NEWS SNIPPETS & MORE

By: Sunstar Cebu Business
Published: October 1, 2020
Full Article: Philippine peso to continue strong performance while imports stay low
Snippets: THE general story of the global economy in 2020 has been bleak, one characterized by sharp downturns and pessimistic outlooks for the future. However, the Philippine currency appears to be reading from a different book entirely. The Philippine peso has provided a rare tale of success in Asia during the Covid-19 pandemic, with the currency in a unique position to thrive in the otherwise tough circumstances of the coronavirus outbreak.

In August, the Philippine Statistics Authority revealed data from June on the nation's status for imports and exports. Following a 26.9 percent annual decline in May, exports reduced by 13.3 percent in June. This compares favorably with a 24.5 percent fall of imports in June, which followed a 40.6 percent reduction in May. With imports falling more aggressively than exports, the Philippines' currency account was sent into surplus and gave the peso a platform for growth.

The best-performing currency in the region

The Philippine currency outperformed all of its regional contemporaries in terms of their performances against the US dollar throughout 2020. As of Sept. 10, the Philippine peso had climbed 4.3 percent against the US dollar, taking advantage of the greenback's uncharacteristic weakness during the pandemic.

By: Phrexus Docena - Cebu Projects, News and Events Sugbo.ph
Published: September 25, 2020
Full Article: Project Update: Cebu BRT to partially operate by end 2021
Snippets: The Cebu Bus Rapid Transit (BRT) system, a P16.3 billion project, is set to start its first phase and partial operations by December 2021. The technical working group for the said project only has this month (September) to finalize its study and design.

The said project is a component of the planned Integrated Intermodal Transportation System (IITS) in the province of Cebu. Initiated by the Department of Transportation (DOTr), this project seeks to integrate a monorail system, a cable car system, and the BRT to provide efficient transportation and answer the worsening traffic in the province of Cebu.

This project is funded by the World Bank and Agence Francaise de Development and its project implementation is spearheaded by the DOTr and NEDA.

Project Phase

The BRT project has 2 phases. The first phase will span from N. Bacalso Avenue (located near the South Bus Terminal) up to the Provincial Capitol through the Osmena Boulevard. Whereas the second phase of the project, which traverses Bulacao, Talisay City (southern part of Cebu) to Talamban. (Northern part), is targeted to be fully operational by March 2022.

BRT to partially operate by end 2021

Despite all these delays, Cebuanos are still very hopeful for the successful project implementation in order to address the worsening traffic not only Cebu City, but in the neighbouring cities and towns as well.

Cebu BRT will focus its operations initially in the south of Cebu and will be operating buses that will serve in preparation for the BRT’s operation.

The first phase of Cebu BRT is scheduled for completion by end 2021

By: Rosalie O. Abatayo - CDN Digital
Published: September 24,2020 - 12:11 PM
Full Article: Metro Cebu office space market draws interest from Manila occupiers
Snippets: CEBU CITY, Philippines — Interests for office spaces in Metro Cebu have notably increased in the third quarter of 2020, despite the challenges faced by the real property sector amid the pandemic.

This development was noted by top professional services firm Jones Lang LaSalle (JLL) in its market overview for the period.

According to JLL Philippines, Metro Cebu’s shares of the total office space inquiries in the third quarter climbed to 28.6 percent from previously at only 4 percent. These inquiries come from occupiers from Metro Manila and some local-based businesses.

Those interested in the Metro Cebu office space market are mainly from firms engaged in offshoring and outsourcing (O&O) at 95.2 percent while the remaining 4.8 percent are inquiries from traditional office occupiers.

By: Sunstar Cebu Business
Published: September 23, 2020
Full Article: Boracay Island to welcome tourists on Oct. 1
Snippets: BORACAY Island will further open its doors to more local tourists on Oct. 1, thus signaling the continued resurgence of domestic tourism nationwide.

This development came as a result of a special meeting convened by the principals of the Boracay Inter-agency Task Force (BIATF) led by its chairperson Environment Secretary Roy Cimatu and co-vice chairpersons, Interior and Local Government Secretary Eduardo Año and Tourism Secretary Bernadette Romulo-Puyat, with the Province of Aklan Gov. Florencio Miraflores on Sept. 22.

“The reopening of Boracay to new market sources signals a gathering momentum for domestic tourism all over the country. We are pleased that the BIATF and the local government units of the Province of Aklan and Municipality of Malay have agreed to put health and safety as the priority as we carefully and safely welcome more guests to the island,” Puyat said.

By: Daxim L. Lucas - Reporter / @daxinq - Inquirer.net
Published: September 21,2020 - 04:37 PM
Full Article: cebudailynews.inquirer.net/341237/strong-peso-foreshadows-bad-economic-news-says-ing-economistStrong peso foreshadows bad economic news, says ING economist
Snippets: MANILA, Philippines — The strong peso may be a portent of bad economic news because it is being caused primarily by a steep drop in imports that were needed for the Philippines to maintain its growth trajectory, according to an economist.

At the same time, ING Bank Manila senior economist Nicholas Mapa warned that a rebound in the country’s gross domestic product next year will be aided in no small measure by the so-called base effect — the phenomenon where even a slight increase in absolute terms will reflect as a large percentage hike when coming from a low number.

“The peso remains the best performing currency in the region in 2020 but the relative strength may actually reflect a fast-fading investment boom with the economic outlook turning even darker on the horizon,” he said in a note to reporters.

He explained that the country’s high growth rate in recent years was attributable to the resurgence in capital formation with the economy hitting a high gear, as both corporates and households doubled down on investing in the then bright economic future.