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, February 8, 2025 Vol. 20 No. 119
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 | 2 sections 20 pages | 7 DAYS A WEEK
FACTORY OUTPUT SLOWS IN ’24; FOOD UP SLIGHTLY n
ANDRII YALANSKYI | DREAMSTIME.COM
MITSUBISHI TO INVEST P7B FOR 5-YR EXPANSION IN PHL
[FILE] A display showcasing Mitsubishi Motors’ historical milestones during its 60th anniversary celebration in Pasay City on August 12, 2023. WALTER ERIC SY VIA DREAMSTIME
MANUFACTURING SECTOR PERFORMANCE (2022–2024) ALEXLMX | DREAMSTIME.COM
Manufacturing Output Growth: n 2022: 15.1% n 2023: 4.9% n 2024: 0.9%
Volume of Production Index (VoPI): n Dec 2023: 3% n Dec 2024: 0.2%
INDUSTRY LEADERS IN CAPACITY UTILIZATION (DEC 2024)
Value of Production Index (VaPI): n 2022: 22.5% n 2023: 6.3% n 2024: 0.2%
T
Textiles – 81.4% Machinery (except electrical) – 81.1% n Non-metallic mineral products – 80.7% n n
By Cai U. Ordinario
HE country’s manufacturing output slowed to 0.9 percent in 2024, according to the latest data released by the Philippine Statistics Authority (PSA). Based on the Production Index and Net Sales Index or Monthly Integrated Survey of Selected Industries, the country’s Volume of Production Index (VoPI) also posted a slower 0.2 percent in December 2024 compared to the 3 percent posted in December 2023. “[This indicated] a slowdown from the 4.9-percent and 15.1-percent annual average growth rates posted in 2023 and 2022, respectively,” the PSA said. The data also showed that out-
put of food manufacturing recovered to a growth of 0.6 percent in 2024 compared to the 1.5-percent contraction posted in 2023. In December 2024, the output of food manufacturing posted a contraction of 1.7 percent from the year-on-year growth of 2.1 percent in December 2023. Meanwhile, in terms of the Value of Production Index (VaPI), the PSA said the annual average growth rate slowed to 0.2 percent in 2024.
The VaPI posted a year-on-year growth of 0.4 percent in December 2024, slower than the 3.5 percent in November 2024 and 3.7 percent in December 2023. “This rate [2024 VaPI growth] was slower than the annual average increments of 6.3 percent and 22.5 percent in 2023 and 2022, respectively,” the PSA said. The data showed the annual average growth rate in VaPI for manufacture of food products grew faster at 1.7 percent from an annual average increase of 1.5 percent in 2023. Meanwhile, PSA said based on responding establishments, the average capacity utilization rate for the manufacturing sector was reported at 75.5 percent in December 2024. The data showed 75.7-percent average capacity utilization rate in the previous month. In December 2023, the average capacity utiliza-
tion rate was recorded at 74.6 percent. “All industry divisions reported capacity utilization rates of more than 60 percent during the month,” PSA said. The data showed the top three industry divisions in terms of reported capacity utilization rate were the manufacture of textiles at 81.4 percent. This was followed by manufacture of machinery and equipment except electrical at 81.1 percent and manufacture of other nonmetallic mineral products at 80.7 percent. The proportion of establishments that operated at full capacity or around 90 percent to 100 percent was 31.4 percent of the total number of responding establishments. PSA said 40.8 percent of establishments operated at 70 to 89 percent capacity while 27.8 percent operated below 70 percent capacity.
By Samuel P. Medenilla
M
ALACAÑANG said Mitsubishi Motors Corp. (MMC) will invest P7 billion for its five-year expansion plan, which is expected to boost its local production and create more jobs. The expansion plan includes adding a new production model at its Mitsubishi Motors Philippines Corp. (MMPC) plant facility in Laguna. In a statement, the Presidential Communications Office said MMC made the announcement during the courtesy call of its President and CEO Takao Kato with President Ferdinand Marcos in Malacañang on Thursday. Continued on A2
CITY OF STO. TOMAS, BATANGAS LAUNCHES
BATANGAS
LOOP 2025 B2-B3
Fil-Chinese chambers caution vs abrupt, shotgun wage hike
1
By Andrea E. San Juan
2
BATANGAS LOOP
BATANGAS LOOP
DAY
DAY
T
HE government should conduct thorough studies and consult with all sectors before implementing an “abrupt” nationwide implementation of a daily wage hike to avoid “jeopardizing” business sustainability, the Federation of Filipino Chinese Chambers of Commerce and Industry Inc. (FFCCCII) said. In a statement, members of the FFCCCII said they fully recognize the need for meaningful wage adjustments to help workers with rising costs of living and global economic uncertainties. FFCCCII President Cecilio K. Pedro said, however, that, “an abrupt nationwide implementation of a P200 hike may have dire unintended consequences,” adding that such a measure could drive up inflation, raise the cost of goods, and “strain” small businesses. “I am not against raising wages, but has the P200 increase been properly studied? Where did this figure come from?” Pedro asked.
NOTICE OF FILING OF APPLICATION/S FOR ALIEN EMPLOYMENT PERMIT/S (AEP/S) “An abrupt nationwide implementation of a P200 hike may have dire unintended consequences.”—Cecilio K. Pedro, FFCCCII President FFCCCII
SEW MUCH AT STAKE Workers sew garments at a shop in Taytay, Rizal, as the debate over
a proposed nationwide P200 daily wage hike continues. The Federation of Filipino Chinese Chambers of Commerce and Industry (FFCCCII) has urged the government to conduct thorough studies and sector-wide consultations before implementing the increase, warning of potential inflationary effects, higher business costs, and job losses—especially for small enterprises. NONOY LACZA
With this, the head of the group of Filipino Chinese entrepreneurs called on the government and Congress “to conduct thorough
studies and consult all sectors before making a decision.” “Balancing immediate worker needs with long-term economic
stability is crucial,” Pedro emphasized. Instead of a sudden wage hike, the FFCCCII president said efforts should be channeled into job creation, investment attraction, and strengthening social safety nets. Moreover, Pedro said the government can help struggling families through “targeted” subsidies and social welfare programs. This way, he said, the government can ensure
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
777 KORPHIL HOLDINGS CORP. Unit 2604, 26th Floor Ibp Tower, Julia Vargas Ave. Cor. Jade Drive, Ortigas Center, San Antonio, City Of Pasig CHO, JAESEUNG Customer Service Representative 1.
Brief Job Description: Perform customer support via phone, chat, and email both in English and their national language.
Basic Qualification: Any nationality who can speak and write Korean language fluently. Salary Range: Php 30,000 - Php 59,999
See “dole ncr” on A13-A16
Continued on A2
PESO EXCHANGE RATES n US 58.0520 n JAPAN 0.3833 n UK 72.1993 n HK 7.4557 n CHINA 7.9700 n SINGAPORE 42.9855 n AUSTRALIA 36.4741 n EU 60.2870 n KOREA 0.0402 n SAUDI ARABIA 15.4826 Source: BSP (February 7, 2025)