Q1 hot money posts net outflow of $309M By Cai U. Ordinario
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HORT-TERM investments made by foreign investors hit the net outflow territory in the first quarter of 2023, according to the Bangko Sentral ng Pilipinas (BSP). Data showed hot money net outflows reached $309.42 million, with March posting net outflows worth $70 million. This is the second time this year when the country recorded net outflows. Data showed February’s net outflows amounted to $531.27 million. “The $1.33-billion gross out-
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flows for the month are larger by 9.5 percent [or by $115 million] compared to those recorded in February 2023 [$1.2 billion]. The US received 67.2 percent of total outward remittances,” BSP said. Hot money investments or foreign investments registered with the BSP through Authorized Agent Banks (A ABs) included Philippine Stock Exchange-listed securities and peso-denominated government securities. The list also included peso time deposits with banks with minimum tenor of 90 days; other Peso debt instruments; unit investment trust funds; and other instruments such as Exchange
Traded Funds and Philippine Depositary Receipts. The BSP, however, said the $1.26-billion registered investments for the month are higher by 84.7 percent or by $576 million compared to the $680 million recorded in February 2023. “Majority of investments [or 64.6 percent] registered were in PSE-listed securities [investments mainly in banks, property, holding firms, food, beverage and tobacco and transportation services], while the remaining went to investments in Peso government securities [35.4 percent] and See “Q1,” A2
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6 CONGLOMERATES REGROUP, GIVE UNSOLICITED PROPOSAL
Govt gets ₧100-B pitch for NAIA By VG Cabuag
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Consortium led by MVP taking MPIC private
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IX of the country’s biggest conglomerates have regrouped to create a consortium and submitted an unsolicited proposal to the government to rehabilitate and upgrade the Ninoy Aquino International Airport.
The more than P100-billion proposal was submitted by Manila International Airport Consortium and US-based Global Infrastructure Partners. The proposal includes a significant upfront payment to the government and committed investments in new facilities and technology to transform the dilapidated NAIA into a world-class airport. The six conglomerates include Aboitiz InfraCapital Inc., Ayala-led AC Infrastructure Holdings Corp., Lucio Tan’s Asia’s Emerging Dragon Corp., Andrew Tan’s Alliance
Global-Infracorp Development Inc., the Gotianun’s Filinvest Development Corp. and the Gokongweis’ JG Summit Infrastructure Holdings Corp. “We are ready to put our combined resources forward in partner ing w ith the Gover nment on this massive undertaking. Our consortium br ings unr ivalled expertise, proven solutions and extensive capital. As the only large-scale operating gateway airport to the Philippines, See “NAIA,” A2
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President Ferdinand R. Marcos Jr. witnesses the ceremonial contract signing between the DOTr, led by Secretary Jaime B. Bautista (left) and winning bidders of the North-South Commuter Railway-South Commuter Contract Packages S-02 and S-03B on Thursday, April 27, 2023, at the President’s Hall in Malacañang. The P28.2-billion CP S-02, covering 7.9 kms of railway viaduct structure and three stations, was awarded to the joint venture of Acciona Construction of the Philippines, Inc. and D.M. Consunji Inc. The joint venture of Leighton Contractors (Asia) Limited and First Balfour, Inc. secured the P23.3-billion CP S-03b, covering the civil engineering, tunnel and building works for 6.1 kms of railway. Story in Economy, A4. REY BANIQUET/PNA
CONSORTIUM that includes Manuel V. Pangilinan and Japan’s Mitsui is taking private conglomerate Metro Pacific Investments Corp., which controls some of the country’s profitable power distribution, water, toll roads and hospital business. First Pacific Co. Ltd. together with GT Capital Holdings Inc., a consortium including Mitsui and Co. Ltd., and a management investment group led by Pangilinan have launched a tender offer to MPIC shareholders to buy their shares at a price of 4.63 pesos per share. See “Consortium,” A2
DENR PUTS INITIAL OIL SPILL DAMAGE TO ENVT AT P7B By Jonathan L. Mayuga
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‘CHIKITING LIGTAS’ A child receives a vaccine for measles-rubella and oral polio vaccine from Department of Health (DOH) Undersecretary Dr. Enrique A. Tayag as San Juan City Mayor Francis Zamora looks on at the kick-off of the DOH vaccination program dubbed “Healthy Pilipinas: Chikiting Ligtas,” a Vaccine Supplemental Immunization Activity held at FilOil Flying V Centre in San Juan City on Thursday, April 27, 2023. NONOY LACZA
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HE Department of Environment and Natural Resources (DENR) has placed environmental damage caused by the Oriental Mindoro oil spill at P7 billion. This was revealed by DENR Secretary Maria Antonia YuloLoyzaga during an interview in ANC’s Headstart. Environmentalists have expressed dismay over what they describe as the inadequate response
of the government and the DENR, the agency mandated to manage the country’s natural wealth. In particular, they want the DENR to come up with a damage assessment of the disaster, dismayed that the agency was slow even to come up with public pronouncements and update of its ongoing coastal cleanup and damage assessment activities. The MT Princess Empress sank off the waters of Naujan on February 28, 2023. See “DENR,” A2
PESO exchange rates n US 55.6080 n japan 0.4161 n UK 69.3432 n HK 7.0846 n CHINA 8.0277 n singapore 41.6383 n australia 36.7124 n EU 61.4024 n KOREA 0.0416 n SAUDI arabia 14.8249 Source: BSP (April 27, 2023)