Singapore businesses confident in dynamism of PH economy
Singapore businesses have expressed interest in investing more in the Philippines, Singaporean Prime Minister Lawrence Wong said in a bilateral meeting with President Ferdinand ''Bongbong'' Marcos Jr. on Wednesday.
''On the business side, I'm glad to see the links growing year by year. Singapore businesses are confident in the dynamism and potential of the Philippine economy, and we are now one of the largest foreign investors in the Philippines,'' Wong told Marcos at Malacañang Palace.
''The investments have been growing over recent years, and we see potential to do even more,'' he added.
Singapore is also keen to discuss collaboration with the Philippines in emerging areas such as green economy and sustainability, according to Wong.
Wong said he was honored to have visited the Philippines as he described the partnership between the two nations as vibrant.
Marcos said the bilateral relations between the "Pearl of the Orient" and the "Lion City" have not only endured but have also thrived in the last 56 years.
''Today, I look forward to discussing our strategic priorities for the years ahead. Charting a path of enduring collaboration with meaningful benefits to Filipinos and Singaporeans. Most especially in today's complicated, changing world," Marcos said.
The Philippine president said he looks forward to discussions on health, humanitarian assistance and disaster relief, renewable energy, the environment, and other people-to-people exchanges.
''These are vital and priority sectors for the development of our countries and for the region,'' Marcos said. — VBL, GMA Integrated News
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GMA Network
5 hours ago
- GMA Network
Rise in gold value drove up PH reserves to $105.5B in May 2025
'The month-on-month increase in the GIR level reflected mainly the upward valuation adjustments in the Bangko Sentral ng Pilipinas' gold holdings due to the increase in the price of gold in the international market, net income from the BSP's investments abroad, and national government's net foreign currency deposits with the BSP,' the central bank said. The country's foreign reserves snapped two straight months of decline in May as the increase in global gold prices drove up the value of the central bank's gold assets, offsetting the effect of tempered foreign investments amid uncertainty brought by US President Donald Trump's reciprocal tariff policy. Preliminary data released by the Bangko Sentral ng Pilipinas (BSP) showed the gross international reserves (GIR) —a measure of the country's ability to settle import payments and service foreign debt— amounted to $105.5 billion as of end-May from $105.3 billion as of end-April. 'The month-on-month increase in the GIR level reflected mainly the upward valuation adjustments in the Bangko Sentral ng Pilipinas' gold holdings due to the increase in the price of gold in the international market, net income from the BSP's investments abroad, and national government's net foreign currency deposits with the BSP,' the central bank said. The Philippine central bank's reserve assets include foreign investments, gold, foreign exchange, IMF reserve positions, and special drawing rights. Rizal Commercial Banking Corp. chief economist Michael Ricafort said the GIR increase during the period was 'due to the continued gains in gold holdings to all-time highs after world gold prices hovered near record highs recently ($3,500.10 per ounce on April 22, 2025),' which offset the decline in foreign investments 'amid the continued Trump risk factor/premium that led to some market volatility worldwide.' Net inflows of foreign direct investments (FDI) to the Philippines dropped to a 10-month low in February 2025 to $529 million, down 61.9% from $1.062 billion net inflows seen in February 2024, amid high base effects and global uncertainties weighing on foreign investors' sentiments. Ricafort said that value of the BSP's gold assets rose by 2.9% to $13.7 billion month-on-month 'largely reflecting and consistent with the elevated world gold prices, which again posted new record highs recently partly due to some flight to safe havens such as gold amid the recent global market volatility largely brought about uncertainties on Trump's higher US import tariffs.' Trump, in April, announced a sweeping reciprocal tariff policy on its trading partners, including the Philippines, which would be facing a 17% tariff on its imports to the US. Although it is lowest among its Southeast Asian peers, still the Philippine government was prompted to send a delegation to Washington to seek dialogue with US officials while a 90-day pause in implementing the trade policy was ongoing. 'The GIR is still above the $100-billion mark for the 20th straight month or since October 2023 —still a good signal, on the country's strong external position that could help stabilize the peso exchange rate and support the country's favorable credit ratings of 1-3 notches above the minimum investment grade in recent years despite the COVID-19 pandemic,' Ricafort said. The BSP said the latest GIR level provides a 'robust' external liquidity buffer, equivalent to 7.3 months' worth of imports of goods and payments of services and primary income or earnings of overseas Filipino workers and profits from Philippine investments abroad. By convention, GIR is viewed to be adequate if it can finance at least three months' worth of the country's imports of goods and payments of services and primary income. The end-May reserves would also cover about 3.7 times the country's short-term external debt based on residual maturity. Short-term debt based on residual maturity refers to outstanding external debt with original maturity of one year or less, plus principal payments on medium- and long-term loans of the public and private sectors falling due within the next 12 months. The level of GIR, as of a particular period, is considered adequate if it provides at least 100% cover for the payment of the country's foreign liabilities, public and private, falling due within the immediate 12-month period. Similarly, the net international reserves —the difference between GIR and the BSP's reserve liabilities (short-term foreign debt and credit and loans from the IMF)— grew by about $8 million from $105.26 billion as of end-April to $105.34 billion as of end-May. –NB, GMA Integrated News
GMA Network
8 hours ago
- GMA Network
Marcos urged to intervene for release of Pinoy seafarers jailed in Algeria
With only four months left before Algeria's Supreme Court hands down its verdict, the wives of three Filipino seafarers convicted of drug trafficking there appealed to President Ferdinand 'Bongbong' Marcos Jr. to personally speak with the Algerian government and help bring their husbands home. At a press conference, the wives — who identified themselves only as Joy, Marie, and Rose — said their husbands were sentenced to 15 years in prison. Migrant Workers Secretary Hans Cacdac said the seafarers were among the eight Filipinos arrested in July 2023 after 35.8 kilos of cocaine were found on MV Harris, a Malta-flagged container ship. While all eight were initially convicted by a trial court, five were later acquitted by Algeria's Court of Appeals, leaving only three to face final judgment. The ruling of the Supreme Court is expected to be released in October 2025. The three are a 43-year-old Chief Officer, a 54-year-old Bosun, and a 29-year-old Ordinary Seaman. Joy said since the last chance to save their husbands is the Supreme Court, a government to government approach should be done. "Kung puwede may government to government approach or diplomatic process na puwede gawin (If government to government approach or diplomatic process is possible, they should do it)," she said. Marie, wife of the Bosun, tearfully appealed to the President for help. "Matanda na ako, 58 years old. Maawa po kayo President Marcos sana po matulungan ninyo kami sa aming mga daing at kahilingan. Please po President Bongbong Marcos," she said. (I am already old, 58 years old, please have pity with us, President Marcos, help us with our concerns and wishes.) The families clarified they have received support from the Department of Migrant Workers and the Department of Foreign Affairs, including legal assistance and help with their March 2025 visit to Algeria to see their husbands. "May meeting kami kahapon (DMW, DFA). sabi nila they're committed sa kaso na 'to at hindi sila nagpapabaya. Nakikita naman namin nandyan sila to assist pero ang kailangan po namin ay urgency. Baka puwedeng makausap ng Pangulo 'yung government ng po namin aksyon talaga galing mismo sa Presidente. Umaaksyon po ang DMW at DFA, pero iba po talaga ang magagawa ng ating Pangulo," said Rose. (We had a meeting yesterday with DMW and DFA, they said they're committed to this case and they were not negligent. We really see that they are there to assist us but what we need is urgency. Maybe the President can talk with the government of need action from the President. DMW and DFA do their part but it is really different if it is the President.) Cacdac open to appeal Cacdac said he is open to personally appeal to the Algerian government the release of three Filipino seafarers, however, he stressed the need to consult first with the DFA. 'Kino-consider ko na rin na baka puwedeng ako ang magsagawa nung pag-apela. Pero ito'y ini-estima pa natin, tayo'y nakikipag-ugnayan pa sa Department of Foreign Affairs,' Cacdac said in an interview following a press conference held by the wives of the detained seafarers. (I am considering if I can make the appeal but I am still weighing it. We are coordinating with the Department of Foreign Affairs regarding this.) The DMW chief stressed caution in determining the appropriate course of diplomatic intervention beyond the existing legal appeal: 'Dito sa aspeto ng intervention na hinihingi nila, again, we need to seek the advice of the DFA and also our lawyers, our legal counsel, whether or not this would be the appropriate intervention aside from the appeal to the Supreme Court,' he explained. Cacdac said President Marcos has instructed the DMW to assist the families since the start, but any diplomatic or high-level intervention would have to be carefully evaluated. 'Ang utos ni Presidente, tulungan 'yung mga pamilya, of course, since day one. At this stage, we just need to carefully assess the situation as to whether there will be interventions aside from the appeal sa Korte Suprema,' he explained. He said he was set to meet with the three wives later in the day to reassure them of continued government support. 'Magtatatlong taon na natin silang tinutulungan… Patuloy namin ibibigay ang aming taus-pusong assurance ng assistance at suporta (We have been assisting them for three years. We will continue to give them assistance and support),' he said. The DMW has already facilitated two visits to Algeria for the families. Cacdac said they are willing to assist again should the families wish to return. 'Sinamahan namin sila doon sa dalawang beses… sasamahan namin uli sila para i-assist sila sa pagdalaw sa piitan (We accompanied them during their will accompany them again should they visit again),' he said. Should the Supreme Court rule against the seafarers, Cacdac noted that clemency may be explored—but added that it is too early to discuss that option. 'Kapatawaran could be an option… pero hindi ko muna ibibigay yung option na 'yun at this stage kasi hihingi muna tayo ng kaukulang payo sa DFA, pending yung kaso na nasa Korte Suprema (Clemency could be an option but I would not float that this early because we are still seeking advice from the DFA as the case is still pending with the Supreme Court),' he said. Consular services extended The DFA, for its part, said it has been extending regular consular services to the previously eight and now, three Filipino seafarers detained in Algeria despite challenges in coordinating with authorities in the delivery of those services. "We are coordinating with the Greek shipping company, which has provided legal assistance from the beginning. We assisted by providing consular services (jail visitation) and visa assistance for the next of kin to visit detainees via our ATN Fund," it added in a statement. On the request for diplomatic intervention, it noted that the judicial proceedings have not yet been terminated and that the case is with the Algerian Supreme Court. "While we are exploring all options, the DFA deeply respects a sovereign state's internal processes, and diplomatic interventions should be explored judiciously," it said. It further said that since the case is still ongoing and there is no final and executory decision yet, it may be more prudent to just let the company-hired lawyers to continue to represent the three seafarers at court for now as what they had successfully did for the five others who were acquitted. "Any other course of action, such as back-channeling, may be misconstrued to be maneuvering tactics to rig Algeria's judicial system, or questioning its fairness and impartiality," it explained. The DFA said all options are being explored and the department remains committed to the welfare of all overseas Filipinos. —AOL, GMA Integrated News
GMA Network
11 hours ago
- GMA Network
Labor groups 'worried' about Marcos' statement on wage hike
Labor groups on Friday expressed concerns over President Ferdinand ''Bongbong'' Marcos Jr.'s statement about reviewing the proposed hike in minimum wage for workers. Lawyer Sonny Matula of the Federation of Free Workers emphasized that the bill granting a P200 increase on the daily minimum wage has already undergone scrutiny by lawmakers. 'Nababahala kami sa statement na dapat dumaan pa ito sa comprehensive review. Hindi na kinakailangan ang opinion ng Wage Boards sapagkat dumaan na ito sa mga debate and deliberation sa House at saka sa Senado,' Matula said. (We are concerned about it being subjected to a review and the Palace seeking the opinion of the wage boards. This bill has gone through debates in the House and Senate.) "Hindi naman po Court of Appeals ng Kongreso ang ating mga Wage board na dapat i-consulta pa sila sa nangyaring pagpasa o pinasang panukalang batas," added Matula. (The wage board is not the Court of Appeals which should be consulted over a bill already passed by Congress.) The statement comes after Palace Press Officer Undersecretary Atty. Claire Castro said that Marcos will look into the economic implications of the proposed increase. 'We will look at the economic implications of this and how to resolve this with the opinion of the wage boards since the wage boards are also the creations of the Congress,''' Castro said. Matula, however, urged Marcos to support the bill. "Dapat ay aprobahan na [ang wage hike] sapagkat matagal na itong kinakailangan," he said. (This should be approved as soon as possible because the public needs it badly.) "Palagay ko ay isang insulto para sa mga representante sa House at sa ating mga Senador na konsultahin pa yung ating mga regional wage boards," added Matula. (It would be an insult to the House and Senate members if they still had to consult the regional wage boards.) GMA News Online has reached out to the Palace for comment, but it has yet to reply as of posting time. Long overdue Jerome Adonis of Kilusang Mayo Uno backed Matula's call and also emphasized that a wage increase has been "long overdue." 'The labor sector has long fought for the P200 wage hike for minimum wage earners, and this is even small compared with the family living wage. Even so, we welcome this increase because this is long overdue. The Senate even passed its version way back in 2024,' Adonis said. 'Dahil dumaan na nga sa mahabang debate sa Kongreso, sa Senado, nag-present na ang both sides ng mga statistics na ito po ay kayang kaya at, in fact, mas maliit pa nga [sa ideal]. So wala nang rason ang presidente para hindi ito pirmahan,' he added. (This has already been debated in the House, Senate, and both sides have already put forward their points. It has been proven that this is doable, and the proposed amounts are even lower than what is ideal, so the President has no reason not to sign it.) The House version of the wage hike measure is P200 per day, a higher amount compared to the Senate version, which is just pegged at P100. The House and the Senate will have to reconcile their differing versions and ratify the reconciled version before the 19th Congress ends on June 13 for the bill to be ready for the President's signature. Veto? Senator Joel Villanueva on Thursday expressed concern regarding the House of Representatives' approval of the bill and said that it might only get vetoed if adopted by the Senate. 'Parang ang tingin natin 'pag nangyari 'yan, diretsong veto. 'Yan ang kailangan din natin pagtuunan ng pansin kung ia-adopt natin 'yan kasi baka 'yan din 'yung dahilan ng iba na nandun sa Kamara para masiguro na ma-veto 'yan,' Villanueva told reporters. (I think that it may be directly vetoed by the President. That's what we also need to look at if we are going to adopt that because some House members may just use that to ensure that the bill will get vetoed.) Adonis, however, believes that this should not be a hindrance. 'Kaya bagaman magkaibang bersyon, sana hindi na siya hadlang at kaagad mag-convene ang bicameral committee ng Senado at Kongreso para i-decide kung magkano talaga... Huwag na nilang paghintayin yung mga manggagawa kasi 36 years tayong naghintay para sa legislative wage increase,' Adonis said. (So even if the bill has different versions, this should not be a hurdle, and Congress should immediately decide on the final amount and send it to the President for signature. They should not make the workers wait even longer because they have been waiting for this for 36 years.) —VAL, GMA Integrated News
