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
www.businessmirror.com.ph
A broader look at today’s business
Saturday, December 21, 2024 Vol. 20 No. 73
EJAP JOURNALISM AWARDS
BUSINESS NEWS SOURCE OF THE YEAR
(2017, 2018, 2019, 2020)
DEPARTMENT OF SCIENCE AND TECHNOLOGY
2018 BANTOG MEDIA AWARDS
P25.00 nationwide | 14 pages | 7 DAYS A WEEK
PHL MAY OPEN ’25 WITH Students can be prepped as successful entreps RATE CUT – BSP CHIEF n
MULTIPLE INTELLIGENCE SCHOOL
From left: Dr. Mary Joy Canon Abaquin, MIIS Founding Directress; Leane Ysabelle Ventura, Global Youth President of the United Nations Youth Association of the Philippines and President and Founder of the MIIS Leaders for Sustainable Development Club; and Anica Catarina Abaquin, MIIS Marketing & Business Development Officer. PHOTO COURTESY OF MIIS
By John Eiron R. Francisco
A
PHILIPPINE-BASED international school, renowned for nurturing diverse student intelligences, asserts that its methods, including the long-standing student-led enterprise, are key to equipping students with essential skills for success in the 21st century, in line with global educational standards. Dr. Mary Joy Canon Abaquin, Founding Directress of Multiple Intelligence International School (MIIS), told the BusinessMirror about the importance of exposing students to global experiences. This exposure, she said, is not directly tied to academic competence but is essential for preparing students to meet the demands of the future workforce. Without such exposure, children may struggle to develop the skills needed to compete globally, cultivate a sense of care for the environment, and make a meaningful impact on the world, regardless of their intellectual capabilities, she explained. “What matters most is how your intelligence impacts the world,” she said.
New set of skills
ELI REMOLONA, BSP Governor: “We ourselves are neither more dovish nor less dovish.”
T
While the Federal Reserve is less dovish now, the Bangko Sentral ng Pilipinas is “still at the same trajectory as before” on monetary easing, Remolona said in an interview with Bloomberg Television’s David Ingles and Annabelle Droulers. “We ourselves are neither more dovish nor less dovish,” the central bank chief said. Core inflation will likely ease next year, he added, supporting the case to further ease the policy rate which Remolona described as “still somewhat restrictive.”
The Philippine peso gained on Friday after closing at the record low of 59 to the greenback the day before. The nation’s benchmark stock index inched higher, bucking losses in the region. The BSP capped off the year with a third quarter-point rate cut on Thursday, as inflation remained on target and economic growth slowed. It also signaled more rate cuts next year at a measured pace. At the same time, the BSP flagged potential price risks from geopolitical developments, as the world contends with uncertainties
VITORIAHOLDINGSLLC VIA DREAMSTIME.COM
HE Philippine central bank is open to delivering another rate cut in its first monetary policy meeting next year, Governor Eli Remolona said Friday.
GLOBAL CURRENCY MOVES
Brazil: $14B spent in a week to support the real. South Korea: Eased foreign-exchange forward cap by 50%. India: Rupee and Brazil’s real hit all-time lows. China: Central bank supports yuan with strongerthan-market reference rates.
over incoming US President Donald Trump’s economic policies. Trump’s win has also triggered a resurgence in the US dollar, causing currencies around the world to slump. The BSP has been “more active than usual, but not that active” in the foreign exchange market, Remolona said Friday. The central bank chief also said that monetary authorities are watching the peso “very closely” to ensure that its weakness won’t fan inflation in the Southeast Asian nation that imports oil and rice needs.
T
HE Board of Investments is aiming to secure P1.75 trillion in investment pledges next year, in hopes of luring capital into areas of semiconductors, mineral processing and high-value manufacturing, among others. “Initially we are targeting P1.75 trillion so that’s about 8 percent higher than current approvals,” Lanie O. Dormiendo, BOI’s Director for International Investments Promotion Service, said at a briefing on Friday. While BOI still expects renewable energy projects to occupy a huge chunk of the investment pledges pie next year, Dormiendo noted: “But we’re beefing up our promotion initiatives to be able to register manufacturing and other sectors such as semiconductors. Hopefully we’ll be able to bring in companies that are into mineral processing, those highvalue manufacturing.” The investment promotion agency attached to the Depart-
CRISTINA A. ROQUE (Trade Secretary & BOI Chairman): “We are laying the foundation for sustained and inclusive economic growth, transforming the Philippines into Southeast Asia’s hub for smart and sustainable manufacturing and services.”
TERESO O. PANGA (PEZA Director General): “Electronics, EVs, smart manufacturing, and renewable energy will be key focus areas for attracting future investments.”
ment of Trade and Industry (DTI) has approved P1.62 trillion in investments in 2024 as of December 17, surpassing the agency’s initial P1.5-trillion target for the year. BOI also noted that this marks the “highest level of investment approvals in the BOI’s 57-year history.” The P1.6-trillion investment pledges greenlighted by the BOI
this year is 28 percent higher than the P1.26 trillion recorded in the same period in 2023. In terms of sectors, renewable energy projects led the approvals as it amounted to P1.38 trillion, a 40-percent increase compared to the recorded approvals in the same period in 2023. This was followed by Air and Water Transport at P121.20 bil-
Continued on A2
Currency defense
FROM Brazil to South Korea, emerging-market central banks are forming a line of defense as a rising dollar pushes their currencies to multi-year lows. Continued on A2
BOI’s 2025 target: ₧1.75-T investment pledges, 8% up By Andrea San Juan
BASED on the World Economic Forum (WEF), thriving in today’s innovation-driven economy requires a new set of skills compared to previous generations. Alongside foundational abilities such as literacy and numeracy, workers must also develop competencies like teamwork, creativity, and problem-solving, as well as character traits like perseverance, curiosity and initiative. “As a school, especially for the parents who have entrusted their children to us, our goal is to prepare students for the future,” she said.
lion; Real Estate Activities (Mass Housing), P37.26 billion; Manufacturing, P31.67 billion; Water Supply, Sewerage, Waste Management, and Remediation Activities,P16.28 billion; Agriculture, Forestry, and Fishing, P11.02 billion; Wholesale and Retail, P8.25 billion, and ITBPM at P7.34 billion. Meanwhile, Local Investments have posted a 150-percent uptick, with Filipino companies contributing P1.23 trillion worth of investments. The Calabarzon region is the leading recipient, with P630.97 billion in investments, followed by Central Luzon, P277.80 billion and Western Visayas, P252.88 billion. Other high-performing regions include the Bicol Region, P144.97 billion; the National Capital Region, P129.17 billion; and the Ilocos Region, P88.32 billion. Trade Secretary and BOI Chairman Cristina A. Roque said these investments will “fuel job creation, drive innovation, and foster dynamic economic progress.”
»NEWS | A3
BERTH RIGHT ICTSI SECURES MINDANAO CONTAINER TERMINAL EXTENSION AND $100M UPGRADE
NOTICE OF FILING OF APPLICATION/S FOR ALIEN EMPLOYMENT PERMIT/S (AEP/S) Notice is hereby given that the following companies/Employers have filed with this Regional Office application/s for Alien Employment Permit/s: ESTABLISHMENT / ADDRESS No.
NAME OF FOREIGN NATIONAL , POSITION AND BRIEF DESCRIPTION
QUALIFICATION AND SALARY RANGE
ANKO JV COMPANY, INC. 38/f Ayala Triangle Gardens Tower 2, Makati Ave. Cor. Paseo De Roxas, Bel-air, City Of Makati TURNER, RACHEL LOUISE Chief Operations Officer 1.
Brief Job Description: Work with the leadership team to develop a successful customer value proposition for ANKO branded stores in the Philippine market.
Basic Qualification: Bachelor’s degree or tertiary qualifications in business related discipline and a 3-5 years of operating as a zone or regional manager. Salary Range: Php 500,000 and above
See “dole ncr” on A13-A14
Continued on A2
PESO EXCHANGE RATES n US 58.9980 n JAPAN 0.3748 n UK 73.7829 n HK 7.5935 n CHINA 8.0879 n SINGAPORE 43.3586 n AUSTRALIA 36.7912 n EU 61.1455 n KOREA 0.0408 n SAUDI ARABIA 15.7056 Source: BSP (December 20, 2024)