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Monday-Tuesday, December 30-31, 2024 Vol. 20 No. 80
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MORE ASSETS FOR SALE TO SHORE UP REVENUES By Cai U. Ordinario
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@caiordinario
HE national government intends to sell more of its assets to shore up revenues next year, especially after the recent approval of the guidelines on the Privatization and Disposition of Government Assets by the Privatization Council (PrC), according to the Department of Finance (DOF).
The DOF said the PrC is the policy-making body mandated to oversee the government’s privatization program. The new guidelines institutionalize the PrC policies and decisions over the years. These guidelines for both the public and private sectors, the Finance Department said, will be crucial in ensuring that the process, rules, and regulations are clear and transparent. See “More,” A2
Nov hot money net inflows dip 85.6%–BSP
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OPENING DOORS TO FAITH A top view of St. Peter’s Basilica in Rome, the focal point of the ongoing 2025 Jubilee of Hope, which began on Christmas Eve. The Holy Year invites millions to undertake pilgrimages, seek indulgences, and engage in acts of charity and penance. Pope Francis opened the Holy Door of St. Peter’s Basilica, symbolizing renewal and mercy. The Jubilee highlights include the Jubilee of Prisoners, emphasizing a message of hope. Rome has implemented enhanced security measures and infrastructure upgrades to host this sacred tradition. NONIE REYES
FAO: ‘ANTICIPATORY ACTION’ BLUNTS DISASTER DAMAGE By Ada Pelonia
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HE Food and Agriculture Organization of the United Nations (FAO) is pushing for a proactive measure that will reduce the potential impact of disasters on Filipinos and their livelihoods. FAO Representative in the Philippines Lionel Dabbadie said the concept of “anticipatory action” provides assistance to communities that will likely be affected by natural calami-
ties to protect themselves during the onslaught of disasters. He noted that the organization had triggered this measure during tropical cyclone Pepito, one of the serial typhoons that devastated the country’s fisheries and agricultural farmlands. “We have been moving the boats before [the typhoon] and the people were able to go back to sea after two days,” Dabbadie told the BusinessMirror in an interview. See “Fao,” A2
Export devt council to set new targets under PEDP
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HE Export Development Council (EDC) will convene within the first quarter of 2025 to set new targets under the Philippine Export Development Plan (PEDP). According to Department of Trade and Industry Export Marketing Bureau (DTI-EMB) Director Bianca Pearl Sykimte, they have yet to discuss the targets with the EDC since the council reviews and approves the PEDP targets. “We have not had a chance to present to the EDC yet the revised PEDP targets, but definitely lower than what was originally reflected in the PEDP,” Sykimte told reporters in a recent interview. “But in terms of [Philippine Development Plan] PDP targets of about $107 billion [this
year], we’re quite confident that we’re going to reach that PDP target,” she added. Sykimte earlier explained that they may slash the targets in the PEDP as it contains targets which are “more ambitious” compared to those set in the Philippine Development Plan (PDP) 2023-2028. (See: https://businessmirror.com.ph/2024/12/09/trade-restrictivemeasures-not-trump-2-0-bug-exporters/) She explained that the PDP was drafted earlier, and this accounts for why the targets are “more tempered,” whereas the PEDP was intended to be more ambitious. Under the PDP, the total export targets are: See “Export,” A2
OT money net inflows contracted 85.6 percent in November, according to the latest data released by the Bangko Sentral ng Pilipinas (BSP). Foreign investments registered with BSP through authorized agent banks declined to $96.59 million for November 2024 from the $671.77 million in the same period last year. The contraction in hot money net inflows was largely due to gross outflows that nearly doubled or posted a growth of 95.4 percent to $1.76 billion in November 2024 from $903.1 million in November 2023. The data showed the registered investments in November 2024 amounting to $1.86 billion are higher by $286.55 million or by 18.2 percent than the $1.57 billion recorded in November 2023. BSP said in the 11-month period, foreign investments registered with the BSP, through authorized agent banks, yielded net inflows of $2.59 billion. This was a marked improvement compared to the $43.66 million net outflows noted for the same period last year. Meanwhile, registered investments for the month reached $1.86 billion, higher by $381.54 million or by 25.8 percent compared to the gross inflows of $1.487 billion recorded in October 2024. During the month, 71.4 percent of registered investments were in Peso government securities amounting to $1.33 billion, with the remaining 28.6 percent in PSE-listed securities at $531.71 million. Most of the investments in PSE-listed securities were investments in banks; holding firms; property; transportation services; and food, beverage and tobacco. Investments for the month mostly came from the United Kingdom; Singapore; the United States (US); Luxembourg; and Norway with combined share to total at 90 percent. BSP said the registration of inward foreign investments delegated to authorized agent banks by the BSP is optional under the rules on foreign exchange (FX) transactions. It is required only if the investor or its representative will purchase FX from authorized agent banks and/or their subsidiary/affiliate foreign exchange corporations for repatriation of capital and remittance of earnings that accrue on the registered investment. Without the registration, the foreign investor can still repatriate capital and remit earnings on its investment but the FX will have to be sourced outside the banking system. Cai U. Ordinario
PESO EXCHANGE RATES n US 58.0140 n JAPAN 0.3672 n UK 72.6799 n HK 7.4684 n CHINA 7.9498 n SINGAPORE 42.6919 n AUSTRALIA 36.0847 n EU 60.4738 n KOREA 0.0396 n SAUDI ARABIA 15.4539 Source: BSP (December 27, 2024)