PSA: Manufacturing output at a 4-month high
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STARBUCKS @ ENCHANTED KINGDOM: Anna Mamon, Head of Business Development & Digital Transformation, Cynthia R. Mamon, COO, Cesar O. Mamon, President and CEO, and Mr. Nico R. Mamon, Head of Organization Development & Corporate Planning, spearhead the ceremonial opening of Starbucks coffee within the expansive Enchanted Kingdom. As pioneers in local family outdoor entertainment and fantasy-Disney theme parks, their vision continues to transform experiences. BERNARD TESTA
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HE country’s manufacturing output posted a fourmonth high in Januar y 2024, according to latest data released by the Philippine Statistics Authority (PSA). Based on the Production Index and Net Sales Index, PSA said the Volume of Production INdex (VoPI) grew 1.9 percent, the highest growth since the 9.3 percent posted in September 2023. The PSA data showed the VoPI posted a growth of 1.6 percent in December 2023 and 7.3 percent in
January 2023. “Of the remaining 19 industry divisions, eight registered yearon-year increases in January 2024. In contrast, 11 industry divisions posted annual declines during the period. The highest annual drop was observed in manufacture of textiles at 31.5 percent,” PSA said. T he d at a showed t he VoPI growth was the 7.1-percent contraction in the manufacture of computer, electronic and optical products compared to its double-digit decline of 16.5 percent in December 2023.
The manufacture of computer, electronic and optical products also contributed with a growth of 28.9 percent in January 2024. Also contributing to the performance was the slower annual decline in the manufacture of beverages at 0.3 percent during the period from a 14-percent annual decrease in the previous month. The double-digit annual growth observed in the manufacture of fabricated metal products, except machinery and equipment at 11.5 percent in January 2024, contrib-
uted to the VoPI growth. The data also showed the top three industry divisions in January 2024 were the manufacture of coke and refined petroleum products; fabricated metal products, except machinery and equipment; and electrical equipment. Meanwhile, the average capacity utilization rate for the manufacturing section in January 2024 was reported at 74.5 percent from 74.4 percent in the previous month.
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SUPPLY SHOCK SERIES FUELS INFLATION–BSP www.businessmirror.com.ph
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Friday, March 8, 2024 Vol. 19 No. 145
P25.00 nationwide | 3 sections 34 pages | 7 days a week
By Cai U. Ordinario @caiordinario
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S the economy is shelled by more supply shocks than before, the Bangko Sentral ng Pilipinas (BSP) admitted that monetary policy has become quite a challenge. In a recent forum hosted by the Financial Executives Institute of the Philippines (Finex), BSP Governor Eli M. Remolona Jr. said supply shocks such as higher oil and food prices increase inflation. This would eventually create second-round effects such as wage hikes whose effects on inflation do not dissipate quickly. Combatting second-round effects is being done by the BSP through the appropriate monetary policy. “The difference between the economy we now have and the economy we used to have is the dominance of supply shocks that's hitting us,” Remolona said. See “Supply,” A2
WOMEN MUSCLE, UNSTOPPABLE Jaqueline Logarta, 50 years old, has been driving a pedicab on Onyx Street in San Andres, Manila for six years now, but is nowhere near ready to give up. “I opted to drive a pedicab to help my husband earn a living to support our family. I am not ashamed of what I’m doing as long as I am earning in a clean way.” With her is Maria Salas (in green), even older at 60 but also showing no qualms about driving a pedicab. “I am also not ashamed with the work I’m in,” because it has helped feed her family for three years now.” Their true grit sets the tone for Women's Month, the main celebration of which is today, March 8, 2024. NONIE REYES
RIGHT-OF-WAY ISSUES HOUND METRO MLA SUBWAY–DOTr By Lorenz S. Marasigan
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@lorenzmarasigan
RANSPORTATION Secretary Jaime Bautista on Thursday admitted that the agency is hounded by right-of-way issues in its bid to complete the Metro Manila Subway. He said several homeowners are opposed to the subway’s alignment. There is also a building that the Department of Education (DepEd) owns that will be affected by the
alignment. Bautista noted that the building is an “important cultural property.” “Aayusin muna natin ‘yan... isa sa major issues na hinaharap ngayon [We will resolve that first...one of the major issues we are facing],” he said. The agency started lowering the tunnel boring machines at the subway’s North Avenue station in Quezon City on Thursday. See “DOTr,” A2
JCR’s investment-grade rating a ‘major win’–Recto
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APAN Credit Rating Agency’s (JCR) latest affirmation of the Philippines’ investment-grade credit rating of “A-” opens the country's access to cheaper financing from development partners and the international capital markets, according to Finance Secretary Ralph G. Recto. On Thursday, he described the high-credit rating with a stable outlook as a “major win” for all and a “strong vote of confidence” in the current administration’s sound economic policies. “This allows the government to channel funds that would have otherwise been allotted for inter-
est payments towards more development programs such as more infrastructure projects, improved social services, better health care system, and quality education,” Recto explained. A high credit rating sends a signal of confidence to investors and creditors, resulting in lower interest rates and better returns for Philippine bonds, the DOF said in a statement. “It also attracts more foreign direct investments into the country, which will create better employment opportunities for Filipinos,” Recto added. See “JCR,” A2
PESO exchange rates n US 55.8890 n japan 0.3742 n UK 71.1635 n HK 7.1422 n CHINA 7.7655 n singapore 41.7487 n australia 36.6800 n EU 60.9246 n KOREA 0.0420 n SAUDI arabia 14.9021 Source: BSP (March 7, 2024)