PHL’s July FDI inflows up 5.5% to $820M, a 5-mo high By Cai U. Ordinario
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BDO PRESIDENT ADDRESSES ROTARIANS Nestor V. Tan (center), president and CEO of BDO Unibank, is seen along with PT Joselito “Lito” H. Sibayan and Rotary Club of Manila (RCM) President Jujut Enriquez, after he served as guest speaker at the 12th Weekly Joint Membership Meeting of the Rotary Club of Manila, jointly with the Rotary Club of Makati West, held at the Manila Polo Club in Makati City on Thursday, October 10, 2024. NONOY LACZA
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HE country received its highest level of foreign direct investments in five months, according to the latest data from the Bangko Sentral ng Pilipinas (BSP). The data showed FDI net inflows in July 2024 increased by 5.5 percent to $820 million from the $778-million net inflows recorded in July 2023. FDIs more than doubled compared to the $394 million posted
in June 2024. The July FDI figure was the highest since the $1.366 billion recorded in February 2024. “The improvement in FDI was driven by higher net inf lows across all components. In particular, nonresidents’ net investments in debt instruments,” BSP said. In the January to July period, BSP data showed FDIs grew 7.5 percent to $5.256 billion from $4.888 billion last year. This was the highest since the $9.116 billion recorded at the end of 2023. In July 2024, the BSP noted that
nonresidents’ net investments in debt instruments rose by 2.7 percent to $610 million from $594 million in July 2023. Nonresidents’ net investments in debt instruments in July was the highest since the $831 million posted in Januar y 2024. Compared to June 2024, nonresidents’ net investments in debt instruments nearly tripled from the $213 million. BSP also said nonresidents’ reinvestment of earnings increased by 12.8 percent to $135 million from $120 million in July 2023.
This is also the highest since the $240 million posted in August 2023. Compared to June, nonresidents’ reinvestment of earnings grew 26.17 percent from $107 million. “Net investments in debt instruments consist mainly of intercompany borrowing/lending between foreign direct investors and their subsidiaries/affiliates in the Philippines,” BSP said. “The remaining portion of net investments in debt instruments
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DOF PREPS LGU FISCAL REFORMS POST-RPVARA www.businessmirror.com.ph
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Friday, October 11, 2024 Vol. 20 No. 2
P25.00 nationwide | 2 sections 22 pages | 7 days a week
By Reine Juvierre Alberto @reine_alberto
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ITH revenue collections of local government units (LGUs) increasing to P331.410 billion in 2023, the Bureau of Local Government Finance (BLGF) will roll out reforms to further improve local fiscal management and digitalize the valuation and appraisal of properties.
The Department of Finance (DOF) said on Thursday the BLGF will launch the Local Governance Reform Project (LGRP) to harmonize policy direction and support the Real Property Valuation and Assessment Reform Act (RPVARA). Recent ly enacted this June 2024, RPVARA is seen to create a "just, equitable and efficient" real property valuation system in the Philippines as well as attract more investments and boost local revenues. See “DOF,” A2
WPS WATCHERS PROD ASEAN Members of the Alliance of West Philippine Sea Watchers wave Philippine and Vietnamese flags and shout slogans during a press conference in Quezon City on Thursday, October 10, 2024. In response to China’s aggressive actions in the West Philippine Sea, they called for a unified ASEAN stance, urging Vietnam to support the Philippines in defending its sovereignty and maritime interests. The group emphasized the importance of regional cooperation to uphold international law and maintain stability, highlighting the Philippines’ recent assistance to Vietnamese vessels as a testament to their strong bilateral ties. See related story in A14, "Marcos Jr seeks ‘concerted, urgent’ effort vs China aggression in WPS.” NONOY LACZA
PHL SITES ON CN TRAVELER READERS’ TOP ISLAND PICKS By Ma. Stella F. Arnaldo
@akosistellaBM Special to the BusinessMirror
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SLANDS in the Philippines were aga i n recog n i zed among Asia’s best by readers of an influential international travel publication. In its 2024 Readers’ Choice Awards, Condé Nast Traveler listed Boracay Island, Palawan, Cebu and the Visayan Islands, and Siargao among Asia’s Top 10 Islands. Boracay placed third with a readers’ score of 91.94, after Koh Samui in Thailand, which topped the
list with a score of 93.54, and Langkawi, Malaysia with a score of 92.14. Palawan placed sixth with a readers’ score of 90.68, followed by Cebu and the Visayan Islands in eighth place (90.29), and Siargao rounding up the Top 10 list in 10th place (89.2). In a news statement, Tourism Secretary Christina Garcia Frasco noted that the continued visits by international travelers have lifted the Philippines to a premier position among key tourism destinations See “PHL,” A2
AKFTA to help improve tech access, says PBBM By Samuel P. Medenilla
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IENTIANE, Laos—With S o u t h K o r e a ’s n e w l y launched comprehensive partnership with the Association of Southeast Asian Nations (Asean), President Ferdinand Marcos is hopeful it will help achieve technological “parity” in the regional bloc. Marcos said ongoing efforts to review and upgrade the Asean-Korea Free Trade Agreement (AKFTA) will help improve technology access, including the internet, to more Asean countries. “The proposed upgraded AKFTA
should not only facilitate greater market access, but also foster a more inclusive and dynamic economic partnership that will be to the benefit of all parties involved, including our micro, small, and medium enterprises, unlocking new opportunities for our businesses and our people,” the President said. In a 2020 report, Asean reported that only 53 percent of rural children and adolescents in the regional bloc have an internet connection at home, which is below the 72 percent of urban kids. See “AKFTA,” A2
PESO exchange rates n US 56.9980 n japan 0.3821 n UK 74.5078 n HK 7.3350 n CHINA 8.0506 n singapore 43.6198 n australia 38.2685 n EU 62.3672 n KOREA 0.0425 n SAUDI arabia 15.1901 Source: BSP (October 10, 2024)