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Ghana’s 2022/2023 cocoa output expected to be off target by 11%

REUTERS

ACCRA — Cocoa output from the world’s second biggest producer Ghana for the 2022/2023 season is expected to miss by around 11% the target of 750,000 tons due to smuggling and illegal gold mining on farmland, sources told Reuters.

Ghana last week brought forward the closure of the 2022/2023 season by a month, and decided to start the 2023/2024 season on Sept. 8, a month earlier than usual, saying it needed to tackle disruptions in the internal marketing of cocoa.

Neither the government, nor the cocoa regulator COCOBOD, provided details about the disruptions.

Two sources, one from COCOBOD and the other from the state-run Cocoa Marketing Co. (CMC), told Reuters that Ghana’s cocoa output slumped due to increased smuggling to neighboring Ivory Coast and Togo where the beans fetched higher prices.

Around 50,000 tons of cocoa was lost through smuggling, the sources said. A director of a cocoa exporting company and a cocoa pod counter who both requested anonymity, said, however, that continuous illegal gold mining on farmlands in Ghana, known locally as galamsey, was to blame for Ghana’s falling cocoa output.

“The smuggling to Ivory Coast and Togo has been minimal and cannot explain everything. The problem is deeper, and the galamsey are to be blamed,” the director said.

For the 2023/24 season which is expected to start on Friday, Ghana’s cocoa regulator expects output to reach 800,000 tons, according to the COCOBOD source.

“Our projections are 800,000 tons for the new season. The weather conditions have been more favorable,” the COCOBOD source said.

COCOBOD will be seeking $1.2 billion to finance cocoa purchases for the 2023/2024 season, compared with $1.3 billion it raised in the previous season, the COCOBOD source and a source from the CMC said.

“We are looking for around $800 million from the private bank consortium and $400 million from the private sector for the 2023/24 season. We are confident that, as usual, we will receive more than we need because we have the trust of investors,” the CMC source said.

COCOBOD and Ghana’s government did not respond to requests for comment.

The optimism from the Ghanaian regulator is not shared by exporters and pod counters, who forecast 2023/2024 output at between 650,000 tons and 700,000 tons due to the impact of galamsey mining, which has led to the destruction of cocoa plantations in the past three years.

“I am not as optimistic as the CMC and COCOBOD about this year’s production. We have been observing a decrease every year for the past three years, and it is lasting because the plantations are entirely destroyed by gold miners,” another director of a cocoa exporting company said.

“These plantations are not being replaced,” the director added. — Reuters

40 companies join Manila FAME’s Design Commune this year

One of Manila FAME’s main show features, the Design Commune serves as a showcase of brand new home, fashion, and lifestyle pieces that have been created under the product development program of the Center for International Trade Expositions and Missions’ (CITEM).

The 71st edition of the trade show will be held at the World Trade Center Metro Manila in Pasay City on Oct. 19-21.

For this year’s edition, local exhibitors collaborated with three Filipino designers who served as product specialists: Tony Gonzales, a creative director, consultant, and curator of various projects, such as the Pinyapel of the Design Center of the Philippines; and design duo Rita Nazareno and Gabriel Lichauco of Nazareno/Lichauco, who highlight contemporaneity and innovation in traditional craft and materials.

A total of 40 companies are included in the roster of the product development program, with more than 300 newly developed products.

To register as a buyer, visit https://fameplus.com/registration/buyer-registration.

Yields on gov’t debt rise

YIELDS on government securities (GS) traded in the secondary market increased last week as inflation accelerated last month, pushing yields higher.

GS yields, which move opposite to prices, climbed by 4.29 basis points (bps) on average week on week, based on PHP Bloomberg Valuation Service Reference Rates as of Sept. 8 published on the Philippine Dealing System’s website.

Rates were mixed last week as yields on the 91-, 182- and 364-day Treasury bills (T-bills) declined by 5.28 bps, 0.11 bp and 7.02 bps to 5.6553%, 5.9867%, and 6.193%, respectively. 

Meanwhile, the belly of the curve went up as yields on the two-, three-, four-, five-, and seven-year Treasury bonds (T-bonds) rose by 4.11 bps (6.2274%), 6.13 bps (6.2582%), 9.04 bps (6.2950%), 11.9 bps (6.3383%), and 12.89 bps (6.4154%), respectively.

At the long end, the rates of the 10-, 20-, and 25-year debt papers also increased by 10 bps (6.4936%), 2.89 bps (6.6532%) and 2.65 bps (6.6551%), respectively.

Total GS volume traded on Friday fell to P13.63 billion from P31.13 billion a week earlier.

Yield movements last week were mostly inflation-related, a bond trader said in a Viber message.

“The market sentiment shifted last week after the BSP (Bangko Sentral ng Pilipinas) released its inflation range of 4.8% to 5.6%, representing a lower bound that was already higher than July and indicated a higher month on month figure as well,” the bond trader said.

Globally, yields remained elevated with US Federal Reserve officials still uncertain on their policy path, the bond trader added.

“The market reverted to defensiveness through the week as it digested what the August inflation figure implies moving forward and [that the BSP governor] has already indicated that inflation will likely stay above the target range for the fourth quarter,” the bond trader said.

Noel S. Reyes, chief investment officer for Trust and Asset Management Group at Security Bank Corp., said the market started the week defensively given higher global yields.

“Latest CPI (consumer price index) data, which was worse than consensus and further increases in global yields,… added to the defensive tone,” Mr. Reyes said in an e-mail.

Headline inflation quickened for the first time in seven months to 5.3% in August, up from 4.7% in July but slower compared with the 6.3% print a year earlier.   

The CPI settled within the BSP’s 4.8-5.6% forecast range and marked the 17th consecutive month that inflation surpassed the central bank’s 2-4% target.

Year to date, inflation averaged 6.6%, still above the BSP’s full-year forecast of 5.6%.

BSP Governor Eli M. Remolona, Jr. last week said inflation is expected to return within the central bank’s target by the first quarter of 2024.

He added that the central bank may hike its inflation forecast of 5.6% for 2023 at their Sept. 21 meeting.

“GS yields will likely remain elevated for an extended period of time since higher inflation expectations will probably push back the BSP’s timeframe to start cutting rates,” the bond trader said.

The trader added that the Monetary Board will likely keep rates unchanged at its meeting, but continue to signal a readiness to tighten if inflation will continue to persist.

For this week, the bond trader expects the market to trade sideways and take its cue from the result of this week’s bond auction.

The government will offer P30 billion in reissued seven-year bonds on Tuesday that have a remaining life of six years and 10 months.

“Although inflation remains a concern, market participants have become used to that already and will just try and ride out the volatility for now,” the bond trader added.

Mr. Reyes said yields may continue to move sideways as the market awaits the Fed’s Sept. 19-20 meeting and the BSP’s own review a day after.

“Recent inflation was supply-side driven and should not be a factor for MB (Monetary Board) to turn on a hawkish bias during the meeting. Core inflation was lower and supports keeping the policy unchanged. If ever the MB moves, it will be to guard against pressures on the peso if the Fed raises another time,” he added. — A.M.P. Yraola

Philippine Labor Force Situation

The unemployment rate in the Philippines inched up to 4.8% in July, bringing the number of jobless Filipinos to 2.27 million, the Philippine Statistics Authority (PSA) said on Friday. Read the full story.

Philippine Labor Force Situation

Generating trust by demonstrating value to society, economy

NATIONAL CANCER INSTITUTE-UNSPLASH

The pandemic response and efforts to broaden access to vaccines and treatments at the height of COVID-19 are being seen as key strengths of the biopharmaceutical industry, according to a recent Ipsos survey.

The said survey was commissioned by the International Federation of Pharmaceutical Manufacturers and Associations (IFPMA) and conducted in 11 countries with a representative sample of 11,000 people across both high and lower-income countries.

The survey found that about 68% of respondents agree that research-based pharmaceutical companies have a leading role in advancing new technologies, such as better, more effective medicines or vaccines that are useful in response to the COVID-19 pandemic. At least 62% agree that pharmaceutical companies are doing all they can to develop solutions to COVID-19. Moreover, 67% agree that the industry has a leading role in the development of new technologies that could be useful in response to future public health crises, such as pandemics.

The research-based pharmaceutical industry also generated more trust compared to other sectors measured, such as technology, banking, and insurance. Academic institutions, health agencies, and regulatory affairs agencies are the most trusted institutions, followed by the research-based pharmaceutical industry which solicits marginally higher levels of trust than governments and the media.

The public recognized research-based pharmaceutical innovation as beneficial to society and the economy, with 60% agreeing that they make positive contributions to society; 63% agreeing that they contribute to improving health, globally; and 55% agreeing that companies make a positive contribution to the economy.

In the Philippines, the role of the biopharmaceutical industry has been in transforming healthcare by bringing research and innovation that save and improve the quality of life of Filipinos. In a recent interview on TV5’s program Agenda, Roche general manager Dr. Diana Edralin emphasized that the industry’s impact to society is on ensuring that the biopharmaceutical innovations benefit patients and, in the process, contribute to growing the Philippine economy.

Also the president of the Pharmaceutical and Healthcare Association of the Philippines (PHAP), Dr. Edralin said that the industry has introduced 575 new drugs in the country over the last five years. These are for cardiovascular, respiratory, metabolic, oncology and other diseases that impact the health and well-being of Filipinos. In the past two years, the industry also conducted 154 clinical trials in the country. The majority of the R&D process — in terms of investments and duration — happens during the clinical trial process.

Dr. Edralin also emphasized the need for policies and regulations that enable innovation as well as multi-stakeholder partnerships that have been critical in the success of the introduction of innovation. At the same, the industry has introduced a number of collaborations among local government units that initiated capability building and medicine access schemes, among others.

One of these collaborations with the local governments is the PHAPCares Foundation partnership with the La Union Provincial Government and two of its municipalities, Bauang and San Juan.

Last week, PHAPCares President Lotis Ramin signed a Memorandum of Agreement (MoA) with La Union Governor Raphaelle Veronica Ortega-David to facilitate and fast track the implementation of Universal Healthcare in the province.

“We have recognized, through the pandemic, that our healthcare system was really put under extreme pressure. If there’s one thing that was clear during the pandemic was that the Filipinos are resilient. But we cannot count on pure resilience alone and so sustainability is a very important element in how we design the way moving forward, how we take the lessons from the pandemic. Another thing that we have learned is the importance of coming together,” said Ramin, who is also country president of AstraZeneca Philippines.

Under the partnership, PHAPCares will provide the expertise to support the health advocacy on WASH (Water, Sanitation and Hygiene), and oral health and other disease in the LGU sites. PHAPCares will also help train community health volunteers and provide the necessary materials to support the barangay health workers and stations among others. The Foundation will bring with them their experience in medicine donation programs that have exceeded P1 billion in value since the start in 2003. It has also trained more than 630 responders under the Earthquake, Landslide Search and Rescue Orientation Course with the Metropolitan Manila Development Authority (MMDA). Since 2015, the Foundation has also served 5,000 families through its medical outreach programs.

Since the start of the pandemic, the biopharmaceutical industry has demonstrated how it is committed to save and improve the lives of our people while contributing to reignite the economy. In tackling current and future health challenges, the biopharmaceutical industry will continue to play a crucial role, and show that public-private collaborations will be as important as ever.

 

Teodoro B. Padilla is the executive director of Pharmaceutical and Healthcare Association of the Philippines (PHAP).  PHAP represents the biopharmaceutical medicines and vaccines industry in the country. Its members are in the forefront of research and development efforts for COVID-19 and other diseases that affect Filipinos.

Style (09/11/23)


Lush launches SpongeBob SquarePants limited edition collection

Known for innovating packaging free cosmetic items – such as bath bombs, shampoo bars, and solid bar soap – Lush is partnering with Paramount to introduce a range of SpongeBob SquarePants themed, plastic free products, to encourage shoppers to consider the sea and choose plastic free. In support of Paramount’s SpongeBob SquarePants “Operation Sea Change” campaign, which kicked off last year, Lush has worked with the team there to create a range of six new products across bath, shower, and skin care. The Spongebob collection includes the SpongeBob Soap (P395) featuring a blend of cleansing and brightening fresh pineapple juice, buchu oil, and extra virgin coconut oil; the SpongeBob Bath Bomb (P525), a passion fruit-scented blend of enzymic pineapple powder, sweet wild orange oil, and popping candy; the Surprised Patrick Bath Bomb (P525; only available for a linited time), a sweet vanilla and coconut-fragranced bathbomb featuring coconut milk powder; the Squidward Bubble Bar (P595) featuring seaweed absolute, violet leaf absolute, and Persian lime oil; the Home Sweet Pineapple Body Balm (P645) made with Fair Trade organic cocoa butter and shea butter, fresh pineapple juice and davana oil; and the Krabby Bathy Bath Gift (P2,995), featuring two fizzy and fruity bath bomb buns, scented with bergamot and lime oils, which sandwich a bubble bar patty with a cheerfully tropical fragrance courtesy of buchu and Sicilian lemon oil, and topped by two lettuce and tomato-shaped soaps perfumed with watermelon twist. In the Philippines, Lush is exclusively distributed by Stores Specialists, Inc., and has branches at the Alabang Town Center, Ayala Malls Manila Bay, Bonifacio High Street, Glorietta 4, Greenbelt 3, Robinsons Magnolia, Shangri-La Plaza, SM Mall of Asia, and TriNoma. It is available also in Zalora and Trunc.com.


Avon brings back matte lipsticks

Matte lipsticks, a big hit in the mid-2010s, are coming back in a big way and they’re a lot more comfortable and lip-friendly than before. With its strong color payoff, even without a full face of makeup, a good matte lipstick can be all a woman needs to serve a strong look. But the catch always was that in exchange for all the long-wearing color, the lipsticks were very drying. But that’s not the case anymore. New formulations offer the benefits of long-wearing comfort and constant hydration. The new Avon Hydramatic Matte Lipstick features a central patented hydrating core powered by an exclusive blend of hydrating and skin-protecting ingredients. The core contains hyaluronic acid that helps draw moisture to the lips, and glycerin to help make them super soft and plump. Each core is surrounded by a high-pigment matte color. The result gives a color payoff that stays completely matte and gives lips all-day hydration. The lipstick line is available in six high-impact shades — Hydra Garnet, Hydra Plum, Hydra Pink, Hydra Rosy, Hydra Ruby, and Hydra Siren Red. These and other makeup products are available at https://avonshop.ph/collections/hydramatic, through Avon representatives, or Avon shops at Lazada, and Shopee.


Alabang Town Center holds lifestyle fair

Alabang Town Center will hold the Travel in Style Lifestyle Fair from Sept. 14 to 17, at the mall’s Activity Center during mall hours. The Travel in Style Lifestyle Fair brings together a selection of merchants, offering shoppers an opportunity to explore and purchase quality products from renowned brands. They include top-tier outdoor brands like The North Face, Columbia, ROX, and Quiksilver, promising gear and clothing fit for an adventure. For those in search of premium luggage labels, Samsonite, American Tourister, The Travel Club, Wanderskye, and Herschel offer both style and functionality. Wandering feet can find comfort with options from Res Toe Run, Birkenstock, and Havaianas. For beauty and cosmetics, seek out offerings from The Face Shop and Happy Skin. For kitchen and home essentials, LocknLock, SESOU Nature Source, and Coleman showcase a variety of items. As for accommodations, consider luxurious stays at Vivere Hotel, The Bellevue Manila, or Acacia Hotel, while Sunlight Air offers a chance to take a flight to one’s chosen destination. The Travel in Style Lifestyle Fair is not just about shopping; it’s an immersive experience designed for travel enthusiasts. Creative installations will be scattered throughout the event space, providing backdrops for Instagram-worthy selfies and photos. There will also be 20 major prizes and 10 minor prizes in the Travel in Style Lifestyle Fair’s raffle draw. A minimum purchase of P1,000 in single or accumulated receipts from any of the participating Travel in Style Lifestyle Fair merchants at Alabang Town Center between Sept. 14 and 17, gives customers the chance to join the raffle. The deadline for submission of raffle entries is Sept. 17, while the raffle draw will be on Sept. 18.


Binakol found in Shibuya’s Rakuten Fashion Week

The Manila Fashion Festival expanded its reach beyond the Philippine borders through PH MODE x TYO, a collaborative international iteration of the festival. Created in partnership with STYLEM, Japan’s leading fabric trading company, PH MODE x TYO takes center stage twice a year in Tokyo during Rakuten Fashion Week. For its second walk on the Rakuten Fashion Week stage earlier this month, Filipino fashion label .ARCHIVES championed the traditional binakol fabric with creations by designer Ellis Co. Together with .ARCHIVES, five Filipino designers showcased an exclusive collective ensemble by merging Japan’s quality fabrics with binakol, a woven fabric originating from Northern Luzon, inabel fabric of Ilocos, and piña (pineapple) fabric. For more information about .ARCHIVES and its Spring/Summer 2024 collection, check their social media page on Instagram.


Home grooming services through PetPal

PetPal, the innovative tech startup under 917Ventures, introduces home grooming services in Metro Manila and neighboring provinces, including Rizal, Laguna, and Cavite. Starting at P750, PetPal’s Home Grooming Services ensures that pet owners can now enjoy the luxury of having pets groomed in the familiar surroundings of their homes. Beyond grooming, PetPal’s all-in-one digital pet care platform offers a range of services from licensed and accredited veterinarians. The platform operates daily from 8 a.m. to 9 p.m., ensuring flexibility for clients with varying schedules. Additionally, the Pet Pawrtal, a digital pet booklet, ensures that pet owners have all the essential information about their pets at their fingertips, making the healthcare journey seamless. The pricing structure for the home grooming services is set based on the size of the pet: Small pets weighing between 1- 10kg are priced at P750, medium-sized pets between 11 and 18kg are at P850, large pets weighing from 18 to 26kg come in at P1,000, and for extra-large pets weighing 27kg and above, the cost is at P1,200. Those interested in availing of Home Grooming Services can visit www.petpal.asia/home-grooming-visit/, choose a preferred schedule by selecting a date and time, and enter basic details such as name and e-mail address. After this, expect to receive a confirmation via email, followed by a calendar invite.

All-new Nissan Z, new GT-R now here

Nissan Philippines President Juan Manuel Hoyos poses with the new GT-R and all-new Z. — PHOTO FROM NISSAN PHILIPPINES

NISSAN PHILIPPINES, INC. (NPI) has now made available the refreshed version of the GT-R, along with the all-new Z. “We are thrilled to introduce (these models) to our passionate and dedicated fans in the Philippines,” said NPI President Juan Manuel Hoyos. “These models represent the culmination of Nissan’s legacy of innovation, blending cutting-edge technology with the spirit of our iconic vehicles. Whether you’re seeking heart-pounding performance or a thrilling driving experience, these models deliver.”

Boasting a new look on its front and rear, the Nissan GT-R gets more downforce, with the modifications not only giving it a new look but contributing to the vehicle’s enhanced on-road stability.

On the other hand, the Z gets a dynamic design that is a nod to its historic nameplate, which is then combined with “contemporary flair.” The iconic headlights and taillights, along with the 240Z-inspired grille, create an unmistakable presence on the road. Under the hood is a powerful 3.0-liter turbo engine delivering 400hp and 475Nm. Said to provide a “well-rounded driving experience,” the Z gets an enhanced suspension system and upgraded brakes. It also comes with new technology features such as a rearview monitor, a digital dashboard on Sport Mode, and front and rear sonar sensors.

Additionally, the Z is equipped with the full suite of Nissan Intelligent Mobility features, including new additions such as Forward Crash Warning, Intelligent Cruise Control, ABS and traction system, Advanced Airbag System, and Automatic Emergency Braking with Pedestrian Detection.

The all-new Nissan Z will be offered in two variants: the Premium MT equipped with a six-speed manual transmission, and the Premium AT equipped with a nine-speed automatic transmission with manual mode. The model will be available for reservation starting Sept. 21. Priced at P3.888 million, the Z comes in Ikazuchi Yellow, Passion Red, Everest White, Boulder Gray Pearl, Seiran Blue, and Black Diamond Pearl.

The new Nissan GT-R is priced at P12.445 million and comes in Gun Metallic, Bayside Blue, Pearl White, Vibrant Red, Pearl Black, and Ultimate Silver. Interested customers may contact Nissan Quezon Avenue for more details.

How PSEi member stocks performed — September 8, 2023

Here’s a quick glance at how PSEi stocks fared on Friday, September 8, 2023.


 

Peso may trade sideways

BW FILE PHOTO

THE PESO could trade sideways against the dollar this week ahead of the release of US inflation data that could affect the US Federal Reserve’s next policy move.

The local unit closed at P56.63 versus the dollar on Friday, strengthening by 16 centavos from Thursday’s P56.79 finish, data from the Bankers Association of the Philippines’ website showed.

Week on week, however, the peso inched down by 3.50 centavos from its P56.595 close on Aug. 30.

The local unit opened Friday’s session at P56.74 per dollar. Its weakest showing was at P56.785, while its intraday best was at P56.56 against the greenback.

Dollars traded rose to $1.62 billion on Friday from $1.45 billion on Thursday.

The peso appreciated on Friday following the dollar’s slight decline in Asian trading, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message.

For this week, the peso could move sideways against the dollar as the market awaits the release of August US consumer and producer inflation data, which could affect the Fed’s decision this month, Mr. Ricafort said.

The US central bank raised borrowing costs by 25 basis points (bps) last month, bringing its target rate to a range between 5.25% and 5.5%.

It has hiked rates by 525 bps since it began its tightening cycle in March last year.

The Federal Open Market Committee will hold its policy meeting on Sept. 19-20.

For this week, Mr. Ricafort expects the peso to range from P56.30 to P56.80 per dollar. — AMCS

Stocks may move sideways before US CPI data

PHILIPPINE STAR/KRIZ JOHN ROSALES

PHILIPPINE SHARES are expected to move sideways this week before the release of US inflation data, which could affect the US Federal Reserve’s next move.

The Philippine Stock Exchange index (PSEi) gained 39.87 points or 0.64% to end at 6,222.94 on Friday, while the broader all shares index went up by 13.24 points or 0.39% to 3,360.23.

Week on week, the PSEi rose by 41.88 points or 0.68% from its close of 6,181.06 on Sept. 1.

For this week, analysts said the PSEi may move within a tight range ahead of the release of US consumer inflation data on Sept. 13.

“This week, we could see the index continue its rangebound pattern within the 6,150 to 6,350 area, with investors taking a more cautious stance ahead of the release of US August inflation data,” China Bank Capital Corp. Managing Director Juan Paolo E. Colet said in a Viber message.

“A higher-than-expected rise in US consumer prices would be unwelcome news for equities market as it would pile pressure on the Federal Reserve to raise interest rates and prolong a hawkish monetary policy,” he added.

Faster US consumer inflation could affect trading activity, China Bank Securities Corp. Research Director Rastine Mackie D. Mercado likewise said in an e-mail on Friday.

“We may see muted buying appetite this week should the US inflation print come in faster than expected, and as investors adopt a cautious stance ahead of the Fed’s policy meeting on Sept. 19-20,” Mr. Mercado said.

The US consumer price index (CPI) rose 0.2% in July, matching June’s gain, Labor department data showed. On an annual basis, the CPI advanced by 3.2%.

US Federal Reserve Chair Jerome H. Powell said in the annual Jackson Hole Economic Policy Symposium last month that the central bank may need to raise interests further to cool still-too-high inflation, Reuters reported.

The Fed raised interest rates by 25 basis points (bps) in July, bringing its benchmark overnight rate to 5.25-5.5%.

The US central bank has hiked borrowing costs by a total of 525 bps since it started tightening cycle in March 2022.

Another trading driver for this week is the FTSE rebalancing on Friday, Sept. 15, Mr. Colet said.

“What investors are eagerly awaiting is a significant catalyst that can boost trading activity in the market. Nonetheless, we are closely watching the dollar’s resurgence, spurred by recent developments in the United States,” Globalinks Securities and Stocks, Inc. Senior Trader Mark V. Santarina said in a Viber message.

The US dollar index registered an eighth straight week of gains on Friday while global stock indexes ended slightly higher on the day ahead of key US inflation data this week, Reuters reported.

For this week, Mr. Mercado placed the PSEi’s support at 6,150. — S.J. Talavera with Reuters

BoI, PEZA hit 72% of 2023 investment targets

THE two main investment promotion agencies (IPAs) — the Board of Investments (BoI) and Philippine Economic Zone Authority (PEZA) — said they have to date hit 72% of their 2023 investment targets.

The BoI said approved investments in the first eight months amounted to P720 billion, slightly behind the year-earlier pace.

Marjorie O. Ramos-Samaniego, governor of the BoI, said at a forum on Thursday: “We see now a recent positive BoI investment approval performance. (As of) August of 2023, the BoI approved P720 billion in investment projects. This actually amounted to 72% of our original P1-trillion investment target,” she said.

Last year, the BoI approved an estimated P729 billion worth of new investments, which is 11% higher than the P655.4 billion approved in 2021.

In February, the BoI raised its investment target by 50% to P1.5 trillion for 2023. Registered investments at the end of August now account for 48% of the new target.

Ms. Ramos-Samaniego said that the recently amended implementing rules and regulations of the Renewable Energy Act drove the growth of investments.

She said that the amendment allowed 100% foreign ownership in renewable energy projects such as wind, solar, hydro, tidal, and ocean energy.

“With the recent registrations with BoI, we see now that the opening up of these renewable energy projects actually contributed to the growth of our investment projects,” she added.

Meanwhile, PEZA said investments between January and Sept. 7 amounted to P111.21 billion, almost three times the year-earlier level of P39.63 billion.

The approved investments were generated by 144 projects, against 148 projects from a year earlier.

“With our approved investment pledges as of September, we have achieved 72% of our P154.77-billion investment target for 2023,” said PEZA Director General Tereso O. Panga in a statement on Saturday.

“We are confident that we will exceed our conservative 10% growth target this year given the increasing number of ecozone applications filed with our office as well as big-ticket projects that we expect to register in the last quarter of 2023,” he added.

Mr. Panga attributed the performance to macroeconomic stability of the country and the attraction to investors of the forecast 6-7% gross domestic product growth. 

“The other contributing factors for our increasing ecozone investments include our accession to free trade agreements, restoration of incentives for investors under the Corporate Recovery and Tax Incentives for Enterprises Act, and the recent proclamation of ecozones providing for the most conducive location and environment for registered business enterprises,” he added.

On Sept. 7, PEZA’s board approved P14.04 billion worth of projects. The approvals covered 27 separate projects expected to generate exports of $174.81 billion and 4,614 jobs. — Justine Irish D. Tabile