2022 remittances climbed to record $32.54b

By Julito G. Rada

REMITTANCES grew 3.6 percent in 2022 to a record $32.54 billion from $31.42 billion in 2021 on sustained demand for skilled Filipino workers overseas as global economies continued to recover from the impact of the pandemic, latest data from the Bangko Sentral ng Pilipinas show.

The full-year remittances growth, however, missed the official target of 4 percent set by the Bangko Sentral.

The growth in cash remittances from the United States, Saudi Arabia, Singapore, Qatar and the United Kingdom contributed largely to the increase in remittances from January to December 2022. In terms of country sources, the US posted the highest share of overall remittances in 2022.

Data showed that in December 2022, cash remittances coursed through banks

Smart signs partnership with US-based Plentina

SMART Communications Inc. said Wednesday it teamed up with Plentina—a Silicon Valleybased fintech startup to enable its subscribers to purchase prepaid load and pay later through the latter’s mobile app. Under the partnership, Smart subscribers can access a Buy Now, Pay Later service that enables them to conveniently take out a micro consumer loan to pay for their load via Plentina.

“We welcome Plentina as one of our direct distribution partners. Our tie-up with Plentina provides a financial service that caters to the broader base of prepaid customers,” Alex Caeg, senior vice president and head of PLDT Smart consumer sales group said in a statement.

“We also hope to extend this service to our retail and device partners so that they can offer more convenient and flexible modes of payment for customers who may want to purchase mobile phones or other gadgets from Smart,” he said.

Plentina and Smart are working together to reach even more Filipinos and provide them with easier access to mobile load as well as to digital tools for work and study. Darwin G. Amojelar

SEC chair asks MSMEs to tap capital markets

THE Securities and Exchange Commission encouraged micro, small and medium enterprises to consider tapping the capital markets, including crowd funding and initial public offering, to raise funds for their businesses.

SEC chairman Emilio Aquino said Wednesday at the start of a nationwide roadshow on capital markets, MSMEs should have access to different financing options given their great contribution to the Philippine economy.

The MSME network accounts for 99.5 percent of total businesses in the country and employs 63 percent of the local workforce. It also constitutes 25 percent of the country’s total exports and contributes 40 percent to the gross domestic product.

“However, 67 percent of our MSMEs are still experiencing credit constraints. Most of them rely on internal resources for their capital needs. While those who apply for traditional bank loans face tedious documentation, high interest rates, and mandatory collateral requirements,” Aquino said in a speech. Jenniffer B. Austria went up by 5.8 percent to an all-time high of $3.16 billion from $2.99 billion a year earlier, as receipts from both land- and sea-based workers registered strong growth.

Personal remittances, which include non-cash items, also reached a record $36.14 billion in 2022, which was 3.6 percent higher than $34.88 billion in 2021.

“The robust inward remittances reflected the increasing demand for foreign workers amid the reopening of economies,” the Bangko Sentral said in a statement.

The full-year 2022 level accounted for 8.9 percent and 8.4 percent of the country’s gross domestic product and gross national income, respectively.

Personal remittances in December hit $3.49 billion, up by 5.7 percent from $3.30 billion recorded in December 2021.

“The increase in personal remittances in December 2022 was due to higher remittances sent by land-based workers with work contracts of one year or more, and sea- and land-based workers with work contracts of less than one year,” the BSP said.

Rizal Commercial Banking Corp. chief economist Michael Ricafort said the increased holiday spending in December, with no COVID restrictions compared to the previous years, led to more remittances in the latter part of the year.

“The sending of more remittances are also needed to cope up with higher inflation locally,” Ricafort said. Inflation reached 8.1 percent in December and accelerated further to 8.7 percent in January.

Ricafort said the continued growth in remittances reflected faster economic recovery in some major host countries for OFWs.

Studies earlier showed that Philippine remittances were consistently the fourth largest in the world after those of India, China and Mexico.

The Philippines is among the biggest suppliers of nurses, accounting for at least 20 percent of the total globally. It is also the biggest supplier of seafarers worldwide, with about 20 percent to 25 percent of the total around the world.

The deployment of OFWs has become more diversified over the years to include more countries worldwide, especially those outside the traditionally biggest host countries.

The Bangko Sentral expects remittances to rise 4 percent in 2023.

ASEAN TECHNOLOGY LEADER.

AXA Philippines chief technology and transformation officer Carlos Santos is recognized as one of the top 100 tech leaders in ASEAN and Hong Kong by CIO100 2022 during a ceremony at the Marina Bay Sands in Singapore. CIO 100 awards outstanding tech achievements delivered by individuals and organizations alike.

Filinvest REIT announces plan to acquire more properties

By Jenniffer B. Austria

FILINVEST REIT Corp., the real estate investment trust company of the Filinvest Group, said Wednesday it plans to expand its portfolio to include retail, leisure, residential and industrial properties.

FILRT said in a stock exchange filing new acquisitions would be focused on Grade A commercial properties that would enable its assets to expand beyond office leasing.

real estate properties and deliver additional value by driving more efficient and sustainable cost of operations,” FILRT said.

The company said its recent acquisition of a Boracay property was a part of the investment strategy.

In November, FILRT reported the acquisition of a 2.9-hectare Boracay property from Filinvest Development Corp. for P1.05 billion.

By Othel V. Campos

STATE-RUN Bases Conversion and Development Authority and the New Energy and Industrial Technology Development Organization of Japan signed a memorandum of understanding for a three-year demonstration project on smart mobility solutions to be implemented in New Clark City and its environs. lowed it to diversify into hospitality.

The MOU signed by BCDA president and chief executive Aileen Zosa and NEDO executive-director Takashi Wada was part of President Ferdinand Marcos Jr.’s state visit to Japan.

NEDO led by Zenmov Inc., a Japan-based information technology solutions provider specializing in the transportation sector, will nominate a group to measure and verify the effectiveness of a transport service system operating through a cloudbased technology platform.

“FILRT is focused on diversifying its portfolio to boost dividends for its shareholders while improving the revenues of its existing prime office assets,” Lirio said.

Meralco building new substation

in Cavite

MANILA Electric Co. said Wednesday it started developing a new substation in Kawit, Cavite at a cost of P490 million to support industrial expansion and the growing energy demand of communities in the area.

“This Meralco Island Cove Substation will be an integral part of the Meralco Distribution System in Cavite, supporting not just Island Cove’s power requirements, but also that of the communities around Kawit and Bacoor, Cavite,” said Meralco first vice president, chief commercial officer and customer retail services head Ferdinand Geluz.

Meralco and solutions provider First Orient International Ventures Corp. signed an agreement for the construction of a gas-insulated switchgear substation on a 2,377-square-meter land in Island Cove.

“The lot donation of the FOIVC group, where the substation is being built, is an enormous help for Meralco’s continuing efforts to deliver reliable power to our customers,” Geluz said. The Island Cove substation is expected to be completed by April 2024. Alena Mae S. Flores

“The company’s strategy is to expand in key central business districts in Metro Manila and towards major regional hubs or key cities in the Philippines with high and stable occupancy from income-generating Grade A

The land is being leased by Boracay Seascapes Inc., the building owner of Crimson Resort & Spa Boracay and a subsidiary of FDC.

FILRT president and chief executive Maricel Lirio said the acquisition not only expanded the company’s asset types but also broadened its income profile and al-

FILRT also reported its board of directors approved the declaration of P0.071 per share cash dividend. This brought the total dividends declared by the company to P0.363 based on the cut-off period for year 2022 and translated into to an annualized yield of 6.6 percent based on the closing market price of P5.50 per share on Dec. 29, 2022.

The cash dividends will be payable on Mar. 24 to stockholders on record as of Mar. 3.

“In keeping with our goal for the New Clark City to become a green, sustainable and inclusive city, we have partnered with Japan’s NEDO and Zenmov to help BCDA in developing advanced and innovative solutions to improve transportation services and connectivity in this region.

We can definitely learn a lot from this sharing of technologies and expertise that our Japanese partners have relating to the advancement of their transportation sector,” Zosa said.

She said with the study’s findings, “BCDA can also develop solutions to better optimize energy use, minimize pollution and lower carbon footprint and manage congestion and other traffic-related issues.”

Aboitiz Group studies small modular reactors as zero-carbon energy sources

By Alena Mae S. Flores

THE Abotiz Group is studying nuclear energy and small modular reactors as viable zero-carbon energy sources to fuel the Philippines’ energy transformation.

Aboitiz Group first vice president and chief reputation and sustainability officer Ginggay Hontiveros delivered a presentation during the Asia-Pacific business leaders meeting of the APEC Business

Advisory Council from Feb. 12 to 14 in Auckland, New Zealand.

“Beyond its decarbonization role, the ABAC Sustainable Growth Working Group recognizes nuclear energy’s viability to fuel the energy transformation of society given its high energy return on investment and its weather independence.

Aboitiz’s presentation provides insight into those opportunities and potential challenges,” Aboitiz Group said in a statement.

The group said research and technical development with key stakeholder groups and subject matter experts are paramount to the success of energy transformation.

Aboitiz Group presented other crucial sustainability topics, including decarbonization efforts with nuclear energy and the democratization of climate risk information.

This kickstarted insightful and productive discussions among regional business leaders to develop comprehensive work plans for sustainable growth.

The presentation on a climate risk information platform tackles the gaps in information on climate risk scenarios between economies.

“ABAC recognizes the need to democratize this information. The climate threat is a shared risk and responsibility. A unified platform for free data on climate risk scenarios that helps one economy would help all,” the Aboitiz Group said.

Barroca named Cignal top cager

AFTER a flat start, Magnolia picked up the slack and strung two straight wins to get in the thick of things in the PBA Governors’ Cup.

The Hotshots began their campaign at 0-3 with losses to Converge, TNT, and San Miguel Beer before regaining their footing just in time with big wins over Phoenix Super LPG and reigning champion Barangay Ginebra to go up in the middle of the standings at 2-3.

Veteran guard Mark Barroca captained Magnolia’s ship back on track behind his brilliant plays on both ends of the floor in the two wins, with new import Antonio Hester also making his presence felt.

The 36-year-old Zamboanga City native carded 20.0 points on 62-percent accuracy along, with 3.0 rebounds, 3.5 assists, and 2.0 steals as the Hotshots dominated their last two games behind a winning margin of 21.5 points.

With his heroics, the two-time Finals

MVP earned the Cignal Play-PBA Press Corps Player of the Week for the period Feb. 8-12.

A fifth selection in the 2011draft, the former Gilas Pilipinas mainstay sizzled for 19 points, three rebounds, four assists, and two steals in 24 minutes of action as Magnolia made quick work of Phoenix, 108-95.

Magnolia led by as many as 27 points during the match, a feat it would even surpass against archrival Ginebra in another chapter of the storied Manila Clasico over the weekend at the Mall of Asia Arena.

With over 11,000 fans in attendance, the Hotshots turned the highly-anticipated duel into a blowout by leading by as much as 31 points before settling for a 118-88 count to deal the defending champion its first loss of the conference.

The 5’10” Barroca, once again, stamped his class on the big stage with 21 points, three boards, three assists and two steals for another all-around play.

That’s on top of his defensive duties taking on Ginebra’s dreaded backcourt combo of Scottie Thompson, Stanley Pringle, Jeremiah Gray, and LA Tenorio.

Barroca eclipsed TNT’s Mikey Williams and Rain or Shine’s Nick Demusis for the weekly citation being handed out by the group of print and online media regularly covering the PBA beat.