GOLD ELUDES PETECIO NESTHY PETECIO’s golden dreams at the Paris Olympics faded with her 4-1 loss to Poland’s Julia Szeremeta, settling for bronze. This hard-fought victory, alongside Aira Villegas’s bronze in women’s flyweight, contributes to the country’s historic 24th place on the medal tally board. With Carlos Yulo’s two gold medals in gymnastics, the Philippines is now 24th on the tally board dominated by the US with 27 golds, two more than China and nine over Australia. The Philippines tops other Southeast Asian countries on the leaderboard, with Thailand trailing at 31st place. Four more athletes—golfers Bianca Pagdanganan and Dottie Ardina, and weightlifters Elreen Ando and Vanessa Sarno— remain in contention in Paris. NONIE REYES VIA CANON R6
ROTARY CLUB OF MANILA JOURNALISM AWARDS
2006 National Newspaper of the Year 2011 National Newspaper of the Year 2013 Business Newspaper of the Year 2017 Business Newspaper of the Year 2019 Business Newspaper of the Year 2021 Pro Patria Award PHILIPPINE STATISTICS AUTHORITY 2018 Data Champion
BusinessMirror
EJAP JOURNALISM AWARDS
BUSINESS NEWS SOURCE OF THE YEAR 2017, 2018, 2019, 2020, 2021 DEPARTMENT OF SCIENCE AND TECHNOLOGY
2018 BANTOG MEDIA AWARDS
A broader look at today’s business Friday, August 9, 2024 Vol. 19 No. 297
Q
www.businessmirror.com.ph
P. nationwide | sections pages | 7 DAYS A WEEK
6.3% Q2 GROWTH BUOYS HOPE FOR FULL-YR GOAL
Debt-to-GDP ratio inches up to 60.9% in 2nd quarter
By Cai U. Ordinario @caiordinario
T
HE steady pace of household consumption and faster government spending in the second quarter allowed the economy to exceed the low-end of the administration’s growth target despite elevated inflation and high interest rates.
By Reine Juvierre Alberto @reine_alberto
T
GRAIN EXPECTATIONS In a bid to ensure food security and stimulate the economy, sacks of rice were distributed to 300 beneficiaries from Barangays Pinyahan, Central and Pag-asa in Quezon City during the launch of the “Murang Bigas sa NIA at P29” program at the National Irrigation Administration headquarters on August 8, 2024. The affordable rice comes from farmers in NIA's Contract Farming Initiative, aligning with President Marcos's broader agenda to stabilize the economy by supporting local agriculture and ensuring accessible food for all. NONOY LACZA
HE national government's debt-to-GDP ratio, or debt stock compared against its gross domestic product, inched up to 60.9 percent in the second quarter of 2024, according to the Bureau of the Treasury (BTr). Latest data from the Treasury showed debt-to-GDP in the second quarter of 2024 is higher by 0.8 percent than the 60.1 percent recorded in the first quarter of 2024 and in 2023. The debt-to-GDP ratio breached the recommended 60 -percent threshold by multilateral lenders for emerging markets, as well as the latest approved fiscal and growth assumptions of the Development Budget and Coordination See “Debt-to-GDP,” A
WHY CAN’T MSME EXPORTS COMPETE? DTI EXPLAINS SOURCE: OXFORD ECONOMICS/HAVER ANALYTICS
On Thursday, the Philippine Statistics Authority (PSA) said the country’s GDP growth reached 6.3 percent in the April to June period this year. This is the fastest growth rate since the 6.4 percent posted in the first quarter of 2023. The Development Budget Coordination Committee (DBCC) aims to post a full-year GDP growth of 6 to 7 percent in 2024. The secondquarter growth was faster than the 5.8 percent GDP growth posted in the first three months of the year and 4.3 percent recorded in the second quarter last year.
By Andrea E. San Juan @andreasanjuan
F
ILIPINO Mic ro, Sm a l l and Medium Enterprise (MSME) e x por ters are finding it difficult to compete in international markets due to problems in getting necessary certifications, production pricing and regulatory compliance, according to the Department of Trade and Industry-Export Marketing Bureau (DTI-EMB). DTI-EMB Director Bianca Pearl R. Sykimte said these challenges were underscored in the Needs Assessment Survey that the export marketing
division of DTI has been conducting to address the needs of stakeholders. “Based on the results of the said survey, the following are the key challenges of exporters: Regulator y compliance; Production,particularly on costing and pricing and Certification,” Sykimte told the BusinessMirror in a Viber message on Wednesday. “These challenges have made it more difficult for MSME exporters to effectively compete in international markets,” she noted. According to Sykimte, this includes cost of complying and
getting the “necessary” certifications. Moreover, exporters raised “lengthy process and tedious documentation required.” She pointed out that, “Exporters both raised issues in securing local and international certifications.” For one, the Trade official said food distributors, manufacturers and traders, including exporters, are required to apply for a License to Operate (LTO) from the Food and Drug Administration’s Center for Food Regulation and Research (FDA-CFRR). See “MSME,” A
See “Q,” A
PESO EXCHANGE RATES Q US 57.6900 Q JAPAN 0.3933 Q UK 73.2432 Q HK 7.3987 Q CHINA 8.0396 Q SINGAPORE 43.4544 Q AUSTRALIA 37.6081 Q EU 63.0206 Q KOREA 0.0420 Q SAUDI ARABIA 15.3672 Source: BSP (August 8, 2024)