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Saturday, March 8, 2025 Vol. 20 No. 147
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JAN BANK LENDING UP; M3 RISES 6.8% TO ₱18.1T F
n
By Reine Juvierre S. Alberto
THE BEACH BECKONS: BUT SO DOES DEATH, FOR KIDS
ILIPINO consumers continued to take out more loans as bank lending grew in January 2025, preliminary data from the Bangko Sentral ng Pilipinas (BSP) showed. AT A GLANCE
Bank Lending Growth: 12.8% YoY (fastest since Dec 2022) Loan Growth (Industries): n Real Estate +9.8% n Electricity & Gas +23.6% n Trade +13.9% n Transport +21.4% n Manufacturing +4.6%
TIKHONOVA VERA VIA DREAMSTIME
Outstanding loans of universal and commercial banks (U/KBs), net of reverse repurchase (RRP) placements with the BSP, increased by 12.8 percent year-on-year, the highest since the 13.7 percent recorded in December 2022. The data showed bank lending grew 12.2 percent in December 2024 while it posted a growth of 7.1 percent in December 2023. On a month-on-month seasonally adjusted basis, outstanding U/KB loans, net of RRPs, rose by 1.4 percent. Outstanding loans to residents, net of RRPs, rose by 13.3 percent in January 2025 from a 12.4-percent growth in the previous month. Meanwhile, outstanding loans to nonresidents contracted by 3.5 percent in January 2025, following a 5.7-percent increase in December 2024. The sustained increase in lending to key industries expanded loans for production activities by 9.8 percent in January 2025 from 9.1 percent in December 2024. These key industries are real estate, which saw lending grow by 9.8 percent; electricity, gas, steam, and air-conditioning supply, 23.6 percent; wholesale and retail trade, repair of motor vehicles and motorcycles, 13.9 percent; transportation and storage, 21.4 percent; and manufacturing, 4.6 percent. Meanwhile, consumer loans to residents declined to 24.4 percent in January 2025 from 25 percent in December 2024. Credit card loans slightly contracted to 29 percent in January 2025 from 29.4 percent in December 2024. Both motor vehicle loans and salarybased general-purpose consumption loans inched down to 19 percent and 14.1 percent, respectively, from 19.5 percent and 16.5 percent. “Looking ahead, the BSP will continue to ensure that domestic liquidity and lending conditions remain aligned with its price and financial stability mandates,” the
Consumer Loans Dip: 24.4% (from 25% in Dec 2024) n Credit Card Loans: 29% (down from 29.4%) n Auto Loans: 19% (down from 19.5%) n Salary Loans: 14.1% (down from 16.5%) Domestic Liquidity (M3): P18.1T (+6.8% YoY) Net Foreign Assets (NFA): +2.6% YoY
BSP said in a statement.
Domestic liquidity
MEANWHILE, domestic liquidity (M3) rose by 6.8 percent year-on-year to P18.1 trillion in January 2025 from 7.7 percent in December, preliminary data from the BSP showed. Domestic claims increased by 10.9 percent year-on-year in January, compared to 10.4 percent in December. Claims on the private sector grew by 13.1 percent in January from 12.2 percent in the previous month with the continued expansion in bank lending to non-financial private corporations and households. The BSP said net claims on the central government went up by 7.4 percent, compared to 7.2 percent in the previous month, due to continued borrowings by the national government. Moreover, net foreign assets (NFA) in peso terms rose by 2.6 percent year-on-year in January from 6 percent in December. The BSP’s NFA increased by 4.2 percent. Meanwhile, higher foreign currency-denominated bills and bonds payable contracted the NFA of banks. “The BSP will continue to ensure that domestic liquidity conditions remain consistent with the prevailing stance of monetary policy, in line with its price and financial stability objectives,” it said.
WITH the breathtaking mountains of Tanay as their backdrop, these women proudly form a heart sign—symbolizing unity, resilience, and empowerment in celebration of Women’s Month. Even as we honor women’s achievements, the latest PSA data reveal persistent gender pay gaps. While women earn more than men in some top-paying jobs, they still lag behind in all of the lowest-paying occupations. BERNARD TESTA
FOOD FOR THOUGHT ON WOMEN’S MONTH:
Women still earn less in the
lowest-paying jobs—PSA By Bless Aubrey Ogerio
E
VEN as the country marks Women’s Month, the latest data from the Philippine Statistics Authority (PSA) show that while women earn more than men in some of the highest-paying occupations, they still lag in all of the lowest-paying jobs. The Labor Force Survey showed unemployment rose to 4.3 percent in January 2025 from 3.1 percent in December but was slightly lower than 4.5 percent a year ago. Despite there being fewer jobs compared to December, employment reached 95.7 percent, up from 95.5 percent in January 2024. (See: https://businessmirror.com. ph/2025/03/06/jobless-rate-rises-in-january-as-holiday-hiring-fades/) PSA data indicated that in three of the five highest-paying job categories in January, women earned more than men. However, in the bottom five, no occupation saw women receiving higher wages than their male counterparts. Among the top-paying jobs, managers earned the highest average daily wage at P1,300, with women making P1,344—higher than men at P1,253. Armed forces occupations followed at P1,174, where men earned P1,179 and women earned P1,038, while professionals ranked third with an average of P1,173, with men earning P1,201 and women P1,159. Technicians and associate professionals earned P855 on average, with men at P857 and women at P852. Meanwhile, clerical support workers had an average daily wage of P739, with women earning slightly more at P745 compared to men at P730. At the other end of the spectrum, elementary occupations had Continued on A2
DENR cancels 2002 accord with Blue Star; Masungi Georeserve loses ecopark permit By Jonathan L. Mayuga
T
HE Department of Environment and Natural Resources (DENR) has decided to cancel the 2002 supplemental agreement with Blue Star Construction Development Corporation (BSCDC), citing violations of a 1997 Joint Venture Agreement and the agreement itself, as well as several legal defects. According to Norlito Eneran, Assistant Secretary for Legal Affairs and Enforcement, a letter canceling the 2002 Supplemental Agreement has been sent to Blue Star’s Ben Dumaliang. The letter also demands that the company vacate the area. The decision was announced at a hastily called press conference on Friday, capping over a decade’s
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THE Masungi Reserve eco-tourist area, nestled at the entrance of the Sierra Madre mountain ranges, is part of the delicate karst terrain system and is integral to the Upper Marikina River Basin protected area. BERNARD TESTA
investigation triggered by a Commission on Audit report released on January 6, 2014. The COA said the 2002 Supplemental Agreement has no documents to prove that the development of additional housing units is valid. The 2002 pact extended the coverage of the 1997 JVA between the DENR and Blue Star to include Lot 10 covering an increased land area of 300 hectares for the development of Garden Cottages. The 2002 agreement was followed by the 2006 JVA Amendment, and a 2008 Memorandum of Agreement or Deed of Exchange. Only the 2002 pact was cancelled; while the 1997 JVA, the 2006 JVA Amendment, the 2008 MOA, and 2017 MOAs granted perpetual land rights to Masungi over 2,700 Continued on A2
By Claudeth Mocon-Ciriaco
A
VACATION in Palawan turned tragic for the Garovillas family when their daughter Sandy, 6, died from a jellyfish sting at a resort in 2023. Sandy’s father, Edward, shared with senators on Thursday their sad experience of losing their daughter while celebrating the birthday of his wife Sarah. The Committee on Women, Children, Family Relations and Gender Equality, chaired by Senate Deputy Minority Leader Risa Hontiveros, sought insights from stakeholders on various measures seeking to protect children, including alert mechanisms for missing kids, particularly child tourists. In her opening statement, Hontiveros said Sandy’s Act or Senate Bill 2971 that she authored “seeks to prevent, mitigate and respond to risks affecting children and other visitors to Philippine tourist destinations by ensuring that these have access to adequate medical and emergency services as well as life-saving equipment, medicine and facilities.” SENATE Deputy Minority Leader Risa Hontiveros stressed the need for stronger safety measures in Philippine tourist destinations, citing Department of Tourism data showing the sector contributed P2.09 trillion to the GDP in 2023. However, she warned that visitors—especially children—face dangers such as accidental drownings, jellyfish stings, and other hazards while on vacation. SENATE PUBLIC RELATIONS AND INFORMATION BUREAU
The Philippines, as an archipelago, is popular for its beaches and other tourist destinations. she noted, adding Department of Tourism (DOT) data that tourism contributed an 8.6 percent share, amounting to P2.09 trillion to the gross domestic product in 2023. However, the senator lamented, “visitors to tourist destinations—particularly children—face risks associated with accidental drownings, jellyfish stings and animal bites, spinal injuries, and infectious diseases while on vacation.” According to the Philippine Statistics Authority, of the 3,604 deaths by accidental drowning or submersion in 2021, at least 1,056—or roughly a third—of the victims were children 1 to 14 years of age. In that year, drowning was the second leading cause of death among children 5 to 9 years old, Hontiveros pointed out. Continued on A2
GSIS ROBUST PERFORMANCE GSIS President and General Manager Jose Arnulfo “Wick”
Veloso addressed a Rotary Club of Manila meeting on Thursday, March 6, 2024. He cited the pension fund’s robust financial performance as its net income surged 21 percent to P135.7 billion in 2024, on the back of improved member services. Veloso said GSIS’s financial strength fuels meaningful community impact across the nation. From left, RTN. Delfin “Del” N. Lorenzana, Mr. Veloso, and RCM President Jujut Enriquez during the 24th Weekly Membership Meeting at Manila Polo Club in Makati City. NONOY LACZA
PESO EXCHANGE RATES n US 57.2380 n JAPAN 0.3869 n UK 73.7454 n HK 7.3647 n CHINA 7.9036 n SINGAPORE 42.9586 n AUSTRALIA 36.2374 n EU 61.7369 n KOREA 0.0395 n SAUDI ARABIA 15.2639 Source: BSP (March 7, 2025)