Binibining Pilipinas 2021 names Top 10 Best in National Costume

June 29, 2021 | 12:02 am

BB-PH3 — Bb 26, Pampanga Czarina Joy Lagman Guiao, wearing her national costume. — FACEBOOK.COM/BBPILIPINASOFFICIAL/

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BINIBINING Pilipinas has announced this year’s 10 best national costumes through fashion show that aired online on June 27. Binibining Pilipinas first aired a virtual presentation that showcased the 34 candidates in their costumes on its YouTube channel. Ten candidates who garnered the most votes cast via the Binibining Pilipinas website and Tiktok channel were named finalists. The top 10 Best in National Costume of Binibining Pilipinas 2021 are: Samantha Alexandra Panlilio from Cavite, wearing a creation by Klevin Bartolaba; Vianca Louise Marcelo from Bocaue, Bulacan, wearing a costume byPaolo Blanco; Cinderella Faye Obeñita from Cagayan de Oro, Misamis Oriental, in a creation by Odelon Simpao; Hannah Arnold from Masbate, wearing a design by Louis Pangilinan; Ma. Ruth Erika Quin from Nueva Ecija wearing a creation by Erjohn dela Serna; Carina Carino from La Union, wearing a creation by Don Cristobal; Czarina Guiao from Pampanga, wearing a creation designed by Ferdinand “Macoy” Elipane and Oplong Paras; Ma. Francesca Taruc from Angeles, Pampanga, wearing a creation by Rich Sabinian and Kevin Cayanan; Honey Grace Cartasano from Rizal, in an outfit by Paolo Ballesteros; and, Leslie Anne Ticaro from Tagum City, wearing an outfit by Mark Joseph Sayad. Another round of public voting via the Binibining Pilipinas website will be opened to decide who among these Top 10 qualifiers will bag the Best in National Costume on the pageant’s grand coronation night. This year’s pageant will be held on July 11 at the Smart Araneta Coliseum. Four queens will be crowned: Binibining Pilipinas International, Binibining Pilipinas Grand International, Binibining Pilipinas Intercontinental, and Binibining Pilipinas Globe. Hosted by beauty queens Catriona Gray and Nicole Cordoves, it will be aired on A2Z, Kapamilya Channel, and Metro Channel, and will be simultaneously livestreamed on iWantTFC and the official Binibining Pilipinas YouTube page.

Entertainment News (06/29/21)

June 29, 2021 | 12:01 am

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Ortigas Malls launches first Toy Club for Pinoy collectors

GREENHILLS Mall is known as a favorite destination of serious toy collectors and enthusiasts. To keep hobbyists and toy lovers engaged despite the pandemic, Ortigas Malls is launching the Toy Club: a way of keeping everyone updated on everything from the latest board games to collector’s items. Members of the Ortigas Malls Toy Club are entitled to a wide array of perks and privileges: coupons, discounts, and gifts with purchases from toy stores such as WRC Toys, Angelomarcus Toys, GH Minicon, Toyzone Xpress, Total Dibs Toys Trading, Whistle Toys Café, Kramer Toywarden, Fortress Toys & Hobbies, Bestoys, and R&G Enterprises. Club members will be the first to know about deals and get the first crack at the latest releases and promos. There will also be unboxing videos. Members will also get exclusive invites to toy events and activities, whether online or on-ground. To join the Ortigas Malls Toy Club, download the Ortigas Malls mobile app (http://onelink.to/xx58zg) on the Google Playstore or the Apple App Store. This will let one sign up and create their own digital ID, which they can use to enjoy all the perks of a club member. Registration is free and comes with exclusive sign-up privileges.

Lazada director to give e-commerce tips in online webinar

LAZADA Category Director for General Merchandise Mariel Caraig will headline a webinar entitled “The New Normal in Buying Behavior: Offline to Online,” which delves into the latest developments in the e-commerce scene and the impact of the pandemic on the industry, on July 2. Ms. Caraig will explain how the global epidemic shifted the attention of both buyers and consumers into alternative digital platforms and how this change challenged traditional marketing techniques. She plans to reveal explorable key product and e-commerce trends, new online business strategies that will be helpful for entrepreneurs for the years to come. Hosted by the Environment Studies Cluster of DLS-CSB, the webinar will be conducted via Zoom on Friday, July 2, from 1 to 2 p.m. Interested participants may register through this link: https://docs.google.com/forms/d/e/1FAIpQLSc_y7ZGPIZGYMLCqJisvrYohQY8p_5nWHJeXCdIQi1FbZRTYA/viewform. For more details, e-mail melissa.matugas@benilde.edu.ph.

Sarangani video bags NY film fest award

A TWO-MINUTE tourism video featuring snippets of Sarangani province’s top tourist attractions, Sarangani: Nature, Adventure, Culture, was conferred the Gold Excellence Award at the 11^th International Film Festival in Manhattan (IFFM) spring edition in May. The video, which was directed by Sarangani Provincial Tourism Council chairperson Michelle Lopez-Solon, was submitted under the corporate category, and was among 15 Philippine entries that made the cut in the nine-country competition. The video features snippets of the experiences people can enjoy in the province, such as its vibrant beach festivals and parties, water sports, white water rafting, scuba diving, paragliding, sightseeing, and cultural immersions. Released in 2019, the video, which used footage from local videographers, was edited by Champ Biala and produced by Rain Ramas. Previous IFFM editions showcased selected videos and films in Manhattan, but the annual competition shifted online this year due to the coronavirus disease 2019 (COVID-19) pandemic.

Spotify launches Pride initiative

AUDIO streaming platform Spotify has unveiled its latest Pride initiative — Claim your Space. It includes the launch of Spotify’s Pride Hub, an all year long dedicated hub that features and promotes LGBTQIA+ artists, podcasters, and themed playlists from around the world. These LGBTQIA+ creators, cultural figures, and activists continue to blaze the trail for a more vibrant and inclusive society by inspiring the community and showcasing who they authentically are on the Spotify platform. In the Philippines, listeners can search for “Pride” on Spotify to discover tunes and talk from artists like Paul Pablo and podcasters like AC Soriano. “Bahaghari” is the Philippine’s dedicated Pride playlist in the Hub, featuring top tracks from international and local LGBTQIA+ artists and allies that are popular among Filipinos, including tunes like “Bangin,” “R.Y.F.,” “Fix Me,” and “This Love Isn’t Crazy.” Local Pride-inspired podcasts like Gabi ng Bading, Huwag ‘tong Makakalabas, and Becky Nights are also available on Pride Hub. Throughout the month of June, the Pride Hub offers exclusive Spotify video content from global artists including Kehlani, Hayley Kiyoko, Hope Tala, Claud, Urias, ILOVEMAKONNEN, Princess Nokia, Leland, and Kaydence.

Watch Asian dramas on Viu via PLDT Home

PLDT HOME has partnered with Viu, a pan-regional OTT video streaming service, to give more Filipino families access to a wide catalog of Asian dramas. PLDT Home subscribers can now enjoy a Viu Premium subscription for a discounted rate of P80/month that comes with free Viu Premium access for one month for uninterrupted viewing with zero ads, unlimited downloads, and first access to the latest Viu shows. The Asian dramas on Viu include: The Penthouse Season 3, Doom at Your Service, the hospital drama Youth of May, Hwarang: The Poet Warrior Youth, A World of Married Couple, and the satire Sky Castle. Download the Viu app on the App Store, Google Play, and selected Smart TVs, as well as on the web at www.viu.com to access Korean and other Asian shows.

Paolo Sandejas drops first Tagalog song, music video

AFTER the success of his recent collaboration with Joey Tha Boy on the song “Feel Alive,” Paolo Sandejas comes out of his comfort zone in his second single for 2021, “Misteryo” under Universal Records. “It’s always been a goal of mine to release a song in Filipino,” Mr. Sadejas said of the song. Originally penned in English and titled “Enigma,” the song talks about losing touch of someone. Produced by Eunice Jorge of Gracenote and co-written by Darwin Hernandez (composer of Moonstar88’s “Torete”), “Misteryo” leans towards alternative rock. “Misteryo” is available to stream on Spotify and Apple Music.

Doja Cat releases new album

AMERICAN rapper and singer Doja Cat (real name: Amala Ratna Zandile Dlamini) has released a new album, Planet Her, via Kemosabe/RCA Records/Sony Music. Alongside the album release is the release of the music video for “You Right,” a collaboration with multi-platinum R&B singer The Weeknd. The video was shot earlier this month and directed by Quentin Deronzier. To buy, stream, and watch “You Right,” visit https://smarturl.it/xYouRight. Planet Her is available at https://smarturl.it/xPlanetHer.

Netflix confirms cast of Seoul Vibe

NETFLIX confirmed the production of Seoul Vibe, an action film starring Yoo Ah-in, Ko Kyoung-pyo, Lee Kyoo-hyung, Park Ju-hyun, Ong Seong-wu, Kim Sung-kyun, Jung Woong-in, and Moon So-ri. Seoul Vibe follows the drivers of the Sanggye-dong Supreme Team who become mired in the slush fund investigation of a powerful person on the day of the 1988 Seoul Olympics opening ceremony. With all eyes of the world on Seoul Olympics, the chaos in the city provides opportune timing for moving illegal funds. The special operation to chase the money reels in baby drivers with amazing drifting skills. Directed by Moon Hyun-sung, the film features the sounds of old-school hip hop. Seoul Vibe will be released soon worldwide on Netflix.

Universal Pictures releases trailer for Sing 2

SING 2 is the new chapter in Illumination’s animated franchise, featuring the ever-optimistic koala, Buster Moon, and his all-star cast of performers as they prepare to launch their most dazzling stage show. There’s just one hitch: They first must persuade the world’s most reclusive rock star — played by global music icon Bono, in his animated film debut — to join them. Sing 2 is written and directed by returning filmmaker Garth Jennings and features additional characters voiced by music superstar Pharrell Williams, Black Panther’s Letitia Wright, and comedians Eric Andre and Chelsea Peretti. Sing 2 will open soon in Philippine cinemas. Watch the Sing 2 trailer on the YouTube channel of Universal Pictures (Ph).

SB19 and Ben&Ben release their version of ‘MAPA’

SB19 and Ben&Ben joined forces to record a new version of the former’s smash single “MAPA” under Sony Music. In a year marked by self-imposed isolation and forced withdrawal from the outside world, the inspirational ballad brims with positive light as it honors every loving and hardworking parent out there. Packed with jazzy, orchestral details, inviting harmonies, and expansive arrangements, the new version of “MAPA” frames its paean of parental love with commitment to emotional sincerity and nuanced storytelling. SB19 gave Ben&Ben permission to rearrange the material. SB19 and Ben&Ben recently shot a performance video of the song at the historic Manila Metropolitan Theater. The performance video is now out on SB19’s Official YouTube account. SB19 and Ben&Ben’s “MAPA” is out now on all digital music platforms worldwide via Sony Music.

W City Center secures LEED Gold certification

June 29, 2021 | 12:01 am

W CITY CENTER recently received the Leadership in Energy and Environmental Design (LEED) Gold certification from the Green Business Certification, Inc. (GBCI), the world’s leading sustainability and health certification body.

Developed by the W Group, Inc., the W City Center is a 29-storey building located at 7^thAvenue corner 30^th Street and Lane Q in Bonifacio Global City.

“Buildings that achieve LEED certification are lowering carbon emissions, reducing operating costs, conserving resources, and prioritizing sustainable practices and human health. We applaud W Group’s phenomenal leadership here — projects like W City Center are leading the way toward a future where healthy people in healthy places will equal a healthy economy,” Gopalakrishnan Padmanabhan, GBCI managing director for Southeast Asia and the Middle East, said in a statement.

W City Center is also the second building in the W Group’s portfolio to get a LEED certification after Citi Plaza.

AllHome to prioritize digitalization to reach customers

June 29, 2021 | 12:01 am

AllHome Corp. on Monday said that it would continue prioritizing its online presence in an effort to improve its omnichannel approach in reaching its customers.

“The pandemic presented many opportunities for improvement, and AllHome’s digital expansion ranks very high in our 2021 business priorities. We are optimistic that on-demand delivery and online shopping will continue to increase and augment in-store sales,” AllHome Chairman Manuel B. Villar, Jr. said in a statement.

AllHome has four online channels, namely: its website, a personal shopper service, and two Viber communities — Shop Online at AllHome and AllHome Builders Centre Shopping Community.

The company’s website shifting to a progressive web application interface in the second quarter this year will make it easier for customers to use the website on either desktop or mobile, AllHome said.

Its efforts on digitalization also pave the way for new services in its brick-and-mortar stores.

“Pursuing inroads in e-commerce and building on our multi-channel capabilities is central to AllHome’s growth strategy,” said Benjamarie Therese N. Serrano, president and chief executive officer of AllHome.

The company now offers a virtual walkthrough of stores to help customers pick items.

It also introduced “click-and-collect” counters where customers can pick up orders placed online or through its personal shopper service, Shop4U.

The company also has “a tangible QR Code push by frontliners to walk-in customers” and has introduced self-service check-out kiosks.

Meanwhile, its “park-and-shop” concept allows customers to easily access the store without having to go through malls. AllHome shops have their own entry and exit points.

“We continue to explore the new normal by finding ways to let our customers shop safely in-store, or in the comforts of their own homes via our online channels,” AllHome Vice Chairman Camille A. Villar said.

AllHome stocks at the local bourse went up by 0.25% or two centavos on Monday, closing at eight pesos each. — Keren Concepcion G. Valmonte

LANDBANK looking to sell soured loans, assets via FIST Law

June 29, 2021 | 12:01 am

STATE-RUN Land Bank of the Philippines (LANDBANK) may sell its bad assets through the provisions of the Financial Institutions Strategic Transfer (FIST) Law as it seeks to improve its asset quality and boost lending to sectors affected by the pandemic.

“LANDBANK is considering selling nonperforming assets (NPAs) through FIST corporations to avail of the benefits such as tax exemptions and other privileges afforded by the law,” the bank said in an e-mail to BusinessWorld.

“Ultimately, the disposal of nonperforming assets via FIST will expectedly improve LANDBANK’s asset quality, thereby putting the bank in a better position to carry out its expanded role as a partner in the National Government’s efforts to rebuild the economy,” LANDBANK added.

Republic Act 11523 signed in February allows financial institutions to sell their nonperforming assets to FIST corporations, which will be given tax perks for the transactions performed to complete the process.

Under the law, assets that will be recognized as nonperforming until end-2022 will be qualified to be offloaded to FIST corporations.

The government hopes that through the law, lenders would be less cautious about granting new loans as they can improve their balance sheets, which have been affected by the coronavirus pandemic’s economic impact.

LANDBANK said they have started identifying eligible NPAs under the law. It said it will ensure the concerned borrowers of the loan they will sell to FIST corporations will be notified or given the chance to restructure their debt.

“As the pandemic adversely affected most, if not all, sectors of society, LANDBANK will most likely prepare a balanced nonperforming loan portfolio mix composed of large corporates and MSMEs (micro-, small- and medium-sized enterprises) for disposal,” it said.

The state-run lender said the benefits of the FIST Law will enable them to lend more to sectors in need of financing.

“LANDBANK’s main thrust is to intensify financial and technical support to its mandated sectors, and further pursue an agri-value chain approach to promote financial inclusiveness,” it said.

The bank said it will also prioritize extending credit to local government units and small businesses to help them rebound from the impact of the pandemic.

However, even as it seeks to boost lending to these sectors, LANDBANK said it will remain “prudent” as risks to the outlook linger.

“As banks continue to face an uncertain credit outlook, LANDBANK will adopt a more prudent stance in lending while striking a balance in pursuing loan growth. We will also ensure that all actions are proactive, timely, reasonable, and consistent with safe and sound lending practices to avoid an escalation in nonperforming loans,” the state-run lender said.

LANDBANK’s net income inched up by 1.67% to P5.48 billion in the first quarter. Its assets rose by 16.13%. — Luz Wendy T. Noble

How PSEi member stocks performed — June 28, 2021

June 29, 2021 | 12:00 am

Here’s a quick glance at how PSEi stocks fared on Monday, June 28, 2021.

Philippine mobile data and voice packages among the cheapest in the world

June 29, 2021 | 12:00 am

Index declines on window dressing, virus fears

June 28, 2021 | 9:00 pm

PSE-3-011021 — COURTESY OF PHILIPPINE STOCK EXCHANGE, INC.

THE Philippine Stock Exchange index (PSEi) started the week in the red as investors rebalanced their portfolios ahead of the month’s close and as the market was concerned over a new coronavirus disease 2019 (COVID-19) variant.

The 30-member PSEi declined by 12.55 points or 0.18% to close at 6,937.96 on Monday. Meanwhile, the broader all shares index gained 15.03 points or 0.35% to 4,244.61.

“Philippine shares traded sideways as investors prepare for window dressing by rebalancing portfolios ahead of the close of the semester,” Regina Capital Development Corp. Head of Sales Luis A. Limlingan said in a Viber message.

“Moreover, many are turning their attention to the release of ISM manufacturing data, unemployment rate, and trade balance among others,” he added.

Meanwhile, Philstocks Financial, Inc. Senior Research Analyst Japhet Louis O. Tantiangco said investors went profit taking on Monday following the market’s climb last week, but trading volume remained weak.

Value turnover decreased to P5.35 billion on Monday with 1.59 shares switching hands, from the P6.55 billion with 2.54 billion issues traded on Friday.

“Market sentiment was also weighed by renewed COVID-19 concerns amid the risks brought by the Delta variant,” Mr. Tantiangco said in a Viber message.

The Delta variant, which was first detected in India, is said to be a more transmissible form of COVID-19 by 50% to 60%.

The country has so far reported 17 cases of the Delta variant, which includes one death. The Health department said the infections were detected from incoming international travelers and there have been no reports of community transmission yet.

Sectoral indices were split on Monday. Mining and oil climbed by 128.55 points or 1.37% to 9,450.94; industrials improved by 95.11 points or 0.99% to 9,637.51; and holding firms went up by 12.08 points or 0.17% to close at 6,943.37.

Meanwhile, financials shed 11.26 points or 0.75% to end at 1,489.11; services lost 6.10 points or 0.38% to close at 1,577.45; and property went down by 11.50 points or 0.33% to 3,404.11.

Decliners outperformed advancers, 107 versus 96, while 43 names remained unchanged.

Foreigners turned buyers with P336.82 million in net purchases, a reversal of the P228.39 million in net outflows logged on Friday.

Philstocks Financial’s Mr. Tantiangco said investors are expected to remain cautious on Tuesday as they wait for the government’s announcement on new quarantine classifications.

Metro Manila and Bulacan were placed under general community quarantine (GCQ) “with some restrictions,” while Rizal, Laguna, and Cavite are under GCQ “with heightened restrictions” until June 30.

“Investors may weigh the improving COVID-19 situation in the NCR which is the top contributing region of our economy, against worries over the Delta variant. The local bourse may also take cues from Wall Street’s performance tonight,” Mr. Tantiangco said. — Keren Concepcion G. Valmonte

Peso weakens vs dollar as FATF adds the Philippines to ‘gray list’

June 28, 2021 | 9:00 pm

THE PESO weakened versus the greenback on Monday as the Philippines was included in the list of countries that will be subjected to increased monitoring to prove its progress against money laundering and terrorist financing.

The local unit ended trading at P48.645 per dollar on Monday, shedding 16.4 centavos from its P48.481 close on Friday, based on data from the Bankers Association of the Philippines.

The peso opened Monday’s session at P48.50 versus the dollar, which was also its intraday best. Meanwhile, its weakest showing was at P48.685 against the greenback.

Dollars exchanged increased to $999.3 million on Monday from $985.2 million on Friday.

The peso depreciated after the Financial Action Task Force (FATF) announced that the Philippines will be under increased monitoring to prove its effective implementation of anti-money laundering (AML) and counter-terrorism (CTF) financing measures, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a text message.

The Philippines, together with South Sudan, Haiti, and Malta were added to the FATF’s “gray list” and will be required to submit progress reports every year to prove their progress in implementing AML/CTF measures.

Anti-Money Laundering Council (AMLC) Executive Director said the country will submit its first progress report on September. Gray-listed countries are expected to file their reports to the FATF every January, May, and September.

Meanwhile, a trader attributed the peso’s weakness to faster inflation in the United States.

The US Commerce department reported on Friday that the core personal consumption expenditures price index rose 3.4% in May, the fastest since the early 1990s. The index is a key inflation indicator used by the US Federal Reserve when setting monetary policy.

For Tuesday, both Mr. Ricafort and the trader gave a forecast range of P48.50 to P48.70 per dollar. — LWTN

PHL solar, wind investments projected at $11.9 billion by 2030

June 28, 2021 | 8:02 pm

By Angelica Y. Yang, Reporter

THE PHILIPPINES will attract an estimated $11.9 billion worth of wind and solar power investment by 2030, with renewables financing expected to double in the Asia Pacific this decade, an energy research and consultancy firm said.

“For the Philippines, wind and solar will attract $11.9 billion for 2021 to 2030. So that’s around 1% of APAC total wind and solar investments. Southeast Asia (SEA) contributes to around 6% for reference,” Wood Mackenzie Senior Analyst Rishab Shrestha told BusinessWorld in an e-mail.

He expects the region’s solar capacity to ramp up by 2030.

“Southeast Asia is one of the hottest solar market regions in the world, with installed capacity more than doubling every year since 2018. There will be a momentary slowdown with subsidies pulled back, but the region will add over 100 GW of solar in the next 10 years,” Mr. Shrestha said separately in a statement on June 22.

Wood Mackenzie’s Research Director Alex Whitworth said that power investment in the Asia Pacific region is projected at $2.4 trillion in the current decade, with renewables accounting for $1.3 trillion.

He added that Wood Mackenzie expects coal to account for 30% of fossil fuel investment in the decade, declining due to the emergence of gas.

“Fossil fuel power investments are expected to decline by around 25% to $54 billion a year,” Mr. Whitworth said.

Meanwhile, fossil fuel investment in the Philippines is projected at $6.1 billion for the remainder of the decade, averaging 31% of power investment each year, according to Mr. Shrestha.

Along with the growth of renewables investment, carbon emissions from the APAC’s power sector will peak at 7.3 billion tons (BT) in 2025, or 1.8 tons per person, which is less than half the level of most developed countries, based on Wood Mackenzie estimates.

“Although we expect a 47% drop in carbon emissions from the power sector from its peak of 7.3 BT in 2025, inertia in the coal power fleet will prevent Asia Pacific from reaching carbon-free power by 2050,” Mr. Whitworth noted.

“Adapting new emission-reduction technologies such as carbon capture and storage and green fuels (hydrogen, ammonia, biomass, etc.) into coal and gas generation will be key in reducing power sector emissions,” he added.

Next BSP rate hike seen in late 2022 — Fitch

June 28, 2021 | 8:01 pm

THE CENTRAL BANK is expected to keep the policy rates at record lows before tightening by the second half of 2022, when risks to economic recovery are likely to have significantly subsided and credit activity picks up, Fitch Solutions Country Risk & Industry Research said.

“We at Fitch Solutions believe the BSP will only begin to hike once the Philippine economy is on a sustained economic recovery and domestic demand-side price pressures become stronger, which we expect in second half of 2022. Accordingly, we forecast 50 basis points of key policy rate hikes by end-2022,” it said in a note Monday.

The Monetary Board on Thursday maintained the key policy rate at 2% in order to continue providing support to an economy that has seen early signs of improvement but with growth momentum still clouded by uncertainty due to the persistence of high daily infection levels. Lending and deposit rates were also kept at 2.5% and 1.5%, respectively.

Central bank officials have said they will maintain an accommodative policy stance “for as long as necessary” to support economic recovery. They have, however, assured that the BSP will be gauge the need for policy adjustments when risks to inflation and the growth outlook emerge.

BSP Governor Benjamin E. Diokno has said that monetary authorities will only consider policy adjustments when the economy shows more signs of sustainable growth, which he expects to happen by the second half of 2022.

The government expects 6-7% economic growth this year following the record 9.6% contraction in 2020. The economy remained in recession for a fifth straight quarter with gross domestic product declining by 4.2% in the three months to March.

Fitch Solutions said it expects inflation to ease in the next quarter as a result of the measures taken to respond to the shortage of pork, which was the trigger for higher inflation in recent months.

In May, the government temporarily lowered tariffs for pork imports and raised the minimum access volume for the commodity for a year.

“Food price inflation will prove temporary as the effects of the African Swine Fever (ASF) outbreak on pork prices recedes over the coming quarters. We believe domestic demand-side price pressures will remain subdued in 2021 before rising through 2022 as the Philippine economy undertakes a more sustained recovery,” it said.

Inflation stood at 4.5% for a third straight month in May, falling from 4.7% in February but still above the 2-4% target range set by the central bank. The BSP on Thursday raised its inflation forecast for the year to 4% from 3.9% previously, factoring in the continued recovery in global oil prices and the more favorable global growth outlook.

Fitch Solutions also believes muted credit activity will also strengthen the case for the BSP to keep interest rates at record lows.

“We expect that the BSP will refrain from tightening monetary policy until loan growth returns to trend and we cannot rule out further cuts to the reserve requirement rate to bolster credit supply as economic growth accelerates in 2022,” it said.

Lending by big banks dropped 5% in April, marking the fifth straight month of declining credit activity. Loan demand remained subdued as borrowers shy away from tapping financing amid muted economic activity and expansion plans shelved. Lenders have also imposed stricter loan standards to protect against bad loans. The non-performing loan ratio was at 4.21% at the end of April. — Luz Wendy T. Noble

Creative industries touted as post-pandemic growth driver

June 28, 2021 | 8:01 pm

CREATIVE INDUSTRIES, which accounted for 4.8 million jobs before the pandemic, are expected to help drive the Philippines’ economic growth in the post-pandemic era, the Trade department said Monday.

“Overall, the country is in a strong position in terms of our creative industries as evidenced by our performance in the 2020 Global Innovation Index (or GII). The Philippines ranked 57th in creative outputs and we are at a competitive position in terms of our creative good exports at 10th place,” Trade Secretary Ramon M. Lopez said at the Creative Futures 2021 online forum.

“That’s why we believe that our creative industries can help drive our country’s economic growth in the post-pandemic future,” he added.

He also noted that the creative sector can “very well be the next service industry-winner,” next to the business process outsourcing.

Before the pandemic hit in 2020, the creative industries provided 4.8 million jobs, equivalent to more than 11% of total employment as of 2019, Mr. Lopez said.

“In that same year, total creative exports amounted to $6.8 billion or 6% of total exports, while industry investments amounted to P281 million of total approved investment from investment promotions agencies,” he added.

“We’d like to point out that in 2018, we were ranked first in ASEAN for creative services exports and fifth in total creative exports. Within that same year, our total creative exports amounted to $4.1 billion in the Asia-Pacific region.”

Also Monday, Mr. Lopez said at the APEC Global MSME Forum 2021 that the Asia-Pacific Economic Cooperation (APEC) should tap the potential in micro, small and medium enterprises (MSMEs), which he said account for only 35% or less of the region’s direct exports.

“They contribute significantly to economic growth, with their share of GDP (gross domestic product) ranging from 40% to 60% in most APEC economies,” Mr. Lopez said at the forum.

He said APEC economies should “encourage” MSME development “to build their capacity to engage in international trade, whether as direct exporters or as part of regional and global value chains.”

“While MSMEs have been a core agenda (item) of APEC, the unparalleled effects on businesses of the COVID-19 crisis calls for stronger measures among APEC economies to support, strengthen and foster an enabling environment for MSMEs. Through the appropriate policies and measures, we need to assist them amidst the pandemic and beyond,” Mr. Lopez said. — Arjay L. Balinbin