A broader look at today’s business Q
www.businessmirror.com.ph
Wednesday, July 24, 2024 Vol. 19 No. 281
P. nationwide | sections pages | 7 DAYS A WEEK
Q2 GROWTH COULD HIT NEARLY 6%–NEDA CHIEF T By Andrea E. San Juan
Anticipated rate cut crucial to growth–DOF
@andreasanjuan
HE Philippines will likely grow by nearly 6 percent in the second quarter of 2024 on the back of better employment, exports and manufacturing output, among others, according to Socioeconomic Planning Secretary Arsenio M. Balisacan. “The employment numbers... are okay, exports for the first half are turning out not so bad, so probably close to…at least the
By Reine Juvierre S. Alberto @reine_alberto
T
lower end of the target,” Balisacan told reporters on the sidelines of See “Growth,” A
RAIN CHECK Dark clouds hover over the Manila skyline as strong scattered rains and gusty winds sweep across the metropolitan area. Parts of the country experienced flooding due to continuous rainfall brought about by the southwest monsoon and Typhoons Butchoy, Carina, which maintains its strength, according to Pagasa. Malacañang has announced the suspension of work in government offices and classes at all levels in the National Capital Region by 2 pm on Tuesday, July 23. Story on A3 Nation. NONIE REYES
CALM WATERS AHEAD? A member of the Philippine Coast Guard holds flags during the arrival of the Chinese naval training ship Qi Jiguang for a goodwill visit at Manila’s port on June 14, 2023. Amid escalating tensions at the disputed Second Thomas Shoal in the South China Sea, the Philippines and China have reached a significant deal. This agreement, finalized after extensive diplomatic meetings and exchanges, aims to de-escalate confrontations at the shoal—known as Ayungin in the Philippines and Ren’ai Jiao in China—without conceding territorial claims from either side. AP/BASILIO SEPE
HE Monetary Board (MB) is on track to reduce key policy rates this year to support consumer and investment growth, according to Finance Secretary Ralph G. Recto. Recto, who is a member of the highest policy-making body of the Bangko Sentral ng Pilipinas (BSP) Monetary Board, said on Tuesday the anticipated rate cut as early as August is the “most important” as this will support the country’s economic growth. A growth in consumption will be realized in the fourth quarter of the year if interest rates are reduced in the third quarter while a rise in investments is poised for 2025, according to Recto. Earlier, Recto said 150 basis points (bps) may be cut by the See “DOF,” A
POGO BAN SPELLS VACANT OFFICE, HOME UNITSREALTOR By Ma. Stella F. Arnaldo @akosistellaBM Special to the BusinessMirror
T
HE departure of Philippine Offshore Gaming Operations (Pogo) will likely result in significant vacancies in the office and residential property markets, especially in the cities of Pasay, Parañaque, and Muntinlupa. In a recent press briefing prior to the State of the Nation Address (Sona) where President Ferdinand R. Marcos Jr., announced a total ban on Pogos, Leechiu Property Consultants (LPC) Director for Commercial
Leasing Mikko Baranda said, “Many of [Pogos] have already left behind their offices and residential units. There are still a good number that are here, and a few of them that are expanding. Now, if they abandon the office completely, that will be a large contraction that you will need to fill up. They’re still quite heavy in terms of the amount of space they have in the market. But clearly, at least for the last few years, and even in this quarter (April-May 2024), we didn’t see anything major happen on their end. We’ve seen some growth, See “Pogo,” A
POGOs accounted for just 11 percent of gross office space demand from January to June 2024, compared to 16 percent in the same period in 2023. INFOGRAPHIC COURTESY LPC
PESO EXCHANGE RATES Q US 58.4300 Q JAPAN 0.3723 Q UK 75.5675 Q HK 7.4844 Q CHINA 8.0332 Q SINGAPORE 43.4165 Q AUSTRALIA 38.8150 Q EU 63.6478 Q KOREA 0.0421 Q SAUDI ARABIA 15.5780 Source:
BSP 23 July 2024