Isuzu Makati repeats as Dealer of the Year

February 19, 2024 | 12:01 am

VELO_PAGE2_new_image2 — Isuzu Makati has now won the honor in consecutive years. — PHOTO FROM ISUZU PHILIPPINES CORP.

ISUZU PHILIPPINES CORP. (IPC) again celebrated the achievements of its nationwide dealership network with its Dealer of the Year Awards, held last Feb. 9. The annual event, which acknowledges exceptional performance across the network, saw Isuzu Makati clinching the Dealer of the Year plum for the second consecutive year, highlighting its “sustained excellence” in 2023 following its previous win in 2022.

IPC President Tetsuya Fujita expressed his gratitude to the dealer network for its “remarkable contributions,” particularly in emphasizing the role in maintaining Isuzu’s leadership in the truck segment for 25 consecutive years. Mr. Fujita also posed a challenge to the network to bolster its light commercial vehicle (LCV) business and to “continue creating innovative business solutions for its customers across the country.”

Following Isuzu Makati as champion were Isuzu Subic and Isuzu Cagayan De Oro securing the second and third places, respectively. Isuzu Gencars Group Chairman Edgard Cabangon extended his appreciation to Isuzu Philippines for its unwavering support, and acknowledged his team’s dedication, which has been instrumental in earning customer loyalty and achieving the dealership’s goal.

The event also recognized excellence in various operational areas, with special awards being distributed for achievements in sales, parts, and service operations. Isuzu Subic won the Sales Operations Category followed by Isuzu Makati and Isuzu Alabang; Isuzu Bulacan took the top spots for Parts Operations Category, followed by Isuzu Makati and Isuzu Cagayan De Oro. In the Service Operations Category, Isuzu Sta. Rosa won first place, followed by Isuzu Calapan and Isuzu Cagayan De Oro.

Individual accolades were presented to sales executives who showed outstanding performance, with Rica Anne Quico from Isuzu Alabang being named as the 2023 Sales Executive of the Year. The awards ceremony also highlighted performers in truck sales. Grant Jehiel Endriga from Isuzu Cagayan De Oro received the 2023 Truck Elite of the Year award.

Style (02/19/24)

February 19, 2024 | 12:01 am

COS unveils Utility Menswear capsule collection

LONDON-based fashion brand COS has unveiled its Utility Menswear Capsule. Embracing unstructured yet carefully tailored essentials, the capsule collection combines an elevated sport-inspired aesthetic with practical details. A waterproof hybrid featuring a drawstring hood and adjustable buckles, alongside a fully lined lightweight jacket with a stand-up collar provides a formidable shield. Knitwear — from a cropped cable-knit vest to a polo-neck cardigan — offers endless opportunities for transitional styling. Set-dressing crafted in technical jersey materials, drawstring trousers, and jeans showcase relaxed fits for comfort and ease of wear. Shirts are day-to-night staples adopting the utilitarian feel with indigo denim looks and pocket details. The ready-to-wear collection, characterized by a neutral color palette, finds contrast through fresh hues in accessories. Messenger and saddle bags made from suede, chrome-free leather, and water-resistant recycled materials, introduce greens and purples alongside tonal colorways such as muted browns and black for a harmonious blend of classic and contemporary style. The Utility Capsule collection is available online and at the COS Store at SM Aura.

Uniqlo Spring/Summer collection arrives in March

THE UNIQLO U 2024 Spring/Summer collection will drop in stores on March 8. Designed by Artistic Director Christophe Lemaire and his Uniqlo R&D team in Paris, the collection offers a soothing palette of subtle, yet complex colors unique to Uniqlo U: sage, celadon, purples, bright khaki, white, and sorrel brown. The men’s and women’s design teams worked together to create a concise collection of genderless essentials, such as the Utility Hooded Coat and the Boxy Tailored Jacket. The boxy silhouettes and muted color palette make dressing easy and effortless for any body type. There will also be a new Uniqlo U Women’s Supima cotton crew neck T-shirt and the Men’s AIRism cotton crew neck T-shirt in fresh new colorways and fit. Sports Utility Wear has been updated to include new designs that blend utility and style. For women, the AIRism UV protection T-shirt and leggings make a great set for a day of activity or lounging. For men, DRY-EX T-shirts, tank tops, and shorts are similarly adaptable — perfect for a jog or a day of relaxing at home. The lineup includes 16 items for women, 17 items for men, and three accessories; however, the majority of the collection is designed to be genderless. Prices will range between P790 to P6,990.

Yields on gov’t debt climb on RTB offer, BSP policy meeting

February 19, 2024 | 12:01 am

YIELDS on government securities (GS) climbed across the board last week as the Treasury began its retail bond offering and as the market awaited the Bangko Sentral ng Pilipinas’ (BSP) first policy meeting for this year.

GS yields, which move opposite to prices, went up by an average of 9.51 basis points (bps) week on week at the secondary market, based on the PHP Bloomberg Valuation Service Reference Rates as of Feb. 16 published on the Philippine Dealing System’s website.

The short end of the curve rose, with yields on the 91-, 182-, and 364-day Treasury bills (T-bills) increasing by 10.94 bps (to 5.5704%), 5.02 bps (5.8597%), and 2.14 bps (6.0791%), respectively.

At the belly, the rates of the two-, three-, four-, five-, and seven-year Treasury bonds (T-bonds) went up by 3.81 bps (to 6.0587%), 5.31 bps (6.1178%), 6.43 bps (6.1666%), 6.64 bps (6.1977%), and 5.72 bps (6.2237%), respectively.

Lastly, at the long end of the curve, the 10-, 20-, and 25-year papers went up by 6.19 bps, 25.44 bps, and 26.97 bps to yield 6.2579%, 6.3571%, and 6.3608%, respectively.

Total GS volume traded reached P4.24 billion on Friday, below the P11.34 billion on Feb. 8.

“The yield curve steepened during the week as most investors sold positions in the belly to long end following the result of the new five-year retail Treasury bond (RTB) auction,” Alessandra P. Araullo, chief investment officer at ATRAM Trust Corp., said in a text message.

“Players opted to trim some of their positions in the five- to 10-year space given the additional supply brought by the new five-year RTBs. The sell-off in the back end of the curve was also potentially due to investors dialling back their expectations of an earlier rate cut by the BSP,” she said.

The Bureau of the Treasury last week raised an initial P212.719 billion from its auction of RTBs, the third under the Marcos administration and the 30^th overall.

Tenders for the five-year RTBs at the rate-setting auction reached P272.708 billion, or more than nine times the P30 billion on offer. The retail bonds fetched a coupon rate of 6.25%.

The public offer period for the RTBs and submission of bond exchange offers began on Tuesday and is scheduled to end on Feb. 23, unless closed earlier by the Treasury. The new retail bonds will be issued and settled on Feb. 28.

“Aside from this, investors were also anticipating the result of the first monetary policy meeting this year of the BSP,” Ms. Araullo said.

“Hawkish statements from the BSP have solidified expectations that local interest rates might remain elevated in the near term, especially on the shorter end of the yield curve,” a bond trader added in an e-mail.

The Monetary Board last week kept the policy rate at a near 17-year high of 6.5% for a third straight meeting, as expected by 15 of 17 analysts in a BusinessWorld poll. Interest rates on the overnight deposit and lending facilities were also left unchanged at 6% and 7%, respectively.

The BSP raised borrowing costs by 450 bps from May 2022 to October 2023.

BSP Senior Assistant Governor Iluminada T. Sicat said there is “scope for a rate cut” this year as soon as they see a sustained inflation downtrend.

“While we see some improvement in headline and core, we still consider taking a more prudent monetary policy stance at this moment,” Ms. Sicat said at a briefing on Thursday.

“We need to maintain our hawkish position but in terms of tone, it’s not as strong as what we had last December. But we continue to be hawkish looking at developments here and abroad,” she added.

GS yields rose after faster-than-expected US consumer inflation, the trader added.

The US consumer price index (CPI) increased 0.3% last month after gaining 0.2% in December, the Labor department’s Bureau of Labor Statistics said, Reuters reported.

In the 12 months through January, the US CPI increased 3.1% after advancing 3.4% in December. Economists polled by Reuters had forecast the CPI would gain 0.2% on the month and rise 2.9% on a year-on-year basis.

For this week, yields may continue to move sideways amid the Treasury’s ongoing RTB offering, Ms. Araullo said.

“With this, we are expecting that yields will trade sideways with an upward bias as investors may continue to sell some of their holdings and use the proceeds to reposition in the new RTBs,” she said.

“Yields might move with an upward bias amid potentially hawkish statements from the minutes of the January US Federal Reserve meeting. However, the upside might be capped by concerns on the global economy after Japan and the UK fell into technical recession,” the bond trader added.

Minutes of the Fed’s Jan. 30-31 meeting will be released on Wednesday. — M.I.U. Catilogo with Reuters

Philippines rises in Labor Resilience Index

February 19, 2024 | 12:00 am

The Philippines picked up three spots to 62nd place out of 136 countries in the latest Global Labor Resilience Index (GLRI) by public policy advisory firm Whiteshield. The index assesses countries on the resilience of their labor markets and provides policy guidance on how to enhance it. With an overall labor resilience score of 54 (out of a possible 100), the country performed below the East Asia & Pacific regional score of 58.

How PSEi member stocks performed — February 16, 2024

February 19, 2024 | 12:00 am

Here’s a quick glance at how PSEi stocks fared on Friday, February 16, 2024.

Peso could remain range-bound ahead of Fed minutes

February 18, 2024 | 9:00 pm

THE PESO could trade sideways against the dollar this week before the release of minutes of the US Federal Reserve’s January meeting.

The local unit closed at P55.96 per dollar on Friday, up by six centavos from its P56.02 finish on Thursday, Bankers Association of the Philippines data showed.

Week on week, however, the peso weakened by 4.9 centavos from its P55.911 finish on Feb. 08.

The peso opened Friday’s session stronger at P55.93 against the dollar. Its weakest showing was at P56.02, while its intraday best was at P55.90 versus the greenback.

Dollars exchanged went down to $952.2 million on Friday from $958.68 million on Thursday.

The peso strengthened on Friday as the dollar weakened due to softer-than-expected US retail sales data, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message.

US retail sales fell more than expected in January, pulled down by declines in receipts at auto dealerships and gasoline service stations, Reuters reported.

Retail sales dropped by 0.8% last month, the Commerce department’s Census Bureau said on Thursday, also likely weighed down by winter storms. Data for December was revised lower to show sales rising 0.4% instead of 0.6% as previously reported. Economists polled by Reuters had forecast retail sales dipping 0.1%.

For this week, the peso could trade sideways against the dollar ahead of the release of minutes of the Fed’s Jan. 30-31 meeting on Wednesday, Mr. Ricafort said.

The US central bank held its target rate steady at the 5.25-5.5% range for a fourth straight time during its meeting last month. It raised borrowing costs by 525 basis points from March 2022 to July 2023.

The stronger-than-expected US producer price index (PPI) data released on Friday could also affect the peso, Security Bank Corp. Chief Economist Robert Dan J. Roces said in a Viber message.

US producer prices increased more than expected in January amid strong gains in the costs of services such as hospital outpatient care and portfolio management, Reuters reported.

The increase reported by the Labor department on Friday was the largest in five months. The report followed on the heels of an above-expectations rise in consumer prices in January and prompted financial markets to dial back expectations that the Federal Reserve would start cutting interest rates in June.

The PPI for final demand rose by 0.3% last month, the largest increase since August 2023, after declining by a revised 0.1% in December, the Labor department’s Bureau of Labor Statistics said. Economists polled by Reuters had forecast the PPI gaining by 0.1% following a previously reported 0.2% drop.

In the 12 months through January, the PPI increased by 0.9% after climbing by 1% in December.

Mr. Ricafort sees the peso ranging from P55.70 to P56.20 per dollar this week, while Mr. Roces expects it to move between P55.70 and P56.10 against the greenback. — AMCS with Reuters

Profit taking to pull PSEi down amid lack of leads

February 18, 2024 | 9:00 pm

PHILIPPINE SHARES may decline this week as investors are expected to pocket their gains from the market’s recent rally.

On Friday, the Philippine Stock Exchange index (PSEi) fell by 0.13% or 8.92 points to close at 6,873.23, while the broader all shares index went down by 0.1% or 3.88 points to finish at 3,597.67.

Meanwhile, week on week, the PSEi increased by 0.34% or 23.07 points from its 6,850.16 close on Feb. 8.

“The local bourse sustained its upward momentum, gradually approaching 7,000, following the Bangko Sentral ng Pilipinas’ (BSP) status quo on rates,” online brokerage firm 2TradeAsia.com said in a market note.

Last week, the BSP’s policy-setting Monetary Board kept the policy rate at a 16-year high of 6.5% for a third straight meeting, as expected by 15 of 17 analysts in a BusinessWorld poll. Interest rates on the overnight deposit and lending facilities were also left unchanged at 6% and 7%, respectively.

For this week, the market could decline as investors pocket their profits, Philstocks Financial, Inc. Senior Research Analyst Japhet Louis O. Tantiangco said in a Viber message.

“With its four-week rally, the local market is seen to be susceptible to profit-taking. Hence, [this] week, investors are expected to be on the lookout for fresh leads that can provide support to the bullish sentiment,” Mr. Tantiangco said.

“Investors are expected to wait for 2023 corporate results reports. Investors may also look to Wall Street to see if it will continue with its record performances,” he added.

China Bank Capital Corp. Managing Director Juan Paolo E. Colet said the PSEi may continue consolidating at 6,750 to 6,950.

“The local market may see more selling pressure emerge this week as it tries to surmount the 6,900 level. Hotter than expected US January producer prices and a potential delay in US policy rate cuts may give investors reason to take profits. Nonetheless, resilient buying appetite could provide market support especially if we see sustained net foreign inflows,” he said in a Viber message.

The producer price index (PPI) for final demand rose 0.3% last month, the largest increase since August 2023, after declining by a revised 0.1% in December, the Labor department’s Bureau of Labor Statistics said, Reuters reported. Economists polled by Reuters had forecast the PPI gaining 0.1% following a previously reported 0.2% drop.

In the 12 months through January, the PPI increased 0.9% after climbing 1% in December.

Meanwhile, Mr. Tantiangco put the PSEi’s major support at 6,700 and major resistance at 7,000.

2TradeAsia.com placed that the index’s immediate support at 6,700-6,800 and resistance at 7,000.

“Turnover has remained thin. Compelling earnings results and more data points supporting sunnier macro fundamentals are needed to push cold money into deployment,” the online brokerage added. — RMDO with Reuters

Bulacan, Laguna targeted for pharma ecozones

February 18, 2024 | 8:52 pm

vaccine-health-worker — PHILIPPINE STAR/ MICHAEL VARCAS

By Justine Irish D. Tabile, Reporter

THE Philippine Economic Zone Authority (PEZA) said it is in talks with three economic zone (ecozone) developers to build pharmaceutical industrial parks in Bulacan and Laguna.

“We hope to roll out this new type of ecozone within the year with the proclamation of First Bulacan Industrial Park, which is adjacent to the existing First Bulacan Industrial city…” PEZA Director General Tereso O. Panga told BusinessWorld via Viber.

Under the Philippine Development Plan 2023-2028, PEZA is tasked with accelerating the development of new types of ecozone, including pharma industrial parks.

In a statement on Friday, the investment promotion agency (IPA) said that it is yet to draft the guidelines for the registration of pharma zones under PEZA.

“We are coordinating with the Department of Health (DoH), Food and Drug Administration (FDA), Department of Trade and Industry and the Philippine Chamber of Pharmaceutical Industries (PCPI) in the guidelines for the registration of pharma zones under PEZA,” Mr. Panga said.

“We will collaborate as well with the Office of the Special Assistant to the President for Investment and Economic Affairs (OSAPIEA) and PCPI for the needed support and assistance to be able to attract key players in the pharma industry and to complete the supply chain for drug manufacturing in the country,” he added.

According to PEZA, President Ferdinand R. Marcos, Jr. brought up the idea of establishing pharma zones to serve as one-stop shops for pharma-related investment in a meeting with the FDA.

“These pharma ecozones will, in the future, boost local supply as well as provide business and capability-building opportunities particularly for Filipino small and medium enterprises into manufacturing and tolling of drugs and food supplements,” Mr. Panga said.

Mr. Panga noted that domestic manufacturing is an eligible activity for registration with PEZA and other IPAs under the Corporate Recovery and Tax Incentives for Enterprises law.

“Given the fiscal incentives available for domestic market enterprises, this should encourage both Filipino and foreign investors to engage for instance in the manufacturing of drugs and medical products to address the growing local demand for generic as well as affordable but quality medicines,” he said.

“As (establishing) pharma zones is a top priority now overseen by OSAPIEA Secretary Frederick D. Go, PEZA will vigorously promote this to achieve the goal of the President of making more affordable medicines available for Filipinos,” he added.

As of last year, PEZA hosts a total of 26 companies that manufacture pharmaceutical products and medical equipment or devices generating about P25.49 billion of investments and more than 19,000 direct jobs.

Consumer confidence seen boosted by stronger job market, retreating inflation

February 18, 2024 | 8:51 pm

CONSUMERS are expected to have more purchasing power this year amid improved labor market conditions and easing inflation, First Metro Investment Corp. (FMIC) and the University of Asia and the Pacific (UA&P) said.

“Record high employment and all-time lows for total unemployed persons in December and inflation back to the Bangko Sentral ng Pilipinas (BSP) target should provide the necessary wherewithal to consumers to open their wallets in 2024, starting in the first quarter,” it said in its Market Call released over the weekend.

The unemployment rate fell to 4.3% in 2023, the Philippine Statistics Authority (PSA) reported, the lowest jobless rate in nearly two decades.

Headline inflation declined to 2.8% in January from 3.9% in December and 8.7% a year earlier. This was also the second straight month inflation was within the 2-4% target band.

Private consumption typically accounts for three-fourths of the economy. In 2023, household spending expanded by 5.6%, much slower than the 8.3% in 2022.

FMIC and UA&P said they expect inflation to average 3.1% in the first quarter, with full-year inflation to settle at 3.8%.

“Inflation will continue to slide into BSP’s target range as crude oil prices will trend slightly lower while imports and better harvests (in the second half) should limit rice price gains,” it added.

The BSP expects inflation to average 3.6% this year and 3.2% for 2025.

However, FMIC and UA&P noted that the El Niño phenomenon could derail the downtrend in inflation.

“We might see another blip if the El Niño phenomenon gets nasty,” it added.

Dry weather is expected to persist until May, according to latest estimates from the government weather service, known as PAGASA (Philippine Atmospheric, Geophysical and Astronomical Services Administration).

The report also noted that crude oil prices are not likely to stoke inflation.

“Moving forward, we don’t think oil prices will deter the downward slide of inflation to within BSP target, since US Energy Information Administration projects a downward trend of crude oil prices (WTI) from the overestimated $80 per barrel in February to $76.50 by December 2024 and $73.50 per barrel by December 2025,” it added. — Luisa Maria Jacinta C. Jocson

BoI can still grant RBEs pioneer status — DoJ

February 18, 2024 | 8:51 pm

THE Corporate Recovery and Tax Incentives for Enterprises (CREATE) law did not take away the power of the Board of Investments (BoI) to confer pioneer status on registered business entities (RBEs), the Department of Justice (DoJ) said in a legal opinion.

It also found no conflict between conferment of pioneer status and the authority of local government units (LGUs) to grant exemptions from local business tax (LBT).

In the legal opinion addressed to Trade Secretary Alfredo E. Pascual, Justice Undersecretary Raul T. Vasquez said nothing in the CREATE law revoked the BoI’s authority to classify RBEs as pioneer or non-pioneer enterprises.

Pioneer enterprises make goods or raw materials not previously produced in the Philippines.

Mr. Pascual had asked the DoJ to weigh in on whether the CREATE law had eroded the legal basis for the LBT exemption of businesses registered with the BoI, and whether the BoI could still certify RBEs as pioneer enterprises.

“It appears the intention of the framers of the CREATE Act is to rationalize and delineate into one menu the tax incentive system,” Mr. Vasquez said.

“The fundamental rationale behind the current principle of local fiscal autonomy lies in the principle of empowering local government units and ensuring their sustainability and self-reliance through the direct conferment of comprehensive and extensive tax powers.”

He noted that the opinion was purely for guidance and is not legally binding.

He said that LGUs have the authority grant exemptions to LBTs, while the BoI only classifies RBEs.

In 2022, the BoI had issued a memorandum circular granting RBEs an exemption from LBT under the Strategic Investment Priority Plan for six years (pioneer) or four years (non-pioneer). The BoI had sought the Justice department’s advice on whether the memo had legal basis.

The DoJ said it could not form an opinion on the matter, citing incomplete facts in the BoI’s memo.

“It would require us to make assumptions about the circular, not apparent in the query,” Mr. Vasquez said.

“The Secretary of Justice does not render opinions on questions the resolution of which hinges on factual matters that are not readily discernible from the query.” — John Victor D. Ordoñez

Office vacancy fall to single digits seen in 2027

February 18, 2024 | 8:49 pm

REAL ESTATE firm CBRE said that it projects the office market vacancy rate to be in the single digits by 2027, pushing back its earlier estimate of 2026, after a weaker-than-expected performance in the last quarter of 2023.

“(In) the quest (for) single-digit vacancy, we initially projected that to happen in 2026, but because the fourth quarter was not as strong … our projection of a 5.4% vacancy will (take place) in 2027,” CBRE said.

It now sees vacancies in 2024 to fall to 18.8%, to 15.1% in 2025, and to 10.6% in 2026.

According to CBRE, office vacancies in the last quarter of 2023 rose to 19.4% from 18.8% in the third quarter. The trend was most pronounced in the so-called Bay Area (33.4%) and Alabang (30.9%).

It added that the increase in vacancy was also due to projects like Megaworld’s Uptown Eastgate (69,000 square meters) in BGC and Filinvest’s Studio 7 (14,500 square meters) in Quezon City.

“Fourth quarter demand was not able to offset the significant reinfusion of both buildings into the market to stem an increase in overall vacancy,” the firm said.

CBRE said the 5.4% vacancy rate by 2027 will depend on the performance of the information technology and business process management (IT-BPM) industry, with an assumption of full-time employee growth of 8.5%.

The IT-BPM industry is also expected to account for 65% of real estate demand.

CBRE also said that the target assumes that 70% of the IT-BPM take-up will be in Metro Manila and that the vacated spaces will not exceed 200,000 square meters each year.

CBRE Philippines Country Head Jie C. Espinosa said that the projections for the office vacancy rate take into account the work from home (WFH) arrangements being proposed by the House of Representatives, in a measure that will amend the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Act.

Currently awaiting second reading, the CREATE MORE (CREATE to Maximize Opportunities for Reinvigorating the Economy) bill proposes to allow IT-BPOs registered with an investment promotion agency to undertake WFH schemes and still enjoy incentives.

Mr. Espinosa said WFH is likely to persist even with many business process outsourcing (BPO) companies encouraging onsite work.

“The WFH situation will never go away as… some clients want to have that flexibility, but I think the majority of the companies who are operating here are encouraging employees to go back to the office because they can collaborate and do more,” Mr. Espino said.

He said that in the third-party outsourcing segment, or contact centers, 70% are back at the office, while 30% still offer work flexibility.

Aside from the IT-BPM industry, he said that CBRE is also looking at the growth of traditional offices in creating demand for the segment.

“In the past four to five years, we noticed that the traditional or non-BPO take-up in the market has been solid, so we have to take that into account,” Mr. Espinosa said. — Justine Irish D. Tabile

Gov’t pressed to create more tech jobs via training tie-ups with private sector

February 18, 2024 | 8:48 pm

laptop-computer-trading — ADAM NOWAKOWSKI-UNSPLASH

By John Victor D. Ordoñez, Reporter

THE GOVERNMENT should seek more private-sector partnerships to offer training in advanced software in order to expand the available jobs in tech, industry representatives said.

“Retaining top tech talent is a challenge, as competition grows not only domestically but also internationally,” Jay Pegarido, country manager at tech firm Sansan Global Development Center, Inc., told BusinessWorld in an e-mail.

“The government and private sector should collaborate to increase access to quality education and targeted training in key areas of technology and entrepreneurship.”

The partnerships should include investments in upgrading the digital and educational infrastructure, and supporting the development of software and artificial intelligence, he said.

In a study released in May 2023, online job portal JobStreet said technology-based work remains in high demand among jobseekers in the Philippines and other countries in Southeast Asia, despite layoffs by tech companies.

It said that 81% of tech talent in Asia receive multiple job offers a year, making them a sought-after talent group.

Mr. Pegarido cited the need for the government to map out clear career progression paths and develop mentorship programs to upskill the workforce.

The government should also focus on enhancing science, technology and engineering and mathematics education programs, he added.

The Philippines ranked 84^thout of 134 economies in the 2023 Global Talent Competitiveness Index compiled by Institut Européen d’Administration des Affaires in collaboration with the Descartes Insitute for the Future and Human Capital Leadership Institute.

This was the country’s lowest ranking since the index started in 2013. It is touted as a measures how well countries can attract and retain talent.

“Investing in STEM education and ensuring that educational curricula are up to date with the latest technological advancements can produce graduates who are ready to meet the demands of the global tech market,” Mr. Pegarido said.

“Companies are finding it increasingly difficult to scout new tech talent, with many firms reporting a lack of software developers and similar roles.”