are expected to be awarded by the end of the year. These include the upgrade, expansion, operation, and maintenance of the New Bohol International Airport, as well as the Negros Occidental Bulk Water Supply Project. Projects to Be Awarded in Early 2024 Additional projects expected to be awarded early next year include the UP-PGH (University of the Philippines-Philippine General Hospital) Cancer Center, the Bislig City Bulk Water Supply, the Bislig City Septage Project, and the Dialysis Center PPP Project for the Renal Center Facility of the Baguio General Hospital and Medical Center. Projects Pending Approval Several major projects are awaiting submission to the approving body, including the Boracay Bridge Project, the Metro Manila Subway Project (Operations and Maintenance), the North-South Commuter Railway (Operations and Maintenance), the San Ramon Newport Project, the UP-PGH Diliman Project, and the Iloilo International Airport Project. Focus on Climate-Resilient Infrastructure National Economic and Development Authority (NEDA) Secretary Arsenio Balisacan emphasized the importance of PPPs in enhancing disaster resilience in the Philippines, particularly through the development of climate-resilient infrastructure. “Limited fiscal space, especially in the aftermath of the COVID-19 pandemic, necessitates developing our governance framework for public-private partnerships to finance climate-resilient infrastructure,” Balisacan said at the 2024 Asia-Pacific Ministerial Conference on Disaster Risk Reduction in Pasay City on October 15. Balisacan highlighted that while most projects under the Public-Private Partnership focus on physical and digital connectivity, key infrastructure in water supply, flood control, and irrigation is also in the pipeline. These projects aim to meet the country’s growing needs while ensuring climate-change resilience. 📷 Public-Private Partnership Center Read more >> 6 months ago

The party is over: Tupperware files for bankruptcy

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PH raises $2.5B from dollar bonds

MANILA -- The Philippines secured $2.5 billion from the international debt market through a triple-tranche global bond offering aimed at meeting the country's budgetary requirements. The Bureau of the Treasury (BTr) announced on Thursday that the 5.5-year tranche has a yield of 4.375 percent and was priced at T+75 basis points (bps), 35 bps tighter than the initial price guidance, resulting in a 5 bps new issue concession. The new 10.5-year tranche was priced at T+95 bps, 30 bps tighter than the initial price forecast, with no new issue premium, landing at a yield of 4.750 percent. Meanwhile, the 25-year sustainability tranche was priced at 5.175 percent, 32.5 basis points tighter than the initial price forecast, and included a 2.5 basis point reduction. According to the BTr, the 5.5-year bond has the lowest spread of any comparable bond issued by the government since June 2021. Similarly, yields on the 10.5-year and 25-year bonds have reached their lowest levels since March 2022. “The Republic will partially allocate the 25-year Global Bond sale proceeds to assets under the Republic’s Sustainable Finance Framework,” the BTr stated. The transaction is expected to settle on September 5. The BTr noted that the government capitalized on benchmark rates that were beginning to moderate, as investor confidence in impending rate cuts was bolstered by dovish signals from the US Federal Reserve and lower inflation data. Proceeds from the 5.5-year and 10.5-year global bond sales will be utilized for general budget financing, while proceeds from the 25-year global bond sale will be used for refinancing programs and expenditures that align with the Republic's Sustainable Finance Framework, as well as general budget financing. Latest Transaction Attracted Robust Demand National Treasurer Sharon Almanza stated that the most recent transaction drew robust demand and strong momentum across markets, with interest from a diversified pool of high-quality global accounts. “The exceptionally tight pricing across all offerings enables the government to conserve on interest payments, thereby allowing more fiscal space to flow into transformative investments. Thus, the favorable outcome of the transaction further strengthens the Philippine Government's position to fulfill its commitments to fiscal consolidation and rapid economic growth,” Almanza said. Meanwhile, Finance Secretary Ralph Recto noted that the transaction is also a sign of confidence in the country's strong credit rating. "We are very pleased to see the overwhelming investor interest in our new USD 2.5 billion triple-tranche global bonds. In fact, compared to our regional peers, the Philippines’ issuance achieved among the best pricing in all of our tranches this year. This is a resounding vote of confidence in our country’s solid credit profile,” Recto said. “More importantly, this is a significant win for every Filipino as we are raising funds at very affordable costs to support programs and projects that will boost economic growth, create quality jobs, increase incomes, and reduce poverty,” Recto added. 📷 Bureau of the Treasury FB Read more >> 7 months ago

DTI, BSP, and BDO Foundation launch financial education for small businesses

MANILA -- In an effort to empower Filipino micro-entrepreneurs through financial education, the Department of Trade and Industry (DTI), in collaboration with the Bangko Sentral ng Pilipinas (BSP) and the BDO Foundation, has launched a series of educational videos. The DTI is committed to upskilling and reskilling local micro, small, and medium enterprises (MSMEs). These organizations recognize the critical role of financial education and the entrepreneurial interventions of DTI Negosyo Centers in assisting MSMEs nationwide to help Filipinos scale and grow their businesses. “MSMEs are the drivers of our economy. We want our Filipino entrepreneurs to know that the DTI and DTI Negosyo Centers can offer them a variety of services in pursuing their passion, scaling their ventures, and sustaining what they’ve already started,” shared DTI Acting Secretary Ma. Cristina Roque. The DTI, BSP, and BDO Foundation have released three informative videos that address various business-related challenges, such as starting a business, obtaining the necessary permits and requirements, and acquiring the resources needed for business ventures with the assistance of DTI Negosyo Centers and financial institutions. This initiative is part of a larger government plan to support the micro, small, and medium-sized enterprise (MSME) sector, which often faces difficulties in managing its finances and expanding operations. Moreover, the videos will be made available on DTI platforms to maximize the accessibility of these learning materials. “With this partnership, we are optimistic that more and more micro-entrepreneurs can thrive through these challenging times by providing them with more knowledge and skills that are useful to their businesses,” said BDO Foundation President Mario Deriquito. “We will continue to help pave the way for accessible solutions that support micro-entrepreneurs maneuver new landscapes through financial education. BDO Foundation will also help expand the reach of the program by partnering with local government units and civil society groups that support micro-entrepreneurs,” he concluded. 📷 Department of Trade and Industry Read more >> 7 months ago

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