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 A broader look at today’s business
EJAP JOURNALISM AWARDS
BUSINESS NEWS SOURCE OF THE YEAR
(2017, 2018, 2019, 2020)
DEPARTMENT OF SCIENCE AND TECHNOLOGY
2018 BANTOG MEDIA AWARDS
BSP SEES BANK LENDING DRIVING M3 6.5% GROWTH www.businessmirror.com.ph
n
Saturday, July 13, 2024 Vol. 19 No. 270
P25.00 nationwide | 18 pages | 7 DAYS A WEEK
JUNPINZON VIA DREAMSTIME.COM
CAUGHT IN CHINA-PHL ROW, PINOY FISHERS STILL HAVE NO ACCESS TO BAJO DE MASINLOC
T
By Reine Juvierre S. Alberto
HE supply of money in the country grew at a fast pace to P17.4 trillion as of end-May 2024 due to increased bank lending, according to the Bangko Sentral ng Pilipinas (BSP). Preliminary data from the BSP showed domestic liquidity or M3 rose by 6.5 percent to P17.399 trillion in May 2024 from P16.341 trillion in May 2023. Bank lending, meanwhile, also increased by 10.1 percent to P12.017 trillion as of end-May 2024 from P10.911 trillion in the same period a year ago. “Domestic claims expanded by 10.7 percent year-on-year in May similar to the previous month, as revised,” the BSP said.
Claims on the private sector rose 11.6 percent amounting to P12.107 trillion in May 2024 from 10.9 percent, or P11.963 trillion, in April 2024 on the back of sustained expansion in bank lending to nonfinancial private corporations and households. Net claims on the central government also increased by 12.2 percent to P5.071 trillion from 13.9 percent, or P5.043 trillion, due to the sustained borrowings of the national government with the BSP.
Net foreign assets (NFAs) in peso terms rose by 4.9 percent to P6.877 trillion in May 2024 from 2.1 percent in April 2024. The BSP’s NFA grew by 8.6 percent while the NFA of banks contracted on account of higher bills and bonds payable. “The BSP will continue to ensure that domestic liquidity conditions remain consistent with the prevailing stance of the monetary policy, in line with its price and financial stability objectives,” the BSP said.
the previous month. Outstanding loans for production activities increased by 8.4 percent in May from 7.8 percent in April on account of the rise in loans to major sectors, specifically realestate activities (11.5 percent). The data also showed loans to wholesale and retail trade, and repair of motor vehicles and motorcycles (11.1 percent); manufacturing (10.1 percent); transportation and storage (26.7 percent); and electricity, gas, steam, and airconditioning supply (7.7 percent). Consumer loans to residents also increased by 25.6 percent in May from 25.3 percent in April on the back of the increase in credit card, motor vehicle, and salary-based general purpose consumption loans. “Looking ahead, the BSP will ensure that domestic liquidity and credit conditions remain in line with its price and financial stability objectives,” the BSP added.
Bank lending
OUTSTANDING loans to residents, net of reverse repurchase (RRPs), expanded by 10.2 percent in May 2024, up from 9.6 percent the previous month according to BSP data. The data also showed outstanding loans to nonresidents went up at a slower rate by 8.1 percent in May after expanding by 10.8 percent in
[FILE] A collective of fishermen in Masinloc, Zambales, took a significant step on Monday, November 6, 2023, by releasing a massive buoy proclaiming “Atin ang Pinas!” on the island of San Salvador. President Ferdinand R. Marcos Jr. reassured the nation that his administration remains committed to safeguarding the Philippines’ maritime territory and upholding the rights of Filipino fisherfolk. This commitment follows Marcos’s directive to dismantle the floating barriers erected by the China Coast Guard at the southeast entrance of Scarborough Shoal, also known as Bajo de Masinloc. NONOY LACZA
By Malou Talosig-Bartolome
E
IGHT years after the Philippines won the landmark ruling of an international arbitration body against China, Filipino fishermen said they still have no access to Bajo de Masinloc in the West Philippine Sea. Filipino fisherfolk, who belong to the poorest sector in the Philippines, have been caught in the middle of the geopolitical tension between Manila and Beijing. Leonardo Cuaresma, president of a fishermen’s group from Masinloc, Zambales, told reporters that China is now totally blocking and harassing them whenever they try to get near Bajo de Masinloc. “Sa nakalipas na administrasyon na sinasabi po nila na malayang makapangisda ang mga mangingisda sa Bajo de Masinloc, hindi po namin ito nakita at hindi po kami malaya. Nakakaranas na po kami noon ng pambu-bully [When they said in the past administration that fishermen could fish freely in Bajo de Masinloc, we didn’t experience that. We experienced being bullied].” However, Cuaresma said, the “aggression by the “Chinese Coast Guard and Chinese militia” has intensified lately. Still, he noted, the good thing is that, the Chinese Coast Guard and militia are now facing resistance in lording it over Bajo de Masinloc. Cuaresma, president of the New Masinloc Fishermen Association, said fisherfolk are also experiencing water cannoning by China Coast Guard. Recently, Filipino boats have also been rammed by Chinese vessels while trying to get near the shoal. Continued on A2
First-ever India-Philippines job fair opens doors to 2,500 opportunities By John Eiron R. Francisco
JOHN ANGELO YLAG
P
ASIG CITY—The first-ever India-Philippines job fair was launched Friday, offering 2,500 jobs to Filipinos through 15 Indian company giants operating in the country. Sadre Salam, Chargé d’Affaires of the Embassy of India based in Manila, told the BusinessMirror that these companies in collaboration with the City Government of Pasig and Indian Business Organizations in the Philippines—namely, the Federation of Indian Chamber of Commerce and Industry-Philippines (FICCI-Phil),
the Indian Business Forum (IBF), and Indian Women in Enterprise (IWE)—have come together to make the job offers. The 15 Indian companies, with combined revenues exceeding $20 billion, are offering local job opportunities across multiple sectors, including Information Technology (IT), Business Process Outsourcing (BPO), the service industry, pharmaceuticals, healthcare, and more. “Our Philippines job fair is testimony to many truths of the deepening relationship between our two friendly countries—that India and Continued on A2
PESO EXCHANGE RATES n US 58.2980 n JAPAN 0.3668 n UK 75.2744 n HK 7.4671 n CHINA 8.0327 n SINGAPORE 43.4185 n AUSTRALIA 39.3920 n EU 63.3641 n KOREA 0.0425 n SAUDI ARABIA 15.5436 Source: BSP (July 12, 2024)