Fund managers withdrew $4.2 billion in investments from PH in 2020

Fund managers pulled out $4.2 billion from the Philippine financial markets last year amid the prolonged impact of the COVID-19 pandemic, data from the Bangko Sentral ng Pilipinas showed over the weekend......»»

Category: financeSource: thestandard thestandardJan 29th, 2021

Hot money registered $417-million net inflow in May on positive local developments

Foreign portfolio investments or hot money rebounded in May with a net inflow of $417 million from the $1.1-billion net outflow registered a year ago, as fund managers reacted positively to the prevailing low-interest rate environment, stable inflation, and the country’s investment grade rating that was affirmed by a major credit rating agency, the Bangko Sentral ng Pilipinas said Friday......»»

Category: financeSource:  thestandardRelated NewsJun 25th, 2021

SSS posts better investment yields 

State-run Social Security System (SSS) reported a better yield in terms of its investments, surpassing benchmarks for such in 2020.  Earning a full-year investment income of P32.47 billion with a return on investment (ROI) of 5.89 percent, the pension fund outpaced key market indicators such as the 10-year Treasury bond and 364-day Treasury bills with […] The post SSS posts better investment yields  appeared first on Daily Tribune......»»

Category: newsSource:  tribuneRelated NewsMar 12th, 2021

BOI offers stronger tax perks

For manufacturer Manufacturers in the Philippines are allowed to carry over any operating loss from financial year 2020-2021 as tax deduction from gross income over the next five taxable years, according to the Board of Investments (BOI). BOI Managing Head Ceferino Rodolfo said this has been  allowed under the Bayanihan to Recover as One Act or Bayanihan 2, which provides P165 billion in economic stimulus package. “A range of new financial measures and incentives are now available to manufacturers in the Philippines, thanks to new legislation recently signed into law,” said Rodolfo, who is also Trade and Industry’s Undersecretary for industry promotions group. The ‘Bayanihan 2 Act’ is aimed at helping the Philippines recover from the economic impact of Covid-19. It was signed into law by President Duterte in September. Elsewhere, he said, many qualified manufacturers will be exempt from business taxes, import duties, and other fees on a range of products.  This includes the production of medical equipment and Covid-19 related items such as Personal Protective Equipment (PPE), as well as the raw materials relevant to the manufacturing of these items.  The same relief measures will also apply to the production of equipment for waste management, including waste segregation, storage, collection, sorting, treatment and disposal services.  The Philippine Board of Investments (BOI) is urging manufacturers and other large businesses to take advantage of these provisions. For more details on doing so, businesses can book an appointment with BOI via their Facebook page and speak to a dedicated specialist. Information is also available on BOI’s Covid-19 resource hub for businesses.  “We know that Covid-19 is still having a significant impact on the operations of manufacturers across the Philippines, and we at BOI are doing all we can to help them,” said Rodolfo as he urged   businesses to visit BOI resource hub website and book an appointment with BOI via its Facebook page.  “Our dedicated specialists can help businesses understand more about how they can take advantage of the incentives and support in the Bayanihan 2 Act”  The Bayanihan 2 stimulus package consists of P140 billion of regular appropriations and an additional standby fund of P25.5 billion. Under the law, P3 billion will be allotted for the procurement of personal protective equipment, face masks, and face shields; P4.5 billion for the construction of temporary medical isolation and quarantine facilities and the expansion of government hospital capacity; and P13.5 billion for emergency employment and compensation of health workers. A total of P4.5 billion will be used to finance isolation facilities, hotel accommodation, food, and transportation of Covid-19 patients; and PHP5 billion for the hiring of contact tracers. Other allocations include P13 billion for the cash-for-work program; P9.5 billion for assistance to public utility drivers and other programs of the transportation department; P6 billion for “individuals in crisis” and other programs of the social welfare department; P4 billion for the tourism industry; and P4 billion for the education department’s implementation of digital learning. Bayanihan 2 is the second installment of the Bayanihan to Heal as One Act (Bayanihan 1), which gave Duterte emergency powers to address the Covid-19 crisis in the country. The Bayanihan 1 law, signed by the president on March 25, already expired on June 25, 2020......»»

Category: lifestyleSource:  abscbnRelated NewsOct 18th, 2020

June hot money posted $335-m inflows

Registered foreign portfolio investments, or hot money, posted a net inflow of $335 million in June, a reversal of the $235-million net outflow a year ago, as foreign fund managers reacted positively to the progress in the government’s COVID-19 vaccination program and the unchanged policy rates, the Bangko Sentral ng Pilipinas said over the weekend......»»

Category: financeSource:  thestandardRelated NewsAug 2nd, 2021

ALI to expand malls in Metro Manila, Cavite

According to its reinvestment plan for its P1.4 billion proceeds from the sale of shares, ALI will fund ongoing and future investments in Trinoma in Quezon City, Glorietta and Greenbelt in Makati and Evio City in Cavite......»»

Category: financeSource:  philstarRelated NewsMay 2nd, 2021

SSS bumps up release of maternity benefits

Maternity benefits extended by state-run pension fund Social Security System (SSS) rose to P10.49 billion in 2020......»»

Category: newsSource:  philstarRelated NewsApr 10th, 2021

SSS death benefit disbursements hit P54.6B

The state-run Social Security System (SSS) reported lower death benefit claims with only P54.65 billion for the full year 2020.  In 2019, the SSS through its Social Security Fund has disbursed a total of P55.93 billion to 1.06 million members. SSS President and CEO Aurora Ignacio traced the lower disbursements to the strict quarantine protocols […] The post SSS death benefit disbursements hit P54.6B appeared first on Daily Tribune......»»

Category: sportsSource:  abscbnRelated NewsMar 23rd, 2021

Foreign direct investments down 25% to $6.5 billion in 2020

Net inflows of foreign direct investments dropped 25 percent in 2020 to $6.5 billion from $8.7 billion in 2019 amid the lingering impact of the COVID-19 pandemic, the Bangko Sentral ng Pilipinas said Wednesday......»»

Category: financeSource:  thestandardRelated NewsMar 10th, 2021

SM Group profit hits P23.4 billion last year

SM Investments Corp. , the investment holding company of the SM Group, reported a 48 percent drop in net income in 2020 to P23.4 billion as the negative impact of COVID-19 battered the company’s different businesses......»»

Category: newsSource:  philstarRelated NewsFeb 26th, 2021

SM Investments says net income down by 48% to P23.4B last year

Conglomerate SM Investments Corp. said Friday net income fell 48 percent in 2020 to P23.4 billion from P44.6 billion in 2019 as core banking, real estate and retail businesses took a big hit from the pandemic......»»

Category: financeSource:  thestandardRelated NewsFeb 26th, 2021

Government debt increased by P658.8 billion in October

The government’s total outstanding debt as of end-October 2020 rose by P658.81 billion, or 7 percent, to P10.027 trillion from the end-September level, driven mainly by the availment of external and domestic loans used to fund the budget deficit amid the COVID-19 pandemic, the Bureau of the Treasury said Friday......»»

Category: financeSource:  thestandardRelated NewsDec 4th, 2020

SSS okays pensioners& rsquo; 13th month pay

The Social Security System (SSS), through Development Bank of the Philippines (DBP), has released its December pension and 13th-month bonus amounting to P23.1 billion to Philippine Electronic Fund Transfer System and Operations Network (PESONet) participating banks and other checkless disbursements channels to be credited to pensioners’ bank accounts starting December 1 but not later than December 4, 2020......»»

Category: newsSource:  thestandardRelated NewsNov 27th, 2020

Alsons to raise P6 billion via notes issue

Alcantara-led Alsons Consolidated Resources Inc. is raising P6 billion through the issuance of corporate notes to refinance debts and fund investments in renewable energy......»»

Category: financeSource:  philstarRelated NewsNov 25th, 2020

PEZA investments may breach P100 billion

PEZA investments may breach P100 billion Louella Desiderio (The Philippine Star) – November 24, 2020 – 12:00am MANILA, Philippines — Investments approved by the Philippine Economic Zone Authority (PEZA) may exceed P100 billion this year with expected investments from both new and existing investors. “We might exceed more than P100 billion this year with all […].....»»

Category: newsSource:  balitaRelated NewsNov 24th, 2020

InLife launch ‘recovery equity fund’

Insular Life (InLife) recently launched a P1 billion-investment portfolio with the aim of hitting a 25 percent growth within five years. Called the Recovery Equity Fund, the portfolio is available through InLife’s Solid Fund Builder variable unit-linked (VUL) product and will only be sold to investors until 23 November 2020. “After months of suffering economic […] The post InLife launch ‘recovery equity fund’ appeared first on Daily Tribune......»»

Category: newsSource:  tribuneRelated NewsNov 8th, 2020

Gov’t pushes digitalized, mechanized farm sector

The Department of Finance (DOF) said the government is rapidly digitalizing the country’s agricultural systems and mechanizing farm production to ensure food security over the long run. During the virtual 2020 Annual Meetings of the International Monetary Fund and the World Bank Group, Finance Secretary Carlos G. Dominguez III said the government wants to turn the coronavirus-induced health emergency into an opportunity. Finance Secretary Carlos G. Dominguez III (MANILA BULLETIN FILE PHOTO) To do so, Dominguez said efforts to implement the twin measures are being done to expand Filipinos’ market access for food producers while keeping food supply available and prices affordable. “We are confident that the innovative measures we are putting in place today will transform Philippine agriculture into a dynamic, high-growth sector that will fuel our country’s strong recovery,” Dominguez said during the high-level Food Security Roundtable at the meeting. Dominguez said the government is also promoting digital marketing to support ongoing efforts to boost consumer spending in the new normal and sustaining public investments in rural infrastructure. He added that the government is accelerating the move towards agricultural technology-based farming and value chain development to ensure long-term food security.  To channel more funds into the agriculture sector, the government is also encouraging more private-sector financing in the sector by proposing reforms in the Congress that will provide more access to credit for the entire agricultural value chain, Dominguez said.   “We all aspire for greater food and nutrition security for our people. Only an efficient and modern agriculture sector can fully deliver that,” Dominguez, who was Agriculture secretary during the administration of the late President Corazon Aquino, said. Amid pandemic, Dominguez III said the Philippines has been handling the COVID-19 crisis “with strength on the food security front” duets reforms, particularly with the passage of the Rice Tariffication Law (RTL). According to Dominguez, the agriculture sector was “one of the brightest spots” of the Philippines’s response to the pandemic owing in large part to the RTL. He pointed out that agriculture sector even continued to grow when the rest of the economy contracted because of the COVID-19 pandemic.  Dominguez said rice tariffication was among the main reasons why the government has succeeded in keeping food prices and supply stable, and inflation low during the COVID-19 emergency.  Keeping rice prices stable has been helpful for low-income households that spend a fifth of their budgets on rice alone, he added.   “The Philippines faced the COVID-19 pandemic with strength on the food security front,” Dominguez said.  He pointed out that despite logistical restrictions resulting from the lockdowns imposed to protect people and communities from the lethal coronavirus, the government was able to sustain the flow of produce from local farms to Filipino consumers.   “A food crisis did not happen. This is credited to the effective management of the food supply by our Agriculture Department,” Dominguez said......»»

Category: newsSource: NewsNov 8th, 2020

MPIC expects core earnings to top P10b

Infrastructure conglomerate Metro Pacific Investments Corp. said Wednesday it expects 2020 core net income to reach over P10 billion, lower by 35.9 percent than the P15.6-billion core net income it reported in the same period last year......»»

Category: financeSource:  thestandardRelated NewsNov 4th, 2020

Special development fund for Bangsamoro: only 2.5 B out of 10B released

KORONADAL CITY (MindaNews / 31 October) — Only 2.5 billion pesos out of the 10 billion peso special development fund (SDF) intended for the Bangsamoro Autonomous Region in Muslim (BARMM) in 2019 and 2020 has been released by the national government, the peace advocacy group Mindanao People’s Caucus (MPC) disclosed on Friday. During the “Bangsamoro […].....»»

Category: newsSource:  mindanewsRelated NewsNov 3rd, 2020

‘Yes, we can’ — two women activists show how

A lot of dire scenarios have been drawn up about the impact of the COVID-19 pandemic. The International Monetary Fund recently issued World Economic Outlook 2020 saying that the global economic output has lost about $28 trillion thus far, leaving “deep and enduring scars” in joblessness, weakened investments and children deprived of education. The report… The post ‘Yes, we can’ — two women activists show how appeared first on Bulatlat......»»

Category: newsSource:  bulatlatRelated NewsOct 17th, 2020

The Country’s Most Remote Cell Site

Despite challenges due to the island’s location in the West Philippine Sea, PLDT wireless subsidiary Smart Communications, Inc (Smart) has recently fired up its 4G/LTE service in Pag-asa Island in the municipality of Kalayaan, the country’s most remote cell site, located some 500 kilometers from the capital city of Puerto Princesa, Palawan.    Residents of Pag-asa Island can now use mobile data to communicate with family members and loved ones via chat apps and video calls, share photos, send emails or watch videos online.    In an email sent from Pag-asa Island, Smart engineer Edbert Aquitania shared a screenshot of the message he received upon firing up the LTE site: “Welcome back to the Philippines!” it said.   This development marks another step towards improved communications for the people of Pag-asa, who were first connected via mobile communication in 2005, when Smart turned on its 2G service on the island.    “The activation of LTE in Pag-asa island is proof of our continued commitment to give our customers access to our services, wherever in the Philippines they may be, regardless of the challenges,” said Mario G. Tamayo, senior vice president and head of Network Planning and Engineering at PLDT-Smart.    Smart LTE Nation  This LTE activation is part of Smart’s continuing rollout of its LTE services nationwide. To date, Smart’s high-speed broadband service is available in 93% of the country’s cities and municipalities and serves 95% of the population.    This rollout is part of PLDT and Smart’s sustained investments in their network, which have totaled some Php260 billion from 2015 to 2019. Amid the regained momentum of its network rollout efforts following the easing of lockdown restrictions, PLDT has leveled up its target capital expenditures for 2020 back up to about Php70 billion.   In the first half of 2020, Smart further increased the number of its LTE base stations by 10% compared to end-2019. In April, it also increased the capacity of its LTE network by reallocating its assigned 1800 Mhz frequency from 2G to 4G/LTE. As a result, 3,785 Smart base stations are now providing additional capacity for its LTE network.  Smart’s mobile network is supported by PLDT’s fiber infrastructure, which provides high-capacity links to LTE base stations and is now nearly 360,000 kilometers nationwide. .....»»

Category: newsSource: NewsSep 9th, 2020