Feb FDI net inflow increases by 13% to $1B T BIG WIN IN SOFT TENNIS Joseph Arcilla bucks cramps to win gold in men’s singles of soft tennis which Team Philippines dominates with three gold, one silver and one bronze in the 32nd Southeast Asian Games on Wednesday. Arcilla at 37 still packs power and skills. »SEAGames stories in B8 Sports ROY DOMINGO
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HE country’s foreign direct investment (FDI) net inflows increased by 13.0 percent to $1.0 billion in February 2023 from the $926 million recorded in the same month last year, the central bank said on Wednesday. The Bangko Sentral ng Pilipinas attributed the increase in FDI to “higher non-residents’ net investments in debt instruments, notwithstanding lower net equity capital placements and reinvestment of earnings.” The year-to-date FDI net inflows amounted to $1.5 billion, 14.6 percent lower than the $1.8-billion net inflows posted in the first two months of 2022. “All major FDI components yielded lower net inflows as foreign
investors remained cautious amid persistent and broadening global inflation,” the BSP added. Moreover, the central bank said during the reference month, the bulk of the equity capital placements emanated from Japan, the United States and the Cayman Islands. “The said investments were channeled mostly to the 1) manufacturing; 2) real estate; 3) electricity, gas steam and air conditioning supply; and 4) financial and insurance industries,” the bank said. The BSP statistics on FDI are compiled based on the Balance of Payments and International Investment Position Manual, 6th Edition (BPM6). FDI includes (a) investment by
a non-resident direct investor in a resident enterprise, whose equity capital in the latter is at least 10 percent, and (b) investment made by a non-resident subsidiary/associate in its resident direct investor, the BSP said. For his part, Michael Enriquez, president of Sun Life Investment Management and Trust Corp. said, “majority of the increase was invested in local government bonds taking advantage of higher interest rates.” Domini Velasquez, chief economist at China Banking Corp. said higher net FDI inflows could imply improving sentiments from source countries. “Previously anticipated recessions did not materialize. In par-
ticular, the US economy continues to post improving economic conditions,” she added. “Domestically, structural reforms such as the amendments to the retail trade liberalization act and the public services act will continue to be major drivers of FDI,” the economist’s said. “We might see improvements in the second half of the year as these reforms gain traction. Additionally, investment pledges from the President’s trips to woo investors should also provide impetus to FDI,” Velasquez said. Chief economist Michael Ricafort of Rizal Commercial Banking Corp. said that February FDIs are C A
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HIGH CROP YIELD BUOYS AGRI PRODUCTION IN Q1 ■
Marcos, new Lao PM eye more trade, investments
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HE country’s value of production in agriculture and fisheries in the first quarter of 2023 was registered at P428.69 billion, representing an annual growth of 2.1 percent, the government reported on Wednesday. “This was because of the annual increases in the value of production of crops, livestock, poultry and fisheries,” the Philippine Statistics Authority (PSA) said, by way of explaining its data. The PSA also said that crops, which grew by 1.7 percent, accounted for P247.77 billion or 57.8 percent of the total value of production in agriculture and fisheries in the first quarter of 2023. Palay and corn posted increments in the value of production at 5.2 percent and 3.2 percent, respectively, it added. The value of livestock producC A
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BRACING FOR WORST With the probability of El Niño making itself most felt from June until the first quarter of 2024, a cow caretaker in Tarlac finds some relief for his cattle to graze on this dry land with sparse vegetation. However, he fears that once the El Niño is in full effect, finding a suitable grass field to feed his animals will become much more difficult. NONIE REYES
RESIDENT Ferdinand R. Marcos Jr. is now eyeing to sign new trade and investment deals and bilateral agreements with the Lao People’s Democratic Republic (PDR). He made the pronouncement during his bilateral talk with newly-appointed Lao Prime Minister Sonexay Siphandone at the 42nd Association of Southeast Asian Nation (ASEAN) Summit Indonesia on Wednesday. The President said he wants to explore business opportunities in PDR as it also undergoes pandemic recovery. “There’s much potential, now that our economies, especially here in ASEAN and around the region, have begun to show signs of life after the pandemic,” Marcos said. The President said other areas, where both Philippines and PDR can benefit are tourism, health, education as well as expansion of “professional exchanges.” Currently, he said a large number of Filipinos are already employed in the PDR. “We have 2,000 more or less Filipino nationals who are living in Lao and working in Lao PDR and we are very proud of the contributions that they have made, especially in S “M,” A
‘ASEAN MUST UNITE VS. INT’L CRIMES, CLIMATE WOES’ B S P. M @sam_medenilla
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RESIDENT Ferdinand R. Marcos Jr. on Wednesday called for solidarity to combat international crimes and the growing impact of climate change at the 42nd Association of Southeast Asian Nations (ASEAN) Summit and its related meetings in Indonesia. He made the call as ASEAN faces “a complex geopolitical environment,” which includes the differing agenda of its member states. “ASEAN itself is not immune to its own challenges, as we
continue to navigate our differences in the region towards a general consensus of action,” Marcos said in his intervention at the ASEAN Leaders’ Interface with the High-Level Task Force on the ASEAN Community’s post-2025 vision (HLTFACV). “Regionalism should mirror our collective interests, for our strength relies on our united voice,” he added.
Regional cooperation
IN his intervention at the ASEAN Inter-Parliamentary S “A,” A
SM Malls is inviting people to bring their moms to the mall as Mother’s Day approaches. Their pitch: “Get ready for endless surprises with exciting gifts, incredible finds, yummy blowouts, and more bonding moments with our #IncredibleSuperMomsAtSM. Capture your most memorable selfies with your #SuperMom at her favorite SM Malls nationwide!”
PESO EXCHANGE RATES US 55.5500 ■ JAPAN 0.4108 ■ UK 70.1097 ■ HK 7.0841 ■ SINGAPORE 41.8298 ■ AUSTRALIA 37.5462 ■ SAUDI ARABIA 14.8130 ■ EU 60.8772 ■ KOREA 0.0419 ■ CHINA 8.0275 Source: BSP (May 10, 2023)