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Meningococcal group B vaccine receives Philippine FDA approval

WHO FILE PHOTO

The Philippine Food and Drug Administration (FDA) approved on October 15 the Meningococcal Group B Vaccine of GlaxoSmithKline (GSK) Philippines, a global biopharma company. 

The vaccine is for the prevention of meningococcal disease caused by the Neisseria meningitidis serogroup B in individuals aged two months or older.  

Prior this FDA approval, there was no vaccine available for serogroup B. 

Meningococcal disease is an “uncommon infection associated with high case fatality rates, especially in some low resource countries,” according to a November 2021 paper published in Microbiology Australia. 

Serogroup B is predominant in the Philippines, causing 68% of invasive meningococcal disease (IMD) cases in the country between 2017-2018, the paper said. 

IMD can lead to meningitis, an inflammation of the membranes surrounding the brain and spinal cord. It can also lead to meningococcal sepsis, where the bacteria enter the bloodstream, thus spreading the infection. Both conditions require urgent medical attention to prevent irreversible consequences such as permanent hearing loss, vision impairment, and cognitive difficulties. 

Infants and children are most vulnerable to the disease. 

“IMD can lead to severe illness, long-term complications, or even death, often affecting patients in ways that can alter their lives forever,” said Dr. Giovell P. Barangan, country medical director of GSK Philippines, in an October 15 press statement. 

“The availability of this vaccine in the Philippines represents a significant step in protecting families and their loved ones from the life-threatening outcomes of IMD,” he said. 

GSK’s Meningococcal Group B Vaccine has been licensed in over 40 countries, including in the member states of the European Union, Australia, Canada, New Zealand, and the United States. – Patricia B. Mirasol

PHL strives for a sustainable aviation industry, reduction of carbon emission

Planes are seen at the Ninoy Aquino International Airport (NAIA) in Pasay City. — PHILIPPINE STAR/MIGUEL DE GUZMAN

The Philippines strives to be at par with other neighboring countries in the aviation industry through carbon emission reduction and strategic infrastructure development, the Department of Transportation (DOTr) said on Monday. 

“Let’s see what are the practices that will allow us to contribute to the reduction of carbon emissions, along with the best practices in the industry,” Transportation Secretary Jaime J. Bautista said in Filipino at the 59th Conference of Directors General of Civil Aviation (DGCA) of the Asia and Pacific Regions. 

At the five-day DGCA event, more than 300 international delegates will discuss key issues in aviation, such as safety, security, and economic development of air transport. The conference is a platform for advancing civil aviation regulation and development. 

Civil Aviation Authority of the Philippines (CAAP) Director General Capt. Manuel Antonio L. Tamayo added that nearly 15,000 trees were planted across the country to support global sustainability efforts and the long-term goal of the International Civil Aviation Organization (ICAO) for net-zero carbon emissions by 2050. 

Apart from tree planting, the inception of the Sustainable Aviation Fuel (SAF) committee under the National Biofuels Board and the Department of Energy (DOE), launched the Philippine SAF Feasibility study on October 3. 

SAF, an alternative fuel made from non-petroleum feedstocks, will reduce 80% of carbon dioxide emissions, according to the International Air Transport Association (IATA). 

With sustainable solutions, adaptation to unforeseen disruptions and maintaining the safety and efficiency of operations is possible, according to Mr. Tamayo. 

“For many years, the industry and the world at large did not fully prioritize or address the climate impact of air transport,” Mr. Tamayo said. “Today, we know better.” 

“Equally important is inclusivity, ensuring that no man, no woman, and no country is left behind,” he added.  

53 successful airport projects as of August 2024 were highlighted as well by Mr. Bautista, solidifying the department’s dedication to “building a resilient and modern aviation network that supports sustainable growth across the region.” – Almira Louise S. Martinez 

Indonesia’s Prabowo briefs potential ministers on economy, geopolitics

A view shows the Light Rail Transit (LRT) train in Jakarta, Indonesia, Aug. 23, 2023. -- REUTERS/Willy Kurniawan

JAKARTA – Indonesia’s incoming leader Prabowo Subianto was briefing his would-be ministers on Wednesday on economy and geopolitical issues ahead of his Sunday inauguration, his spokesperson said, as his cabinet assessments continue.

Mr. Prabowo this week summoned dozens of people who said they had been asked to join the next government, including current finance minister Sri Mulyani Indrawati. His cabinet has not been officially unveiled.

Dahnil Anzar Simanjuntak, Prabowo’s spokesperson, said on news channel Kompas TV that the briefing was intended for “the ministers to build a mutual understanding with Prabowo.”

Mr. Dahnil said the topics of the briefing revolved around anti-corruption measures and the economy.

Prabowo’s agenda includes accelerating economic growth to 8% from the current 5% while ending poverty and malnutrition in the nation of 275 million people. He is also pushing a multi-billion-dollar program giving free meals to 20 million students.

“Prabowo wants to ensure there is awareness from all ministers, from all his subordinates…to reach the 8% economic growth,” Mr. Dahnil said.

Mr. Dahnil also said the briefing would touch on geopolitical issues, without providing details.

Mr. Prabowo has said that he will keep his foreign policy non-aligned to any major power, be it China or the United States.

Local media reported several ministers arrived for the briefing at Prabowo’s residence in the south of the capital Jakarta, including Sri Mulyani and current chief economic minister Airlangga Hartarto.

Mr. Prabowo, an ex-general who won the presidential election in a landslide in February, will be sworn in on Sunday. His vice president is Gibran Rakabuming Raka, the eldest son of outgoing President Joko Widodo. – Reuters

‘Age of electricity’ to follow looming fossil fuel peak, IEA says

PCH.VECTOR-FREEPIK

LONDON – The world is on the brink of a new age of electricity with fossil fuel demand set to peak by the end of the decade, meaning surplus oil and gas supplies could drive investment into green energy, the International Energy Agency said on Wednesday.

But it also flagged a high level of uncertainty as conflicts embroil the oil and gas-producing Middle East and Russia and as countries representing half of global energy demand have elections in 2024.

“In the second half of this decade, the prospect of more ample – or even surplus – supplies of oil and natural gas, depending on how geopolitical tensions evolve, would move us into a very different energy world,” IEA Executive Director Fatih Birol said in a release alongside its annual report.

Surplus fossil fuel supplies would likely lead to lower prices and could enable countries to dedicate more resources to clean energy, moving the world into an “age of electricity,” Birol said.

In the nearer term, there is also the possibility of reduced supplies should the Middle East conflict disrupt oil flows.

The IEA said such conflicts highlighted the strain on the energy system and the need for investment to speed up the transition to “cleaner and more secure technologies”.

A record high level of clean energy came online globally last year, the IEA said, including more than 560 gigawatts (GW) of renewable power capacity. Around $2 trillion is expected to be invested in clean energy in 2024, almost double the amount invested in fossil fuels.

In its scenario based on current government policies, global oil demand peaks before 2030 at just less than 102 million barrels/day (mb/d), and then falls back to 2023 levels of 99 mb/d by 2035, largely because of lower demand from the transport sector as electric vehicle use increases.

The report also lays out the likely impact on future oil prices if stricter environmental policies are implemented globally to combat climate change.

In the IEA’s current policies scenario, oil prices LCOc1 decline to $75 per barrel in 2050 from $82 per barrel in 2023.

That compares to $25 per barrel in 2050 should government actions fall in line with the goal of cutting energy sector emissions to net zero by then.

Although the report forecasts an increase in demand for liquefied natural gas (LNG) of 145 billion cubic meters (bcm) between 2023 and 2030, it said this would be outpaced by an increase in export capacity of around 270 bcm over the same period.

“The overhang in LNG capacity looks set to create a very competitive market at least until this is worked off, with prices in key importing regions averaging $6.5-8 per million British thermal units (mmBtu) to 2035,” the report said.

Asian LNG prices, regarded as an international benchmark are currently around $13 mmBtu. – Reuters

Hong Kong leader focuses on livelihood issues, positioning HK as global hub

CITYSCAPE view of the Victoria Harbour region in Hong Kong. —MANSON YIM-UNSPLASH

HONG KONG – Hong Kong’s leader kicked off his annual policy address on Wednesday with pledges to reform shortcomings including reducing wait times for public housing as authorities focus on livelihood issues and introduced a string of measures to boost the economy.

John Lee, in his third policy address as leader, said officials will streamline procedures for companies seeking to list in Hong Kong and strive for more international company listings on its stock exchange.

The government said it will create a commodity trading ecosystem, establish a fuel bunkering center, seeking to tap opportunities in green shipping and aviation.

Hong Kong’s small and open economy has felt the ripple effects of a slowdown in the Chinese economy. It grew by 3.3% in the second quarter from a year earlier, and is forecast to grow 2.5%-3.5% for the year.

Although tourism numbers have rebounded since COVID, with 46 million visitors expected this year, consumption and retail spending remain sluggish, while stock listings have dried up and capital flight remains a challenge.

The duty on liquor will be cut to 10% from 100% above HK$200 ($26), Mr. Lee said. It will only be applicable to liquor with an alcoholic strength of more than 30%.

The move will help Hong Kong, which has some of the highest duties on liquor globally, “promote liquor trade and boost development of high value added industries including logistics and storage, tourism as well as high end food and beverage consumption,” he said.

It may aid the city into turning into a spirits trading hub in the way that it became an Asian wine trading hub after wine duties were abolished in 2008.

The move may also benefit local bars and restaurants that have struggled since COVID, with many local residents now opting to travel across the northern border to the Chinese city of Shenzhen to dine more cheaply.

Retail sales were down 7.7% for the first eight months of 2024 compared with the same period a year before.

New government committees will also be set up to explore the development of new tourism areas, a low altitude economy with services like delivery drones and businesses and services catered at the elderly, Mr. Lee said. – Reuters

North Korea says 1.4 million young people apply to join army

Military personnel take part in a parade to mark the 90th anniversary of the founding of the Korean People’s Revolutionary Army in Pyongyang, North Korea, in this undated photo released by North Korea’s Korean Central News Agency on April 26, 2022. — KCNA VIA REUTERS

SEOUL – North Korean state media said on Wednesday around 1.4 million young people had applied to join or return to the army this week, accusing Seoul of a provocative drone incursion that had brought the “tense situation to the brink of war”.

The young people, including students and youth league officials who had signed petitions to join the army, were determined to fight in a “sacred war of destroying the enemy with the arms of the revolution,” the KCNA report said.

Photographs published by KCNA showed what it said were young people signing petitions at an undisclosed location.

North Korea’s claim of having more than one million young people volunteering to enlist in the country’s Korean People’s Army in just two days comes at a time when tensions on the Korean peninsula are running high.

North Korea has made similar claims in the past when there have been heightened tensions in the region.

Last year, state media reported on 800,000 of its citizens volunteering to join the North’s military to fight against the United States.

In 2017, nearly 3.5 million workers, party members and soldiers volunteered to join or rejoin its army, the reclusive state’s state media said at that time.

It is very difficult to verify the North’s claims.

According to data from the International Institute for Strategic Studies (IISS), North Korea has 1.28 million active soldiers and about 600,000 reservists.

The IISS also said it had 5.7 million Worker/Peasant Red Guard reservists with many units unarmed.

In the latest sign of the growing tensions, North Korea blew up sections of inter-Korean roads and rail lines on its side of the heavily fortified border between the two Koreas on Tuesday, prompting South Korea’s military to fire warning shots.

Pyongyang had said last week it would cut off the inter-Korean roads and railways entirely and further fortify the areas on its side of the border as part of its push for a “two-state” system, scrapping its longstanding goal of unification.

The two Koreas are still technically at war after their 1950-53 war ended in an armistice, not a peace treaty.

North Korea has also accused Seoul of sending drones over its capital and the two Koreas have clashed over balloons of trash floated since May from North Korea. Pyongyang has said the launches are a response to balloons sent by anti-regime activists in the South. South Korea’s government has declined to say whether its military or civilians had flown the alleged drones over Pyongyang.

“If a war breaks out, the ROK will be wiped off the map. As it wants a war, we are willing to put an end to its existence,” the KCNA report said, referring to the South’s official name the Republic of Korea.

South Korea’s defense ministry warned on Sunday “if North Korea inflicts harm on the safety of our people, that day will be the end of the North Korean regime,” Yonhap news agency reported. – Reuters

Xi says China willing to be a partner, friend with the US

REUTERS

BEIJING – Chinese President Xi Jinping said a successful partnership between China and the United States is an opportunity for the two countries to be enablers for each other’s development rather than an obstacle, according to state media on Wednesday.

“China is willing to be a partner and friend with the United States. This will benefit not only the two countries, but the world,” Xi said in remarks from a letter to the 2024 annual awards dinner of the National Committee on U.S.-China Relations, according to a CCTV news report.

Mr. Xi pointed out that China-U.S. relations are among the most important bilateral relations in the world, which have a bearing on the future and destiny of mankind, according to the letter.

The two countries have been at odds over national security concerns, ongoing trade spats as well as China’s actions in the South China Sea and intensified military drills around Taiwan.

Trade relations soured over the past year and have centered around issues including restrictions on electric vehicles and advanced semiconductors.

“China has always handled China-U.S. relations in accordance with the principles of mutual respect, peaceful coexistence and win-win cooperation, and has always believed that the success of China and the United States is an opportunity for each other,” Mr. Xi said. – Reuters

Australia to invest billions of dollars in nuclear submarine shipyard

STOCK PHOTO | Image by 12019 from Pixabay

SYDNEY – Australia said on Wednesday it would invest billions of dollars over the next two decades to expand a shipyard in Western Australia that would become the maintenance hub for its nuclear-powered AUKUS submarine fleet.

The government will make an initial investment of A$127 million ($85 million) over three years to upgrade facilities at the Henderson shipyard near Perth, Defense Minister Richard Marles said in a statement.

“The Defense Precinct at Henderson will optimize Australia’s shipbuilding and sustainment industry while supporting continuous naval shipbuilding in Western Australia and Australia’s nuclear-powered submarine pathway,” Mr. Marles said.

The facility will also build the new landing craft for the Australian army and the new general-purpose frigates for the navy, he said.

The shipyard “will underpin tens of billions of dollars of investment in defense capabilities” over the next 20 years and create about 10,000 local jobs, Mr. Marles said.

The AUKUS defense pact signed in 2021 between Australia, Britain and the U.S. will see Australia buy up to five nuclear-powered submarines from Washington in the early 2030s before jointly building and operating a new class, SSN-AUKUS, with Britain, roughly a decade later.

AUKUS will be the first time Washington has shared nuclear-propulsion technology since it did so with Britain in the 1950s though the submarines would not be nuclear armed. The deal is expected to cost Australia up to about A$368 billion ($245.8 billion) by 2055, according to government estimates. – Reuters

India says no auction of satellite spectrum after Musk decries move

STOCK PHOTO | Image by Arek Socha from Pixabay

NEW DELHI – India’s government on Tuesday said it will allot spectrum for satellite broadband administratively and not via auction, hours after Elon Musk criticized the auction route being sought by rival billionaire Mukesh Ambani as “unprecedented”.

In what is seen as a battle between billionaires, the methodology of awarding spectrum for satellite services in India – a market set to grow 36% a year to reach $1.9 billion by 2030 – has been a contentious issue since last year.

Musk’s Starlink argues administrative allotment of licenses is in line with a global trend, while India’s Reliance, led by billionaire Mukesh Ambani, says an auction is needed to ensure a level playing field and as there are no provisions in Indian law on how individuals can be provided satellite broadband services.

Telecoms Minister Jyotiraditya Scindia said during a New Delhi event that the spectrum will be allocated administratively in line with Indian laws, and its pricing worked out by the telecom watchdog.

“If you do decide to auction it, then you will be doing something which is different from the rest of the world,” he said.

Musk was appreciative of the government’s decision, and said on social media platform X, “We will do our best to serve the people of India with Starlink”.

On Sunday, Reuters was first to report that Reliance had challenged the Indian telecom regulator’s consultation process that signals home satellite broadband spectrum should be allocated, not auctioned, calling for it to start again.

The minister’s comment will come as a shot in the arm for Musk, who following the Reuters story, wrote on X late on Monday that any decision to auction “would be unprecedented”.

“This spectrum was long designated by the ITU as shared spectrum for satellites,” Mr. Musk said, referring to the International Telecommunication Union, a U.N. agency for digital technology.

India is a member of the ITU and signatory to its treaty that regulates satellite spectrum and advocates that allocation must be done “rationally, efficiently and economically” as it is a “limited natural resource”.

Sunil Mittal, co-chair of global satellite group Eutelsat, which has partnered with India’s telecom operator Bharti Airtel, voiced support for the auction route on Tuesday.

“Satellite companies who have ambitions to come into urban areas, serving elite retail customers, just need to take the telecom licenses like everybody else… they need to buy the spectrum as telecom companies buy,” Mittal, who is also the chair of Airtel, said at the New Delhi event.

Earlier in 2023, both Eutelsat unit OneWeb and Airtel had voiced concerns about auctioning the spectrum in their submissions to the Indian government.

Mr. Musk’s Starlink and some global peers like Amazon’s Project Kuiper back an administrative allocation, saying spectrum is a natural resource that should be shared by companies. – Reuters

Forest Lake ‘Paliwanag’ set to light up our view on memorial parks

With its innovative, personalized, and customer-centric approach, Forest Lake seeks to continue making memorial care more convenient and stress-free for its clients.

There are few topics that are regarded by Filipinos with more unease and discomfort than the process of death and dying. End-of-life concerns are often glossed over in a culture that appears more engaged in rituals that celebrate life and longevity.

With this in mind, Forest Lake, a foremost name in memorial park services, proposes that one of the best ways to discuss the inevitability of death is through humor. In its latest digital advertisement called “Paliwanag,” Forest Lake deals with the concept of death with both levity and cultural relevance.

“Paliwanag” is a clever, modern take on the old catchphrase of the Pinoy pulis who’d call out recalcitrant offenders with “magpaliwanag ka sa presinto.” In the ad, a man who is apprehended by law enforcers for some infraction is told the exact same line as he’s brought to the police station. However, the man takes “magpaliwanag ka” quite literally and starts to ‘glow,’ stunning everyone present in the presinto.

With its innovative, personalized, and customer-centric approach, Forest Lake seeks to continue making memorial care more convenient and stress-free for its clients.

The play on words is an unexpected twist, illustrating how, like death, we never really know what’s ahead of us. The video humorously addresses how death is something that may catch us off guard, but stresses on how preparing for it can ease the burden imposed on loved ones when the time comes. Similarly, when we are faced with death, many of us end up like the suspect in the video, unsure of how to explain ourselves and express how we feel. These two main messages reflect the core lesson of the video: that yes, death is inevitable, but it doesn’t need to be burdensome. With the right preparation, such as availing of the services offered by Forest Lake, the difficulties that lie ahead can be more manageable and less confusing for families left behind.

The man takes “magpaliwanag ka” quite literally and starts to ‘glow,’ stunning everyone present in the presinto.

For Alfred Xerez-Burgos III, President and CEO of Forest Lake Development, Inc., the video sends a message about how we must treat the concept of death. For Mr. Xerex-Burgos, it is indeed something worth discussing, and because of its unpredictability, something worth preparing for.

“Death is something we all face, but it doesn’t have to be something we must all fear,” said Mr. Xerez-Burgos. “At Forest Lake, we help families prepare so they can focus on what really matters — celebrating life and preserving memories. With wit and humor, we hope to remind Filipinos that confronting the issue of death isn’t an encumbrance; it’s an act of care for our loved ones. Thus, our ‘Paliwanag‘ video strives to shine a light on how important preparation is.”

Forest Lake hopes that the conversations generated by the ad will spur Filipinos to start taking memorial services seriously no matter how early.

Forest Lake also hopes that the conversations generated by the ad will spur Filipinos to start taking memorial services seriously no matter how early. To those who relish their peace of mind, Forest Lake offers a multitude of services that will help make end-of-life planning less stressful and ensure their dearly departed’s transition to a life beyond. Among these are Forest Lake’s ‘Libing Anywhere’ option, which offers the flexibility to use memorial lots in any Forest Lake park across the nation, and ‘Libre Burol,’ which provides free funeral services with internment.

With its innovative, personalized, and customer-centric approach, Forest Lake seeks to continue making memorial care more convenient and stress-free for its clients.

With its innovative, personalized, and customer-centric approach, Forest Lake seeks to continue making memorial care more convenient and stress-free for its clients, who will never be caught off guard when the moment comes.

For more information, interested customers may view Forest Lake’s official Facebook page at fb.com/forestlakememorialparks, and Instagram @forestlakememorialparks. Check out the viral video on Facebook, Instagram, and Tiktok.

 

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‘WagMagpaloko!’ financing companies remind the public

By Aian Guanzon

Scammers and scam incidents are on the rise, especially in recent months, said Global Dominion Customer Service Head Sarah Tabing. The observed increase in reported online lending scams was seconded by other financing companies like SAFC, Global Cebuana, Cycle Financing, and Cebuana Cycle.

The common malicious scheme starts with someone pretending to be a representative of a lending or financing company and encouraging financial consumers to process a loan application online with his help. This is then followed by a collection of an application fee, or in some cases, multiple application fees, which scammers claim to be for the ‘evaluation of their applications.’ This is where financial consumers get negatively impacted, since money is collected from them, after starting their online lending journey to get access to credit for various purposes.

Dragonpay believes that the absence of a formal payment gateway and/or platform in some online lending companies, combined with the public’s lack of awareness of various malicious schemes online, contribute to the increasing number of scam cases.

“We believe that an inter-organizational or industry-wide approach is necessary to fight these scammers,” shared Global Dominion COO Melai Felicidario, who later helped form a gathering of companies from the lending and financing industry through the #WagMagpaloko campaign. Its core members include the vehicle mortgage loan and financing providers SAFC and Global Dominion, motorcycle mortgage loan provider Cycle Financing, OFW loan provider Global Cebuana, motorcycle financing provider Cebuana Cycle, and payment gateway provider Dragonpay. These companies met to sign a memorandum of understanding (MoU) to share best practices when it comes to handling scams and continue to help in improving the awareness of the public about various online and offline scamming schemes.

In the photo (from left to right) are Mayjara Lamarca, Joy Pacheco, and Desiree Delacruz from Global Cebuana Finance; Jethro Penamante and Manny Duculan from Cycle Financing; Melai Felicidario and Sarah Tabing from Global Dominion Financing; Caezar Ian Monzon and Russel Co from Dragonpay; Seve Linis from SAFC; and Edizon Austria, Rossel De Vera, and Branderson Bedruz from Cebuana Cycle Financing.

Jerwayne Corsino, COO of SAFC, reminds the public to be more vigilant when dealing with people online, especially when they demand money before any formal transactions are completed. “It’s important to research any financial product or service thoroughly and make sure you’re dealing with an official employee or representative of a legitimate company before making any payments, if required,” Mr. Corsino advises. He adds, “In SAFC’s case, we don’t collect application fees just for a customer to begin their loan application journey.” This serves as a reminder that legitimate companies won’t ask for upfront fees without delivering real services in return.

“Our platform helps both lending companies and financial consumers better manage scam-related risks by ensuring we have proper screening of organizations,” Dragonpay Head of Operations Caezar Ian Monzon said during a side interview at the group’s MoU signing.

Online-related scams may be reported to the official communication channels of the finance companies, or to the Cybercrime Investigation and Coordination Center (CICC) under the Department of Information and Communications Technology (DICT). Complex cases, especially those involving financial fraud may be reported to the National Bureau of Investigation’s (NBI) Cybercrime Division.

The pioneers of the #WagMagpaloko campaign hope to enjoin more finance companies to the fight against scammers. “It is in joining campaigns like this [#WagMagpaloko] that I think players in the industry help each other better,” said SAFC Head of Digital and Process Innovation Seve Linis.

 

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.

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OFW remittances up by 3.2% in August

A trader shows US dollar notes at a currency exchange booth in this file photo. — REUTERS

By Luisa Maria Jacinta C. Jocson, Reporter

CASH REMITTANCES from overseas Filipino workers (OFW) rose by an annual 3.2% in August, the Bangko Sentral ng Pilipinas (BSP) said.

Data from the central bank showed that cash remittances grew by 3.2% to $2.89 billion from $2.8 billion a year ago.

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

Overseas Filipinos’ Cash RemittancesRemittances from land-based workers increased by 3.9% year on year to $2.28 billion, while money sent by sea-based workers inched up by 0.7% to $603.216 million.

Month on month, cash remittances slipped from $3.08 billion posted in July.

Personal remittances, which include inflows in kind, increased by 3.3% to $3.2 billion in August from $3.1 billion a year earlier.

“The expansion in personal remittances in August 2024 was due to higher 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 central bank said.

Remittances from workers with contracts of one year or more went up by 3.7% to $2.47 billion, while money sent home by workers with contracts of less than a year edged higher by 1.4% to $670 million.

EIGHT-MONTH PERIOD
In the January-August period, cash remittances expanded by 2.9% to $22.22 billion from $21.58 billion a year earlier.

“The growth in cash remittances from the United States, Saudi Arabia, United Arab Emirates and Singapore contributed mainly to the increase in remittances in January-August 2024,” the BSP said.

The United States accounted for nearly half or 41.3% of overall remittances in the first eight months. It was followed by Singapore (7%), Saudi Arabia (6.1%), the United Kingdom (4.9%) and Japan (4.8%).

Other sources of remittances were the United Arab Emirates (4.2%), Canada (3.5%), Qatar (2.9%), Taiwan (2.7%) and South Korea (2.6%).

Meanwhile, personal remittances increased by 3% to $24.74 billion as of end-August from $24.01 billion a year ago.

Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said the steady growth in remittances is a “good signal” for the economy.

“Philippine remittances from overseas workers have consistently been the fourth largest in the world after India, Mexico and China, amounting to more than $40 billion per year — a sign of resilience — and has always been a bright spot for the Philippine economy for many years,” he said in a Viber message.

Mr. Ricafort noted that the stronger peso in August also contributed to the lower remittances on a month-on-month basis.

“For the month of August, the US dollar-peso exchange rate declined, mostly at P56-57 levels, versus the P58 levels in July 2024 that somewhat reduced the peso equivalent of OFW remittances and effectively partly increased the year-on-year growth in OFW remittances in recent months.”

The peso strengthened to P56.111 a dollar on Aug. 30 from its close of P58.365 on July 31.

Mr. Ricafort said he expects continued single-digit growth in remittances in the coming months amid the “normalization of spending by households for both essentials and nonessentials.”

The upcoming holiday season is also seen to drive remittance growth.

“Remittances are expected to increase during the holiday season after increased deployment of workers contributed [to the August growth],” John Paolo R. Rivera, a senior research fellow at the Philippine Institute for Development Studies, said.

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

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