PHL taps global debt market with $, euro bonds By Reine Juvierre S. Alberto
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WORLD » A8
TRUMP’S MASSIVE DEPORTATION PLAN REQUIRES $27 BILLION EXPANSION OF DETENTION CENTERS
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HE Philippine government is tapping the global debt market for the first time this year, offering benchmark-sized dollar and euro bonds to raise fresh funds ahead of “potential uncertainties” in the near future. The government will issue its benchmark 10-year tranche and a 25-year sustainability bonds with an initial price guidance of 120 basis points above comparable US Treasuries and 6.100 percent area, according to the Bureau of the Treasury (BTr). The transaction is expected to be priced today during New York session.
S&P Global Ratings assigned a BBB+ long-term foreign currency issue rating to the US dollar senior unsecured bonds that the Philippines will be issuing. “The bonds represent direct, general, unconditional, unsecured, and unsubordinated obligations of the Philippines [BBB+/Positive/A-2]. They rank equally with the sovereign’s other unsecured and unsubordinated debt obligations,” S&P Global Ratings said. Meanwhile, the Philippines also returned to the euro bond market since April 2021, offering the firstever euro sustainability bond with a 7-year tenor at 160 basis points above mid-swap area. A concurrent euro tranche may follow at London
open, subject to market conditions. This will be issued under the Republic’s Sustainable Finance Framework, marking the Republic’s seventh G3 ESG bond offering. National Treasurer Sharon P. Almanza said the Philippines sees an opportune time window to re-enter the capital markets following a constructive market development over the week. “Our goal is to capitalize on the current market momentum to secure the most efficient cost dynamics ahead of potential uncertainties in the near future. We look forward to the continued support of our valued investors,” Almanza said. “We have constantly communicated our strategies to achieve ro-
bust socioeconomic development for the Republic, and hence, we are confident that our investors will remain receptive to the Philippine story,” Finance Secretary Ralph G. Recto said. The proceeds from the 10-year dollar bonds will be used for general budget financing while proceeds from 25-year dollar and 7-year euro bonds will also be used for general budget financing and to finance/refinance assets in line with the Republic’s Sustainable Finance Framework. HSBC, Standard Chartered Bank and UBS are acting as Joint Sustainability Structuring Banks. Citigroup, Goldman Sachs, HSBC (B&D), J.P. Morgan, Morgan Stanley, Standard See “Phl,” A2
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OIL, FOOD PRICE SPIKES n
IMPACT HOMES MORE: BSP By Cai U. Ordinario
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@caiordinario
PIKES in the price of oil and food, as well as, a weak peso hold sway over household’s inflation and spending expectations more than changes in monetary policy, according to a study published by the Bangko Sentral ng Pilipinas (BSP).
In a discussion paper, BSP Research Academy researchers Faith Christian Q. Cacnio and Cymon Kayle Lubangco examined the potential impact of economic shocks on the inflation expectations and spending intentions of households. The researchers found that higher prices of oil and rice as well as the depreciation of the peso increases inflation expectations and household spending. “Shocks to international oil prices and fluctuations in the exchange rate have shown a more pronounced impact on inflation expectations and household consumption than See “Oil,” A2
CELEBRATING CHINESE NEW YEAR Chinese Ambassador to the Philippines Huang Xilian addresses attendees at the recent Chinese New Year celebration of the embassy in Taguig City, in partnership with the Federation of Filipino
Chinese Chambers of Commerce and Industry Inc., Federation of Filipino-Chinese Association of the Philippines, and the Philippine Chinese Chamber of Commerce and Industry Inc. The reception was graced by representatives of foreign missions in the country and Philippine officials, among others. In his address, the ambassador hailed the long bilateral relations of the two Asian neighbors. On Thursday, the Chinese foreign ministry called out the Philippines for tagging Chinese nationals arrested for illegal activities as “Chinese spies.” Story in A2, “China to PHL: Stop tagging Chinese national as a spy.” PHOTO COURTESY OF CHINESE EMBASSY IN THE PHILIPPINES
PINOY VISITORS IN JAPAN BOI says ’25-’28 SIPP will
SURGE TO OVER 818K IN ‘24 cover job-creating projects By Ma. Stella F. Arnaldo Special to the BusinessMirror
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APAN is clearly a favorite destination among Filipinos such that 818,666 visited last year, a 31.56 percent increase from the 622,293 who visited in 2023. Data from the Japan National Tourism Organization indicated that the surge in Filipinos started last October at 80,244 with the turn to Autumn, and peaked in December, during the Christmas season, with 108,500 visiting. December visitors were up
37.2 percent from the 79,107 in December 2023. Although some 80 percent of the numbers are Filipinos who visited for tourism purposes, these also include those who traveled to Japan for business and other purposes (e.g. studies). Japan’s former Ambassador to Manila Koshikawa Kazuhiko even noted that Filipinos were the second top visitors to his country among Southeast Asian countries. (See, “Pinoys top Asean arrivals, drawing Japan’s See “Pinoy,” A2
By Andrea E. San Juan
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@andreasanjuan
HE Board of Investments (BOI) is aiming to release the 2025-2028 Strategic Investment Priority Plan (SIPP) by the first half of this year, and it is expected to include projects with “high impact” for job creation, moving up the value chain and providing essential support to sectors critical to industrial development. At the Doing Business in the Philippines 2025 briefing organized Thursday by the European Chamber of Commerce of the Philippines (ECCP), BOI Managing Head Ceferino S. Rodolfo said the BOI is currently finalizing the SIPP in consultation with other investment promotion agencies (IPAs) and stakeholders. “We are finalizing the 2025 SIPP; the projects identified have high impact for job creation,
value creation, to innovation, upgrading, moving up the value chain and providing essential support to sectors critical to industrial development,” Rodolfo said. “We expect to release this. It says here, first quarter of 2025, but just to be conservative, I’ll say during the first half of this year. But don’t worry, even if this is not yet released, the current SIPP is still in place,” added Rodolfo. With this, the BOI managing head reminded those who are not certain whether their sector or project or activity will be included in the next SIPP to “work very hard and very fast” to apply now under the current SIPP. While Rodolfo did not disclose further details on the amendments that would manifest in the new SIPP, he said changes could be seen in terms of “Articulating further tiers one, two and three.” See “Boi,” A2
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
777 KORPHIL HOLDINGS CORP. Unit 2604, 26th Floor Ibp Tower, Julia Vargas Ave. Cor. Jade Drive, Ortigas Center, San Antonio, City Of Pasig KIM, BAEK 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 in Korean language fluently. Salary Range: Php 30,000 - Php 59,999
See “dole ncr” on A6-A7
PESO EXCHANGE RATES n US 58.5130 n JAPAN 0.3738 n UK 72.0822 n HK 7.5128 n CHINA 8.0408 n SINGAPORE 43.1735 n AUSTRALIA 36.7052 n EU 60.9120 n KOREA 0.0408 n SAUDI ARABIA 15.5997 Source: BSP (January 23, 2025)