PH to post fastest expansion among ASEAN+3 nations IN BRIEF

It said while the ongoing weakness in global trade prompted a slight reduction in the ASEAN growth forecast for 2023 to 4.5 percent from April’s projection of 4.9 percent, this would be offset by improving prospects in the Plus-3 economies.

Growth is expected to ease slightly to 4.5 percent in 2024, while inflation is projected to moderate further to 2.4 percent.

Inflation in the Philippines was on a downward trajectory in the past five months, since the peak of 8.7 percent in January 2023. Inflation in June 2023 declined to 5.4 percent.

The report said absent new shocks, the region’s export performance may soon be turning a corner. The turnaround in the global semiconductor cycle, likely to begin later this year, will be a bright spot for many of the region’s exporters. Pent-up demand from more returning Chinese tourists will also provide an additional lift to growth, it said.

AMRO warned against several risks lingering on the horizon. The threat of recession in the United States and Europe, while lower now than three months ago, could not be fully dismissed, it said.

AMRO is an international organization established to contribute toward securing macroeconomic and financial resilience and stability of the ASEAN+3 region, comprising the 10 members of ASEAN and China; Hong Kong, China; Japan; and Korea.

Vehicle sales accelerated by 30.7% to 202,415 units in first six months

By Othel V. Campos

AUTOMOTIVE sales in the Philippines grew by 27 percent in June to 36, 311 units from 28,601 a year ago, but slowed by 4.9 percent month-onmonth from 38,177 in May 2023.

The Chamber of Automotive Manufacturers of the Philippines Inc. and Truck Manufacturers Association said in a joint report sales across majority of the segments increased from a year earlier, except for Category 4 trucks and buses.

“The auto industry has maintained double-digit positive growth anew by 27 percent in June—a reflection of improved consumer spending for big-ticket items amidst the significant market for new motor vehicle sales, the main growth anchor of the industry,” said CAMPI president Rommel Gutierrez.

A major automotive stakeholder said that supply issues might have dragged monthly sales in June compared to May’s. Passenger car sales in June rose

Exports rose 1.9% in May, cut trade deficit to $4.4b

20.5 percent to 8,986 units from 7,457 in the same month in 2022, but slowed by 8.23 percent month-onmonth from 9,792 in May.

Commercial vehicle sales in June went up by 29.2 percent to 27,325 units from 21,144 a year earlier, but dropped by 3.7 percent from 28,385 units sold in May.

Total sales went up by 30.7 percent in the first half to 202,415 units from 154,874 in the same period in 2022.

Passenger cars reached 50,848 units from January to June, up by 30.4 percent from 39,003 in 2022.

Commercial vehicle sales increased 30.8 percent to 151,567 units from 115,871.

Toyota Motor Philippines remained the market leader with 46.93-percent share, followed by Mitsubishi Motor Philippines Corp. with 18.29 percent.

Completing the top 5 are Ford Motor Philippines Company Inc. with 6.84-percent market share and Nissan Philippines Inc. and Honda Cars Philippines Inc. with 6.52 percent and 4.28 percent, respectively.

Poultry firm welcomes charges filed by solon

MAYOR Ramon Oñate of Palompon, Leyte whose family owns DBSN Farm Agriventures Corp. said he welcomes the filing of a case in court by Rep. Richard Gomez over alleged environmental violation by the company.

“We welcome the intent of Congressman Gomez to file the case in our esteemed courts, which is the proper venue to hear his complaints and decide upon them. In our highly respected courts, we stand on even ground as the allegations will be properly threshed out and he cannot cowardly hide under the dress of congressional immunity,” Oñate said in a statement.

DBSN, one of the largest agriculture companies in the Visayas, employs more than 600 workers.

Gomez earlier called for the filing of criminal and administrative charges against Oñate and his wife Lourdes for alleged violation of the country’s land and environmental laws. He also initiated a congressional inquiry on the DBSN operations for alleged environmental pollution in Albuera.

Oñate said the ensuing court hearings as envisioned by Gomez would “clear the air once and for all about these malicious and baseless accusations being hurled against me over the familyowned poultry dressing plant.”

“DBSN is reputedly the largest single corporation in the Visayas and Mindanao with over 600 workers under it name and counting. Quite, apparently, Mr. Gomez does not have the welfare or even the very survival of these people and their families who face the likelihood of severe economic dislocation with his purported advocacy disguised in aid of legislation just to throw us out of business,” Oñate said.

THE country’s trade-in-goods deficit declined by 21 percent in May to $4.396 billion from $5.56 billion a year ago, as exports rose 1.9 percent and imports contracted by 8.8 percent, latest data from the Philippine Statistics Authority showed Tuesday.

This resulted in a $23.988-billion trade deficit in the first five months, slightly higher than $23.963 billion a year earlier.

“Exports recorded to among six-month highs after the pickup in electronic exports, which are the country’s largest exports after the easing of prices/inflation, especially lower prices of global oil and other major commodities that reduced the input costs of exporters,” said Michael Ricafort, chief economist of Rizal Commercial Banking Corp. Ricafort said imports also picked up to among the highest since the start of 2023 amid lower prices of imported commodities and stronger peso exchange rate that helped lower importation costs in recent months.

“[The] trade deficit [is] already among the narrowest in more than a year, thereby partly supporting the stronger peso exchange rate recently,” Ricafort said. Julito G. Rada

MORE Power distributes second round of refunds

MORE Power Iloilo, the exclusive electricity provider in Iloilo City, said Tuesday it distributed the second round of refunds, offering financial relief and reinforcing its commitment to valued customers.

The company said the move is a part of its efforts of ensuring customer satisfaction by disbursing bill deposit refunds to eligible consumers. Under the refund program, MORE Power aims to provide refunds to customers who have consistently paid their bills on time for 36 months, or three years, without experiencing any payment disruptions, consistent with the Magna Carta for Residential Electricity Consumers.

Three eligible customers received a total refund of P9,000 in May, while 20 eligible customers were refunded a total of P65,500 in bill deposits in June.

About 65 customers will be eligible for the bill deposit refund in July.

MORE Power said returning bill deposits would benefit around 777 customers by the end of this year. Alena Mae S. Flores

PPA to open dedicated cruise terminal in Siargao

STATE-RUN Philippine Ports Authority said Tuesday the country’s first dedicated cruise terminal is set to start operations in Siargao Island by October this year.

“By October, we will be inaugurating the first dedicated cruise terminal in the Philippines located in Siargao,” PPA general manager Jay Santiago said in a briefing. Santiago said the construction of the Siargao Cruise Terminal is part of the government’s strategy to promote local tourism. He said that the government spent P550 million to build the terminal. He said a cruise terminal was also being built in Coron, Palawan.

“We are also planning to build a dedicated cruise terminal in Bohol, Boracay and Legazpi, Albay,” he said.

PPA port statistics showed the ports of Salomague, Palawan and Tagbilaran catered to 48,100 tourists in 2019 before the pandemic, cruise ships cancelled their trips in 2020 and 2021. In the first quarter of 2023, the passenger traffic of cruise ships reached 31,374, from zero passengers in 2022. Darwin G. Amojelar