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VSTECS appointed as authorized distributor for Extreme Networks in the Philippines

Presentation of Plaque of Distributorship: In the photo (L-R) are Marlon Bardinas, Systems Engineer/Philippines, Extreme Networks; Darwin Luzuriaga, Systems Engineer, Hospitality, APAC, Extreme Networks; Lisle Tan, Country Manager/Philippines, Extreme Networks; Chrishelle Zi, Distributor Partner Account Manager, ASEAN, Extreme Networks; Tock Hiong Ng, Director of Systems Engineering, APAC, Extreme Networks; Vivien Ang, Director of Sales, ASEAN, Extreme Networks; Jimmy Go, President and CEO, VSTECS; Hock Leong Choo, Director of Channel Sales, APAC, Extreme Networks; Nova Marqueta, Sales & Marketing Manager, Network Technology Group 1, VSTECS; Cherry Centeno, VP and Group GM, Value Business Group, VSTECS; and Justin Rivera, Manager, TPS Group B, VSTECS.

VSTECS Phils., Inc., the leading ICT distributor in the Philippines, is proud to announce its appointment as the authorized distributor of Extreme Networks, a global front-runner in cloud-driven networking solutions, trusted by more than half of the Fortune 50, and a Six-Time Leader in Gartner Magic Quadrant for Enterprise Wired and Wireless LAN Infrastructure and a 7X winner in Gartner Peer Insights Customer’s Choice. This strategic partnership empowers VSTECS to market, sell, and distribute the full suite of Extreme Networks products, including network access control, network analytics, network management, network packet broker, routers, SD-WAN, switches, Wi-Fi access points & Wi-Fi management solutions across the Philippines.

In today’s interconnected world, networks serve as the backbone that seamlessly connects people, computers, applications, and devices, enabling all forms of communication — be it voice, text, or video. They are the driving force behind the digital tools that businesses depend on to enhance efficiency, boost productivity, and elevate customer responsiveness.

Through this partnership, VSTECS will empower Philippine enterprises with access to Extreme Networks’ comprehensive portfolio, ensuring they have the advanced tools needed to build and maintain networks that are not only resilient but also equipped to support and accelerate their digital transformation initiatives.

Jimmy Go, President and CEO of VSTECS Phils., Inc., shared his excitement about the new partnership: “We are honored to be appointed as the authorized distributor of Extreme Networks in the Philippines. This collaboration aligns with our commitment to providing our channel partners with cutting-edge technology that enhances their business operations. By bringing Extreme Networks’ advanced solutions to the market, we are enabling businesses to improve their agility, strengthen their security posture, and stay ahead in today’s competitive landscape.”

“We believe that technology is a critical enabler of business success, especially in today’s fast-paced digital environment,” Mr. Go added. “By offering Extreme Networks’ solutions, we are providing our customers with the essential tools they need to build resilient networks that can adapt to changing business demands and technological advancements. “Extreme Networks’ innovative solutions are designed to meet the evolving needs of modern enterprises, providing the foundation for secure, reliable, and high-performance networks that drive business agility and resilience.”

With the addition of Extreme Networks solutions to its extensive portfolio, VSTECS continues to solidify its position as the go-to partner for enterprises seeking to leverage technology to drive innovation and business success. The collaboration will enable businesses to deploy state-of-the-art networking infrastructure that supports their growth, enhances operational efficiency, and improves overall customer experience.

“We are delighted to embark on this journey with VSTECS. This collaboration presents an exciting opportunity for us to amplify our impact and reach new heights of success. Together, we can leverage our strengths and resources to achieve remarkable results and make a lasting difference in the Philippines Region,” said Hock Leong Choo, Director of APAC Channel at Extreme Networks.

About VSTECS Phils., Inc.

VSTECS Philippines is the leading and largest ICT distributor in the country, recognized for its extensive portfolio of products, solutions, and services across diverse market segments. Our portfolio is unparalleled, representing over 100 renowned brands and encompassing a wide range of technology solutions, we have established ourselves as the go-to partner for businesses in need of reliable, state-of-the-art solutions to address their evolving ICT needs. Our meticulously tailored solutions serve the retail, mobility, commercial, and enterprise markets, precisely meeting industry-specific requirements and driving innovation across sectors.

About Extreme Networks

Extreme Networks, Inc. (EXTR) is a leader in cloud networking focused on delivering services that connect devices, applications, and people in new ways. We push the boundaries of technology leveraging the powers of machine learning, artificial intelligence, analytics, and automation. 50,000 customers globally trust our end-to-end, cloud-driven networking solutions and rely on our top-rated services and support to accelerate their digital transformation efforts and deliver progress like never before. For more information, visit Extreme’s website at https://www.extremenetworks.com or follow us on LinkedIn, YouTube, Twitter, Facebook or Instagram.

 

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Vietnam’s export hub factories may face weeks of disruption after Typhoon Yagi

MATT W NEWMAN-UNSPLASH

HANOI – Typhoon Yagi severely damaged a large number of factories and flooded warehouses in northern Vietnam’s export-oriented industrial hubs, forcing plants to shut, with some expected to take weeks to resume full operations, executives said.

The typhoon, the strongest in Asia this year, made landfall in Vietnam’s northern coast on Saturday and was still causing deadly floods and landslides on Wednesday killing dozens and ravaging key infrastructure, including power networks and roads.

The disruptions could affect global supply chains as Vietnam hosts large operations of multinationals that mostly export their products to the United States, Europe and other developed countries.

In the coastal city of Haiphong, one of the areas worst hit by the typhoon, 95% of businesses were expected to resume some activities on Tuesday, the body managing Haiphong industrial zones said on its website.

“Many businesses had their roofs blown off, some walls were torn and collapsed, gates, fences, signs, camera systems, garages and sliding metal doors were overturned, water flooded into factories,” a report on its website said.

In the DEEP C industrial zones, which host factories in Haiphong and the neighboring province of Quang Ninh, 20 out of 150 investors’ plants will be out of service for at least a few weeks, said Bruno Jaspaert, head of DEEP C industrial zones.

Based on a review of his clients, he expected power consumption at those facilities would remain one-third below normal for weeks or months because many companies were busy rebuilding their damaged factories.

Among the hardest hit at that industrial park was Jupiter Logistics, which is part of a group co-owned by Japan Airlines Co Ltd, according to one official familiar with the survey of the damage.

Jupiter Logistics was not immediately available to comment.

Goods ready for export or delivery to clients were flooded in warehouses in the area, companies said.

In another industrial park in Haiphong, South Korea’s LG Electronics said it had partly resumed work on Tuesday, although the factory’s walls were crushed on Saturday and a warehouse with refrigerators and washing machines had been flooded.

“Many of them are gone with the wind,” said Calvin Nguyen, head of Vietnamese logistics firm WeDo Forwarding Co., referring to products that were to be delivered to the United States and the European Union, without specifying which goods.

The company’s three warehouses in Haiphong had their roofs blown off and were still flooded on Wednesday, he said.

The industry ministry did not reply to a request for comment.

 

POWER CUTS

Power outages were still affecting several areas in the north, as Vietnam’s state-owned power distributor EVN worked to restore dozens of damaged electricity lines.

In Quang Ninh, along the coast north of Haiphong, many factories still had no electricity or water service, Mr. Jaspaert said.

Chinese solar panel maker Jinko Solar’s factory in Quang Ninh was severely damaged, one of its workers said, noting on Tuesday work had not resumed as windows had been smashed and the roof had been blown away.

Jinko was not immediately available for a comment.

Far from the coast, the industrial hubs of Thai Nguyen and Bac Giang which host large factories of multinationals such as Samsung Electronics and Apple supplier Foxconn were also facing severe flooding.

Samsung’s large facilities in Thai Nguyen had not been visibly affected on Tuesday evening, according to a Reuters witness.

Water was receding on Wednesday in the province, about 60 km (37 miles) north of Hanoi, but more rain was expected. – Reuters

EU, China should build bridges, avoid trade war, says Spanish prime minister

SPAIN’s Prime Minister Pedro Sanchez attends a news conference, sans tie, at the Moncloa Palace in Madrid, Spain, July 29. — MONCLOA PALACE/FERNANDO CALVO/POOL VIA REUTERS

KUNSHAN – Spanish Prime Minister Pedro Sanchez said on Wednesday there does not need to be a trade war between the European Union and China, and the two sides should seek to find a compromise around planned tariffs.

Mr. Sanchez made the remarks while speaking at an event at Mondragon Industrial Park in Kunshan, a city neighboring Shanghai.

He was addressing the European Commission’s move to conduct an anti-subsidy investigation into EVs made in China and the EU weighing hefty tariffs. The EU has revised some duties or lowered final proposed tariffs, which members are expected to vote on in October.

This week, China renewed negotiation efforts seeking to overturn the proposed duties on Chinese EVs.

When asked whether Spain would reconsider its vote on EU tariffs on Chinese made EVs, Mr. Sanchez said: “I have to be frank, we have to reconsider our position, all of us. Not only the member states but also the commission.”

“We don’t need another war, in this case a trade war. I think we need to build bridges between the European Union and China, and from Spain we will be constructive and try to find a compromise between China and the European Commission,” Mr. Sanchez said.

Mr. Sanchez met local business people and entrepreneurs at an event before the press conference. He also spoke to local government officials.

He was in China for a regular state visit. On Monday, in a meeting with China’s President Xi Jinping, he also said he hoped the European Union could avoid a trade war with China.

“The government of Spain wants to consolidate the growth of our trade relations and investment with China, with a focus on green and innovative industries and avoiding that trade and geopolitical tensions damage them,” Mr. Sanchez said on Wednesday.

“Nevertheless, as I said earlier, I believe that it is undeniable that these relations need to be balanced.” – Reuters

Taylor Swift says she will vote for Kamala Harris

TAYLOR SWIFT in a scene from the 2023 concert movie Taylor Swift: The Eras Tour.

WASHINGTON – US pop megastar Taylor Swift endorsed Democratic Vice President Kamala Harris late on Tuesday after her presidential debate against Republican former President Donald Trump.

Ms. Swift made the endorsement in a post on Instagram and said she will vote for the US vice president in the Nov. 5 U.S. election which polls show to be very tight.

Ms. Swift included an image of herself with her cat in her post, which she signed as “childless cat lady,” in an apparent dig at remarks previously made by Mr. Trump’s running mate JD Vance, who in a 2021 interview called some leading Democrats “a bunch of childless cat ladies.” He has since said it was merely a “sarcastic remark.”

“I will be casting my vote for Kamala Harris and Tim Walz in the 2024 Presidential Election. I’m voting for @kamalaharris because she fights for the rights and causes I believe need a warrior to champion them,” Ms. Swift said in her post.

The endorsement is the biggest for Harris from the entertainment industry. Many Hollywood actors, producers and filmmakers have said they viewed Harris, a native Californian, as their hometown candidate.

Ms. Harris shares a home with her husband, Doug Emhoff, a former entertainment lawyer, in the celebrity enclave of Brentwood on the west side of Los Angeles.

In August, Mr. Trump posted a fake social media image of Ms. Swift asking people to vote for him in the November election.

Ms. Swift made a reference to that in her post late on Tuesday, saying Mr. Trump’s move “really conjured up my fears around AI, and the dangers of spreading misinformation.” She added: “It brought me to the conclusion that I need to be very transparent about my actual plans for this election as a voter.”

Swift has supported Democrats in the past. She backed President Joe Biden in 2020.

Harris‘ running mate Tim Walz, who was on air on MSNBC when the endorsement was announced, said he was “incredibly grateful.”

“Get things going,” Mr. Walz said in an appeal to “Swifties” when asked about the endorsement. – Reuters

IMF, Ukraine reach deal that would give it access to some $1.1 bln

THE International Monetary Fund (IMF) logo is seen outside the headquarters building in Washington, U.S. — REUTERS

WASHINGTON – The International Monetary Fund said on Tuesday it had reached a preliminary agreement with Ukraine that would give the war-torn country access to about $1.1 billion in financial assistance.

The agreement follows what Kyiv said on Tuesday were “difficult” talks and is subject to approval by the fund’s executive board, which the IMF said in a statement is expected to happen in “coming weeks”.

The IMF is a key international lender to Kyiv and its four-year $15.6 billion program is a crucial part of a bigger global economic support package to Ukraine as it gears up for a third winter trying to fend off Russia’s full-scale invasion.

“Russia’s war in Ukraine continues to have a devastating impact on the country and its people,” Gavin Gray, who led the IMF’s monitoring mission to Kyiv for the fifth review of the lending program, said in a statement.

“Skillful policymaking, the adaptability of households and firms, and robust external financing has helped support macroeconomic and financial stability.”

The IMF, however, said that the risks to Ukraine “remain exceptionally high” with an economic slowdown expected due to the impact of the war on labour market and Russia’s continued attacks on the energy infrastructure, among other factors.

Kyiv is spending about 60% of its total budget to fund its army and relies heavily on financial support from its Western partners to pay pensions and wages to public sector employees and finance social and humanitarian spending.

Ukraine has received about $98 billion in financial aid from its Western partners since the start of the war, finance ministry data showed.

The IMF urged the Kyiv government, which President Volodymyr Zelenskiy reshuffled last week, to “respect financing constraints and debt sustainability objectives” in the 2025 budget and look for ways to increase domestic revenues.

The government has said previously it plans to raise taxes and has already implemented other fiscal measures, including increasing import and excise duties .

Ukraine also won an agreement from bondholders to restructure and write down its debt. – Reuters

Cemex sells Guatemala assets to Holcim for $200 million

HOLCIM PHILIPPINES FACEBOOK PAGE

MEXICO CITY – Mexican cement maker Cemex said on Tuesday that it had sold its operations in Guatemala to Holcim Group for around $200 million, its latest divesture from an emerging market.

The sale, signed and closed on Tuesday, includes one grinding mill, three ready-mix plants and five distribution centers, Cemex said in a statement.

Cemex has moved to exit from several other countries in recent months, including the Dominican Republic and the Philippines.

“We are now primed for the next stage by redeploying most of the divestment proceeds in developed markets, primarily the (United States),” CEO Fernando Gonzalez said in the statement.

Cemex’s largest markets are Mexico and the United States.

Plan for summit on UN sidelines to seek ways ‘to talk sense’ into China, Philippines envoy says

Philippine Coast Guard personnel documents a Chinese Coast Guard vessel shadowing the Philippines’ resupply mission at Second Thomas Shoal in the South China Sea, March 5, 2024. — REUTERS

WASHINGTON – A summit of at least 20 nations is planned on the sidelines of the U.N. General Assembly this month to seek ways “to talk some sense” into China over its confrontation with the Philippines in the South China Sea, Manila’s Washington envoy said on Tuesday.

“The more countries band together and give a message to China that what they’re doing is definitely not on the right side of history, then we have a better than even chance that they will not make that wrong move that we’re all fearing,” the envoy, Jose Manuel Romualdez said.

Mr. Romualdez did not elaborate on plans for the summit, which he said would take place on the sidelines of the annual General Assembly in New York in the week of Sept. 22.

The United States is Manila’s key ally. Its State Department and the White House did not immediately respond when asked about the plan.

The Philippines and China have exchanged accusations of intentionally ramming coast guard vessels in the disputed South China Sea in recent months, including a violent clash in June in which a Filipino sailor lost a finger.

Chinese state media on Monday called on the Philippines to “seriously consider the future” of a relationship “at a crossroads”.

Referring to Chinese pressure, Mr. Romualdez told Washington’s New America think tank the Philippines “has never faced this type of challenge since World War Two.”

“As of today, they have about 238 (Chinese) ships or militia vessels swarming in the … area, and they continue to do this day in and day out,” he said.

The aim of the summit would be for participants to join with the Philippines in “finding ways to be able to talk some sense into the PRC,” he said, using the initials of the People’s Republic of China.

Last week, Australia and Japan criticized China for what they called “dangerous and coercive” acts against the Philippines in the South China Sea, and India and Singapore called for a peaceful resolution of all disputes there without use of force.

Mr. Romualdez said that while trying to use diplomacy to have a “civil conversation with our neighbors in the north, we also have to continue to try and find ways and means to be able to strengthen our alliances.”

The aim was “to give a signal to China, that we’re not just one but we’re many that are not happy with what they’re doing today in the Indo-Pacific region.” – Reuters

A fresh coat of hope: FPJ Panday Bayanihan donates essential supplies to Pres. Corazon Aquino High School

FPJ Panday Bayanihan Chairman Brian Poe Llamanzares during the turnover of supplies

FPJ Panday Bayanihan, a foundation committed to fostering community development and uplifting Filipino lives, recently made a donation to Pres. Corazon C. Aquino High School. The donation, consisting of various painting materials and lighting supplies, aims to enhance the learning environment for students and ensure a brighter, more inspiring space for education.

The turnover of these essential supplies was led by Brian Poe Llamanzares, Chairman of FPJ Panday Bayanihan, underscoring the foundation’s dedication to supporting the youth and their education. The donation to Pres. Corazon Aquino High School is part of FPJ Panday Bayanihan’s ongoing efforts to support education and community development.

Brian Poe Llamanzares, Chairman of FPJ Panday Bayanihan

“We believe that a conducive learning environment plays a crucial role in shaping the future of our children,” said Brian Poe Llamanzares. “By providing these essential materials, we hope to help create a more vibrant and welcoming space where students can grow and thrive. FPJ Panday Bayanihan remains eager to continue supporting initiatives that promote a better future for the youth.” 

FPJ Panday Bayanihan has always believed in the power of collective action and community spirit. Through various initiatives, the foundation strives to address pressing needs in communities across the Philippines. The recent donation is a testament to the foundation’s unwavering commitment to serving the Filipino people, particularly the younger generation, by providing them with the resources necessary for a better learning environment.

The donation to Pres. Corazon Aquino High School is part of FPJ Panday Bayanihan’s ongoing efforts to support education and community development.

The school community warmly welcomed the donation, recognizing its impact on improving their facilities. Reyora Victorio Laurenciano, Principal IV of Pres. Corazon Aquino High School, expressed her gratitude for the support, stating, “We extend our deepest thanks to FPJ Panday Bayanihan. Your support will greatly enhance our classrooms, creating a more conducive environment for learning. We are truly grateful for your unwavering commitment to the youth and their education.” 

The donation to Pres. Corazon Aquino High School is one of many initiatives by FPJ Panday Bayanihan to foster a better educational environment for young Filipinos. By investing in school improvements and providing essential supplies, the foundation aims to create lasting, positive impacts in the lives of students, empowering them to pursue their dreams and aspirations with confidence.

For more information about FPJ Panday Bayanihan and its initiatives, please visit www.fpjpandaybayanihan.org or follow FPJ Panday Bayanihan on Facebook.

 

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Padday na Lima Regional Trade Fair 2024: Immerse yourself in Cagayan Valley’s exquisite blend of beauty and bounty

Padday na Lima is back in Manila! Cagayan Valley’s product showcase is again in the spotlight as the trade fair officially kicks off on Sept. 10, 2024, at the Festival Mall Alabang in Muntinlupa.

This year’s trade fair comes with the theme, “Unveiling the Richness of Cagayan Valley’s Lands and Seas, A Fusion of Beauty and Bounty.” In the opening ceremony, Department of Trade and Industry R2 Regional Director Ma. Sofia G. Narag welcomed visitors to the fair, promising that they are going to be treated to a smorgasbord of the region’s freshest and finest products from the valley’s diverse agricultural and aquatic resources.

In a heartfelt display of support, the Acting Secretary of the Department of Trade and Industry, Sec. Ma. Cristina Aldeguer-Roque, and Hon. Senator Loren B. Legarda conveyed their messages of support during the opening for Padday na Lima, emphasizing the vital role of MSMEs in strengthening the region’s economy.

Padday na Lima, an Ybanag vernacular for “made by hands,” aims to promote Cagayan Valley’s rich heritage and create fruitful unions with Manila-based advocates. In this week-long event, guests and Region 2 MSMEs alike are given exciting opportunities and unforgettable experiences like never before! This year’s fair will take visitors through a guided tour of the booths of Cagayan Valley MSMEs with a B2B matching activity for prospective endeavors between producers and consumers in Cagayan Valley and Manila. There are a wide array of other exciting activities at the fair including food and wine tasting, fun games, and a creative crafts demonstration. Another highlight of the trade fair is a fashion show named Hibla’t Having Rehiyon Dos: Padday na Lima Collections featuring Cagayan Valley’s unique weaves.

With a hundred exhibiting MSMEs and farmers boasting their wide array of products and services — from farm produce to processed foods, aquatic and fishery products, native delicacies, garden plants, to fashion and wearables, furniture, handicrafts, and tourism opportunities — visitors at the opening day were introduced to the wonders that Cagayan Valley has to offer to the Philippines and to the world. Pavillions highlighting each province in the region — Batanes, Cagayan, Isabela, Quirino, and Nueva Vizcaya — gave visitors a feel for not just their products but avenues for tourism and other potential investment projects as well.

We invite everyone, from the average consumer to institutional buyers, to come visit and experience the richness of the valley through the 18th Padday na Lima. The Trade Fair will run from Sept. 10 to Sept. 16 at the Upper Ground Floor, Carousel Court, Festival Mall Alabang in Quezon City.

But don’t you worry, the fun doesn’t stop at Alabang! You may purchase the finest products of Cagayan Valley with just a few clicks. Shoppers may treat themselves with Padday na Lima’s products through these sites: Mayani.ph — Farm-fresh produce delivered to your doorstep and PaddayNaLima.com (through Deliver-E).

For more information, please visit their social media accounts: Facebook DTI.Region02; Instagram, X, and Tiktok.

 

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BingoPlus Foundation empowers 60 scholars with the launch of P.L.U.S. Factor Leadership Program

Eusebio Tanco, Chairman of DigiPlus Interactive, and leaders across the company and BingoPlus Foundation welcome 60 scholars during the FutureSmart Leaders Assembly.

The BingoPlus Foundation, the philanthropic arm of DigiPlus launched its P.L.U.S. (Pioneering Leadership and Uplifting Service) Factor Program — an initiative designed to transform the lives of scholars from across the Philippines. More than just a scholarship, the P.L.U.S. Factor Program is a comprehensive four-year journey that empowers scholars with essential leadership skills, resilience, and a commitment to service, equipping them to be the next generation of changemakers.

The P.L.U.S. Factor Program represents the Foundation’s deep commitment to nurturing young talents by providing not only financial support but also the tools to thrive beyond the classroom. The launch of the P.L.U.S. Factor Program took place at the FutureSmart Leadership Assembly at iAcademy Nexus on Sept. 7, 2024.

The event brought together all 60 scholars from different parts of the Philippines, some traveling from as far as Camarines Sur, Cebu, Davao, and other cities in Luzon, Visayas and Mindanao. This gathering was a powerful testament to the Foundation’s commitment to inclusivity and its dedication to shaping a future where every young person has the opportunity to lead and succeed.

“We believe education is more than just a stepping stone — it is a launchpad for future leaders who can pioneer change and uplift their communities,” says Angela Camins-Wieneke, Executive Director of the BingoPlus Foundation. “Our P.L.U.S. Factor Program is designed to nurture Pioneering Leadership and Uplifting Service among our scholars. It is our way of investing in their potential, empowering them to lead purposeful lives and make a difference.”

An empowering start: FutureSmart Leadership Assembly

DigiPlus Interactive executives, such as Interactive Director and AB Leisure Exponent President Jasper Vicencio, become mentors in cultivating a Growth Mindset in the youth.

Through quarterly workshops, scholars will engage in immersive learning experiences focusing on personal growth, effective communication, career preparation, and professional development. This initiative aims to cultivate well-rounded individuals who are ready to excel in their careers and contribute meaningfully to society.

“This program isn’t just about financing your education; it’s about building your future,” said Miss Universe Philippines, Chelsea Manalo, in her talk about the power of cultivating a mindset for the youth. “Education is the great equalizer. By investing in your growth, the BingoPlus Foundation is helping you build the right skills and confidence to overcome obstacles and chase your dreams. We believe in your potential to become the leaders who will take on the world.”

DigiPlus Chairman Eusebio Tanco also addressed the scholars with a powerful message: “Schools teach us many things, but they rarely prepare us to face life head-on. Through the P.L.U.S. Factor Program, we aim to instill in you the mindset to be resilient, make bold decisions, and lead with purpose. Our support for your education goes beyond financial assistance; we are committed to your holistic growth.”

A vision for meaningful impact

DigiPlus Interactive Vice-President and BingoPlus Foundation COO Celeste Jovenir

The P.L.U.S. Factor Program is part of a broader mission by DigiPlus, through the BingoPlus Foundation, to drive social development and foster a digitally-advanced and resilient future for all. DigiPlus has consistently demonstrated its commitment to positive social impact, evidenced by its increase in the Foundation’s outreach budget by 500% to over P100 million. The company’s efforts are not just limited to digital innovation and responsible gaming but extend to creating meaningful opportunities for the youth and underprivileged communities.

Celeste Jovenir, DigiPlus Vice-President for Investor Relations and BingoPlus Foundation COO, highlighted the transformative nature of the initiative: “DigiPlus is proof that transformation isn’t just a buzzword; it’s a necessity for growth and survival. We’ve embraced digital, disrupted the status quo, and built something truly extraordinary. Now, with the P.L.U.S. Factor Program, we are excited to share that journey of transformation with all of you.”

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June FDI net inflows at four-year low

JOHN GUCCIONE-PEXELS

By Aaron Michael C. Sy, Reporter

PHILIPPINE foreign direct investment (FDI) net inflows sank to an over four-year low in June amid lower placements across all instruments, the Bangko Sentral ng Pilipinas (BSP) reported on Tuesday.

The inflows fell by 29% to $394 million from $555 million a year ago, preliminary data from the BSP showed.

Month on month, net inflows dropped by 27.55% from $510 million in May.

Net Foreign Direct Investment

June’s net inflow was the lowest level since the $314 million recorded in April 2020.

“The decline resulted from lower net inflows across all major FDI components,” the BSP said.

Nonresidents’ net investments in debt instruments declined by 30% year on year to $213 million in June from $304 million, central bank data showed. These consist mainly of intercompany borrowing or lending between foreign direct investors and their subsidiaries or affiliates in the Philippines.

Net investments in equity capital other than the reinvestment of earnings likewise went down by 33.2% to $74 million from $111 million a year ago.

Equity capital placements slid by 34.09% year on year to $87 million, while withdrawals dropped by 38.1% to $13 million.

Reinvestment of earnings also decreased by 23.4% to $107 million from $140 million a year ago, while investments in equity and investment fund shares dropped by 27.89% to $181 million.

By source, equity capital placements were mainly from Japan (47%), followed by the United States (15%), Sweden (14%) and Singapore (14%).

These were invested mainly in the manufacturing (48%), real estate (18%), wholesale and retail trade (16%) and financial and insurance (11%) sectors.

NET INFLOWS RISE IN FIRST HALF
Meanwhile, in the first semester, FDI net inflows increased by 7.9% to $4.4 billion from $4.1 billion a year earlier, BSP data showed.

Investments in equity and investment fund shares rose by 32.7% year on year to $1.71 billion in the January-to-June period.

Net foreign investments in equity capital surged by 62% to $1.197 billion in the six-month period. Placements went up by 57.9% to $1.158 billion and withdrawals rose by 41.5% to $261 million.

These placements mostly came from the United Kingdom (52%), followed by Japan (30%) and the United States (7%), and were mostly invested in the manufacturing (77%) and real estate (10%) industries.

Meanwhile, net investments in debt instruments went down by 3.4% to $2.725 billion in the first semester from $2.821 billion a year ago.

Reinvestment of earnings also dropped by 6.7% to $514 million.

FDI net inflows slumped in June due to elevated interest rates, as the market at that time was still uncertain about the start of the monetary easing cycles of both the BSP and US Federal Reserve, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message.

The Monetary Board on Aug. 15 reduced its policy rate by 25 basis points (bps) to 6.25%, its first easing move in nearly four years. Prior to the cut, the BSP kept its policy rate at an over 17-year high of 6.5% for six straight meetings following cumulative hikes worth 450 bps between May 2022 and October 2023 to rein in inflation.

BSP Governor Eli M. Remolona, Jr. has said they could cut rates by another 25 bps within the year. The Monetary Board’s last two policy-setting meetings this year are on Oct. 17 and Dec. 19.

Meanwhile, the Fed is widely expected to begin its easing cycle at its Sept. 17-18 policy meeting, with markets pricing in a 25-bp cut at the review and 100 bps in reductions for this year. The US central bank has kept the federal fund target rate at 5.25%-5.5% range following increases worth 525 bps from March 2022 to July 2023.

Still, FDI inflows grew year on year in the six months ending June as the Philippines posted robust economic growth last quarter compared with other countries in the region, Mr. Ricafort said.

Philippine gross domestic product (GDP) expanded by 6.3% in the second quarter, bringing first-half growth to 6% and meeting the low end of the government’s 6-7% target for the year.

At 6.3%, the Philippines’ GDP growth was the second-fastest in the April-to-June period, only behind Vietnam (6.9%). It was ahead of Malaysia (5.8%), Indonesia (5%) and China (4.7%).

“For the coming months, further cuts in BSP and Fed rates amid the easing inflation trend would further reduce borrowing costs that would help spur greater global investments, business, and other economic activities worldwide, which would thereby help boost FDIs,” Mr. Ricafort said.

“We expect [FDIs] to get better as we have seen so far this July-August, particularly, as BSP did a rate cut within the period mentioned,” Union Bank of the Philippines, Inc. Chief Economist Ruben Carlo O. Asuncion said in a Viber message.

The central bank expects to end 2024 with $9.5 billion in FDI net inflows. In 2023, net inflows fell by 6.6% year on year to $8.9 billion.

July trade gap widest in 16 months

BW FILE PHOTO

By Beatriz Marie D. Cruz, Reporter

THE PHILIPPINES in July posted its widest trade deficit since March 2023 as imports grew at their fastest clip in three months, outpacing the uptick in exports, the Philippine Statistics Authority (PSA) reported on Tuesday.

Preliminary data from the PSA showed that the country’s trade-in-goods balance — the difference between exports and imports — stood at a $4.87-billion deficit in July, 18.05% bigger than the $4.12-billion gap a year ago.

Month on month, the July trade gap also widened by 12.73% from the $4.32-billion deficit in June.

Philippine Merchandise Trade Performance (July 2024)

The July trade deficit was the widest monthly gap since $5.02 billion in March 2023.

Meanwhile, for the first seven months, the Philippines’ trade deficit narrowed by 5.78% to $29.91 billion from $31.75 billion a year ago.

The country’s balance of trade in goods has been in the red for 110 straight months (nine years) or since the $64.95-million surplus in May 2015.

In July, the value of imports increased by 7.2% year on year to $11.12 billion from $10.37 billion, which was the fastest rise since April’s 13%. This was also the highest import value since the $11.63 billion recorded in March 2023.

Month on month, imports jumped by 12.4%.

For the first seven months, imports declined by 1.04% annually to $72.57 billion.

Lower commodity prices in the global market made imports more attractive to local buyers, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message.

“The seasonal increase in importation activities in the third quarter, a consistent pattern seen for many years, could lead to a further pickup in imports,” he said, adding that the peso’s recent appreciation versus the dollar would make imports cheaper and exports more expensive.

After trading at the P58 level against the dollar and hitting 18-month lows in May due to uncertainty over the timing of interest rate cuts here and abroad, the peso has since recovered, closing at the P56 level at end-August and even returning to the P55 mark earlier this month.

Meanwhile, July exports inched up by 0.1% to $6.249 billion from $6.246 billion a year ago, marking the first annual growth since April’s 27.9%. Month on month, exports went up by 12.24%.

Year to date, exports have risen by an annual 2.59% to $42.66 billion.

Exports are unlikely to post “significant gains” for the rest of the year, Union Bank of the Philippines, Inc., Chief Economist Ruben Carlo O. Asuncion said in a Viber message.

“The sober export outlook in the second half of 2024 is against a backdrop of lackluster China growth and risk of slower prospects for developed markets that already prompted key central banks, led by the European Central Bank, Bank of England and Bank of Canada, to start dismantling their high interest rate structures to prioritize growth moving forward, likely to be followed by the US Federal Reserve,” Mr. Asuncion said.

The Development Budget Coordination Committee expects 5% and 2% growth in exports and imports, respectively, this year.

IMPORTS
In July, imports of raw materials and intermediate goods picked up by 13.31% to $4.22 billion, accounting for 38% of total imports for the month.

Imported capital goods rose by 9.52% to $3.29 billion making up 29.6% of the total. Imports of consumer goods increased by 3.11% to $2.13 billion for a 19% share.

By value, imports of electronic products were the highest at $2.53 billion in July, up by 11.84% from last year. They accounted for 22.8% of total imports.

These were followed by mineral fuels, lubricants and related materials at $1.44 billion (12.9%) and transport equipment at $1.03 billion (9.2%)

China was the biggest source of imports in July with a value of $3.08 billion, making up 27.7% of the total import bill.

It was followed by Indonesia with imports valued at $947.55 million (8.5%), Japan with $893.54 million (8%), South Korea with $810.32 million (7.3%) and the United States with $675.58 million (6.1%).

EXPORTS
Meanwhile, among major types of goods, exports of manufactured goods went down by 3.1% year on year to $4.98 billion in July, but still made up the bulk or 79.6% of the total.

On the other hand, exports of mineral products rose by 11.4% to $583.6 million.

By commodity group, exports of electronic goods dropped by 11.9% to $3.25 billion from $3.69 billion a year ago. Still, electronic products were the country’s top export in terms of value, accounting for 52.1% of the total.

Among electronic products, semiconductor exports dropped by 22.63% to $2.37 billion.

Electronic goods remained the Philippines’ top export amid the positive outlook for artificial intelligence and technology sector, Mr. Asuncion said.

“We have yet to see how demand for electronics will recover in the next coming months. The tech sector in the region and in other advanced countries would still need to do better,” he added.

Overall, the United States remained the top destination for Philippine-made goods in July, with exports valued at $1.06 million, making up 16.9% of the total for the month.

Japan was the second-biggest market for Philippine exports with a value of $872.43 million (14% share), followed by China with $791.29 million (12.7%), Hong Kong with $744.82 million (11.9%) and South Korea with $305.17 million (4.9%).

Other top export destinations for the month were Taiwan, Germany, Thailand and the Netherlands.

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