State reception hosted by embassy marks June 5’s National Day of Russia
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HE Embassy of the Russian Federation in the Philippines hosted on June 5 a State Reception on the occasion of the National Day of Russia. The event gathered diplomatic corps, the leadership of the National Security Council, the Department of Foreign Affairs, representatives of Philippine government agen-
cies and local authorities, academic circles, media and the delegation of the Moscow City Government. Ambassador of Russia to the Philippines Marat I. Pavlov cited in his opening remarks the recent progress in building beneficial cooperation with the Republic across a broad range of areas—politics, See “State,” A13
ON June 5, 2025, the Embassy of the Russian Federation in the Philippines hosted a State Reception celebrating the National Day of Russia. The event brought together members of the diplomatic corps, Philippine government officials, representatives from the National Security Council, Department of Foreign Affairs, local authorities, academia, media, and a delegation from the Moscow City Government. Ambassador Marat I. Pavlov highlighted the growing cooperation between Russia and the Philippines and the upcoming 50th anniversary of diplomatic ties in 2026. Undersecretary for Foreign Affairs Charles C. Jose reaffirmed the Philippines’ commitment to strengthening bilateral relations. Also present was ALC Group of Companies chairman Edgard A. Cabangon.
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By Cai U. Ordinario @caiordinario
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NCERTAINTIES in the global economy, geopolitical tensions, and friendshoring paint a grim outlook for the country’s ability to attract foreign direct investments (FDIs) in the coming months, according to economists. FDI FLOWS FALTER:
41.1% DROP IN Q1 2025 AMID GLOBAL UNCERTAINTY
Q1 2024 FDI: $3.0B n Q1 2025 FDI: $1.8B n
Contraction: -41.1%
A strategy where firms move supply chains and investments to trusted, allied countries to avoid risks from trade wars, conflicts, or unstable regimes.
WHY FDI IS DOWN TOP FDI SOURCES
Global economic fragility Geopolitical tensions n Friendshoring & reshoring n Weak investment sentiment n Local structural issues n n
On Tuesday, the Bangko Sentral ng Pilipinas (BSP) said the country’s FDIs contracted 41.1 percent to $1.8 billion in the first quarter of 2025 from $3 billion recorded in the same period last year. Unionbank Chief Economist
(March 2025) Singapore Japan United States n South Korea n Malaysia n n n
BM Graphics: Ed Davad
FRIENDSHORING
Ruben Carlo O. Asuncion told BusinessMirror that the global economy’s weakness, the uncertainties linked to US trade policies, and geopolitical risks are among the reasons firms are See “Geopolitics,” A13
PHL BANKS, GOVT JOIN RANKS TO FIGHT RISING CYBER SCAMS
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HILIPPINE banks and the national government are cracking down on online scams that are defrauding Pinoys by issuing joint advisories and creating a national database. In a statement, the Bankers Association of the Philippines (BAP) said banks are closely collaborating with the national government for a “whole-ofecosystem” approach on cybersecurity. These agencies include the Department of Information and Communications Technology (DICT), the Bangko Sentral ng Pilipinas (BSP), and the National Privacy Commission (NPC). “This approach would include other private-sector entities such as fintech firms, e-commerce companies, and telcos,”
the BAP said in a statement on Tuesday. “This would boost the banking industry’s existing initiatives—which include ramping up spending on cybersecurity infrastructure, awareness campaigns, and introducing innovative cybersecurity measures to replace existing mechanisms, such as One-Time Passwords,” it added. The BAP said the efforts will include joint public advisories about cyber safety and the creation of a national scam/fraud database to make it easier to hold cybercriminals accountable. The initiatives will also include the launch of consumer education campaigns; real-time coordination protocols between See “PHL,” A13
CHARGE OF THE GREEN FLEET Taxis powered by VinFast electric vehicles (EVs) from Vietnam are parked at the Quezon Memorial Circle during the official launch of Green GSM (Green and Smart
Mobility) on Tuesday, June 10, 2025. Green GSM marks the arrival of the Philippines’ first all-electric taxi fleet, aiming to offer commuters cleaner, more affordable, and efficient rides across Metro Manila. The initiative is part of a broader push for sustainable transport solutions as the country seeks to cut carbon emissions and modernize urban mobility. NONOY LACZA
Apr farm trade gap narrows 12% to $859M By Ada Pelonia
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@adapelonia
GRICULTURAL imports outpaced farm exports in April, but the gap has been narrowing, based on data from the Philippine Statistics Authority (PSA). Figures from the International Merchandise Trade Statistics (IMTS) showed that the farm trade deficit in April narrowed by 12 percent to $859.04 million from $976.55 million recorded in the same period in 2024. This figure showed a decline compared to March’s 11.1-percent jump and the 8.4-percent increment from a year earlier in April 2024. Overall, the country’s total agricultural trade stood at $2.35 billion in April, slightly up 0.1 percent from the previous year. This showed a marginal increase from March’s 16.5-percent growth and 25.6-percent gain recorded in
April last year. Meanwhile, farm exports were on the upswing, growing by 8.7 percent year-on-year to $743.22 million. These agricultural goods accounted for 11 percent of the country’s total outbound shipments. The leading farm exports of the Philippines were animal, vegetable, or microbial fats and oils and their cleavage products; edible fruit and nuts; and preparations of vegetables, fruit, nuts, or other parts of plants. This was followed by preparations of meat, of fish, of crustaceans, mollusks or other aquatic invertebrates, or of insects; and tobacco and manufactured tobacco substitutes. The PSA noted that of the commodity groups, animal, vegetable, or microbial fats and oils and their cleavage products, valued at $256.47 million, held the lion’s share of total agricultural exports in the reference period.
PNA FILE PHOTO
Receipts from exports, however, paled in comparison to the import bill, which settled at $1.6 billion or 68.3 percent of the total agricultural trade. Despite this, payments for food purchases during the period were 3.5 percent lower than the $1.66 billion recorded in the reference period last year. Cereals, including rice and wheat,
were the country’s top food imports at $356.63 million, or nearly 20 percent lower than the $443.28 million recorded in the previous year. It accounted for 22.3 percent of the total value of agricultural imports in April. The top five sources of cereals for the Philippines were Vietnam, Australia, the United States, Thailand, and Argentina.
PESO EXCHANGE RATES n US 55.8220 n JAPAN 0.3863 n UK 75.6444 n HK 7.1135 n CHINA 7.7763 n SINGAPORE 43.4108 n AUSTRALIA 36.3680 n EU 63.7599 n KOREA 0.0413 n SAUDI ARABIA 14.8843 Source: BSP (June 10, 2025)