Tag: Business

SEOUL – GS Holdings, a major conglomerate in South Korea, has reported a significant increase in its net profit for the third quarter of the year. The company’s financial performance indicates substantial growth compared to the same period last year.

According to Yonhap News Agency, the company’s net profit for the third quarter stood at 700 billion won (US$536.6 million), marking a 24.9 percent increase from the previous year. However, the company noted in a regulatory filing that its operating profit for the quarter was 1.21 trillion won, a decrease from 1.35 trillion won a year ago. Additionally, GS Holdings’ sales fell by 12.4 percent, totaling 6.48 trillion won.

These financial results provide insights into the company’s current economic status, reflecting both the gains in net profit and the challenges in operating profit and sales.

POLANGUI, Albay — The Bicol region is set to benefit from a significant PHP412 million investments in agricultural infrastructure, with the implementation of projects across four local government units (LGUs), supported by the Department of Agriculture-Philippine Rural Development Project (DA-PRDP) and financed by the World Bank.

According to Philippines News Agency, spokesperson for DA-Bicol, during a Tuesday interview, the forthcoming projects will be located in Polangui in Albay, Iriga City and Pili town in Camarines Sur, and Vinzons in Camarines Norte. These initiatives have been endorsed by the Bicol Regional Project Advisory Board (RPAB) and are slated to commence in the final quarter of the year, with completion targeted for 2024. The projects are expected to make a substantial contribution to agricultural development and food security in the region.

In Polangui, the construction of an 8.5-kilometer farm-to-market road (FMR) valued at PHP275 million is anticipated to halve the cost of transporting farm produce, diminish postharvest crop losses, and cut commuter travel time by an hour.

Iriga City will undertake the upgrading and rehabilitation of an AA abattoir with a budget of PHP54.5 million to meet the National Meat Inspection Service (NMIS) standards, which will ensure the delivery of high-quality meat to consumers while adhering to the hygienic slaughtering standards prescribed by the Food Safety Act 2013.

Pili is set to enhance its swine industry with the construction of a PHP49.3 million slaughterhouse, while Vinzons in Camarines Norte will develop a PHP33.7 million abattoir in Barangay Calangcawan Norte.

Guarin noted that the respective LGUs would be responsible for the implementation of these infrastructure projects, with oversight from DA-Bicol to ensure that the developments remain on schedule.

MANILA – The Philippine stock market and the peso currency both saw gains on Monday, with the stock market rallying for three consecutive days and the peso appreciating against the US dollar.

According to Philippines News Agency, Inc. assistant research manager Claire Alviar, the Philippine Stock Exchange index (PSEi) climbed to 6,078.03, marking a significant increase of 88.76 points, while the All Shares index also rose by 29.10 points to end at 3,292.15. The boost in the PSEi was attributed to positive manufacturing data and a decrease in US long-term Treasury yields, along with optimistic projections for upcoming economic reports, including inflation and GDP growth rates.

The trading session concluded with a net market value turnover in the local stock market reaching PHP 3.21 billion. Advancers marginally led decliners, with 87 stocks ending higher, 86 closing lower, and 51 remaining unchanged.

In the currency market, the peso ended the day at a stronger position of 55.91 to a US dollar, improving by 0.19 from the previous week’s close of 56.10. Opening at a robust 55.80, down from Friday’s start of 56.60, the peso ranged between 55.73 and 55.93 throughout the day, with an average of 55.83 against the dollar. However, the volume of trade decreased to USD 1.15 billion from the prior session’s USD 1.84 billion.

MANILA – Francisco Tiu Laurel Jr. has been appointed as the new Secretary of the Department of Agriculture (DA), bringing a wealth of experience from the fisheries and food processing sectors to tackle the country’s agricultural issues.

According to Philippines News Agency, Laurel’s appointment brings an interesting perspective to the DA, which could contribute significantly to resolving the challenges in food security and agricultural exports. Galang, a respected academic and expert in agricultural goods distribution, expressed his hope for Laurel’s success in finding innovative solutions that would involve close cooperation with the business sector. In an interview conducted Sunday, Galang stressed the need for Laurel to establish a framework for collaboration that addresses gaps in food production and distribution.

Concurrently, Rolando Tambago, president of the Pork Producers Federation of the Philippines, highlighted the urgency for the new DA Secretary to prioritize the repopulation of piggeries, severely affected by the African swine fever (ASF) since 2019. In an interview, Tambago underscored the significant impact the successful management of this department could have on the nation’s inflation rates. He emphasized Laurel’s potential to leverage his experience from managing the Frabelle Group to benefit his new role.

The swine industry, according to Tambago, has seen a severe decline, with an estimated 35 percent drop in the domestic swine population due to ASF. While pork imports have temporarily eased the demand, the long-term policy of reducing import tariffs is seen as potentially harmful to local pork producers. Tambago urges Laurel to focus on strategies that aid swine farmers in improving efficiency and lowering production costs, hence, strengthening the domestic pork industry against the need for prolonged reliance on pork imports.

Manila — The Bureau of Customs (BOC) reported a significant revenue surplus for October, surpassing its target by more than PHP 1 billion.

According to Philippines News Agency, the agency collected PHP 78.616 billion in October, achieving a PHP 1.084 billion surplus over the goal of PHP 77.532 billion. Commissioner Bienvenido Rubio pointed to the bureau’s commitment to fulfilling its responsibilities, emphasizing its role in augmenting revenue collection and advancing trade facilitation, which are vital for the country’s economic progress.

The Commissioner attributed the success to the BOC’s steadfast campaign against smuggling and the adoption of measures to improve trade efficiency. He stated that these actions are part of a broader effort to secure financial resources crucial for funding government initiatives and infrastructure.

In addition, the BOC disclosed a cumulative revenue figure of PHP 739 billion for the period from January to October of the current year. This amount represents a 2.4 percent increase over the PHP 721.717 billion target set for the same 10-month timeframe. Moreover, this year’s collection is an improvement compared to the PHP 713.522 billion gathered in the corresponding period the previous year.

The BOC has also taken steps to enhance trade facilitation, as evidenced by a recent memorandum of agreement signed on October 18 with the Philippine Postal Corporation. This agreement is expected to speed up clearances, tighten security controls, and streamline customs procedures. On the digital front, the bureau is actively working on the development of new systems and the upgrading of facilities to expedite import and export transactions, further improving efficiency and reducing turnaround times.

MANILA – October’s inflation in the Philippines is expected to slow down according to predictions by the Philippine Amalgamated Supermarkets Association (PAGASA).

According to Philippines News Agency, President of PAGASA, in a recent discussion, the price of goods typically found in supermarkets displayed notable stability in the past month, with certain items even experiencing price reductions. This trend aligns with the Bangko Sentral ng Pilipinas’ (BSP) forecast, which anticipated that headline inflation for October might settle within the 5.1 to 5.9 percent bracket. This rate would represent a decrease from September’s 6.1 percent inflation level, and a significant drop from the 7.7 percent inflation rate recorded in October of the previous year.

“Consumers are maxed out with recent price increases… you can’t raise prices anymore without losing market share. From our end, we can really feel inflation getting slower,” Cua articulated during his interview with the Philippine News Agency. He also highlighted the impact of President Ferdinand R. Marcos, Jr.’s Executive Order No. 39, which set price limits on regular- and well-milled rice, as a contributing factor to the tempering of price hikes.

The official inflation data for October is scheduled to be published by the Philippine Statistics Authority next week.

Cua also pointed out the change in consumer behavior and government policies that led to missed sales opportunities for retailers during the consecutive periods of the Barangay and Sangguniang Kabataan Elections (BSKE) and All Saint’s Day. Historically, these events would boost sales for items like beverages and snacks. However, due to the Commission on Elections’ (Comelec) ban on candidates offering refreshments to voters and the shift towards ordering food from delivery services or food trucks during cemetery visits, these anticipated surges in supermarket sales did not materialize.

“We really missed out on two good reasons for money to move around,” Cua lamented, referring to the affected sales of bottled water, soft drinks, biscuits, and other snack items.