| Regional Affairs
Philippines Slams China Over ‘Deceitful Rhetoric’ on South China Sea The Diplomat 7th Sep 2015
Over the weekend, the Philippine Department of National Defense once more attacked China’s purported aggression in the South China Sea, calling Beijing’s announcement that it is committed to peace “deceitful rhetoric,” according to AFP. “The Chinese leadership should go beyond deceitful rhetoric claiming peaceful efforts before their aggression takes a greater and irreparable toll on the region and beyond,” Peter Paul Galvez, a defense department spokesman stated in a statement last Sunday. China has pushed its territorial claims in the South China Sea vis-à-vis the Philippines with vehemence. Among other things, Beijing has seized Scarborough Shoal – a shoal located between the Macclesfield Bank and Luzon island that is claimed by China, Taiwan, and the Philippines – from Manila in 2012 and continues to prevent the latter from carrying out oil and gas explorations in what the Philippines consider its territorial waters.
National Affairs
Bicameral panel yet to finalize tax incentives bill Business World 9th Sep 2015
The House of Representatives and Senate are yet to finalize provisions of a law creating a system for reporting tax perks given to companies, though an official said the new draft law is nearly complete. Members of the two chambers met yesterday afternoon to reconcile two versions of the Tax Incentives Management and Transparency Act, a measure that puts in place a monitoring scheme for the grant of fiscal incentives to export companies operating in the Philippines. It is a priority reform sought by both Malacañang and business, as it is seen to enhance transparency and therefore, investor confidence in the grant of incentives.
Task force created to dismantle private armed groups in proposed Bangsamoro region Business World 8th Sep 2015
Malacañang has created a National Task Force that would focus on the disbanding Private Armed Groups (PAGs) in the proposed Bangsamoro and adjacent regions to stabilize the security situation. "There is a need for the creation of the National Task Force that would focus on disbanding the PAGs in the proposed Bangsamoro core territory and adjacent regions in order to stabilize the security situation and effectively implement the other measures stipulated in the Comprehensive Agreement on the Bangsamoro (CAB), particularly the gradual and phased decommissioning of the Moro Islamic Liberation Front (MILF)," Memorandum Circular No. 83 read. The circular, signed on Sept. 2, creates the National Task Force for the Disbandment of the PAGs (NTF-DPAGs) in the proposed Bangsamoro and in Regions IX (Zamboanga Peninsula) to Regions XII (Soccsksargen).
Binay starts wooing businessmen Business World 3rd Sep 2015
Vice-President Jejomar C. Binay started wooing the businessmen community on Thursday, promising to prioritize amendments to the economic provisions of the Constitution if he wins in the 2016 presidential elections. “What can the business sector expect from a Binay presidency? I do not just plan or promise, I get things done,” he said in speech at the Wallace Business Forum. Mr. Binay said his administration will work towards making the country a more competitive business and investment destination by opening up the economy to foreign investment.
Foreign groups renew lobby on key economic measures The Philippine Star 2nd Sep 2015
Foreign business groups have renewed calls for the approval of two House Bills that are seen to encourage the entry of more foreign investments into the country. In a statement issued Monday, the Joint Foreign Chambers (JFC) urged the legislative branch to immediately approve Foreign Investment Negative List (FINL) Liberalization Act and the amendments to the Foreign Investment Act (FIA). “These bills are under technical working group deliberation by the Senate Economic Affairs Committee and remain pending in House Trade Committee. The JFC sent a letter to Senate President Drilon to recommend passage of both bills considering the very limited time left in the 16th Congress. Another letter was also sent to House trade chair Rep. Mark Villar to request for hearing on the bills,” the business groups said.
Customs
Cargo ship for Mindanao-Sulawesi route sought to launch direct trade Business World 9th Sep 2015
Direct trade between Mindanao and North Sulawesi, Indonesia is being by a held back by the absence of a suitable cargo vessel that will ply the shipping lanes between the southern Philip[pines and Indonesia. Rey L. Billena, Philippine Chamber of Commerce and Industry governor for Southwestern Mindanao, said he is not counting on a proposal to use a vessel owned by Indonesia’s Talaud local government, as agreed earlier, to run the Davao-General Santos-Bitung route. “It was acquired 20 years ago by the Indonesian government for Talaud Island to ferry its constituents. However, there’s difficulty in converting it (into a cargo vessel) as lately relayed by the Indonesian Consular Office in Davao,” Mr. Billena told BusinessWorld.
Customs to implement paperless transactions The Philippine Star 8th Sep 2015
Paperless transactions will be implemented at the Bureau of Customs (BOC) to help rid the agency of corruption. Through a steady phase-in of paperless transactions, Commissioner Alberto Lina said doing business with the BOC would be easier. Through Customs Memorandum Order 29-2015, steps would be taken to eliminate unnecessary use of paper and expensive forms, he added. Electronic information will be shared with other government agencies like the Bureau of Internal Revenue, the Philippine Statistics Authority the National Economic and Development Authority, and the Tariff Commission, Lina said. “Eliminating red tape and all the ills that go with it is an important step in improving the overall performance of Customs and in restoring the public’s confidence in the bureau,” he said.
Customs pushes tax perks for OFWs The Standard 4th Sep 2015
A fifteen-fold increase in the exemption of household and personal goods being brought home in shipping containers by returning residents and a hundred-fold increase in the value of goods—shipped via parcels or balikbayan boxes from abroad—that can be exempted from taxes and duties is being pushed by the Bureau of Customs. The bureau on Thursday called on the Senate to work with the House of Representatives to hasten the passage of the Customs Modernization and Tariff Act (CMTA). At the Senate hearing tackling the bureau’s policies regarding balikbayan boxes, BoC Commissioner Alberto D. Lina told members of the Senate that the immediate passage of the CMTA would benefit Filipinos abroad who “simply want to share their blessings with their loved ones here.” “The bureau is wholly supportive of measures to update the policies that govern the entry of balikbayan boxes,” said Lina.
Customs issues new memo banning inspection of balikbayan boxes The Philippine Star 2nd Sep 2015
The Bureau of Customs (BOC) on Wednesday released a new memorandum order which bans the random physical inspection of balikbayan boxes. The revised rules and regulations in the importation of balikbayan boxes from overseas Filipino workers (OFWs) state that the boxes undergo mandatory x-ray scanning instead. Boxes tagged "suspect" after x-ray scanning will be subjected to 100 percent physical examination to be conducted by a Customs examiner in the presence of the apprehending officers, representatives of the Overseas Workers Welfare Administration and a designated officer of an OFW association. The BOC will also acquire K-9 units and install CCTVs in all authorized inspection and examination areas, according to the memo.
Manila port current congestion level stands at about 80% Customs Today 31st Aug 2015
A lawmaker has urged port stakeholders to prepare for huge volumes of cargoes expected to arrive in the last four months of the year to prevent a repeat of the congestion that sent both the government and private sector reeling from delays and huge losses in their respective operations. “Now that we have learned our lesson from last year, we must not let our guard down. This early, we must ensure that congestion will not hamper port operation during the coming ‘ber’ months,” Sen. Paolo Benigno “Bam” Aquino IV said in a statement issued Thursday. Aquino, chair of the Senate committee on Trade, Commerce and Entrepreneurship, said while port operations have returned to normal, the heavy volume of containers expected to arrive between September and December may result in another port congestion of 2014 occurring anew.
Philippines customs to improve agency operations Customs Today 29th Aug 2015
The Bureau of Customs (BOC) is urging Congress to prioritize the Customs Modernization and Tariff Act to improve the operations of the agency amid public outcry over its policy on inspections on balikbayan boxes. “We are calling on our friends in Congress to prioritize the Customs Modernization and Tariff Act so we will be able to improve our delivery of services to the entire nation especially to the benefit of our OFW [overseas Filipino workers] kababayans,” Customs Commissioner Bert Lina said on Friday. Lina assured Filipinos working abroad that the BOC is listening to their concerns on the inspections of balikbayan boxes.
Solons urged to pass Customs modernization bill Manila Standard Today 28th Aug 2015
The Bureau of Customs on Friday urged lawmakers to prioritize and pass into law the proposed Customs Modernization and Tariff Act to simplify and consolidate reforms in the agency to meet the public service demand. Customs Commissioner Alberto Lina said aside from revenue generation, the the CMTA would help the agency deliver its services to the public. “But we understand there is an urgent need to modernize these laws and processes, so we are calling our friends in our Congress to prioritize the modernization and tariff act so we will be able to improve our delivery of services to the entire nation especially to the benefit of our [migrant Filipino workers],” Lina said in a briefing. Customs said it would also meet with representatives of the migrant workers to get their side before releasing a directive implementing an order of President Benigno Aquino III to stop the physical examination of balikbayan boxes.
Customs tops list of most corrupt PH agencies again - SWS CNN Philippines 28th Aug 2015
Just reeling from a recent controversy over its policy on the random inspection of balikbayan boxes, it seems the Bureau of Customs (BoC) faces another challenge after it was revealed as the most corrupt government agency on Thursday (August 27), according to a Social Weather Stations (SWS) survey of businessmen. Among the 36 government offices included in the 2014/2015 SWS Survey of Enterprises on Corruption, the BoC was rated “very bad” — with a score of -55 — in terms of its sincerity in fighting corruption. The BoC received a similar rating in 2013 with a score of -63. In 2012, the agency got a rating one grade higher with a score of -45 or "bad". The BOC's worst ratings from the SWS survey were during 2005 to 2009, when it got an "execrable" rating.
Defense & Security
Philippines Woos Arms Manufacturers Voice of America 9th Sep 2015
The Philippines ongoing territorial tensions with China have led it to try to modernize its military, which for years had one of the smallest budgets in Asia. The country is spending more on more advanced ships and planes, but it is also trying to entice arms manufacturers to set up shop locally. Each day 200,000 bullets are produced at the Government Arsenal. But it is not enough to supply the Philippine Armed Forces with the ammunition it requires. The facility’s director, Jonathan Martir, explained a plan to open a defense economic zone, a tax-free place for foreign arms manufacturers to make more and better weapons for the Philippines.
PHL, Vietnam to ink ‘strategic partnership’ deal Business World 3rd Sep 2015
The Philippines and Vietnam will sign a “strategic partnership” agreement by the end of the year, officials have said, as common neighbor and rival China flexes its military muscle in disputed waters. Both governments said the agreement would bolster defense, political and economic ties between the two Southeast Asian nations most critical of China’s claims over most of the South China Sea. “As strategic partners, we aim to deliver results... a cooperation at the highest possible level,” Philippine Foreign Affairs Secretary Albert F. del Rosario told reporters late Wednesday. “We will deepen our cooperation in order to solve all the issues concerning the South China Sea in a most peaceful way in accordance with international law,” Vietnamese Ambassador to the Philippines Truong Trieu Duong told reporters. The deal would make Vietnam the Philippines’ second “strategic partner” after Japan, with which the Philippines is also bolstering military ties.
Army welcomes Senate probe Business Mirror 1st Sep 2015
The Army welcomes any investigation into the Commission on Audit (COA) findings regarding the undelivered ammunition and combat clothing and individual equipment (CCIE) it earlier purchased, said the Army commander, Lt. Gen. Eduardo Año. Año said he has already directed the concerned Army offices to open their books and fully cooperate with the inquiry that is set to be conducted by Sen. Miriam Defensor-Santiago. On Monday Santiago questioned the Army’s alleged failure to deliver the bulk of training ammunition and equipment that it was supposed to have procured last year as it has earlier programmed. Año said the Army is following procedures in the procurement of supplies and equipment based on Republic Act 9184, or the Government Procurement Law.
US to Deliver Four New Patrol Vessels to the Philippines The Diplomat 8th Sep 2015
The Philippines will receive four new patrol vessels from a U.S. company in November 2015, the firm announced September 3. According Willard Marine Inc., the U.S. State Department had awarded it a contract to provide the Philippine National Police Maritime Group with patrol vessels equipped for search and rescue operations along the country’s maritime borders. The move is consistent with efforts by the United States to build the capacity of its allies and partners in the Asia-Pacific such as the Philippines to tackle maritime security challenges. In addition to such assistance, Washington and Manila also inked an Enhanced Defense Cooperation Agreement in 2014 that, if approved by the Philippine legislature, would grant access to US troops, planes and ships in the country on a rotational basis.
Philippines, Vietnam eye defense pact at November Apec summit Straights Times 3rd Sep 2015
The Philippines and Vietnam are hoping to conclude a "strategic defence" agreement before year's end, possibly during the Apec summit in Manila in November, diplomats from both sides have announced. "We're still completing the development of it, but we hope to have a signing sometime this year, before the year ends," the Philippines' Foreign Minister Albert del Rosario told reporters during Vietnam's National day reception on Wednesday.
Economics
DTI joins calls to slash ‘very high’ tax rates Business World 9th Sep 2015
The Department of Trade and Industry (DTI) has joined calls to trim taxes in the Philippines, with its chief saying the steep rates pose as a “threat” in attracting investors. “The tax rates in the Philippines are high, very high. I remember a couple of times, the CEO of one of the biggest companies in the world came here and talked to the President and he specifically mentioned that we have to do something about our tax rates if only to become more competitive,” Trade Secretary Gregory L. Domingo said during the DTI’s budget briefing at the House of Representatives late Tuesday. He made the statement when asked by Abakada party-list Rep. Jonathan A. Dela Cruz about concerns raised by the potential investors. “They said when they make a decision on where to locate their plants, taxation is a very big factor in their decision making. He said we are missing out on opportunities for production because of our high tax rates. We have to address that,” Mr. Domingo added.
Underemployment rise spoils slight job improvement Business World 9th Sep 2015
The Ranks of jobless Filipinos in July dipped from a year ago, but those working and still looking for additional income increased in the same period, according to the latest government data released yesterday. “The number of unemployed Filipinos went down in July 2015 as the market continues to reflect the continued strength of the economy,” National Economic and Development Authority Director-General Arsenio M. Balisacan said in a statement, even as he warned of the impact of El Niño on farm workers. “[I]nterventions in the agriculture sector must continue to protect El Niño-affected workers.”
Moody’s cuts two-year Philippine growth forecast The Philippine Star 9th Sep 2015
Moody’s Investors Service slashed its economic growth projection for the Philippines for this year and next year amid the subdued global growth exacerbated by weaker demand in China. In its latest report on Asia Pacific Sovereigns titled “Credit profiles resilient to slowing exports, subdued domestic demand,” Moody’s scaled down the gross domestic product (GDP) growth forecast for the Philippines to 5.7 percent instead of 6.7 percent this year and to six percent instead of 6.5 percent next year. The Philippines recorded a slower growth of 5.3 percent in the first half of the year from 6.4 percent in the same period last year on the back of weak global demand and lack of government spending.
More Philippine CEOs bullish on business growth – survey The Philippine Star 8th Sep 2015
The top business executives in the country are more optimistic about the future of their businesses as opportunities are seen to widen despite threats of increasing tax burden, overregulation, and skills shortage, a joint study by the Management Association of the Philippines (MAP) and Isla Lipana & Co. showed. In a press briefing yesterday, MAP and Isla Lipana officials unveiled the results of the 2015 Philippine CEO Survey Report which studied factors affecting the business community based on the perspective of the leaders of large corporations and small and medium enterprises. The report revealed 73 percent of CEOs surveyed are very confident about their business growth in the next 12 months, while 62 percent are very optimistic on growth prospects in the next three years.
Philippines can withstand external shocks – IMF The Philippine Star 7th Sep 2015
The International Monetary Fund (IMF) believes the Philippines would be able to survive external shocks brought about by the slackening global economy on the back of monetary and fiscal reforms being undertaken by the government. The IMF executive board has concluded its annual Article IV consultation with the Philippines for 2015 last Aug. 26 and noted the prudent macroeconomic management of Philippine authorities has delivered strong outcome and has set the stage for favorable growth prospects despite external headwinds. “Looking ahead, directors encouraged continued vigilance in managing risks, and supported the authorities’ focus on infrastructure investment, structural reforms, and on improving living conditions and achieving more inclusive growth,” the IMF said in a statement.
Inflation slows to a record low, keeps BSP on track to meet goal Business World 4th Sep 2015
Inflation eased to a new low last month on softer oil and food prices, state statisticians reported on Friday. And while noting that the threat of an El Niño dry spell remains an overhang on sentiment, economic managers said chances are inflation would stay within target in the next two years. The Philippine Statistics Authority (PSA) said headline inflation slowed to 0.6% in August this year, from 0.8% the month before and the 4.9% recorded in August last year. The Bangko Sentral ng Pilipinas (BSP) earlier offered an estimate of 0.2%-1% for August inflation, and the actual reading was at the midpoint of that range. Eleven economists last week polled by BusinessWorld put last month’s inflation number also at a median 0.6%.
Philippine Central Bank Ready to Amend Policy If Needed The Wall Street Journal 3rd Sep 2015
The Philippine central bank said Friday it is watching the impact of recent market volatility on domestic liquidity, adding that it is ready to amend monetary policy if needed to ensure sufficient money supply. Inflation in the first eight months of the year stood at 1.7%, below the Bangko Sentral ng Pilipinas’ target range of 2.0%-4.0%, after the consumer-price index slowed to a two-decade low of 0.6% in August. Central Bank Governor Amando Tetangco said the latest inflation figures are on track to meet the central bank’s target range of 2%-4% for this year and for 2016, despite risks posed by a sudden rise in global oil prices, and the impact on food prices from a prolonged dry spell caused by El Niño.
Philippines Rethinks Its Monopolies The Wall Street Journal 3rd Sep 2015
Gloria Santos gets her electricity from one monopoly, the Manila Electric Co., and her water from another, the Manila Water Co. The result of having no choice, she and other backers of a new antitrust law contend, is far higher bills and poor service. “These things need to be cheaper,” said Manila resident Ms. Santos, 49, who with her mechanic husband supports four children on $580 a month, of which $65 went toward power and water last month. The Philippines’ new Competition Act–signed into law in July—creates a commission tasked with rooting out anticompetitive business practices, policing mergers and filing antitrust cases.
Philippines struggles with unemployment despite economic growth Financial Times 1st Sep 2015
Despite rapid economic growth in the Philippines in recent years, unemployment remains a persistent problem for the sprawling Southeast Asian nation of more than 100m people. Under President Benigno Aquino, in office since 2010, unemployment has fallen. The latest figures show the rate at 6.4 per cent in the second quarter of this year, down from 7 per cent a year earlier. But progress has been uneven and the Philippines still has one of the highest rates of unemployment in the Asean region. One reason is that job creation has struggled to keep pace with an ever-expanding population. In three of the past five years, the number of people entering the job market has been greater than the number of jobs created.
Convenience stores seen thriving in Philippines The Philippine Star 31st Aug 2015
Convenience stores in the Philippines are seen to continue prospering on the back of expanding urbanization with the different players expected to have a combined total of at least 100 new outlets by yearend, a report of Maybank ATR Kim Eng titled Asean Corporate Insight said. The report said the convenience store format would continue to serve consumers especially those from the business process outsourcing industry because of its 24/7 operations. The report noted Philippine Seven Corp., operator of 7-Eleven, would continue to be the leader in the industry 1,282 outlets that delivered P17.1 billion revenues and P20.6 billion sales last year.
Energy
Ayala forays into solar with initial P1.3-B budget Business World 9th Sep 2015
Ayala Corp., the country’s oldest conglomerate, has finally decided to foray into solar energy -- extending its renewable energy projects beyond wind farms -- with an initial budget of P1.3 billion, it told the stock exchange yesterday. The conglomerate, through wholly owned subsidiary AC Energy Holdings, Inc., said it is taking in as a partner Bronzeoak Clean Energy, Inc., builder of the 45-megawatt (MW) San Carlos Energy project -- the country’s first solar farm. Together, the two groups will build an 18-MW solar power plant in Negros Oriental that is expected to be completed by March next year. The budget for that is P1.3 billion, Ayala said in a disclosure, with a plan to expand the facility further to generate power of as much as 40 MW.
Oil firms oppose fuel-marking scheme The Philippine Star 9th Sep 2015
Oil companies are opposing the implementation of the fuel marking scheme on fuel imports on concerns this could result in additional costs to consumers. Originally eyed last month, the Bureau of Customs (BOC) is delaying the implementation of the new scheme aimed to arrest revenue losses from oil smuggling before the year ends. “We’re hoping it will be implemented by year-end,” BOC commissioner Alberto Lina said in an interview with The STAR. Under the new system, imported kerosene and diesel products whose taxes have already been paid would carry the markings, making it easier for the bureau to identify smuggled oil products.
Bigger Subic coal plant Manila Standard Today 4th Sep 2015
Redondo Peninsula Energy Inc. may keep the proposed 600-megawatt capacity of its planned coal-fired power plant at the Subic Bay Freeport Zone, instead of reducing it to 300 MW. “I think they’re trying to push it to 600 MW,” said Meralco Power Gen Corp. chairman Manuel Pangilinan told reporters. Meralco PowerGen, the power generation unit of Manila Electric Co., owns a majority stake in RP Energy. Pangilinan earlier said Meralco PowerGen might reduce the capacity of the plant to 300 MW due to right-of-way issues and transmission line constraints.
Mitsubishi buys into PHL wind farm with Ayala deal Business World 3rd Sep 2015
APAN’S Mitsubishi Corp. bought into the operator of an 81-megawatt wind farm in Ilocos Norte following the divestment of a subsidiary of its partner Ayala Corp. The buyer was Mitsubishi subsidiary DGA NLREC B.V., while the seller was Ayala unit Ayala International Holdings, Ltd. The subject of the deal was Luzon Wind Energy Holdings B.V., which “owns part of Ayala’s stake in North Luzon Renewable Energy Corp. (NLREC), being held by its wholly-owned subsidiary AC Energy Holdings, Inc.,” according to a disclosure Ayala Corp. filed with the stock exchange. NLREC owns the wind farm in Barangay Caparispisan in the coastal resort town of Pagudpud in Ilocos Norte. “After the sale of Luzon Wind, AC Energy... still remains the largest owner of NLREC with an economic stake of approximately 36%,” read the disclosure.
Philippines seen among top biofuel consuming countries in Asia The Philippine Star 2nd Sep 2015
The Philippines needs to find an alternative source of feedstock for bioethanol and biodiesel as it is expected to be one of the top biofuel consuming countries in Asia by 2020, a study by the Economic Research Institute for Asean and East Asia (ERIA) showed. Liquid fuels could be a main source of energy to satisfy Asia’s growing energy demand and to reduce the region’s dependence on fossil fuels, it said. By 2035, Asia’s demand for biofuel will reach over 70 million tons of oil equivalent (TOE) by 2035 - nearly 36 million TOE of bioethanol and 37 million TOE of biodiesel, the study showed
Lawmaker pushes energy efficiency, conservation bill The Philippine Star 31st Aug 2015
Oriental Mindoro Rep. Reynaldo Umali is pushing for a bill providing incentives to private firms implementing energy-saving practices. The congressman authored House Bill 4393, which seeks to institutionalize energy efficiency and conservation and promote renewable energy for energy security. Umali, who is the chairman of the House Energy Committee, said incentives are in the form of tax breaks and financing. “The bill provides for some incentives in terms of tax holidays and duty free imports to support suppliers of renewable technology,” he said during the Humaniti Network Media Forum on Energy and Business Sustainability.
Power spot market prices ease in H1 The Philippine Star 30th Aug 2015
The country’s electricity spot market registered a downward trend in prices in the first half of 2015 amid abundant power supply even with concerns over the power situation during the summer months and the Malampaya gas shutdown. The Philippine Electricity Market Corp. (PEMC) said energy purchased from the spot market averaged P5.245 per kilowatt-hour in the first six months of 2015, lower than the P6.639 per kwh in the same period in 2014. PEMC operates the Wholesale Electricity Spot Market (WESM), the country’s trading floor for electricity.
More service contracts for renewable energy due for award this week Business World 30th Aug 2015
New renewable energy (RE) service contracts are expected to be awarded to developers this week, an official from the Energy department said, noting this will mark the conclusion of the second round of open and competitive selection process (OCSP 2). Mario C. Marasigan, director of the agency’s Renewable Energy Management Bureau, said the last leg of applications evaluation is due tomorrow. “We will have another deliberation on Tuesday since we got a lot of bids,” Mr. Marasigan said in a text message when asked on the status of the ongoing evaluation. “Sept. 4 is still our target awarding date,” he added.
Financial Services
Philippine insurance industry back on top Business World 3rd Sep 2015
The insurance industry in the Philippines is gearing up for a strong year, as total premium income rose by more than 40% year on year in the second quarter. The sector is expected to return to 2013’s record highs after a moderate decline last year, and foreign interest remains strong, with half a dozen firms vying to establish bancassurance channels via Philippine National Bank (PNB). Total premiums were up 42% in the first six months of the year at P116.1 billion, according to the sector regulator, the Insurance Commission (IC), while total assets grew 12.8% to reach P1.07 trillion, and investments rose by 17.2% to P929.9 billion.
DOF backs easing of Bank Secrecy Law The Philippine Star 10th Sep 2015
The Department of Finance (DOF) said yesterday the easing of restrictions in the Bank Secrecy Law could boost the national coffers by at least P300 billion. Finance Secretary Cesar Purisima said the lifting of the existing Bank Secrecy Law for suspected tax evaders and the use of tax evasion as a predicate crime in the Anti-Money Laundering Act (AMLA) would boost government coffers as more self-employed individuals are expected to pay the correct taxes. Purisima said the proposed legislation amending the existing Bank Secrecy Law would not be passed within the remaining term of President Aquino as elections is just around the corner.
BPI Trade: Continuing volatility in stock market seen Business Mirror 9th Sep 2015
The Philippine Stock Exchange index (PSEi) is seen trading at the 6,600 level to 7,200 level this year and 7,600 to 8,200 next year, according to BPI Securities Corp. BPI Trade CEO and Managing Director Michaelangelo Oyson said the uncertainty in the market continues because of the highly anticipated US rate hike. “The PSEi is expected to trade at a range of 6,600 to 7,200 this year, if Federal Reserve Chairman Janet Yellen does not raise interest rates. Next year, PSEi is seen at 7,600 to 8,200 trading range, if Yellen decided to raise interest rates in December this year or January next year,” he said during a media discussion.
Fund outflows persist in August Business World 9th Sep 2015
Foreign portfolio investments registered a net outflow for the sixth straight month in August as investors took profits, the Bangko Sentral ng Pilipinas (BSP) yesterday said, tipping the eight-month tally into negative territory. In a statement, the BSP said that “hot” money -- called so given the ease by which these funds enter and leave the country -- recorded a $542.54-million net outflow last month. The August total was a reversal of the $483.45-million net inflow of portfolio investments recorded in the same month a year ago. This was also more than thrice the net $160.1 million in funds that flowed out of the country in July.
Central bank expands scope of salary loans Business World 9th Sep 2015
The Bangko Sentral ng Pilipinas (BSP) has expanded the scope of salary loans in line with boosting credit standards and policies for borrowings based on an individual’s compensation. In a statement, the BSP said such loans are now called “salary-based-general-purpose consumption loans.” “The definition now includes credit accommodations for education, hospitalization, emergency, travel, household and other personal consumption needs, but excludes credit cards, motor vehicles and other personal loans, which are covered under other existing BSP regulations,” the central bank said.
Insurers push for mandatory earthquake insurance The Philippine Star 9th Sep 2015
The Philippine Insurers and Reinsurers Association (PIRA), the umbrella group of non-life insurers, reiterated the need for a mandatory earthquake insurance for residential buildings and small to medium businesses. The PIRA noted that less than one percent of the 14 million people in the metropolis are insured against earthquakes. The group said millions of Filipinos would be devastated with no one but the government and foreign aid to depend on when a powerful typhoon hits the country.
Investors swamp T-bond exchange The Philippine Star 8th Sep 2015
While investors swamped the latest debt exchange by the government, most of them flocked to the longer termed securities on offer as they look at locking funds for the future still seen stable with high growth and low inflation. Around 65 percent—or P255 billion—in tenders to the current debt swap were for bonds maturing in 2040, or for a term of 25 years, the longest maturity being offered by the government, National Treasurer Roberto Tan said yesterday. The remaining balance, around P133 billion, wanted to swap for 10-year 2025 securities. The government is authorized to issue up to P300 billion. Results of the bond swap will be announced today.
The future and challenges of ecommerce in the Philippines Tech in Asia 3rd Sep 2015
The internet has a significant place in the lives of many Filipinos. According to statistics on the number of internet users of countries worldwide, the Philippines with over 39 million internet users, ranked 16th worldwide and 3rd in Southeast Asia next to Indonesia and Vietnam. The country would pale in comparison to China and US internet users, but it can’t be denied that Filipinos are among the world’s most active and most participative online users. Thus, it would be no surprise to see the booming e-commerce industry in the future.
Approval still eyed for bill easing taxes on premiums Business World 3rd Sep 2015
A measure seeking to lower taxes on non-life insurance premiums may still be approved before President Benigno S.C. Aquino III ends his term next year, putting the sector at par with its neighbors in the region. Insurance Commissioner Emmanuel F. Dooc made the pronouncement as he cited the commitment made by top Congress officials to pass the proposal. “We’re trying to secure the approval within the 16th Congress, that’s the timeline, and I think it will be approved by then,” Mr. Dooc told reporters in a press chat last Tuesday.
Banks bulk up on consumer loans in Q1 The Philippine Star 2nd Sep 2015
The Bangko Sentral ng Pilipinas (BSP) reported yesterday a 27 percent jump in the consumer loans portfolio of universal, commercial and thrift banks in the first quarter of the year on the back of the country’s stable economy. Data released by the central bank showed consumer loans amounted to P932.78 billion from January to March this year or P197.68 billion higher compared to the P735.1 billion recorded in the same period last year. The amount was also P30.3 billion or 3.4 percent higher compared to the P902.47 billion booked in the fourth quarter of 2014. “This sustains the quarter-on-quarter growth in commercial loans that began in 2008,” the BSP said.
PNoy signs law promoting financial literacy, entrepreneurship among students The Philippine Star 2nd Sep 2015
President Benigno Aquino III has signed the law promoting entrepreneurship and financial education among young Filipinos. Aquino signed Republic Act 10679 or the Youth Entrepreneur Act on August 27. The new law mandates the Department of Education (DepEd), the Commission on Higher Education (CHED) and the Technical Education and Skills Development Authority (TESDA) to establish the promotion of programs on entrepreneurship and financial literacy. DepEd shall also ensure that the K to 12 curriculum shall be supported by such programs. However, at the elementary level, the programs shall be focused on the ideal values necessary to become successful entrepreneurs.
House passes depositor protection bill on second reading Business Mirror 31st Aug 2015
The Philippine House of Representatives, in its plenary session on August 25, passed on second reading a bill strengthening the deposit- insurance system in the country. Rep. Nelson P. Collantes of the Third District of Batangas, chairman of the House Committee on Banks and Financial Intermediaries, authored House Bill (HB) 6020 to amend Republic Act 3591, as amended, otherwise known as the Charter of the Philippine Deposit Insurance Corp. (PDIC). HB 6020 aims to institutionalize much-needed reforms in the field of deposit insurance, and resolution and receivership of banks. The proposed legislation is intended to ensure the protection of depositors and promote financial inclusion. He expressed optimism that HB 6020 will soon be passed on third and final reading.
Philippines backs Asian Funds Passport to finance big-ticket projects The Philippine Star 31st Aug 2015
The Philippines is pushing for the development of the Asia Regional Funds Passport to make it easier for financial services professionals to market investment products across the region. In a briefing late Friday, Securities and Exchange Commission commissioner Ephyro Amatong said this passport initiative could “create a bigger pool of funds that can be tapped for investment to drive growth within the region.” The Asia Regional Funds Passport is an Asia Pacific Economic Cooperation initiative, which is expected to be tackled during the Finance Ministerial meetings in Cebu scheduled on Sept. 9 to 11. Finance ministers of the 21 Asia-Pacific Economic Cooperation economies are set to launch the Cebu Action Plan, a roadmap to the Asia-Pacific region’s inclusiveness and resiliency.
UnionBank ramps up technology in bid to increase cashless transactions Business World 30th Aug 2015
Union Bank of the Philippines, Inc. (UnionBank) is looking to increase cashless transactions -- deemed more secure and efficient -- through its credit cards now equipped with added security features. The Aboitiz-led bank said in a statement that it has introduced the latest contactless technology of Visa called Visa payWave and the latest security standard Europay MasterCard Visa (EMV) chip technology in its credit cards issued from May 2015. Currently, UnionBank has around 300,000 cards in circulation of which, more than 50% are already EMV/Visa payWave equipped, while the rest are EMV equipped. UnionBank Cards Business Head Ana Aboitiz-Delgado was quoted as saying that the combination of Visa payWave technology and EMV-chip security will ensure that UnionBank credit card holders can take full advantage of the convenience of contactless payments and secure transactions for its clients.
Bank branching shifts to areas outside urban centers Business Mirror 30th Aug 2015
The country’s lenders look more and more toward the provinces for new markets and increasingly less in the urban centers as competition from foreign banks heat up, analysts at Maybank ATR said “Branch expansion is happening in provincial areas where the potential for new markets is greatest. It’s also a logical response to more foreign entrants in the country who will likely be focused in Metro Manila,” analysts Katherine Tan and Arabelle Maghirang said. The Bangko Sentral ng Pilipinas has since encouraged the establishment of branches in the unbanked areas, to which some banks have responded by starting microfinancing ventures, led by Rizal Commercial Banking Corp. and Bank of the Philippine Islands.
Bank loans grow 13.5% to P4.6 T The Philippine Star 29th Aug 2015
The growth in bank lending slowed down in July on the back of lower borrowings from both corporate and individual clients, the Bangko Sentral ng Pilipinas (BSP) reported yesterday. Outstanding loans of commercial banks expanded 13.5 percent to P4.597 trillion in July this year from P4.05 trillion in July last year. The expansion is lower compared to the 14.5 percent growth in bank lending in June. Together with reverse repurchase placements with the BSP, lending rose 13.4 percent to P4.886 trillion in July from a year-ago level of P4.31 trillion.
Food & Agriculture
DA suspends price control on agriculture commodities The Philippine Star 10th Sep 2015
The Department of Agriculture has suspended the application of the implementing rules and regulations (IRR) of the amended Price Act of 1992 on agricultural commodities to give way to wider consultations among traders who fear the price control provisions of the law. Agriculture Secretary Proceso Alcala said Tuesday several trading groups have raised “additional concerns” on the IRR. “The suspension order will afford stakeholders additional opportunity to raise their concerns on the IRR,” he said. He said a series of nationwide consultations would be conducted immediately. This would be the second round of consultations to be held since the finalization of the IRR in the last quarter of 2014.
Philippines to import more rice as strong El Niño event looms Business World 9th Sep 2015
The Government is moving to beef up buffer stock by importing an additional 750,000 metric tons (MT) of rice by early next year, the National Food Authority (NFA) said yesterday, as the country braces for an El Niño event that could turn out to be worse than the last “strong” episode in 1997-1998. The Interagency Food Security Committee (FSC) has allowed the NFA to proceed with procurement of 250,000 MT by yearend and 500,000 MT by the first quarter of next year via state-to-state deals, according to the statement. “There is no better option than being prepared,” the grains procurement agency said, adding that “the looming impact of El Niño” prompted the FSC, chaired by the National Economic and Development Authority, to grant the authority to proceed with the importation.
DA to set aside P43.86 million for multiplier farms Business Mirror 2nd Sep 2015
The Department of Agriculture (DA) will allocate P43.86 million for a project that will establish “multiplier farms,” where farmers may get animals like native pigs, native chicken, goats, sheep and honeybees for free. Dubbed as the Multiplier Farms Project (MFP), Agriculture Undersecretary for Operations Jose Reaño said the project’s goal is to increase the income of farmers. Agriculture Secretary Proceso J. Alcala signed Memorandum Order (MO) 40 upon the recommendation of Reaño. MO 40 authorized the rollout of the MFP.
Cargill to grow investments in PHL by $200M Business Mirror 30th Aug 2015
Cargill Inc., a global producer and supplier of feeds and agricultural goods, will invest $200 million to put up feeds manufacturing and chicken-growing stations in the Philippines this year, an official of the Department of Agriculture (DA) said. Agriculture Undersecretary for Livestock Jose Reano told editors and reporters of media companies under the ALC Group that Cargill is set to establish integrated plants in different parts of the country, specifically in Mindanao. Dubbed as “feed to fork” plants, the factories will serve as manufacturing and growing stations for poultry products and will perform several functions—from providing seeds to manufacturing feeds and growing chicken to processing chicken products.
New project to boost productivity in agri sector Sun Star 7th Sep 2015
An international private, nonprofit organization that promotes broad-based economic growth, is set to implement a new project that aims to boost productivity in the agriculture sector. The Agricultural Cooperative Development International, Volunteers in Overseas Cooperative Assistance (Acdi/Voca), will start to implement the project, dubbed as the Mindanao Productivity for Agricultural Commerce and Trade (MinPACT), before the year ends, an official said.
PAF all set for cloud seeding Manila Times 4th Sep 2015
The Philippine Air Force (PAF) on Thursday readied its Cessna LC-210 weather aircraft for a cloud seeding operation amid El Niño weather phenomenon, which could be among the strongest in 65 years according to US scientists. Col. Enrico Canaya, Air Force spokesperson, said besides the aircraft, PAF weather technicians were also put on standby to assist concerned government agencies in mitigating the effect of the climate phase. He added that should the private aircraft be used for cloud seeding, weather technicians and other Air Force personnel would be deployed to support them.
P2.3 million rubber production project turned over in Tarragona Philippine Information Agency 2nd Sep 2015
The Department of Agriculture Regional Field Office XI, the Office of the Presidential Adviser on Peace Process (OPAPP), and the Provincial Government recently turned over a P2.3 million rubber production project to three farmers’ organization covering about 200 farmer beneficiaries in Tarragona town, here. Implemented under the Payapa at Masaganang Pamayanan (PAMANA) Program on livelihood interventions, the project is part of the government’s bid to intensify efforts in peace and development in the communities through poverty alleviation. A total of 40,000 rubber seedlings ready for planting to 200 hectares of farmlands in the villages of Ompao, Tomoaong, and Tubaon were turned over. Also provided are 1,100 bags of organic fertilizer, 200 bottles of organic foliar fertilizer and 96 pieces of farming tools.
Rural dev’t projects up sharply at P3.02B over 8 months Manila Times 1st Sep 2015
The amount of sub-projects approved under the Department of Agriculture’s (DA) flagship rural development program has increased significantly in the last eight months as more local governments participated in its implementation. In a report on August 31, the DA said that sub-projects approved for implementation and are currently ongoing implementation under the Infrastructure Development (I-BUILD) component of the Philippine Rural Development Project totaled P3.02 billion, up sharply from just P230 million at the end of December 2014.
Health & Life Sciences
Lawmakers criticize slow release of funds for hospital upgrades Business World 9th Sep 2015
Lawmakers expressed alarm over the slow release of funds meant for hospital upgrades for 2015, with only a fifth of the P3.7 billion allocation for local health centers disbursed as of September. For this year, P3.7 billion has been earmarked to support the government’s Health Facilities Enhancement Program (HFEP) to improve various rural health units and barangay health stations, but releases barely reached P800 million so far. An official from the Department of Budget and Management (DBM) said the agency is still processing fund releases charged to the hospital upgrade fund.
Filipino children 'suffer from chronic malnutrition' The Straits Times 4th Sep 2015
Children in the Philippines suffer from "sub-Saharan levels" of malnutrition that stunts growth in a population who have traditionally been considered short because of genetics, Save the Children Fund said in a new report September 3. About one in three children under five years of age suffers from stunting, said the charity.
Aquino creates anti-arsenic poisoning task force Rappler 3rd Sep 2015
President Benigno Aquino III has created a government task force against arsenic poisoning of groundwater, a serious health hazard for communities that depend on wells for water. Administrative Order No 47, signed by Aquino on August 26, creates an “inter-agency task force on arsenic risk reduction and management.”
House OKs comprehensive policy for patients with rare diseases Rappler 3rd Sep 2015
The House of Representatives recently approved on 3rd and final reading a bill that institutionalizes a comprehensive policy on services for patients with rare diseases. House Bill 5973 seeks to ensure that patients with rare diseases will have access to "timely health information and adequate medical care," including medicines. It will also establish a National Rare Disease Registry for policy making. In Philippines, a disease is considered rare when it affects one patient in every 20,000 population.
Non-communicable diseases, mental health problems costing 3-4% of PH's GDP Interaksyon 31st Aug 2015
Mental health problems and non-communicable diseases cost the Philippines around 3 to 4 percent of its gross domestic product, highlighting the importance of investing in the health sector to sustain economic development, not only for the country but other Asia Pacific Economic Cooperation members as well.
Multi-sectoral groups buck minimum price for cigarettes The Philippine Star 30th Aug 2015
In a joint statement, the Action for Economic Reforms (AER), Framework Convention on Tobacco Control Alliance Philippines, New Voice Association of the Philippines, Philippine College of Physicians Foundation, Philippine Society of General Internal Medicine (PSGIM), Woman Health Philippines Inc. and Youth For Sin Tax Coalition have opposed a bill in the House of Representatives seeking to set a minimum price for cigarettes, saying it is more of a profit strategy for the tobacco industry than a tobacco control measure.
ICT
Aquino thumbs down proposed ICT dep’t Business World 8th Sep 2015
President Benigo S. C. Aquino III yesterday thumbed down a proposed measure creating a Department of Information and Communication Technology (DICT). I’m not sure that there is a need for a department specifically for IT (information technology), currently the ICTO (ICT Office) seems to adequately meet all of the challenges with regards to IT... security, speed, connectivity and so on,” Mr. Aquino said in an interview with Philippine Daily Inquirer aired live via government-owned PTV-4. The ICTO is under the Department of Science of Technology.
Philippines to Roll Out Nationwide Free Wi-Fi Service by 2016 Bloomberg 7th Sep 2015
The Philippines is planning free Wi-Fi services to half of its towns and cities this year and nationwide coverage by end-2016, limiting the data revenue prospects for Philippine Long Distance Telephone Co. and Globe Telecom Inc. The free Internet service will cost the government about 1.5 billion pesos ($32 million) a year and will be available in areas such as public schools, hospitals, airports and parks, said Monchito Ibrahim, deputy executive director of the Information and Communications Technology Office. “If subscribers move to using free public Wi-Fi, telecoms may need to lure them into getting higher-end services,” Ibrahim said in a Sept. 4 interview in Makati City, referring to the country’s two main phone companies. The government’s “focus is on areas that absolutely don’t have access.”
JFC laments non-implementation of Data Privacy Act The Philippine Star 31st Aug 2015
Foreign business groups said the Philippines’ first data privacy law remains a “piece of paper” after nearly three years of its passing. In a statement over the weekend, the Joint Foreign Chambers (JFC) said the Data Privacy Act of 2012 that should protect individual personal information in information and communications systems in the government and private sector has continued to be in its dormant state due to the government’s failure to create a National Privacy Commission. “The laudable potential impact of the law on the country and the information technology-business process outsourcing industry, however, has been nullified because the government has not created the National Privacy Commission which would draft and issue the vital Implementing Rules and Regulations needed for the law’s implementation,” the business groups said.
Microsoft sees potential of Philippines IT firms to become global industry players The Philippine Star 30th Aug 2015
Technology giant Microsoft Corp. is urging Filipino companies to tap on available technologies to accelerate business growth and harness the potential of becoming a global player. With the looming Asean integration, Microsoft Philippines said businesses investing in technologies such as the cloud could become at par with regional and global competition. “Technologies like the cloud is a source of competitive advantage for businesses. We see it as the great equalizer that enables optimal performance to keep pace in today’s challenging environment,” Microsoft Philippines general manager Karrie Ilagan said.
PLDT on the lookout for partners to bring 5G technology to PHL Business World 30th Aug 2015
Philippine Long Distance Telephone Co. (PLDT) is scouting for potential partners as it gears up to launch 5G technology in the Philippines by 2020, and floats the prospect of China’s Huawei Technologies Co. Ltd. being one of them. In a chance interview last week at the Makati Shangri-La Hotel, PLDT Chairman Manuel V. Pangilinan was asked about the extent of its talks with Swedish telecom firm Ericsson for 5G, to which he replied: “At this stage it’s quite exploratory because it could really be the new technology around the corner but it’s probably quite in its beginnings yet.” But asked about other potential partnerships, he said: “I’m sure Ericsson is not the only one developing it, there are others also.”
Govt needs P800B for better, faster internet The Manila Times 1st Sep 2015
Slow internet connection in the country is one of the issues that the government needs to address by shelling out the required average investment of P800 billion. “The approach must be comprehensive,” National Telecommunications Commission (NTC) Director Edgardo Cabarios told reporters on Tuesday. “You can’t just let the private sector address the problem—it cannot.” “A P60-billion a year capex [capital expenditure] won’t do. The estimate is that just to provide 2Mbps [Megabits per second] for 80 percent of the households, you need P800 billion. “If the rate is P60 billion a year in broadband for the households, it would take more than 10 years if there is no government investment. “It’s in the Philippine Digital Strategy (PDS) that by 2016, 80 percent of households would at least have 2Mbps of internet speed . . . The problem with the PDS is that you have a target, but how do you achieve it?” he said. Left unresolved, poor internet connection speeds and quality limit the success of e-commerce in the Philippines, said an earlier report of BMI Research, a unit of the Fitch Group. “We expect the success of e-commerce in Philippines will be limited by poor internet connection speeds and quality, which are below the regional average. A recent comparison study done by TechinAsia found that fixed broadband speeds in the Philippines were the slowest amongst 20 Asian countries,” the research firm said.
Infrastructure
Aquino touts infra projects in Ozamiz Business World 9th Sep 2015
President Benigno S. C. Aquino III on Wednesday touted infrastructure projects in Misamis Occidental, saying it is in the hands of Filipinos if they want programs and projects benefitting Filipinos to continue. “It is in your hands if these programs and projects benefitting ordinary Filipinos will continue or if the transformation we are getting will be disrupted,” Mr. Aquino said in Filipino during a speech in Tangub City, Misamis Occidental. “You did this, you will be the one to continue this and I am relying on you. Let’s us continue treading the Straight Path.” The president inspected the on-going widening and rehabilitation of the damaged national road along Ozamiz-Oroquieta road. He was then briefed by Public Works Secretary Rogelio L. Singson on major infrastructure projects in the province.
NEDA approval on location of new international airport seen only by 2016 The Philippine Star 7th Sep 2015
The Department of Transportation and Communications (DOTC) expects to get the approval of the National Economic and Development Authority (NEDA) Board on the location of the country’s new international airport before the end of President Aquino’s term. Transport Secretary Joseph Abaya said securing NEDA Board approval on the location of the new airport is possible before a new president takes over. “I think that is one thing we can do for the next administration, get the decision on where it would be,” he said. Abaya said the location of the new airport would not only set a clear direction for the next administration but also for businesses.
PPP securities in the works The Philippine Star 7th Sep 2015
The Philippine Stock Exchange (PSE), the operator of the local bourse, and the Public Private Partnership (PPP) Center are laying the groundwork for the possible issuance of PPP securities in the stock market. PSE president Hans Sicat said the private sector proponents of PPP projects in the country can use the stock market to raise capital as what is being done in other markets. “We believe the stock market can play an important role for PPP companies to raise capital similar to the experiences in other markets. We are working closely with our regulator, the PPP Center and other stakeholders to explore opening up the equities market for this purpose,” Sicat said.
Mining projects cleared to expand Business World 6th Sep 2015
Four applications for expansion of mining areas have been approved by the Mines and Geosciences Bureau (MGB) since the government relaxed rules in November last year. “We have already approved several area expansions,” MGB Director Leo B. Jasareno said in a text message over the weekend. Such expansion is one of the industry’s activities still open to investments, since action on applications for new projects was put on hold in late 2012 until a revised scheme that will give the government a bigger share of the miners’ revenues is enacted. A list e-mailed by the official showed that listed Holcim Philippines, Inc. and its premier subsidiary -- engaged primarily in cement manufacturing -- secured approvals for two applications.
More transport projects up for approval Business World 3rd Sep 2015
Public-private partnership (PPP) projects -- including three under the Department of Transportation and Communications (DoTC) -- will lead others that will be presented for approval by the National Economic and Development Authority (NEDA) Board that meets today, officials told reporters. “There’s going to be a NEDA Board this Friday so we’re hoping that projects on the agenda will be approved... once approved that (invitation to bid) will be published within the year,” PPP Center Executive Director Cosette V. Canilao told reporters on the sidelines of the AVCJ Private Equity & Venture Forum-Philippines 2015 on Wednesday.
8 airport projects up for bidding by end-Sept. Business World 3rd Sep 2015
The government has set the bidding date for eight regional airport projects, worth a cumulative P241.23 million, by the end of September. In an invitation to bid published in a newspaper yesterday, the Transportation department said the projects include a P57.75-million deal for the asphalt overlay of runway and taxiway and apron reblocking at the Dumaguete Airport in Negros Oriental; P75.73-million contract for the asphalt overway of runway and taxiway at the Virac Airport in Catanduanes; P9.41 million for the construction of apron and shoulder grade correction at the Calayan Airport in Cagayan; and P7.21 million for the completion of taxiway and apron of Palanan Airport in Isabela.
Manufacturing
Auto sales trek closer to 2015 goal Business World 8th Sep 2015
The country's biggest car industry group grew sales by a fifth annually in August, although volume that month was less than July’s, according to joint data from the Chamber of Automotive Manufacturers of the Philippines, Inc. (CAMPI) and Truck Manufacturers Association that were e-mailed to journalists yesterday. The latest data showed their members added a combined 23,181 units to the market in August, 21% more than the 19,116 vehicles sold in 2014’s comparable month. However, August vehicle sales slipped 6% from July’s 24,569. Broken down, passenger car sales last month rose by an annual 29.2% to 10,334 while those of commercial vehicles increased 15.5% to 12,847.
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