ECONOMY

PH budget deficit triples to P879 B

PH foreign borrowings surge to $13.14 B in Jan-Sep

The national government's fiscal deficit nearly tripled to P879.2 B as of end-September, higher by 194.1% compared to the P299 B recorded in the same period last year.

Foreign borrowings by the national government surged by 44.2 % to $13.14 B during Jan-Sep period as the country turned to the offshore debt market to bankroll key infrastructure projects and to control the COVID-19 pandemic.

EU investors dissatisfied with PH government response to COVID-19

Foreign capital inflow seen to plunge by 41% in 2020

European investors in Southeast Asia are least satisfied with the Philippine government on how it responded to the Covid-19 pandemic, per the 2020 EU-ASEAN Business Sentiment Survey.

The Philippines is seen to post the biggest drop in foreign capital inflows among emerging Asian economies this year according to the Washington-based Institute of International Finance (IIF).

M.I.C.E.

Inbound int'l tourism may pick up in late 2021

Travel agencies seek P315 M airline refunds

The PH may only see a significant rise in foreign tourist arrivals starting late 2021 or early 2022 as uncertainty over the pandemic continues.

The Philippine Travel Agencies Association (PTAA) is asking airlines to provide P315.6 M in refunds for cancelled flights since mid-March when government started to impose travel restrictions in the country.

Cathay Pacific to cut thousands of jobs, close subsidiary airline

UFI study shows no major shift away from live events

Cathay Pacific will slash up to 5,900 jobs and shutter its Cathay Dragon subsidiary, joining a growing list of airlines making swinging cuts as they reel from the coronavirus pandemic.

Global Recovery Insights 2020 report indicates no evidence of a major customer shift away from live events and that a majority expect fast return to pre-COVID levels of investment into the marketing channel.

TRADE &
INDUSTRY

Philippines eyeing Scandinavia as potential coffee export market

PH garment exports fell by 39% during the COVID-19 pandemic

The DTI through the Export Marketing Bureau (EMB) and the Foreign Trade Service Corps (FTSC) recently conducted a webinar that highlighted opportunities in promoting PH coffee in Scandinavia.

PH garment exports to major buyer countries fell by 39% during the coronavirus pandemic, putting hundreds of thousands of local jobs at risk.

SBCorp to roll out P10 B financing assistance to MSMEs

Digitalization of SMEs to add $28 B to GDP

SBCorp announced it will start rolling out the P10-B fund to ensure the continued employment of micro, small and medium enterprises (MSMEs) through its CARES Program.

The Philippines can increase its annual domestic output by at least $26 B to as much as $28 B by 2024 with the digitalization of SMEs many of which have started this journey to cope with the COVID-19 pandemic, a CISCO study shows.

TRENDS

Filipino-designed Sesame Street LEGO set to be sold worldwide

Pinoy peanut brand Wow Mani now available in Walmart USA

Ivan Guerrero's Sesame Street set design recently got approval from LEGO for commercial production and release worldwide.

RPO Fine Foods Corp., a Philippine company, closed a deal with Walmart for its Wow Mani product line in June 2020 to offer their product line in its San Francisco, Mountain View, San Jose, San Leonardo and Union City stores.

PH Textile Council launches first virtual Likhang Habi Market Fair

Consumer values are shaping the food industry

The PH Textile Council recently launched its first virtual fair for the local weaving community, with activities such as craft demonstrations, dances, and other performances.

Nearly three in four consumers worldwide (73%) have changed their eating behavior in the last two years not only to improve their health but also to perform a civic duty, a key takeaway from a SIAL study.

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