PH maintains status as net creditor in IMF;
PH maintains status as net creditor in IMF;
Gov’t earmarks P49.8-B for indigent senior citizens' social pension in 2025 budget;
CGCC Hong Kong exploring more collaborations with PH
Gov’t earmarks P49.8-B for indigent senior citizens' social pension in 2025 budget;
CGCC Hong Kong exploring more collaborations with PH
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NewsTranscript
00:00The Chinese General Chamber of Commerce in Hong Kong is planning to cooperate with the Philippines to generate new business opportunities.
00:06Meanwhile, the country carries a strong macroeconomic position, AFRIC maintains its status as a net creditor.
00:13This and more in tonight's Business News Wrap-Up by Soojin Kim.
00:19The Philippines maintains its status as a net creditor in the International Monetary Fund.
00:24Assigned the country carries a robust and strong macroeconomic position.
00:28The Monetary Board approved the Philippines' continued participation in the IMF's financial
00:33transaction plan from this month to January next year. The Central Bank affirms the Philippines
00:39remains well-positioned to support the IMF's global financial safety nets.
00:44The government is allocating P49.8 billion for the social pensions of indigent senior
00:50citizens in next year's national expenditure program. This budget, under the Marcus Jr.
00:55Administration, aims to support more than 4 million indigent senior citizens with a monthly
01:00allowance of P1,000, this to help them cover daily living and medical expenses.
01:06This initiative follows the recent enactment of Republic Act No. 11916,
01:11which doubles the monthly pension from P500 to P1,000 for qualified beneficiaries.
01:18The Chinese General Chamber of Commerce in Hong Kong is exploring further areas of
01:22cooperation with the Philippines, aiming to generate new business opportunities.
01:27Guangdong, Hong Kong, and Macau, or the Greater Bay Area,
01:30welcome business investors in their area with a population of 86 million.
01:35Chairman Jonathan Koon-Shum notes that Chinese-Philippine trade is growing,
01:40especially on agriculture products, with an annual growth rate of 10 percent.
01:44Philippines are increasingly becoming a preferred trading partner in investment destinations.
01:50In fact, China is one of the Philippines' oldest and most significant trading partners.
01:58China was the Philippines' top trading partner. The high-quality Philippine
02:03agricultural products are popular among Chinese consumers.