BOI’s Jan-May approvals hit ₧640.2B, a 14% hike By Andrea E. San Juan @andreasanjuan
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EU LEADERS GATHER IN BRUSSELS TO DIVVY UP TOP JOBS AMID SHIFTING POLITICAL LANDSCAPE
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HE Board of Investments (BOI) said it approved P640.22 billion worth of investments in the January to May 2024 period, making it the “highest first 5-month approval” in BOI’s 57-year history. According to the investment promotion agency, this marks a 14-percent increase from the P562.90 billion recorded in the same period last year. Of the whole investment approvals pie in the five-month period, BOI said foreign investments amounted to
P114.37 billion, or 17.86 percent of the pie, while domestic investments reached P525.85 billion, or 82.14 percent of the investment approvals pie. These projects, the BOI noted, are expected to create 13,871 jobs for Filipinos. As to the source of investments, the investment promotion agency said Switzerland was the leading source of foreign investments, contributing P62.89 billion, followed by The Netherlands with P39.33 billion; Singapore, P6.07 billion; China, P1.53 billion; Taiwan, P1.28 billion; and the USA with P953 million. As for domestic investment destina-
tions, Calabarzon clinched the top spot with P538.52 billion, followed by Ilocos region, receiving P28.49 billion. Meanwhile, Central Luzon received P24.42 billion; the Bicol Region, P13.28 billion and Western Visayas, P8.54 billion. In terms of sector, BOI said the Renewable and Energy Power industry continued to dominate the Philippine investment approvals landscape, attracting P607.47 billion in investments, a 20.73-percent increase from the P503.18 billion recorded in the same period last year. The Agriculture, Forestry, and Fishing sector followed, as it “exhibited
robust growth” with approved investments amounting to P9.56 billion. “The Real Estate sector also made a notable contribution, securing P8.17 billion in approved investments. Additionally, the Transportation and Storage sector saw projects valued at P4.61 billion, while the Manufacturing sector attracted P4.36 billion in investments,” the BOI said. It’s worth noting that the Financial and Insurance Activities sector recorded the highest growth rate as it surged by 236 percent from P67.82 million last year to P227.95 million this year. See “BOI’s,” A
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APRIL REMITTANCES UP
3.1% TO $2.56B–BSP By Cai U. Ordinario @caiordinario
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HE increase in the money sent home by overseas Filipinos posted a fourmonth high in April 2024, according to the latest data released by the Bangko Sentral ng Pilipinas (BSP) on Monday. Preliminary data from the BSP showed remittances grew 3.1 percent in April, the highest since the 3.8-percent increase in cash remittances in December 2023. The total cash remittances that flowed into the country reached $2.56 billion in April 2024 from $2.48 billion posted in April 2023. “[It is] slightly slower versus 3.7 percent a year ago, but the continued growth nevertheless is still a good signal/bright spot for the overall economy as an important growth driver, especially in terms of consumer spending, which accounts for about 74 percent of the Philippine economy,” Rizal Commercial Banking Corporation (RCBC) Chief Economist Michael L. Ricafort said. See “Remittances,” A
SEAS OF STRIFE The USS Dwight D. Eisenhower, one of the oldest aircraft carriers in the US Navy, sails in the Red Sea on Wednesday, June 12, 2024. It leads the US response to the Houthi rebels’ ongoing attacks targeting both commercial vessels and warships in this crucial waterway. (Inset photo) Twenty-one out of 22 Filipino seafarers on board MV Tutor, who were rescued from a Houthi attack in the Red Sea on June 12, 2024, finally arrived at Naia Terminal 3 at 11:17 am Monday on a Gulf Air flight from Bahrain, accompanied by Labor Attaché Hector Cruz of the Department of Migrant Workers (DMW) MWO-Al Khobar. The US military, engaged in its most intense combat since World War II, had launched a wave of attacks on Houthi radar sites and drone boats after the Tutor, a Liberian-flagged, Greek-owned bulk cargo carrier manned mostly by Filipinos, was struck by a bomb-carrying drone boat, leaving one Filipino sailor missing. The Houthis claimed their attacks were to halt the Israel-Hamas war in Gaza, but often targeted unrelated ships and sailors. The Tutor remains in the Red Sea, slowly sinking. Story in A5 News, “Seafarers home, recall Houthi drone attack on cargo ship in Red Sea.” NONIE REYES & AP/BERNAT ARMANGUE
GESMUNDO CITES C.T.A.’S ROLE IN PROTECTING TAXPAYERS By Joel R. San Juan @jrsanjuan1573
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HIEF Justice Alexander Gesmundo has underscored the role of the Court of Tax Appeals (CTA) in protecting taxpayers against abuse on the part of tax collectors. “The service that you provide as a specialized court— fairly weighing the contrasting interests of the State and of its taxpayers, wisely reconciling and correcting tax issues, and serving as safeguard against any abuse or circumvention of the power to tax—will remain
all the more important given the growing needs of our developing nation, especially amid myriad crises we face today and will face tomorrow,” CJ Gesmundo said in his keynote address during the 70th Founding Anniversary of the CTA last June 14. Gesmundo also called on the justices and personnel of the CTA to be accustomed “to the changing needs of the present, and to remain adaptable to innovations and prepared for the challenges of the future,” as he acknowledged that the present situation is different compared See “Gesmundo,” A
UN delegates to ‘sutukil’ in Cebu for regional gastronomy forum By Ma. Stella F. Arnaldo @akosistellaBM Special to the BusinessMirror
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HE Phi l ippine cu l inar y tour ism market w ill be worth some US$21 billion by the year 2032, with the increasing efforts by the private sector and government in promoting Filipino cuisine. The estimate, based on a report by Future Market Insights, valued Philippine culinary tourism at $5.4 billion in 2022, and growing at an annual compounded rate of 14.7 percent. Under its National Tourism Development Plan 20232028, the Department of Tourism (DOT) has been developing more culinary tours and festivals, pro-
THE Philippines hosts the first United Nations Tourism Regional Forum on Gastronomy Tourism for Asia and the Pacific on June 26 and 27 in Cebu City. PHOTO BY WORLD TOURISM FORUM INSTITUTE
moting more dining destinations, and enhancing food trail activities to further expand the country’s
gastronomy offerings. In a news statement, Tourism Secretary Christina Garcia Frasco said, “We strongly see food as a crucial element in enhancing the Philippine cultural experience. In addition to integrating food in festivals, arts and crafts, traditions, and practices, we are actively working towards supporting the development of halal/Muslim-friendly tourism, heritage villages for cultural communities, and the preservation of farms and heritage sites.” Serving more than just food, “Gastronomy tourism encapsulates a nation’s culture, history, and traditions. For the Philippines, promoting the sector drives sustainable economic growth and enhances
the country’s position as a tourism powerhouse,” she added. This developed as the Philippines hosts the first United Nations Tourism Regional Forum on Gastronomy Tourism for Asia and the Pacific on June 26 and 27 at the Shangri-La Mactan Resort in Cebu City. The event, with an expected 200 participants, is organized by the UN World Tour ism Organization (UNW TO), the Basque Culinary Center, and the DOT. Following this, the country will also host the 36th UN Tourism Joint Commission Meeting for East Asia and the Pacific and Commission for South Asia on June 28 at the Sheraton Cebu Mactan Resort. See “UN,” A
PESO EXCHANGE RATES Q US 58.5890 Q JAPAN 0.3732 Q UK 74.7478 Q HK 7.5015 Q CHINA 8.0787 Q SINGAPORE 43.3671 Q AUSTRALIA 38.8679 Q EU 62.9363 Q KOREA 0.0426 Q SAUDI ARABIA 15.6175 Source: BSP (June 14, 2024)