News & Events
.jpg)
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 每 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