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Philippines News Agency

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The Philippines News Agency

The Philippines News Agency (PNA) is a web-based newswire service of the Philippine government. The PNA Headquarters are housed at the 2nd floor of the PIA building along Visayas Avenue, Quezon City. PNA's website address is http://www.pna.gov.ph

It has been 35 years since PNA was launched in an era when newswire operations relied mainly on teletype machines and typewriters. PNA has steadily paced the highly competitive and changing arena of Philippine journalism; it is now slowly but surely coming to par with the challenges posed by the globalization of media communications. This has deeply shaped modern journalism and the news media organizations that have been instrumental in creating the very conditions that made globalization a reality.

PNA has evolved today as an Internet-based news service agency that caters to the global demand for news and information to its subscribers, readers and a host of other clients. PNA's mission is spelled out clearly: to provide the government, the Presidency, the public, as well as its media and non-media clients, both local and foreign based, sober, factual, impartial and objective news and information. PNA provides news 24/7, including photos of major events, feature stories, sports news and events, local and global opinions, general information, as well as global news and feature stories. PNA employs about a hundred journalists and stringers across the country, with several foreign-based correspondents.

PNA beat reporters and stringers are deployed practically in every government office and agency, including the main offices and camps of police and security forces, to provide news 24/7 for local, regional and global subscribers and readers. PNA likewise maintains active news exchanges with news agencies of ASEAN member-countries and the Organization of Asia-Pacific News Agencies (OANA).

Philippines News Agency
www.pna.gov.ph
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Pres. Duterte, Thailand PM Prayuth eye stronger defense, economic ties. (PNA)

Pres. Duterte, Thailand PM Prayuth eye stronger defense, economic ties. (PNA)

BSP execs remain optimistic PHL will hit USD7B FDI target for '

MANILA, (PNA) -- Bangko Sentral ng Pilipinas (BSP) Governor Amando M. Tetangco Jr. expects foreign direct investments (FDIs) to sustain its rise on back of broad-based growth in the domestic economy.

Tetangco said the country's manufacturing sector "is picking up again in addition to the usual sources of growth like the services."

"This will continue to be an attraction," he said.

The central bank chief said the country's economic fundamentals "remain sound" while the economy continued to benefit from "a young population that is economically actively."

"There is a huge market that can be tapped here in the Philippines. Remember, we have an average age of 23.9 years or so, one of the youngest in the region, and foreign investors are taking a closer look at what are the opportunities here, given that we have a growing economy, young and economically-active population, and sustained macro-economic conditions," he added.

BSP Deputy Governor Diwa Guinigundo said FDIs continued to rise and its impact on the domestic economy was for long term since investors were putting up plants and factories instead of just footloose money like foreign portfolio investments.

Central bank data show that in the whole of 2016, FDIs rose 40.7 percent year-on-year to USD7.9 billion, with all the components posting gains.

Although this amount remains small compared to other Asian economies it remains a positive sign of investors' preference on where to put their funds.

On the other hand, foreign portfolio investments, otherwise called hot money due to the speed it comes in and out of an economy, registered a net outflow of USD409.01 million last February, a reversal from month-ago's USD301.33 million net inflow and year-ago's USD57.74 million net inflow.

Guinigundo explained that since FDIs continue to rise it "means that the foreign direct investors are taking a more sanguine, a more confident attitude towards the Philippines. "

He said hot money was a "footloose capital" since "they can easily come, (and) they can easily go."

"But in terms of FDIs, they have summed-in cost. They (investors) put up factories, plants, etc. So their decision to invest in the Philippines, not porfolio but direct investments, it means that they have studied the macroeconomy, they have studied the fundamentals, and they have made a decision that it is worth investing in the Philippines," he said.

The central bank targets a USD7 billion FDI for 2017 and Guinigundo said this was being reviewed along with other economic assumptions of the BSP.

Guinigundo said they were set to announce the new assumptions before the end of April, ahead of the visit of International Monetary Fund (IMF) people for the Article 4 Mission.

He said all the elements for a strong rise of FDIs this year were present and were further boosted by the government's plan to increase infrastructure investments and the materialization of the projects included in the public-private partnership (PPP) initiative.

He said domestic growth was rising, with sources now diversified, which he pointed out, was "very consistent with our growth potential."

Price stability, which the central bank has ensured in past years, is another factor to FDIs, he said.

"So all the sustainability elements are there. And our potential capacity to grow continues," he added. (PNA)