HSBC: Bangko Sentral expected to keep interest rates Thursday IN

the BSP to begin its easing cycle in 3Q 2024.”

The BSP is set to hold its next policy meeting on Aug. 17, 2023.

The gross domestic product grew 4.3 percent in the second quarter, slower than 7.5 percent a year ago, amid the uncertain global environment highlighted by elevated infl ation and higher interest rates.

Finance Secretary Benjamin Diokno said despite the second-quarter numbers, the lower end of the growth target range of 6 percent to 7 percent for the year “remains achievable.” He said an aggressive catch-up plan would do the trick for the second half of the year.

PH-US ties secure Texas Instrument’s $1-b investments

By Othel V. Campos

PHILIPPINE Economic Zone Authority said over the weekend the country’s “friendshoring” strategy with the US played a crucial role in the $1-billion additional investments by American company Texas Instruments Inc.

“We are proud to host the operations of TI being a global industry leader and a model locator as it promotes the growth of the semiconductor-electronics industry, including the integration of Filipino SMEs into the ecozone value chain,” said PEZA director-general Tereso Panga

“We are most grateful for TI’s huge contributions to the economy and for its sustained confidence as a long-haul investor in the Philippines through thick and thin,” he said.

TI announced it was considering to expand its microchip production capacity in its facilities in Clark and Baguio City to partly address the global shortage on microchip and semiconductor.

TI announced the plan during the US-ASEAN Business Council meeting with President Ferdinand Marcos Jr. in Malacañang last week, leveraging on the $280-billion CHIPS and Science Act of 2022.

TI Philippines benefitted from its mother company’s $30-billion semiconductor wafer fabrication plants in Sherman, Texas with the onshoring policy of the US government under the US CHIPS Act.

TI Philippines, to provide critical support to its global headquarters in addressing the worldwide semiconductor shortage, had to step up local production of chips alongside other TI manufacturing plants in the region.

Panga said this is where the Philippines could leverage on the “friendshoring” policy of the US and through its active participation in the Indo-Pacific Economic Framework for Prosperity.

Malampaya

By Alena Mae S. Flores

PRIME Energy Resources Development

B.V., operator of the Malampaya

Deepwater Gas to Power project, said over the weekend it fully supports Senate Bill No. 152 which seeks to create a legal and regulatory framework on the development of the gas industry.

Prime Energy general manager

Donnabel Kuizon-Cruz said the proposed Natural Gas Industry Development Act would help keep the drilling of new gas wells on track. She said at a Senate hearing on the bill Thursday it would also protect consum-

Manila Standard TODAY