Pledges made through IPAs up 542%
National University and adidas partner to elevate collegiate sports
By Cai U. Ordinario
National University (NU) and adidas’ three-year partnership, which names adidas as the official outfitter of the university, will further elevate the NU Bulldogs’ pursuit of excellence throughout the University Athletic Association of the Philippines (UAAP) collegiate sports calendar. The collaboration will provide the team with adidas apparel and footwear, available in select SM Store, Sports Central, and adidas branches starting November 9, 2024. (L-R): SM Supermalls President Steven Tan, adidas Philippines General Manager Anthony Frangos, National University (NU) President and CEO Dr. Renato Carlos Ermita Jr., and NU Vice President for Administrative Services Nilo Ocampo. SM SUPERMALLS
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@caiordinario
LEDGES made by foreign and Filipino nationals through the government’s Investment Promotion Agencies (IPAs) grew more than five-fold in the third quarter of 2024, according to the Philippine Statistics Authority (PSA). Based on the Approved Foreign Investments (FI) report, the PSA said IPAs approved investments of foreign and Filipino nationals worth a total P541.29 billion. This represented an increase of 542.1 percent from the reported amount of P84.29 billion in the same quarter of the previous year. Of this amount, a total of P146.75 billion in pledges came from foreign
businesses and P394.54 billion or 72.9 percent share of the pledges came from Filipino nationals in the third quarter of the year. “Approved investments of foreign and Filipino nationals in the third quarter of 2024 were expected to generate a total of 33,727 employment,” PSA said. The PSA said this indicated an increase of 49.4 percent from the 22,571 expected jobs in the same quarter of the previous year. Further, out of the total generated employment, a total of 19,265 jobs would be absorbed by FI projects. Meanwhile, FI pledges represented an increase of 434.4 percent from the P27.46 billion in the same quarter of 2023.
Filipino pledges, meanwhile, posted a growth of 594.2 percent from the P56.83 billion in the same period of last year. Meanwhile, in terms of foreign pledges, the PSA said the manufacturing industry received the largest amount of approved FI at P70.57 billion or 48.1 percent of the total approved FI. This was followed by Electricity, gas, steam and air conditioning supply with P51.92 billion and real estate activities with P13.13 billion, or shares of 35.4 percent and 8.9 percent, respectively. Among the regions in the country, Calabarzon received the largest share See “Pledges,” A2
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Friday, November 15, 2024 Vol. 20 No. 37
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PHL DOWN TO 61ST SLOT T
By Andrea E. San Juan @andreasanjuan
HE Philippines slipped by two notches to the 61st spot in the World Digital Competitiveness Ranking this year out of the 67 economies covered.
Based on the IMD World Digital Competitiveness Ranking 2024, the country’s overall ranking this year is its lowest in five years. Across Asia-Pacific, the Philippines placed second to the last, as it ranked 13th out of the 14 economies in the region. The IMD World Digital Competitiveness (WDC) Ranking ranks the “extent to which countries adopt and explore digital technologies leading to transformation in government practices, business models and society in general.” The WDC ranking defines digital competitiveness based on three factors: Knowledge, Technology and Future Readiness. IMD explained that Knowledge is the know-how necessary to discover, understand and build new technologies. Technology, it noted, is the overall context that enables the development of digital technologies while Future Readiness is the level of country preparedness to exploit digital transformation. In the case of the Philippines, it ranked 64th in the Knowledge pillar. The sub-factors that support this pillar are Talent, in which the country placed 60th; Training and Education, 62nd; and Scientific concentration, 61st. See “World,” A2
TOWING THE LINE Metropolitan Manila Development Authority Chairman Atty. Don Artes (middle), Pasig City Mayor Vico Sotto, and Philippine Reclamation Authority Chairman Atty. Alex Lopez preside over a Metro Manila Council meeting on Thursday, November 14, 2024. The discussion focused on implementing updated towing and impounding guidelines and enhancing emergency operations centers for disaster response. Related story in A5 News. NONOY LACZA
Additional UA funding hikes IFC INVESTMENTS IN AS-PAC GROW DOUBLE DIGITS TO $12B 2024 natl budget to ₧5.93T
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NVESTMENTS made by the private sector arm of the World Bank Group, the International Finance Corporation (IFC), in Asia and the Pacific posted double-digit increase in the fiscal year ending June 30. In a statement, the IFC said it invested $12.2 billion to 123 projects in Asia Pacific which marked an 11-percent year-onyear increase compared to the previous fiscal year. The fiscal year of the IFC and the World Bank Group ends in June 30 and begins in July 1. “Amid persistent and intertwined global challenges, IFC is
resolved to foster innovation and deliver more sustainable private sector solutions across Asia Pacific,” said Riccardo Puliti, IFC’s Regional Vice President for Asia Pacific. “The private sector continues to play a key role in addressing urgent development needs of countries in the region.” IFC said these investments are composed of $6.2 billion in long-term financing from its own account; $3.3 billion in mobilization; and $2.7 billion in shortterm trade and supply-chain finance to facilitate trade flows. See “IFC,” A2
By Reine Juvierre Alberto
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@reine_alberto
HE 2024 nat iona l budget has been increased to P5.931 trillion from the programmed P5.768-trillion budget due to additional funding for unprogrammed appropriations. Latest data from the Department of Budget and Management (DBM) showed P98.904 billion has been added to the national budget to finance unprogrammed appropriations in October. In September, the government also infused P65.173 billion to the budget for unprogrammed appropriations, bringing the total to P164.077 billion.
Unprogrammed appropriations may only be availed of when revenue collections exceed targets, through new revenue collections from new tax or non-tax sources and approved loans for foreignassisted projects. About P36.934 billion was allotted for infrastructure and social programs of the Departments of Agriculture (DA), Public Works and Highways (DPWH), and Social Welfare and Development (DSWD) in October. The Department of Transportation (DOTr) also received a P2.926billion boost as support to its foreign-assisted projects. See “Additional,” A2
PESO exchange rates n US 58.7060 n japan 0.3777 n UK 74.6212 n HK 7.5452 n CHINA 8.1164 n singapore 43.7191 n australia 38.0708 n EU 62.0229 n KOREA 0.0418 n SAUDI arabia 15.6245 Source: BSP (November 14, 2024)