Current State of the Philippine Economy

27 Mar: New Rules on Foreign Business Ownership

New Rules on Foreign Business Ownership

On Monday, March 25 2013, the Securities and Exchange Commission (SEC) released a draft memorandum circular regarding the government body’s foreign ownership rule. The SEC had released this draft to the concerned parties asking for their input and comments by April 25.

Instead of the previous provision stating that foreigners can only own 30 to 40 percent of all classes of a company’s stock, now the new draft states that foreigners may now own 30 to 40 percent of voting shares and total shares. This rule applies to companies in the utilities, media, advertising, and natural resources industries.

21 Mar: The Philippine Peso Recovers Loss from Effects of Cyprus Bailout Fears

The Philippine Peso Recovers Loss from Effects of Cyprus Bailout Fears

On Monday, March 18, 2013, it was reported that the Philippine Peso weakened as an effect of the announced radical bailout plan on Cyprus. While it seems unlikely that an event this far from the Philippines should affect it economically, it seems that investors have shied away from risky assets and investments because of the possible fallout from this move in Cyprus.

14 Mar: Foreign Direct Investment Posts Significant Increase in 2012

Foreign Direct Investment Posts Significant Increase_
Foreign direct investment inflows have never been better as confidence increases in the Philippine business environment. Foreign direct investment increased by 10% by the end of 2012. Comparing from the previous year, the amount increased from $1.85 billion in 2011, a significant amount in itself, to an even more impressive $2 billion in 2012. There was an increase of $150 million over the course of the year which was, as previously mentioned, 10%.

06 Mar: Peso Stands Strong against Other Asian Currencies

Peso Stands Strong against Other Asian Currencies
The Philippine Peso continues to do well in terms of Peso-Dollar exchange despite the currency being widely reputed to be one of the weaker currencies in the region. In the first two months of 2013, the Peso is reported to be on one of the fastest appreciating currencies in Asia. During the latter half of the previous year, the exchange rate saw the Peso getting consistently stronger against the Dollar. The average exchange rate for the past four years has continuously declined, with the Peso getting stronger as each year passes.

28 Feb: GT Capital Holdings Open To Partnership With The Government

GT Capital Holdings Open To Partnership With The Government

The investment arm of Metrobank Group of Taipan George S.K. Ty, GT Capital Holdings Inc. is open to forge partnerships with entities competing for projects under the Public-Private Partnership (PPP) program of government.

“If we can get a strategic partner, why not,” said GT Capital president Camelo Bautista when asked whether the group was looking at bidding for PPP projects.

However, Bautista said that there is nothing on their table right now and they remain focused on further increasing their core businesses which includes financial services, real estate, automotive distribution, insurance and power.

20 Feb: Growing Partnership of Filipino and Israeli Businessmen Aims to Triple Trade

Filipino and Israeli businessmen aim to triple bilateral trade amid glowing partnership prospects.

During a business forum on Monday, Philippine Chamber of Commerce and Industry (PCCI) President Miguel B. Varela said two-way trade between the Philippines and Israel amounted to the maximum amount $250 million as of last year.

08 Feb: San Miguel Properties Is Going Private

San Miguel Properties Inc. (SMPI), the real estate development provider associated with San Miguel Corporation is about to experience an offer for its shares inventory as well as voluntarily delist in from the Philippine Stock Exchange.

In a revelation to the Philippine Stock Exchange, SMPI mentioned the actual move to file the case with regard to non-reflex delisting had been accepted by the board of directors last February 5.

16 Jan: FTA Of Philippines With European Union Needs Urgent Action

European Chamber of Commerce of the Philippines (ECCP) Vice President Henny J. Schumacher said in his statement yesterday that the Philippines will be left behind its Southeast Asian neighbors if it does not sign a Free Trade Agreement (FTA) with the European Union (EU) by the year 2015.

ECCP is convincing all business leaders to encourage the government to move ahead and  start negotiating with the European Union for the free-trade deal.

Mr. Schumacher said that based on the current trends, Singapore, Thailand, Malaysia and Vietman could sign the free-trade agreement. Although the trade department could not be reached for any comments regarding this.

04 Dec: Philippine Economy Gets a 7.1% Boost

In the third quarter of the year, the Philippines made its mark as the best performer in Southeast Asia by growing a massive 7.1%. This is the strongest recorded growth in Asia during the period after China’s.

Socioeconomic Planning Secretary Arsenio Balisacan said the value of goods produced and the solutions delivered resulted to more jobs and better earnings for Filipinos. “We are well on our way to going above our set target of 5 to 6 % in 2012,” he says.

In the third quarter, agricultural output and recovery in exports jumped, contributing to 1.3% of economy’s rise in the July-September quarter from April-June. This was three times faster than economic experts had estimated.

27 Nov: Local Financial Markets Rolls Into Records

Yesterday, the investors’ sentiment pushed the peso and stock markets into high while the Treasury bill rates get too historic lows. Local economies got its strength and have its strong performance to have its confident back in developing the nations to solve the debt problems.

The benchmark of Philippine Stock Exchange was closed to 27.08 points or 0.5 percent higher at 5,579.42 yesterday as a new all-time high. Considering the immediate basis of investor’s confidence, the PSEi hit the records high with a total of 29 times in this year on 30 companies.