VEHICLE SALES UP 11.8% IN FIRST SIX MONTHS

Vehicle sales in the country improved by 11.8% in the first six months of the current year, to 226,279 units from 202,415 units in the same period in last year, according to the two major vehicle organizations on July 12.

The joint report of the Chamber of Automotive Manufacturers of the Philippines, Inc. (CAMPI) and Truck Manufacturers Association (TMA) showed sales of passenger cars and commercial vehicles segments increased in January-June period.

Passenger car sales grew faster at 17.8% compared to the 9.8% of commercial vehicles.

However, commercial vehicles accounted for 75% of the total sales in the six-month period. This, as commercial vehicle sales in the said period jumped to 166,404 units from 151,567 units in the same period last year.

Meanwhile, passenger cars sales reached 59,875 units in the said period from 50,848 units.

However, monthly sales for vehicles slowed down by 2.9% in June from May 2024’s sales of 40,271 units.

“The decline in consumer demand, as well as delays in the arrival of vehicle units and supply limitation for fast-moving variants all contributed to this decline,” CAMPI president Rommel Gutierrez said in a statement.

BANGKO SENTRAL DENIES ENDORSEMENT OF CRYPTO TRADING

The Bangko Sentral ng Pilipinas (BSP) said it does not endorse the alleged cryptocurrency project “Tesler Code” or any other cryptocurrency investment.

This, as the BSP on July 12 reminded the public to be more vigilant against scams using artificial intelligence (AI) that create or manipulate fake videos and audio to make them appear more believable.

“Perpetrators of these fraudulent activities post AI-manipulated content on social media to spread false information about organizations, officials, and persons, including the central bank and its personnel,” the central bank said in an advisory.

It also warned that the act of misrepresenting the BSP or any of its officers or units is punishable under the law.

BOI-APPROVED INVESTMENTS NEARING P1 TRILLION

The amount of investments approved by the Board of Investments (BOI) is nearing the P1-trillion mark.

The agency said that approvals from January to June 2024 jumped 36 percent to P950 billion from P698 billion in the same period last year, and is targeting P1.3 trillion to P1.5 trillion worth of registered projects for this year.

This means that for the first half of the year alone, the BOI already hit 73% of its lower target or 63 percent of the target’s higher end.

The BOI said foreign sources registered P286 billion worth of projects with the investment promotion agency (IPA), accounting 30 percent of the total investment pledges.

Trade Secretary and BOI Chairman Alfredo Pascual expects the investment figure to continue growing for the rest of the year, banking on the investment pipeline from the Philippine government’s investment missions abroad.

“Our strategic initiatives are vital for ensuring that the Philippines attracts and retains global investments. We are committed to creating an enabling environment that supports business growth and development across various sectors,” he said.

DTI EYES PHILIPPINE STEEL INDUSTRY ROADMAP

Following President Ferdinand R. Marcos Jr.’s directive to update the Philippine Iron and Steel Roadmap,

The Department of Trade and Industry (DTI) has committed to craft a comprehensive and sustainable development blueprint for the country’s steel industry.

This follows the directive of President Ferdinand R. Marcos Jr.’s to update the Philippine Iron and Steel Roadmap.

In a Viber message to reporters on July 11, Trade Secretary Alfredo Pascual said the DTI will work with industry stakeholders to review and upgrade the iron and steel industry roadmap.

“Our goal is to develop a comprehensive and sustainable strategy that strengthens the domestic steel industry and enhances our trade balance,” Pascual said.

Particularly, the DTI chief said he aims to reduce the country’s reliance on imports.

“The steel industry is integral to our nation’s infrastructure development and economic growth, and we recognize its critical role in propelling the Philippines forward,” he added.

POWER FIRM ALLOTS P1B TO IMPROVE SERVICE IN BOHOL

MORE Electric and Power Corp., the electricity provider in Bohol, will invest around P1 billion in the next four years to improve power services in Bohol.

“For Bohol, that [investment] should be between… perhaps a billion would be more or less doable in the next four years,” MORE Power President and CEO Roel Castro said in an interview at the sidelines of the 16th Media Seminar organized by the US Embassy in the Philippines on July 10.

“It’s (Bohol) not also as big as Iloilo, and I was looking at the system and it is not  totally damaged, but it needs improvement definitely, so I’m looking at about a billion (pesos),” he said.

PH AND UNITED STATES NUCLEAR COOPERATION COMMENCES

The United States-Philippines Civil Nuclear Cooperation Agreement, or the 123 Agreement, has commenced starting July 2, the US government said on July 9.

Signed in November last year, the 123 Agreement will establish a legal framework that allows the export of nuclear fuel, reactors, equipment, and special nuclear material from the US to the Philippines.

“Energy security is an increasingly critical global challenge requiring deliberate collaborative efforts, and together, our two countries can make a significant contribution to our shared clean energy goals,” the US Department of State said.

Nuclear energy, it said, could help achieve these global climate change and energy security targets.

The US Department of State said the agreement is part of its efforts to develop the Philippines’ civil nuclear sector.

“Creating a safe, secure, and modern sector requires a skilled workforce, robust regulations, and strong commercial partnerships. Our government is committed to working with the Philippines to advance each of these areas and we look forward to further building our partnership together,” the US Department of State said.

EMPLOYMENT RATE IMPROVES IN MAY

The number of jobless Filipinos went down to 2.11 million in May this year from 2.17 million in the same month last year, according to the Philippine Statistics Authority (PSA) on July 8.

PSA data rshowed that the unemployment rate in May settled at 4.1%, down from 4.3% in the same month last year.

On the other hand, the Labor Force Participation Rate (LFPR) reached 64.8%, or about 50.97 million Filipinos aged 15 years and over who were in the labor force.

The country’s employment rate went up to 95.9% from May 2023’s 95.7%. In magnitude, the number of employed Filipinos increased to 48.87 million from 48.26 million in May last year.

The National Economic and Development Authority (NEDA) attributed the increase in employment to the expansion in the industry (+1.2 million jobs) and services (+982,000) sectors.

Particularly, the construction and manufacturing subsectors also grew significantly, adding 745,000 and 347,000 jobs, respectively, due to the implementation of several flagship programs and projects under the Marcos administration.

(PNA photo by Ben Briones)