PBBM China trip seen to yield 10-14 bilateral deals By Samuel P. Medenilla
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sam_medenilla
TRENGTHENING the country's business and bilateral relations with China with the signing of several new agreements tops the agenda of President Ferdinand R. Marcos, Jr. during his two-day State Visit in Beijing next week. The Department of Foreign Affairs (DFA), however, gave assurances the country’s territorial dispute with China in the West Philippine Sea (WPS) will also be
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tackled during the trip from January 3 to 5. “The state visit is also expected to reaffirm the cordial and neighborly relations between the two countries, ensure continuity in many facets of the bilateral relationship and chart new areas of engagement,” Foreign Affairs Assistant Secretary Neal Imperial said in a press conference in Malacañang on Thursday. “It is also expected to build on the growing trade and investment ties between the two economies as well as address security issues
ENVOYS’ GATHERING Chinese Ambassador to the Philippines Huang Xilian hosted a Get-Together Dinner for diplomats and distinguished businessmen last December 22 at the Chinese EmbassyManila in Makati City. Among the attendees were (from left) Mr. Val Constantine Co, Philippine Chamber of Commerce Inc. Chairman Dr. William Co, Vietnamese Ambassador to the Philippines Hoang Huy Chung, Cambodian Ambassador Phan Peuv, Chinese Ambassador Huang Xilian, Thai Ambassador Tull Traisorat, Lao Ambassador Sonexay Vannaxay, ALC Group Chairman Mr. D. Edgard Cabangon, Ms. Sharon Tan, and Deputy Chief of Mission of the Chinese Embassy Mr. Zhou Zhiyong.
of mutual concern,” he added. Over 20 percent of the country’s existing global trade is with China. Imperial noted the President will be accompanied by a “sizable business delegation” during the trip for the completion of new business accords. “There’s great interest from Chinese investors in the Philippine economy, especially in Philippine agriculture, renewable energy, and nickel processing. See “PBBM,” A2
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Friday-Saturday, December 30-31, 2022 Vol. 18 No. 77
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COULD HIT UP TO 8.6% By VG Cabuag
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PBBM orders continued suspension of e-sabong
HE country’s inflation rate is expected to remain elevated, even reaching up to 8.6 percent in December, driven by persistently high costs of food and energy, the Bangko Sentral ng Pilipinas said in its report.
The BSP said it projects December inflation to settle within the range of 7.8 to 8.6 percent. “Upward price pressures for the month are expected to emanate from higher electricity rates, uptick in the prices of agricultural commodities, elevated meat and fish products and higher LPG [liquefied petroleum gas] prices,” the BSP said. The reduction in petroleum and rice prices as well as the peso appreciation could contribute to easing price pressures for the month, the BSP said. See “BSP,” A2
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Young rice plants are seen in this recent photo taken in Jaen, Nueva Ecija. Persistently high costs of energy and food, particularly agricultural commodities, are seen to keep the country’s inflation rate elevated, even reaching up to 8.6 percent in December, the Bangko Sentral ng Pilipinas said on Thursday. NONIE REYES
RESIDENT Ferdinand R. Marcos Jr. ordered the continued nationwide suspension and crackdown on e-sabong or electronic cockfighting. Last Wednesday, Marcos issued Executive Order (EO) No. 9 extending indefinitely the suspension on auxiliary e-sabong operations, which was first implemented by former President Rodrigo R. Duterte on May 3. The restriction will cover livestreaming or broadcasting of live cockfights outside cockpits or cockfighting arenas or other premises where cockfights are held. Also suspended are online/ remote online/remote, or offcockpit wagering/betting on live cockfighting matches and/or activities streamed or broadcast live, regardless of the location of the betting platform. The order does not cover traditional cockfights authorized or licensed under existing laws. Marcos issued EO 9 amid questions on whether the suspension will remain in effect following the change of administration. See “e-sabong,” A2
PHL residential prices rise in Q3—BSP data
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HE residential real estate prices of various types of new housing units in the Philippines rose faster in the third quarter of the year 2022 by 6.5 percent year-on-year and 4.6 percent quarter-on-quarter, data from the Bangko Sentral ng Pilipinas showed. By area, residential property prices increased in the National Capital Region and areas outside the NCR, but declined quarter-onquarter outside of Metro Manila. On a year-on-year basis, residential property prices in NCR and outside of Metro Manila increased by 17.5 percent and 2.3 percent, respectively, primarily driven by the increase in the prices of con-
dominium units and single-detached or attached houses, which outweighed the decrease in the prices of townhouses. On a quarter basis, residential property prices rose by 14.6 percent in the NCR, but contracted by 0.4 percent outside of NCR. Likewise, prices rose across housing types, except townhouses, the BSP said. In the third quarter, prices of duplex housing units, condominium units and single-detached or attached houses contributed to the yearly growth in the nationwide real estate prices as these prices increased by 26.7 percent, 19.2 percent and 9.8 percent, respectively. Meanwhile, prices of townhouses
PESO exchange rates n US 56.1200
declined by 16.3 percent. T he 4.6 - percent qu a r terly growth in the residential prices may be attributed to the higher prices of condominium units, which were up by 12 percent; duplex housing units, up by 3.4 percent; and single-detached or attached houses, up by 2.7 percent. Meanwhile, prices of townhouses declined by 2 percent. Nationwide residential real estate loan availment for new housing units fell yearly, but grew on a quarterly basis. In the third quarter, the number of residential real estate loans granted for all types of new housing units in the Philippines fell by 4.2 percent yearly as loans in the
NCR and outside of NCR contracted by 2 percent and 5.7 percent, respectively. In contrast, the nationwide availment of housing loans rose by 19 percent quarter-on-quarter, following the 32 percent and 11.5 percent growth in loans in the NCR and outside of NCR, respectively. The average appraised value of new housing units in the country stood at P84,589 per square meter in the third quarter. The average appraised value per square meter in NCR was at P139,283, higher than both the national average and the average appraised value in outside of NCR at P47,129. See “PHL,” A2
n japan 0.4174 n UK 67.4394 n HK 7.1996 n CHINA 8.0372 n singapore 41.5796 n australia 37.8024 n EU 59.5545 n KOREA 0.0441 n SAUDI arabia 14.9335 Source: BSP (December 29, 2022)