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Top PHL stakeholders to hold Realty Confab on May 16-17

The National Real Estate Association, Inc. (NREA), jointly with the Department of Human Settlements and Urban Development (DHSUD), will convene the country’s top real estate advocates and stakeholders for a two-day national convention.

Aimed at forging a comprehensive. multi-sectoral, multi-disciplinary initiative to boost housing and real estate development in the country, the convention will be held on May 16 and 17 at the Ayala Hall of Makati Sports Club, L.P. Leviste Street, Salcedo Village, Makati City.

Top billing the array of expert guest speakers are DHSUD Secretary Jose Rizalino Acuzar, who will be the guest of honor and keynote speaker Day 1; Senator Joseph Victor G. Ejercito, chairman of the Senate Committee on Urban Planning, Housing and Resettlement, as guest speaker afternoon of Day 1; Asst. Secretary Marvin Jason N. Bayang of the Office of the Special Assistant to the President for Investment and Economics, as guest speaker in the morning of Day 2 (May 17); and Senator Sherwin T. Gatchalian, chairman of the Senate Committee on Ways and Means, as guest speaker on the afternoon sessions on Day 2.

Ma. Loren B. Sales, NREA executive vice-president and convention chairlady, said that the convention is focused on the theme “NREA:  Realizing the Dream of a Thriving Real Estate Industry”.

Red J. Rosales, NREA national president, announced that NREA, DHSUD, and the Department of Interior and Local Government (DILG) is set to sign during the convention a joint memorandum circular strengthening the three institutions’ partnership and operational cooperation behind the Pambansang Pabahay Para sa Pilipino Program (4PH) of President Ferdinand “Bongbong” R. Marcos, Jr.

To encourage the participation of the executives and representatives of local government units (LGUs) to the convention, the DILG has issued a memorandum circular to enable LGU leaders’ participation, on official time.  LGUs serve as the main housing project proponents and implementors under 4PH, Mr. Rosales pointed out.

Consultant Imelda C. Magtoto, NREA chairperson, informed that participants will gain 12.5 credits in Continuing Professional Development (CPD) to comply with the license renewal of real estate brokers, appraisers and consultants while architect-participants will gain 3.5 CPD credits.

Ms. Magtoto also announced the convention topics and the invited speakers.  These  are:  “Pasig River Rehabilitation and Other Updates,” with DHSUD Usec., Atty. Avelino Tolentino III;  “Planado Project Program,” with DHSUD Usec. Henry Yap; “Vertical Housing Program and Policy Initiatives for 4PH,” with DHSUD Usec. Garry De Guzman; “Regional Development and LGU Process,” with DILG Sec. Benjamin Abalos, Jr.;

“Affordable Housing for OFWs,” with Congresswoman Marissa “Del Mar” Magsino; “Future of Communities:  Smart Cities and Beyond,” with Architect Felino Palafox, Jr.; “Towards Sustainable Communities,” with DHSUD Dir. Ma. Lorina Rigor; “Innovations in Housing Technology,” with Engineer Christian  Camacho of DoST-FPRDI; “Trends and Opportunities in Township Development,” with Andrew Tan, chairman and president of Megaworld Corp.;

“Investment Prospects and Incentives for Mass Housing,” with BOI-DTI Dir. Mary Ann Raganit; “Pag-IBIG:  Digitalizing Home Financing and Other Program Updates,” with Pag-IBIG President and CEO Marilene Acosta; “Evolution and Future of Affordable Housing,” with Atty. Christopher Ryan Tan, OSHDP legal counsel and past president and Hausland Development Corp. president and current CEO;  “The 7 Flagship Projects of Clark International Airport Corp. (CIAC),” with President & CEO Arrey Perez;

“Trends and Insights in Real Estate Marketing,” with Mariana Zobel De Ayala; “Tourism Boom and Tourist-Oriented Real Estate Development,” with DoT Sec. Ma. Esperanza Cristina Garcia Frasco; “Unlocking Potential:  Updates on RPVAR Bill and Role in Shaping Property Valuation Practices,” with BLGF Dir. Ma. Pamela Quizon; “Professionalizing Real Estate,” with PRBRES Chairperson Ofelia Binag;

“Digitizing Land Registry and Updates,” with LRA Administrator Gerardo Sirios; “Ease of Paying Taxes and Other Updates,” with BIR Commissioner Romeo Lumaqui, Jr.; “ARTA:  Business-Friendly PH and Other Anti-Red Tape Updates,” with ARTA Dir. Gen. Ernesto Perez; and  “Land Access for Housing Through Conversion and Other Updates,” with DAR Usec., Atty. Luis Meinrado Pangulayan.

Sec. Gen. Loudette B. Carlos, convention vice-chair, said that invited panel discussion moderators are:  Mr. Leonardo Dayao,  SHDA Chairman; Engr. Marcelino Mendoza, NREA Adviser & OSHDP Chairman;  DILG Dir. Anna Liza Bonagua; Ricky Celis, NREA Adviser & Past President; Alejandro Manalac, NREA Adviser & Past President/Chairman;  Proptech Exec. Dir. AJ Rocero; SHDA Pres. Atty. Joy Manaog, Benigno Cabrieto, NREA Adviser & Past Pres./Chairman; and Paolo Giovanni Olivares, OSHDP President.

Another highlight of the convention is the launching of NREA Research Center (NRC) and of the NREA Youth Council (NYC).  NRC will lead realty industry research initiatives; data gathering, studies and analyses, for actionable outputs. NYC, on the other hand, is a platform to harness youth leaders in housing and real estate.

Immediately preceding the convention, NREA will hold its annual Chairperson’s Golf Cup on May 15 at Wack Wack Golf and Country Club in Mandaluyong City, with prizes totaling to P300,000 in values.

The tournament will be chaired by Adviser Bansan C. Choa with Treasurer Nicole Choa and PRO Christian Mulingbayan as tournament vice chairmen.

Notably, the event is also a fund-raising activity to support NREA’s corporate social responsibility projects. It also promotes camaraderie among its members, colleagues and friends aims to achieve a “healthy mind and a healthy body.”

Golf registration fees are P8,500 each player, inclusive of green fees, golf cart use, food, and a chance to win big raffle prizes.  Meanwhile, convention registration fees are P3,000 for both NREA members and non-members.

Both events are supported by: PHirst Park Homes, Inc.; Pag-IBIG Fund; Davies Paint Philippines, Inc.; Merrytown Properties Corp.; Pocket Communities; Emerald Vinyl Corp.; Prime Homes Realty & Development Corp.; National Home Mortgage Finance Corp.; Mapecon Philippines, Inc.; Oak Drive Capital,  Inc.; Union Cement Philippines; Central Country Estates, Inc./The Lakeshore; AIDEA, Inc.; Phinma Properties, Inc.; Megaworld Corp.; Duraville Realty & Development Corp.; Hausland Development Corp./Fiesta Communities; SM Development Corp.; E. Ganzon, Inc.; A. Brown Company, Inc.; Golden Haven Memorial Parks; and the Department of Tourism.

For registration and other particulars, you may contact the NREA Secretariat at mobile/Viber nos. 0927-9231113 (Exec. Asst. & Event Officer Lhane Sta. Juana); 0965-5392012 (Aileen Garlitos); 0917-6374961 (Iya Angeles); or email us at nrea_org@gyahoo.com.

 

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JuanHand and FEdCenter announce partnership to revolutionize financial literacy in the Philippines

JuanHand and FEdCenter Contract Signing Event; from left Patrick Ian Bituin (VP for Marketing, JCFAP), Francisco “Coco” Mauricio (JuanHand President and CEO), Marc Kristian Fabio Gulle (FEdCenter CEO), and Princess Claire Isla (VP for Comptrollership, JCFAP).

FEdCenter, an umbrella association of finance teachers and students known for promoting financial knowledge, and JuanHand, the leading Online Cash Lending Platform in the country, are partnering to launch an app-based education platform meant to increase financial literacy by making it fun, rewarding, and convenient.

JuanHand, with over 24 Million downloads and over 21 Billion Pesos worth of loans disbursed, has become the preferred online cash lender of the undeserved who are seeking reliable, fair, and quick financial solutions.  JuanHand has been instrumental in expanding financial inclusion in the Philippines and now wants to serve the country even more by democratizing Financial Literacy.  FEdCenter aims to assist JuanHand by providing engaging content in the soon-to-be-launched financial literacy platform and by promoting its use through their other partners such as the Junior Confederation of Finance Associations – Philippines (JCFAP) and the Finance Educators Association (Fin.Ed). JCFAP and Fin.ED is a community composed of 16,000 individuals from over 160 universities and organizations in the country.

The partnership officially commenced last January 2024, which will revolutionize not only financial literacy in the country but also transform the FinTech landscape across the nation. The Partnership Signing Ceremony was held last April 21, 2024, during the National Finance Summit in Le Pavillon Pasay.

This marks a significant milestone in the history of both companies, as a testament to their dedication to financial literacy and inclusion.  Filipinos now have something to look forward to in the coming months:  a Financial Literacy platform expected to create a movement that will impact the present and future generations. More to come.

For more information, please visit www.juanhand.com, download the JuanHand app at Google Playstore or iOS Appstore or contact official@fedcenter.org.

 

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Amazon to spend nearly $9 billion to expand cloud infra in Singapore

Image via Tony Webster/Flickr/CC BY 2.0

Amazon.com plans to spend S$12 billion ($8.88 billion) over the next four years to expand its cloud computing infrastructure in Singapore, Amazon Web Services (AWS) said on Tuesday.

The investment adds to the S$11.5 billion the company has already invested in the Asia Pacific Region till 2023, bringing its total planned spend to more than S$23 billion by 2028, AWS said in a statement.

Southeast Asia’s top leaders are scrambling for a bigger slice of the global tech pie, with Malaysia, Vietnam and Singapore hosting Nvidia NVDA.O CEO Jensen Huang in December, and Apple APPL.O CEO Tim Cook visiting Singapore, Vietnam and Indonesia last month.

Recent investments in the region include Apple’s plan to invest over $250 million into its operations in Singapore.

AWS also announced a collaboration with the Singapore government, public sector organizations and enterprises to help accelerate the adoption of artificial intelligence (AI) and generative AI in Singapore, the statement said.

“AWS is doubling down on its cloud infrastructure investments in Singapore from 2024 to 2028 to support customer demand, and help reinforce Singapore’s status as an attractive regional innovation launchpad,” AWS Country Manager Priscilla Chong said.

The announcement at the AWS ASEAN Summit in Singapore marks Amazon’s latest move in its plan to build AWS infrastructure across Southeast Asia. The company had previously announced a $5 billion investment in Thailand and a $6 billion spend in Malaysia.

Amazon’s announcement comes days after Microsoft CEO Satya Nadella announced cloud services investments worth $2.2 billion in Malaysia and $1.7 billion in Indonesia during a visit to the region.

With a young tech-savvy population of 670 million, Southeast Asia has seen increasing interest from technology giants.

Reuters reported in December that Malaysian conglomerate YTL’s utilities unit would partner with Nvidia to develop AI infrastructure in a $4.3 billion investment deal.

On Monday, Malaysia’s trade minister trade minister Tengku Zafrul Aziz said Google was also planning to invest in the country with an announcement expected “in the near future”, according to a report by the state news agency.

Meanwhile, Indonesia is keen to have Nvidia’s Huang visit again, with communications minister Budi Arie Setiadi saying last month that they had invited him. — Reuters

How Modi’s BJP plans to win a supermajority in India’s election

REUTERS

BARPETA/THIRUVANANTHAPURAM, India – As India votes in a six-week general election, Narendra Modi’s image adorns everything from packs of rice handed out to the poor to large posters in cities and towns.

His Bharatiya Janata Party (BJP) is relying on the prime minister’s popularity as it seeks a super-majority in India’s parliament. Its message: Modi has delivered economic growth, infrastructure upgrades and India’s improved standing in the world.

But as the Hindu nationalist party and its allies target 400 of the 543 seats in India’s lower house of parliament – up from 352 won in 2019 – they are also employing local tactics in some vital constituencies they hope to wrest from the opposition.

Opinion polls indicate Modi will win a rare third term when voting ends on June 1. But only once in Indian history has a party crossed the 400 mark – when the center-left Congress party romped to victory following the assassination of its leader Indira Gandhi in 1984.

To examine how the right-wing National Democratic Alliance (NDA) aims to achieve that feat – and the obstacles it faces – Reuters spoke to nine NDA officials, three opposition leaders and two political analysts, as well as voters in six opposition-held seats the alliance is targeting.

They identified three of the BJP’s key tactics: enlisting celebrity candidates to unseat veteran opposition lawmakers; making an assault on the opposition’s southern strongholds by appealing to minorities such as Christians; and exploiting redrawn political boundaries that bolster the Hindu electorate in some opposition-controlled areas in the north.

“A combination of strategies, organisational commitment and tactical flexibility will help make inroads in seats never held by the party ever before,” BJP President J. P. Nadda, who oversees the party’s election strategy, told Reuters in April.

Some critics have warned the BJP would use a large majority to push through a more radical agenda in a third term. While the BJP’s manifesto focuses heavily on economic growth, it has also pledged to scrap separate legal codes for religious and tribal groups in areas such as marriage and inheritance.

Many Muslims and tribal groups oppose the plan, which would require a constitutional amendment to be passed by at least two-thirds of parliament.

“Modi wants a landslide majority only to be able to end the debate and deliberation on any policy matter in the parliament,” Congress party president Mallikarjun Kharge told Reuters.

Following low turnout in early voting, some BJP campaign officials have in recent days appeared less confident of securing a huge majority, though the party still expects to form the next government.

SOUTHERN STRATEGY
Modi’s party has criticised the dynastic politics that it says afflicts Congress, long dominated by the Nehru-Gandhi family. But in Pathanamthitta, a seat in the southern state of Kerala, it is fielding a political scion in Anil Antony – son of a veteran Congress leader.

The constituency, home to a sizeable Christian minority, has been held by Congress since its creation in 2009.

Anil’s father, former defense minister A.K. Antony, supports the incumbent and has denounced his son, a fellow Christian, for representing the Hindu nationalist party.

But Anil has another supporter: Modi, who came to Pathanamthitta in March and praised the BJP candidate for his “fresh vision and leadership”. The prime minister has visited the five states of southern India at least 16 times since December.

Nadda, the BJP president, acknowledged that winning a supermajority would require performing well in the five southern states, which are home to about 20% of India’s population but have not traditionally voted for his party.

In 2019, the NDA won just 31 of 130 seats across Andhra Pradesh, Karnataka, Kerala, Tamil Nadu and Telangana, all of which are linguistically diverse and have many Muslim and Christian voters.

Jiji Joseph, general secretary of the BJP’s minority wing in Kerala, said the party has made a concerted push for the 18% of voters there who are Christians. The BJP did not win a single seat in Kerala at the last general election.

“The BJP launched active contact with the Church and we started interacting with clergies directly,” he said, adding that the party now has 11,000 active Christian members. “There is a change. Christians now want to believe that BJP stands for them.”

In April, Anil became the first BJP candidate in Kerala to be endorsed by Christian leaders. He told Reuters his selection indicated the party offered opportunities to members from minority groups. He declined to comment on relations with his father.

Jayant Joseph, a Keralan Christian voter, said he backed the BJP because he had read media reports about Muslim men marrying Christian women and converting them to Islam. Most moderate Hindus consider allegations of large-scale forced conversions to be a conspiracy theory.

“Kerala is a secular state,” he said. “But for it to continue to be a secular state, the Muslim population and their conversion strategy must be kept under check.”

A Modi political aide, who spoke on condition of anonymity because he was not authorised to talk to media, said the NDA expects to win about 50 seats in the south.

K. Anil Kumar, a senior leader of Kerala’s ruling Communist Party of India (Marxist), said he did not believe BJP would do well in his state, which he said has a strong tradition of secularism.

“The BJP might try to side with the Christians on some issues but they are fundamentally a party of the Hindus and for the Hindus,” he said.

STAR CANDIDATES
In the Mandi constituency of the northern state of Himachal Pradesh, the BJP has recruited Bollywood actress Kangana Ranaut to break the Congress party’s grip on power. Congress is fielding as its candidate Vikramaditya Singh, whose mother currently represents the constituency. His father was the state’s long-time chief minister.

Ranaut, a political novice who calls herself a “glorious right-wing” personality, has starred in popular movies with nationalistic themes. She is known for her criticism of Bollywood executives who she said favored the relatives of famous actors for opportunities.

The actress is one of five actors running for the BJP this year, up from four in 2019.

No opinion polling on the Mandi race is publicly available.

Anjana Negia, an elementary school teacher who plans to vote for Ranaut, acknowledged that her preferred candidate had no political experience. But she said that she valued a new face and that a Modi-backed candidate would help “bring a fresh wave of development.”

Fielding celebrities and seeking the endorsement of entertainment personalities is relatively new for the BJP, which “long resisted such tactics because of its cadre-based nature” that prized grassroots efforts, said Milan Vaishnav, an expert on South Asian politics at the Carnegie Endowment for International Peace think-tank.

Ranaut declined an interview request. Federal BJP spokesman Shahzad Poonawala said she “has been successful in exposing dynastic culture and nepotism in Bollywood and now she is doing the same in politics.”

Singh, a state minister responsible for urban development, told Reuters that his family’s experiences gave him a better understanding of politics. Charges of nepotism were “shallow”, he said.

REDISTRICTING BENEFITS
The NDA is hoping for gains in the northeastern state of Assam, where it won nine of 14 seats in 2019. Assam’s BJP chief minister, Himanta Biswa Sarma, said in March he was confident of winning 13 seats.

The NDA’s confidence is rooted in a 2023 redistricting exercise in the state. India’s non-partisan Election Commission routinely redraws seat boundaries to reflect population changes; it is tasked with ensuring that no political party gains undue advantage from the changes.

But exercises since the last federal election in Assam and far-northern Jammu and Kashmir, India’s only majority Muslim region, diluted the Muslim vote in seats that the NDA is targeting, according to three BJP and four opposition officials.

The Election Commission declined to comment on the two exercises, citing the ongoing election.

In Assam, the NDA has high hopes for Congress-held Barpeta, which alliance candidate Phani Bhushan Choudhury said newly includes dozens of villages and some towns with large Hindu populations.

“Earlier (Barpeta) had a Muslim majority but now it is a Hindu majority,” said Choudhury. “That change has worked in my favor.”

He estimates that there are now 1.2 million Hindu voters in Barpeta, where he is campaigning on development and protecting the rights of what the NDA calls “indigenous Assamese” voters, who are mostly Hindu.

Choudhury’s Congress opponent Deep Bayan said the percentage of Hindus in Barpeta went from 30% to 70%. “Instead focusing on real issues affecting the people…(the BJP does) the politics of polarization,” he said.

Three of Jammu and Kashmir’s five seats are majority Muslim and held by the opposition. But the NDA hopes to swing one of them, Anantnag-Rajouri, after its voter rolls swelled by more than 50% to over 2 million, according to government data.

Many of the new voters are Hindus or from regional tribes – which benefited from new BJP policies awarding them education and employment privileges – according to regional BJP chief Ravinder Raina.

Raina said the BJP would support an NDA partner that it believed could win Anantnag-Rajouri and focus on retaining the two Hindu-majority seats it holds.

The two redistricting exercises presages a broader remapping of constituencies due after the election.

Vaishnav, of the Carnegie Endowment, said the remapping would distribute seats to the BJP-dominated north, which has much higher population growth rates, to the detriment of wealthier south India. — Reuters

Australia seeks client data from crypto exchanges in tax crackdown

REUTERS

SYDNEY – Australia’s tax office has sought from crypto currency exchanges the personal data and transaction details of up to 1.2 million accounts as it looks to crack down on users who may be failing to pay their taxes amid a rising interest in digital tokens.

In a notice issued last month, the Australian Taxation Office (ATO) said the data will help identify traders who had failed to report the exchange of crypto assets, or when they sold it for currency and used it to pay for goods or services.

The crypto industry’s complex nature can lead to a genuine lack of awareness of the tax obligations, the ATO said.

“Also, the ability to purchase crypto assets using false information may make them attractive to those seeking to avoid their tax obligations”, it said.

Personal data including the date of birth, phone numbers, social media accounts, and transaction details like bank accounts, wallet addresses, and the coin type will be sought.

Australia treats digital currencies as assets for tax purposes, and not as foreign currency. This means investors would have to pay capital gains tax on profit from selling crypto assets and when they trade digital assets.

Crypto assets have been gaining in popularity in Australia. A treasury report released in 2022 said more than 800,000 Australian taxpayers had transacted in digital assets in the last three years, with a 63% rise in 2021. — Reuters

SM Supermalls emerges as one of the Philippines’ largest job creators

SM Mall of Asia Senior Assistant Vice President Perkin So (left), Pasay District Representative Hon. Antonio Calixto (2nd from left), Pasay City Mayor Imelda Calixto-Rubiano (third from left), Department of Labor and Employment (DOLE) Officer-In-Charge (OIC)-Director II Atty. Gerard Peter Mariano (4th from left), Pasay City Public Employment Service Offices (PESO) Manager Filipinas Rosario Sampang (2nd from right), and Technical Education And Skills Development Authority (TESDA) Director Cariza Dacuma (right) during the SM Mall of Asia Job Fair last May 1.

Spearheads weekly nationwide Job Fairs

In commemoration of Labor Day last May 1, SM Supermalls reaffirmed its commitment to fostering employment opportunities for Filipinos by hosting simultaneous nationwide job fairs. Partnering with the Department of Labor and Employment (DOLE), Public Employment Service Offices (PESO), Local Government Units (LGUs), industry associations, and SM Retail, SM Supermalls proudly facilitated these events as part of its community efforts.

As one of the largest job creators in the Philippines, SM Supermalls is dedicated to reducing unemployment by holding weekly job fairs across its extensive network of malls. During the May 1 job fair alone, SM Supermalls welcomed nearly 20,000 job seekers, with a significant number receiving on-the-spot job offers, totaling more than 2,000 newly employed individuals. This demonstrates the effectiveness of these initiatives in connecting individuals with immediate employment opportunities.

Hired-on-the-Spot (HOTS)! Last May 1, a successful job applicant receives an on-the-spot job offer at the SM Mall of Asia Job Fair.

SM Supermalls also announced its continued commitment to job creation by hosting weekly job fairs every month until November. These events, held in collaboration with government agencies, industry associations, and private sector partners, aim to provide Filipinos with access to diverse employment opportunities in sectors such as retail, Food and Beverage (F&B), Information Technology (IT), and Business Process Outsourcing (BPO).

“The SM Group is invested in market-leading businesses that are innovative and relevant to the needs of the Filipino, to strengthen the private sector’s role in nation-building,” remarked SM Supermalls’ President Steven Tan. “By hosting weekly job fairs, we are not only connecting individuals with employment opportunities but also supporting the growth of industries crucial to the Philippine economy.”

For more information about SM Supermalls’ upcoming job fairs and employment opportunities, please visit www.smsupermalls.com or follow @SMSupermalls on social media.

 

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4PH Pambansang Pabahay borrowers to benefit from program subsidies – DHSUD, Pag-IBIG Fund execs

The Pambansang Pabahay Para sa Pilipino Housing (4PH) Program, the government’s flagship housing project, provides affordably-priced homes and lower monthly amortization costs through various subsidies for Filipino workers who are members of Pag-IBIG Fund, the Department of Human Settlements and Urban Development (DHSUD), together with Pag-IBIG Fund executives, announced last May 1, Labor Day.

“Our housing agenda aims to ensure that all Filipino workers have the means to accessible and affordable housing opportunities. Through the subsidies extended to beneficiaries of the 4PH program, prices of homes and monthly amortization costs will be significantly reduced. This is in line with President Marcos’ Philippine Development Plan 2023-2028 to address the country’s housing needs,” said Secretary Jose Rizalino L. Acuzar, who leads DHSUD and the 11-member Pag-IBIG Fund Board of Trustees.

Subsidies on Price and Interest

The housing czar said that housing units to be sold under the Pambansang Pabahay (4PH) program will be more economically priced than other residential units in the market in keeping with the price ceiling imposed by the government for affordable housing.

Housing loan borrowers who will avail of units under the Pambansang Pabahay (4PH) program through a Pag-IBIG Housing Loan will enjoy an even lower interest rate than what Pag-IBIG Fund currently provides, which is already considered the lowest in the market. DHSUD will subsidize up to 5% of the loan’s outstanding interest rate, allowing borrowers to pay a reduced interest rate on their loans. This will ensure that Filipino workers can now fulfill their homeownership dreams, especially those with limited financial resources.

Focus on sustainability, communal spaces

The Pambansang Pabahay (4PH) program also showcases green features, providing communal open spaces and gardens, as well as amenities such as swimming pools and basketball court ensuring that residents will have comfortable and improved living conditions.

Mr. Acuzar emphasized that future homeowners of the Pambansang Pabahay housing units will experience a well-designed and self-sufficient community through a township model. This framework allows residents to live within cities with access to commercial spaces, educational institutions, healthcare centers, and other essential infrastructure.

“Interested Filipino workers can easily avail of the Pambansang Pabahay (4PH) program through their Pag-IBIG Fund membership by applying for a special Pag-IBIG housing loan under 4PH, and by coordinating with their local government housing board so that they may be listed under the4PH program’s pre-identified applicants. Our work to address the housing backlog is truly a coordinated effort by the national government, the local government units, the housing sector, private developers, and the community,” Mr. Acuzar added.

Pag-IBIG membership as key to homeownership

Pag-IBIG Fund Chief Executive Officer Marilene C. Acosta expressed full support for the program and invites its members to take advantage of the Pambansang Pabahay (4PH) program’s benefits.

“Pag-IBIG Fund fully supports the DHSUD in its proactive approach to addressing housing affordability challenges by helping both property developers and buyers. Our 4PH-Direct Developmental Loans provide the program proponents and property developers with financial means to develop housing projects and affordable yet quality housing units for Filipino workers,” Ms. Acosta said.

Interested buyers, on the other hand, can avail of the Pag-IBIG Pambansang Pabahay (4PH) Housing Loan and enjoy interest and amortization subsidies and borrower-friendly loan terms, assuring them of affordable monthly payments within their budget. For the program to be sustainable, it is vital for our buyer-beneficiaries to pay their amortizations and real property taxes on time, as well maintain the upkeep of the township. As aptly stated by Sec. Acuzar, the communities play a key role in solving the housing backlog,” Ms. Acosta added.

 

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Cebu Landmasters, Inc. to hold Annual Stockholders’ Meeting on June 4

 

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Universal Robina Corp. to hold 2024 Annual Meeting of Stockholders on June 3

 

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BSP has leeway to keep rates steady

By Luisa Maria Jacinta C. Jocson, Reporter

THE BANGKO SENTRAL ng Pilipinas (BSP) still has room to extend its policy pause even as inflation is expected to have picked up further last month, its top official said.

BSP Governor Eli M. Remolona, Jr. told reporters on Monday the central bank has “leeway” to keep its benchmark rate steady at its meeting this month.

He said the central bank has already considered a potential pickup in April inflation.

“That’s already factored in. We know it will be a bit high because of base effects. If it’s too high, that will postpone our easing,” he said in mixed English and Filipino.

A BusinessWorld poll of 16 analysts last week yielded a median estimate of 4.1% for April inflation. This would surpass the 2-4% target for the first time since 4.1%  in November 2023 and would be faster than 3.7% in March though slower than 6.6% a year ago.

The BSP expects inflation at 3.5-4.3% for the month. April consumer price index data will be released on May 7.

The central bank chief said they are still leaning toward hawkishness amid elevated inflation.

“Inflation is hovering around 3.9%, so that’s risky,” Mr. Remolona said. “Inflation should be around 3%. The 3.9%, it is easy to fall back to 4.1%, so we are still hawkish.”

The BSP may begin to cut rates if inflation can ease to about 3% and stay within that range for several months, he said.

“If we do ease, it would be by just 25 basis points (bps). If it’s more than 25 bps, that’s like there is a recession or a hard landing. Right now, we don’t see it coming.”

The Monetary Board will review policy on May 16. The BSP kept its policy rate at a 17-year high of 6.5% for a fourth straight meeting in April.

The central bank raised borrowing costs by 450 bps from May 2022 to October 2023 to tame red-hot inflation.

ANZ Research said in a report that it does not expect the BSP to deliver any rate cuts this year.

“The narrative in the Philippines is slightly different in that inflation is running close to the upper bound of the official target owing to elevated rice and energy prices, both of which are imported,” it said.

“Persistent currency weakness arising from monetary easing will now potentially push up the landed costs of these imports,” it added.

Mr. Remolona earlier said that if inflation risks persist, policy easing might be delayed to as late as the first quarter of 2025.

PESO INTERVENTION
Meanwhile, Mr. Remolona said the BSP has only had to intervene in the foreign exchange market in “small amounts” amid the recent weakness of the peso.

“We were active in small amounts, not to affect the value but to maintain orderly markets,” he said.

After hitting 17-month lows against the dollar in the past two weeks, the peso has begun to stabilize, closing at P57.22 versus the greenback on Monday, appreciating by 12.5 centavos from its P57.345 finish on Friday.

Year to date, the peso has declined by P1.85 from its end-2023 close of P55.37 a dollar.

The BSP chief added that he is not that concerned about the peso’s recent depreciation.

“There is not much stress yet in movements of the peso. We’d like to intervene significantly when there’s stress,” Mr. Remolona said.

“We know it’s a strong dollar because a lot of other currencies have also weakened. It’s not a very strong ground for intervention,” he added.

In October 2022, the peso reached a record low of P59 against the dollar. This added to inflationary pressures and prompted the BSP to intervene in the foreign exchange market and raise interest rates.

Agricultural output seen flat in Q1 as El Niño bites

Farmers are seen in a rice field in Bustos, Bulacan, Oct. 17, 2023. — PHILIPPINE STAR/KJ ROSALES

THE PHILIPPINES’ agricultural output may have been flat in the first quarter amid the impact of the El Niño dry spell on the sector, especially on palay production, analysts said.

“First-quarter agricultural output in terms of growth should be around 1.8%. It could have been higher, but El Niño contributed to a lack of water, thereby lowering output,” former Agriculture Secretary William D. Dar said in a text message.

If realized, this would be slower than the 2.1% year-on-year growth in the value of farm output in the first quarter of 2023, but faster than the 0.7% expansion in October-to-December 2023.

Agriculture accounts for about a tenth of gross domestic product and about a quarter of all jobs. The Philippine Statistics Authority will release first-quarter agriculture and fishery production data on May 8.

“The overall growth may register a positive figure, but it may remain flat — close to 0.5-1%, mirroring 2023 figures,” Roy S. Kempis, director of the Center for Business Innovation at Angeles University said in a Viber message. 

Raul Q. Montemayor, national manager of the Federation of Free Farmers, said farm output could have contracted amid dry conditions.

“Climatic disturbances have adversely affected agriculture in the past few months, so I would not be surprised to see a decline in overall agriculture growth in the first quarter,” he said in a Viber message.

He said the impact of the weather event is expected to last until this quarter.

“We will see the total effects only when the situation normalizes, probably in the second semester,” he added.

As of April 30, agricultural damage from El Niño had reached P5.9 billion, according to the latest bulletin from the Department of Agriculture (DA).

The agency said volume losses of farm goods had reached 255,467 metric tons (MT), with rice being the most affected crop, accounting for 53.2% of the total.

The state weather bureau said while the El Niño event is weakening, its effects are expected to last until August.

RICE, CROPS MOST AFFECTED
Mr. Dar said rice production have declined during the dry season harvest.

“This will affect our rice supply during the lean months of the year. The same for corn — it is affected by El Niño, thereby output will be lower,” he said.

“(The) government must invest more in water-harvesting structures including solar-powered irrigation systems, as well as the construction of more efficient irrigation systems,” Mr. Dar added.

Crops account for over half of the value of farm output in the country, with palay or unmilled rice’s share at  30% and corn at 5.5%.

“The lack of rain starting February and the rise of temperature towards March 2024 were detrimental to the crop sector,” Mr. Kempis said.

He added that the dry spell hit crops, mainly rice and corn, during their maturing and reproductive stages.

“El Niño affected production during the reproductive and maturity stages in palay. In corn, one end (the tips) of many corn ears where the silks come out were damaged such that these were considered rejects,” Mr. Kempis said, citing DA reports.

Agriculture Assistant Secretary and Spokesperson Arnel V. de Mesa said the country’s unmilled rice production is unlikely to fall below 20 million MT this year despite the dry weather.

“Our target is similar or a little over what we harvested last year of 20.06 million MT,” he told BusinessWorld.

Meanwhile, the fishery sector likely continued to contract in the first quarter, the analyst said.

“With the fishing ban in effect partly covering the first quarter plus the limited access to traditional fishing grounds in the West Philippine Sea, output ii the fishery sector will not produce positive results,” Mr. Kempis said.

Fishery production in the first quarter was affected by both El Niño and the closed fishing season, Mr. Dar said.

The government imposes a three-month closed season to repopulate certain fish species. Fishing bans are declared in Northern Palawan, Ilocos, Negros Occidental, Capiz and Cebu in the fourth quarter.

Closed seasons are authorized by Republic Act No. 8550 or the Fisheries Code.

The DA approved a fish import quota of 25,000 MT for the fourth quarter to boost supply.

LIVESTOCK, POULTRY
As for livestock and poultry, Mr. Kempis said higher temperatures might have had a limited impact on these sectors.

“While temperatures could affect backyard production of livestock and poultry, these are more stable (nonfluctuating); with good management of livestock and poultry, production in the backyard sector will be a source of growth,” he said.

However, Mr. Dar said the African Swine Fever (ASF) remains a major problem for hog farmers. “Intensity management and control is needed,” he added.

President Ferdinand R. Marcos, Jr. said earlier the government would roll out ASF vaccines from Vietnam by June or July.

As of April 15, there were four regions included in the red zone spanning five provinces or 10 municipalities, according to the Bureau of Animal Industry (BAI). Red zones are areas with confirmed ASF outbreaks,

Gregorio A. San Diego, Jr., chairman emeritus of the United Broiler Raisers Association, said poultry production declined during the period, resulting in higher imports.

“There is a dip in performance especially for conventional poultry houses, but our bigger problem is the oversupply for broiler and more so with eggs that have resulted in very low farmgate prices,” he said in a Viber message.

Chicken imports totaled 128.51 million kilograms in the first quarter, according to the BAI. Shipments of turkey stood at 307,835 kilos and duck at 33,375 kilos. — Adrian H. Halili

Gov’t collected P1.4 trillion of revenue as of April — Recto

People line up to file their income tax returns at the Bureau of Internal Revenue office in Intramuros, Manila, April 18, 2022. — PHILIPPINE STAR/ RUSSELL A. PALMA

THE GOVERNMENT collected P1.4 trillion in revenue in the first four months of 2024, accounting for almost a third of its full-year target, preliminary data from the Finance department showed.

“My calculation is we are at P1.4 trillion. That’s for the first four months,” Finance Secretary Ralph G. Recto told reporters in mixed English and Filipino on the sidelines of an event on Monday.

Preliminary figures from the department showed that Bureau of Internal Revenue (BIR) collections reached P912.9 billion.

The agency is expected to generate P3.055 trillion this year. It collects about 70% of the government’s overall revenues.

Meanwhile, data from the Bureau of Customs (BoC) showed that it had collected P299.674 billion as of end-April. It aims to collect P959 billion this year.

The Finance department also recorded nontax revenues worth P206.4 billion in January-April, data showed.

“We expect both our tax and nontax revenues to dramatically increase over the coming months as we intensify our revenue mobilization efforts,” Mr. Recto said.

If the pace of its revenue performance continues, the government can meet its fiscal targets, Mr. Recto said. “It’s the first four months of the year. Let’s see if it’s sustainable for eight more months.”

This year, the government is expected to generate P4.3 trillion in revenue, equivalent to 16.1% of the gross domestic product (GDP).

Mr. Recto said there are no plans to increase revenue targets.

“I doubt it very much. As far as (we’re) able to collect what is targeted already, I’m happy with that,” he said.

The budget balance is also expected to remain in a deficit, he added.

“You will always have a deficit. Your debt will increase this year. There’s no doubt about that.”

Latest data from the Bureau of the Treasury (BTr) showed the National Government’s budget deficit widened by 0.65% to P272.6 billion in the first quarter.

The government set a budget deficit ceiling of P1.48 trillion this year, equivalent to 5.6% of GDP. It aims to reduce the deficit-to-GDP ratio to 3.7% by 2028.

GLOBAL BONDS
Meanwhile, Mr. Recto said the BTr is finalizing its first global bond offering for the year.

“The Treasury is timing the market. I think it’ll be within the first half,” he said, noting that most of the global bond offerings this year would be dollar-denominated.

The government’s last global bond issuance was its Sukuk bond offering in December, when it raised $1 billion from its first-ever sale of Islamic bonds.

“We’re open to (other) bonds, whatever is cheap and has less risk,” Mr. Recto added.

The government’s borrowing mix favors domestic sources (75%) to mitigate foreign currency risks. Its borrowing program is set at P2.57 trillion this year. — Luisa Maria Jacinta C. Jocson

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