Q1 FDI inflows down nearly 20%

By Jasper Emmanuel Y. Arcalas @jearcalas

THE country’s foreign direct investments (FDI) net inflows in the first quarter declined by nearly a fifth to $2.042 billion from $2.542 billion a year ago, the Bangko Sentral ng Pilipinas (BSP) said Tuesday.

BSP data showed that the $500-million drop was caused by the contraction across all major components of the FDI.

In March alone, FDIs to the Philippines plunged 30.7 percent to $548 million from $792 million in the same month of last year, according to the BSP.

“The said decline resulted from lower net inflows across all major FDI components amid investor concerns over subdued global growth prospects,” it said in a statement on Tuesday.

BSP data showed that debt instruments accounted for the bulk of the March FDI. Net investments in debt instruments fell by 37.2 percent to $389 million from $620 million last year.

Meanwhile, FDIs in the form of equity other than reinvestment of earnings dropped by 11.7 percent year-on-year to $94 million, while reinvestment of earnings remained relatively flat at $65 million.

“Equity capital placements during the month originated mostly from Singapore, Japan, and the United States. These were directed mainly to the 1) manufacturing; 2) information and communication; and 3) real estate industries,” the BSP said.

Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort noted that “increased” market volatility

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By Andrea E. San Juan @andreasanjuan

ADELEGATION of five

Philippine game development companies generated an initial US$1.67 million in export sales and 71 more trade leads following the business-to-business meetings during the country’s participation in the Nordic Game

2023 in late May in Sweden, the Department of Trade and Industry-Export Marketing Bureau (DTI-EMB) said.

The DTI-EMB and the International Trade Centre (ITC) said it collaborated with the Game Developers Association of the Philippines (GDAP), as they organized the first Philippine participation in Nordic Game.

The game development com - panies are: GameOps, Inc., Neun Farben Corporation, Mata Technologies, Inc., Seaversity Inc., and Taktyl Studios.

DTI Trade Promotions Group (TPG) Assistant Secretary and Officer-in-Charge Glenn G. Peñaranda said this initiative is part of the country’s efforts to build linkages with possible European clients and diversify export markets for Philippine game development companies.

“Through the support of the ARISE Plus Philippines Project funded by the European Union, Philippine companies were able to showcase their capabilities in Europe’s major game development conference and establish business connections with prospective clients,” Peñaranda said.

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By Samuel P. Medenilla @sam_medenilla

WITH the growing impact of artificial intelligence (AI) in the operations of more establishments, the Department of Labor and Employment (DOLE) backed the proposed legislation regulating the production and use of the new technology.

“We are always watchful to ensure that [artificial intelligence] will not be harmful to the health, safety and continuation of the livelihood of our workers,” Labor Secretary Bienvenido E. Laguesma said in a radio interview on Tuesday.

“However, we will not oppose the introduction of new ways to improve the [work] process and improve productivity,” he added. New legislation

THE labor chief made the pronouncement when asked about his position on House Bill (HB) No. 7396 or the Act Promoting the Development and Regulation of AI in the Philippines.

Among the salient provisions of the bill is the creation of the Artificial Intelligence Development Authority (AIDA).

Surigao del Norte 2nd District Rep. Robert “Ace” Barbers said he

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