MACROECONOMICS WEEKLY UPDATE

Foreign Investments pledges approved by investment promotion agencies (IPAs) more than doubled in the third quarter from the same period a year ago, the Philippine Statistics Authority (PSA) reported on Tuesday.Total foreign investment commitments surged by 109% to P27.3 billion in the July-to-September period from the P13.05-billion haul a year ago.The growth in foreign investment pledges was the fastest in two quarters or since the 4,455.6% surge in the first quarter of 2023.

The Philippine banking industry’s profits climbed by 10.4% as of end-September, driven by higher interest income and lower losses on financial assets, according to central bank data.Preliminary data from the Bangko Sentral ng Pilipinas (BSP) showed banks’ cumulative net income rose to P270.352 billion in the January-to-September period from P244.876 billion last year.As of end-September, banks’ net interest income jumped by 20.4% to P663.240 billion from P550.666 billion last year.The Philippine banking industry wrote off P457.88 million worth of bad debts in the nine- month period, plunging by 80.1% from P2.3 billion a year ago.

The Government hopes to make a nine-module interactive financial education program available online by January, citing the need to promote broader financial literacy.At the 2023 Financial Education (Fin-Ed) Stakeholders Congress on Tuesday, said the e-learning module is currently being pilot tested.The central bank has said that the Fin-Ed e-Learning Course will tackle financial planning, saving and budgeting, debt and investment management, digital-financial literacy, fraud and scam prevention, the Personal Equity and Retirement Account, and financial-consumer protection.

INDUSTRY UPDATE

HOLDINGS 

SM Prime Holdings, Inc., along with its subsidiaries SM Supermalls and SM Development Corporation (SMDC), has been recognized as one of the Philippines’ Best Employers in 2024. This accolade comes from a list compiled by the Philippine Daily Inquirer, in partnership with Statista, a global leader in data and business intelligence.SM Prime Holdings, Inc., along with its subsidiaries SM Supermalls and SM Development Corporation (SMDC), has been recognized as one of the Philippines’ Best Employers in 2024. This accolade comes from a list compiled by the Philippine Daily Inquirer, in partnership with Statista, a global leader in data and business intelligence.

Listed conglomerate Ayala Corp. logged an 82.2% increase in its attributable net income for the third quarter amid higher revenues from its various businesses. The conglomerate said in a stock exchange disclosure on Tuesday that its July-to-September profit improved to P13.90 billion from P7.63 billion a year earlier.

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