OFW transfers rev up econ
In terms of country source, growth in cash remittances stemmed from the United States, Singapore, Saudi Arabia, Japan, and the United Kingdom
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Daily TribuneIn terms of country source, growth in cash remittances stemmed from the United States, Singapore, Saudi Arabia, Japan, and the United Kingdom
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Transfers from overseas Filipino workers were on a clear upswing since August when the Bangko Sentral ng Pilipinas recorded remittances growing by 4.3 percent from a year ago to $3.02 billion.
Year-to-date, OFW remittances increased by three percent year-on-year to $23.43 billion. In terms of country source, growth in cash remittances came from the United States, Singapore, Saudi Arabia, Japan, and the United Kingdom.
Balance of payments deficit had inflated for the ninth month in a row, at a $2.3 billion shortfall, the highest monthly deficit recorded for the year.
The BSP attributed this to its net foreign exchange operations and the government's repayment of externally-sourced debt obligations.
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Regina Capital Development Corp. said among the significant business developments last week were:
•Manila Water Company bares a five-year capital expenditure plan. MWC is targeting to spend P181 billion in CAPEX in the next five years. About P105 billion or 58 percent of the total will be set aside for water and wastewater projects, while the rest will be allotted for operating expenditures;
•Aboitiz Equity Venture's property unit reveals a P1.82 billion sales goal. Aboitiz Land said it expects to generate P1.82 billion in sales revenues from 171 units of its third residential development at Lipa, Batangas;
•First Gen updated details for its liquefied natural gas terminal, saying the project is on track for completion by the first quarter of 2023, with the possibility of making the first gas delivery after July;
•Globe Telecom scaled up 5G technology. The Ayala Corp.-led telco has added 252 5G-ready cell sites in Mindanao. With this, Globe's 5G network coverage now reaches 85.8 percent of key cities in Visayas and Mindanao and around 96.6 percent of 5G outdoor penetration in the National Capital Region;
•Megawide indicated that it expects factory capacity to triple for its pre-cast plant to around 40,000 cu/m/month in the next three to four years. Recently, the firm opened its pre-cast plant in Taytay, Rizal;
•Third telco DITO is open to settling through contractual obligation with PLDT. It maintained that PLDT reserves all of its legal options if DITO does not remedy its material breach by 4 November;
•Businessman Manuel V. Pangilinan said the deal between ABS CBN and TV5 is dead as PLDT no longer has the desire to revive the recently scrapped share acquisition deal with the Lopez broadcasting arm;
•Megawide has targeted P5.2 billion sales from condominium projects, indicating that it expects sales of about P5.2 billion in its third residential condominium development inside the Arcovia City in Pasig. Turnover is set for 2029;
•SM group plans to open seven new markets as the Sy family-led conglomerate said it plans to open seven more stores across Luzon before the year ends. It expects a boost in consumer spending amid the ongoing face-to-face classes and the upcoming holiday season; and Century Pacific Food Inc said it is now plastic-neutral after receiving a "Net Zero Plastic Waste" certification for the 2nd straight year across its brands Argentina, Birch Tree, Coco Mama, unMEAT, Hunt's, Swift, Century Quality Bangus, Angel Coffee Creamer, Wow, Home Pride, and Choco Hero.
