MACROECONOMICS WEEKLY UPDATE

Winds, natural gas, and solar power projects make up most of the projects in the medium-term pipeline, the Department of Energy (DoE) reported, citing data on “indicative” projects compiled as of August.The project timelines are between 2024 and 2026.The government hopes to increase the share of RE to 35% by 2030 and to 50% by2040. Last year, the DoE raised the Renewable Portfolio Standards requirement to 2.52% per annum starting 2023, from 1% per annum previously.

Philippine economic growth likely picked up in the third quarter amid a recovery in government spending, analysts said. A poll of 18 economists and analysts last week yielded a median gross domestic product (GDP) growth estimate of 4.9% for the July-September period, a tad faster than the preliminary 4.3% growth recorded in the second quarter. If realized, this would bring the nine-month average GDP expansion to 5.2%, still below the government’s 6%-7% full-year target.

INDUSTRY UPDATE

BANKING

Sy-led BDO Unibank Inc., the country’s biggest lender by assets, booked a net income of P53.9 billion during the first nine months of the year, putting it on course to eclipse record profit of P57.1 billion in 2022.The banking giant also underscored the improvement in its return on common equity to 15.1 percent from 12.4 percent during the same period last year.

Union Bank of the Philippines aims to drop the Citi brand for all credit cards in early 2024, marking a new era for the Aboitiz-led lender more than a year since it completed the P72-billion takeover of Citi’s consumer business in the Philippines.

FUEL  

AGRICULTURE 

Leaders of the agro-industrial sector on Friday welcomed the appointment of a full-time Department of Agriculture secretary, and urged Secretary Francisco Laurel Jr. to look into several key areas as part of getting the country in gear for higher agricultural productivity.