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) DEPARTMENT OF SCIENCE AND TECHNOLOGY
2018 BANTOG MEDIA AWARDS
A broader look at today’s business Saturday, August 10, 2024 Vol. 19 No. 298
Q
www.businessmirror.com.ph
P25.00 nationwide | 16 pages | 7 DAYS A WEEK
INVESTMENT APPROVALS TO EXPAND IN H2—PEZA MEDALLA NO LONGER WORRIED ABOUT MIF IMPACT ON BSP
F
ORMER Bangko Sentral ng Pilipinas (BSP) Governor Felipe Medalla now has a more favorable view of the Maharlika Investment Fund (MIF), saying its impact on the Central Bank’s funds will be “minimal” due to the safeguards. “I think it cannot do much damage,” Medalla said, addressing senior industry leaders on the 50th anniversary of the Insurance Institute for Asia and the Pacific (IIAP) on Friday. He said the MIF has “When I was there, I made sure the funds of “enough safeguards” and the Central Bank remained untouched and will not be part of it.”—Former BSP Governor that the Maharlika InvestFelipe Medalla, reflecting on his efforts to ment Corp. (MIC), the sole keep the Central Bank’s funds separate from vehicle for mobilizing and the MIF. utilizing the MIF, cannot directly access the BSP’s funds. “When I was there, I made sure the funds of the Central Bank remained untouched and will not be part of it,” Medalla said. “To me, that was my main goal—to make sure that the Central Bank will not be part of the sovereign wealth fund,” he added. Continued on A2
THE 275-hectare Cavite Economic Zone or Cavite Export Processing Zone in Rosario, Cavite. Despite a decline in the value of investment approvals in the first half of 2024, Peza remains optimistic about increased investments in the second half, driven by anticipated largescale developer and locator projects. MDVEDWARDS VIA DREAMSTIME.COM
By Andrea E. San Juan
T
HE Philippine Economic Zone Authority (Peza) is optimistic that the value of investment approvals in the second half will rise on the expected increase in developer and bigticket locator projects.
Peza issued the statement after the value of investment approvals in January to July declined even as the number of projects it greenlit during the period surpassed the previous year’s approvals. Figures from Peza indicated that the number of projects that received its go signal rose to 144 in January to July from last year’s 117. However, the value of this year’s approvals at P54.72 billion
was lower by nearly 44 percent compared with the P97.163 billion recorded in 2023. “This means that we are registering more locator projects than developer projects,” Peza Director General Tereso O. Panga told the BusinessMirror via Viber on Friday. Panga said the locator projects cover mostly export manufacturing and IT services, with Continued on A2
‘New capital rules will allow local insurance firms to sustain growth’
(FROM left) Insurance Institute of Asia and the Pacific (IIAP) President Raul Tan, IIAP Chairman of the Board of Trustees Herminia S. Jacinto, Insurance Commission Deputy Commissioner Atty. Martin Yasay and IIAP Treasurer Esther Tan lead the ribbon-cutting ceremony celebrating the IIAP’s 50th Anniversary. REINE JUVIERRE ALBERTO
By Reine Juvierre Alberto
T
HE insurance industry will sustain income growth with the increase in the minimum capital requirement for local companies, according to an industry leader. Insurance Institute for Asia and the Pacific (IIAP) Chairman of
the Board of Trustees Herminia S. Jacinto told the BusinessMirror on Friday that she is optimistic about the growth prospects for life and non-life insurance sectors. “With an increase in their net worth, confidence among the public to purchase insurance products would also increase,” Jacinto said. Continued on A2
NAVIGATING HISTORY Mexican dancers Arturo Flores and Maria del Carmen, dressed in traditional attire, pose in front of the Mexican Navy training ship Cuauhtémoc, which is currently berthed at Pier 2 of Manila South Harbor. Originally built in Bilbao, Spain, in 1981 and named Celaya, the vessel was later acquired by the Mexican Navy to serve as a training ship for officers, cadets, petty officers, and sailors. The name Cuauhtémoc honors the last Aztec emperor, who valiantly resisted Spanish conquest in the early 16th century. The Cuauhtémoc’s arrival was marked by a warm welcome from a delegation of the Mexican Embassy and their counterparts in the Philippine Navy. The historical ties between Mexico and the Philippines are rooted in their shared colonial past under Spanish rule, which began in the late 16th century. Both countries were part of the Spanish Empire, with Mexico serving as the administrative hub for Spanish territories in the Americas and the Philippines as part of its Asian colonies. This colonial connection fostered cultural and economic exchanges that continue to influence their relationship today. BERNARD TESTA
PESO EXCHANGE RATES Q US 57.4430 Q JAPAN 0.3903 Q UK 73.2513 Q HK 7.3705 Q CHINA 8.0057 Q SINGAPORE 43.3499 Q AUSTRALIA 37.8607 Q EU 62.7163 Q KOREA 0.0418 Q SAUDI ARABIA 15.3071 Source: BSP (August 9, 2024)