News
Meralco powers up 2 Taguig substations
Feb 24, 2024MANILA, Philippines — The country’s largest power electric distributor Manila Electric Co. (Meralco) has energized two new smart substations in Taguig City.
The Fort Bonifacio Global City (FBC)-2 Gas Insulated Switchgear (GIS) Substation will improve the switching flexibility, reliability, and power quality within and nearby areas, according to a company statement.
Meanwhile, the McKinley Hill GIS substation was developed to refine operational switching flexibility during contingencies in the area and its adjacent communities.
Read more:
https://www.philstar.com/business/2024/02/13/2332860/meralco-powers-2-taguig-substations
The Fort Bonifacio Global City (FBC)-2 Gas Insulated Switchgear (GIS) Substation will improve the switching flexibility, reliability, and power quality within and nearby areas, according to a company statement.
Meanwhile, the McKinley Hill GIS substation was developed to refine operational switching flexibility during contingencies in the area and its adjacent communities.
Read more:
https://www.philstar.com/business/2024/02/13/2332860/meralco-powers-2-taguig-substations
FDI inflow slows as inflation stings
Feb 24, 2024MANILA, Philippines — Elevated inflation and challenging global economic conditions continue to take their toll on the country as the net inflow of foreign direct investment (FDI) plunged last year, the Bangko Sentral ng Pilipinas said.
BSP data showed that in the 11 months to November last year, net FDI inflow slipped by 13.3 percent to $7.58 billion from $8.74 billion in the same period in 2022.
This is almost 95 percent of the $8 billion total expected FDI inflow for 2023. FDI can be in the form of equity capital, reinvestment of earnings and borrowings.
Read more:
https://www.philstar.com/business/2024/02/13/2332870/fdi-inflow-slows-inflation-stings
BSP data showed that in the 11 months to November last year, net FDI inflow slipped by 13.3 percent to $7.58 billion from $8.74 billion in the same period in 2022.
This is almost 95 percent of the $8 billion total expected FDI inflow for 2023. FDI can be in the form of equity capital, reinvestment of earnings and borrowings.
Read more:
https://www.philstar.com/business/2024/02/13/2332870/fdi-inflow-slows-inflation-stings
Cargo traffic exceeds pre-pandemic level
Feb 22, 2024Cargo traffic volume in the Philippines last year exceeded the pre-pandemic level in 2019 driven by growth in both the domestic and foreign cargo services, according to the latest data from the Philippine Ports Authority (PPA).
PPA data showed cargo throughput grew 5 percent to 271.9 million metric tons (MT) in 2023 versus 259.14 million MT in 2022.
Compared to the 265.9 million MT cargo throughput just before the pandemic, it was up by 2.3 percent.
Read more:
https://malaya.com.ph/news_business/cargo-traffic-exceeds-pre-pandemic-level/
PPA data showed cargo throughput grew 5 percent to 271.9 million metric tons (MT) in 2023 versus 259.14 million MT in 2022.
Compared to the 265.9 million MT cargo throughput just before the pandemic, it was up by 2.3 percent.
Read more:
https://malaya.com.ph/news_business/cargo-traffic-exceeds-pre-pandemic-level/
Economic growth may pick up to 5.7%
Feb 22, 2024PHILIPPINE gross domestic product (GDP) may grow by 5.7% this year following the economy’s faster-than-expected expansion in the fourth quarter of 2023, UBS Global Research and Evidence Lab said.
The research firm raised its 2024 Philippine GDP growth forecast from 5.3% previously, Grace Lim, an economist from UBS, said in a note. It also hiked its 2025 projection to 6% from 5.8%.
“This largely reflects carryover effects from the fourth quarter of 2023, rather than a strong bounce in sequential growth momentum through 2024,” Ms. Lim said.
Read more:
https://www.bworldonline.com/top-stories/2024/02/13/575237/economic-growth-may-pick-up-to-5-7/
The research firm raised its 2024 Philippine GDP growth forecast from 5.3% previously, Grace Lim, an economist from UBS, said in a note. It also hiked its 2025 projection to 6% from 5.8%.
“This largely reflects carryover effects from the fourth quarter of 2023, rather than a strong bounce in sequential growth momentum through 2024,” Ms. Lim said.
Read more:
https://www.bworldonline.com/top-stories/2024/02/13/575237/economic-growth-may-pick-up-to-5-7/
Tablet decline
Feb 22, 2024Q4 tablet shipments fell 17.4% y-o-y to 36.8 million units, says IDC – the largest decline in Q4 tablet shipments since 2016.
For 2023, tablet shipments totaled 128.5 million units, a decline of 20.5% compared to 2022 and the lowest annual volume since 2011.
Apple retained its top spot in the tablet market, despite a notable decline in shipments for both the fourth quarter (-29.3%) and the full year (-19.8%).
Read more:
https://www.electronicsweekly.com/news/business/tablet-decline-2024-02/
For 2023, tablet shipments totaled 128.5 million units, a decline of 20.5% compared to 2022 and the lowest annual volume since 2011.
Apple retained its top spot in the tablet market, despite a notable decline in shipments for both the fourth quarter (-29.3%) and the full year (-19.8%).
Read more:
https://www.electronicsweekly.com/news/business/tablet-decline-2024-02/
Biden announces $5B for chips R&D
Feb 21, 2024The Biden administration on Friday (Saturday in Manila) announced the investment of $5 billion in a newly established public-private consortium aimed at supporting research and development in advanced computer chips.
The National Semiconductor Technology Center is being funded through the CHIPS and Science Act. That 2022 law aims to reinvigorate the computer chip sector within the United States through tens of billions of dollars in targeted government support.
''This is an inflection point in the industry,'' Commerce Secretary Gina Raimondo told the group. ''Not just because we're dangerously dependent on one country for so many of our chips, but because artificial intelligence (AI) is going to lead to an explosion of demand for chips, for sophisticated chips, more energy-efficient chips, cost-effective chips.''
https://www.manilatimes.net/2024/02/12/business/foreign-business/biden-announces-5b-for-chips-rd/1932162
The National Semiconductor Technology Center is being funded through the CHIPS and Science Act. That 2022 law aims to reinvigorate the computer chip sector within the United States through tens of billions of dollars in targeted government support.
''This is an inflection point in the industry,'' Commerce Secretary Gina Raimondo told the group. ''Not just because we're dangerously dependent on one country for so many of our chips, but because artificial intelligence (AI) is going to lead to an explosion of demand for chips, for sophisticated chips, more energy-efficient chips, cost-effective chips.''
https://www.manilatimes.net/2024/02/12/business/foreign-business/biden-announces-5b-for-chips-rd/1932162
DOF: Gov¡¯t to set ¡®more realistic¡¯ growth targets
Feb 21, 2024Economic managers will come up with “more realistic” growth targets for 2024 until the end of President Marcos’ term in 2028 to reflect current economic conditions and after growth fell below the state’s expectations last year.
“We’re discussing that right now because I think we have to come out with a more realistic target,” Finance Secretary Ralph Recto told reporters in an interview at the Bureau of Internal Revenue’s anniversary event last Thursday.
Last December, the DBCC trimmed its gross domestic product (GDP) growth target for 2024 to 6.5 to 7.5 percent, from the previous projection of a 6.5 to 8-percent expansion.
Read more: https://business.inquirer.net/445022/dof-govt-to-set-more-realistic-growth-targets
“We’re discussing that right now because I think we have to come out with a more realistic target,” Finance Secretary Ralph Recto told reporters in an interview at the Bureau of Internal Revenue’s anniversary event last Thursday.
Last December, the DBCC trimmed its gross domestic product (GDP) growth target for 2024 to 6.5 to 7.5 percent, from the previous projection of a 6.5 to 8-percent expansion.
Read more: https://business.inquirer.net/445022/dof-govt-to-set-more-realistic-growth-targets
Bangsamoro EZA can now grant incentives to investors
Feb 19, 2024The Bangsamoro Economic Zone Authority (Beza) can now grant incentives to investors.
This was announced by the Fiscal Incentive Review Board (FIRB) in late January. It also said that the BEZA was authorized to be an investment promotion agency (IPA) for the Bangsamoro Autonomous Region in Muslim Mindanao (BARMM).
Beza Executive Director Sukarno Abas described this status as a milestone that would “enable the agency to fully operationalize its authority to grant fiscal and non-fiscal incentives to investors and enterprises willing to set up or establish their businesses in the BARMM economic zones.”
The FIRB agreed to certify Beza as an IPA, “giving it the authority to grant incentives under the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Act, which provides tax relief measures for
businesses.”
https://businessmirror.com.ph/2024/02/12/bangsamoro-eza-can-now-grant-incentives-to-investors/
This was announced by the Fiscal Incentive Review Board (FIRB) in late January. It also said that the BEZA was authorized to be an investment promotion agency (IPA) for the Bangsamoro Autonomous Region in Muslim Mindanao (BARMM).
Beza Executive Director Sukarno Abas described this status as a milestone that would “enable the agency to fully operationalize its authority to grant fiscal and non-fiscal incentives to investors and enterprises willing to set up or establish their businesses in the BARMM economic zones.”
The FIRB agreed to certify Beza as an IPA, “giving it the authority to grant incentives under the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Act, which provides tax relief measures for
businesses.”
https://businessmirror.com.ph/2024/02/12/bangsamoro-eza-can-now-grant-incentives-to-investors/
Foreign pledges materialize into $14 billion investments ¨C DTI
Feb 19, 2024A total of $14.2 billion worth of investments pledged during the foreign trips of President Marcos have already been actualized or have commenced implementation, the Department of Trade and Industry (DTI) reported yesterday.
In a statement, the DTI said the actualized investments as of December 2023 cover 46 projects, which span sectors such as manufacturing, information technology and business process management (IT-BPM), renewable energy, infrastructure, transport and logistics, agriculture and retail.
Manufacturing has the most number of projects, comprising 16 projects with a 35 percent share. This is followed closely by IT-BPM with 10 projects (22 percent) and renewable energy with nine projects (20 percent).
Read more: https://www.philstar.com/business/2024/02/12/2332610/foreign-pledges-materialize-14-billion-investments-dti
In a statement, the DTI said the actualized investments as of December 2023 cover 46 projects, which span sectors such as manufacturing, information technology and business process management (IT-BPM), renewable energy, infrastructure, transport and logistics, agriculture and retail.
Manufacturing has the most number of projects, comprising 16 projects with a 35 percent share. This is followed closely by IT-BPM with 10 projects (22 percent) and renewable energy with nine projects (20 percent).
Read more: https://www.philstar.com/business/2024/02/12/2332610/foreign-pledges-materialize-14-billion-investments-dti
Balanced energy approach urged
Feb 19, 2024A BALANCED approach can address the country's energy challenges and increase renewable energy utilization, an official of Aboitiz Power Corp. said.
AboitizPower President and Chief Executive Officer Emmanuel Rubio said that using all available sources of power, both traditional and renewable, could ensure a continuous supply of electricity and minimize the impact of headwinds that were expected to challenge the Philippine energy sector this year.
He said these challenges included global supply chain uncertainties, the risk of unavailable and insufficient transmission infrastructure, the anticipated effects of El Niño in the country, and electricity consumption projected to increase by 6.6 percent this year.
https://www.manilatimes.net/2024/02/12/business/top-business/balanced-energy-approach-urged/1932168
AboitizPower President and Chief Executive Officer Emmanuel Rubio said that using all available sources of power, both traditional and renewable, could ensure a continuous supply of electricity and minimize the impact of headwinds that were expected to challenge the Philippine energy sector this year.
He said these challenges included global supply chain uncertainties, the risk of unavailable and insufficient transmission infrastructure, the anticipated effects of El Niño in the country, and electricity consumption projected to increase by 6.6 percent this year.
https://www.manilatimes.net/2024/02/12/business/top-business/balanced-energy-approach-urged/1932168
Foreign pledges materialize into $14 billion investments ¨C DTI
Feb 16, 2024|
A total of $14.2 billion worth of investments pledged during the foreign trips of President Marcos have already been actualized or have commenced implementation, the Department of Trade and Industry (DTI) reported yesterday. In a statement, the DTI said the actualized investments as of December 2023 cover 46 projects, which span sectors such as manufacturing, information technology and business process management (IT-BPM), renewable energy, infrastructure, transport and logistics, agriculture and retail. Manufacturing has the most number of projects, comprising 16 projects with a 35 percent share. This is followed closely by IT-BPM with 10 projects (22 percent) and renewable energy with nine projects (20 percent). Read more: |
Balanced energy approach urged
Feb 16, 2024|
A BALANCED approach can address the country's energy challenges and increase renewable energy utilization, an official of Aboitiz Power Corp. said. AboitizPower President and Chief Executive Officer Emmanuel Rubio said that using all available sources of power, both traditional and renewable, could ensure a continuous supply of electricity and minimize the impact of headwinds that were expected to challenge the Philippine energy sector this year. He said these challenges included global supply chain uncertainties, the risk of unavailable and insufficient transmission infrastructure, the anticipated effects of El Niño in the country, and electricity consumption projected to increase by 6.6 percent this year. Read more: |
AI to Lead Semiconductor Upturn in 2024
Feb 15, 2024|
The global semiconductor industry’s revenue declined by 8.8% in 2023 due to a slowdown in enterprise and consumer spending, according to Counterpoint Technology Market Research. The overall 2023 semiconductor revenue rankings saw some big changes from 2022, such as Intel reclaiming the top spot from Samsung as the latter suffered a lot from the memory sector downtrend as well as lackluster smartphone business. AI provided positive news to the semiconductor industry, emerging as a key content and revenue driver, especially in the second half of the year. NVIDIA appeared to be the largest beneficiary, followed by AMD. Both will be growing their AI-related businesses in the coming years. Read more: https://www.eetasia.com/ai-to-lead-semiconductor-upturn-in-2024/ |
NEDA happy with ¡®close to¡¯ 6% GDP growth in 2023
Feb 15, 2024|
MANILA, Philippines — A 2023 economic growth that is lower than the previous year’s 7.6 percent but close to the government’s target will be an acceptable performance, considering the headwinds that the economy faced, the state’s chief socioeconomic planner said. As the market waits for the Jan. 31 release of 2023 gross domestic product (GDP) numbers, Secretary Arsenio Balisacan of the National Economic and Development Authority (Neda) said he would be happy as long as growth would be close to the Marcos administration’s 6 to 7 percent target range. What fueled Balisacan’s optimism was his hope that the fourth quarter growth would be better than the third quarter results. Read more: |
STMicroelectronics SiC MOSFETs Enhances Efficiency of ZINSIGHT e-Compressor Controllers
Feb 15, 2024|
STMicroelectronics is supplying its third-generation silicon-carbide (SiC) MOSFET technology for the e-compressor controllers of ZINSIGHT Technology, a Chinese company focusing on SiC power modules and advanced electric power conversion systems for new energy vehicles (NEVs). These highly efficient controllers offer several benefits including an extended electric vehicle (EV) driving range of 5~10km (for a medium-size EV model with battery capacity from 60kWh to 90kWh) that is particularly beneficial during the summer and winter seasons. ZINSIGHT mass-produces SiC based e-compressor controllers for air-conditioning running on 400V, 800V, and 1000V EV platforms, delivering a significant number of units by the end of 2023. ST’s advanced third-generation 1200V SiC MOSFET ensures industry-leading process stability and performance, efficiency, and reliability. The EV e-compressor controllers use ST’s third-generation SiC MOSFET technology in combination with ZINSIGHT’s unique cooling solution and advanced thermal protection design. Together, the e-compressor controllers deliver better thermal management for NEVs, improved NVH (noise, vibration, and harshness), and greater compactness and cost efficiency for e-compressors. For example, without compromising summer and winter mileage, this solution can help carmakers achieve significant cost saving per EV in overall system expenses. Read more: |
PLDT Global, Korean telco give free SIMs to OFWs
Feb 15, 2024|
PLDT Global Corporation, with the help of Korean telco JD Mobile Company, will provide free SIM cards to overseas Filipino workers (OFWs) bound for South Korea to assist them in complying with foreign telecommunications policies. The free SIM cards come with a one-month subscription plan including data, voice, and text services, as well as easy access to apps and networks available only in South Korea. OFWs may also use the SIMs to register to the Tindahan ni Bossing (TINBO) e-commerce platform of PLDT Global to get their Smart Virtual Number (SVN) and avail of the products and other benefits entitled to TINBO users. Read more: |
First PH uni in the cloud: Mapua steps up tech infra
Feb 7, 2024|
Amid the technological revolution in education, Mapúa University has become the first university in the Philippines to have a privately managed cloud infrastructure after partnering with Altair, a global leader in computational science and artificial intelligence (AI). “Using technologies like digital twin, AI, machine learning, physics simulations, high-performance computing, data science and more from our portfolio will propel Mapúa University regionally and globally,” Altair managing editor for Asean and ANZ Srirangam Srirangarajan says. As students are increasingly benefiting from innovative approaches to learning, one of the key highlights of this partnership is the establishment of a Center of Excellence (CoE). Read more: |
Gartner: Global Chip Revenue Down 11% in 2023
Feb 6, 2024|
Worldwide semiconductor revenue in 2023 totaled $533 billion, a decrease of 11.1% from 2022, according to preliminary results by Gartner Inc. In a statement, Alan Priestley, VP Analyst at Gartner, said that while the cyclicality in the semiconductor industry was present again in 2023, the market suffered a difficult year with memory revenue recording one of its worst declines in history. “The underperforming market also negatively impacted several semiconductor vendors. Only nine of the top 25 semiconductor vendors posted revenue growth in 2023, with 10 experiencing double-digit declines,” he said. The combined semiconductor revenue of the top 25 semiconductor vendors declined by 14.1% in 2023, accounting for 74.4% of the market, down from 77.2% in 2022. Read more: |
No new taxes, just better collection
Feb 6, 2024|
The Marcos administration would not impose new taxes as part of efforts to repair the economy after the pandemic, Finance Secretary Ralph Recto said on Wednesday, adding the government would rather improve collection efficiency than create new imposts that might stoke inflation. Recto, who took the finance portfolio on Jan. 15, said the plan was to “collect what’s on the table” and not burden Filipinos reeling from high prices with new consumption taxes. To meet the department’s target revenue of P4.3 trillion this year, Recto said the government would pursue some tax reforms and “intensify implementation of digitalization initiatives, strengthen enforcement efforts, improve the administration of taxes and intensify its anticorruption drive.” “Recognizing the current economic challenges, we must not rely solely on imposing new or additional taxes,” Recto said in a press conference. |
https://newsinfo.inquirer.net/1893977/no-new-taxes-just-better-collection-recto
Business permit in 10 mins?
Feb 1, 2024The Anti-Red Tape Authority (ARTA said the agency targets to cut down to 10 minutes the issuance of business permits this year, according to director-general Secretary Ernesto Perez.
Perez said at the Economic and Ease of Doing Business briefing in Manila yesterday, ARTA targets to follow the best practice on business permits of Singapore.
He said some agencies and local government units (LGUs) have significantly reduce their processing times to an hour since the Ease of Doing Business (EODB) Act took effect in 2018.
He said ARTA has also been able to file charges against officials that violated the EODB and secured conviction of at least five officials
Read more:
https://malaya.com.ph/news_business/business-permit-in-10-mins/
Perez said at the Economic and Ease of Doing Business briefing in Manila yesterday, ARTA targets to follow the best practice on business permits of Singapore.
He said some agencies and local government units (LGUs) have significantly reduce their processing times to an hour since the Ease of Doing Business (EODB) Act took effect in 2018.
He said ARTA has also been able to file charges against officials that violated the EODB and secured conviction of at least five officials
Read more:
https://malaya.com.ph/news_business/business-permit-in-10-mins/