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Philippine factory activity hits 6-month high in September

REUTERS

By Jenina P. Ibañez, Reporter

Philippine manufacturing activity expanded to a six-month high in September after the government relaxed strict lockdown measures in the capital.

IHS Markit on Friday said the Philippines Manufacturing Purchasing Managers’ Index (PMI) jumped to 50.9 last month from 46.4 in August after the pace of decline in output, new orders, and input purchasing and employment eased.

The strict lockdown in Metro Manila was loosened in September, despite a continued rise in coronavirus disease 2019 (COVID-19) infections. The capital region is now under a less strict new alert level system that uses localized lockdowns for areas with higher infection rates.

In its report, IHS Markit said local firms have also resumed stockpiling efforts last month as they anticipate greater demand ahead of the holiday season.

A reading above 50 indicates improving conditions for the manufacturing sector versus the previous month, and below the threshold means deterioration.

Although the September reading was just marginally above the threshold, the uptick is the strongest since March, when PMI stood at 52.2.

Shreeya Patel, economist at IHS Markit, said that while a number of factories resumed operations, international demand remains challenging.

“Job shedding persisted, but anecdotal evidence highlighted that this was mostly voluntary. Nevertheless, backlogs fell solidly which could result in efforts to rein in spending and cut headcounts until demand for Filipino manufactured goods improves,” she said.

“Global shortages have also weighed on the sector with prices increasing sharply. Unfortunately, firms will have to endure the disruption as supply pressures show no signs of slowing.”

The Philippines returned to growth, alongside Singapore and Indonesia, which helped stabilize Southeast Asian manufacturing conditions in September after a three-month downturn. The region’s output last month fell at a slower place.

The Philippine PMI reading was the third highest in the region, following Singapore (53.4) and Indonesia (52.2). Contraction slowed down for Thailand (48.9), Malaysia (48.1), and Myanmar (41.1), while Vietnam’s PMI was unchanged at 40.2.

PMI is the weighted average of five sub-indices: new orders (30%), output (25%), employment (20%), suppliers’ delivery times (15%) and stocks of purchases (10%).

New orders dropped at a softer pace in September, likely due to spending reluctance during the lockdown restrictions, IHS Markit said. Production volumes fell for the sixth straight month after being slowed down by restrictions.

“That said, the rate of contraction slowed considerably from that seen in August. Those companies registering higher output levels mentioned a resumption in factory operations,” IHS Markit said.

Weak consumer demand and voluntary resignation continued to lower employment in Philippine manufacturers.

Firms also began increasing stocks in response to long lead times caused by global supply chain delays and in anticipation of bigger demand.

Michael L. Ricafort, chief economist at Rizal Commercial Banking Corp. (RCBC), said manufacturing could continue to recover in the coming months due to additional measures to reopen the economy.

“(Looser restrictions) could lead to faster recovery in production, sales, net income/livelihood, jobs/employment, and other business/economic activities, especially for hard-hit businesses/industries/sectors, thereby benefiting some manufacturing activities as well,” Mr. Ricafort said in an email.

Asian Institute of Management Economist John Paolo R. Rivera said that the uptick was caused by mismatches in the expectations of local and global supply chain participants, producers, and consumers.

He said in a Viber message that relatively relaxed restrictions this year prompted higher consumption, pushing producers to expand output, “but other supply chain participants cannot keep up with these changes thereby constraining production in general.”

“The situation remains fluid and uncertain. Should supply chain cannot catch up or adjust with the changing volatility in demand and supply, the horizon remains uncertain as indicators react to what happens to pandemic management,” he said.

Although there are still global supply chain challenges, the Philippine PMI reading indicates robust economic recovery in the fourth quarter if there are no more strict lockdowns, Union Bank of the Philippines Chief Economist Ruben Carlo Asuncion said.

“The report mentioned a softer decline in output because of easing restrictions with production now most probably preparing for the holiday season demand with its pre-production stock-pilling efforts. Taken altogether, (fourth quarter) economic growth may be better-than-expected,” he said in a Viber message.

House approves P5-trillion national budget for 2022

PHILIPPINE STAR/ MICHAEL VARCAS

The House of Representatives approved on Thursday evening the proposed P5.024-trillion national budget for 2022, which is aimed at driving the economy’s recovery from the coronavirus pandemic.

In a vote of 238-6 with no abstentions, congressmen on Thursday evening approved House Bill 10153 or the 2022 General Appropriations Act on third and final reading before adjourning for a month-long break to allow for the filing of certificates of candidacy for next year’s elections.

The proposed spending plan, which is 11.5% more than this year’s budget and the highest on record, is the last under President Rodrigo R. Duterte, whose term ends in June 2022. Mr. Duterte on Wednesday certified it as urgent, allowing the legislators to approve the measure on second and third reading on the same day.

“This fiscally responsible budget offers a blueprint to help the country recover fully and effectively from the devastating effects of the pandemic and chart a better path forward,” Speaker Lord Allan Jay Q. Velasco said in a statement.

The Philippine economy this year has struggled to recover due to the spread of the Delta coronavirus variant and continued lockdowns. The government expects the economy to grow by 4-5% this year, and by 7-9% in 2022.

The spending plan was approved by the House with little opposition, but may face rough sailing in the Senate, which is already conducting budget hearings. Senators are investigating allegations that the government’s pandemic funds have been misused.

Bayan Muna Rep. Carlos Isagani T. Zarate said in his turno de contra speech that the proposed budget is “not responsive” to the needs of Filipinos who are facing the coronavirus disease 2019 (COVID-19) pandemic.

“The proposed 2022 National Budget clearly does not address the country’s needs in the midst of the pandemic, but rather it screams for politicking… and a cling to power,” he said.

Under the budget, P1.18 trillion will go to infrastructure, 15% higher than the P1.019 trillion allotted this year. The government also allocated P80 billion to support the National Health Insurance Program, and P17 billion for hiring of health workers.

“There is no item in the National Expenditure Program for the procurement of regular vaccines. No allocation for medicines and the P45 billion intended for booster shots is listed under the unprogrammed funds. Definitely, these will put our pandemic response program in a very uncertain state,” House Minority Leader Joseph Stephen S. Paduano said in his turno en contra.

The government had included P45.4 billion under unprogrammed appropriations to cover the COVID-19 booster shots for around 93 million Filipinos who are expected to have been fully vaccinated by next year.

Lawmakers from the progressive Makabayan bloc criticized the House’s swift approval of the budget, with all of its members voting no.

“What’s the use of (conducting) hearings if the deliberations are being rushed with no time for amendments? We are being deprived of the opportunity to fight for a budget for health, social assistance, (and a) safe return to (face-to-face) classes,” Kabataan Party-list Rep. Sarah Jane I. Elago said in a tweet.

The House of Representatives has formed a small committee to consolidate all the proposed amendments for the GAA to the bicameral conference committee.

The members include House Appropriations Committee Chair ACT-CIS Partylist Rep. Eric G. Yap, House Majority Leader Ferdinand Martin G. Romualdez, Albay Rep. Jose Ma. Clemente S. Salceda, Marikina Rep. Stella Luz A. Quimbo, and Albay Rep. Edcel C. Lagman.

The deadline for submission of proposed amendments will be on Oct. 5. — Russell Louis C. Ku

Banks’ bad loans continue to pile up

BW FILE PHOTO

By Luz Wendy T. Noble, Reporters

Non-performing loans (NPLs) held by Philippine banks increased further to P491.926 billion in August as borrowers struggle to make repayments amid sluggish business activity.

Data released by the Bangko Sentral ng Pilipinas (BSP) on Friday showed NPLs in August climbed 61% from the P304.997 billion recorded a year earlier. It also inched up by 1% from the P486.436 billion in July.

The NPL ratio stood at 4.51% for the second straight month in August, up from 2.84% a year earlier. This is the highest since the 4.52% in September 2008 in the midst of the Global Financial Crisis.

BSP Governor Benjamin E. Diokno earlier said the NPL ratio is likely to hit 5-6% by end-2021 before peaking at 8.2% in 2022. If realized, this will still be significantly lower than the 17.6% seen in the aftermath of the Asian Financial Crisis in 2002.

Continued pile-up in bad loans reflect how the prolonged crisis affected the capacity of borrowers to pay their debts, Asian Institute of Management economist John Paolo R. Rivera said.

“Jobs and income opportunities are not yet catching up, unemployment is still relatively high, businesses are still constrained in terms of cash flows. Hence, there is still high likelihood of defaults and banks would be hesitant to extend loans,” Mr. Rivera said in a Viber message.

Latest data from the Philippine Statistics Authority showed that unemployment rate in August stood at 8.1% or 3.882 million jobless Filipinos, up from 6.9% or 3.073 million unemployed in July.

Meanwhile, bank lending in August ended eight months of contraction, but this is mainly caused by “signals of more relaxed restrictions”, Mr. Rivera said.

Data released by the BSP on Thursday showed outstanding loans by big banks rose by 1.3% year on year in August, the first annual growth since the 0.5% expansion in November 2020.

Central bank data showed that the increase in NPL during the month outpaced the growth in the banking industry’s total loan portfolio, which inched up 1.4% to P10.898 trillion from P10.747 trillion a year earlier. Month on month, it grew 0.87% from P10.804 trillion in July.

Past due loans in August rose 2.07% to P579.601 billion from P567.838 billion a year earlier. This brought the ratio to 5.32%, inching up from 5.28% last year.

Restructured loans surged year on year to P334.617 billion from P104.514 billion. These borrowings made up 3.07% of the industry’s total loan portfolio from 0.97% in August 2020.

Amid the prolonged crisis, lenders continued to beef up their loan loss reserves by 25% to P410.848 billion from P327.418 billion a year earlier. This brought its ratio to 3.77% from 3.05%.

In August, lenders’ NPL coverage ratio – which gauges the allowance for potential losses due to bad loans – declined to 83.52% from 107.35% a year earlier.

Non-performing loans could continue to rise until the economy returns to its pre-pandemic level, Colegio de San Juan de Letran Graduate School Dean Emmanuel J. Lopez said in a Viber message.

Customs posts record revenues in September

Handout

The Bureau of Customs (BoC) on Friday reported its highest recorded collection in September after generating P59.9 billion in revenues as economic activity recovers amid the pandemic.

The bureau in a statement said it surpassed its P56.9 billion target by 5.3% or P3 billion.

The BoC’s September collection is 12% higher than the previous month and is 18% higher than the P50.75 billion collected in the same month a year earlier.

Customs data from the Bureau of the Treasury dates back to 1986.

The agency has been constantly beating its monthly collection targets since January.

Preliminary data showed that eight out of 17 collection districts exceeded their target for the month, or the ports of Limay, Manila, San Fernando, Zamboanga, Davao, Iloilo, Legaspi, and Clark.

In the first nine months, the bureau collected P472.204 billion, or 76.6% of the target collection of P616.749 billion for 2021.

“BOC’s positive revenue collection performance is attributed to the improved valuation and intensified collection efforts of all the ports, improvement of importation volume and the government’s effort in ensuring unhampered movement of goods domestically and internationally considering the pandemic situation,” the bureau said.

The BoC has a P671.7-billion collection target for 2022, or 9% higher than this year’s goal. — Jenina P. Ibañez

MREIT trades higher on market debut

RICHMONDE Tower in Iloilo Business Park

By Keren Concepcion G. Valmonte, Reporter

MREIT, Inc. closed higher on its market debut on Friday, after completing its P15.3 billion initial public offering (IPO).

MREIT, the real estate investment trust (REIT) sponsored by Megaworld Corp., is the fourth REIT to list at the stock exchange this year. It is also the second largest REIT offering so far.

MREIT closed at P16.70 apiece, 3.73% higher than its P16.10 listing price on its first day at the Philippine Stock Exchange (PSE).

“MREIT closed higher during its first day of trading, ascending to as high as P17.16 in the morning,” Timson Securities, Inc. Trader Darren Blaine T. Pangan said in a Viber message.

“[It eventually moved] sideways around the P17.00 area before experiencing some profit-taking activity to finally settle at P16.70,” said Mr. Pangan, adding that the issue ended up being the second most actively traded stock on Friday.

“MREIT closed higher on its first trading day, after the discount in its IPO (initial public offering) price and relatively higher dividend yield proposition,” Rizal Commercial Banking Corp. (RCBC) Chief Economist Michael L. Ricafort said in a separate Viber message.

For 2022, MREIT’s projected dividend yield is at 5.65% and it is expected to bump up to around 6.1% in 2023.

MREIT sold 949.8 million shares, which included the overallotment option, at P16.10 apiece.

“MREIT is instrumental to efficient capital recycling, capturing and unlocking the value of investments in Megaworld’s prime properties and funneling that into the development of new projects,” MREIT President and Chief Executive Officer Kevin Andrew L. Tan said in his speech on Friday.

MREIT aims to be the “fastest-growing REIT” in the country and it seeks to be one of the largest in Southeast Asia in terms of floor area.

It currently has 10 office assets in its initial portfolio spanning 224,431 square meters (sq.m.). These assets are located in three of its townships: Eastwood City in Quezon City, Bonifacio Global City’s (BGC) McKinley Hill, and Iloilo Business Park in Mandurriao, Iloilo City.

“We are committed to continually injecting existing stable assets from [Megaworld’s] vast portfolio into MREIT, which further accelerates the growth of the company,” said Mr. Tan, who is also the chief strategy officer of Megaworld.

Mr. Tan said around 100,000 sq.m. more of Megaworld’s office assets from Eastwood City, McKinley Hill, and Iloilo Business Park are expected to be infused into MREIT by the end of 2022.

Office and commercial spaces from Uptown Bonifacio in BGC are also planned to be injected by 2023.

“With BGC having the highest office rental rates among major business districts in the country, these fresh assets can truly bulk up MREIT’s portfolio, increase its rental revenues, and of course, grow the distribution yields for our investors,” Mr. Tan said in a statement on Friday.

Uptown Bonifacio’s new tower, Worldwide Plaza, is nearly completed.

“Once all of the seven office towers in Uptown Bonifacio are completed, the township will have the biggest office portfolio among our 27 township developments,” said Mr. Tan. “We look forward to having some of these assets become part of MREIT.”

Philippine Airlines gets US court’s OK to access $505-M funding

A Philippine Airlines plane is seen flying over Antipolo, Rizal in this file photo. -- Photo by Michael Varcas, The Philippine Star

A United States bankruptcy court has allowed Philippine Airlines, Inc. to access the remainder of its debtor-in-possession (DIP) financing of $505 million.

US bankruptcy court judge Shelley C. Chapman issued the “final order” authorizing PAL to obtain “post-petition financing” on Sept. 30 after the “second day hearing” held that day, according to court documents from PAL’s claims agent Kurtzman Carson Consultants LLC.

PAL’s DIP financing is composed of a multi-draw term loan facility of $250 million — access to $20 million of which was approved by the bankruptcy court recently — and another multi-draw term loan of $255 million.

PAL in a press release said the long-term equity and debt financing, as part of the flag carrier’s restructuring, will support the company’s ongoing operations and recovery plan.

“This important step confirms that our recovery process is on track as we continue to work hard on securing a fully consensual reorganization plan in an efficient manner,” PAL President and Chief Operating Officer Gilbert F. Santa Maria said.

Nilo Thaddeus P. Rodriguez, PAL chief financial officer, said the approval gives the company additional liquidity to meet current and future obligations – and to operate as usual.

“PAL will emerge a leaner and more competitive airline thanks to our hardworking employees, the resolute commitment of our majority shareholder and the strong support from our stakeholders and creditors,” he said.

The court also authorized PAL, “but not directed,” to pay “some or all” of the pre-petition claims of “critical” and foreign vendors in an aggregate amount not exceeding $73 million.

The motion seeking authorization to pay certain employee wages and other compensation and related obligations as well as maintain and continue employee benefits and programs in the ordinary course was also granted on a final basis.

At the same time, the court also allowed PAL, “but not directed,” to fulfill and honor its obligations to customers and related third parties.

PAL can “continue, renew, replace, implement new and/or terminate any Customer Program or Commercial Agreement… in the ordinary course of business, without further application to the court, including making all payments, satisfying all obligations, and permitting all setoffs in connection therewith, whether relating to the period prior to, on, or subsequent to the petition date.”

PAL said last week that it had filed a petition before a Pasay City court seeking recognition of the proceedings and decisions of US Bankruptcy Court for the Southern District of New York that is hearing its Chapter 11 case.

The “First Day Motions” hearing took place on Sept. 9. The airline won the court’s approval to access the first $20 million of its DIP financing totaling $505 million.

Mr. Rodriguez has said that the airline expects to exit its recovery phase by 2022, with operating activities seen to “generate more consistent positive monthly cash flow.” — Jenina P. Ibanez and Arjay L. Balinbin

SMC unit to shutter processed meats business in Indonesia

https://www.smfb.com.ph/

San Miguel Food and Beverage, Inc. (SMFB) on Friday said its processed meats business in Indonesia will stop operations by the end of this month, as it focuses on expanding in its home country.

In a disclosure to the stock exchange, the company said it is “rationalizing” its processed meats business in Indonesia, which is operating under its joint venture PT San Miguel Foods Indonesia (PT SMFI), as it “streamlines its businesses to focus on expansion in the Philippines.”

“PT SMFI will cease operations effective October 31, 2021,” the company said.

PT SMFI is a Halal-certified processed meats manufacturer of Farmhouse and Vida sausages, burgers, meatballs, cold cuts, and food service products in Indonesia, according to the website of SMFB’s food division San Miguel Foods.

PT SMFI is majority-owned by SMFB which holds 75%, while Jakarta-based retail store operator PT Hero Intiputra holds the remaining shares.

SMFB, which is a subsidiary of San Miguel Corp., is engaged in the food, beer and gin businesses.

Shares of SMFB in the local bourse shed 0.07% or five centavos to finish at P75.95 apiece on Friday. — Angelica Y. Yang

Manila Water says to invest P8 billion in Pangasinan project

PHILSTAR

Manila Water Co., Inc. is investing P8 billion in a bulk water project in Pangasinan.

In a disclosure to the stock exchange, the company said it received the notice of ward from the Provincial Government of Pangasinan (PGP) for the joint venture project to supply bulk water to the province.

The project will be undertaken by the consortium composed of Manila Water and its wholly-owned subsidiary Manila Water Philippine Ventures, Inc.

“Upon completion of the conditions precedent, the Consortium and PGP shall sign a concession agreement to implement that project that has an estimated capital expenditure program of P8 billion over the 25-year contract period. It is estimated to deliver a billed volume of 200 million liters per day by Year 25,” the listed water firm said.

In a separate disclosure, Manila Water said it has recently signed with the state-run Metropolitan Waterworks and Sewerage System (MWSS) to amend its revised concession agreement (RCA).

The amendment sought to change the effective date, as well as the review and revision of the common purpose facilities agreement to “no later than Nov. 18, 2021.”

“The amendment synchronizes the effectivity dates of the revised concession agreements of the concessionaires (Manila Water and Maynilad Water Services, Inc.) of MWSS, as both concessionaires await the completion of the same remaining conditions to the effectivity of their respective RCAs,” the firm said.

Manila Water is the exclusive provider of water and used water services to the East Zone of Metro Manila and the Rizal province.

Shares of Manila Water in the local bourse shed 0.65% or 12 centavos to finish at P18.48 apiece on Friday. — Angelica Y. Yang

SM Markets aims to expand online services available in 100 locations

Company handout)

SM Markets is targeting to make its online services available to a hundred locations across key areas in the country by yearend, the company said in a statement on Friday.

SM Market Online or smmarkets.ph currently serves 70 branches in Metro Manila.

“To serve our customers safely and conveniently, we continue to innovate and broaden our digital presence to offer more touchpoints for our customers and communities in synergy with our brick and mortar stores,” said Jojo R. Tagbo, preside of SM Supermarket.

SM Markets Online may be downloaded via the GooglePlay Store and the Apple App Store. Select SM Market branches may also be reached through GrabMart.

SM Markets carries brands SM Supermarket, SM Hypermarket, and Savemore Market.

Through SM Markets Online, customers can buy their basic necessities, selected premium brands or specialty items, and the company’s in-house brand, SM Bonus.

Customers may pick up their orders or opt for delivery service. SM’s own Airspeed takes on most of its delivery services. Meanwhile, transactions may be paid for in cash, GrabPay, or through other card payments. — Keren Concepcion G. Valmonte

AboitizPower’s bonds secure top credit rating

The Philippine Rating Services Corp. (PhilRatings) has assigned a PRS Aaa rating with a stable outlook to AboitizPower Corp. for its proposed issuance of up to P12 billion in bonds.

This as the company on Thursday said it sought the

Securities and Exchange Commission’s approval for the bond offering.

The issuance forms the second tranche of its P30-billion securities under its shelf registration program.

In its statement, PhilRatings said it has also retained its issue rating of PRS Aaa with a stable outlook on AboitizPower’s outstanding bonds valued at P38 billion.

The listed power firm said these securities were issued from July 2017 onwards.

“PRS Aaa” is deemed as the highest credit rating for long-term securities. The rating also shows the obligor’s “extremely strong” financial commitment to meet its obligations.

Meanwhile, a stable outlook indicates that the rating is likely to remain unchanged in the next 12 months.

PhilRatings listed down key rating factors which it used to assign the ratings to AboitizPower’s bonds. These included: a diversified portfolio with good growth prospects; experienced management team; improved financial performance in the first half of 2021; and healthy cash flows and adequate liquidity.

“(We) also considered that the power industry is seen to be relatively more stable amidst increasing economic uncertainty caused by the COVID-19 pandemic, given that electricity is an essential need,” it said.

AboitizPower is the listed holding firm for the Aboitiz group’s investments in power generation and distribution, retail electricity and other related services.

Shares of AboitizPower in the local bourse inched up by 2.1% or 65 centavos to finish at P31.65 apiece on Friday. — Angelica Y. Yang

Meralco to push through with disconnection activities in NCR

PHILIPPINE STAR/ MICHAEL VARCAS

Distribution utility Manila Electric Co. (Meralco) said on Friday that disconnection activities will continue in parts of the National Capital Region (NCR) that are not covered by granular lockdowns, following the government’s recent extension of the general community quarantine (GCQ) with alert level 4 status in Metro Manila.

In a statement issued on Viber on Friday, Meralco said that the disconnections will last until Oct. 15.

It will, however, be holding off from disconnections in areas under granular lockdown by their respective local governments.

Meanwhile, the provinces of Bulacan, Cavite, Laguna, Rizal and Lucena City in Quezon will not experience such activities until Oct. 15 since they are still under the modified enhanced community quarantine, a stricter lockdown classification.

Meralco added that it will carry on with its disconnection activities in other parts of the power provider’s franchise area, including Batangas and Quezon since these are under GCQ with heightened restrictions.

“Meralco remains to be very considerate during this period and vowed to assist customers with their concerns,” the firm said.

It also encouraged customers to reach out to them to discuss and clarify concerns, and come up with payment terms for their unsettled power bills.

Meralco added it will continue meter reading and bill delivery during this period.

Meralco’s controlling stakeholder, Beacon Electric Asset Holdings, Inc., is partly owned by PLDT, Inc. Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., which has interest in BusinessWorld through the Philippine Star Group, which it controls. — Angelica Y. Yang

Upper-middle-income goal likely attainable by 2023

PHILSTAR

THE GOVERNMENT’S goal to make the Philippines an upper-middle-income country will likely be delayed by three years to 2023 due to the coronavirus disease 2019 (COVID-19) pandemic, an official from the National Economic and Development Authority (NEDA) said.

“As you know, we were supposed to be an upper-middle-income country towards the end of last year were it not for COVID, but right now we think that it will be pushed back, probably by 2023,” NEDA Undersecretary Rosemarie G. Edillon said in an online forum organized by the Asian Development Bank (ADB) on Friday.

Ms. Edillon said they have tapped the ADB to look into the “optimal governance structure” to support the country’s transition to an upper-middle-income economy, and eventually into a high-income economy.

In July, the World Bank reported the Philippines remained a lower middle-income economy in 2020 due to the impact of the pandemic.

The Philippines’ gross national income (GNI) per capita, which went down 11% to $3,430 last year from 2019, fell within the World Bank’s bracket for lower middle-income economies with a $1,046 to $4,095 GNI per capita.

The economy contracted by a record 9.6% last year after the government put the country under one of the world’s longest and tightest lockdowns to curb the spread of COVID-19.

The government targets 4-5% GDP growth this year. The economy expanded by 11.8% in the April to June period, ending five consecutive quarters of decline.

Officials expect the economy to return to its pre-crisis level by the fourth quarter of 2022 or the first quarter of 2023.

Ms. Edillon they are studying the experiences of neighboring countries that have become high-income economies to see how they approached savings and investment, capital markets, digital infrastructure, education and skills, and research and development in their transition.

“We hope to be able to come up with the proper preparation towards that transition and we look forward to the assistance being given by the ADB,” she said.

NEDA needs to enhance its knowledge management systems so it can improve its monitoring of economic developments, Socioeconomic Planning Secretary Karl Kendrick T. Chua said. He said they are currently working on various dashboards and enhancing their data repositories.

“This will allow us to monitor programs, projects, and internal processes more efficiently and give us more time to focus on the more value-adding aspects of our work,” Mr. Chua said. — LWTN

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