INCREASED DEMAND. Demand for office spaces rises significantly in the second quarter of 2022, driven by the IT-BPM sector. Leechiu Property Consultants officials said increased requirements for services of the business process outsourcing (BPO) sector are boosting firms' needs to add office spaces. (PNA file photo) MANILA - The information technology-business process management (IT-BPM) sector drove office demand in the Philippines' real estate sector in the second quarter of 2022, officials of a real estate brokerage services firm said. In a virtual briefing on Wednesday, Leechiu Property Consultants (LPC) director for commercial leasing Mikko Barranda said demand for office spaces jumped by 106 percent to 255,000 square meters (sqm) from April to June this year from the previous quarter's 124,000 sqm, and around 107,000 sqm of the demand came from the IT-BPM sector. Barranda said the Philippine offshore gaming operators (POGOs) accounted for 21,000 sqm of the demand durin
SOURCE OF FUNDS. Loans extended by pawnshops rise especially during the pandemic since the industry serves as an immediate source of funds for borrowers. The Bangko Sentral ng Pilipinas said pawnshop loans rose by PHP4 billion in 2021. (Photo from BSP) MANILA - Loans provided by pawnshops increased year-on-year by PHP4 billion in 2021 as more people needed immediate fund augmentation during the pandemic. In a virtual briefing on Thursday, Bangko Sentral ng Pilipinas (BSP) Financial Supervision Department 9 Director Dindo Santos said their survey among major pawnshops shows a growth in pledge loans or "sangla" in recent months. "Moreover, based on the business model of pawning, this serves as an immediate source of funds for individuals. And as we all know, this is used for consumption purposes such as basic needs, for food, education, health, clothing, and shelter," he said. During the same briefing, BSP Governor Benjamin Diokno said pawnshops' assets reached PH
Finance Secretary Carlos G. Dominguez III (Photo from DOF) MANILA - The Department of Finance (DOF) has prepared a proposed fiscal consolidation program for the incoming administration, citing the need to increase revenues to pay for pandemic-related spending starting 2023 and sustain economic growth. In a briefing on Wednesday, Finance Secretary Carlos G. Dominguez III said the proposed fiscal consolidation and resource mobilization plan is aimed at helping the new administration "hit the ground running and take advantage of the momentum created by the Duterte administration over the last six years." Under the proposal, the government needs to raise revenues, improve tax administration, and cut unnecessary spending with fiscal reforms. It entails three packages, the first one of which is for implementation in 2023 and the next two are for implementation in the next two years. Among the proposals under the first package are a three-year deferment of the personal income tax re
MANILA - Policies and laws against cybercriminals are seen to improve following the closer collaboration between the Bankers Association of the Philippines (BAP) and the Department of Justice (DOJ). During the virtual memorandum of understanding (MOU) signing ceremony on Friday, BAP cybersecurity committee vice chair Ramon Jocson, who is also Bank of the Philippine Islands chief operating officer, said cybercrimes "sometimes stretches the law" given how criminals have leveraged technology to do their illegal activities. "As such, it requires dialogue between us and the government primarily, apart from law enforcement, it's the Department of Justice because it's really (the) interpretation of the law. And if we do catch these criminals what happens next," he said. Under the agreement, the BAP and the DOJ will conduct information campaigns, events, and activities like free learning sessions to discuss the latest trends and developments on cybersecurity. Jocson
MANILA - Improvements in the country's healthcare system, among others, are expected to further solidify the domestic economy's recovery and boost its capacity to hit the revised target of between 5 percent to 5.5 percent. In a virtual briefing on Wednesday, Department of Finance (DOF) Secretary Carlos Dominguez III said domestic output, which averaged at 4.9 percent in the first three quarters this year, "has exceeded our expectations in 2021." "So there's a greater likelihood that our full year growth will hit the revised target of our GDP (gross domestic product) growth ranging from 5 to 5.5 percent this year," he said. During the same briefing, Finance Undersecretary Gil Beltran said growth in the third quarter of this year alone reached nearly 7 percent. Dominguez thus was hopeful about hitting the full-year target. "Backed by (a) stronger healthcare system and the massive rollout of the vaccination program, we will solidify our recovery by reo