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IRO-Newsletter-19 June INVESTOR RELATIONS OFFICE Think Growth. Think Philippines. Q2 2019 ISSUE S&P upgrades Philippines’ New agency created credit rating to BBB+ to improve condition (page 48) of human settlements (page 20) Poverty rate drops as investments, jobs rise Philippines’ (page 6) most scenic airport to operate soon All regional economies of (page 35 Philippines grow in 2018 (page 4) Table of Contents PHILIPPINE ECONOMY IN NUMBERS 1 Quick Stats 4 All regional economies of Philippines grow in 2018 6 Poverty rate drops as investments, jobs rise 9 Business optimism high amid favorable economic climate 11 Philippines to UN body: Firm policies on population, dev’t in place 13 Government eyes more robust population management REFORMS 15 Duterte signs law establishing one-stop shop for energy sector 17 Implementing guidelines of Rice Tariffication law issued 20 New agency created to improve condition of human settlements, fast-track urban development 22 Law improving competitiveness of Philippine labor force signed 24 P5 bn allotted for rice farm mechanization 26 Philippine Customs facilitates ASEAN trade through e-certificates 27 Reforms ease movement of goods in major ports 29 Transport Secretary touts swift improvements in port utilization before foreign businessmen 30 Monetary Board reduces reserve requirements 32 Philippines full steam ahead of National ID system rollout BUILD, BUILD, BUILD 33 Laguna Lake Expressway enhanced 34 LRT Line 2 East Extension Project completed soon 35 Philippines’ most scenic airport to operate soon 37 Construction begins for LRT-1 Cavite extension 40 Vigan airport runway extension breaks ground 42 BGC-Ortigas Link Project seen to significantly ease Metro Manila Traffic 43 Construction begins for 6 more train stations, depot of PNR Clark Phase 1 46 Full mobilization of MRT-3 rehab starts CREDIT RATINGS 48 S&P upgrades Philippines’ credit rating to BBB+ 50 Japan Credit Ratings Agency gives ‘positive’ outlook on Philippine rating 52 Philippines sets eyes on single ‘A’ credit ratings 55 The Road to Single ‘A’ by BSP Deputy Governor Diwa Guinigundo Q2 2019 ISSUE Think Growth. Think Philippines. | Table of Contents INVESTOR RELATIONS ACTIVITIES 57 Philippines successfully returns to Euro market with 8-yr global bonds 58 Investors flock Philippines’ second ‘Panda’ bonds issuance 59 Q&A with National Treasurer De Leon: Philippines’ Access to International Credit 61 Philippines greets European investors with news of S&P upgrade 63 Philippine economic officials cite solid growth prospects to attract Chinese investors 66 Philippine economic, infrastructural reforms highlighted at sidelines of IMF-WB meetings in Washington DC 69 Dominguez to US businesses: Now is best time to invest in ‘Asia’s next powerhouse’ WHAT THEY SAY ABOUT THE PHILIPPINE ECONOMY 71 AMRO sees robust growth, lower inflation in 2019 72 Philippines’ pursuit of ‘A’ credit ratings receives warm reception Q2 2019 ISSUE Think Growth. Think Philippines. | Quick Stats INDICATOR Comparative Latest (as of press time) Credit Ratings As of May 2018: As of May 2019: Fitch Ratings BBB/Stable BBB/Stable Moody’s Investors Service Baa2/Stable Baa2/Stable Standard & Poor’s BBB/Positive BBB+/Stable Japan Credit Rating Agency BBB+/Stable BBB+/Positive R&I Information Inc. BBB/Stable BBB/Stable NICE Investors Service BBB/Stable BBB/Stable RAM Ratings gBBB3(pi)/Positive gBBB2(pi)/Stable Real Gross Domestic Product Growth Q1 2018: Q1 2019: (year-on-year, %) 6.5 5.6 Per-capita GDP (current prices, USD) Q1 2018 (Annualized): Q1 2019 (Annualized): 3,162 3,302 PPP concept (at current prices, USD) Q1 2018 (Annualized): Q2 2019 (Annualized): 8,853 9,267 Unemployment Rate (%) January 2018: January 2019: 5.3 5.2 Population (mn) Q1 2018: Q1 2019: 105.8 107.4 Balance of Payments (USD, mn) Q1 2018: Q1 2019: -1,227 3,797 (as % of GDP) Q1 2018: Q1 2019: -1.6 2.1 Current Account (USD, mn) Q4 2017: Q4 2018: -2,471 -2,400 (as % of GDP) Q4 2017: Q4 2018: -2.8 -2.6 Exports (USD mn) Q1 2018: Q1 2019: 16,906 16,377 (year-on-year growth, %) Q1 2018: Q1 2019: 0.9 3.1 Q2 2019 ISSUE Think Growth. Think Philippines. | 1 Quick Stats (Continued) INDICATOR Comparative Latest (as of press time) Imports (USD mn) April 2018: April: 25,009 26,179 (year-on-year growth, %) Q1 2018 Q1 2019: 9.4 4.7 Cash Remittances (USD, mn) Q1 2018: Q2 2019: 7,006 7,299 Gross International Reserves (USD, mn) April 2018: April 2019: 79,609 83,879 (months’ worth of imports) 7.4 7.4 External Debt (as % of GDP) End-2017: End-2018: 23.3 23.9 Inflation Rate (%) (2012=100) Jan-April 2018: Jan-April 2019: 4.1 3.6 National Government Balance/GDP (%) Q1 2018: Q1 2019: -3.9 -2.1 National Government Revenue/GDP (%) Q1 2018: Q1 2019: 15.8 16.3 Interest Payments/Revenue (%) Q1 2018: Q1 2019: 15.7 15.7 General Government Debt/GDP (%) Q3 2017: Q3 2018: 35.2 36.3 National Government Debt/GDP (%) Q1 2018: Q1 2019: 42.6 44.0 Average Bank Lending Rate (%) March 2018: March 2019: 5.8 7.4 Q2 2019 ISSUE Think Growth. Think Philippines. | 2 Quick Stats (Continued) INDICATOR Comparative Latest (as of press time) BSP Rates Overnight Lending Rate (%) Q1 2018: Q1 2019: Overnight Repurchase Rate (%) 3.000 4.750 Overnight Deposit Rate (%) 2.500 4.250 7-Day Deposit Rate (%) 3.347 4.865 14-Day Deposit Rate (%) 3.417 4.897 28-Day Deposit Rate (%) 3.427 5.099 weighted averages in percent per annum 91-Day T-bill Rate (%) April 2018: April 2019: (weighted averages in percent per annum) 3.440 5.606 PHP Close per USD (on last trading day) May 20, 2018: May 20, 2019: 52.33 52.59 PSEi Close (on last trading day) May 20, 2018: May 20, 2019: 7,672.28 7,660.14 ROP 10-year Bond Spread over US May 20, 2018: May 20, 2019: Treasuries (bps) 114.44 82.84 ROP 5-year Bond Spread over US Treasuries May 20, 2018: May 20, 2019: (bps) 80.87 68.65 Sources: PSA, BSP, BTr, Bloomberg, Various Credit Rating Agencies Q2 2019 ISSUE Think Growth. Think Philippines. | 3 PHILIPPINE ECONOMY IN NUMBERS All regional economies of Philippines grow in 2018 By Michelle V. Remo Source: Philippine Statistics Authority (PSA) ALL 17 REGIONS of the Philippines posted the benefits of a robustly growing national economic growth last year, in line with the economy. government’s aim of inclusive growth and ensuring that there would be progress across the country Data from the Philippine Statistics Authority (PSA) and not just in major urban areas. showed that last year, the Bicol (Region V) was the country’s fastest growing regional economy at 8.9 An even more favorable development was that 14 percent. This is well above the national average of regions outpaced the growth of the National Capital 6.2 percent and NCR’s 4.8 percent. Region (NCR). This supports anecdotal evidence of geographically broad-based economic growth. Likewise posting stellar growth of above 8 percent were the Davao Region and MIMAROPA, both of The growth of regional economies accelerates which posted growth of 8.6 percent. poverty reduction as more and more Filipinos feel Aerial view of the perfect cone shape of Mt. Mayon located in Albay province, Bicol region Source: Mr. Justin Parco, Investor Relations Office Q2 2019 ISSUE Think Growth. Think Philippines. | 4 PHILIPPINE ECONOMY IN NUMBERS The table below shows the summary of growth rates of the Philippines’ 17 regions in 2018. Regional Economic Growth Rates for 2018 (%) Bicol (Region V) 8.9 Davao (Region XI) 8.6 MIMAROPA (Region IV-B) 8.6 Central Visayas (Region VII) 7.6 CALABARZON (Region IV-A) 7.3 Cordillera Administrative Region 7.3 Autonomous Region in Muslim Mindanao (ARMM) 7.2 Central Luzon (Region III) 7.1 Northern Mindanao (Region X) 7.0 Central Mindanao (Region XII) 6.9 Ilocos (Region I) 6.5 Western Mindanao (Region IX) 6.3 Western Visayas (Region VI) 6.1 Eastern Visayas (Region VIII) 5.9 NCR 4.8 Cagayan Valley (Region II) 3.3 CARAGA (Region XIII) 3.2 “The fact that all regions of the economy are Secretary Pernia added that, “We still have a long growing is encouraging because this means we are way to go before we achieve the long-term vision of veering away from development that is Manila- or a comfortable life for all Filipinos—where no one is NCR-centric. We are on our journey toward left behind. As such, the government is bent on becoming a truly inclusive economy, where growth continuing with policies and initiatives that help is spread across the country and where the boost economic activities all over the country, benefits of national progress does not only benefit more so in the lagging regions or remote areas.” the rich and the middle class, but more importantly the poor,” Socioeconomic Planning Secretary Committed to spatially broad-based economic Ernesto M. Pernia said. growth, the government is undertaking a massive program of infrastructure projects and human capital development initiatives all over the country. Q2 2019 ISSUE Think Growth. Think Philippines. | 5 PHILIPPINE ECONOMY IN NUMBERS Poverty rate drops as investments, jobs rise Source: Philippine Retailers association THE PHILIPPINES posted a significant drop in the proportion of Filipino families technically poverty incidence in the first half of 2018 defined as poor was registered at 16.1 percent of compared with the same period in 2015, the the total. This is down from 22.2 percent covering Philippines Statistics Office has reported. the same period in 2015. This is consistent with the goal of allowing more Also, the proportion of Filipino individuals Filipinos to reap the benefits of a robustly growing described as poor settled at 21.0 percent of the economy.
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