Farm and industry output curcent of gross domestic product, rently account for less than while 40 percent of gross domestic product, while
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and the global outlook has dimmed. can expand by at leastsaid 7 percent this Still, Balisacan the economy can expand by at least 7 percent this
perience in crafting a new economic helm of the antitrust he served development plan.body, Before taking helm of the antitrust body, he served
public-private
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A broader look at today’s business AAbroader look today’s business n Friday, August 12,at 2022 Vol. 17 No. 308 look at today’s business A■broader broader look at today’s business Thursday, June 2, 2022 Vol. 17 No. 237
DEPARTMENT OF SCIENCE AND TECHNOLOGY
THE QUICK BROWN FOX ‘PHL’S H2 GROWTH RESTS HEADWINDS TO SLOW PHL ‘PHL’S H2 GROWTH RESTS ON NEW ECONOMIC TEAM’ JUMPS OVER THE LAZY ON NEW ECONOMIC H2 GROWTH–THINKTEAM’ TANK
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Friday, August 17 No. 308 Thursday, June12,2,2022 2022Vol. Vol. 17 No. 237
2018 BANTOG MEDIA AWARDS
n ■
By Bianca Cuaresma
I
@BcuaresmaBM
WEALTH OF THE PHILIPPINES’ 50 RICHEST DROPS DESPITE ECONOMIC RECOVERY
NTERNATIONAL think tank Fitch Solutions said the Philippines is headed to slower growth in the second half of the year, as challenges to the country’s economic expansion will begin to intensify.
In an analysis published by Fitch Solutions on Thursday, the think tank forecast growth to average at 6.6 percent in 2022. With the country’s first-quarter growth hitting 8.2 percent and the second-quarter gross domestic product (GDP) expansion at 7.4 percent, this means that Fitch Solutions expects the country to grow by an average of 5.4 percent for the second half of the year with their current forecast. “Overall, GDP growth in the first half of the year benefited from the reopening of borders in February and election-related spending. Moreover, a relatively accommodative central bank has also supported consumption and investment to some extent. These tailwinds helped offset external headwinds stemming from elevated energy prices, a slowdown in the world
Philippines’ Richest 2022
economy, and tightening global monetary conditions,” Fitch Solutions said. “However, we believe that these tailwinds will continue to fade over the coming months, while growth headwinds intensify, leading to slower growth in the second half of 2022,” it added. Fitc h Solut ion s s a id t hese “mounting headwinds” come from a combination of softer global demand, elevated energy prices and tightening monetary policy towards the latter part of the year. With a now softer global growth outlook—which the International Monetary Fund (IMF) forecasts at 3.2 percent—external demand will further be dampened for Philippine exports and is expected to affect growth.
RANK
NAME
NET WORTH
INDUSTRY
1
SY SIBLINGS
$12.6 B
DIVERSIFIED
2
MANUEL VILLAR
$7.8 B
REAL ESTATE
3
ENRIQUE RAZON JR.
$5.6 B
LOGISTICS
4
LANCE GOKONGWEI & SIBLINGS
$3.1 B
DIVERSIFIED
5
ABOITIZ FAMILY
$2.9 B
DIVERSIFIED
6
ISIDRO CONSUNJI & SIBLINGS
$2.65 B
CONSTRUCTION & ENGINEERING
7
TONY TAN CAKTIONG & FAMILY
$2.6 B
FOOD & BEVERAGE
8
JAIME ZOBEL DE AYALA & FAMILY
$2.55 B
DIVERSIFIED
9
RAMON ANG
$2.45 B
FOOD & BEVERAGE
10
ANDREW TAN
$2.4 B
DIVERSIFIED
11
LUCIO TAN
$2 B
DIVERSIFIED
12
TY SIBLINGS
$1.9 B
FINANCE & INVESTMENTS
13
DENNIS ANTHONY & MARIA GRACE UY
$1.75 B
TELECOM
14
LUCIO & SUSAN CO
$1.7 B
FASHION & RETAIL
15
HARTONO KWEEFANUS & FAMILY
$1.5 B
FOOD & BEVERAGE SOURCE: WWW.FORBES.COM/PHILIPPINES
Continued on A2
By VG Cabuag
their net worth fell by $4 bilwas crushed in his bid to get lion to $12.6 billion, the biggest elected as president, winning THE BRP Melchora Aquino, the second of two multi-role response vessels procured by the Philippine government from Japan, is welcomed by the Philippine Coast Guard at the Port Area in Manila on Wednesday, June 1, 2022, completing its maiden voyage from Japan. Constructed by Mitsubishi Shipbuilding Co. in Japan, the ship, named drop in dollar terms. only 15 percent of the votes. after Sora, the Grand thevessels Spanish colonialbyperiod, is part ofgovernment the Maritimefrom Safety Capability Improvement Project ofCoast the Coast DOMINGO THETandang BRP Melchora Aquino, theWoman secondofofthe twoRevolution multi-roleduring response procured the Philippine Japan, is welcomed by the Philippine GuardGuard. at theROY Port AreaHE in Manila Wednesday,of Junethe 1, 2022, completing its maiden voyage from Japan. Constructed by Mitsubishi Shipbuilding Co. in Japan, the ship, named Sy onsiblings Villar, however, defied the But that loss didn’t slow him after Tandang Sora, the Grand Woman of the Revolution during the Spanish colonial period, is part of the Maritime Safety Capability Improvement Project of the Coast Guard. ROY DOMINGO SM group and Manuel odds and added $1.1 billion to his down. He threw himself back B C U. O @caiordinario B. Villar Jr., are still fortunes at $7.8 billion after he into work, scaling up his main B C U. O @caiordinario the country’s richest persons, listed his real estate investment business of real estate develaccording to Forbes magazine trust. He remains at number two opment. By 2018, share-price but said many of the local tyon the Forbes list, and is also the gains for his listed companies coons’ wealth shrank from the country’s richest person in terms let him achieve the status of No. previous year mainly as a result of individual wealth. 2 on the Philippines’ 50 Richest UTGOING Senate Presielect Majority of the pandemic headwinds. that met with Garcia Frasco By Ma. Stella F. Arnaldo Villar was also featured on list, Drilon a spot moved he stilltoholds with B J M N. D C and strengthened our said political dent Vicente Sotto III Leader Juan Miguel as the The magazine theand Sy UTGOING Senate PresiDrilon moved toZubiri elect the Majority on July 27, as part of the lat@akosistellaBM the cover of the August issue of a fortune of $7.8 billion,” governmental institutions. B J@joveemarie M N. D C and strengthened political and declared at 7:41 pm of acting Senate President Pro Temdent Vicente Sotto III Leader Juan Miguel Zubiri as the siblings, heirs toourthe empire Special to the BusinessMirror ter’s “ listening tour,” were Forbes Asia. magazine said. “Despite the institutions. many challenges @joveemarie governmental Wednesday as adjourned sine die pore from noon of June 30 until declared at 7:41 pm of acting Senate President Pro Tembuilt by their late father Henry the Tourism Congress of the “Twelve years ago, businessHE House of Representatives that “Despite happenedthe during mychallenges tenure many the third regular session of the July 25, when the 19th Congress Wednesday as adjourned sine die pore from noon of June 30 until Sy Sr., retain the top spot but Philippines, Philippine Travel NUMBER of tourism man and senator Manuel Villar See “Richest,” A2 onHEWednesday ended the asthat your happened Speaker, we have risen and House of Representatives during my tenure 18th on thesession part ofofthe convenes. the Congress third regular the first July 25, when the 19th Congress Agencies Association, Pacific st a keholders wa nt 18th highlighting ourselves One Conon Congress, Wednesday ended the proven as your Speaker,to webe have risen and Senate, capping on what Minority in the day, colleagues 18th Congress the part of the fiEarlier rst convenes. Asia Travel Association-Philipt h e D e p a r t m e nt o f its 3-year achievements, including gress, ready to servetoour people,” 18th Congress, highlighting proven ourselves be One Con- Leader Franklin Drilon described signaled that had colleagues secured Senate, capping what Minority Earlier inZubiri the day, pines, the National Association Tourism (DOT) to keep the laws to helpachievements, the country navigate histo colleagues. its 3-year including Velasco gress, told ready serve our people,” asLeader cabinet can handle the emerging scenario,” the In its latest Market Call report, First Metro “one of the most productive sesthe “votes” of majority of senators Franklin Drilon described signaled that Zubiri had secured country’s present branding of Independent Travel Agenthrough emerge strongernavigate from “One Congress, ready to scrutilaws toand help the country Velasco told his colleagues. report stated. Investment and University of Asia First and the sions” of the chamber, a feat made who will sit in the 19th Senate, a cabinet can handle the emerging scenario,” the Inas itsCorp. latest Market Call report, Metro as “one of the most productive sesthe “votes” of majority of senators a “ fun” destination, sugcies, among the Covid-19 pandemic. the national budget, pass through and emerge stronger from nize “One Congress, ready to scrutiOne of the majorothers. risks that post the most Pacifi c (FMIC-UA&P) Capital Markets Research remarkable by chamber, the fact that much matter confisit rmed by Drilon. report stated. Investment Corp. and University of Asia and the sions” of the a feat made who will in the 19th Senate, a that awhich change in tothe uncertainty Theof the DOT chief confirmed In Covid-19 his valedictory laws, conduct hearings, the pandemic. speech, nizetothe national budget,totopropass ofremarkable is the Russia-Ukraine saidPacifi thecgesting growth momentum gave rise One to the economy major risks that post the most (FMIC-UA&P) Capital Markets Research it was in a pandemic. Zubiri confi appears to be the by the fact that much matter rmednow by Drilon. slogan may the brandSpeaker Velascospeech, said vide oversight on the implementaIn Lord his Allan valedictory waruncertainty whichchange willtomark its country first 100 days. The war thesaid 8.3-percent growth innot the fibe rst warranted quarter laws, to conduct hearings, to prothe in economy is the Russia-Ukraine the growth momentum which gave will rise to peers heaped praise on only Zubiri likely candidate to stand ofHis it was in a pandemic. appears now to befor the the 18th Congress was a key at this time. ing and slogan, emphasizing, of oversight laws, and on to generally make Speaker Lord Allan Velascoand said tion began February 24 this anddays. will The reachwar spillthe over to the second quarter. vide the implementawar in which will mark its fiyear rst 100 8.3-percent growth in the first quarter will SottoHis for his leadership, laud-on election as the next Senate Presi-for peers heaped and praise only likely candidate to stand steady partner of President Tour “We’re taking very serieasier theand next 100began days on 3. FMIC-UA&P Capital However, the of the Operators economy in the 18th Congress was aDuterte key and it tion offor laws, to Congress generally and make edSotto in June February 24 this this year and Markets will reach spill over toPhilippine theperformance second quarter. and thanked as well theand seven after as Sen. Cynthia Villar, earfor his leadership, laud- dent, election the next Senate Presiinsteady passing promoted Research said prices, oil the third and fourth quarters(Philtoa) will of bethe determined itsed, to0.7 continue thefor legAssociation Presiously and giving it justparticularly thought, H E laws Hou se Com m it te e versus workers the partner of that President Duterte itleadership, easier forjust the next Congress and other 100 days oncommodity June 3. FMIC-UA&P Capital Markets However, the performance economy in “graduating” members of seven the lier touted a strong contender, ed and thanked as well the dent, afterasSen. Cynthia Villar, earprices, could remain elevated until the particularly war in East- oil by the the third policies beAbling implemented by the new economic development, islative work for the sake of our in passing laws and thatstrengthpromoted Research said commodity prices, andto fourth quartersYu willtold be determined dent Fe reporttaking into consideration also on Ways Means on agriculture sector in general, and its leadership, to continue thekaleg- chamber, including two other of pilwithdrawing other “graduating” members the announced lier toutedshe as awas strong contender, ern Europe is resolved. This uncertainty will lead economic team. Much uncertainty will greet the ened the administration justice babayans,” he added. prices, could remain elevated until the war in Eastby theers policies to be implemented by the new economic development, strengthislative work for rice. the sake ofmeans our ka- lars—Drilon on Wednesday that none the change in circumstances Thursday said itofwill form 0.6 workers for That and Senate President from the race. she was withdrawing chamber, including two other pilannounced to an average infl ation of above 5 percent in economic as the pandemic continues and thethe ruleadministration of law, enhanced the ern Europethe is resolved. This uncertainty willthelead economic team.stakeholder Much uncertainty will greetthat the He said forcedlaborthe justice babayans,” hepandemic added. ofmanagers the groups since pandemic, where aened working group with theof Departsugar is the among the most Pro Tempore Ralph “Walathe nang [There is no] SP race,” lars—Drilon and Recto. Senate President from race. country this year. inflation of above 5 percent in the andeconomic commodity prices remain elevated. protection of labor and social welto an average managers as the pandemic continues House leadership to be dynamic, and the rule of law, enhanced the He said the pandemic forced met with Tourism Secretarypeople are now in search for ment of Finance, Bureau of Cusintensive sectors in ag r icuthe lAs his “last offi cial act,” Drilon she told reporters, Pro Tempore Ralph Recto. “Wala nang [Thadding, ere is no]“ISPwant race,” In April, Statistics Authority “Thecommodity robustness in the economic country thisthe year.Philippine and prices remain elevated.recovery, fare, improved the quality of and and among proactive. protection of of labor and social wel- innovative Houselosses leadership to sugar be dynamic, designate Christina Garcia substantial and immersive toms, Bureau Internal Revenue, ture, farms introduced a resolution meant to a simple life” and explained she As his “last offi cial act,” Drilon she told reporters, adding, “I want (PSA) reported ation nationwide increased founded“The heavily on employment gains, should In April,that theinflPhilippine Statistics Authority robustness in the economic recovery, increased access to “Despite the lingering threat fare,the improved theeducation qualityAdminofand and innovative anddisplacing proactive. experiences thatThe areaverage anchored recently raised the to 4.9 and Food and Drug will be more among prevent a month-long leadership just wanted to “take care of my adintroduced a resolution meant to a simple life” and explained she percent in April 2022. infl ation spillfounded overFrasco intoheavily Q2 [theon second quarter]. And while (PSA) reported that inflation nationwide increased employment gains, should information, enhanced ourFructose health increased to access education and “Despite the than lingering threat gap in the aSenate, as the terms of vocacy, agriculture,” heradon cultural need to[the change the istration tracktoHigh sugar workers rice tarifprevent month-long leadership just wanted to “takesignaling care of my for tothe four months of theThe yearaverage stood at a tighter fiscal andsecond inflation posecountry serious 4.9fiarst percent in Aprilexperience….We 2022. infl3.7 ation spill over intospace Q2 quarter]. And while C A and emergencyenhanced response our system, information, health Sotto and endasatthenoon ofof desire to keep her chairmanship want enbrand and “No, itserious was Corn Syrup imports from beverfication was for rice farmers,” gap in theRecto Senate, terms vocacy, agriculture,” signaling of her headwinds infiH2 half], anation economic for the firstthe four brand months ofto the fully year stood at 3.7 a tighter scal[second space slogan. and infl poseteam C A and emergency response system, S “H,” A Butch Fernandez June 30. and Recto end at noon of that committee. Sotto desire to keep her chairmanship of capsulate all of these nuances not inan raised by any of age makers. he said. of high-quality technocrats the new President’s headwinds H2 issue [secondinhalf], an economic team S “H,” A having June 30. that committee. Butch Fernandez of our country beyond us. Buttechnocrats if the inSecretary does Albay Rep. Joey Sarte Salceda “150,000 MT of the proposed of high-quality the new President’s fun.” (See, “DOT pins hope on higher have such a plan…maybe she issued the statement following 300,000 MT was supposed to be 0.4073 country ■ UK 66.0496President ■ HK 6.6799 ■ SINGAPORE AUSTRALIA 37.6004or sugar ■ SAUDI ARABIA 13.9750 ■ EU 56.2643 ■ CHINA 7.8555 Source: BSP (June 1, 2022) budget■in JAPAN 2023 to change will not totally change■ev-US 52.4120 Ferdinand Marcos Jr.’s38.2625for■ bottler’s grade sugar, ■ US 52.4120 ■ inJAPAN 0.4073 ■ HK 6.6799 SINGAPORE AUSTRALIA 37.6004 ■ SAUDI ARABIA 13.9750 ■ EU 56.2643 ■ CHINA 7.8555 Source: BSP (June 1, 2022) branding,” the Business erything because, it’s indeed Mirror,■Au-UK 66.0496 disapproval of the ■ proposal to im- 38.2625 that ■ sweetened beverage makers ‘more fun in the Philippines!’” gust 11, 2022.) port 300,000 MT of sugar. use. Of course, absent such imAside from Philtoa, other “ T he P reside nt ’s de c i sion ports, the beverage makers will See “Tourism,” A2 national stakeholder groups highlights just how sensitive this likely resort to other sweeteners, issue is. The sugar sector needs 1.3 workers per hectare cultivatSee “House,” A2 See “Headwinds,” A2
THE QUICK BROWN FOX JUMPS TOURISM LEADERS TO DOT: OVER THE LAZY DOG NEAR THE HE performance of the Philippine
T T
HE performance of thehalf Philippine economy in the second ‘LET’S KEEP HAVING FUN’ economy in the second half of the year will rest squarely
of the yearofwill squarely on the shoulders therest incoming on the shoulderseconomic of the incoming administration’s team, administration’s economic team, according to a local think tank. according to a local think tank.
A
T
@villygc
Sotto closes ‘productive’ Sotto closes ‘productive’ PANDEMIC CHALLENGE PANDEMIC CHALLENGE session; Zubiri next SP? MARKS 18TH CONGRESS session; Zubiri next SP? MARKS 18TH CONGRESS
TT
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House panel to keep tabs The quick brown fox jumps on sugar substitute imports over the lazy dog near the
T
PESO EXCHANGE RATES PESO EXCHANGE RATES
Continued on A2
PESO exchange rates n US 55.7520
PESO EXCHANGE RATES n US 48.4660
Continued on A2 n japan 0.4196 n UK 68.1234 n HK 7.1049 n CHINA 8.2909 n singapore 40.7276 n australia 39.4613 n EU 57.4357 n KOREA 0.0430 n SAUDI arabia 14.8316
Source: BSP (August 11, 2022)
n JAPAN 0.4536 n UK 67.7347 n HK 6.2567 n CHINA 7.5030 n SINGAPORE 36.4265 n AUSTRALIA 37.7329 n EU 58.5575 n KOREA 0.0433 n SAUDI ARABIA 12.9371
PNB 10X6
Source: BSP (March 31, 2021)