PH manufacturing posted high growth

PH manufacturing growth hit five-month high in April

By JON VIKTOR D. CABUENAS, 
GMA Integrated News
May 2, 2024 

The Philippine manufacturing sector posted its biggest growth in five months in April on the back of higher output and an increase in new orders, results of the latest survey conducted by S&P Global released on Thursday showed.

The headline S&P Global Philippines Manufacturing PMI stood at 52.2 in April, up from 50.9 in March. A reading above 50.0 indicates an expansion, while levels below the threshold indicate a contraction.

"Building on growth seen in the first quarter of the year, the Filipino manufacturing sector showcased further gains in April," S&P Global Market Intelligence economist Maryam Baluch said in an accompanying statement.

"A quicker rate of expansion was observed for new orders, which in turn triggered a renewed and solid rise in production. Additionally, business from overseas markets also expanded at a stronger rate," she added.

New orders posted the biggest growth since November 2022, while new export orders expanded for the third straight month and at the fastest pace in five months. New work also posted the biggest gain in four months.

The same report found that purchasing efforts at manufacturers saw the quickest upturn in nine months, due to "favourable" demand conditions and higher production requirements, with pre-production stocks accumulated the fastest in 12 months and post-production in 17 months.

Employment continued to grow, but eased slightly from the expansion in March as some firms struggled to complete work in hand, bringing the backlog depletion at the weakest level since August 2023.

Charges for the month were broadly unchanged from March, with input price inflation modest overall.

"Looking ahead, sentiment across the Philippines manufacturing sector was largely positive with nearly a quarter of surveyed businesses predicting growth in production. That said, the degree of confidence slipped to a four-year low," S&P Global said.

The same report found that purchasing efforts at manufacturers saw the quickest upturn in nine months, due to "favourable" demand conditions and higher production requirements, with pre-production stocks accumulated the fastest in 12 months and post-production in 17 months.

Employment continued to grow, but eased slightly from the expansion in March as some firms struggled to complete work in hand, bringing the backlog depletion at the weakest level since August 2023.

Charges for the month were broadly unchanged from March, with input price inflation modest overall.

"Looking ahead, sentiment across the Philippines manufacturing sector was largely positive with nearly a quarter of surveyed businesses predicting growth in production. That said, the degree of confidence slipped to a four-year low," S&P Global said.

Young Fil-Am actor wins top award at international filmfest

Fil-Am young actor’s film ‘Camera’ captures top award at int’l film festival

Story by Hans Carbonilla
Inquirer.net
01 May 2024

At the Julien Dubuque International Film Festival, Jay Silverman’s “Camera” quietly stole the spotlight, earning the Best Feature Film (Family category) award.

During the awards night, Silverman introduced the audience to his film’s star, Filipino American young actor Miguel Gabriel, declaring, “This is the star of my film, Miguel.”

In “Camera,” Gabriel shines as Oscar, a nine-year-old navigating life without the ability to speak. The film follows his journey alongside his mother, played by Jessica Parker Kennedy. He then meets a seasoned repairman portrayed by Beau Bridges and becomes his mentor, teaching him the art of photography and imparting invaluable life lessons along the way.

This marks a significant milestone for the Fil-Am actor as it was his first lead role in a feature film. Reflecting on the win at the film festival, Gabriel expressed that he was “shocked but with so much excitement and joy.”

“I felt proud and happy,” he continued. “I’m grateful to everyone who was involved in making this movie. Winning an award proves that all our hard work to make this film come to life on the big screen for everyone to enjoy has paid off. It warms my heart.”

When asked about the feeling of being brought on stage with Silverman to receive the award, he expressed, “It was amazing! It felt like I got the biggest lifetime achievement award.”

His portrayal of Oscar holds personal significance, drawing from his own experiences with speech impediments when he was younger.

“So I went to a speech therapist and she suggested theater for me because I was expressive through my face and body language,” he told Inquirer.net USA. “So when I did theater, it helped me get over it, and now I get to use that experience, those feelings I felt, and use it to be Oscar.”

The Julien Dubuque International Film Festival is an annual event held in the heart of Dubuque, Iowa, where films from around the world are screened during the five-day event.

After JDIFF, “Camera” prepares to embark on its journey to more esteemed film festivals such as the San Luis Obispo Film Festival, the Beverly Hills Film Festival and the prestigious Cannes Film Festival.

Recto estimates up to 6.3% GDP growth for Q1

Philippines on track for strong growth: Recto estimates 5.8-6.3% GDP growth for the first quarter

BILYONARYO.COM

May 1, 2024

The Philippine economy is estimated to have grown by 5.8 to 6.3 percent in the first quarter of the year, according to Department of Finance (DOF) Secretary Ralph Recto.

While the government’s official full-year target remains six to seven percent growth, Recto emphasized a realistic first quarter figure of at least 5.8 percent based on the DOF’s analysis.

“Anything higher than 5.5 percent is a win because last year we grew by 5.5 percent, So if we grow by 5.8 percent, that’s good enough. That should be one of the highest in the region, if not one of the highest in the world,” Recto told reporters.

“There’s also a chance that it could hit six percent. If we’re lucky, (even) 6.3 percent. That depend on inflation,” he added.

Philippines on Japan's Top 10 list to do business

PH remains in Japanese firms’ Top 10

Story by Alden M. Monzon
Inquirer.net
01 May 2024

The Philippines kept its 8th place ranking in a list of countries that, for Japanese firms, are most promising to do business in, remaining one of their favorites for the fifth straight year.

This is according to the latest report from the Japan Bank for International Cooperation (JBIC) posted late last month, a study which drew data and gathered responses from 534 Japanese firms from July 11 to Sept. 1, 2023.

The Philippines’ ranking was unchanged in the latest report, following its dip from seventh to the eighth place in 2022.

Also, India maintained the top position while Vietnam rose from fourth to second place.

China, which was previously in second place, fell to third place as the United States also dropped to fourth place from third.

Auto sector

At number five was Indonesia, up from the sixth spot, while Thailand went down to being sixth after previously being one rung higher.

The Philippines also was included in the Top 10 list when measured in terms of specific industries.

In particular, the Philippines was ranked eighth for the automobile industry, sixth in electrical equipment and electronics, and tenth in chemicals as well as in general machinery.

Japanese companies are among the top foreign investors in the Philippines.

According to records from the Philippine Economic Zone Authority (Peza), Japan is their top source of investments by country and accounts for about 27 percent of the total investments today in their economic hubs.

To date, there are around 884 Japanese enterprises located in the different special economic zones under the administration of the Peza. INQ

Philippines, biggest recipient of financial assistance from ADB

Philippines is top recipient of ADB aid in 2023

Louella Desiderio 
The Philippine Star 
April 30, 2024 

MANILA, Philippines — The Philippines was the biggest recipient of financial assistance from the Asian Development Bank (ADB) in 2023, securing around $8.4 billion.

The multilateral lender’s Annual Report for 2023 showed the Philippines received $4.51 billion worth of financial assistance from the ADB’s ordinary capital resources last year.

In addition, the Philippines received $3.86 billion worth of ADB co-financing with partners for projects and $7.2 million for technical assistance in 2023.

Of the loans received by the Philippines from the ADB last year, $1.01 billion was allocated for the Davao Public Transport Modernization Project, which is expected to serve as a pilot to modernize the country’s public road transport system.

The ADB also provided $650 million worth of loan for the Bataan-Cavite Interlink Bridge – Tranche 1.

Other projects in the Philippines that received loans from the ADB were the Competitive and Inclusive Agriculture Development Program-subprogram 2 ($500 million), Post-COVID-19 Business and Employment Recovery Program-subprogram 1 ($500 million), Build Universal Health Care Program-subprogram 2 ($463 million), Domestic Resource Mobilization Program-subprogram 1 ($400 million), Integrated Flood Resilience and Adaptation – phase 1 ($303.2 million), Inclusive Finance Development Program-subprogram 3 ($300 million) and Infrastructure Preparation and Innovation Facility ($200 million).

Other countries that were part of the biggest recipients of ADB financial assistance and co-financing with partners last year were Bangladesh ($6.58 billion), Indonesia ($5.35 billion) and India ($4.74 billion).

The ADB committed a total of $23.6 billion from its own resources last year to support Asia and the Pacific’s efforts to achieve sustainable development.

This amount included $9.8 billion allocated for climate action.

“ADB continued to step up as the climate bank for Asia and the Pacific, reaching our highest-ever annual financing for climate action,” ADB president Masatsugu Asakawa said.

“Our investments in adaptation and mitigation had a strong focus on climate-resilient agriculture, renewable energy and low-carbon transport,” he said.

Aside from providing financial assistance from its own resources, the ADB also mobilized $16.4 billion in co-financing through its strong partnerships last year.

PHL on radar for Taiwan startups

PHL on radar for Taiwan startups

BusinessWorld
April 29, 2024 

THE Philippines and other Southeast Asian markets are being targeted by startups from Taiwan for expansion, according to the head of Taiwan’s startup branding organization.

Amanda Liu, founder and managing director of Startup Island TAIWAN, said Taiwan startups are now looking for other markets apart from the US and China.

“There is a need to have a second market… And I think Southeast Asia is likely the most (viable) option for Taiwan startups,” Ms. Liu told reporters last week.

Asked what makes the Philippines attractive, she said: “I think one of the important points is that the Philippines has a very good English base.”

“So when they bring or introduce any applications to the Philippines, it’s very easy to implement these applications because there are no language barriers. With no language barriers, it will be easy to communicate with Filipinos,” she added.

Last week, Startup Island organized the Taiwan-Philippines Tech Summit, during which it brought 15 Taiwan startups to the Philippines.

“This is our first time to explore more cooperation here. We invited many mature Taiwanese startups to come here, like FUNNOW Group, and I think they are mature enough to develop their market and have a chance to merge or explore deeper cooperation with Philippine startups,” Ms. Liu said.

She said Taiwan startups are interested in consumer experience and digital transformation ventures, noting that digital transformation will play a huge part in any market, be it in agriculture or other industries.

“I think almost all industries need to do digital transformation, and although Taiwan has a technological advantage, they need to find partners to implement this kind of solution,” she said.

“One of the hot topics is artificial intelligence (AI). But we know that AI is just an application; AI needs to be implemented with others to make something better, smoother, or more efficient,” she added.

Asked for her views on growing the startup ecosystem in the Philippines, she said that partnering with other countries and more government support will play a big part.

“I think the Philippines is booming now; it is at the starting point. And that is why we are here; since you are at the starting point, you can leverage other countries’ ability to empower your startup ecosystem,” she said.

“And based on our experience in Taiwan, startups always need funding and educational support. There is a need to encourage people to do startups and emphasize an entrepreneur mindset,” she added. — Justine Irish D. Tabile

PH-US reach 'golden spot'

Philippines-United States economic ties enter ‘golden spot’

Philippine companies expand in US while American equity firms eye Filipino startups

Story by Iris Gonzales 

Philstar Global

29 April 2024

NEW YORK — Amid the reinvigorated alliance between the Philippines and the United States, economic ties between the two countries have now reached a “golden spot,’’ according to New York Consul General Senen Mangalile.

“We’re really in that golden spot,” Mangalile said in a recent press briefing at the Philippine Center in New York.

This developed as Philippine companies are expanding in the US while American private equity firms and other funding institutions are on the lookout for investment opportunities in Manila.

Benedict Uy, trade commissioner and head of the Philippine Trade and Investment Center in New York, said that a Philippine-listed manufacturing company is in the process of setting up a distribution hub in the US so that it can reach more companies across America.

“They want to be more aggressive in that, so they’re setting up their distribution center here. They’ve been working on that since last year,” Uy told visiting Filipino journalists who are part of the US State Department’s inaugural Friends, Allies, Partners program.

The Philippine company is engaged in the production of raw materials for a wide array of consumer products, including coconut-related products used for higher value applications such as consumer goods and personal care products such as cosmetics.

Uy, however, declined to name the company as it has not made an official announcement yet on its planned distribution hub, which may be completed as early as this year.

There are other Philippine companies that are also expanding their operations in the US including Jollibee Foods Corp., Century Pacific Food Inc. and Armscor Global Defense Inc., Trade Undersecretary Ceferino Rodolfo said in the same briefing.

Jollibee Foods has been aggressively expanding in North America while Century Pacific’s plant-based product unMeat has been successfully growing its presence in US groceries and supermarkets since it entered the market last year, Rodolfo said.

Armscor, which manufactures firearms, is not new in the US, but remains a strong presence in the American firearms industry, he also said.

Philippine startups and other local ventures, meanwhile, have caught the interest of New York-headquartered private equity firms and other funding institutions either as their potential angel investors or funders, Uy said.

“There are also a number of projects that are locally initiated and are happening in the Philippines but are getting a lot of interest from the funding institutions here in New York such as private equity firms and financial institutions. They are investing in these projects,” Uy said.

Mangalile said that the Philippines’ economic relations with the US are indeed “more open, deeper and expanded” and this is seen helping the country’s growth in the years to come.

He said President Marcos’ visit to New York in 2022 has started a string of different events that have significantly improved the relationship between the two nations, Mangalile also said.

“Some US big players have been visiting the Philippines.”

Mangalile said the present situation is ideal, compared to the previous administration when the perception was that it was not very open to deepening relations with the US.

Philippines teasing more American tourists in 2024

Philippines eyes a million American tourist arrivals in 2024 -DOT

Story by TED CORDERO
GMA Integrated News 
29 April 2024

NEW YORK CITY - The Philippines is looking to increase the number of American visitors to the country this year to about a million visitors amid renewed ties between the two allied nations.

In a dialogue with Filipino journalists participating in the Friends, Allies, Partners Program at the Philippine Consulate in New York, Tourism Attaché Francisco Lardizabal said that while American tourists ranked second only to South Koreans in terms of visitor numbers, “the US contribution was bigger… in terms of receipts.”

Data from the Department of Tourism showed South Koreans accounted for 26.62% or 1.45 million visitors to the Philippines out of the total 5.45 million foreign tourists in 2023.

The United States came in second, accounting for 16.57% or 903,299 visitors.

However, in terms of visitor receipts, tourism revenues from Americans were the highest at P35.46 billion, followed by Australians at P17.74 billion and South Koreans at P16.41 billion.

“This is the importance of the American market. While the arrivals are fewer, the contribution to the tourism receipts is bigger,” Lardizabal said.

“Because Americans spend higher and stay longer,” he added.

For this year, the tourism attaché said the DOT expected about “one million” visitors from the US, growing the number by “something like 15% more or less.”

Lardizabal said the majority of American travelers - 55.71% - were former Filipinos, while the remaining 44% were mainstream Americans.

“Those who are former Filipinos, of course, they are being motivated by… they have friends and relatives [in the Philippines]," he said.

"What they are looking for is, what did the Philippines change when I left? Because that is what they want to see here in the Philippines… and then they venture around.” 

He added that Filipinos in the US would go around the Philippines.

Meanwhile, mainstream American visitors looked for a “more immersive dining experience.”

“They want to know the story about the food, how it’s prepared… or even having culinary experience by learning how to cook it,” Lardizabal said.

Among the top destinations for American visitors were Boracay, Palawan, and Siargao, according to the Tourism official. — DVM, GMA Integrated News

Chantal Schmidt is Miss Eco International 2024 first runner-up

Philippines' Chantal Schmidt is Miss Eco International 2024 first runner-up

Story by Yoniel Acebuche 
Philstar Life
29 April 2024

Philippine bet Chantal Elise Schmidt is the first runner-up at the Miss Eco International 2024 on Sunday, April 28.

The Miss Philippines organization shared the news on social media, saying that despite Chantal's health issues, the beauty queen continued to wave the flag of the country on the international stage.

"Despite suffering a health setback in your journey, you decided to push on through sheer will and dedication. We couldn't ask for more," the caption read.

"Congratulations on winning Miss Eco International 2024 1st Runner-up, and thank you for representing the country so well, Chantal. You have made us proud, and you will forever be our #MissEcoInternaChantal," it added.

In addition to being a runner-up, Chantal won the Best in National Costume award for her attire depicting the MassKara Festival, a prominent festival in the country. The costume was designed by Chino Christopherson, based in Bacolod.

Despite being rushed to the hospital on the morning of the preliminary competition, the Cebuana beauty queen also bagged the Best in Evening Gown award during the pageant's preliminary round wearing her fully sequined evening gown with side cut-outs, high slit, and silver embellishments designed by Val Taguba.

Chantal was aiming to become the third Miss Eco International from the Philippines, following in the footsteps of Kathleen Paton in 2022 and Cynthia Thomalla in 2018.

Angelina Usanova from Ukraine was named Miss Eco International 2024, besting over 40 candidates to succeed Vietnam's Nguyen Thanh Ha.

Meanwhile, Nikita Dani from Canada won the second runner-up, Fabiane Alcarde Goia of Brazil was the third Runner-up, and Indonesia's Valerie Avril was hailed as the fourth runner-up.

Growing PH snack market in Asia Pacific

‘PHL snack food market will continue to grow’

BusinessMirror
April 29, 2024

The Philippines’s snack food market will outpace its peers in Asia Pacific, according to a Global Agricultural Information Network (Gain) report.

The Gain report said the local snack food market will experience “robust growth” at a compound annual growth rate of 8 percent through 2028, double the growth rate of the Asia Pacific region. 

“The Philippine snack food market, including both local and imported products, reached an estimated retail value of $2.6 billion in 2023,” the report read.

“Savory snacks dominated the market accounting for 70 percent of total sales and outselling sweet snacks.”

Among individual products, the Gain report noted that potato chips were the most widely consumed, followed by savory biscuits, nuts and seeds, filled biscuits, and puffed snacks. Collectively, these five product categories captured 75 percent of the entire snack market.

It added that established local companies hold an estimated 85 percent share, dominating the Philippine snack food market. Key players include Leslie, Monde Nissin, Republic Biscuit, and Universal Robina. 

As for imports, the Philippines purchased $380 million worth of snack foods from other countries in 2023. Baked snacks constituted the largest share (70 percent), followed by dried fruit, nuts, and seeds (15 percent), potato chips (12 percent), and popcorn (3 percent). 

“Despite regional competitors benefiting from zero-tariff trade agreements, more than 20 percent of these imports originated from the United States.”

Of the products imported by the Philippines last year, backed snacks topped the list at $265 million. Baked snacks include crackers and biscuits, cookies, and wafers. 

While the US was the fourth-largest supplier of the Philippines, the Gain report noted that 80 percent of baked snacks came from regional sources like Japan and South Korea, which benefit from zero-tariff trade agreements. 

Dried fruits, nuts, and seeds imports for use as snack foods totaled $57 million, with the US holding the top supplier position and capturing a 45-percent market share.

“Despite facing stiff competition from regional players, the United States dominated certain product categories like raisins and organic offerings (almonds, cranberries, dates, pumpkin seeds).”

The Gain report also said the Philippines saw its potato chip imports surge 42 percent year-on-year to nearly $40 million. Fueled by strong consumer demand, the import value growth was accompanied by a 30-percent increase in import volume.

The US dominated the imported potato chip market, capturing a commanding 65 percent share. 

“This success can be largely attributed to the established reputation of American brands like Frito-Lay and Pringles. PRC/Hong Kong/Taiwan (20 percent) and Malaysia (10 percent) follow, driven by Frito-Lay and Pringles, respectively.”

Retailers attribute the strong consumer preference for US-made Frito-Lay and Pringles potato chips to perceived differences in taste and texture, despite the price advantage offered by regional alternatives due to lower shipping costs and zero tariffs, according to the report.

The report also noted that upper and upper-middle income classes are the primary consumers of imported snack foods. Accustomed to consuming three regular meals daily, these consumers also engage in two to three snacking episodes.

“Consequently, they seek diverse snack options. While seeking value for money, they exhibit a willingness to pay a premium for high-quality products and demonstrate openness to exploring novel flavors and experiences.”

The Gain report was prepared by the Foreign Agricultural Service of the US Department of Agriculture in Manila.

Pinoy engineer invents thermal paint

Bicolano engineer develops thermal insulating powder

Story by JESSICA CALINOG
GMA Regional TV
28 April 2024

Bicolano engineer made a thermal insulating powder that can be applied as coating or paint, which can reduce indoor temperatures by 30 percent to 60 percent.

Engineer Dexter De Castro from Naga City, Camarines Sur invented this product in 2019, inspired by NASA's technology. 

The coating used in space shuttles was made of pre-cracked ceramic tiles with high silica content, alumina, and nano ceramic particles. This served as his model.

“Itong space shuttle kang NASA, hali siya sa space kapag naglalaog siya sa Earth. Ang pig-coating ninda duman sa surface kang space shuttles is pre-cracked na ceramic tiles nganing dae masulo si tao sa laog kang space shuttle kapag naglalaog sa atmosphere kang Earth. Mas halangkaw ang silica content, alumina, asin nanoceramic particles [kaito],” De Castro said.

De Castro’s powder is made from a mixture of soil and silica clay or white clay.

In 2023, Engineer Junval Parco tested the powder, applying it to walls directly exposed to heat. He observed a significant reduction in temperature after just two coatings.

“Dati kapag nagsandal ako sa wall ko kapag maturog ako mainiton. After na mai-apply ko ito [na powder], at least mga two  coatings lang ngani, okay na, bako na gayo mainit,” Parco said.

Parco now uses the powder in residential projects and receives positive feedback from clients.

De Castro sells a bucket of insulating powder for P1,620 and a kilogram for P330.

He aims to patent his invention, which typically takes 48 months due to its unique characteristics.

“Ang filing for patent registration [ay] nagpo-protect kang intellectual property kang sarong tao. Ibig sabihon, kapag ika, nag-rent ning patent, tatawan ka ning proteksyon na itong imbensyon mo, dae magagamit kang iba. Ika, sa sadiri mo, nagkakaigwa ka ning security sa imbensyon mo,” Angelyn Otilla, a Senior Science Research Specialist from the Department of Science and Technology (DOST) - Camarines Sur, said.—GMA Regional TV

Philippine regions posted positive growth in 2023 - PSA

All Economies of 17 Regions Continue to Record Positive Growths in 2023; Central Visayas was the Fastest Growing Region at 7.3 Percent

CLAIRE DENNIS S. MAPA, PhD 
Undersecretary 
National Statistician and Civil Registrar General

Released: 25 April 2024

All economies of 17 regions continued to record positive growth in 2023. Central Visayas posted the fastest growth at 7.3 percent in 2023. Western Visayas ranked second at 7.2 percent, followed by Ilocos Region at 7.1 percent. These three regions exhibited higher growths than the national level growth rate.

Other five (5) regions with growths faster than the national level were: Cordillera Administrative Region (CAR), 6.9 percent; Davao Region, 6.7 percent; Eastern Visayas, 6.4 percent; Cagayan Valley, 6.2 percent; and Central Luzon, 6.1 percent. (Figure 1)

Figure 1. Performance of Regional Economies, Growth Rates, 2022-2023

At Constant 2018 Prices (in Percent)

At the national level, the Gross Domestic Product (GDP) grew by  5.5 percent in 2023, a slowdown from the 7.6 percent growth in 2022, with all 16 major industries recording positive growths. The top industries with the highest growths were: Accommodation and food service activities, 23.2 percent; Other services (e.g. Arts, culture and recreational activities, personal services, etc.), 20.8 percent; and Transportation and storage, 13.0 percent. (Figure 2)

Figure 2. GDP by Industry, Growth Rates, 2022-2023

At Constant 2018 Prices, (in Percent)   

At the expenditure side, the expenditure items with highest growths were: Gross capital formation, 5.9 percent; Household final consumption expenditure, 5.6 percent; and Exports of goods and services, 1.4 percent. (Figure 3)

In terms of regional performance for Services in 2023, the National Capital Region (NCR) registered the biggest share at 41.4 percent. This was followed by CALABARZON and  Central Luzon at 10.8 percent and 8.3 percent, respectively. (Figure 4)

On the share of each region to the whole Industry, CALABARZON constituted the largest share at 25.0 percent, followed by NCR, 18.6 percent; and Central Luzon, 16.0 percent. (Figure 5)

For Agriculture, Forestry and Fishing (AFF), Central Luzon topped the share at 13.9 percent, followed by Northern Mindanao and Western Visayas at  10.4 percent and 8.9 percent, respectively. (Figure 6)

Household spending in 2023 increased for all regions with the Bangsamoro Autonomous Region in Muslim Mindanao (BARMM) posting the highest growth rate at 7.5 percent. This was followed by CALABARZON, 6.0 percent; and Central Visayas, 5.9 percent. (Figure 7)

Figure 7. Household Final Consumption Expenditure, Growth Rates, 2022-2023

At Constant 2018 Prices, (in Percent)

On government spending, Northern Mindanao topped among the regions at 4.3 percent, followed by Davao Region at 3.8 percent, MIMAROPA Region at 3.5 percent, and Caraga and SOCCSKSARGEN at 3.38 percent and 3.35 percent, respectively. (Figure 8)

Figure 8. Government Final Consumption Expenditure, Growth Rates, 2022-2023

At Constant 2018 Prices, (in Percent)

Gross Capital Formation in Western Visayas posted the fastest growth at 12.9 percent, followed by CALABARZON at 9.65 percent, and Cagayan Valley at 9.58 percent. (Figure 9)

Figure 9. Gross Capital Formation, Growth Rates, 2022-2023

At Constant 2018 Prices, (in Percent)

At the national level, per capita GDP growth rate in 2023 was registered at 4.3 percent. Western Visayas topped the regional economies with 6.5 percent per capita growth rate. This was followed by Ilocos Region at 6.4 percent, Central Visayas at 6.15 percent, and Cordillera Administrative Region at 6.14 percent. (Figure 10)

Figure 10. Per Capita GDP by Region, Growth Rates, 2022-2023

At Constant 2018 Prices, (in Percent)

The 2023 Regional Accounts of the Philippines (RAP) is consistent with the revised annual estimates released on 04 April 2024.

Makati to become halal hub

Philippine capital’s financial center to become halal hub

Arab News
27 April 2024

• Makati Halal Hub to act as a platform for manufacturers, traders and consumers
• Philippines’ central business district is perceived as trendsetter for other regions

MANILA: Philippine businesses in Makati City are joining hands with the Department of Trade and Industry to make the country’s financial center a halal hub, the head of the Philippine Chamber of Commerce and Industry’s Makati branch said on Saturday.

Makati City in Metro Manila is often referred to as the Philippines’ central business district. It has the highest concentration of banks and multinational and local corporations in the country. Foreign embassies are also based there.

The predominantly Catholic Philippines — where Muslims constitute about 10 percent of the nearly 120 million population — plans to raise 230 billion pesos ($4 billion) in investments and generate around 120,000 jobs by expanding its domestic halal industry by 2028.

The DTI signed on Friday a memorandum of understanding with PCCI Makati to join the government’s efforts to tap into the global halal market, which is estimated to be worth more than $7 trillion.

“To be able to implement its policies more effectively — such as the promotion and development of the country’s halal industry — they (the government) have to collaborate or strike a partnership with the business community or the businessmen who will be responsible in making this a reality,” PCCI Makati President Toots Cortez told Arab News.

“We can be the catalyst. We will begin by creating awareness, especially among the MSMEs (micro, small and midsize enterprises) because, according to the records of DTI, 99.5 percent of business in the Philippines are composed of SMEs.”

The agreement on establishing the Makati Halal Hub will position the city as a “central point for innovation and business in the halal sector, spanning a variety of industries including food production, financial services, and more,” the DTI said in a statement, as it expects the initiative to “provide substantial opportunities for Filipino entrepreneurs and international investors alike, fostering a robust economic ecosystem.”

According to the vision, the hub will act as a platform facilitating connections between manufacturers, traders, buyers, distributors and consumers in the halal sector.

“If we can group together and promote halal, I think that will be the best approach … You don’t need a big budget,” Cortez said.

“There are many Muslim embassies in Makati City, many restaurants and major establishments … Many tourists come to Makati, so if we can convince the establishments in Makati to be accredited as halal, that’s a good beginning from our side as a catalyst.”

He believes that the industry’s promotion in the city will make an impact as Makati is widely perceived as a trendsetter for other Philippine regions.

“The others, they follow the lead,” Cortez said. “They follow the lead on what’s happening in Makati City.”

Most Valuable Brands in the Philippines in 2024

From BDO to Puregold: These Are the Most Valuable Brands in the Philippines in 2024

Story by Currie Cator 
Esquire Philippines
27 April 2024

What exactly is brand value? Essentially, it's the monetary worth of your brand if you were to ever sell it, or allow any other business to use your name, logo, or identity. It defines the extent to which investors would pay you just to earn that right.

Ultimately, brand value starts with consumers, as London-based global brand valuation consultancy firm Brand Finance defines it. You could develop and grow your value, depending on how you address the needs and preferences of your customers with your services, technologies, and innovations, as well as your ability to adapt to fast-changing market trends.

In the Philippines, the brand deemed to be the most valuable is BDO Unibank, according to Brand Finance’s 2024 report. The Sy family-led bank toppled major telecommunications company PLDT, which held the top position for two straight years. According to the study, BDO’s value rose by 14 percent to $2.5 billion, enough to make it the country's most valuable brand.

From Brand Finance

In second place is homegrown fast-food chain Jollibee, whose brand value surged 51-percent over the past year, according to Brand Finance. Rising two spots from the previous year, the home of the beloved Chickenjoy's brand value is now worth $2.3 billion.

Meanwhile, the Ayala-led Globe Telecom kept its spot from last year and is still the third most valuable brand for the second year running, even with its brand value going down by four percent to $1.9 billion.

Rival telco PLDT, which was the previous the topnotcher, as well as the Bank of the Philippine Islands (BPI), completed the top 5 most valuable Philippine brands.

As Brand Finance revealed in its report, PLDT’s value was down by at least one-fourth or 25 percent, which is equivalent to $1.9 billion dollars. The Zobel family’s BPI, on the other hand, saw a 22 percent increase in its brand value to $1.5 billion in 2024.

A mix of banks, power distributor, oil company, and supermarket chain made up the roster of the 10 most valuable brands locally. These are: Metrobank, at sixth place, with a brand value of $1.2 billion; followed by Meralco with $0.9 billion; Petron with $0.8 billion; Puregold with $0.7 billion; and UnionBank with $0.7 billion.

This is the second year in a row that Puregold, the lone retail brand in the top 10, was included in the list of most valuable Philippine brands. In a statement, the company led by Lucio and Susan Co said  it was a "testament to the hard work and dedication of our team, as well as the untiring support of our loyal customers."

Strongest Philippine brands

Mang Inasal, which is under the Jollibee Foods Corporation, turned out to be the "strongest" among Philippine brands, based on Brand Finance’s study. It earned 86.3 out of 100 points in brand strength index (BSI). Given its vast store network in the country, it’s not much of a surprise that Mang Inasal garnered a perfect score in terms of brand familiarity. 

Following closely behind Mang Inasal are Bear Brand, Globe, BDO, and Jollibee, which round up the five strongest brands, the report said.

Unlike brand value that is heavily reliant on consumers, brand strength refers to the brand’s performance relative to its competitors. The BSI, which has a corresponding rating of up to AAA+, is used to determine how well the brands are faring in the industry, among other metrics.