Facebook Instagram Linkedin Twitter Youtube
Home Blog Page 1949

Philippines’ San Miguel secures bank financing for $3-billion airport

REUTERS

MANILA – Philippine conglomerate San Miguel Corp said on Monday it has already secured financing from banks for its P170.6 billion ($3 billion) operation and overhaul of the country’s main airport.

Banks have already committed to financing the project, on top of an equity share from the consortium, San Miguel President Ramon Ang told reporters after signing a 15-year concession agreement.

In February, San Miguel and partners that include South Korea’s Incheon International Airport Corp, won the government auction for the airport project, beating India’s GMR Airports Consortium and a group of Philippine tycoons. — Reuters

Invest your money in 3 easy steps

GCash, AB Capital Securities partner to make investing simpler for everyday Filipinos

Diving into the stock market can be quite daunting, especially for beginners looking to grow their extra funds. However, with the right guidance, starting one’s investment journey can not only be simple, butalso rewarding

In a concerted effort to make investing more accessible to Filipinos nationwide, GCash, the country’s top finance app and largest cashless ecosystem, has forged an alliance with one of the leading stock brokerage firms, AB Capital Securities Inc. (ABCSI) to offer a beginner-friendly stock trading platform through GStocks PH.

According to Jong Layug, Group Head of Wealth Management, “Our collaboration with ABCSI is a testament to our commitment to helping Filipinos achieve financial freedom by providing them an easy, affordable, and accessible way to invest for their future. We are proud to team up with one of the leading stock brokerage firms in the country, sharing the same mission of enabling finance for all.”

GStocks PH is ABCSI’s online retail securities trading services made accessible through the GCash App, where investors can buy, sell, and manage their securities in companies listed on the Philippine Stock Exchange (PSE).

To start investing, one can simply log onto the GCash App, tap the GInvest icon on the dashboard, select GStocks PH, and select ABCSI as their broker of choice.

This trading service was developed to guide more Filipinos in unlocking the value of investing for their financial growth. Aspiring investors can easily follow these simple steps to begin their wealth-building path:

Step 1: Open a trading account instantly       

Fully verified GCash users can create a trading account without the hassle of signing and submitting multiple documents. By simply opening the GStocks PH feature on the GCash app and clicking “Get Started”, users can select AB Capital as their broker of choice. From there, they will be redirected to the online trading platform, where they can register for either a basic or a full account, bringing them one giant leap closer to their investment dreams.

“Through GStocks PH, we break down complicated investment terminology and processes in the hopes of reaching more of our countrymen,” Mark Ilao, GCash Head of Market Education, said.

Step 2: Top up your trading account in just a few taps

Once registered, users can seamlessly top up and withdraw funds using the GCash wallet, eliminating the need to link a bank account. With GStocks PH, users can enjoy the convenience of zero charges on AB Capital transfers to and from their GCash wallet.

“Users can directly fund their accounts anytime and anywhere, without having to coordinate with agents or go to physical branches. We designed it this way to provide investors with the peace of mind that goes with having full autonomy and control over their finances,” Ilao added.

Step 3: Start investing in well-loved brands

Once the trading account is sufficiently funded to cover the stock and standard fees, investing in stocks becomes as simple as tapping the “Buy/Sell” button on the screen and selecting a desired stock on the Market Page. With a selection of over 280 PSE-listed companies nationwide, users can then click the “Buy” button on the stock page, and input the desired number of shares.

“Even if we offer the convenience and flexibility that most stock platforms fail to provide, we collaborate with and strictly adhere to PSE’s standards. For instance, trades may only be placed from 9:00 am to 2:59 pm everyday, except on weekends and holidays,” Ilao shared.

GStocks PH’s convenient and accessible interface makes it so beginner-friendly that anyone can easily invest in local stocks. Through the platform, GCash enables investment rookies with the tools they need to kickstart their journey to financial growth.

“Keeping Filipinos well-informed about their finances is a shared responsibility among financial service providers, regulators, and consumers, as it not only boosts financial wellbeing but collectively strengthens the foundation of a resilient community. It is our hope at GCash that economic prosperity becomes a right for every Filipino and not just a privilege to enjoy, and we believe that investment education plays a crucial role in making that possible,” Layug concluded.

Want to do more with your money? Simple na mag-invest via GStocks PH. No GCash yet? Download the GCash App on the Apple App Store, Google Play Store, or Huawei App Gallery. Kaya mo, i-GCash mo!

 

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

Join us on Viber at https://bit.ly/3hv6bLA to get more updates and subscribe to BusinessWorld’s titles and get exclusive content through www.bworld-x.com.

Singlife Philippines and UNO Digital Bank team up to democratize access to life insurance

(From left) UNO Digital Bank customer franchise director Lester Cruz, president and CEO Manish Bhai, and chairnan Kalidas Ghose with Singlife Philippines co-founder and executive director Sherie Ng, and deputy chief commercial officer Kame Amado-Gomez

Digital insurance provider Singlife Philippines and UNO Digital Bank announce their partnership aimed at simplifying financial control and protection. This partnership marks a crucial move towards empowering every Filipino to assert control over their finances and improve their living and lifestyle.

Singlife’s commitment to accessible protection

Singlife Philippines is on a mission to democratize access to life insurance in the country. The company does this by developing innovative life insurance products that are tailor-fit to meet customers’ needs and budgets.

The company is teaming up with top finance companies in the country to ensure that obtaining insurance is straightforward and available to more people.

“Singlife Philippines and Uno Digital Bank are aligned in our all-digital approach, leveraging cutting-edge technology to solve customer pain points. This partnership empowers every consumer to be in control and have access to cost-effective and convenient ways to procure insurance policies and further accelerate our mission to democratize access to financial protection,” Sherie Ng, co-founder and executive director of Singlife Philippines, said.

Elevated banking experience: UNO Digital Bank

UNO Digital Bank, known for its array of digital banking services, shares a vision parallel to that of Singlife Philippines. Committed to delivering simpler, better and more accessible banking experiences, the bank empowers individuals with seamless financial control.

Through this strategic partnership, the bank’s customers can now access a range of affordable and comprehensive Singlife insurance plans directly within the UNO app, which include the following:

  • Cash for medical costs: This product provides financial coverage for hospitalization and 125 critical conditions, ensuring that individuals and families can access quality healthcare without financial strain.
  • 3-in-1 protection plan: This product provides affordable financial coverage against dengue, COVID-19 and accidents for as low as ?79/month. This gives meaningful coverage of up to ?750,000 to you and your family at an affordable cost.
  • Cash for income loss (accidents): This product provides monthly cash support of up to seven years in the event of income loss arising from death or disability due to accidents. This helps individuals and their loved ones maintain financial stability during challenging times.

Holistic financial solutions

This collaboration strengthens Singlife’s and Uno Digital Bank’s commitment to making financial protection products more accessible by reaching more audiences. Both companies aim to offer individuals holistic financial well-being, empowering them to make informed decisions that secure their future.

“Uno inspires to be at the leading edge of financial innovation and bring best-in-class products and services to the tens of millions of ordinary Filipinos who are served by the traditional banks. The access to products and services is expected to help them improve their life by offering them flexibility, convenience, personalization and control. Our partnership with Singlife will serve a significant step towards achieving our mission,” Kalidas Ghose, chairman of Uno Digital Bank, shared.

“Uno is on a mission to provide one trusted platform to meet your entire life’s financial needs. This means one place that allows you to save, borrow, transact, protect and invest. We have already started our journey in offering multiple options to our customers to save, borrow and transact in the past years and we are very excited to introduce the phase of protect and to take the first step with Singlife Philippines. With this partnership we are one step closer to making a holistic experience for our customers,” Manish Bhai, president and CEO of Uno Digital Bank, added.

Singlife’s products are now available on the Uno app. Download the app at https://unobank.onelink.me/kSCw/c9klm1bm.

To learn more about Singlife Philippines, visit www.singlife.com.ph. For more information about Uno Digital Bank, visit https://uno.bank.

 

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

Join us on Viber at https://bit.ly/3hv6bLA to get more updates and subscribe to BusinessWorld’s titles and get exclusive content through www.bworld-x.com.

Blinken says authoritarian regimes using tech to undermine democracy

US Secretary of State Antony Blinken. Official White House — CAMERON SMITH VIA FLICKR

SEOUL – US Secretary of Sate Antony Blinken said on Monday technology should be employed to sustain democratic values in the face of efforts by authoritarian and repressive regimes to deploy technology to undermine democracy and human rights.

Like-minded governments and their people were working together to promote free and fair elections, Blinken said, noting safeguarding democracy was a collective effort.

“As authoritarian and repressive regimes deploy technologies to undermine democracy and human rights, we need to ensure that technology sustains and supports democratic values and norms,” he said at the opening of the Summit for Democracy in South Korea. – Reuters

North Korea fires ballistic missiles as Blinken visits Seoul

SEOUL – North Korea fired short-range ballistic missiles into the sea on Monday for the first time in two months, as US Secretary of State Antony Blinken visited Seoul for a conference hosted by President Yoon Suk Yeol on advancing democracy.

South Korea’s military said several short-range missiles flew about 300 km (186 miles) after being fired between 7:44 a.m. and 8:22 a.m (2244 to 2322 GMT Monday) from Pyongyang, the North’s capital, landing off the east coast.

It condemned the launches as a “clear provocation” and said it was sharing information on them with the United States and Japan.

Japan’s defense ministry said three missiles were launched and travelled about 350 km, with a maximum altitude of 50 km.

Japanese Prime Minister Fumio Kishida condemned the launches after his country’s coast guard also reported the firing of what it said appeared to be a ballistic missile and specified that it had already ended its flight.

Japan later said that it had detected what appeared to be a second ballistic missile launch by the North, and that both fell outside its exclusive economic zone area.

“North Korea’s series of actions threaten the peace and security of our region and the international community, and are absolutely unacceptable,” Mr. Kishida said, calling the launch a violation of U.N. resolutions.

North Korea’s military has been conducting exercises using conventional weapons in recent weeks, often personally overseen by the isolated state’s leader, Kim Jong Un.

The show of force by Pyongyang comes just after the militaries of South Korea and the United States finished 10 days of large-scale annual joint military drills last Thursday.

On Sunday, the South Korean military also mobilised marines, attack helicopters and amphibious assault vehicles in drills aimed at surging troop numbers to reinforce western islands near the sea border with North Korea. The North shelled the islands in 2010.

Mr. Blinken is among senior officials from around the world attending the Summit for Democracy conference, which opens on Monday. He will also meet his South Korean counterpart, foreign minister Cho Tae-yul.

The summit is an initiative of US President Joe Biden aimed at discussing ways to stop democratic backsliding and erosion of rights and freedoms worldwide.

In its last ballistic launch on Jan. 14, North Korea fired what it said was an intermediate range hypersonic missile using solid fuel on to test new booster engines and a maneuverable warhead.

A month later, it launched multiple cruise missiles off its east coast, including what it said was a new anti-ship missile. – Reuters

DBP opens new office of Lipa Lending Center in Lipa City

Photo shows DBP President and Chief Executive Officer Michael O. de Jesus (right) leading the ribbon-cutting ceremony with Batangas Province Provincial Administrator Wilfredo Racelis (left) and Cabuyao City Mayor Dennis Felipe Hain during the inauguration of the DBP South Luzon Lending Group and the DBP Lipa Lending Center.

State-owned Development Bank of the Philippines (DBP) has opened the new lending offices of DBP Lipa Lending Center and DBP South Luzon Lending Group in Lipa City, Batangas as it aims to bring its suite of financial services, particularly its development financing programs, closer to the people of Batangas and Laguna provinces.

Located at the 4th Floor of the FNR Building along CM Recto Avenue in Lipa City, the DBP South Luzon Lending Group and DBP Lipa Lending Center are tasked to extend much-needed credit assistance to key sectors in the region such as social services, agriculture, and infrastructure and logistics.

 

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

Join us on Viber at https://bit.ly/3hv6bLA to get more updates and subscribe to BusinessWorld’s titles and get exclusive content through www.bworld-x.com.

Putin warns the West a Russia-NATO conflict is just one step from WW3

MOSCOW – Russian President Vladimir Putin warned the West on Monday that a direct conflict between Russia and the U.S.-led NATO military alliance would mean the planet was one step away from World War Three but said hardly anyone wanted such a scenario.

The Ukraine war has triggered the deepest crisis in Moscow’s relations with the West since the 1962 Cuban Missile Crisis. Putin has often warned of the risks of nuclear war but says he has never felt the need to use nuclear weapons in Ukraine.

French President Emmanuel Macron last month said he could not rule out the deployment of ground troops in Ukraine in the future, with many Western countries distancing themselves from that while others, especially in eastern Europe, expressed support.

Asked by Reuters about the Mr. Macron remarks and the risks and possibility of a conflict between Russia and NATO, Putin quipped: “everything is possible in the modern world.”

“It is clear to everyone, that this will be one step away from a full-scale World War Three. I think hardly anyone is interested in this,” Mr. Putin told reporters after winning the biggest ever landslide in post-Soviet Russian history.

Mr. Putin added, though, that NATO military personnel were present already in Ukraine, saying that Russia had picked up both English and French being spoken on the battlefield.

“There is nothing good in this, first of all for them, because they are dying there and in large numbers,” he said.

 

BUFFER ZONE

Ahead of the March 15-17 Russian election, Ukraine stepped up attacks against Russia, shelling border regions and even used proxies to try to pierce Russia’s borders.

Asked if he considered it necessary to take Ukraine’s Kharkiv region, Putin said if the attacks continued, Russia would create a buffer zone out of more Ukrainian territory to defend Russian territory.

“I do not exclude that, bearing in mind the tragic events taking place today, we will be forced at some point, when we deem it appropriate, to create a certain ‘sanitary zone’ in the territories today under the Kyiv regime,” Mr. Putin said.

He declined to give any further details but said such a zone might have to be big enough to preclude foreign made armaments from reaching Russian territory.

Mr. Putin ordered a full-scale invasion of Ukraine in February 2022, triggering major European war after eight years of conflict in eastern Ukraine between Ukrainian forces on one side and pro-Russian Ukrainians and Russian proxies on the other.

Mr. Putin said he wished Mr. Macron would stop seeking to aggravate the war in Ukraine but to play a role in finding peace: “It seems that France could play a role. All is not lost yet.”

“I’ve been saying it over and over again and I’ll say it again. We are for peace talks, but not just because the enemy is running out of bullets,” Mr. Putin said.

“If they really, seriously, want to build peaceful, good-neighbourly relations between the two states in the long term, and not simply take a break for rearmament for 1.5-2 years.”

 

US DEMOCRACY

Mr. Putin dismissed US and Western criticism of the election, which the White House said was not free and fair, saying US elections were not democratic and criticizing the use of state power against Donald Trump.

“The whole world is laughing at what is happening there,” Putin said of the United States. “It is just a catastrophe – it is not democracy – what on earth is it?”

When asked about the fate of opposition leader Alexei Navalny, who died in unexplained circumstances at a Russian prison in the Arctic on Feb. 16, Putin said he had simply “passed away” using Navalny’s name for one of the first times in public.

Mr. Putin said he had agreed several days before Navalny’s death to swap him. Reuters reported in February that a prisoner exchange deal had been agreed for Mr. Navalny shortly before his death.

“I said: ‘I am agreed’,” Mr. Putin said about his approval for the prisoner swap. “I had one condition – we exchange him but he never returns.”

Mr. Navalny’s widow, Yulia, has accused Mr. Putin of killing her husband. Kremlin spokesman Dmitry Peskov told reporters that claim was simply wrong. – Reuters

 

Uber to pay $178 million to settle lawsuit with Australia taxi drivers, law firm says

STOCK PHOTO | Image by freestocks-photos from Pixabay

SYDNEY – Uber has agreed to pay A$271.8 million ($178.3 million) to settle a lawsuit in Australia brought by taxi operators and drivers, who alleged they lost income when the ride-hailing company moved into the country, a law firm said on Monday.

Maurice Blackburn Lawyers filed the class action in 2019 in the Supreme Court of Victoria state on behalf more than 8,000 taxi and hire car owners and drivers, which the law firm said “Uber fought tooth and nail at every point along the way.”

“Since 2018, Uber has made significant contributions into various state-level taxi compensation schemes, and with today’s proposed settlement, we put these legacy issues firmly in our past,” an Uber spokesperson said in an emailed response.

Uber did not disclose the proposed settlement in its response.

“What our group members asked for was not another set of excuses – but an outcome,” Maurice Blackburn said. – Reuters

Reactions abroad to Russia’s presidential election

UNSPLASH

Following are reactions from foreign governments and officials to Russia’s presidential election, which handed Vladimir Putin a landslide win and another six-year term in office, according to first official results on Sunday.

 

WHITE HOUSE NATIONAL SECURITY COUNCIL SPOKESPERSON

“The elections are obviously not free nor fair given how Mr. Putin has imprisoned political opponents and prevented others from running against him.”

 

UKRAINIAN PRESIDENT VOLODYMYR ZELENSKIY

“These days, the Russian dictator is simulating another election. It is clear to everyone in the world that this figure, as it has already often happened in the course of history, is simply sick for power and is doing everything to rule forever.”

“There is no legitimacy in this imitation of elections and there cannot be. This person should be on trial in The Hague. That’s what we have to ensure.”

 

GERMANY’S FOREIGN MINISTRY ON SOCIAL MEDIA PLATFORM X

“The pseudo-election in Russia is neither free nor fair, the result will surprise nobody. Putin’s rule is authoritarian, he relies on censorship, repression & violence. The “election” in the occupied territories of Ukraine are null and void & another breach of international law.”

 

UK FOREIGN MINISTER DAVID CAMERON ON X

“The polls have closed in Russia, following the illegal holding of elections on Ukrainian territory, a lack of choice for voters and no independent OSCE (Organization for Security and Cooperation in Europe) monitoring. This is not what free and fair elections look like.”

 

POLISH FOREIGN MINISTRY STATEMENT

“From March 15-17, 2024, so-called presidential elections took place in Russia. The voting took place in conditions of extreme repression against society, making it impossible to make a free, democratic choice.”

BYD Cars Philippines and Harmony Auto Inaugurate BYD Global City

Taguig City, Philippines — A new era in electrified mobility dawns upon Metro Manila as BYD Global City opens its doors to the public on March 9, 2024.

Owned and managed by Harmony New Energy Auto Service, the new BYD facility sits in the heart of the country’s premier commercial and business district along 28th Street in Bonifacio Global City. It will cater to BYD electric vehicle customers with its extensive display and services.

Featuring the latest BYD Global Brand Identity standards, the 620-square-meter showroom showcases up to 12 vehicles and houses a dedicated customer lounge with food and beverage services. Through informative displays, the new dealership will also feature the latest design and safety technologies available in the BYD electric vehicle lineup.

Aside from highlighting the various models across the local BYD range, the new facility has up to eight service bays that can accommodate general Preventive Maintenance Services and general repairs for BYD electric vehicles.

BYD Global City provides services such as wheel alignment, under-chassis inspection, and repairs to complement the low-maintenance requirements of every brand-new BYD electric vehicle.

From left to right: Toti Zara III — MAPVI / BYD Cars Philippines President; Jack Feng — Chairman, Harmony Auto; Liu Xueliang — General Manager Asia Pacific Sales Region, President BYD JAPAN; Jaime Alfonso Zobel de Ayala — CEO ACMobility; Yang Guoliang — Minister Counselor, Chinese Embassy in the Philippines; and James Ng — Managing Director for BYD Singapore and BYD Philippines

“We are proud to welcome BYD Global City to the growing network of premium BYD dealerships across the country,” says Antonio Zara III, President of Mobility Access Philippines Ventures Inc., the Ayala Corporation company that exclusively distributes BYD cars in the country.

“The opening of BYD Global City signifies the strong commitment of the BYD brand in the Philippines. Our partnership with Harmony Auto is just the beginning of many more opportunities to expand the reach of BYD across the country. The impressive scale of BYD Global City’s launch and the extensive services it offers shows how BYD Cars Philippines intends to serve the needs of Filipino electric vehicle buyers,” adds Zara.

“BYD Global City marks the beginning of our entry into the Philippine automotive market,” says Jack Feng — Chairman of China Harmony Auto Holding Limited, the parent company of Harmony New Energy Auto Service.

“We believe in the promise of an electrified mobility future that BYD champions. Through BYD Global City, we are determined to showcase the clear benefits of owning a BYD to a growing number of Filipino motorists who believe in the brand. With our extensive experience in luxury and premium brands in the region, and with the dedication of our sales and after-sales teams, we intend to provide the best purchase and ownership experience for every BYD customer.”

James Ng, Managing Director of BYD Philippines and Singapore, welcomes the collaborative partnership with Harmony Auto as an authorized dealer of BYD Cars Philippines. “We congratulate BYD Global City as it opens its new dealership facility in the heart of the country’s business capital,” says Ng.

“Together with Ayala Corporation and MAPVI, we are constantly searching for the right dealer partners to help grow the BYD brand in the Philippines. Harmony Auto’s background in the luxury car market in Hong Kong and its familiarity with the BYD brand make it a natural fit for our business objectives in the Philippines. With BYD Global City and Harmony Auto, we look forward to a productive future as we aim to make the BYD brand a top-of-mind choice in the Philippine automotive market,” adds Ng.

BYD Global City is the first automotive venture of China Harmony Auto Holding Limited in the Philippines. It is engaged in luxury and ultra-luxury passenger vehicle sales, maintenance, and research and development in China and the Asia-Pacific region.

BYD Global City is located at 938 28th Street Bonifacio Global City, Taguig City. The dealership may be reached through +63 917-629-0462 or via email at philippines@hexieauto.com. Customers are also encouraged to follow the BYD Bonifacio Global City social media accounts on Facebook and Instagram for more information about its services.

BYD Cars Philippines is the distributor of BYD passenger cars in the country. Operating under ACMobility, Ayala Corporation’s electric mobility platform, BYD Cars Philippines accepts test drive bookings and reservations through its authorize dealers in Quezon Avenue, Makati, and Bonifacio Global City. Customers may also inquire through the brand’s official website, www.bydcars.ph, or through the BYD Cars Philippines Facebook, Instagram, and YouTube social media accounts.

 

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

Join us on Viber at https://bit.ly/3hv6bLA to get more updates and subscribe to BusinessWorld’s titles and get exclusive content through www.bworld-x.com.

ASEAN Gaming Summit kicks off tomorrow

After months of building anticipation, Asia’s premier gaming event is kicking off on Tuesday, March 19th, with speakers, exhibitors and participants already flooding into the Philippine capital to meet at the Shangri-La the Fort.

The exhibition starts at 9 a.m., while on the conference side, Tuesday is kicked off by a special State of the Industry address by the Philippine Amusement and Gaming Corp. (PAGCOR) Chairman and CEO Alejandro H. Tengco, immediately followed by a Keynote Address by the President and Chief Operating Officer of Bloomberry Resorts Corp, Thomas Arasi.

But delegates will be glued to their seats, as the conference continues with a special Fireside Chat with Pronet Gaming CEO Alex Leese, who then joins a C-Level panel alongside Fast Track’s CEO and Co-Founder Simon Lidzén and Entain’s Asia Pacific Director Michael Charlton.

A deep dive into the gaming landscape in the Philippines, also on Tuesday, will count with the insights of Philippine Congressman Hon. Gus Tambunting, PAGCOR Board Member Gilbert Remulla and other top experts.

The excitement doesn’t end there, as the rest of the day is packed with incredible panels ranging from AI to cashless, omnichannel strategies, CRMs, AML and so much more — all topped off by networking drinks.

Day 2

Returning for the second day of the conference, participants get key insights from the Administrator and CEO of the continually growing Cagayan Economic Zone Authority, Katrina Ponce-Enrile, followed by a further dive into the online world.

Later, the CEO of the Grand Ho Tram Resort, Walter Power, sits down for a Fireside Chat, followed by a special panel which focuses on Asia’s hottest emerging and developing markets.

Non-gaming and tech will be key topics of discussion, while later a special top panel of operators in the Philippines point out the nation’s leading growth — including Newport World Resorts’ COO Hagan Dagtas; PH Resorts’ COO Angel Sueiro and Dowinn Group Corporate COO Lorraine Koo.

A packed day of panels will be capped off by another networking drinks session, followed by the Asia Gaming Awards, where this year’s key industry players will see who takes home the prize!

Where to go

The fun doesn’t stop: the Conference and Exhibition run for the first two days of the event, Tuesday and Wednesday, at the Bonifacio Halls on Level 4.

On Thursday, the action shifts to the Grand Ballroom on Level 3. The last morning of the event is reserved for the Workshops and a Networking Luncheon ahead of the delegates’ departure.

Wednesday evening’s Asia Gaming Awards 2024 will take place at the Grand Ballroom on Level 3.

The Closing Party follows the awards, at BSK Manila, just five minutes away from the Shangri-La Fort.

For the full program please visit https://aseangaming.com/#asean2024agenda.

 

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

Join us on Viber at https://bit.ly/3hv6bLA to get more updates and subscribe to BusinessWorld’s titles and get exclusive content through www.bworld-x.com.

Remittances up by 2.7% in January

Money sent home by overseas Filipino workers (OFWs) rose by 2.7% year on year in January, central bank data showed. — PHILIPPINE STAR/WALTER BOLLOZOS

By Luisa Maria Jacinta C. Jocson, Reporter

CASH REMITTANCES from overseas Filipino workers (OFWs) rose by 2.7% year on year in January, the Bangko Sentral ng Pilipinas (BSP) said.

Data from the BSP showed cash remittances coursed through banks increased by 2.7% to $2.836 billion in January from $2.762 billion in the same month last year.   

However, the amount of money sent home by migrant Filipinos was the lowest in two months or since $2.719 billion in November.

Month on month, the growth in cash remittances slowed to 2.7% from 3.8% in December. It was also the slowest pace of remittance growth since 2.6% posted in September.

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

Land-based workers sent home $2.253 billion in January, up by 3.1% from $2.186 billion in the same month last year.

Remittances from sea-based OFWs grew by 1.1% to $582 million in January from $575.7 million a year earlier.

The BSP said that inflows from the United States, Saudi Arabia, the United Arab Emirates (UAE), and Singapore mainly contributed to the growth in remittances during the month.

Nearly half (41.8%) of total remittances came from OFWs in the United States. This was followed by Singapore (7.3%), Saudi Arabia (6%), Japan (5.8%), the United Kingdom (4.8%), and the UAE (3.3%).

Remittances from the top 10 countries accounted for 80% of overall remittances in January.

Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said that growth in remittances, despite being slower than a year ago, remained 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 and dependents,” he said.

Mr. Ricafort noted that remittance growth eased in January from December due to seasonality factors. December is typically when cash remittances are the highest as OFWs send home more money for their families during the holidays.

Mr. Ricafort said remittances could continue to post modest growth for the rest of the year as OFW families “still need to cope with relatively higher prices locally that would require the sending of more remittances.”

Inflation accelerated for the first time in five months in February to 3.4% from 2.8% in January.

For the first two months of 2024, headline inflation averaged 3.1%. This year, the BSP expects inflation to average 3.6%.

“Lack of a global downturn in the developed markets despite the persistent drag of high interest rates and the preference of young, mobile Filipino workers to work offshore because of better compensation  and other career opportunities in the post-pandemic period support our forecasts of OFW remittances up by 3% in 2024 and by 2.8% in 2025,” Union Bank of the Philippines, Inc. Chief Economist Ruben Carlo O. Asuncion said.

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

Mr. Asuncion said the annual remittance forecasts assume quarterly remittance flows would likely surpass $8 billion every quarter, “leading to more than $9 billion in the fourth quarter.”

Meanwhile, BSP data also showed that personal remittances, which contain inflows in kind, increased by 2.7% to $3.153 billion in January from $3.071 billion in the same month a year ago.

“The increase in personal remittances in January 2024 was driven by increased remittances from land-based workers with work contracts of one year or more and sea- and land-based workers with work contracts of less than one year,” the BSP added.

In 2023, cash remittances hit a record-high $33.491 billion, up by 2.9% year on year. However, this fell short of the BSP’s 3% estimate and was slower than the 3.6% expansion in 2022.

1...1,9481,9491,950...12,676Page 1,949 of 12,676
© 2024 BusinessWorld Publishing.
All rights reserved.
Read our privacy guidelines
Facebook Instagram Linkedin Twitter Youtube