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Primeworld Land breaks ground on Primeworld Enclave Phase 2 in San Rafael, Bulacan

From L-R: Fr. Leandro Espiritu, Jane Aguisanda, Celince Co, Sherwin Uy, Charry Policarpio and Amica Ngo

On Sept. 21, 2024, Primeworld Land celebrated another milestone with the groundbreaking ceremony for Primeworld Enclave Phase 2, located along Caingin Road, Caingin, San Rafael, Bulacan. Following the overwhelmingly positive market reception of the first phase — which saw the successful turnover of 344 housing units — Primeworld is expanding its thriving community with the launch of 390 Eliana units in Phase 2.

Sherwin Uy, CEO of Primeworld Land, delivers his welcoming remarks, emphasizing the company’s commitment to building thriving communities and expressing gratitude to key partners.

In a keynote address, Celine Co, Business Development Lead, reiterated Primeworld Land’s vision of creating not just homes, but vibrant and sustainable communities. She also shared exciting news that due to the project’s success and the increasing demand for affordable housing, four additional phases will be added to the original master plan in the coming years. This expansion underscores Primeworld Land’s commitment to providing quality and accessible housing options for Filipino families.

Celine Co, Business Development Lead of Primeworld Land, shares her keynote address, highlighting the company’s vision for future growth and community development.

Primeworld Enclave has already gained recognition for its high-quality, affordable homes, ideally situated just an hour away from Metro Manila in a flood-free zone — making it an attractive choice for families seeking a peaceful yet accessible location.

In attendance at the ceremony were other key figures, including Charry Policarpio, Sales & Marketing Supervisor; Jane Aguisanda, Accounting Head; and Amica Ngo, Corporate Marketing Consultant.

Phase 2 of Primeworld Enclave promises not just homes but a complete community experience. The gated subdivision will feature a basketball court, parks and playgrounds, a multipurpose hall, and 24/7 security — amenities thoughtfully designed to offer comfort and convenience to its future residents. Additionally, a commercial center and shuttle terminal are slated for construction in the upcoming phases, further enhancing the development’s accessibility and self-sufficiency.

With the resounding success of Primeworld Enclave Phase 1, expectations for Phase 2 are high. This new phase aims to continue fulfilling the growing demand for affordable, well-planned housing on the outskirts of Metro Manila.

As Primeworld Land pushes forward with this development, it solidifies its standing as one of the fastest-growing real estate developers in the country — committed not only to building homes but to fostering lasting, thriving communities for Filipino families.

To learn more about Primeworld Land and its family-oriented housing communities in Metro Manila Bulacan, Quirino Province, Nueva Vizcaya, Isabela, Cebu, Butuan City and General Santos City, visit www.primeworldland.com.

 

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DigiPlus boosts popular slot game with higher jackpot prizes

There’s a new game in town, and it’s raising the bar in the digital gaming scene. DigiPlus, the brand behind popular Filipino entertainment platforms like BingoPlus and ArenaPlus, is introducing a game that is set to push the excitement meter through the roof: Super Ace Jackpot.

Available on the BingoPlus platform, Super Ace Jackpot is not just a game — it’s an experience. The excitement, the anticipation, the heart-pounding moment when the reels align and the jackpot hits — this is what DigiPlus is delivering with its latest game offering. Offering 1,024 ways to win for players 21 years old and above, this game offers slot lovers P200 million in total jackpot prizes up for grabs, with individual prizes reaching up to P30 million.

Four levels of jackpot offered

What makes Super Ace Jackpot truly special is that it takes the most popular slot game in the Philippines — Super Ace — and ups the ante with a bigger jackpot potential. While keeping the same Return to Player percentage, BingoPlus adds P200 million worth of jackpots for players, this upgrade means that every spin is packed with even more excitement and potential rewards.

Super Ace Jackpot has card-based mechanics that make every spin feel like an exhilarating card game. The game offers four levels of jackpots, namely Grand Jackpot: Up to P30 million, Major Jackpot: Up to P6 million, Minor Jackpot: Up to P60,000 and Mini Jackpot: Up to P5,000.

 Super Ace Jackpot is even more exciting because of the unique multiplier system. The bet amount will be contributed to the progressive jackpot, and this pool grows as the player engages more in the game.

Not many digital providers in the Philippines offer Super Ace Jackpot. Since its entry into DigiPlus’ BingoPlus platform, Super Ace Jackpot quickly became a fan favorite among Filipino players. The combination of easy-to-master mechanics, bigger jackpot potential, and 24/7 mobile accessibility means that players can dive into the action anytime, anywhere. Whether an experienced slot player or just looking for casual fun, Super Ace Jackpot delivers excitement with every spin.

Exclusive BingoPlus launch events

To mark the launch of Super Ace Jackpot, BingoPlus is rolling out two exclusive events running until Oct. 16, both designed to multiply the fun:

Event 1: Sign-in for free spins: Just by logging in and depositing at least P100 daily, players can earn up to 70 free spins. It is as simple as signing in, playing, and watching the spins roll in.

Event 2: Bet for free spins: Bigger bets mean more free spins. A bet of P1,000 could earn four free spins, and top bettors could get up to a whopping 77 free spins.

With free spins up for grabs, there has never been a better time to jump into the action. Eusebio H. Tanco, Chairman of DigiPlus, spoke on this latest addition to the company’s offerings. “We are always on the lookout for the best and latest entertainment to bring to our players,” said Mr. Tanco. “Super Ace Jackpot is a great new addition to our roster of digital games where players can try their luck. The simple mechanics and multiplier features of Super Ace Jackpot make for an extraordinary gaming experience that our players will not want to miss.”

Designed with mobile-first players in mind, Super Ace Jackpot offers bigger jackpot without lengthy downloads or complicated setups. It is instant gaming and instant thrills, all in the palm of the hand.

Super Ace Jackpot is a PAGCOR-licensed game and fully certified by Gaming Laboratories International, ensuring that every game is fair, transparent, and secure. DigiPlus continues to raise the bar in digital entertainment, and Super Ace Jackpot is its latest offering — a game designed for today’s player, where every spin holds more fun and excitement.

As a reminder, gaming is for 21 years old and above only. Keep it fun. Game responsibly.

 

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Lebanon says Israeli airstrikes kill at least 492, residents flee from south

JERUSALEM/BEIRUT – Israel’s military said it launched airstrikes against Hezbollah sites in Lebanon on Monday, which Lebanese authorities said had killed 492 people and sent tens of thousands fleeing for safety in the country’s deadliest day in decades.

After some of the heaviest cross-border exchanges of fire since hostilities flared in October, Israel warned people in Lebanon to evacuate areas where it said the armed movement was storing weapons.

Israeli Prime Minister Benjamin Netanyahu sent a short video statement addressed to the Lebanese people.

“Israel’s war is not with you, it’s with Hezbollah. For too long Hezbollah has been using you as human shields,” he said.

Families from south Lebanon loaded cars, vans and trucks with belongings and people, sometimes multiple generations in one vehicle. As bombs rained down, children crammed onto parents’ laps and suitcases were tied to car roofs.

Highways north were gridlocked. “I grabbed all the important papers and we got out. Strikes all around us. It was terrifying,” said Abed Afou, who was with his family, including three sons aged 6 to 13 and several other relatives. They sat in traffic as it crawled north.

They did not know where they would stay, he said, but just wanted to reach Beirut.

Nasser Yassin, the Lebanese minister coordinating the crisis response, told Reuters 89 temporary shelters in schools and other facilities had been activated, with capacity for more than 26,000 people as civilians fled “Israeli atrocities”.

After almost a year of war against Hamas in Gaza on its southern border, Israel is shifting its focus to the northern frontier, where Iran-backed Hezbollah has been firing rockets into Israel in support of Hamas, also backed by Iran.

Israel’s military said it struck Hezbollah in Lebanon’s south, east and north, including “launchers, command posts and terrorist infrastructure.” The Israeli Air Force struck about 1,600 Hezbollah targets in southern Lebanon and the Bekaa Valley, it said.

Lebanon’s health ministry said at least 492 people had been killed, including 35 children, and 1,645 wounded. One Lebanese official said it was Lebanon’s highest daily death toll from violence since the 1975-1990 civil war.

The fighting has raised fears that the US, Israel’s close ally, and Iran will be sucked into a wider war.

Saudi Arabia expressed deep concern on Monday and urged all parties to exercise restraint, state news agency SPA reported.

A senior US State Department official said the United States did not support a cross-border escalation between Israel and Hezbollah and that Washington was going to discuss “concrete ideas” with allies and partners to prevent the war from broadening.

Israeli officials have said the recent uptick in airstrikes on Hezbollah targets in Lebanon is designed to force the Iran-aligned group to agree to a diplomatic solution.

The US official, briefing reporters in New York on condition of anonymity, pushed back on the Israeli position, saying the Biden administration was focused on “reducing tensions … and breaking the cycle of strike-counterstrike.”

Also in New York, Iranian President Masoud Pezeshkian said Israel wanted to drag the Middle East into a full-blown war by provoking Iran to join the Israel-Hezbollah conflict.

“It is Israel that seeks to create this all-out conflict,” he told journalists after his arrival to attend the U.N. General Assembly, saying the consequences of such instability would be irreversible.

 

CONFLICT ‘PEAK’

Israeli Defence Minister Yoav Gallant said Monday marked a “significant peak” in the nearly year-long conflict.

“On this day we have taken out of order tens of thousands of rockets and precise munition. What Hezbollah has built over a period of 20 years since the second Lebanon War is in fact being destroyed by the IDF,” he said in a statement, referring to the Israel Defense Forces.

On Monday evening Israel launched a strike on Beirut’s southern suburbs aimed at senior Hezbollah leader Ali Karaki, the head of the southern front. Hezbollah later said he was safe and had moved to a secure location.

But Hamas’ armed wing said its field commander in southern Lebanon, Mahmoud al Nader, was killed in an Israeli air strike.

Rear Admiral Daniel Hagari said in a statement that Israeli strikes had hit long-range cruise missiles, heavyweight rockets, short-range rockets and explosive drones.

In response, Hezbollah said it launched dozens of missiles at a military base in northern Israel.

Sirens warning of Hezbollah rocket fire sounded across northern Israel, including in the port city of Haifa, and in the northern part of the occupied West Bank, the military said.

About 60,000 people have been evacuated from northern Israel because of the cross-border fighting. Gallant said the campaign would continue until the residents had returned to their homes. Hezbollah for its part has vowed to fight until there is a ceasefire in Gaza.

Mr. Hagari said Hezbollah put weaponry “inside Lebanese villages and civilian homes, and intended to fire them toward civilians in Israel while endangering the Lebanese civilian population.”

Hezbollah has not commented on the assertion that it has hidden weapons in houses, which Reuters could not independently verify, but it has said it does not place military infrastructure near civilians.

The strikes have redoubled the pressure on the group, which last week suffered heavy losses when thousands of pagers and walkie-talkies used by its members exploded. The operation was widely attributed to Israel, which has not confirmed nor denied responsibility.

The foreign ministers of the Group of Seven major democracies warned that the Middle East risked being dragged into a broader conflict that no country would gain from, according to a statement released after meeting on the sidelines of the UN General Assembly. – Reuters

Zelenskiy holds flurry of bilateral meetings at UN to shore up support for Ukraine

UKRAINE’s President Volodymyr Zelensky speaks during a joint news conference with US President Joseph R. Biden (not pictured) in the East Room of the White House in Washington D.C., Dec. 21, 2022. — REUTERS

KYIV – Ukraine’s President Volodymyr Zelenskiy, who is in New York for the meeting of world officials at the United Nations, held talks on the sidelines with German, Indian and Japan leaders on Monday trying to shore up support for Kyiv’s war efforts.

“We talked about how to make a just peace closer,” Mr. Zelenskiy said on his Telegram messaging app after meeting with German Chancellor Olaf Scholz. “The main thing is to maintain unity.”

Germany has been one of most significant backers in Europe of Kyiv’s defensive fight against Russia.

The full-scale Russia invasion of Ukraine, or “special military operation” as Moscow calls it, began in Feb 2022 and has killed thousands of people, uprooted millions more and turned Ukrainian towns and cities into rubble.

After the UN General Assembly sessions, Mr. Zelenskiy is to travel later in the week to Washington to present his “victory plan” and influence White House policy on the war no matter who wins the US election on Nov. 5.

Mr. Zelenskiy said that he also met with India’s Prime Minister Narendra Modi.

“We are dynamically developing our relations,” he said on the Telegram after the meeting.

Reuters reported earlier this month that artillery shells sold by Indian arms makers were diverted by European customers to Ukraine and New Delhi did not intervene to stop the trade despite protests from Moscow,

India has warm ties with Russia, its primary arms supplier for decades, and Prime Minister Narendra Modi has refused to join the Western-led sanctions regime against Moscow.

Mr. Zelenskiy also held talks with Japanese Prime Minister Fumio Kishida on Japan’s energy aid to Kyiv.

“Restoring our energy supply after Russian shelling and preparing for winter are tasks we are actively working on now,” Mr. Zelenskiy said in a post on the Telegram messaging app. “Together with Prime Minister Fumio Kishida, we discussed the situation in the energy sector.”

Japan has been one of several nations sending support, including $4.5 billion this year, according to the Japanese foreign ministry website.

Japan has provided Kyiv with equipment for restoration work and increasing the capacity of the Ukrainian power system to get through winter amidst Russia’s continued strikes on energy infrastructure.

Ukraine’s electricity supply shortfall could reach about a third of expected peak demand amid the attacks and the expiry of a gas supply contract at the end of this year, the International Energy Agency said in a report last week. – Reuters

Ex-minister Iswaran pleads guilty in graft case that has gripped Singapore

SORA SHIMAZAKI-PEXELS

SINGAPORE – Singapore’s former Transport Minister S. Iswaran has pleaded guilty to receiving gifts while in office, local media reported, as proceedings began on Tuesday in a rare graft trial involving a state official in this Asian financial hub.

The case has gripped the wealthy city-state which prides itself on having a well-paid and efficient bureaucracy as well as strong governance. Iswaran, who joined the cabinet in 2006, is the first Singaporean minister to be tried in court.

The 62-year-old was arrested in July last year and was accused of taking kickbacks worth hundreds of thousands of dollars from property tycoon Ong Beng Seng, partly to advance Ong’s business interests. Ong has not been charged with any offence.

Mr. Iswaran had previously rejected the allegations when he resigned from the cabinet.

In court, he had pleaded guilty to the charges of obstructing justice and of a public servant accepting anything of value without payment, or with inadequate payment, from a person with whom he is involved in an official capacity, Channel NewsAsia (CNA) reported, instead of the charges that include corruption.

Prosecutors also reduced the charges facing Iswaran to five from 35, CNA said. The remaining 30 charges will be taken into consideration for sentencing, it added.

The charge of accepting gifts carries a jail term of up to two years and a fine. For obstructing justice, Iswaran can be sentenced to jail of up to 7 years and a fine.

The last corruption case involving a Singaporean minister was in 1986, when the national development minister was investigated for allegedly accepting bribes. The minister died before he could be charged in court.

According to charge sheets in January, the alleged favors Mr. Iswaran received included tickets to English Premier League soccer matches, musicals, a flight on Ong’s private plane and tickets to the Singapore Formula 1 Grand Prix.

Mr. Iswaran was advisor to the Grand Prix’s steering committee, while Ong owns the rights to the race.

Singapore was among the world’s top 5 least corrupt countries last year, according to Transparency International’s corruption perception index. – Reuters

Trump threatens John Deere with 200% tariffs if production moves to Mexico

RAWPIXEL.COM

WASHINGTON – Donald Trump said on Monday he would slap a 200% tariff on John Deere’s imports into the United States if the company moved production to Mexico as planned, comments that hit the agricultural equipment manufacturer’s share price.

Earlier this year, John Deere announced that it was laying off hundreds of employees in the Midwest and increasing its production capacity in Mexico, a decision that upset workers and some political leaders.

“As you know, they’ve announced a few days ago that they are going to move a lot of their manufacturing business to Mexico,” Trump said at an event held in western Pennsylvania. “I am just notifying John Deere right now that if you do that, we are putting a 200% tariff on everything that you want to sell into the United States.”

The Republican presidential candidate has frequently said he would slap automakers that move their production to Mexico with a 200% tariff, but this appears to be the first time he has extended that threat to an agricultural equipment company.

Shares in John Deere fell more than 1.5% in after-hours trade on Monday after closing up 0.75%. A representative for the company did not respond to a request for comment.

Mr. Trump has made erecting extensive tariffs the central element of his economic plan should he beat Vice President Kamala Harris, the Democratic nominee, in the Nov. 5 election. The strategy is designed to protect American jobs from foreign competition, but economists warn his measures will boost inflation.

Speaking to a gathering of farmers in a rural area outside of Pittsburgh, Mr. Trump also said he would press Chinese President Xi Jinping to honor a deal to purchase $50 billion of US agricultural goods.

During the so-called “Phase 1” trade deal inked between China and the United States during Trump’s 2017 to 2021 term, the US agreed to cut some tariffs on Chinese goods in exchange for pledges to purchase more American agricultural products, energy and manufactured goods. At the time, Mr. Trump said China would buy $50 billion in US agricultural products, though Chinese purchases fell well short of that figure.

“Probably my first call – I’m going to call President Xi – I’m going to say you have to honor the deal you made. We made the deal, you buy $50 billion worth of American farm products, and I guarantee you, he will buy it, 100% he will buy it,” Trump said.

Farmers and industrial workers are a crucial part of Mr. Trump’s coalition, and turning out these constituencies will be important if he is to beat Ms. Harris. That is especially true in Pennsylvania, where polls consistently show a razor-thin race. – Reuters

China’s central bank unveils broad easing measures to revive economy

FREEPIK

BEIJING – China’s central bank announced broad monetary stimulus and property market support measures to revive an economy grappling with strong deflationary pressures and in danger of missing this year’s growth target.

Governor Pan Gongsheng, speaking at a news conference alongside officials from two other financial regulatory agencies, said the central bank will cut the amount of cash that banks must hold as reserves – known as reserve requirement ratios (RRR) – by 50 basis points.

The People’s Bank of China will also cut the seven-day repo rate by 0.2 percentage point to 1.5%. Deposit and other interest rates will fall as well.

Interest rates on existing mortgages will also be reduced by 0.5 percentage point on average, Pan said, in a move that could provide some relief to households but may raise concerns about bank profitability.

Pan did not specify when the moves will come into effect.

China’s economy grew much slower than expected in the second quarter, weighed down by a protracted property crisis and consumers’ worries about job security. August economic data broadly missed expectations, adding urgency for policymakers to roll out more support.

“The move probably comes a bit too late, but it is better late than never,” said Gary Ng, senior economist at Natixis.

“With an elevated real interest rate, poor sentiment and no rebound in the property market, China needs a lower-rate environment to boost confidence.”

The government is aiming for economic growth of around 5.0% for 2024, but some investment banks including Goldman Sachs, Nomura, UBS and Bank of America have recently lowered their forecasts for China’s growth rate this year.

Stocks rose and the onshore yuan opened at its strongest level since May 2023.

The yield on China’s benchmark 10-year government bond fell 4 basis points to 2.036%, close to the record low hit last week, while 30-year treasury futures for December delivery CTLC1 rose to a record high.

Pan said further monetary policy easing, including another RRR cut, was on the cards later this year.

The latest Chinese policy measures come after the U.S. Federal Reserve last week delivered a hefty rate cut, which many analysts viewed as providing more head room for the PBOC to ease monetary conditions without putting too much pressure on the yuan. – Reuters

Grab appoints Ronald Roda as Grab Philippines Country Head

Grab Philippines Country Head Ronald Roda

Grace Vera Cruz steps into a regional role as Head of Regional Corporate Strategy

Grab Philippines is pleased to announce a leadership progression that sees Ronald Roda and Grace Vera Cruz take on expanded responsibilities in the company. Ronald Roda has been appointed as Country Head of Grab Philippines. Grace Vera Cruz, who has led Grab Philippines for the past four years, has moved into a regional position as Head of Regional Corporate Strategy. This planned succession is part of Grab’s commitment to nurturing talent and demonstrates the depth of Filipino leadership in the organization.

Ronald Roda was most recently Chief Operating Officer of Grab Philippines and he has led the GrabCar business for over six years. Under his leadership, Grab expanded its reach from 8 cities to over 200 cities in the Philippines since 2018, making Grab’s services accessible to millions more Filipinos. During the pandemic, when the GrabCar business was temporarily shut down, Ronald adapted swiftly to sustain business operations and transforming it into a more reliable and affordable service post-pandemic. Additionally, Ronald has played a crucial role to create over 72,000 livelihood opportunities in the first half of 2024, bringing the total to over 270,000 since 2023. This is in line with the company’s commitment to the Philippine government of creating 500,000 livelihood opportunities over the next five years.

“I am honored to take on the role of Country Head for Grab Philippines, and I am committed to continuing the great work and building on the strong relationships established under Grace’s leadership,” said Ronald Roda, Country Head, Grab Philippines. “My goal is to continue making Grab a true partner for growth, providing innovative solutions that benefit Filipinos across the nation. Together, we will further enhance the quality of life for our consumers and driver-partners, and strengthen the pathways for success for our MSMEs and corporate partners, ensuring that Grab remains a vital contributor to the Philippines’ socioeconomic development,” Roda added.

Grace Vera Cruz will continue to be based in the Philippines in her regional capacity, to ensure a smooth transition and operational continuity. Her ongoing presence signifies her continued commitment to supporting the Philippine market and strengthening Grab’s long-standing partnerships.

“I am deeply grateful for the unwavering support, collaboration, trust, and openness from all our partners and stakeholders who have believed in Grab’s success during my tenure,” said Grace Vera Cruz. “Reflecting on the commitment I made when I joined Grab, I am proud of the strides we have made together to drive innovation, enhance services, and uplift the lives of Filipinos. As I transition to my new regional role, I am filled with confidence, optimism, and excitement for Grab Philippines and our new Country Head. Ronald’s dedication and deep understanding of the industry make him the perfect leader for this next chapter. I encourage everyone to extend to him the same level of support and trust that you have generously given me as we continue our journey to drive growth and success for Grab and the Filipino community.”

 

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Goodnes Unlocked: Nestlé PH unveils newest platform to help homemakers prepare tasty and balanced meals

As the largest food and beverage manufacturer in the country, Nestlé Philippines is unlocking the power of food to enhance quality of life. It aims to do its part in tackling nutrition challenges that Filipinos face through science-based research and development and large-scale initiatives, particularly food fortification, where it provided 26 billion fortified servings in 2023, and nutrition education for over 10.5 million public grade school students nationwide.

A launch event on September 18 was held for the Nestlé Goodnes website, where Nestlé Philippines showcased how to address the most common challenges homemakers face when it comes to cost, time and taste with its different features through activities to show how its latest service innovation aims to empower Filipinos and make tasty and balanced diets within reach and unlock the power of food.

This easy-to-use website serves as an extra pair of helping hands in the kitchen for homemakers. Through its main features such as the Recipe Builder, My Cookbook, and Meal Planner, it helps address the most common challenges when it comes to cooking tasty and balanced meals: time, cost, and taste. The website was developed with homemakers in mind and the challenges they frequently face when it comes to cost, time and taste providing them with access, flexibility and customization tailored for their needs with a variety of resources and helpful features, all in one website. 

During the event Ms. Tiny Sta. Ines, the Market Lead of Nestlé Goodnes, gave a walkthrough of the website. highlighting the various ways homemakers can maximize it to help them save time and create budget-friendly meals that are healthy and delicious. After this, the guests had the chance to test out the website’s main features firsthand and apply them into practical use in three exciting challenges.

Goodnes Kitchen Challenge

In an exciting old-fashioned cook-off, participants were asked to use the My Recipe feature of the website to come up with a tasty and balanced dish based on limited ingredients, a fixed budget, and level of difficulty in terms of time and personal preferences. It aims to simulate real-life scenarios in the kitchen and how useful the website can be in coming up with quick and easy recipes for any type of meal or occasions.

The participants were grouped into “Families” and given a “Family Character Card” that contains the difficulty, budget, scenario, and three key ingredients for the featured recipe. They had 40 minutes to cook their assigned dishes that were then judged based on balance, flavor and how well the key ingredients were utilized.

Goodnes Meal Plan Experience

Through a guided experience, participants were taken through a walkthrough of the Goodnes Meal Planner and how to generate tasty and balanced meal plans based on budget, dietary restrictions, and kitchen proficiency.

Users have the ability to customize their plans by replacing/adding dishes in their daily plans, create new dishes using leftovers and the discovery of more recipe ideas!

Goodnes Cookbook Creator

Using the My Cookbook feature on the Nestlé Goodnes website, participants were able to save the recipes they learned in the Kitchen Showdown and Menu Plan Challenge in one place, which they can easily access, update, and customize whenever they want to. What’s even better is they can share their collections of recipes to friends and family to also help them create tasty and balanced meals.

By creating an account and using the features of the website, users also receive accomplishment badges and can also get exclusive freebies and discounts from Nestlé brands, which they can check at the My Rewards section.

Nestlé Philippines is not only unlocking the power of food to enhance quality of life for everyone but also unlocking the power of innovation in its commitment as the Good Food, Good Life company. Its latest nutrition innovation service, the Nestlé Goodnes website aims to unlock tasty and balanced meals that are accessible, personalized, and tailored to fit the needs of Filipino families.

Ready to unlock Goodnes today? Visit http://www.nestlegoodnes.com to experience these useful features in your own kitchen.

 

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Senate ratifies PHL-South Korea FTA

REUTERS

By John Victor D. Ordoñez, Reporter

THE SENATE on Monday ratified the free trade agreement (FTA) between the Philippines and South Korea, a move that will pave the way for increased exports of Philippine bananas and processed pineapples to Seoul.

Twenty-one senators voted in favor of the ratification of the free trade pact, which will remove Philippine tariffs on 96.5% of goods from South Korea, while Seoul will lift tariffs on around 94.8% of Philippine products.

The Constitution requires concurrence by two-thirds of the Senate’s members for ratification of international agreements and treaties.

The Philippines and South Korea signed the free trade pact in September last year, which will boost trade between the two countries.

However, the deal is still undergoing the ratification process at the Korean National Assembly.

Under the deal, the Philippines secured the elimination of 1,531 tariff lines on agricultural goods, of which 1,417 would be removed after the FTA enters into force.

It will also remove 9,909 tariff lines of industrial goods, 9,747 of which would be removed after the deal enters into force.

“It presents an opportunity to expand the number of our commodities that can access the Korean market,” Philippine Chamber of Commerce and Industry President Enunina V. Mangio told BusinessWorld in a Viber message.

“To fully benefit from the FTA, we should improve our infrastructure and regulatory environment to attract investments from Korea.”

She also cited the need for the government to upgrade the technological capabilities of local industries to make them more competitive.

South Korean automakers are expected to benefit from the FTA, which will remove the 5% import duties on Korean-made automobiles. Tariffs on Korean electric and hybrid vehicles would also be eliminated within five years.

The Philippines is expected to attract as much as P200 billion worth of foreign direct investments for the electric vehicle industry and agricultural processing sector within three years, according to estimates from the Department of Trade and Industry.

The Philippines is also seen to increase banana and processed pineapple exports to Seoul. Tariffs on Philippines bananas, which currently have a 30% tariff, will be removed within five years. At the same time, the 36% tariff on processed pineapples from the Philippines will be removed in seven years.

“This is a good development for our banana and pineapple industries as they can get a bigger market in South Korea,” former Agriculture Undersecretary Fermin D. Adriano said in a Viber message.

Based on data from the United Nations Commodity Trade Statistics Database, South Korea was the Philippines’ third-biggest market for fresh banana last year with exports reaching $164.54 million, after China ($359.77 million) and Japan ($562.58 million).

South Korean Ambassador to the Philippines Lee Sang-hwa previously said that he is banking on the FTA to be a “game-changer” for trade and investment between Manila and Seoul.

In 2023, South Korea was the Philippines’ fifth-largest trading partner with total trade reaching about $12 billion, according to data from the Philippine Statistics Authority. Exports to South Korea last year were valued at $3.53 billion, while imports were at $8.49 billion.

This is the third FTA involving the Philippines and South Korea, after the Korea-ASEAN FTA and the Regional Comprehensive Economic Partnership.

However, Jose “Sonny” A. Africa, executive director at think tank IBON Foundation, said the expected increase in exports of these agricultural products is unlikely to substantially boost the economy, saying that the government is better off adopting an industrial policy.

“The proposed FTA is going to be entered into outside of a real strategy for national industrialization and so will be a policy step backward,” he said in a Viber message. “These investments have to be more embedded in the local economy to contribute to broader national industrial development.”

Federation of Free Farmers National Manager Raul Q. Montemayor said the free trade pact gives no assurance that Philippine farmers “will gain much” compared with the Korean automakers that will have improved market access to the Philippines.

“Our other concern is that most of the benefits, if any, go to big multinationals who capture most of the profits from exports,” he said.

Stronger peso likely to hurt exports, services

PHILIPPINE STAR/ MIGUEL DE GUZMAN

By Luisa Maria Jacinta C. Jocson, Reporter

THE PESO could strengthen further following the start of the US Federal Reserve’s rate-cutting cycle, analysts said, but warned that these could impact exports and services.

“Philippine markets will be closely monitoring the potential impact of the US Federal Reserve rate cut on the domestic economy,” Security Bank Corp. Chief Economist Robert Dan J. Roces said in a Viber message.

“A stronger peso, which could result from the move, could negatively affect exports and other entities such as business process outsourcing companies (BPOs), but positively influence domestic prices,” he added.

This after the Fed delivered a 50-basis-point (bp) rate cut last week and amid expectations of further easing by the US central bank throughout this year and the next.

Markets imply nearly a 49% chance the Fed will deliver another 50-bp rate cut in November and have priced in 75 bps of cuts by the end of this year, Reuters reported.

The Fed’s policy rate is expected by the end of 2025 to be at 2.85%, which is now thought to be the Fed’s estimate of the neutral rate.

“The bigger accommodation in the US policy rate on balance reduces the certainty of the possible capital outflow should the interest rate spread move against the peso,” Diwa C. Guinigundo, a country analyst for the Philippines of GlobalSource Partners, said.

“If we manage to get all macroeconomic indicators going in the right direction, there’s a good chance the peso will remain more stable with a strengthening bias,” he added.

The peso closed at P55.97 against the greenback on Monday, depreciating by 28 centavos from its P55.69 finish on Friday, Bankers Association of the Philippines data showed.

The local currency previously fell to as low as the P58-per-dollar level in May and hit a 20-month low of P58.86 on June 26.

Metropolitan Bank & Trust Co. (Metrobank) Research in a commentary expects the peso to close at P55.30 per dollar by yearend, stronger than its earlier forecast of P57.20.

It also sees the local unit closing at P54.50 in 2025 from P56.30 previously.

“These forecasts also take into consideration the expected net dollar inflows from remittances in the fourth quarter, which would be partially offset by a projected wider trade deficit,” Metrobank Research added.

However, Pantheon Macroeconomics Chief Emerging Asia Economist Miguel Chanco noted there is still a need to be cautious about the peso’s performance for the rest of the year.

“Regardless of what the Fed does, and despite the peso’s upward retracement over the past few weeks, I’m still somewhat cautious on the peso’s outlook given the economy’s twin deficits on the current and fiscal accounts,” he said in an e-mail.

The current account deficit stood at $7.1 billion in the first half of the year, equivalent to -3.2% of GDP. The BSP expects the current account deficit to reach $6.8 billion this year (-1.5% of GDP).

The central bank last week trimmed its projections for goods and services exports this year. It now sees good exports growing by 4% this year from 5% previously, while services exports are seen expanding by 13% from 14% previously.

Meanwhile, latest data from the Treasury showed that the budget deficit widened by 7.21% to P642.8 billion in the first seven months of the year.

“All up, the peso will surely act up, but nobody knows in which direction because it cannot be delinked from other counterweights like better inflation and growth outcomes, the quality of public policy, the resolution of those political conflicts,” Mr. Guinigundo added.

FURTHER EASING
The Fed’s highly anticipated rate cut last week also gives the Bangko Sentral ng Pilipinas (BSP) more room to possibly deliver bigger rate reductions, analysts said.

“The first — faster and more ambitious than expected — start to its easing cycle will certainly give the BSP a lot more room to pursue more aggressive rate cuts in the coming meetings,” Mr. Chanco said.

BSP Governor Eli M. Remolona, Jr. earlier said that they could cut by another 25 bps in the fourth quarter. This after the central bank reduced borrowing costs by 25 bps at its August meeting, bringing the key rate to 6.25%.

The Monetary Board’s next meeting is on Oct. 17 while its last meeting for the year is scheduled for Dec. 19.

“Indeed, our base case before the Fed’s decision is that the Board will step up the size of its rate cuts to 50 bps each time from December, as we’ve long held a view that the Fed would pursue equally large cuts from the fourth quarter,” Mr. Chanco said.

Meanwhile, Metrobank Research expects the BSP to cut by a total of 75 bps this year, bringing the key rate to 5.75% by yearend.

“On the domestic front, the Fed move opens the door for a 25-bp cut in October by the BSP,” it said.

The central bank could reduce rates by 25 bps each at its last two meetings this year, Metrobank added.

“This would bring the BSP’s target reverse repurchase (RRP) rate down to 5.75% by year-end. The interest rate differential between the BSP and the US Fed would settle at 125 bps.”

“Previously, (Mr.) Remolona signaled a modest 50 bps of cumulative cuts for the year. A BSP pause in October suggests the BSP would only get a chance to adjust policy rates after two more projected Fed rate cuts,” it added.

For next year, Metrobank Research expects the BSP to cut by a total of 100 bps. This would bring the benchmark rate to 4.75%.

Mr. Chanco also noted Mr. Remolona’s repeated signals of the BSP being independent of the Fed.

“Most central banks in the region (not just in the Philippines) tend to only fret about Fed action when rates are going the other way around (i.e. up), given that this normally exerts a lot of downside pressure on regional currencies,” he added.

Falling oil prices to ease inflation pressure in Philippines

Crude oil is dispensed into a bottle in this illustration photo. — REUTERS

THE EXPECTED DECLINE in global oil prices will help tame inflation in Asia, with the Philippines among the countries seen to most benefit from this, ANZ Research said.

“Despite gains in recent days, average global oil prices in September so far have softened materially, and the transmission to pump prices in several economies in the region is underway,” it said in a report.

“If the weakness in global oil prices persists, disinflation will gather pace, and most of the region’s external positions will improve. Thailand and the Philippines will see the biggest drag to inflation.”

Data from ANZ showed that the estimated pass-through of a 10% decline in global oil prices is a -0.2-percentage-point (ppt) change in Philippine headline inflation.

“Thailand and the Philippines are likely to see relatively larger drags on inflation, with a pass-through of 0.2-0.3% for every 10% fall in global oil prices,” it said.

Headline inflation slowed to a seven-month low of 3.3% in August from 4.4% in July and 5.3% a year ago.

Transport inflation contracted by 0.2% in August as pump price adjustments stood at a net decrease of P2.70 a liter for gasoline, P2.80 for diesel and P3.70 for kerosene during the month.

The Bangko Sentral ng Pilipinas (BSP) earlier said that inflation is expected to ease further from August onwards.

ANZ estimates also showed that a 5% decline in benchmark gasoline pump prices would have an -0.12-ppt impact on September headline inflation for the Philippines.

“The fastest channel of transmission from falling global oil prices is typically through inflation. The Philippines, Thailand, South Korea, mainland China and Taiwan have already seen local gasoline pump prices adjust, with declines ranging from 1-5% relative to their August average,” it said.

The local statistics authority is set to release September inflation data on Oct. 4.

ANZ noted that the impact of inflation also depends on the weight of vehicle fuels. “While the Philippines has seen the largest fall in pump prices, vehicle fuels make up a smaller share of its inflation basket,” it added.

Meanwhile, ANZ also noted the impact of lower oil prices on food inflation.

“Another angle to consider is the food price channel, as oil is a key input in agricultural production. While isolating the impact of oil price changes on food prices is challenging, there is generally a positive correlation,” it said.

Food inflation eased to 4.2% in August from 6.7% a month ago, largely driven by easing rice prices. Rice inflation slowed to 14.7% from 20.9% a month prior.

“Assuming all other factors influencing food prices remain constant, economies with a higher proportion of food in their inflation basket are more likely to experience a greater reduction in inflation from lower global oil prices,” ANZ said.

“Within Asia, food has the highest weight in the inflation baskets of India, Thailand and the Philippines,” it added.

The heavily weighted food and non-alcoholic beverages index is typically the main contributor to headline inflation in the Philippines, with rice accounting for almost half of overall inflation.

Easing inflation will also make the case for further rate cuts, ANZ said.

“The combination of lower inflation and stronger external positions will open up scope for a deeper-than-anticipated rate-cutting cycle in the region, particularly if weaker global growth is a key driver keeping energy prices subdued,” it said.

Last month, the Monetary Board reduced the target reverse repurchase (RRP) rate by 25 basis points (bps) to 6.25% from the over 17-year high of 6.5%.

BSP Governor Eli M. Remolona, Jr. signaled another 25-bp cut in the fourth quarter. The Monetary Board’s remaining meetings this year are on Oct. 17 and Dec. 19. — Luisa Maria Jacinta C. Jocson

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