The significance of remittances in growing the Philippine economy will wane as the years go by, with the slowdown in money transfers already evident last year. “Remittance growth has been remarkably resilient over the years, shrugging off both financial crises and economic slowdowns alike… until 2015,” the think tank HSBC Global said in the report “How resilient: Remittances to remain a driver of Philippine growth.”
Despite its optimism on the local economy’s dynamics, the International Monetary Fund (IMF) has revised downward its Philippine growth outlook for this year, as the region’s sluggish performance and the global economy continued to drag the country’s potential growth going forward. In an e-mail to reporters following the release of the World Economic Outlook (WEO) from the IMF in Washington, IMF Resident Representative to the Philippines Shanaka Jayanath Peiris said the international financial authority has revised its Philippine growth forecast for 2016 marginally downward, from 6.3 percent to 6.2 percent, to reflect the “challenging external environment.”
State-owned shipbuilder PT PAL Indonesia launched two warships on Monday, one of which will be the first naval vessel exported by the domestic ship-building industry. The two ships launched in Tanjung Perak Port in Surabaya, East Java, were Missile Destroyer (PKR)-1 and Strategic Sealift Vessel (SSV)-1. PT PAL president director M. Firmansyah said the PKR-1 was ordered by Indonesia’s Defense Ministry while the SSV-1 was ordered by the Philippines’ Defense Ministry. The firm secured the order worth US$90 million from the Philippines’ government for the construction of two SSVs after winning an international tender process.
Kristine Tolentino has nine years of experience in financial analysis and data analytics with specialization in real estate finance and investment. She joined TFA in 2013 and performs investment advisory, deal structuring, financial modeling, research and valuation. She built up her corporate real estate experience working in CB Richard Ellis and in McKinsey & Co.’s Global Procurement and Real Estate Group. She attended Ateneo de Manila University for college and the Asian Institute of Management for MBA. She is a certified real estate broker and is currently working to obtain a law degree.
Jenny Tan is a licensed real estate broker and a successful businesswoman in the manufacturing and advertising sectors. Her network of local businessmen, bankers, lawyers, property owners, developers, government officials, and brokers is unparalleled.
MANILA, Philippines – Philippine exports are expected to rebound this year on the back of strong global prospects, a Department of Trade and Industry (DTI) official said. DTI director for export marketing bureau Senen Perlada said the country’s total exports last year, merchandise and services combined, would likely finish lower than the $87 billion in 2014. Total exports in 2014 reached $86.9 billion, with goods accounting for 71 percent or $62.1 billion while services made up 21 percent at $24.8 billion. The government was expecting exports to reach over $90 billion last year but growth was slowed down by the weakness in the global economy.
MANILA, Philippines – Financial markets in major Asian economies are closely tied and move in tandem with those in China, explaining the latest bout of volatility sweeping the region, the chief economist of the Department of Finance said. “The close linkages between Asian countries is evident in the high correlation between their financial market indices,” Finance Undersecretary Gil Beltran said in an economic bulletin last Monday. According to Beltran’s research, stock markets in nine Asian economies showed a 0.91 correlation to the Shanghai Composite Index. A positive correlation suggests that bourses move in tandem such as when one rises, the rest also rise, and vice-versa. A correlation of one is considered strong, while zero means no relationship.
POPULATION GROWTH, including continued local migration to one of Mindanao’s economic and education hubs, is expected to keep Davao City’s real estate sector robust at least in the next three years. But with no public transportation options definitely planned, it could also mean the same traffic woes that plague the country’s other main urban areas. “The real estate industry in Davao City has boomed in the last six years. And the trend is still upwards,” said Lea C. Walker, a licensed broker who owns and manages Allea Real Estate based in the city. This city classified as highly urbanized has a population of 1,449,296, according to a 2010 census by the Philippine Statistics Authority which also noted an average growth rate of 2.36% from 2000.
INDUSTRY players in business process outsourcing (BPO) in Davao Region have expressed confidence to meet the $25 Billion total revenue target by the end of 2016. Samuel Matunog, president of the Information and Communications Technology (ICT) Davao, Inc. and vice-president of the National ICT Confederation of the Philippines, told Sun.Star Davao on Tuesday’s interview that the target is reasonable enough. “In Davao City alone, our industry partners reported that in 2015 our full-time equivalent (FTEs) number is over 33,000 both from the formal and informal sector, a strong indicator that demand in BPO is growing every year. We have 20,000 graduating students in Davao every year, and 55,000 in our catchment areas covering Davao Region, Soccsksargen, and parts of Northern Mindanao, Caraga and Autonomous Region of Muslim Mindanao,” Matunog said.
Ayala Land Inc. (ALI) and the LT Group Inc. (LTG) are developing an integrated mixed-use township along the C-5 corridor. The development encompasses a 35-hectare property spanning portions of Pasig City and Quezon City. In separate disclosures to the Securities and Exchange Commission and the Philippine Stock Exchange released on Friday, both companies noted the project will offer a wide range of property investment as well as new economic opportunities. Ayala Land and the LT Group have forged a partnership for the project. Fernando Zobel de Ayala, chairman of ALI, and Lucio Tan, chairman of the LT Group led the contract signing for the partnership.