Facebook Instagram Linkedin X Youtube
Home Blog Page 2126

RLC eyes full sellout of Le Pont Tower 2 this year

BW FILE PHOTO

RLC Residences, the residential arm of Robinsons Land Corp. (RLC), said 15% of units in the second tower of Le Pont Residences in Pasig City have been sold as of end-December and that it will now focus on selling the remaining inventory this year.

“Since its launch in July, 15% of units in Tower 2 have already been sold, reflecting strong market interest and buyer confidence,” Stephanie Ann Go, vice-president and business development and design head at RLC Residences, told BusinessWorld in an e-mail.

“For 2025, RLC Residences is focused on selling out existing inventory while preparing for the next wave of exciting project launches to cater to the evolving needs of our clients,” she said.

Le Pont Residences is a high-rise residential condominium project within Bridgetowne Destination Estate.

Located in Pasig City, Bridgetowne is a 31-hectare mixed-use township and business park that boasts proximity to key commercial areas, malls, hospitals, and major roads.

Le Pont Residences has two towers, both with 51 floors. The first tower houses 506 units, and the second tower has 644 units.

According to Ms. Go, the cost of a unit in the second tower ranges from P15.1 million to P134.7 million.

It features a one-bedroom unit (sized at 45-46 square meters or sq.m.), an executive one-bedroom unit (63 sq.m.), a two-bedroom unit (82.5-115 sq.m.), a three-bedroom unit (151 sq.m.), a four-bedroom unit (220 sq.m.), and a penthouse (269.5-431 sq.m.).

The units are designed with a modern architectural style, featuring loggias and engineered wood finishes.

Residents are treated with “hyper-sized” amenities like a podium clubhouse, infinity and wading pools, fitness deck, and meeting rooms. The second tower will also have a golf simulation room.

Tower 2 residents can also access amenities found in the first tower, including a podium, clubhouse, work lounge, fitness deck, meeting room, pet park, swimming pools, and the Altitude 51 for private events.

Both towers also have environment-friendly fixtures and systems, helping residents cut water usage by up to 34% and energy consumption by up to 45%. It is also the only condominium in Bridgetowne with an EDGE (Excellence in Design for Greater Efficiencies) certification.

Meanwhile, around 90% of units in the first tower have been sold, RLC Residences Senior Vice-President Chad Sotelo said in August.

The two-tower property has also seen an 8% value appreciation, outperforming traditional investment options, according to the company.

“Le Pont Residences Tower 1 is projected to be completed by the third quarter of 2029, while Tower 2 is expected to be finished by the first quarter of 2031,” according to the listed property developer. — Beatriz Marie D. Cruz

Hollywood celebrities clear their closets for fire aid

GABE—UNSPLASH

LOS ANGELES — When wildfires destroyed parts of Los Angeles this week, real estate agent Jenna Cooper started asking friends for clothing and other items to help people in need.

Her request spread quickly through a network of powerful women. Actors including Sharon Stone and Halle Berry responded, providing sweaters, shoes, clothing, handbags, belts, pajamas and more pulled from their own collections.

“I’m packing up my entire closet,” Ms. Berry wrote on Instagram. “If you live in the Southern California area, I urge you to do the same. This is something we can do right now.”

Ms. Cooper, who also runs a home goods store called +COOP, cleared half the space to create a pop-up shopping experience for displaced people to take what they need. Many Angelenos lost entire homes in the fires, which are still burning.

Ms. Stone circulated information about the donations on social media, which helped attract publicity. She and her sister, Kelly Stone, contributed clothing, bedding and more, and Kelly volunteered to assist shoppers.

“The first thing they need when they come in the store is a hug,” Kelly Stone said. She then said to shoppers, “Show me pictures of yourself, how do you dress?” so she could direct them to sweaters or trench coats that reflected their style.

At the store on Friday, a therapy dog named Jackie Robinson greeted people at the door. Inside, they looked through racks of dresses and coats, stacks of denim, shelves of shoes and baskets of handbags.

Offerings ranged from packages of fresh underwear from Target to new or lightly used Zara dresses and some Gucci and Ferragamo shoes in the mix.

Ms. Cooper said she received donations and volunteer support from power players across Los Angeles, including actors, executives, lawyers, restaurant owners, and moms. Her network of real estate agents in New York was sending gift cards, she said.

One Hollywood stylist came with two large bags of items from her closet and was enlisted to help organize the store for shoppers over the weekend.

“I know people who have lost everything, and even people I don’t know I’m devastated for,” said Lisa Cera, who has worked for celebrities including the Kardashians and Lenny Kravitz. “I decided I’m just going to bring whatever I can.”

Ellen Bennett was choosing items for her 72-year-old mother, who lost her home in the Eaton fire on the east side of Los Angeles. BMs. ennett said she selected “the basics,” including socks, sweaters, pants, a jacket, and a pair of running shoes.

“She left her house with her dog and a bag and just a few things. She thought she would come back,” Ms. Bennett said of her mother, adding, “It’s so special and beautiful that in this time of tragedy, people are rising up and helping each other.”

Store owner Ms. Cooper said she helped a man find a pair of sneakers so he could run on the beach, something he had not done since the fires erupted. She said she was overwhelmed by the response to her idea to help.

“This is a city of love, and everybody wants to support each other,” Ms. Cooper said. — Reuters

DoE seeks support to close financial gap in RE dev’t

PHILSTAR FILE PHOTO

THE DEPARTMENT of Energy (DoE) is seeking support to address the financial gap required for renewable energy (RE) development, an official said on Monday.

Speaking at the 15th session of the International Renewable Energy Agency Assembly, Energy Undersecretary Rowena Cristina L. Guevara said that reducing capital costs is critical for RE developers, paving the way for an affordable energy transition.

“At the end of the day, in order for the energy transition to be just, we need to afford the electricity generated from renewable energy,” she said. “But in order for that to happen, we hope our partners would be able to address the financing gap.”

The government and RE developers have faced challenges in permitting, consenting, and obtaining environmental compliance certificates for offshore wind (OSW), among other issues that cause delays in RE development, she said.

“While we are confident that RE developers will be able to get financial closure for their projects, the next hurdle would be the price of RE such as floating solar, OSW, and WTE (waste-to-energy),” Ms. Guevara said.

“We have requested the help of our central bank and multilateral development banks to figure out concession financing, and even longer loan periods for PSH (pumped-storage hydropower), geothermal, and the smart grid,” she said.

She added that the DoE is considering energy transition trading to connect coal plant retirement with replacement RE power at an affordable price.

“Developing countries are often the most vulnerable to the impacts of climate change, despite contributing the least to global emissions. It is essential that those who have historically benefited from fossil fuels now support those who are striving to achieve a sustainable future. Energy transition is a shared responsibility, and we must act with urgency, solidarity, and fairness,” Ms. Guevara said. — Sheldeen Joy Talavera

New year’s (re)solutions for housing and the urban poor

BEATRIZ BEATO

With the dawn of each new year, we become excited by the prospect of starting anew. New year’s resolutions are sprinkled all over social media — new projects to start, habits to change, and for the Philippines — a new set of officials this coming May.

While the official campaign period for the midterm elections will only start in February, candidates have already plastered images of themselves on billboards, television advertisements, and social media campaigns. With each year and election, we often hear the promise of change — but do things ever really change?

For the urban poor, their call for security of tenure is one that has rung unanswered for the longest time despite the “refresh” that a new year promises, and regardless of the promise of a new set of government officials.

CHALLENGES TO HOUSING FOR THE URBAN POOR
While legislation such as the Urban Development and Housing Act of 1992 (UDHA) supposedly frames the issue of housing and urban development as a collaborative and participatory process — socialized housing developed through public-private partnerships (PPPs) have produced housing that target beneficiaries refuse to occupy because of its subpar quality and distance from the center, resulting in limited access to social services, transportation, and livelihood opportunities.

The PPP model inadvertently prioritizes private interests — as private sector partners often have real estate driven interests and tend to prioritize land unattractive to real estate profits for housing. A 2013 Philippine Institute for Development Studies (PIDS) study found that developers for socialized housing are bound only to fulfilling environmental requirements in site selection rather than the socio-economic feasibility and potential of living in the resettlement area.

The urban poor, as well as their allies, have further criticized socialized housing for its lack of affordability — with previous National Housing Authority (NHA) housing projects costing P600 to P1,200 in monthly amortization, amounts which aren’t easily affordable for daily wage earners.

SAME OLD PROBLEMS?
While the Marcos Jr. administration’s flagship Pambansang Pabahay Para sa Pilipino (4PH) Housing Program is underway, issues of affordability remain. In fact, the current price ceiling for socialized housing was increased to incentivize private sector participation in socialized housing — highlighting how the housing program remains contingent on private sector cooperation.

Worse yet, Department of Human Settlements and Urban Development (DHSUD) Secretary Jerry Acuzar made headlines in 2023 as he was quoted as saying “iyon pong hindi nagtratrabaho, malamang hindi magkakabahay (those who really do not work, are not going to have houses),” calling those who cannot afford housing lazy — underscoring a glaring gap in how the government frames housing issues.

WHAT ABOUT THE VOICES OF THE URBAN POOR?
The historical challenges of socialized housing bring a key issue to the surface: that housing and urban development should not just be about addressing backlogs and providing houses unilaterally but consider the voices and realities of the people who will live in these communities.

Last December, the urban poor held their yearly Panunuluyan (a Christmas tradition) with the theme “Pista ng Pag-asa: Panunuluyan ng Nagkakaisang Himig para sa Maralita” (Feast of Hope: Shelter of the United Song for the Poor) and in coordination with the Urban Poor Action Committee (UPAC), Community Organizers Multiversity (COM), Urban Poor Associates (UPA), and the Philippine Educational Theater Association (PETA). Following the Filipino tradition of reenacting Joseph and Mary’s search for a place to give birth to Jesus, informal settlers from Metro Manila, Rizal, Laguna, and Bulacan staged the Panunuluyan to symbolize the urban poor’s struggle for basic services, affordable housing, and poverty alleviation.

The exercise was a reminder that in issues of urban development, a key factor often overlooked is people’s participation. The urban poor should not be treated as passive recipients of government programs but should be actively included in questions of their welfare. Discussions on housing programs often fail to highlight the agency and longstanding community organizing present in urban poor communities. The urban poor, usually organized into people’s organizations (POs), have continuously engaged government and non-government stakeholders in improving their access to basic services, upscaling their communities, and amplifying their issues for public knowledge.

One key advocacy of the urban poor is the integration of their people’s plan into the 4PH program. The people’s plan strategy (introduced in 2014 by the Aquino administration as part of Oplan LIKAS) highlighted a shift from “supply driven” to “demand driven” approaches to addressing homelessness and housing issues — highlighting people’s participation in choosing where they would like to be live, how they would like their houses to be designed, and assurances of accessible social services within their community. Such strategies emphasize the active role that the urban poor can play in determining their living conditions.

PARTICIPATION IS POSSIBLE
What can participation look like? The Alliance of People’s Organizations along the Manggahan Floodway (APOAMF) in Pasig City organized their people’s plan in 2010 for resettlement and housing to protect themselves from the threat of demolition post-Typhoon Ondoy. APOAMF, through organizing their people’s plan, was able to propose an alternative in-city resettlement site that satisfied government specifications while also fulfilling community needs like distance from schools and livelihood. After a series of dialogues within the community and with the government, APOAMF saw the inauguration and blessing of the Manggahan Residences in 2015. Their experience is a testament to the importance and power of shared responsibility and people’s participation in community development.

KAYO NA BA ANG AMING TALA?
Even with the dawn of the new year and even with the “promise” of a new set of government officials, these issues remain present. During Panunuluyan 2024, the urban poor actors engaged audience members in their search for true hope. As we reflect on the incoming year, this is a stark reminder that true hope and resolution to issues of poverty and housing does not originate in top-down solutions, but in standing in solidarity with the causes of the urban poor. The urban poor look to each other, and to the rest of society as their allies in calling for improved basic services, livable wages, and their people’s plan for their communities. The question is: are we willing to listen?

Key in the new year and in the coming elections is a change — not in the introduction of new programs, or even new leaders, but rather a renewed commitment to platforming urban poor advocacies and holding government officials accountable to their promises. With the midterm elections coming up, these issues of access, quality, and participation will remain at the forefront of the urban poor agenda.

The resolution for 2025 (not just for us, but especially for those in government) is perhaps to firstly listen as the call of the urban poor remains loud and clear — as articulated in the words of youth leader Aldrian Villacorta “na hindi lamang salita sa papel ang human rights at social justice” (that human rights and social justice not remain just words on paper).

 

Beatriz “Trixie” Beato lectures at the Department of Political Science, Ateneo de Manila University. She is also a research associate at the Institute of Philippine Culture at the same university.

Bitget to expand crypto payment options

BITGET Philippines Country Manager Jose Mendoza

CRYPTOCURRENCY exchange platform Bitget is introducing new applications this year to expand users’ payment options.

The newly unified Bitget Token (BGB) will power the Bitget ecosystem to allow users to use Bitget Pay and Bitget Card for payments at select partner merchants, it said in a statement on Monday.

“These developments align with the Philippines’ increasing adoption of digital payment solutions, providing an added choice for consumers who want to explore cryptocurrency as part of their financial habits. Bitget is working toward partnering with both local and international merchants to bring these services to a wide range of our consumers, blending the benefits of cryptocurrency with practical use cases,” Bitget Philippines Country Manager Jose Mendoza said.

Cardholders who have the required number of BGB tokens can enjoy benefits like rebates and lower transaction fees, among others.

“To enhance its PayFi ecosystem, Bitget is also collaborating with more financial technology companies to expand the utility of BGB,” the company said.

Bitget recently reduced the token’s total supply by burning or removing from circulation 800 million tokens worth nearly $5 billion to enhance the value of BGB. This brought the total supply to 1.2 billion tokens from 2 billion, causing the price of BGB to increase by 23% to $8.36 and increasing its market capitalization to $11.7 billion.

“Bitget has also committed to ongoing quarterly burns, destroying 20% of its profits from trading fees across its services. The repurchased tokens will be sent to a burn address, with details of each burn shared publicly to maintain transparency,” it said.

“The steps reflect Bitget’s commitment to supporting the value of BGB for its holders, including those in the Philippines who are looking to explore this growing ecosystem,” Bitget CEO Gracy Chen said.

The company is also committed to improving its platform’s security measures via a protection fund and regular reporting of reserves, it said. — B.M.D. Cruz

AppleOne Group sees demand for personalized guest experiences

MAHI CENTER, a business and lifestyle hub in Lapu-Lapu City, Cebu. — BW FILE PHOTO

PROPERTY developer AppleOne Group is working to incorporate sustainability and cultural heritage into its projects, aiming to offer personalized experiences for guests, according to a company official.

“I’m very much into sustainability, particularly the conservation of local culture. So, that’s what I really want to instill in every person in the company,” Samantha H. Manigsaca, assistant vice-president (AVP) for hospitality at AppleOne Group, said in an interview with BusinessWorld.

“I really like to go out and experience something different. For example, I love to travel and see for myself what I can bring back to the table here in Cebu.”

Ms. Manigsaca is the second-generation scion of AppleOne Group, founded in 2009 by her parents, Ray Go Manigsaca and Venus H. Manigsaca.

Prior to joining AppleOne in 2023, Ms. Manigsaca worked in different hotels like Sheraton Cebu Mactan Resort, JW Marriott Hong Kong, The Ritz-Carlton Hong Kong, The Westin Manila, and Marriott Hotel Manila.

As the AVP for hospitality, Ms. Manigsaca plays a key role in identifying locations for AppleOne Group’s property developments, banking on their accessibility to airports and major routes in Panglao and Cagayan de Oro.

“These emerging destinations, even if not traditionally preferred, are envisioned as growth hubs with AppleOne seeing the potential for their growth and beauty to be shown, offering unique opportunities for future hotel guests and residential unit owners,” according to Ms. Manigsaca.

These locations are also recognized for their untapped potential, particularly in their rich culture, heritage, and natural attractions, she added.

Under Ms. Manigsaca’s leadership, AppleOne seeks to provide more “experiential” and relaxation amenities in its hotels, citing tourist demand.

In the post-pandemic era, tourists prefer to stay within the hotel and utilize its amenities, compared to the pre-pandemic period, when they focused on visiting tourist spots.

“The difference now compared to the trends before is really more of people being into experiences, ‘experiential’ relaxation, and time with the family,” Ms. Manigsaca said.

For example, the company’s hotels feature local activities for kids like puso-making, Cebu’s famous hanging rice, while adults can enjoy physical activities like yoga and badminton.

AppleOne has been focusing on mixed-use developments to provide more options to customers, according to Ms. Manigsaca.

“We don’t usually do a standalone hotel. We always mix it with something else so that people get to enjoy this and to sustain the business of the hotel,” she said.

The developer’s upcoming Mahi Center in Mactan, Cebu, has a five-floor office building for business process outsourcing firms and features the city’s first boutique mall.

Its hotel, to be managed by the brand Fairfield by Marriott, has 196 rooms measuring around 25 square meters. Mahi Center will be launched by early 2025.

AppleOne is also bullish about the Cebu property market, particularly in Mactan, citing the increased international flights and other developments on the island.

“We see a lot of potential, especially in Mactan, because this area is right outside the airport and also nearby the [Mactan] economic zone,” she added.

Ms. Manigsaca also noted that the decline of Chinese tourists following the ban on Philippine offshore gaming operators (POGOs) presents opportunities to invite more local and other foreign tourists to Cebu.

The expected privatization of Cebu’s airports, as well as the recently approved value-added tax refund for foreigners, are also expected to drive more visitors from foreign markets.

Cebu has been an attractive destination for the Meetings, Incentives, Conferences, and Events segment, and for other tourist activities such as weddings, concerts, and marine activities like diving, Ms. Manigsaca said. — Beatriz Marie D. Cruz

How PSEi member stocks performed — January 13, 2025

Here’s a quick glance at how PSEi stocks fared on Monday, January 13, 2025.

Davao 8th, Manila 14th worst in Tomtom Traffic Index

Davao City ranked the eighth-most congested city in the world out of 500 cities and was the most congested city in the Philippines, based on the latest edition of the TomTom Traffic Index. The index assesses cities and metropolitan areas across 62 countries by their congestion and travel times, and how many hours commuters have lost stuck in traffic. Commuters in Davao take nearly 33 minutes to travel 10 kilometers, on average. The city had the worst performance among Southeast Asian countries in the index. Meanwhile, Manila ranked 14th globally, with slightly quicker travel times of 32 minutes.

Davao 8<sup>th</sup>, Manila 14<sup>th</sup> worst in Tomtom Traffic Index

New mining rules expected to boost investor confidence

FREEPIK

By Adrian H. Halili, Reporter

MINERS said that the new reporting rules for mining companies are expected to improve mineral reporting, thereby boosting investor confidence in the industry.

Chamber of Mines of the Philippines (CoMP) Chairman Michael T. Toledo said via Viber that the new rules help raise the quality of reporting when miners disclose output tonnages, grades and estimated reserves.

The implementing rules and regulations (IRR) of the Philippine Mineral Reporting Code 2020 (PMRC) now require miners to submit quarterly and annual exploration results, exploration targets, mineral resources, and mineral reserves.

The Securities and Exchange Commission has recently approved the IRR, according to a memorandum from the Philippine Stock Exchange (PSE). The rules took effect on Monday, Jan. 13.

“This will help advance investor confidence through a balanced presentation of risks, challenges, along with the technical, environmental, social, and economic aspects prepared by accredited competent persons,” Mr. Toledo added.

“These developments will help achieve PMRC 2020’s primary purpose of protecting the investing public through transparency and consistency in promoting a common understanding in public reporting of minerals comparable with global standards,” he said.

He added that investors interested in mining can now make informed and balanced judgments regarding reported exploration results, mineral resources or reserves.

CoMP was among the members of the committee which drafted the PMRC alongside the PSE, the Philippine Society of Mining Engineers, the Geological Society of the Philippines, the Society of Metallurgical Engineers of the Philippines, the Philippine Mining and Exploration Association, and the Philippines-Australia Business Council.

Mr. Toledo said that the PMRC served as the primary basis for the formal admission of the Philippines into the PMRC Committee.

“This underscores that the PMRC has the same level of detail and transparency in reporting mineral resources and mineral reserves as those of its global counterparts in Australia, Canada, Chile, South Africa, Europe, and the US, among others,” he added.

Separately, Philex Mining Corp. President and Chief Executive Officer Eulalio B. Austin, Jr. said via Viber that “mineral resources and reserves for sure should be declared (after undergoing) technical evaluation.”

However, Mr. Austin added that publicizing exploration reports may be taken negatively by the public.

“Reporting exploration projects, however, might be too early but it can be articulated in such a way that the public is not being assured of its viability. It can be reported in broad terms and not forward-looking,” he said.

According to the Mines and Geosciences Bureau, the value of metallic mineral production rose 3.17% to P195.92 billion in the first nine months of 2024.

The rise in mineral value was mainly due to the increased in the value of gold and silver during the period.

MPIC unit Landco’s Baguio foray a play for strong leisure market

PHILSTAR FILE PHOTO

By Justine Irish D. Tabile, Reporter

THE interim management contract awarded to Metro Pacific Investment Corp. (MPIC) unit Landco Pacific Corp. for Camp John Hay is a play on the leisure segment, where interest is currently high, analysts said.

“The MVP group has been pushing to boost its property and hospitality business through Landco Pacific Corp., and this potential Baguio deal looks like a good opportunity for expansion,” China Bank Capital Corp. Managing Director Juan Paolo E. Colet said via Viber, referring to the group run by MPIC Chairman and President Manuel V. Pangilinan (MVP).

“MVP clearly sees the growth potential of the tourism industry. We expect that he will turn Camp John Hay into a sustainable world-class destination,” he added.

Last week, the Bases Conversion and Development Authority named Landco the interim manager of the Manor and Forest Lodge at Camp John Hay.

Under the agreement, Landco will operate the two facilities for one year, extendable to two.

Asked to comment, Colliers Research Director Joey Roi H. Bondoc described Landco’s decision as a “strategic move.”

“Now is an opportune time to invest in leisure-themed developments, and Baguio is definitely one of the ideal locations that developers should further explore,” he said via Viber.

“Landco has always been known for these developments, and the focus on Baguio complements the launch of the Spinnaker, a beachside property in Batangas,” he added.

The Department of Tourism reported that visitors spending at least a night in Baguio City numbered 1.31 million in 2023, accounting for 2.37% of all overnight travelers during the period.

“I think the interim management of the Manor is a good opportunity for Landco to assess further expansion into similar developments that are resort- or leisure-themed developments, as these projects cater to a thriving domestic and foreign tourism market,” Mr. Bondoc said.

According to Mr. Bondoc, leisure-oriented developments in the Philippines are being buoyed by the tourism rebound.

“This kind of project is popular. One developer’s project in Makati had a slow take-up, but its condotel in Batangas is sold out,” he said.

“These projects also benefit from the rebound of tourism. Note that foreign ownership for vertical development is allowed up to 40%,” he added.

Colliers reported that The Spinnaker, Pico Terraces, and Solmera Coast in Batangas have sold over 50% of launched units, while Escana in Boracay has sold over 70%.

Launched units at Villas at Aruga of Cebu and the Dusit Thani Residences in Davao were sold out. 

Meanwhile, Alpine Villas-Basel in Cavite had a take-up rate of 43%, and The Crown Residences and Bridgeport Park Sapphire Tower in Davao are at 69% and 81% sold, respectively.

Rice price ceiling could be adjusted to reflect declining international prices

PHILIPPINE STAR/EDD GUMBAN

WEAKER international rice prices could cause the proposed price ceiling on imported rice to be set lower, the Department of Agriculture (DA) said on Monday.

“The maximum suggested retail price (MSRP) for imported rice… most likely, in the coming days will further go down,” Agriculture Assistant Secretary and Spokesperson Arnel V. de Mesa said in a briefing.

The DA had set the MSRP at P58 per kilogram for imported rice with broken-grain content of 5%. A price ceiling has not yet set for imported 25% broken rice. The price ceiling is expected to take effect on Jan. 20, initially in Metro Manila.

He estimated an MSRP for 25% broken rice of below P50 per kilo.

Last week, the DA announced plans to set an MSRP for imported rice to further lower rice prices and curb profiteering from rice traders.

It also set labeling rules for imported rice identifying country of origin, type, and broken-grain content. The DA had noted that prices of some imported rice brands remained elevated despite lower import tariffs.

President Ferdinand R. Marcos, Jr. last year issued Executive Order No. 62 which slashed tariffs on rice imports to 15% from 35% previously until 2028.

The lower tariff rates on rice, which took effect on July 5, were intended to bring down prices and curb inflation.

The Philippines imported a record 4.78 million metric tons (MT) of rice in 2024, according to the Bureau of Plant Industry (BPI).

Mr. De Mesa said that there was an upward revision of the 2024 data due to “delayed counting.” Last week, the BPI reported rice imports of 4.68 million MT.

The BPI had issued 9,795 sanitary and phytosanitary import certificates (SPSIC) last year, equivalent to about 9.37 million MT of rice. Utilization by rice importers was about 66.13% or 6,477 SPSICs used.

He added that not all issued SPSICs will be fully utilized by rice traders due to factors like delayed shipping and transactions.

“There are applications which were not acted upon by the BPI, after seven days they will be deemed approved,” Mr. De Mesa said.

He added that international rice prices have declined, setting the tone for domestic rice prices.

Citing data from Vietnam as of Jan. 10, he added that the price of 5% broken rice dropped to $434 per MT from $510 per as of Dec. 10, while 25% broken rice fetched $409 per MT, down from $454.

According to DA price monitors, as of Jan. 10, a kilogram of imported special rice in Metro Manila markets sold for between P53 and P65 per kilo, while imported premium rice fetched between P52 and P60 per kilo.

The Philippines remains the world’s top importer of rice, according to the USDA. The Philippines is projected to import 5.3 million MT of rice in 2025. — Adrian H. Halili

Exporters urged to develop underserved markets in EU

A worker uses a microscope at an electronics manufacturing assembly plant in Biñan, Laguna, April 20, 2016. — REUTERS

EXPORTERS need to maximize the potential of electronic equipment, machinery, electricity, precious metals, and fruit exports to Europe, according to the Philippine Exporters Confederation, Inc. (Philexport).

Citing the International Trade Centre’s (ITC) Export Potential Map, Philexport said these product categories have unrealized potential in the European Union (EU)  and Western Europe.

The map identified electronic integrated circuits (ICs) and IC processors as the products with the most export potential, valued at $4 billion.

Actual exports of ICs amounted to $1.7 billion and $1.5 billion, respectively, with unrealized potential of about $493 million and $653 million, respectively.

Gold exports amounted to $1.3 billion with $497 million in further export potential.

Storage for data-processing machines had exports valued at $1.3 billion and unrealized potential worth $753 million.

Other products with top export potential are coconut oil, static converters, printers and copying machines, semi-manufactured gold, and parts of automatic data-processing machines.

Nelli Hajdu, ITC EU Market Access Expert, said that several regulatory and policy developments in the last five years have impacted business opportunities in the EU market.

These include climate change and its global response, supply chain vulnerability and changing geostrategic perception of the food trade, and greening initiatives.

“The shift from sanitary and phytosanitary and food safety to sustainability points to the EU trade agenda,” Ms. Hajdu said.

In the agriculture and food and beverage sector, the top products include bananas, crude coconut oil, pineapples (fresh or dried), and prepared or preserved tunas.

Other top products are desiccated coconuts, pineapples (prepared or preserved), mucilages and thickeners derived from vegetable products, edible parts of plants, and frozen yellowfin tuna. — Justine Irish D. Tabile

1...2,1252,1262,127...14,222Page 2,126 of 14,222
© 2024 BusinessWorld Publishing.
All rights reserved.
Read our privacy guidelines
Facebook Instagram Linkedin X Youtube