PRESIDENT Ferdinand R. Marcos, Jr. cast aside the urgency of changing the 1987 Constitution, saying it is not a priority of his administration as some lawmakers push for amendments to supposedly allow more foreign investments. “We can achieve what we want, but within the present constitutional [framework,] the way the Constitution is written,” the president […]
Tag: foreign
Net Foreign Direct Investment (November 2022)
FOREIGN DIRECT investments (FDI) in the Philippines plummeted 43.6% in November to $793 million and 13.4% to $8.43 billion in the 11-month period, suggesting a weaker global economic outlook. Read the full story.
Filipinos in quake-hit parts of Syria confirmed safe
THE DEPARTMENT of Foreign Affairs (DFA) has confirmed that none of the 60 Filipinos in Syria were killed nor hurt in the magnitude 7.8 earthquake that struck neighboring Turkey. “The Philippine Embassy in Damascus reported on Feb. 6 that leaders of the Filipino community have been contacted and they confirmed that no Filipino was injured […]
Analysts say Congress should keep watch on executive branch’s foreign policy decisions
THE PHILIPPINE legislature, with majority of both chambers allied with the Marcos administration, should exercise its authority as an independent body in keeping watch over the foreign policy decisions of the executive branch, analysts said at the weekend. “The legislature is expected to play an important role in deliberating (assessing and evaluating) the viability and […]
Developers told hike tourism investments amid rosy outlook
A PROPERTY research firm advised local developers to increase their tourism investments, particularly in key provinces in the country, following the anticipated boom in tourism this year. In 2022, the country posted 2.65 million tourists, way higher than its target of 1.7 million. Tourism revenues reached P209 billion (US$3.8 billion) in 2022, up 2,466 percent […]
PHL ends 2022 with P13.42-T debt
By Luisa Maria Jacinta C. Jocson, Reporter THE NATIONAL Government’s outstanding debt stood at P13.42 trillion at the end of 2022, easing from the previous month’s record high and helped in part by the peso appreciation against the US dollar, the Bureau of the Treasury (BTr) said on Thursday. In a statement, the BTr said […]
ECCP: PHL to attract ‘billions’ after easing investment caps
THE European Chamber of Commerce of the Philippines (ECCP) is expecting the Philippines to attract “billions” worth of investments after various industries were cleared to receive up to 100% foreign ownership. ECCP President Lars Wittig said at a launch of event in Makati City on Thursday that the group is expecting “billions of dollars” worth of […]
President’s foreign trips are for job creation — Concepcion
A BUSINESS leader defended the foreign trips of President Ferdinand R. Marcos, Jr., saying these are vital to the goal of generating more jobs and foreign investments. “The private sector will not support something that we don’t believe is the right step. For us, we believe that the President being visible all over the world […]
Debt service bill declines 24% in November
The National Government’s (NG) debt service bill fell 24.4% year-on-year in November following a large principal payment to foreign creditors. According to preliminary data from the Bureau of the Treasury (BTr) the government paid P61.389 billion to service its debt against P81.239 billion ia year earlier. Month-on-month, debt payments rose 54.2% from P39.817 billion in […]
US chamber pushes for repeal of agri foreign investment cap
THE American Chamber of Commerce of the Philippines (AmCham) has called on the government to remove foreign investment restrictions in the rice and corn industry if it wants to boost farm productivity. AmCham issued the statement after President Ferdinand R. Marcos, Jr. extended tariff reductions on pork, rice, corn, and coal until the end of […]
Marcos state visit to China to give hint of ties against backdrop of sea row
By Kyle Aristophere T. Atienza, Reporter PHILIPPINE President Ferdinand R. Marcos, Jr.’s meeting with his Chinese counterpart would set the tone of relations with China against the backdrop of their sea dispute, according to foreign policy experts. His state visit on Jan. 3 to 5 would also determine whether China is committed to repairing its […]
CTA affirms ruling partially granting shipping firm’s VAT refund claim
THE Court of Tax Appeals (CTA) has affirmed its ruling partially granting BW Shipping Philippines, Inc.’s P3.18-million refund claim representing its excess input value-added tax (VAT) traced to zero-rated sales for 2015. In a 22-page decision dated Dec. 22 and made public on Dec. 28, the CTA full court ruled that its third division did […]
‘Keen’ European interest in shipping after foreign ownership cap removed
By Alyssa Nicole O. Tan, Reporter THE SHIPPING and telecommunications industry are likely to receive increased European investment following the passage of a law that removes the 40% foreign equity cap in various industries, according to the European Chamber of Commerce (ECCP). Republic Act 11647, which amends the 85-year-old Public Service Act, now allows 100% […]
Weightlifting federation seeking to hire foreign coach
THE SAMAHANG Weightlifting ng Pilipinas (SWP) is hoping to tap a foreign coach to train the national team, including the talented women’s squad headed by the youthful Vanessa Sarno, with the end goal of striking gold in the 2024 Paris Olympics. SWP president Monico Puentevella said the specific target is a female coach to help […]
Manulife IM expects peso to continue weakening in 2023
MANULIFE Investment Management expects the Philippine peso to continue weakening, albeit at a slower pace for the coming year, assuming that the US dollar remains strong. “If the US dollar were to remain strong through 2023, that typically bodes poorly for many emerging market currencies, for the Philippines specifically,” said Sue Trinh, co-head of global […]
Philippine banks unlikely to face significant risks from FX volatility
PHILIPPINE BANKS are unlikely to face significant risks from foreign exchange volatility as their dollar exposures are low, analysts from Moody’s Investors Service and Fitch Ratings said. “Currency fluctuations, in particular, a weaker peso, would have limited impact on Philippine banks’ liquidity and capital given most of the banks are funded by local currency deposits […]
Foreign investments approved in 3rd quarter reached P13.05B
TOTAL foreign investments (FI) approved in the third quarter of 2022 has amounted to P13.05 billion, down by 24 percent from P16.82 billion reported in the same quarter in 2021. These investments were pledges from four Investment Promotion Agencies (IPAs), namely: Board of Investments, Clark Development Corp., Philippine Economic Zone Authority and Subic Bay Metropolitan […]
Stocks inch higher as net foreign buying rises
PHILIPPINE SHARES inched higher on Tuesday on net foreign buying as investors continued to look for catalysts. The Philippine Stock Exchange index (PSEi) climbed by 26.41 points or 0.41% to end at 6,429.65 on Tuesday, while the broader all shares index rose by 4.19 points or 0.12% to 3,390.15. Regina Capital Development Corp. Head of […]
No Filipino victim reported so far in Istanbul bombing — DFA
THE DEPARTMENT of Foreign Affairs (DFA) on Monday said it is still verifying the safety of about 3,000 Filipinos residing in Istanbul after an explosion in a busy shopping area of the Turkish city on Sunday that killed six and injured 81. “So far, the Embassy and Consulate General have not received any report of […]
Globe, DITO working with 3 foreign telcos for subsea cable
GLOBE Telecom, Inc. on Tuesday said it has teamed up with DITO Telecommunity Corp. and three foreign telecommunications companies for a $300-million submarine cable project that is seen to boost data capacity in the region. The three foreign companies are China Telecom Global Ltd. (CTG) of China, Singapore Telecommunications Ltd. (Singtel) of Singapore, and Unified […]