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Paywatch raises $30M to expand product offerings

EARLY WAGE ACCESS (EWA) platform Paywatch has raised $30 million or P1.76 billion in fresh funding from a mix of equity and credit facilities, which it plans to use for its expansion in the Philippines and its other markets, it said on Monday.

Paywatch received over $14 million or P821 million in Series A equity investment from a consortium of US investors led by Third Prime, it said in a statement. The consortium includes Vanderbilt University and University of Illinois Foundation, with participation from new investors Octagon Venture Partners and Wooshin Venture Investment Corp.

It also secured $16 million or P939 million via credit facilities from global banks.

Paywatch said this was the largest funding round closed by an EWA player in Southeast Asia.

The company will use the proceeds of this latest fundraising to boost its growth and expand its products, it said.

A significant portion of Paywatch’s Series A funding will be used to enhance its embedded finance offerings along with its other innovation efforts.

The company expects to disburse over $ 120 million or P7.04 billion in salaries by the end of the year, more than doubling its lifetime volume.

To date, Paywatch has processed over $58 million or P3.4 billion in salaries and increased its disbursements to nearly $8 million of P469 million per month in Asia.

Paywatch added its disbursements are growing 15% month over month.

The company has been in the Philippines since 2023 and is partnered with real estate developers, luxury hotels, business process outsourcing companies, manufacturing, and retail brands.

It is also active in Hong Kong, Indonesia, Malaysia, and South Korea.

“The Philippines represents a pivotal market for Paywatch. The positive reception to earned wage access in the country is encouraging,” Paywatch Philippines President Rowell Del Fierro was quoted as saying. “The Series A funding underscores our commitment to Filipino workers. This achievement propels our broader impact, enabling us to reach more enterprises who share our vision of financial inclusivity and enhancing the country’s economic resilience.”

“Amidst this funding and tech winter, we take immense pride in the confidence shown by these esteemed investors and banks in our vision. From the outset, we firmly believed that providing earned wage access at the lowest, nominal fee to users while ensuring access to major financial institutions was the sustainable path. Although it was a more challenging route to market, our rapid growth and portfolio of high-caliber enterprise clients validate our approach,” Paywatch President and Co-founder Alex Kim said. — AMCS

Smoke belching exercises

CORINNE KUTZ-UNSPLASH

CHARACTER ASSASSINATION as a business has become an agricultural pursuit with its dependence on troll farms. (There are also “click farms” that artificially raise the “clicks” or “likes” of websites or internet programs to make them more attractive buys for ads.) These non-agricultural farms are fertilized by mud that is then systematically slung at designated targets. Mixing metaphors, such mud-slinging vegetation is then burned and turned into smoke belching fuel.

Concerted efforts at negative publicity rest on the belief that where there’s smoke, there’s fire. Smoke is a tool for negative perception — creating a thick haze of innuendoes and hearsay, meant to deprive a target of oxygen as he flails and gasps for his reputational wellbeing.

It is not important that what the scandalmonger puts out on social media posts, interviews, column feeds, and congressional hearings may not stand up in court. The objective is to push out the smoke relentlessly and create in the public mind sufficient suspicion and dismay. This negative perception arises from the simple presumption that with all the brouhaha, there must be some real basis for guilt by asphyxiation.

Repeated denials do not clear the smoke and may even prolong the foggy situation, as denunciations keep the story on the social radar. It can even be argued that merely ignoring the attacks may be a good alternative — I will answer these baseless allegations in the right forum. (Next question, please.)

Here are some smoke-belching techniques employed by the trolls:

Inflate the numbers. If smoke works, ashfall from volcanic eruptions are even better. Scandals are rated by their monetary value. Amounts equivalent to a small country’s GDP and described as the mother of all scams, even if too incredible to be real, is made part of the narrative. Without numbers, scandals are too ordinary to be noticed and won’t accomplish their discrediting job. A bag snatching incident is not even newsworthy — but I lost my phone with online banking apps.

Imply a conspiracy. Cover-ups, implication of political connections, and previous legal entanglements support a conspiracy theory. Blind items with unique descriptions like initials add to the enveloping smoke. Attempts of bribery will presume the involvement of even the foot soldiers and messengers just doing their jobs.

Accompany stories with unflattering photographs. Scandals are not complete without a photo of abject defeat, a mid-yawn demonstration of contempt for the proceedings, or a sarcastic grin. These posted shots could have been taken years back and involved an unrelated incident, like the wedding reception for an aging governor and his very young bride. Still, pictures contribute to the portrait of a disorganized person — just look at that smirk.

Add irony and ridicule. It’s good to post vlogs or short clips of the target, maybe a deep fake dance number with a pole. The satirical dig puts a bizarre spin to any denunciations and denials that are expected reactions to the sham video.

Of course, smear campaigns are not always meant to induce social or political change. More often now, a social attack can be launched by emerging tabloid-types of online media. These “journalists” employ innuendo and rhetorical questions (Is he about to be thrown under the bus?) to increase their readership. They can focus on business personalities who panic at the mere mention of their names in connection with a possible scandal. Can requests for ads from the target be far behind? (Yes sir, we will stop these foolish attacks on you.)

Some targets of calumny are hitting back with cyber libel suits. Still, only gossip mongers with their own programs can be subjected to legal suits. Just the public filing of a case is enough to slow down if not stop the diatribes of these self-anointed “influencers.”

Smoke wizards succeed only with the attention of the public. Magicians, after all, need an audience to gasp with awe at the sleight of hand. In the end the victim of troll attacks is saved by the indifference of the target audience.

The attention span of even the most avid news gobblers can be very short. To sustain it, new revelations or new objects of hate need to be exposed. And even then, the whole business of smoke belching can get tiresome and lose its appeal… much like having too much pork rind with beer.

 

Tony Samson is chairman and CEO of TOUCH xda

ar.samson@yahoo.com

LRMC inks deal with Japan’s Sumitomo, Hankyu for LRT-1 operations boost

PHILIPPINE STAR/EDD GUMBAN

LIGHT Rail Manila Corp. (LRMC) on Wednesday said it signed a deal with Japanese firms Sumitomo Corp. and Hankyu Corp. for technical assistance in the operations and maintenance of the Light Rail Transit Line 1 (LRT-1) system.

Under the agreement, Hankyu Corp. will provide technical support to LRMC, aiding in the assessment of LRT-1 operations and enhancing procedures and staff training.

During the signing event in Makati City, Hankyu’s Senior Managing Director Masayoshi Uemura said that this marks the company’s inaugural involvement in a railway project outside Japan. Hankyu currently manages 190 kilometers of railway lines in the Kansai Region.

“Traffic congestion is very serious in the Philippines. It is of vital importance to mitigate the traffic congestion,” he said.

“To solve this problem, the railway service plays an increasingly important role in helping solve this crisis,” he added.

Meanwhile, Transportation Secretary Jaime J. Bautista said that the agreement is expected to entice Japanese firms to invest in the country’s mass transport systems.

“This latest partnership for LRT-1’s operations and maintenance serves as showcase to convince new Japanese investors to seriously consider Philippine mass transport projects,” he said.

Mr. Bautista added that the agreement is timely as partial operations for the LRT-1 Cavite extension will begin in the latter part of this year.

“This added layer of assistance will be most helpful especially at this time when the Cavite Extension is about to start partial operations very soon,” he said.

 The LRT-1 Cavite Extension project aims to add 11 kilometers to the current line, serving 800,000 passengers a day. It would also increase the number of LRT-1 stations from 20 to 28, linking Quezon City to Bacoor, Cavite.

LRT-1 is operated by LRMC. Sumitomo Corp. began investing in LRT-1 in 2020, supporting LRMC’s procurement of spare parts.

LRMC is the joint venture of Ayala Corp., Metro Pacific Light Rail Corp., and Macquarie Infrastructure Holdings (Philippines) Pte Ltd.

Metro Pacific Light Rail is a unit of Metro Pacific Investments Corp., which is one of three Philippine subsidiaries of Hong Kong’s First Pacific Co. Ltd., the others being PLDT Inc. and Philex Mining Corp.

 Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., maintains interest in BusinessWorld through the Philippine Star Group, which it controls. — Revin Mikhael D. Ochave

PSEi member stocks performed — June 26, 2024

Here’s a quick glance at how PSEi stocks fared on Wednesday, June 26, 2024.


Manila inches up in costliest city list for expats

The country’s capital inched up two notches to 131st out of 226 cities in the 2024 Cost of Living City Ranking by global consulting firm Mercer. Based on the rankings, the cost of living in Manila became relatively more expensive for international assignees.

Manila inches up in costliest city list for expats

Travel expo aims to boost VisMin tourism

photo by Edg Adrian A. Eva

Cagayan de Oro City, dubbed as the ‘city of golden friendships’ because of its local hospitality, will host the Philippine Travel Agencies Association’s (PTAA) first-ever travel event in the Visayas and Mindanao (VisMin) region.  

The TravelTour Expo (TTE) 2024, launched by the PTAA, aims to highlight the region’s beauty and travel destinations.  

The three-day travel event is set from July 19 to July 21 at the LimketKai Atrium in Cagayan de Oro City, the PTAA said.   

“We believe this vibrant and welcoming city will bring us good fortune and foster business relationships. Let’s champion this event highlighting the beauty and diversity of the Philippines.” PTAA President, Evangeline Tankiang-Manotok said in her opening statement. 

The agency aspires to make the Mindanao region the ‘pioneering destination’ in the Philippines, among other famous destinations in the country.     

“Mindanao is so colorful, and I believe Cagayan has so much potential,” Ms. Tankiang-Manotok added.  

PTAA also wants to empower the local travel agencies in the region by getting more market and potential clients in the upcoming travel event.  

“Instead of this local agency dealing with another private agency in Manila to get their HongKong packages… Eurpoean packages, we could bring ourselves to them,” PTAA’s relations officer Jaison Yang explained. 

The TTE 2024 will be a one-stop platform for travel enthusiasts to explore travel opportunities with over 50 exhibitors, including airlines, hotels, resorts, local travel agencies, and tourism boards, as they showcase their travel offers through exhibits and booths.    

The expo is expected to gain 20,000-to-40,000-foot traffic across the 132 booths in the trade travel event, reflecting the growing interest in travel in the Philippines.   

With high hopes for the CDO event’s success, PTAA plans that the TTE’s next venue will be at Iloilo (Visayas) in 2025. – Edg Adrian A. Eva

Stocks extend climb before BSP policy decision

BW FILE PHOTO

THE MAIN INDEX rallied for a third straight session on Wednesday, climbing to the 6,300 level, as investors continued to buy bargains ahead of the Philippine central bank’s policy meeting on Thursday.

The Philippine Stock Exchange index (PSEi) rose by 0.22% or 14.06 points to close at 6,313.11 on Wednesday, while the broader all shares index went up by 0.27% or 9.49 points to end at 3,450.58.

“The local bourse continued with its climb this Wednesday. The market moved sideways for Wednesday’s session wherein bargain hunting prevailed leading to a positive close,” Philstocks Financial, Inc. Research and Engagement Officer Mikhail Philippe Q. Plopenio said in a Viber message. “However, many are still cautious ahead of the Bangko Sentral ng Pilipinas’ (BSP) policy meeting.”

A BusinessWorld poll last week showed all 15 analysts surveyed expect the BSP’s Monetary Board to keep its target reverse repurchase rate at a 17-year high of 6.5% for a sixth straight meeting on Thursday. 

“Local shares closed slightly above the 6,300 level as bargain hunting continued before the semester’s end,” Regina Capital Development Corp. Head of Sales Luis A. Limlingan said in a Viber message.

“This followed the mixed performance of US equities, which were influenced by a 7% jump in Nvidia Corp.,” he added.

The Nasdaq rallied 1.3% on Tuesday, buoyed by strength in Nvidia and other tech mega-caps, while the Dow slipped as retailers weighed and investors waited for crucial inflation data due out this week, Reuters reported.

The Dow Jones Industrial Average fell 299.05 points or 0.76% to 39,112.16; the S&P 500 gained 21.43 points or 0.39% to 5,469.30; and the Nasdaq Composite gained 220.84 points or 1.26% to 17,717.65.

Asian stocks stuttered in choppy trade on Wednesday. MSCI’s broadest index of Asia-Pacific shares outside Japan struggled for direction and was flat at 566.53, not far from the two-year high of 573.38 it hit last week.

At home, majority of sectoral indices closed higher. Services rose by 0.86% or 16.94 points to 1,978.14; industrials climbed by 0.62% or 55.45 points to 8,882.48; property went up by 0.22% or 5.48 points to 2,482.01; and financials increased by 0.15% or 2.90 points to 1,887.38.

Meanwhile, holding firms dropped by 0.64% or 35.37 points to 5,471.63, and mining and oil went down by 0.12% or 10.33 points to 8,534.86.

“Among the index members, Aboitiz Equity Ventures, Inc. was at the top, rising 3.74% to P38.80. Bloomberry Resorts Corp. lost the most, dropping 5.39% to P9.30,” Mr. Plopenio said.

Value turnover rose to P4.96 billion on Wednesday with 323.63 million shares changing hands from the P4.19 billion with 360.42 million issues traded on Tuesday.

Decliners beat advancers, 90 versus 85, while 69 names closed unchanged.

Net foreign buying rose to P84.58 million on Wednesday from P28.94 million on Tuesday. — R.M.D. Ochave with Reuters

Peso sinks to new 20-month low as hawkish Fed bolsters dollar

BW FILE PHOTO

THE PESO sank to a new 20-month low on Wednesday as the dollar strengthened following hawkish comments from US Federal Reserve officials.

The local unit closed at P58.86 per dollar on Wednesday, weakening by nine centavos from its P58.77 finish on Tuesday, Bankers Association of the Philippines data showed.

This was the peso’s worst finish since its P58.87-a-dollar close on Oct. 24, 2022.

Year to date, the peso is now down by P3.49 from its end-2023 finish of P55.37 against the greenback.

The peso opened Wednesday’s session weaker at P58.82 per dollar. Its worst showing was at P58.88, while its intraday best was at P58.77 versus the greenback.

Dollars traded went down to $720.25 million on Wednesday from $814.1 million on Tuesday.

“The peso weakened against the dollar because of hawkish comments from the Fed,” a trader said by phone.

The dollar was stronger on Wednesday despite mixed US data, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message.

The US dollar rose on Tuesday, bolstered by hawkish comments from Federal Reserve officials as well as data showing a stable housing market in the world’s largest economy, both suggesting that the central bank will not be in a rush to kickstart its rate-cutting cycle, Reuters reported.

Against a basket of currencies, the dollar index was up 0.1% at 105.72.

The greenback firmed against the euro, yen, Swiss franc, and commodity currencies, such as the Australian and New Zealand dollars.

Fed Governor Michelle Bowman started the ball rolling for the dollar, repeating her view on Tuesday that holding the policy rate steady “for some time” will likely be enough to bring inflation under control. She also reiterated her willingness to raise borrowing costs if needed.

Fed Governor Lisa Cook, for her part, said it would be appropriate to cut interest rates “at some point” given significant progress on inflation and a gradual cooling of the labor market. She remained vague, however, about the timing of the easing.

US data was mixed on Tuesday, still allowing the dollar to hold its gains.

A report showed US single-family home prices increased at a steady pace in April, rising 0.2% on the month after being unchanged in March. In the 12 months through April house prices increased 6.3% after advancing 6.7% in March. That pushed the dollar a little higher.

US consumer confidence, however, slightly eased in June, with the index at 100.4 from a downwardly revised 101.3 in May, according to the Conference Board. The June number, however, was marginally higher than the market forecast of 100. The report didn’t really hurt the dollar.

Investors are now looking to Friday’s release of the US personal consumption expenditures price index — the Fed’s preferred measure of inflation.

For Thursday, the trader said the key driver would be the Bangko Sentral ng Pilipinas’ policy review.

The trader sees the peso ranging from P58.60 to P58.90 per dollar on Thursday, while Mr. Ricafort expects it to move between P58.70 and P58.90. — AMCS with Reuters

DBCC growth target cut should be in play, ex-Finance secretary says

PHILIPPINE STAR/ WALTER BOLLOZOS

THE Development Budget Coordination Committee (DBCC) should consider cutting its growth targets as inflation and the weaker peso could curb the economy’s expansion, a former Finance secretary said.

“There may be a need to revise the economic growth projection for 2024 downwards within 5.8% to 6.3% due to inflation and the depreciation of the peso,” former Finance Secretary Margarito B. Teves told BusinessWorld via Viber. 

In April, economic managers lowered their gross domestic product (GDP) growth target for 2024 to 6-7% from 6.5-7.5% previously.

For 2025, the DBCC expects GDP growth to average 6.5-7.5%, with the range widening to 6.5-8% beyond that, until 2028.

The committee is due to update its fiscal targets on Thursday.

Inflation, which is near the top end of the central bank’s 2-4% target for this year, is expected to curb spending and weaken growth in the coming months, Mr. Teves said.

“While average inflation for 2024 remains within the Bangko Sentral ng Pilipinas’ (BSP) target range of 2-4%, it has been accelerating since the year started.”

Year to date, the consumer price index was up 3.5%, the Philippine Statistics Authority reported.

Headline inflation accelerated to 3.9% in May led by transport and utility costs. It was the fourth straight month of stronger inflation readings.

“If this upward trend continues, we can expect consumption to further slowdown, which would dampen growth,” Mr. Teves said.

However, Bank of the Philippine Islands Lead Economist Emilio S. Neri, Jr. said the government should wait for second quarter GDP growth data before considering new targets.

“It’s too early to say we will miss the growth target with only one quarter of data. Many of our leading indicators point to more than 6% growth for the second quarter of 2024 so maybe economic managers can wait before they revise,” he said via Viber.

The economy fell short of the government’s growth target in the first quarter, expanding by only 5.7%.

Addressing supply side pressures to inflation though private sector investment in agricultural inputs, technology, warehouses, cold storage facilities, and processing plants will help make up for the limited fiscal space, Mr. Teves said. 

“Lower inflation would boost consumption which would increase government revenue from consumption-based taxes such as VAT (value-added tax),” he noted. “Moreover, lower inflation would also reduce the risk of more interest rate increases which can dampen economic growth.”

The Monetary Board is expected to maintain its key policy rate at a 17-year high of 6.5% on Thursday amid sticky inflation.

Cooler inflation would boost consumer confidence, which has been dampened by two straight years of soaring prices, Mr. Neri said. Consumption accounts for a quarter of GDP growth.

The weaker peso may also dampen growth in the Philippines due to its heavy dependence on imports, Mr. Teves said.

“The weakening of the peso puts an upward pressure on prices, and thus also dampens growth,” Mr. Teves said.

On the other hand, Mr. Neri said the weaker peso would boost incomes of exporters, overseas Filipino worker families, and the business process outsourcing sector. — Beatriz Marie D. Cruz

P12B in excess rice tariffs eyed for farmer financial assistance program

PHILIPPINE STAR/KRIZ JOHN ROSALES

THE Department of Agriculture (DA) said it plans to tap P12 billion in excess rice import tariff collections to provide financial assistance to farmers.

Agriculture Secretary Francisco P. Tiu Laurel, Jr. said the funds he is considering are tariffs left over after the legally mandated P10 billion a year is set aside for the Rice Competitiveness Enhancement Fund (RCEF).

“This year we plan to give P12 billion; and then the balance we will be diverting to crop diversification,” Mr. Laurel told reporters.

Under the Rice Tariffication Law of 2019 (Republic Act 11203), the Rice Farmers Financial Assistance (RFFA) program is the designated recipient for tariffs that exceed the RCEF funding requirement.

The RFFA program pays out P5,000 per farmer.

Eligible farmers are those tilling two hectares or less. The payout is being billed as compensation for the projected reduction in income arising from the liberalization of rice imports.

Mr. Laurel added that he is looking at distributing the financial assistance to the 2.4 million rice farmers by September.

“Last year kasi December na lumabas (the funds were released in December) … I’m targeting September for the P12 billion,” he said.

In 2023, rice tariff collections amounted to about P30 billion, according to the Bureau of Customs.

Legislators are seeking an extension to the RCEF’s term beyond the initial six years, while also expanding its allocation from tariffs.

Under the proposed amendments from the House of Representatives, 53% of the expanded, extended RCEF will go to mechanization, 28% to rice seed, and the rest to farm credit and extension services.

Mr. Laurel added that P7 billion of the P8 billion in tariffs left over after the RFFA allocation will go to the crop diversification effort, while P1 billion will support land titling by the Department of Agrarian Reform.

The US Department of Agriculture has estimated that rice imports this year of 4.6 million metric tons (MT) after the government approved the reduced tariff of 15% on imported rice, as authorized by Executive Order No. 62.

Mr. Laurel said the DA is only projecting rice imports of about 3.9 million MT. — Adrian H. Halili

PHL rubber producers pushed to raise raw material sales to Yokohama Tire

YOKOHAMATIRE.PH

THE Department of Trade and Industry (DTI) said it the rubber industry could end up generating P1 billion in revenue if it can supply 100% of Yokohama Tire Philippines, Inc.’s raw material requirements.

Trade Secretary Alfredo E. Pascual told reporters at a recent briefing that the Japanese parent company, Yokohama Rubber Co., is planning to expand its Philippine footprint with an additional investment in its Clark facility.

“When we talked to Yokohama Rubber, they said that they are planning to invest close to $60 million to increase their capacity for tire production. They already have a big capacity, and they plan to increase it further,” Mr. Pascual said.

“The sad part is that the raw materials are not fully provided by local suppliers. That is why we committed to helping Yokohama source the rubber in Mindanao so they can add local content to the tires being produced in the Philippines,” he added.

According to Mr. Pascual, Yokohama plans to expand tire production by 5%, equivalent to an additional 500,000 units, to its current annual capacity of 10 million.

“We will help them source the rubber in the Bangsamoro Autonomous Region in Muslim Mindanao (BARMM),” he said.

“Of course, at a governmental level, we will talk to our colleagues in BARMM about how Yokohama could be supplied raw rubber sap,” he added.

He said that the Philippines is missing out on rubber supply contracts. Yokohama currently imports the rest of its rubber requirement from countries like Malaysia.

“The ideal target is to increase the share of local producers to 100%; we need to improve the share of local producers,” he said.

“Yokohama sources only 51% of its raw material, in the form of natural rubber, from domestic sources, which are mainly in Mindanao,” he said.

“They are the only tire manufacturer left in the Philippines; that is why we need to take care of them by doing our part,” he added.

He said the DTI could also help in addressing concerns about the availability of trained manpower. 

“The value of sourcing is estimated at P1 billion, which will be additional revenue for the farmers in Mindanao. Right now, we only account for 12,000 metric tons, but our potential is 30,000 metric tons of raw rubber,” he added. — Justine Irish D. Tabile

Agri-fishery investments seen as hedge against China disruption

ARSENIO M. BALISACAN — PHILSTAR FILE PHOTO

THE PHILIPPINES needs to ramp up investment in agriculture and fisheries to dampen the impact of heightened tensions with China, the National Economic and Development Authority (NEDA) said.

“We are linked with China economically through our supply chain directly (and) indirectly through the effects of any tensions in our region,” NEDA Secretary Arsenio M. Balisacan told reporters on the sidelines of a forum.

“One of the primary tasks of our government or administration is to improve our food security. And that’s not just fish, it’s also vegetables, fruit, rice, and all major commodities. That means that we really have to invest in the areas that will raise productivity,” he said.

When asked about the possibility of the Philippines reducing its import dependence on China for its supply of fish, Mr. Balisacan said: “it’s hard to say, because our population is also growing rapidly.”

Last week, a Navy sailor lost a thumb after his boat was rammed by Chinese personnel seeking to block Philippine access to an outpost in the West Philippine Sea, according to the military. The Chinese Coast Guard also disarmed and seized rifles from Philippine personnel.

During the forum, Mr. Balisacan said tensions with China are not the main factor behind weak foreign direct investment (FDI) inflows, citing a decline in FDI globally.

“The share of FDI from China is quite small. The high was 4.4% in 2015 to 2019. It fell to 0.9% in the last three years, but… I don’t think that we can directly attribute to that, because overall, global FDI (and) Asia-Pacific FDI have been falling,” Mr. Balisacan said. 

Loans from China also remain small, with the Philippines seeking to expand its sources of funding, he added.

“Official development assistance (ODA) from China is also very small… it’s about only 5% of the total ODA we receive from other countries,” he said.

Last year, the government withdrew from loan negotiations with China for three major railway projects valued at around P228 billion as tensions worsened over the dispute over territorial waters.

“The area where we are most exposed to China is in trade,” Mr. Balisacan said. “Whether (we) like it or not, we are all linked to the same global supply chain.”

He said an easing in global trade restrictions would help boost the Philippines’ growth prospects.

“Our economic performance in recent years and the economic outlook in the near and medium term are very robust, keeping us one of the fastest-growing economies in the region. Still, if the global economy is better, if trade restrictions are reduced, then economic growth will be even faster,” he told reporters.

The government is aiming for 6-7% gross domestic product growth this year. — Beatriz Marie D. Cruz