PHL financial system’s resources rise to ₧31.79T By Reine Juvierre S. Alberto @reine_alberto
T
NEW MMDA BUILDING ANNEX Defense Secretary Gilbert Teodoro, MMDA Acting
Chairman Atty. Don Artes, and Senator Sonny Angara, the incoming Education Secretary, engage in a discussion during the groundbreaking ceremony for the construction of the new MMDA Building Annex in Pasig City on Tuesday, July 16, 2024. The new 5-story building aims to enhance public service and provide sustainable, climate-resilient infrastructure, featuring solar panels, rainwater harvesting technology, and advanced earthquake resilience. Additionally, it will include function halls for events and a multi-purpose area serving as an emergency evacuation center. NONOY LACZA
HE total resources of the Philippine financial system rose to P31.787 trillion as of end-May 2024, according to the Bangko Sentral ng Pilipinas (BSP). Latest BSP data showed total resources of the financial system grew by 10.69 percent from P28.716 trillion recorded in May 2023. Philippine banks’ resources accounted for the bulk of total resources amounting to P26.463 trillion in May 2024. This was higher by 12.30 percent, or P2.898
trillion, than the P23.565 trillion posted in May 2023. Among Philippine banks, universal and commercial banks (UKBs) recorded the highest share in resources with P24.799 trillion in May 2024. T his was 12.32 percent or P2.721 trillion more than the P22.078 trillion posted in the same month a year ago. This accounted for 93.71 percent of the total resources of all Philippine banks. Meanwhile, thrift banks (TBs) accounted for 4.16 percent of all resources in Philippine banks, at P1.102 trillion in May 2024. This was 9.76 percent or P98
billion more than the P1.004 trillion recorded in the same period last year. This was followed by Rural and Cooperative Banks (RCBs) accounting for 1.73 percent or P458 billion of the total resources of Philippine banks in May 2024. T he resources of RCBs increased 13.37 percent or P54 billion from the P404 billion level of resources these banks had in May 2023. Dig ita l bank s (DGBs) a lso contributed 0.40 percent to the Philippine banks’ total resources amounting to P105 billion, BSP data showed.
The total resources of DGBs expanded by 32.91 percent or P105 billion in May 2024 from the P79 billion it posted in the same month a year ago. Moreover, resources lodged in non-banks grew to P5.323 trillion in May 2024. This was an increase of 3.34 percent or P172 billion from the P5.151 trillion posted in May 2023. Non-bank institutions consist of investment houses, financing companies, investment companies, securities dealers/brokers, pawnshops, lending investors, and See “Financial,” A
A broader look at today’s business Q
www.businessmirror.com.ph
Wednesday, July 17, 2024 Vol. 19 No. 274
P. nationwide | sections pages | 7 DAYS A WEEK
IMF, AMRO TRIM PHL ‘24 GDP GROWTH OUTLOOK T By Andrea E. San Juan @andreasanjuan
HE International Monetary Fund (IMF) and the Asean+3 Macroeconomic Research Office (Amro) revised downward their GDP forecast for the Philippines as headwinds, such as inflation and the weaker-thanexpected recovery of the external sector, weigh on the economy. See “Amro,” A
MEDICAL TOURISM PITCHES IN P25B TO PHL ECONOMY IN 2023 By Ma. Stella F. Arnaldo @akosistellaBM Special to the BusinessMirror
M
EDIC A L tou r i sm h a s c o nt r i b ut e d some P15 billion to P25 bi l l ion in v isitor receipts to the Philippine economy in 2023. In a speech on Monday at the designation of St. Luke’s
Medical Center (SLMC) at the Bonifacio Global City as a lead medical tourism facility accredited by the Department of Tourism (DOT), Secretary Christina Garcia Frasco said there were 30,524 international visitors who arrived in the country for medical purposes. DOT gave no See “Medical,” A
SUNNY SIDE UP Green energy advocacy groups, communities, and multisectoral representatives launched an ambitious project on Tuesday, July 16, 2024, aiming to install 10 million solar rooftops across the Philippines. This initiative advocates for cheaper, more reliable electricity and aims to significantly increase the country’s renewable energy capacity. NONOY LACZA
MIC eyes retail investments through equity, bond issuance
T
SENATE READY FOR GUO FAMILY Senate Sergeant-at Arms Gen. (ret.) Roberto Ancan shows to media the detention room where suspended Bamban, Tarlac Mayor Alice Guo and her family would be detained upon serving their arrest order. Ancan said the detention room, located near the open basketball court inside the Senate compound in Pasay City, could house eight people and is fully air-conditioned. “This [room] was the former day care center and we decided to prepare this for them because they are a family and could be together,” Ancan said. He said the Office of the Sergeant-at-Arms (OSAA) would protect Mayor Guo and her family and keep them safe from outside danger. “We will protect them. I have done this before,” Ancan, a bemedalled former army official, assured the Guo family who had reportedly received death threats. He said OSAA could also call for the assistance of the Philippine National Police posted in the Senate, if needed. SENATE PRIB
HE Maharlika Investment Corporation (MIC) is keen on allowing future retail investors to invest directly in the sovereign wealth fund through equity and issuance of bonds. “Yung mga retail investors bibigyan nat in sila ng pagk ak ataon p a ra m a k a p a g - i n v e s t d i r e c t ly sa Maharlika hindi lang bonds kung hindi pati equity. [We will allow retail investors to invest directly in Maharlika not just through bonds but also through equity],” MIC President and Chief Executive Officer Rafael Consing Jr. said in a televised program on Tuesday. Consing said the MIC will only be able to issue asset participation certificates, which could be traded, to
allow investors to have a say in the company, when the MIC has already proceeded with its investment plans. Since the MIC has not invested in anything yet, it does not have any asset to generate cash flow to pay for the yields of investors. Consing said it will set up thematic subfunds, which will invest in the MIC’s target sectors such as energy. “A y a w k o p o n g p u m u n t a sa market na wala po tayong track record [I don’t want MIC to venture into the market with no track record].” Consing said. As of now, Consing said the MIC has addressed its governance and accomplished its roster of Board of See “MIC,” A
PESO EXCHANGE RATES Q US 58.5270 Q JAPAN 0.3702 Q UK 75.8861 Q HK 7.4975 Q CHINA 8.0627 Q SINGAPORE 43.5695 Q AUSTRALIA 39.5584 Q EU 63.7769 Q KOREA 0.0423 Q SAUDI ARABIA 15.6047 Source:
BSP 16 July 2024