Domestic claims of OFCs up 12.2% in January-March

and the nonfinancial corporations,” it added.

B SP data showed the claims on Other Sectors accounted for 51 percent of the OFCs followed by net claims on central government at 24.9 percent and depository corporations at 24.1 percent of the total.

Von der Leyen said they are ready to work with the government to set the right conditions for the resumption of the negotiations, which was deferred in 2017.

ties with the EU.

T he data showed the claims of OFCs grew 12.2 percent to P8.221 trillion in January to March, from P7.327 trillion in the same period a year ago.

B SP said OFCs refers to institutional units providing financial services other than banks, nonbanks with quasi-banking functions, nonstock savings and loan associations, and the central bank. This was due to higher claims on the depository corporations [DCs], the central government and the other sectors. In particular, the OFCs’ claims on DCs expanded significantly, owing mainly to the growth in the sector’s deposits in banks and holdings of bank-issued equity shares,” the BSP said in a statement. Similarly, claims on the central government rose, following OFCs’ increased holdings of government securities. Likewise, the OFCs’ claims on other sectors, particularly the private sector, grew slightly, primarily on account of increased loans extended to the households

“The highlight really of the Philippine Travel Mart is [not just] to enhance the existing destinations, but to help the emerging destinations to be developed. Philtoa will always be there to support the local governments in any of their [tourism promotion] projects,” she added.

Sales last year

IN the group’s visits around the country, Abling-Yu said they noticed the change in perspective of many local politicians and government officials—“from the congressman to the governor to the provincial tourism officer to the mayors—become more cooperative because they’ve seen the importance of tourism to their destination.”

Meanwhile, in her keynote speech, Tourism Promotions Board (TPB)

Domestic claims on other sectors amounted to P4.194 trillion in the first quarter of 2023, a 2.24-percent growth from P4.102 trillion in the same period last year.

Net claims on central government reached P2.046 trillion in the January to March period this year, a 30.75 percent growth from the P1.565 trillion posted in January to March 2022.

T he data also showed claims on depository corporations amounted to P1.981 trillion in the first quarter of 2023 or a 19.36 percent growth from the P1.66 trillion in the same period of 2022.

Chief Operating Officer Margarita Nograles said noted the Philtoa’s role in boosting tourism traffic in the country. “Last year’s Philippine Travel Mart presented up to 50 percent discounts on airfare, accommodations, and local and international travel packages. With approximately 53,000 foot traffic and total sales of P60 million, this event played a vital role in economic growth, helping our tourism sectors bounce back stronger in the new normal. PTM has unlocked the potential of our glob -

Meanwhile, the net foreign assets of the OFCs grew by 20.8 percent to P304.3 billion in the first quarter from last year’s P252 billion.

“ The claims on nonresidents expanded mainly due to the OFCs’ increased investments in debt securities issued by nonresidents. The sector’s liabilities to nonresidents grew slightly due to higher reinsurance payables to nonresidents,” BSP said. “The expansion in the OFCs’ gross assets was funded mainly by its issuances of shares and other equity to other sectors.” ally acclaimed and emerging destinations, providing greater investment and business opportunities for our tourism stakeholders.”

O FCs institutional units are comprised of non-money market funds of trust institutions, trust corporations, and investment companies, private and public insurance corporations, holding companies, government-owned or -controlled corporations engaged in financial intermediation, and other financial intermediaries and auxiliaries.

Strong domestic tourism

TPB is the marketing arm of the Department of Tourism (DOT), which is targeting to reach 4.8 million international travelers this year. As of July 26, there were 3.1 million inbound travelers, almost 65 percent of this year’s target. The DOT is pinning its hope on Chinese tourists to be able to reach its arrivals goal this year, but the Department of Foreign Affairs noted the economic slowdown in China that has resulted in most of its nationals staying home instead. (See, “DOT lauds e-visa for Chinese tourists; but will they come?” in the BusinessMirror , July 31, 2023.)

It’s still the domestic market that is driving tourism in the country,” according to Philtoa 1st Vice President Mary Ann Ong. “We see this because of the strong demand for packaged tours in popular destinations like Baguio, Boracay, Cebu, Palawan. What Philtoa is trying to achieve through this fair is to entice Filipinos to discover the hidden gems such as the Zamboanga Peninsula, Quirino, and Soccsksargen region comprised of South Cotabato, Cotabato, Sultan Kudarat, Sarangani, and General Santos. These are just some of the places that are under-the-radar but deserve to be explored, appreciated, and enjoyed.”

T he 34th PTM, to be held on September 1-3, 2023, at the SMX Convention Center in Pasay City, will feature nearly 300 exhibitors from all 17 regions of the Philippines, and bring together hotels, resorts, travel agencies, tour operators, and tourism offices under one roof.

“rectify” the impression of foreigners and foreign investors of what Mindanao is all about.

N ilo Claudio, president of the Canadian Chamber of Commerce in Mindanao, said that while it seemed Proclamation No. 55 has already disappeared from the consciousness of many in Mindanao, “the fact the proclamation has been always considered by other nations in considering to travel or invest in the Philippines, always create an impression that there is war in Mindanao and should be avoided.”

“ This creates a problem for business and tourism,” he pointed out.

A rturo Milan, vice president of the Philippine Chamber of Commerce and Industry-Mindanao, said there have been many instances between 2016, when the proclamation was issued, and until this time, when the state of lawless violence continued to be factored by other nations in issuing advisories against travel to Mindanao.

“ This lifting is welcome,” he said. He added it would also be timely to start inviting again foreign airlines to restart the operation of direct flights to Davao, like Xiamen Air of China.

A costa said another airline, Royal

T he EU is seeking to accelerate such cooperation with the Philippines to “derisk its trade relations” with other countries such as China and Russia.

“ We have all learned the hard way the cost of economic dependencies. We need to diversify our supply lines and make them resilient,” Von der Leyen said.

Other cooperation areas

MARCOS also lauded the continued assistance of the EU to the country, which includes the successful Bangsamoro Peace Process and the EC’s decision to extend its recognition of the country’s compliance with the Standards of Training, Certification and Watchkeeping for Seafarers (STCW).

He said the country is open to “strengthening and deepening” its

B SP said, however, that inflation has continued on the back of higher prices of rice and vegetables as well as higher domestic oil prices, which are the primary sources of upward price pressures in July.

“ Going forward, the BSP will continue to monitor developments affecting the outlook for inflation and growth in line with its data-dependent approach to monetary policy formulation,” BSP said.

B SP Deputy Governor Francisco Dakila Jr. earlier said the BSP expects inflation to continue to slow to 2.9 percent next year, which is within the target range of 2 percent to 4 percent.

I n a reception for the banking

“You are the GOCC sector’s management consultant. As such, I will support any effort from your office to establish a service that aims to improve the performance of GOCCs through management support and innovation,” he said.

T hird, the solon said the GOCC sector is bound to become more expansive as Congress enacts the Public-Private Partnership Act, which will make the formation of joint venture (JV) agreements between government and the private sector easier.

T he Revised JV Guidelines issued by the Commission on Audit require projects that involve the creation of a JV company to secure GCG’s approval. RA 10149 is also expansive enough that a JV where the government controls half the stake could be construed as a GOCC.

Fourth, Salceda said the government needs clarity on whether the

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Air Philippines, a Philippine-based budget airline, would be signing an agreement on Friday to start the Davao City-Hongkong flights.

S he hoped the lifting of the proclamation would also start a “vigorous activity” in energy exploration and investment and water. “Iligan City, for example has a lot of water, and waterfalls but it needs investment to tap it and make it affordable for those in the locality.”

Lt. Gen. Greg Almerol, commander of the Armed Forces Eastern Mindanao Command, said there would be no deployment or recalling of troops for now, adding that the current disposition of soldiers would be intended to prevent a resurgence of the communist-led insurgency.

“ The troops would remain as is,” he said. “We have a lesson in the past, in 1992, that there was a resurgence of insurgency when the internal security operation was given to the police and the Armed Forces of the Philippines was positioned for external defense.”

He told the BusinessMirror that some changes might be done, like the conduct of checkpoints. “For cities and other areas that are now cleared of the insurgency, we may dismantle community to mark the BSP’s 30th anniversary, BSP Governor Eli Remolona Jr. said it’s still too early to declare victory against inflation. R emolona said core inflation— which measures the “underlying trend or movement in the average consumer prices”—remained high. Core inflation was at 7.4 percent in June and averaged 7.7 percent in the first six months of the year. R emolona said inflation data that will be released by the Philippine Statistics Authority (PSA) in the first week of August would be included in the analysis of the Monetary Board that will determine its decision on policy rates. the checkpoints like what we did in Tagum City.”

For her part, Von der Leyen said the EU continues to recognize the 2016 award of the arbitral tribunal on the South China Sea as legally binding.

T he arbitral award invalidated the nine-dash-line claims of China in the West Philippines Sea. Beijing refuses to recognize the ruling.

“ We believe in the international rules-based order and we believe in the need to promote and to defend it,” Von der Leyen said.

We are ready to strengthen the cooperation with the Philippines on maritime security in the region by sharing information, conducting threat assessment and building the capacity of your national CoastWatch center and your Coast Guard,” she added.

S he also reiterated the EU’s condemnation of Russia’s “war of aggression” against Ukraine.

Von der Leyen is scheduled to conclude her historic visit to the country—the first done by an EC President—on Tuesday.

GCG covers municipal enterprises. If it doesn’t, then we need a set of codified governing standards for municipal enterprises. With the Mandanas-Garcia ruling increasing the share of LGUs in the national budget from 3.5 percent of GDP to 4.8 percent of GDP, that universe of government corporations will become even bigger and more important,” he said. L astly, Salceda emphasized the need for GCG to complete its existing and potentially expanding mandates. “ I believe that the national discourse gets rightsizing completely wrong. Rightsizing must not always be downsizing. Agencies that take in more for the government than they spend should be expanded. As a fund manager back then, our simplest rule in portfolio management was to invest more in your winners—and GCG is a resource-winner for the government,” he said.

E x-President Duterte issued Proclamation No. 55 on September 3, 2016, the day after the Roxas Night Market was bombed by suspected armed followers of the breakaway faction of the Moro Islamic Liberation Front.

T he explosion killed 14 persons and wounded 70 others. In declaring the national emergency, Duterte immediately called on “the Armed Forces and the police to run this country in accordance with my specifications.”

He then said the country should expect the presence of more soldiers and police, but explained their objective is to identify the suspects. He, however, brushed aside fears that his declaration might be a precursor to the declaration of martial law that was being floated around due to his strong policies against crime.

This is not martial law, but there will be security searches, you stop at the checkpoints and if you see soldiers flashing their flashlights, turn off your headlights, turn on the lights inside because I am authorizing them to conduct searches,” Duterte then said. Include the drugs. There is a crises in this country, in drugs, crime, there is lawless violence,” he added.