PH eyes upper-middle income status again IN BRIEF

down…The Bangko Sentral ng Pilipinas is also taking a cue from the slowing inflation. All these factors convinced us to believe that the domestic economy will remain strong,” Balisacan said.

Finance Secretary Benjamin Diokno cited the recent move by Fitch Ratings when it affirmed the Philippines’ “BBB” credit rating and upgraded its outlook from ‘negative’ to ‘stable’.

“BSP also cut the reserve requirements by 250 basis points. That means more loanable funds for consumers. The World Bank also upgraded its growth forecast for the Philippines this year to 6 percent from 5.6 percent… So there is a lot of good news,” Diokno said.

LandBank

welcomes Fitch’s upgrade of credit outlook

STATE-RUN Land Bank of the Philippines welcomed the recent upgrade on its outlook to stable by global credit watcher Fitch Ratings, saying it is a vote of confidence on its financial stability and resilience. Fitch, in report published on May 30, 2023, affirmed the bank’s long-term issuer default ratings at “BBB” or investment grade and government support rating at “bbb.” LandBank president and chief executive Lynette Ortiz said the improved outlook from Fitch was a welcome vote of confidence for its robust financial stability and resilience to withstand external and domestic economic headwinds.

“With solid state backing, we will intensify our support to the country’s priority programs and initiatives, towards expediting our complete resurgence from the global pandemic,” Ortiz said.

Fitch considered LandBank’s “strategic and growing policy roles, 100-percent state ownership as well as its systemic importance as the largest state-owned bank in the country, with market share of about 14 percent of system assets.” Julito G. Rada

ADB names new country director for Philippines

THE Asian Development Bank appointed Pavit Ramachandran as country director for the Philippines. He assumed office Friday.

Ramachandran will lead ADB operations in the Philippines, with an active portfolio of about $8.7 billion. He will manage ADB’s relationship with the government, private sector and development partners.

He will oversee the implementation of ADB’s country partnership strategy for the Philippines, which identified up to $4 billion worth of sovereign loans for 2023. These include transformative infrastructure projects such as the Davao Public Transport Modernization Project and the Bataan–Cavite Interlink Bridge Project, both among the government’s priority projects.

He will supervise the preparation of ADB’s CPS covering 2024–2029, which aims to advance and enhance ADB’s efforts to intensify climate action; improve climate smart connectivity through transport, digital technology, and energy; and invest in Filipinos’ welfare.

“ADB has a unique and enduring partnership with the Philippines, being its host country. I am excited to work on further solidifying this strong relationship with the government and supporting the country in finding innovative solutions to its development needs. My immediate priority is to ensure we deliver on our commitments to help the country address its poverty, climate change, and infrastructure development challenges,” said Ramachandran.

ALLHC strengthens Central Luzon foothold

AYALALAND Logistics Holdings Corp. strengthens its foothold in Central Luzon with Pampanga Technopark, envisioned to be a new growth center in the region.

The 270-hectare development is the first master-planned agro-industrial township in the region. The development will be home to manufacturing and logistics locators, a bagsakan or agricultural wholesale market and commercial-retail spaces for the township’s social and recreational activities.

With 270 hectares of gross land area, Pampanga Technopark will serve as a mixed-use development. Phases 1 and 2 are registered with the Board of Investments as domestic industrial zones, with phase 3 lined up next. Shopping, dining and recreational spaces are soon to rise in Pampanga Technopark, as the development is designed to bring lifestyle experience to the communities working and residing within or around the area. Pampanga Technopark is allotting 2,000 square meters of gross leasable area across over 30 retail spaces featuring homegrown Kapampangan restaurants, plus several retail and service merchants.

Lots are also available for commercial uses such as shops and outlets, medical centers, offices, co-working spaces, business hotels and more. There will also be a variety of quick service restaurants and a gas station for motorists.

ALGAE CONTROL EQUIPMENT. West zone concessionaire Maynilad Water Services Inc. is installing three new units of ultrasonic algae control equipment near the intake structure of the company’s Putatan Water Treatment Plant in Laguna Lake to help monitor algal blooms and prevent algae proliferation that could affect the lake’s raw water quality. Costing around P9 million, the three units of solar-powered equipment are designed to eliminate algae within a 500-meter radius and provide real-time data on the quality parameters of the raw water that could indicate growth in algae concentrations. The equipment can also identify the types of algae present in the lake.