Interest hike remains possible—BSP chief IN BRIEF

of higher international oil prices. Inflation is seen to average 5.6 percent in 2023, 3.3 percent in 2024 and 3.4 percent in 2025. Inflation expectations for 2023 remained steady, while those for 2024 and 2025 declined slightly.

Remolona said the balance of risks to the inflation forecast continued to lean towards the upside. Potential price pressures are linked to the impact of possible higher transport charges; higher minimum wage adjustments; persistent supply constraints on key food items; and the effects of El Niño weather conditions on food prices and power rates, he said.

GSIS: 20-fold income growth to P61b in H1

PENSION fund Government Service Insurance System said Friday net income in the first half of 2023 jumped 20-fold to P61 billion from P3 billion a year earlier, on strong revenues and improvement in the revenue-to operating expense ratio to 2 percent from 5 percent.

GSIS president and general manager Wick Veloso said in a statement administrative and operational expenses grew by 10 percent, largely on higher claims and benefits.

“Although these expenses have grown, the rate of increase was slower… A key factor in keeping expenses under control has been the careful management of operational costs,” Veloso said.

NEW WAREHOUSES. Aboitiz Construction teams up with FAST Logistics Group to design and build five ambient warehouses, along with ancillary and utility spaces, on an 18,531-square-mter land area in Consolacion, Cebu. Leading the groundbreaking ceremony are executives of the two companies, along with property developer MVC Development Corp. and project management consultant Hearn & Hearn Consulting.