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e27 and Brainsparks join forces for Echelon Philippines 2024

In a groundbreaking collaboration, e27, renowned as Asia’s leading tech and startup media platform, joins forces with Brainsparks, the pioneering founder-centric Incubator+ in the Philippines. Together, they proudly present the inaugural Echelon Philippines 2024, scheduled to take place on Sept. 26th and 27th, 2024, at the SMX Convention Center.

Echelon, an annual startup and tech conference in the Asia-Pacific region headquartered in Singapore, is one of the largest and most acclaimed events of its kind. With over 90,000 attendees across its past 10 editions, Echelon is known for its impressive reach and impact within the tech industry. Notably, after a decade of successful installments, the conference is making its highly anticipated debut in the Philippines, marking a significant milestone in its growth and expansion.

Echelon Philippines 2024, a dynamic convergence of startup leaders, visionary entrepreneurs, and forward-thinking investors, will foster regional partnerships, investments, and business matching. The conference aims to showcase insights from thriving and emerging sectors, unveiling new avenues for growth and stimulating entrepreneurship. Additionally, it seeks to cultivate fresh talent, arming them with the necessary tools and resources to navigate existing markets and drive growth.

In addition, the conference will feature fireside chats, panel discussions, and keynote speeches from esteemed local and international speakers with the likes of Angeline Tham, Co-Founder & CEO of Angkas; Adriel Yong, Head of Investments of Ascend Network; Jojo Malolos, CEO of Paymongo; ER Rollan, Founder and CEO of Growsari; Mario Domingo, Global Chief Technology Officer of UBX Philippines; Visa Kannan, Managing Partner of Saison Capital; Gregorio Mantaring, Director of JG Digital Equity Ventures; Amanda Cua, Founder & CEO of Backscoop; Jay Fajardo, Executive Director of Ideaspace; Carlo Chen-Delantar, Co-Founder of Gobi-Core Philippine Fund; Rene Cuartero, Co-Founder & CEO of AHG Lab; John Aguilar, Founder & Host of The Final Pitch; and many more.

Aside from the insightful speakers, the conference will feature a diverse range of exhibitors who will showcase their distinctive products and services, opening up a realm of possibilities for attendees. Among these exhibitors are BuildHub, Smile API, InsightGenie, Gateway of Asia, AHG Lab, Zoho, Plug and Play, and Founders Launchpad. Each exhibitor brings their unique offerings, providing attendees with opportunities to explore innovative solutions and connect with industry experts.

Echelon Philippines 2024 promises to be a pivotal event, showcasing not only the most recent technological advancements but also offering crucial support for the growth of the local startup ecosystem.

One of the highlights of this event will be the Startup Pitch Competition, dedicated to spotlighting the most promising startups in the Philippines. This segment will provide a platform for local innovators to showcase their solutions to real-world problems faced by the country.

Join us in Manila this September for an extraordinary gathering of ideas, innovation, and inspiration at Echelon Philippines 2024. Secure your tickets here: https://e27co.e27.co/ECPH.

 

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Celebrate adulting wins at The Pasta Happy Hour with the new creamier and meatier Del Monte Carbonara Pasta Sauce

Del Monte Extra Creamy Carbonara Pasta Sauce

Raise those forks and toast to the small victories of adulting because it’s time for a celebration of epic proportions! The Del Monte Pasta Happy Hour is here, and it’s all about savoring those little wins with joy, and, of course, pasta. Whether it’s a recent work promotion, a personal milestone, or simply making it through a challenging week, there’s no better way to reward oneself than with the creamier and meatier goodness of the new Del Monte Extra Creamy Carbonara Pasta sauce!

Unveiling the New Creamier and Meatier Del Monte Carbonara Sauce

It’s not just any carbonara sauce — it’s a leap forward in creaminess and meaty goodness. With its new and improved taste, it’s the ticket to crafting mouthwatering and restaurant-quality pasta dishes that taste like a celebration. Versatile in sizes of 200g and 400g, convenient to buy from any grocery stores, and easy-to-use, whipping up a classic, Asian-flavored or fusion-style carbonara will surely impress when sharing adulting wins with the people who made it possible.

Pasta Happy Hour Highlighted: Fun, Games and Pasta Galore

Fun moments at the Del Monte Pasta Happy Hour

The Pasta Happy Hour was a by-invitation only fun event for promo winners and select media at the Metropolitan Museum of Manila, Bonifacio Global City, Taguig and was live-streamed on Del Monte’s official social media accounts.

Exciting games at the Del Monte Pasta Happy Hour

One of the memorable activities was the pasta roulette for a chance to win exciting prizes, including exclusive Kitchenomics Cookbooks, mittens/aprons and kitchen equipment. There was a Pasta Gallery which featured pasta dishes and pizzas made of Del Monte Extra Creamy Carbonara. The Chicken & Mushroom Truffle, Beef Stroganoff, Salmon Creamed Spinach Lasagna, Shrimp & Pesto Cream Pasta and Four Cheese Mini Bacon Pizzas were highly-raved.

Fun moments at the Del Monte Pasta Happy Hour

A pasta-themed photo booth, rib-tickling performances of SPIT Manila, meet-and-greet with social media influencers and participants expressing their love for Del Monte Carbonara pasta enlivened the festivities. Ivan King, Del Monte’s Group Brand Manager, was also present for more fun and surprises.

Bring the Pasta Happy Hour experience at home, where every bowl of pasta is a tribute to achievements. So, here’s to celebrating adulting wins with Del Monte Extra Creamy Carbonara — because every success, big or small, deserves a delicious reward! To explore recipes, visit https://kitchenomics.com/.

 

Spotlight is BusinessWorld’s sponsored section that allows advertisers to amplify their brand and connect with BusinessWorld’s audience by publishing their stories on the BusinessWorld Web site. For more information, send an email to online@bworldonline.com.

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China urges vigilance against Taiwanese cyberattacks

REUTERS

BEIJING/TAIPEI – China’s national security ministry said on Monday a Taiwan military-backed hacking group called Anonymous 64 has been carrying out cyberattacks against targets in China, urging people to report “anti-propaganda sabotage.”

Taiwan’s defense ministry denied the allegations, saying China was the real disturber of the peace with its cyber attacks and military harassment.

Since the beginning of this year, Anonymous 64 – which China’s national security ministry said belonged to Taiwan’s cyber warfare wing – has sought to upload and broadcast “content that denigrates the mainland’s political system and major policies,” on websites, outdoor screens and network TV stations, it said in a blog post.

Taiwan frequently accuses Chinese groups of seeking to spread online disinformation or carry out cyberattacks across the democratically governed island. China claims sovereignty over Taiwan and has ramped up military and political pressure against over the past five years to assert its claims.

The Taiwan defense ministry’s Information, Communications and Electronic Force Command said China’s accusations were untrue.

“The current enemy situation and cyber threats are severe,” it said in a statement. “The Chinese communist military and forces that coordinate with it continue to use aircraft, ships and cyber attacks to harass Taiwan and are the originators of undermining regional peace.”

Taiwan’s government rejects Beijing’s sovereignty claims.

The hacking group’s X account said it was set up in June 2023 and showed screenshots of efforts to broadcast videos likening Chinese President Xi Jinping to an emperor, marking the second anniversary of protests against Beijing’s strict COVID curbs and commemorating the 1989 Tiananmen Square demonstrations.

One video was an address from an Anonymous 64 member wearing the Anonymous hacking group’s Guy Fawkes mask in the style of the graphic novel and film V for Vendetta.

Neither the X site nor the blog post from China’s national security ministry said whether Anonymous 64 had any affiliation with the international hacking group.

Reuters was not immediately able to verify where the group was based or whether they had actually carried out the hacking attacks they were accused of.

In the blog post published on its official WeChat account, the national security ministry said its investigation into the group had found many of the websites Anonymous 64 claimed to have accessed were fake or had little no traffic. Posts showing it having infiltrated numerous university and media websites had been photoshopped, the ministry added.

The security ministry published screenshots of the group’s X account with heavily redacted text. It also said it had opened a case against three members of Taiwan’s cyber warfare wing.

“We advocate that netizens should not believe in or spread rumors and should promptly report cyberattacks or cases of anti-propaganda activity to the national security authorities,” the blog post said. – Reuters

Samsung invests $1.8 billion more in Vietnam for OLED manufacturing plant

HANOI – South Korean electronic manufacturer Samsung Display Co plans to invest $1.8 billion for a factory this year in northern Vietnam to produce OLED displays for automobiles and technology equipment, the Southeast Asian country said on Sunday.

The new facility for the manufacture of organic light-emitting diode (OLED) displays will be located in Yen Phong industrial park in Bac Ninh province east of Hanoi and close to an existing Samsung electronics plant, the government said in a statement released after the meeting between Prime Minister Pham Minh Chinh and the General Director of Samsung Vietnam Choi Joo Ho.

Bac Ninh authorities and Samsung Display on Sunday also signed a memorandum of understanding of the project, local media reported, adding the investment would raise Samsung’s total investment in Bac Ninh to $8.3 billion from the current $6.5 billion.

Vietnam has over the last decade emerged as one of the most attractive production hubs for electronics companies.

According to Choi, Samsung has established six manufacturing plants, one research and development center, and one sales entity in Vietnam, with a cumulative investment of $22.4 billion. – Reuters

Regional victory brings Germany’s Scholz brief respite from growing pressure within party

A GERMAN national flag flies atop the illuminated Reichstag building in Berlin, Germany Dec. 9, 2022. — REUTERS

BERLIN – German Chancellor Olaf Scholz’s Social Democrats (SPD) staved off the far-right in a regional election on Sunday, likely providing him only a brief reprieve from growing criticism of his leadership within his own party.

The center-left SPD staged a last minute comeback in the eastern state of Brandenburg, where they have ruled since reunification in 1990 and Mr. Scholz has his own constituency, to win the election on 30.9% of the vote.

The far-right Alternative for Germany (AfD), which had topped polls for the past two years in the state, won 29.2%, according to provisional official results by the State Electoral Commissioner.

Still the AfD was up 5.7 percentage points since the last Brandenburg election five years ago, after it earlier this month became the first far-right party to win a state election in Germany since World War Two.

The AfD party continues to gain momentum as it capitalizes on worries about a cost-of-living crisis in Europe’s largest economy, irregular immigration and a possible escalation of the war in Ukraine due to German weapons deliveries to Kyiv.

Moreover, three-quarters of those who voted for the SPD did not do so out of conviction but rather to fend off the AfD, according to the exit poll published by broadcaster ARD, in the election with a record turnout of 72.9%.

Brandenburg’s SPD premier Dietmar Woidke avoided campaigning with Mr. Scholz, Germany’s least popular chancellor on record, and even criticized the federal coalition’s policies and constant bickering.

As such, the regional election results are unlikely to end the growing debate within the SPD over whether Scholz is the right person to lead the party into next year’s federal election given what critics call his hesitant leadership and poor communication skills.

Asked on Sunday if the SPD federal leadership was the right one, Mr. Woidke said this was not the right time to answer that question.

“But we must also learn the lessons from this election,” he said, noting the SPD needed to get closer to the people. “Especially as the federal level is concerned, there is a lot of catching up to do in the coming months and years.”

The SPD is polling just 15% at national level, down from 25.7% in the 2021 federal election. That is behind the AfD on around 20% and opposition conservatives on 32%.

Last week, the mayor of Munich, Germany’s third largest city, was the latest SPD party politician to suggest it should consider fielding the popular Defense Minister Boris Pistorius, 64, as its candidate for the 2025 elections.

Party insiders say Mr. Scholz, 66, who already announced his intention to run for a second term, is unlikely to step aside and more senior officials remain loyal to him.

 

MORE TENSIONS IN BERLIN

The junior partners in Mr. Scholz’s ideologically heterogeneous coalition suffered dismal performances in Sunday’s election which could further stoke tensions in Berlin.

The Greens fell below the 5% threshold to make it into the state parliament for the first time in two decades on 4.1%, while the pro-business Free Democrats (FDP) scraped less than 1% of the vote.

“Either the traffic light coalition shows that it can draw the necessary conclusions from these elections, or it will cease to exist,” warned FDP Vice Wolfgang Kubicki. “This is a matter of a few weeks. We won’t wait until Christmas. We can’t put the country through that.”

Last week, FDP leader and Finance Minister Christian Lindner had called for an “autumn of decisions”, giving a cryptic answer when asked if his party would break up the coalition.

Still, analysts say the government is unlikely to fall apart given none of the three coalition parties would currently stand to gain from snap elections. Together they are currently polling at around 30% combined, less than the conservatives alone. – Reuters

Biden to meet Vietnamese president on Wednesday, White House says

Screenshot of US President Joseph R. Biden, Jr., via The White House/YouTube

WASHINGTON – US President Joe Biden is scheduled to meet Vietnam’s President and ruling Communist Party Chief To Lam on Wednesday, the White House said on Sunday.

The meeting, reported first by Reuters, is expected to take place on the sidelines of the United Nations General Assembly in New York.

Mr. Biden has been eager to deepen relations with the strategic Southeast Asian country and manufacturing hub in a bid to counter Russia and China, with which Vietnam also retains ties.

Last September, Mr. Biden visited Vietnam and secured deals on semiconductors and minerals and an upgrade to Hanoi’s highest diplomatic status, alongside China and Russia.

In his first US trip since he was named in early August as head of the party, the country’s most powerful job, Mr. Lam will speak at the UN event and meet with representatives from several US corporations, including Alphabet’s Google and Facebook owner Meta, Reuters previously reported.

Ahead of To Lam’s trip to the United States, authorities in communist-ruled Vietnam had released some prominent activists from prison before the end of their jail terms, sources told Reuters.

They include Tran Huynh Duy Thuc, who was sentenced to 16 years in prison in January 2010 on charges of subversion, and environment activist Hoang Thi Minh Hong who was sentenced to three years in prison on charges of tax fraud in September last year.

Mr. Lam’s trip also includes a stop in Cuba, Vietnam’s long-term Communist partner. – Reuters

China’s central bank injects cash, lowers 14-day reverse repo rate

REUTERS

SHANGHAI – China’s central bank supplied 14-day cash to its banking system for the first time in months on Monday and at a lower interest rate, signaling its intent to further ease monetary conditions.

The People’s Bank of China (PBOC) injected 234.6 billion yuan ($33.29 billion) into the banking system through open market operations, saying it wanted to “keep quarter-end liquidity adequate at a reasonable level in the banking system”.

The PBOC added 160.1 billion yuan via 7-day reverse repos at 1.70%, it said in a statement. It also injected 74.5 billion yuan via 14-day reverse repos at 1.85%, compared with 1.95% during the previous injection.

Analysts said the funding operation in itself wasn’t a major policy easing. China has typically used 14-day repos to help the banking system tide over long holidays, and the last time it did so was ahead of a spring break in February.

Monday’s injection comes ahead of China’s National Day holidays starting Oct.1, and the cut in rates aligns the 14-day repo rate with the shorter 7-day repo rate which was cut in July.

“I wouldn’t take this rate cut as a signal that PBOC loosened monetary policy further,” said Zhang Zhiwei, chief economist at Pinpoint Asset Management.

“Nonetheless, I do expect PBOC will cut 7 day repo rate as well as the reserve requirement ratio in the coming months. There is a press conference tomorrow when the financial regulators will shed light on their policy stance.”

The world’s second largest economy is battling deflationary pressures, and struggling to lift growth despite a series of policy measures aimed at spurring domestic spending. Speculation that it will hasten monetary easing perked up last week, after the U.S. Federal Reserve kicked off its easing cycle with a hefty half percentage point rate cut.

The PBOC last cut its short and long-term benchmark lending rates in July.

Faltering Chinese economic activity has prompted global brokerages to scale back their 2024 China growth forecasts to below the government’s official target of about 5%.

President Xi Jinping urged authorities to strive to achieve the country’s annual economic and social development goals, state media reported earlier this month. – Reuters

Say goodbye to sleepless nights with Dunlopillo’s de.STRESS Mattresses from OUR HOME

Wake up stress free with Dunlopillo de.STRESS, available exclusively at OUR HOME! Overwhelmed by stress? Sleep on Dunlopillo de.STRESS collection! With its de.STRESS anti-static fabric that has conductive yarn designed to eliminate electrons in our body, works best to ease your body tension.

The quality of our sleep matters. Good sleep is essential for many aspects of life, including brain performance, mental well-being, and overall physical health. But in today’s fast-paced, always-online world, a good night’s sleep has become more of a luxury than a necessity.

The culprits are closer than we think — our smartphones, laptops, and even the worries we can’t help but bring to bed with us. Coupled with the stress of modern life, the electromagnetic static from our devices can leave us tossing and turning in bed at night, unable to find the peace we need.

For Dunlopillo, getting a good night’s sleep is a must, not a privilege. In line with their vision of providing high-quality sleep and comfort solutions, they are introducing the new de.STRESS Mattress Collection as the ultimate game-changer for our sleep.

Have a good night sleep with the stress reliever Dunlopillo de.STRESS Tranquility Mattress, available exclusively at OUR HOME. An anti-static mattress that helps to drain out the electrons in your body to ensure you a relived and pleasant sleep. With the 5-Zone Individual Pocketed Spring and mattress topper, it gives you more comfort and support in just the right places and to ensure a balanced sleeping comfort.

The de.STRESS Mattress features an innovative conductive yarn technology that drains away the static energy your body accumulates daily. Instead of repelling static, this mattress neutralizes one of the hidden disruptors of sleep to leave you in a state of deep, uninterrupted rest. In the long term, this cutting-edge technology significantly lowers the risk of chronic conditions by ensuring healthier sleep every single night.

Designed with natural latex to support pressure points like our hips and shoulders, the de.STRESS Mattress allows us to wake up refreshed without that unpleasant stiff feeling. Its 5-zone individual pocketed spring system further provides additional support and ensures that every part of our body is cradled in comfort.

Wake up refreshed and stay energetic on the next day with Dunlopillo de.STRESS Comfort Mattress, available exclusively at OUR HOME. An anti-static mattress that helps to drain out the electrons in your body to ensure you a relieved and pleasant sleep. Its 3-Zone Individual Pocketed Spring gives you comfort and support in just the right places.

Beyond being just a mattress collection, Dunlopillo’s de.STRESS is all about creating an environment where we can let go of the day’s stress, disconnect from the digital world, and transform your sleep experience. With the brand vision of “creating special moments,” Dunlopillo is dedicated to turning our bedroom into a peaceful sanctuary where every moment of undisturbed rest leads to a healthier, more fulfilling life.

“Our main goal at Dunlopillo is to transform every night into a special moment of rest,” said Jam Chan Cua, Managing Director of Dunlopillo Philippines. “Like our other products, the de.STRESS Collection doesn’t just stop at providing comfort.  It creates a bedroom environment where stress melts away and we can enjoy the quality sleep we deserve.”

Dunlopillo has long been a leader in sleep innovation with a commitment to enhancing lives through better rest. It all began in 1929, when UK scientist Edward Arthur Murphy invented the world’s first-ever latex mattress under the Dunlopillo name.

Non-stop use of laptop or mobile device every day? Dunlopillo’s de.STRESS Comfort Mattress is definitely your perfect choice of mattress. A 27cm tight top mattress with high GSM anti-static fabric and Magne sleep fabric that reduces static tension, helping our body to relax and reenergize. It also helps to increase the hormone melatonin for a better sleep. Available exclusively at OUR HOME.

Since then, Dunlopillo’s reputation has become among the go-to global bedding brands and the leading manufacturer of latex. As they persistently refine bedding technology to introduce more breakthroughs that combine advanced technology and luxurious comfort, Dunlopillo today continues to redefine what it means to sleep well.

Dunlopillo’s newest de.STRESS Mattresses are exclusively available at OUR HOME. OUR HOME has Call to Deliver 0917-830-8037 for customers who prefer to shop from their homes. Visit any of OUR HOME’s stores nationwide to know more or check out OUR HOME’s website www.ourhome.ph and https://dunlopilloph.com/.

 

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RLC Residences shines at DOT Property Philippines Awards 2024, takes home country’s Best Developer recognition

RLC Residences continues its winning streak, dominating the DOT Property Philippines Awards 2024 with six prestigious accolades, solidifying its position as a leading real estate developer in the country.

RLC Residences was honored as Developer of the Year, a testament to its consistent excellence, innovation, and commitment to delivering high-quality residential projects across the Philippines. The company’s dedication to pushing the boundaries by offering relevant digital solutions to its customers also earned it the Special Recognition Award for Innovation from the award-giving body.

Two standout projects under the RLC Residences banner also received top honors. The Residences at The Westin Manila was recognized for its exceptional design, taking home the Best Condominium Architectural Design award, showcasing a balance of luxury and functionality that aligns with global standards. Meanwhile, Mantawi Residences clinched the Best Luxury Development award, a nod to its refined elegance and appeal to high-end property investors.

SYNC, a high-rise condominium designed for millennials’ need for modern urban living, was lauded as the Best Smart Home Condominium, while Le Pont Residences received the Best Sustainable Development award, underscoring RLC Residences’ commitment to green building practices and eco-conscious living.

“Winning this year’s Developer of the Year, along with our other awards, is an incredible honor for us at RLC Residences. We are proud to be recognized by the DOT Property Philippines Awards for our efforts in redefining the residential landscape. Thank you for affirming the hard work, passion, and dedication of Team RLC Residences as we continue to create spaces that not only meet the evolving needs of our customers but also contribute to a better, more sustainable future,” said Chad Sotelo, Senior Vice President and Business Unit General Manager of RLC Residences, and Chief Marketing Officer of Robinsons Land.

Organized by the Dot Property Group, the Dot Property Philippines Awards is an annual ceremony that celebrates excellence in real estate. Before the year ends, the Dot Property Southeast Asia Awards will be held in Bangkok, where developers across the region and their projects will be recognized on a regional stage.

For more information about RLC Residences and its award-winning developments, visit rlcresidences.com or follow their official Facebook and Instagram pages.

 

Spotlight is BusinessWorld’s sponsored section that allows advertisers to amplify their brand and connect with BusinessWorld’s audience by publishing their stories on the BusinessWorld Web site. For more information, send an email to online@bworldonline.com.

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Federal Land redefines urban living with award-winning developments

Federal Land bagged three more awards and recognitions at the 2024 Dot Property Philippines Awards.

Federal Land, Inc., one of the Philippines’ premier real estate developers, has once again demonstrated its dedication to innovation and quality with multiple wins at the Dot Property Philippines Awards 2024.

The company secured three major awards, underscoring its consistent commitment to creating innovative and high-quality communities that elevate urban living. These recognitions further affirm Federal Land’s growing influence in the real estate industry as it shapes the future of property development in the country.

Thomas Mirasol, president and chief operating officer of Federal Land, expressed the company’s pride in receiving these honors. “We are honored to receive these awards from Dot Property Philippines. These awards reflect our steady drive to provide exceptional living spaces that meet the evolving preferences of our residents. We will continue to push the envelope and raise the standards of property development to create homes and communities that enrich lives,” Mr. Mirasol stated.

Riverpark in General Trias, Cavite, Winner of Best Integrated Township Development. Artist’s Perspective.

Riverpark, which clinched the prestigious Best Integrated Township Development award, is Federal Land’s largest township development to date. The multi-use master-planned community development exemplifies the company’s vision of creating versatile and holistic living experiences.

Located in General Trias, Cavite, Riverpark covers 600 hectares that include residential neighborhoods, commercial areas, educational institutions, and recreational facilities. Notably, the community will host SM City General Trias, the new UNIQLO Logistics Facility and various retail outlets, supporting local economic growth.

Grand Hyatt Manila Residences in Bonifacio Global City, Winner of Best High-End Lifestyle Condominium Development. Artist’s Perspective.

Meanwhile, the Grand Hyatt Manila Residences South Tower was honored as the Best High-End Lifestyle Condominium Development. As the first residential project in Southeast Asia to bear the Grand Hyatt name, it stands out for its refined architecture, world-class amenities, and gracious concierge services, creating a modern-day icon that redefines true luxury living in the Philippines.

Quantum Residences, developed under its smart value brand Horizon Land, secured the title of Best Starter Home Condominium Development.

Quantum Residences in Pasay City, Winner of Best Starter Home Condominium Development. Artist’s Perspective.

The development boasts a prime location at the intersection of Taft Avenue and Sen. Gil Puyat (Buendia) Avenue. Quantum Residences is well-connected to various public transport options, including the LRT-1 Gil Puyat station and the PNR Buendia station, facilitating easy access to different parts of Metro Manila and nearby provinces.

Federal Land’s victory at the Dot Property Philippines Awards is not only a reason for celebration within the company but also a reassurance for homeowners and investors as developers in the Philippines are consistently delivering high-quality developments that adhere to the highest standards of design, functionality, and sustainability.

As the company continues to set new benchmarks in the real estate industry, the company will focus on expanding its presence by pursuing large-scale projects outside of Metro Manila to foster regional growth and create high-quality districts across the country.

About Federal Land, Inc.

Premier real estate developer Federal Land, Inc. is the property arm of GT Capital Holdings. Along with all its affiliates, Federal Land has received a multitude of local and international accolades, recognizing the quality and excellence of its developments. For over 52 years in the industry, Federal Land has continued its commitment to innovating residential homes, commercial spaces, premium office buildings, world-class hotels, and multi-use, master-planned communities that create a positive impact for generations.

 

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Central bank raises BoP projection

US dollar banknotes are seen in this illustration taken July 17, 2022. — REUTERS

By Luisa Maria Jacinta C. Jocson, Reporter

THE BANGKO SENTRAL ng Pilipinas (BSP) expects the country’s balance of payment (BoP) position to post a bigger surplus this year, but also anticipates a wider current account deficit. 

In a statement late on Friday, the central bank said it raised its BoP forecast amid “sustained positive global and domestic economic growth prospects, decelerating inflation, as well as the pickup in world trade activity.”

The BSP’s latest projections show the BoP will register a surplus of $2.3 billion, equivalent to 0.5% of gross domestic product (GDP) this year, higher than its earlier projection of $1.6 billion (0.3% of GDP).

Philippines: Balance of Payments (BoP) Position

The BoP provides a glimpse of the country’s transactions with the rest of the world. A surplus indicates that more money entered the economy, while a deficit indicates that more funds left.

“Based on the foregoing and the actual figures recorded in the first half of 2024, the overall BoP position is projected to register a higher surplus relative to the previous projection round for this year and the next,” the central bank said.

Latest BSP data showed that the country’s BoP level in the January-August period stood at a $1.6-billion surplus, lower than the $2.1-billion surplus a year ago.

“Meanwhile, the Philippine economy is seen to maintain its growth momentum, supported by resilient domestic demand, lower inflation trajectory, and timely enactment of the national budget,” the BSP said.

It also noted that the improved BoP outlook is driven by the government’s continued efforts to improve the business environment by ramping up infrastructure development and implementing reforms to boost investments.

The Philippine economy grew by 6.3% in the second quarter, the fastest since 6.4% in the first quarter of 2023.

For the first half of the year, GDP averaged 6%. The government is targeting 6-7% growth this year.

Meanwhile, the BSP said emerging risks to the BoP outlook “remain broadly balanced.”

“On the downside, commodity price volatility due to geopolitical and extreme weather events, trade tensions, as well as possible mobility risks from emergence/re-emergence of highly infectious diseases (e.g., mpox), weigh down on the country’s external sector prospects,” it said.

For next year, the BSP expects the BoP surplus to reach $1.7 billion, equivalent to 0.3% of GDP.

“For 2025, the overall BoP position is likely to settle at a higher surplus relative to the previous projection exercise, with net inflows from the financial account continuing to be a major contributor alongside a narrowing current account gap.”

Next year’s BoP outlook is driven by expectations of sustained global demand and trade activity, the BSP said.

“While there are reasons for optimism on the BoP outlook for next year, the assessment remains subject to downside risks from potential market instability and from escalations in geopolitical and geoeconomic risks including the brewing conflict in the Middle East and US-China trade tensions.”

CURRENT ACCOUNT DEFICIT
Meanwhile, the central bank now projects the current account deficit to reach $6.8 billion, equivalent to -1.5% of GDP.

This is wider than its earlier forecast of $4.7 billion (-1% of GDP). The current account covers transactions involving goods, services and income.

For 2025, the BSP expects the current account deficit to hit $5.5 billion (-1.1% of GDP), also bigger than $2 billion (-0.4% of GDP) previously.

In the first half, the current account deficit stood at $7.1 billion, accounting for 3.2% of GDP.

“The wider current account deficit in 2024 was due to the reduction in the growth forecasts for goods and services exports,” the BSP said.

It lowered its 2024 forecast for goods exports to 4% from 5% but retained its 6% projection for next year.

The central bank said merchandise exports are expected to show “subdued performance.”

“The local semiconductor industry, with its heavy reliance on legacy products and downstream assembly, does not appear to be benefiting from the AI-induced upturn in global electronics demand,” the BSP said.

“Compensating in part for the expected weakness in semiconductors are exports of other electronic products (e.g., electronic data processing, consumer electronics, telecommunications, medical/industrial instrumentation, and automotive electronics) which are seen to be driven by the tech replacement cycle and overall recovery in global demand.”

The central bank kept its growth forecasts for goods imports at 2% this year and 5% for 2025.

Meanwhile, the BSP anticipates service exports to expand by 13% this year, a tad lower than the earlier projection of 14%. It kept its forecast for service exports at 10% for 2025.

The central bank also maintained its projections for services imports at 13% this year and 6% next year.

“Growth in service exports is also likely to be modest following the weaker-than-expected performance of the BPO sector due to lower receipts from other business services, particularly contact centers,” it said.

“Nonetheless, the current account outlook continues to be supported by robust growth prospects for travel receipts, along with the steady inflows of overseas Filipino [worker] (OFW) remittances.”

The growth forecast for BPO receipts was trimmed to 6% this year from 7%. It maintained the 7% BPO revenue growth projection for next year.

Meanwhile, the central bank also kept its forecasts for cash remittances at 3% this year and the next.

For the first seven months, remittances from OFWs rose by 2.9% to $19.332 billion from $18.785 billion a year ago.

As for the financial account, it is expected that outflows may reach $10.5 billion this year, which is higher than the previous estimate of $7.7-billion outflows.

The financial account records transactions between residents and nonresidents involving financial assets and liabilities.

Financial account outflows stood at $10.5 billion in the first semester, latest data from the BSP showed.

“The higher net inflow in the financial account was due largely to the notable rise in portfolio investments driven, in turn, by stronger global and domestic growth prospects, which will also benefit from the indications of a shift in the monetary policy stance toward easing by the US Fed,” the BSP said.

“These factors should continue to shore up higher levels of both foreign direct investments (FDI) and foreign portfolio investments (FPI) for the remainder of the year,” it added.

The BSP also hiked its forecast for FDI net inflows to $10 billion this year from $9.5 billion.

The latest central bank data showed FDI net inflows increased by 7.9% year on year to $4.4 billion in the first half of the year.

The central bank also raised its FPI net inflow projection to $4.2 billion for this year, up from $3.1 billion. Short-term foreign investments yielded a net inflow of $1.46 billion in the first seven months, skyrocketing by 830.7% from a year ago.

Gross international reserves (GIR) are expected to reach $106 billion this year, higher than the previous forecast of $104 billion.

Dollar reserves has risen by an annual 7.39% to $106.92 billion as of end-August.

“Given prospects of continued foreign exchange inflows into the economy, there is scope to expect further buildup in the GIR for 2024-2025,” the BSP added.

Jumbo RRR cut seen to inject over P300 billion into economy

MARI GIMENEZ-UNSPLASH

By Luisa Maria Jacinta C. Jocson, Reporter

MORE THAN P300 billion could be released into the Philippine economy after the central bank slashed the reserve requirement ratio (RRR), analysts said.

“We estimate the impact of the 250-basis-point (bp) RRR cut to be a liquidity injection of around P310-330 billion (around 1.2% of full-year 2024 gross domestic product), which is relatively substantial,” Nomura Global Markets Research analysts Euben Paracuelles and Nabila Amani said in a commentary.

The Bangko Sentral ng Pilipinas (BSP) on Friday said it would reduce the RRR for big banks and nonbank financial institutions with quasi-banking functions by 250 bps to 7% from 9.5%, effective Oct. 25.

It will also reduce the ratio for digital banks by 200 bps to 4%; thrift banks by 100 bps to 1%; and rural banks and cooperative banks by 100 bps to 0%.

Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said that for every one-percentage-point (ppt) reduction in the RRR, at least P150 billion would be injected into the financial system.

The 250-bp or 2.5-ppt cut for big banks and nonbanks could lead to at least P375 billion released by large banks, he said. Accounting for all banks, a total of P400 billion could be injected into the financial system.

The RRR is the portion of reserves that banks must hold onto rather than lending out. When a bank is required to hold a lower reserve ratio, it has more funds to lend to borrowers.

Nomura said it expects the BSP to further cut the RRR next year.

“In our view, BSP’s goal is to reach 5% in 2025, so we would expect more RRR reductions next year, owing to our expectation that headline inflation remains within BSP’s target.”

BSP Governor Eli M. Remolona, Jr. earlier said they are eyeing to bring down the RRR to as low as 5% as the country’s reserve requirements are among the highest in the region.

“We also did not see any urgency for the adjustment based on limited signs of liquidity tightening,” Nomura said. “We believe the move is just BSP getting back to its longer-term commitment to reduce the RRR to low single-digit levels which was previously targeted by 2023 but was delayed due to rising inflation risks.”

The central bank has since brought down the RRR for universal and commercial banks to a single-digit level from a high of 20% in 2018.

In its statement, the BSP said the RRR cut is in line with efforts to “reduce distortions in the financial system.”

“The reductions will lower intermediation costs and promote better pricing for financial services,” it added.

Mr. Ricafort said the lower reserve requirement would spur demand for loans.

“Furthermore, there would be more pesos that could be invested in the financial markets such as bonds and other fixed-income investments, stocks, foreign currencies, property, among others that would help support price gains than otherwise,” he added.

RISKS
Meanwhile, Enrico P. Villanueva, a senior lecturer at the University of the Philippines Los Baños Economics Department, said the RRR cut has “serious repercussions on financial stability.”

“While the reduction of reserve requirements lowers intermediation costs, reserves remain a monetary tool for liquidity risk management and financial stability.”

Mr. Villanueva said that while there may be space to further slash the reserve requirements of big banks, this might not be the case for smaller banks.

“The very low RR for thrift, rural and cooperative banks is disconcerting given that most of the bank failure incidents in the Philippines are in this sector. Those RR levels might need a reassessment from a financial stability perspective,” he said.

With the BSP’s recent RRR reduction, rural and cooperative banks essentially do not need to keep any reserve requirements as their ratios were slashed to 0%.

“In the Philippine financial system where episodes of bank failures emanate mostly from  thrift and rural banks, what will help stabilize that fragile sector if their reserve ratio ranges from 0-1%?” he added.

Mr. Villanueva also noted that the RRR cut would not immediately translate to savings for consumers.

“A cut in the required reserve ratio will certainly lower banks’ cost of funds. However, there is no automatic and full transfer of rate cost savings to borrowers,” he said.

“The degree of past-through of savings to borrowers will depend on the level of bank competition, elasticity of demand for loans, and business clout of borrowers. Institutional clients will likely benefit most; high-risk retail clients probably the least.”

The RRR cut will have a “muted” impact on bank lending in the short term, Mr. Villanueva said, adding that loan demand and credit standards would “significantly improve” in the long term amid more certainty on the country’s economic outlook.

“The sooner the calibrated rate cuts are completed, the more certainty and confidence to do investment and loan planning,” he added.

“If reserve ratio reductions eventually lead to loanable funds far exceeding loan demand by creditworthy borrowers, banks may be enticed to relax credit standards and give in to too much subprime lending… Banks may be encouraged to invest in higher risk assets like lesser-rated corporate funds,” Mr. Villanueva said.

He said the BSP should be vigilant in “mopping up excess liquidity and preventing excessive risk-taking and asset bubbles.”

Meanwhile, Filomeno S. Sta. Ana III, coordinator of Action for Economic Reforms, said that the RRR cut does not necessarily lead to increased investments despite expectations of higher loan demand.

“The caveat is that this positive development by itself will not guarantee that businessmen will start pouring investments into the Philippine economy,” he said via Facebook Messenger.

“The administration must address the prevailing policy uncertainty arising from other bad policies that for example have constricted fiscal space, intensified political conflict and abetted geopolitical tension,” he added.

Leonardo A. Lanzona, Jr., an economics professor at the Ateneo de Manila University, said this could attract short-term rather than long-term investments.”

“In other words, this can only push aggregate demand but leave aggregate supply constant, thus resulting in inflation,” he said in an e-mail.

For his part, Mr. Villanueva said the RRR cut’s impact on inflation would likely be minimal.

“While reduction in required reserves will initially release more funds into the money in circulation, they may eventually end up as more loans, higher bank placements with BSP, or more bond holdings. BSP may do mopping up operations if there is excessive money supply.”

“The RRR cut may be inflationary in the unlikely (but possible) event that banks channel the extra funds into conspicuous consumption loans or speculative real estate lending.”

Nomura said that the RRR reduction reflects the central bank’s “greater confidence” on easing inflation.

“With inflation remaining on a downward path, BSP has scope to further remove the restrictiveness of its monetary stance,” it said.

Nomura expects the BSP to cut by another 25 bps each at the Monetary Board’s remaining meetings this year on Oct. 17 and Dec. 19. It also forecasts 75 bps worth of cuts early next year, bringing the key rate to 5% by May 2025.

“The Fed’s cutting cycle should also support more BSP rate cuts ahead, in our view, but we see these RRR cuts as supportive of our view that BSP sticks to a measured approach, i.e. 25-bp clips, despite the Fed delivering an outsized 50 bps this week, in part because some of the easing is already done via the RRR reduction,” it added.

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