The Makati Business Club (MBC) and the Bangsa Moro Federal Business Council (BMFBC) have inked a pact to strengthen business and entrepreneurial relations that would help boost the economy.
On Thursday, MBC Executive Director Peter Perfecto and BMFBC Chairman Abdulgami Macatoman signed a memorandum of understanding to formalize cooperation between the two organizations.
24 March 2017 – The Ambassador of Japan to the Philippines Kazuhide Ishikawa highlighted the vibrant relationship between Japan and the Philippines in his address during the Makati Business Club’s Second General Membership Meeting for 2017. The Ambassador, who was designated to the country in August 2014 defines the Philippines-Japan relations as a “strategic partnership”, one that is based on shared basic values, common goals, and long-standing friendship.
Amb. Ishikawa noted the countries’ partnership in economic front. Japan has been the Philippines’ largest trade partner, with total trade reaching US$ 21.19 billion in 2016, compared to other major partners such as China (US$ 21.17) and the United States (US$ 15.86). Since the Philippines-Japan Economic Partnership Agreement (PJEPA) was ratified in 2008, trade between two countries increased by about 20%. The top envoy also mentioned that Japan is a major source of investments since 2000, with the cumulative FDI totalling Php 635.88 billion. He said that most of the Japanese companies operating in the country are engaged in manufacturing activities in the country’s economic zones.
MANILA – Businesses remain optimistic with the country’s economic growth for this year, according to the First Semester Executive Outlook Survey for 2017 of the Makati Business Club (MBC) released on Tuesday.
The MBC survey had 83 percent of the respondent companies saying the country will either surpass or sustain this year the 6.8-percent gross domestic product (GDP) growth in 2016; while only 17 percent projected GDP this year to be lower than the previous year.
On other economic indicators, MBC member companies forecast higher inflation rate, higher 91-day Treasury bill rate, weaker peso, lower approved investments, lower exports revenues, and a slowing down of imports receipts.
Bangko Sentral ng Pilipinas Governor Amando Tetangco Jr. said Tuesday the Philippines is on track to extend the 72 consecutive quarters of economic growth as macroeconomic fundamentals remain strong.
“Barring external shocks, we are on track to extend that streak [of 72 consecutive quarters of economic growth],” Tetangco said in a speech during the Management Association of the Philippines general membership meeting in Makati City.
Tetangco, however, said external challenges continued to threaten the economy, including the recent rate hike by the US Federal Reserve. “The prospects of higher interest rates in advanced economies may cause outflows in emerging market economies, including the Philippines. The Philippines has actually seen capital reversals as early as last year,” Tetangco said.