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Former PM Thaksin indicted as Thai court cases raise risk of political crisis

FORMER Thai Prime Minister Thaksin Shinawatra — REUTERS

INFLUENTIAL former Thai Prime Minister (PM) Thaksin Shinawatra, a powerful backer of the ruling government, was granted bail by a court on Tuesday, avoiding pre-trial detention for allegedly insulting the monarchy in a 2015 interview.

The billionaire sought bail from the Criminal Court of Thailand soon after the Attorney-General had formally charged him under Thailand’s lese-majeste law, which carries a maximum jail sentence of up to 15 years for each perceived royal insult.

Mr. Thaksin denies the charges against him.

“The court has released Thaksin on bail of 500,000 baht ($13,600) under the condition that he is prohibited from leaving the country unless granted permission,” a court statement said.

A former policeman who went into the telecoms business and then entered politics, Mr. Thaksin returned to Thailand last year after 15 years in self-imposed exile following his ouster from power by a military coup. Mr. Thaksin’s is the first of four high-profile cases involving key political players that are before the courts on Tuesday, in the latest legal wrangling that could see Southeast Asia’s second-largest economy plunged into a new period of uncertainty.

The cases involve some of Thailand’s most powerful politicians, including its current prime minister, and could deepen a decades-old rift between the conservative-royalist establishment and its opponents, such as the populist ruling Pheu Thai party and the opposition Move Forward party.

The Constitutional Court will conduct a hearing in a case lodged by a group of senators that could potentially see Prime Minister Srettha Thavisin dismissed from office for breaching the law in appointing a lawyer with a conviction record to his cabinet. 

The same court will also hear a case seeking to disband the popular opposition Move Forward Party for their campaign to amend the royal insult law, following a complaint by the Election Commission.

The court is expected to announce the next hearing or verdict date for cases involving Srettha and Move Forward on Tuesday.

The Constitutional Court will also rule whether the ongoing selection process for a new upper house, which started earlier this month and is scheduled to conclude in early July, is lawful.

If the court cancels or delays the process, it would temporarily extend the term of military-appointed senators who have a played crucial role in the formation of the previous government.

“The political parties and representatives that voters have chosen are being systematically and repeatedly stymied,” Thitinan Pongsudhirak, a political scientist at Bangkok’s Chulalongkorn University, told Reuters.

A single petition can bring down a sitting, elected government or oust a prime minister, he said, outlining the power of the country’s courts.

“There’s a judicial assertiveness that has been damaging to Thailand, subverting popular will and popular mandates.”

Such tensions have previously triggered violent street protests, dissolutions of political parties, airport closures and military coups that have hamstrung the economy. — Reuters

Taiwan keeping watch after Chinese submarine surfaces in Taiwan Strait

XANDREASWORK-UNSPLASH

TAIPEI — Taiwan’s defense minister said on Tuesday that they have a “grasp” of the situation after pictures appeared online of a Chinese nuclear submarine surfacing in the sensitive Taiwan Strait near Taiwanese fishermen.

The narrow strait that separates Taiwan from China is a frequent source of tension. Taiwan reports Chinese warplanes and warships operating there on a daily basis, as Beijing seeks to assert its sovereignty claims against the democratically governed island.

Taiwanese media published the pictures of the surfaced craft, which appears to be a nuclear-armed Jin class ballistic missile submarine, taken by a Taiwanese fishing boat in the strait as dawn broke on Tuesday, about 200 km (125 miles) from Taiwan’s western coast.

Asked about the submarine, Taiwan Defense Minister Wellington Koo said they have a “grasp” of the intelligence situation, but declined to say how they were monitoring it or give details.

China’s defense ministry did not immediately respond to a request for comment.

Nuclear-powered submarines can operate underwater for months at a time, and ballistic-missile boats’ secretive mission means they rarely surface.

A security source familiar with the situation told Reuters that the submarine was most likely returning to its home port in Qingdao from the South China Sea. The source said Tuesday’s incident might have been because it experienced a malfunction and was forced to surface.

The source spoke on condition of anonymity given the sensitivity of the situation.

Military experts say the strategic waters off Taiwan’s southwestern shores, where the largely shallow Taiwan Strait descends in depth, provide submarines a location for an ambush, making it a hot spot for militaries including China, Taiwan and the United States.

Ballistic missile submarines are not designed to attack ships, but to launch ballistic missiles at targets on land.

Taiwan’s fleet of P-3C Orion anti-submarine aircraft are based at the Pingtung air base in southern Taiwan, giving easy access to the southern part of the strait.

Taiwan has complained in recent years that China has been using so-called grey zone warfare designed to exhaust a foe without resorting to open combat, such as flying surveillance balloons over the island.

“We must be fully alert to China’s continued military harassment and grey zone threats and must always understand China’s constant salami-slicing attempts to unilaterally change the status quo,” Mr. Koo said.

“We must be alert at all times, but not panic nor be apathetic, and calmly deal with the situation in the strait,” he added. “We won’t be the one provoking, and call on China not to be a troublemaker.”

Taiwan detected 20 Chinese military planes and seven vessels around the island in the past 24 hours, Taiwan’s defense ministry said in its daily report on Chinese military activities on Tuesday morning. — Reuters

Pag-IBIG Fund releases P22.63-billion cash loans from January to April 2024, up 38%

Pag-IBIG Fund Petron Mega Plaza Branch

From January to April 2024, Pag-IBIG Fund released P22.63 billion in cash loans, benefiting 965,291 members, according to agency officials. This is a 38% increase over the P16.44-billion releases in the same period of 2023, assisting nearly 200,000 more members than the previous year’s 766,258.

“We are happy that Pag-IBIG Fund continues to serve as a reliable partner of the Filipino workers in their times of financial need. We are fully committed to President Ferdinand Marcos, Jr.’s call to help uplift the lives of the Filipinos,” said Secretary Jose Rizalino L. Acuzar, who heads the Department of Human Settlements and Urban Development (DHSUD) and the 11-member Pag-IBIG Fund Board of Trustees.

Adding to the range of services, the agency introduced the Pag-IBIG Health and Education Loan Programs (Pag-IBIG HELPs) earlier this year. This program is designed to support members with their health and educational expenses by partnering with various schools and hospitals. Loans approved under HELPs are directly credited to the accounts of the partner institutions, and members can enjoy discounts on their total bills when using this service.

Pag-IBIG Fund’s Short-Term Loans, comprising the Multi-Purpose Loan (MPL) and Calamity Loan, allow qualified members to borrow up to 80% of their total Pag-IBIG Regular Savings. This includes their monthly contributions, their employer’s contributions, and accumulated dividends. Borrowers have the option of a 24- or 36-month repayment term and benefit from a two-month grace period before the first payment is due.

Pag-IBIG Fund Chief Executive Officer Marilene C. Acosta, meanwhile noted, that with the new mandatory monthly contribution rates of P200 for both the employees and employers, members can now avail of higher cash loans for their financial needs.

“Now that our members are saving more with Pag-IBIG, we assure that they will gain access to bigger and better benefits, such as higher cash loans under our Short-Term Loans, which we believe will be more helpful for their financial needs. We also do not charge processing fees, so they can make full use of their loans as intended. This is our commitment to them, that we will always be their financial ally,” Acosta said.

 

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Malaysia preparing to join BRICS economic group, media report says

ISHAN SEEFROMTHESKY-UNSPLASH

KUALA LUMPUR – Malaysia is preparing to join the BRICS group of emerging economies, Prime Minister Anwar Ibrahim said in an interview with Chinese media outlet Guancha.

The BRICS group of nations originally included Brazil, Russia, India, China, and South Africa, which gave it the acronym.

The group last year began to expand its membership as it looks to challenge a world order dominated by Western economies, with Saudi Arabia, Iran, Ethiopia, Egypt, Argentina and the United Arab Emirates joining and more than 40 countries expressing interest.

“We have made a decision, we will be placing the formal procedures soon… we are just waiting for the final results from the government in South Africa,” Anwar said, according to a video of the interview posted by Guancha on Sunday.

A representative from Anwar’s office on Tuesday confirmed his comments to Reuters.

During the interview, he did not provide further details on the application process.

Anwar’s comments came ahead of a three-day visit by Chinese Premier Li Qiang this week, as part of celebrations marking the 50th year of diplomatic relations between Malaysia and China.

Malaysia and China are expected to sign several deals during Li’s visit, including renewing a five-year trade and economic cooperation agreement. – Reuters

NATO targets AI, robots and space tech in $1.1 billion fund

FREEPIK

LONDON – A consortium of NATO allies has confirmed the first tranche of companies awarded funding as part of the group’s one billion euro ($1.1 billion) innovation fund.

The alliance unveiled the fund in the summer of 2022, months after the Russian invasion of Ukraine, promising to invest in technologies that would enhance its defenses. The fund is backed by 24 of NATO’s 32 member states, including Finland and Sweden, which joined the alliance earlier this year.

On Tuesday, the NATO Innovation Fund (NIF) confirmed it had directly invested in four European tech companies, which it said would help address challenges in defense, security, and resilience.

The body has allocated funding to Fractile AI, a London-based computer chipmaker aiming to make large language models (LLMs) like those that power ChatGPT run faster, as well as Germany’s ARX Robotics, which designs unmanned robots with functions ranging from heavy-lifting to surveillance.

The other two startups were British manufacturer iCOMAT, which makes lighter materials for vehicles, and Space Forge, a Welsh company that harnesses the conditions of space – such as microgravity and vacuum conditions – to build semiconductors in-orbit.

“Enabling access to strategic technologies is key to securing a safe and prosperous future for the alliance’s one billion citizens,” said Andrea Traversone, the fund’s managing partner.

The fund has also partnered with venture capital firms Alpine Space Ventures, OTB Ventures, Join Capital and Vsquared Ventures to support further investment in deep tech on the continent. – Reuters

SIGMA Asia 2024 cites ArenaPlus among best iGaming platforms in Asia

Andy Tsui, president of DigiPlus Interactive Corp. (DigiPlus), receives on behalf of the country’s fastest-growing digital entertainment company, the “Best Sportsbook Operator for 2024” for ArenaPlus — the 24/7 sportsbook app of DigiPlus — during the recent SIGMA Asia Awards held in Manila. SIGMA Group is an international events and media organization focused on iGaming, emerging tech, digital health, and affiliate marketing.
DigiPlus Interactive Corp. (DigiPlus) — the fastest-growing digital entertainment company in the country — continues to dominate the iGaming sector in the country with its award-winning platforms.
ArenaPlus, DigiPlus’ 24/7 sportsbook app, was recently awarded the “Best Sportsbook Operator for 2024” by SIGMA Group, an international events and media organization focused on iGaming, emerging tech, digital health, and affiliate marketing.
During the SIGMA Asia Awards 2024 held recently in Manila, ArenaPlus was among those recognized for its contributions in the digital entertainment industry, particularly its innovations in the online betting scene in the country.
“We are honored to receive this recognition and thank the SIGMA Group for providing this opportunity to showcase innovation and creativity in the flourishing gaming industry. This inspires us to push ourselves to continue to innovate and revolutionize Filipinos’ entertainment experience,” said DigiPlus President Andy Tsui.
Aside from the awards night, DigiPlus also joined the largest gaming show in Asia: the SIGMA Asia Convention, which provided different platforms and activities to showcase and exhibit the brands’ full potential.
The company, under its products BingoPlus and ArenaPlus, hosted a media lounge to cater to on-ground media activities and to ensure brand presence in local and international media releases. ArenaPlus also provided support for the Startup Pitch section, which focused on showcasing and championing emerging startups, providing a prime platform for projects to shine.
On top of these milestones, DigiPlus also bagged multiple awards from the 9th Global Good Governance Awards or 3G Awards held last April in Taguig City.
Cambridge International Finance Advisory (Cambridge IFA), a global financial services intelligence house, bestowed DigiPlus with the 3G Best Social Responsibility Campaign Award 2024 and 3G Excellence in ESG Award 2024, thus reinforcing the company’s commitment to make a positive impact on society.

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China and Philippines quarrel over South China Sea collision

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

BEIJING/MANILA – China and the Philippines traded accusations over a collision in the South China Sea on Monday, with Manila saying its armed forces would resist Beijing’s actions in the disputed waters, the latest in an increasingly testy series of confrontations.

US Ambassador to the Philippines MaryKay Carlson condemned China’s “aggressive, dangerous” maneuvers in a post on X, saying the collision had “caused bodily injury.”

The US State Department condemned what it called “escalatory and irresponsible” actions by China and reaffirmed that its mutual defense treaty with the Philippines applied to any armed attacks on Philippine armed forces, vessels, or aircraft anywhere in the South China Sea.

In the latest incident on Monday, China’s coastguard said a Philippine supply ship “deliberately and dangerously” approached a Chinese ship resulting in a slight collision after the Philippine ship “illegally intruded” into waters near Second Thomas Shoal, a charge that Manila rejected as “deceptive and misleading”.

The US State Department called the incident the latest in a series of Chinese “provocations” to impede supplies from reaching Philippines personnel stationed at the BRP Sierra Madre, a Philippine vessel grounded at the disputed Second Thomas Shoal, site of repeated confrontations with China this past year.

“PRC vessels’ dangerous and deliberate use of water cannons, ramming, blocking maneuvers, and towing damaged Philippine vessels, endangered the lives of Philippine service members, is reckless, and threatens regional peace and stability,” a State Department statement said.

China and the Philippines have traded barbs for months over dangerous maneuvers at the Second Thomas Shoal, an atoll within Manila’s 200-mile Exclusive Economic Zone (EEZ) in the South China Sea. China claims the area as its own.

China claims almost the entire South China Sea, a conduit for more than $3 trillion of annual shipborne commerce, including parts claimed by the Philippines, Vietnam, Indonesia, Malaysia and Brunei.

The Chinese coastguard said the Philippine transport and replenishment ship had ignored repeated warnings.

The Philippines’ task force on the South China Sea said Chinese vessels engaged in ramming and towing, putting lives at risk and damaging boats.

“China’s dangerous and reckless behavior in the West Philippine Sea shall be resisted by the Armed Forces of the Philippines,” Gilberto Teodoro, Manila’s defense minister, said in a statement. “China’s actions are the true obstacles to peace and stability in the South China Sea.”

The Philippines refers to the portion of the South China Sea that it claims as the West Philippine Sea. China’s embassy in Manila did not immediately respond to requests for comment.

The Philippine military earlier said the Chinese coastguard’s continued aggressive actions “are escalating tensions in the region”.

Several incidents have happened when the Philippines has deployed resupply missions for its soldiers living aboard a rusty, aging warship deliberately grounded by Manila in 1999 to reinforce its sovereignty claims.

China has warned the Philippines about intruding into what it says are its territorial waters and issued new rules, effective June 15, enforcing a 2021 law allowing its coastguard to use lethal force against foreign ships in waters it claims.

The new rules allow China’s coastguard to detain suspected trespassers without trial for 60 days.

In response, the Philippine coastguard said on Monday it has ordered the deployment of two vessels to patrol and ensure the safety of Filipino fishermen at Scarborough Shoal – a second flashpoint about 640 km (345 nautical miles) away from Second Thomas Shoal.

Separately, the US Pacific Fleet said in a statement it had concluded a two-day joint maritime exercise with the militaries of Canada, Japan, and the Philippines’ within Manila’s EEZ in the South China Sea. – Reuters

 

Peru PM says boost in China’s investments will not prompt US ‘resentment’

STOCK IMAGE | Image by Pete Linforth from Pixabay

LIMA – Peru’s government does not expect an upcoming trip by President Dina Boluarte to China or the increase in investments by Chinese firms in the Andean nation to cause “resentment” from the US, Peru’s prime minister said on Monday.

Ms. Boluarte will visit Beijing at the end of this month, with meetings scheduled with counterpart Xi Jinping and representatives of Chinese giants such as Huawei and BYD at a time when Chinese investments have multiplied in recent years, to the concern of Western nations.

“We do not believe that our friends… like the United States will feel resentful because we’re bringing Chinese investments (to Peru),” Prime Minister Gustavo Adrianzen said at a press conference.

“We believe this is an invitation for Western capital to arrive, including from the United States,” he added.

Ms. Boluarte is set to meet with Xi on June 28, but will first sit down with executives from Cosco Shipping Ports, which is heading construction the vast Chancay “megaport” set to be a hub between Asia and South America.

Mr. Xi will attend the port’s inauguration in November, when the Asia-Pacific Economic Cooperation Forum (APEC) leaders summit will also be held in Peru.

The $3.5 billion Chancay port has garnered interest from Brazil to ship exports to Asia, but has also become a poster child for the challenge for the US and Europe to combat the rise of Chinese investments in Latin America.

 

MORE CHINESE INVESTMENT

Ms. Boluarte’s agenda also includes meetings with Jinzhao Mining and infrastructure group China Railway Construction Corp.

Mr. Adrianzen said on Monday that the decade-old proposal to build a train line from Peru, through Bolivia and to Brazil should be put back on the table to boost exports out of Chancay.

Through the port, Brazil would be able to significantly cut shipping times on key exports such as soybeans and meat which currently travel through the Panama Canal, analysts say.

The “Bi-Oceanic Railway” may not become reality in the short term, the prime minister said, but could come “as the megaport is developed” in the medium-to-long-term.

Bolivia and Paraguay are also interested in shipping exports out through Peru, Mr. Adrianzen said.

Paraguayan President Santiago Pena “asked Boluarte that (Paraguayan) exports to Asia leave from the port of Chancay” when the two spoke in September, the prime minister said.

China is Peru’s largest trading partner, and more than a third of Peru’s $65 billion in exports last year went to China. – Reuters

GameStop shares tumble after CEO says store network will shrink

By Mike Mozart from Funny YouTube, USA - GameStop, CC BY 2.0, https://commons.wikimedia.org/w/index.php?curid=89854717

Shares of GameStop tumbled on Monday after CEO Ryan Cohen told investors that the video game retailer plans to operate a smaller network of stores, but did not provide details on what it intends to do with its cash pile.

GameStop shares were down 11.6% at $25.38 on Monday afternoon after the annual general shareholder meeting, which lasted about 20 minutes.

Cohen said he anticipates the business will be operated with “a smaller network and more value-added” items as part of the company’s attempt to boost sales and profitability.

He did not reveal how the company will use its roughly $4 billion in cash, which it built up following share sales in June and May, saying only that having a stronger balance sheet is “always an advantage.”

Shares of the video game retailer have gyrated wildly over the last month since Keith Gill, the stock influencer known as Roaring Kitty who helped kick off meme-stock mania in 2021, reappeared and later disclosed a large position in GameStop.

Investors had been hoping that Cohen would reveal more details of a strategic plan to revitalize GameStop’s business, analysts said.

Cohen’s lack of detail on acquisition plans “is disappointing for at least some investors,” said Michael Pachter, an analyst at Wedbush Securities with a price target of $13.50 on the company.

Pachter noted that GameStop’s recently released filings showed a profit margin of about 36%, suggesting the company is doing well in reselling used software and hardware. On the other hand, competition remains intense in the market for gaming consoles while the second-hand market for used software is slowly drying up as gamers shift to digital downloads, he said.

The company has been grappling with slowing sales as its core business of selling new and pre-owned video game discs takes a hit from consumers’ move to downloading games digitally or streaming. Net sales fell to $881.8 million compared with $1.24 billion a year ago, the company said on June 7, when it reported earnings earlier than expected.

GameStop raised $933 million by selling shares to cash in on a meme stock rally last month, when the stock doubled in value, and raised an additional $2.14 billion earlier this month. Still, shares are down sharply from their May peak and down more than 70% from 2021 intraday highs.

Gill triggered the most recent wave of exuberance among retail investors after he disclosed ownership of 5 million GameStop shares and 120,000 June $20 strike call options in a screen shot posted on Reddit on June 2.

Gill updated his position last week to show he owned about 9 million shares and no options on the company. – Reuters

Philex Mining Corp. to hold Annual Stockholders’ Meeting on July 9 at Grand Hyatt Manila

 

 

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Cash remittances up 3.1% in April

Money sent home by overseas Filipino workers jumped by 3.1% in April. — REUTERS

By Luisa Maria Jacinta C. Jocson, Reporter

CASH REMITTANCES from overseas Filipino workers (OFWs) rose by 3.1% year on year in April, the Bangko Sentral ng Pilipinas (BSP) said on Monday.

Data from the central bank showed cash remittances coursed through banks increased to $2.562 billion from $2.485 billion a year ago.

However, it was the lowest level in 11 months or since $2.494 billion in May 2023.

Overseas Filipinos’ Cash Remittances

Month on month, remittances were 6.4% lower than $2.738 billion in March.

The year-on-year growth in cash remittances was also the fastest since 3.8% in December.

“The expansion in cash remittances in April 2024 was due to growth in receipts from both land- and sea-based workers,” the BSP said.

Money sent home by land-based workers went up by 3.2% to $2 billion while remittances from sea-based workers edged higher by 2.8% to $560 million.

From January to April, cash remittances rose by 2.8% to $10.782 billion from $10.487 billion a year ago.

“The growth in cash remittances from the United States, Saudi Arabia and Singapore contributed mainly to the increase in remittances in the first four months of 2024,” it said.

The United States accounted for 41.1% of overall remittances in the first four months. It was followed by Singapore (7%), Saudi Arabia (6%), Japan (5.1%) and the United Kingdom (4.5%).

Other sources of remittances were the United Arab Emirates (4.2%), Canada (3.2%), Qatar (2.8%), Korea (2.7%) and Taiwan (2.7%).

Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said the continued growth in remittances is a “bright spot” for the economy.

“Further reopening of the economy towards greater normalcy also led to increased spending, with some pent-up demand or even some revenge spending by OFW families,” he said in a Viber message.

Mr. Ricafort said the recent peso depreciation might have reduced the need for OFWs to send more remittances denominated in US dollars and other foreign currencies. 

In April, the peso closed at the P57 level for the first time since November 2022. The currency further depreciated to the P58-per-dollar level in May.

“As OFW remittances have more peso equivalent for every US dollar sent, (this is) a source of consolation for OFWs and their families and dependents, especially in coping with higher prices and interest rate payments since 2022 for any amortization or form of debt payment,” Mr. Ricafort said.

Meanwhile, BSP data showed that personal remittances from OFWs also went up by 3.1% to $2.859 billion in April from $2.773 billion a year ago.

Remittances from workers with more than one-year contracts rose by 3% to $2.16 billion year on year, while money sent by OFWs with shorter than one-year contracts increased by 3.6% to $620 million.

In January-April, personal remittances rose by 2.8% to $12.01 billion.

“For the coming months, single-digit or modest growth in OFW remittances would continue as OFW families still need to cope with relatively higher prices locally that would require the sending of more remittances,” Mr. Ricafort added.

The BSP expects cash remittances to grow by 3% this year.

BoI-approved investment pledges drop 23% to P27.4 billion in May

A Philippine flag is being hoisted at the Rizal Monument in Manila. — PHILIPPINE STAR/EDD GUMBAN

THE BOARD of Investments (BoI) on Monday said it approved P27.41 billion worth of investment pledges in May, down 23% from the P35.7-billion pledges approved a year ago.

In a statement, the agency said approved investment pledges reached P640.22 billion in the first five months of 2024, up by 14% year on year, and the “highest five-month approval in the BoI’s 57-year history.”

Approved investment pledges in May were the lowest since P27.07 billion in February 2024.

The BoI said the 66 projects approved in May are expected to create over 1,700 jobs.

It said P26.74 billion worth of projects were being undertaken by local investors, and P675.23-million projects by foreign investors.

For the January-to-May period, the investment approvals consisted of 209 projects, which are expected to create 13,871 direct jobs.

Of the total, P525.85 billion were domestic investments, while P114.37 billion were foreign investments.

The domestic investments will go to projects in Calabarzon, Ilocos Region, Central Luzon, Bicol Region and Western Visayas.

Switzerland was the top source of foreign investments during the period, accounting for P62.89 billion of the total.

It was followed by the Netherlands (P39.33 billion), Singapore (P6.07 billion), China (P1.53 billion), Taiwan (P1.28 billion) and the US (P953 million).

The renewable energy (RE) sector accounted for P607.47 billion of the total investments during the five-month period, up by 20.7% from P503.18 billion a year ago.

RE projects have been increasing since the government opened the sector to full foreign ownership last year.

Investments in the agriculture sector reached P9.56 billion, while investments in the real estate industry stood at P8.17 billion.

The BoI approved P4.61 billion worth of transportation and storage projects, as well as P4.36 billion worth of manufacturing projects.

Investments surged in the financial and insurance sectors, with P227.95 million worth of projects in the January-to-May period, up more than three times from P67.82 million a year ago.

The DTI said the increase in the five-month approval aligns with the surge in foreign direct investments (FDIs) in the first quarter.

In January to March, FDI net inflows increased 42.1% to $2.97 billion from $2.09 billion a year earlier, the Bangko Sentral ng Pilipinas (BSP) said.

“The upward trajectory in FDI net inflows and approved investments follows the pattern of commitments from various trade missions initiated by investment promotion agencies, including the goodwill fostered through the President’s business trips abroad,” Trade Secretary and BoI Chairman Alfredo E. Pascual said in a statement.

For 2024, the BoI has an internal target of reaching up to P1.5 trillion in investment approvals.

Last year, it approved P1.26 trillion in investments, 66% or P763.22 billion of which were foreign investments. — Justine Irish D. Tabile

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