GOVT READIES P2 BILLION FOR LENDING TO MSMES AFFECTED BY ‘KRISTINE’

The Small Business (SB) Corp. has available funds worth P2 billion that could be made available as loans for micro, small, and medium enterprises (MSMEs) affected by Severe Tropical Storm Kristine (international name Trami).

In a Palace briefing on Oct. 25, Department of Trade and Industry Acting Secretary Ma. Cristina Roque said MSMEs can avail of up to P300,00 worth of loans from SB Corp.

“We have now P2 billion fund for the enterprise rehabilitation financing. So, they can email SB Corporation through their email address and avail of the loan,” she said.

SB Corp. can be reached through their website sbcorp.gov.ph, or through their e-mail address sbcorporation@sbcorp.gov.ph.

The trade chief said the loan program to help MSMEs recover from damage caused by natural disasters has a zero-interest rate in the first year and only a 1% per month in the following years of repayment.

JAN-SEPT BUDGET DEFICIT DECREASED

The national government’s budget deficit narrowed during the January-September period this year, according to data from the Bureau of the Treasury (BTr) on Oct. 24,

The BTr said the budget deficit during the said period decreased by 1.35% to P970.2 billion from the P983.5 billion recorded logged in January to September last year.

The government usually incurs a budget deficit when its spending exceeds revenues.

“The total deficit for the first three quarters was 9.08% short of the P1.1 trillion program for the nine-month period and is at 65.36% percent of the P1.5 trillion revised full-year program,” the BTr said.

WORLD BANK BACKS PH AGRI SECTOR DEVELOPMENT

The World Bank group has committed to boost the Philippine agriculture sector and human capital development, according to Finance Secretary Ralph Recto.

The Department of Finance (DOF) said on Oct. 24 the World Bank made the commitment during a high-level dialogue with top officials of the World Bank Group (WBG) in Washington DC on Oct. 24.

The meeting took place on the sidelines of the WB – International Monetary Fund Annual Meetings held in same venue from Oct. 22 to 25.

During the meeting led by Regional Vice President for East Asia and the Pacific Manuela Ferro, it was stated that the World Bank group will continue supporting projects that aim to increase Filipino farmers’ productivity and income, and modernize the country’s agriculture sector to make it more commercially viable and export-oriented.

PH-EU FREE TRADE DEAL TO UNLOCK $8.3 BILLION IN EXPORTS

The Philippines has untapped export opportunities in the European Union (EU) estimated at $8.3 billion that can be realized by the Philippines-EU Free Trade Agreement (PH-EU FTA), according to the Department of Trade and Industry (DTI) on Oct. 23.

“[T]here’s still a lot of untapped export potential in the EU market based on the study. It’s $8.3 billion, and definitely on other areas like services and investments, we can explore more,” DTI Undersecretary for International Trade Group Allan Gepty said.

He said the resumption of formal FTA talks with EU is “very positive and constructive”, with the two parties making a “good progress in the first round of negotiation.” Also, the first round of formal talks focused on the elements, chapters and the text of the free trade deal.

Gepty said the next round of discussions will be in February 2025 in the country, followed by the third round in June, and the fourth round in October next year.

PEZA PROJECT APPROVALS RISE TO P124 BILLION

The Philippine Economic Zone Authority (PEZA) has approved a total of P123.76 billion worth of projects for the January-October period this year, the agency said on Oct. 23.

“We are more than halfway to our target, thanks to the continued trust of investors in the Philippines. Through upcoming investment missions, we aim to exceed our target and further boost the country’s export performance and competitiveness under the President’s vision of Bagong Pilipinas,” PEZA Director General Tereso Panga said.

Despite the lower investment commitments, down by 6% from the P131.76 billion in the same period in 2023, the number of projects approved by the PEZA Board in the first 10 months in 2024 went up to 198 from 169 last year.

These projects are expected to Philippine exports annually by $3.08 billion and generate 40,733 jobs.

Job creation in PEZA ecozones this year increased by 43% from the 28,521 jobs generated in the same period last year.

MAYA AND LANDERS TO INTRODUCE CO-BRANDED CREDIT CARD

Digital bank Maya and Landers Superstore have partnered to introduce a high-technology co-branded credit card.

Maya said on Oct. 22 that the Landers Cashback Everywhere Credit Card allows cardholders to earn a cashback of up to 5% at Landers, 2% percent on dining, and 1% on other purchases.

Future cardholders can also track their cashback earnings and redeem vouchers through the Maya app and can earn up to P200,000 cashback annually, redeemable at Landers.

“Filipinos are ready for a credit card that’s easy, rewarding, and hassle-free. We’re taking the credit card experience to the next level with high-tech features and cashback rewards,” Maya Group president and Maya Bank co-founder Shailesh Baidwan.

BSP APPROVES $3.81 BILLION ON FOREIGN BORROWINGS

The Bangko Sentral ng Pilipinas’ (BSP) Monetary Board has approved $3.81 billion for the public sector to borrow from foreign sources in the third quarter of the year.

BSP data on Oct. 22 showed the public sector’s foreign borrowings from July to September this year increased by 36% from the $2.81 billion in the same period last year.

The borrowings include one bond issuance of $2.50 billion, two project loans worth $535.97 million, and one program loan amounting to $778.59 million.

“Under Section 20, Article VII of the 1987 Constitution of the Republic of the Philippines, prior approval of the Bangko Sentral ng Pilipinas, through its Monetary Board, is required for all foreign loans to be contracted or guaranteed by the Republic of the Philippines,” said the BSP.

MEGA TRANSPORT HUB TO RISE IN QUEZON CITY

A major transport hub that will rival the size of the Parañaque Integrated Terminal Exchange (PITX) will be built on a three-hectare property of the Government Service Insurance System (GSIS) in Quezon City.

The GSIS said on Oct. 21 that the transport hub dubbed as ‘Project Hub’ will be located at the corner of the Elliptical Road and Commonwealth Avenue, a very strategic location.

By 2027, the transport hub is expected to enhance access to the neighboring Philcoa Station of the Metro Rail Transit-7 (MRT-7) when it begins operating from the North Triangle Common Station in North Edsa to San Jose del Monte in Bulacan.
“The end view of the Project Hub is a world-class intermodal transport hub that is a well-organized, modern facility that streamlines the bus travel experience, focusing on efficiency, passenger comfort, and seamless connectivity with other transport modes including the MRT-7,” GSIS President and General Manager Wick Veloso said.

BSP INCOME IN JANUARY-JULY UP 400%

The Bangko Sentral ng Pilipinas (BSP) reported on Oct. 21 that its net income went up by more than 400 percent in the January-July period this year.

BSP preliminary data showed that its net income rose to P95.2 billion as of end-July, for an increase of 414% from the P18.5 billion in the same period last year.

Meanwhile, revenues increased by 57.1% to P190.6 billion from P121.3 billion. Interest income accounted for more than 50% of the BSP’s revenues during the period at P140.2 billion from P109.6 billion last year.

The BSP’s expenses was logged at P125.7 billion, lower than last year’s P137.1 billion.

(PHOTO FROM PNA)