Toyota ups North Carolina EV plant investment by $8 B
NEW YORK, United States (AFP) -- Toyota will significantly expand an electric battery plant in North Carolina, ramping up a bet on zeroemission vehicles in the United States, the automaker announced Tuesday. The Japanese car company now plans a $13.9 billion investment in the southern state, up from the prior $5.9 billion price tag for the project, first announced in December 2021. Toyota expects more than 5,000 employees at the Liberty, North Carolina, manufacturing plant, located about 110 miles northeast of Charlotte. "Today's announcement reinforces Toyota's commitment to electrification and carbon reduction, bringing jobs and future economic growth to the region," said Sean Suggs, president of Toyota Battery Manufacturing North Carolina. "We are excited to see the continued energy and support of this innovative manufacturing facility." Under the expanded plan, the Toyota plant will have eight additional battery production lines added to the two previously announced. The plant will also have four battery lines for hybrid vehicles, the company said. Toyota has been slower than some other rivals to embrace electric vehicle investment, sometimes arguing that hybrid vehicles are also favorable from an environmental point of view. However, Toyota has said that by 2025 it plans to have an electrified version for every Toyota and Lexus model globally.
The Bangko Sentral ng Pilipinas (BSP) said Tuesday, Oct. 31, that it has adjusted the applicable rediscounting rates for the peso-denominated facility following the off-cycle policy rate increase last week, which brought the key rate from 6.25 percent to 6.5 percent.
The BSP also raised the interest rates on the overnight deposit and lending facilities to six percent and seven percent, respectively.
Effective Tuesday, the rediscount rates for the BSP Peso Rediscount Facility for the one to 90-day tenor is 7.8356, up from the previous 7.5856 percent.
For the 91 to 180-day tenor, the rate is 8.1712 percent from 7.9212 percent previously.
The peso rediscount rates are based on the BSP overnight lending rate, while the Exporters’ Dollar and Yen Rediscount Facility (EDYRF) rates are based on the applicable benchmark rates.
The BSP reiterated that the appropriate spread, as may be determined by the BSP, may change periodically to complement the changes in the BSP’S monetary policy goals and reflect movements in market interest rates.
Rediscounting is a BSP credit facility extended to qualified banks with active rediscounting lines. The facility helps banks meet their temporary liquidity needs by refinancing the loans they extend to their clients using the eligible papers of its end-user borrowers.
The BSP did not disclose if there were new availments for the rediscounting facility for the month of September and October.
From January to August this year, the BSP said no banks tapped the facility. One of the reasons for this is because the financial system is awash with cash and there was no need to borrow from the BSP.
At the end of 2022, total peso rediscounting loans amounted to ₱15.3 billion. Meanwhile, the last time banks availed of the EDYRF was in 2016.
Last Oct. 26, the BSP raised the benchmark rate by 25 basis points (bps) to 6.5 percent in a bid to prevent supply-side price pressures from inducing additional second-round effects and further dislodging inflation expectations, according to BSP Governor Eli M. Remolona Jr.
Remolona said the BSP no longer expects the consumer price index (CPI) to return to within the two percent to four percent target range this year.
He said that based on the BSP headline CPI forecasting models, inflation will “very likely be above four percent” in the first six months of 2024.
The BSP'S Monetary Board will have its next policy meeting on Nov. 16. The market has mixed expectations on the next policy move with some expecting a rate hike while others predict a no-change decision.
Remolona said they could decide either way, depending on the October inflation outturn to be released on Nov. 6 and the third quarter gross domestic product report on Nov. 8. Chipongian)
(Lee C.
The Ministry of Foreign Affairs (MOFA) of the Kingdom of Saudi Arabia (KSA) has issued a Note Verbale informing the Philippines that the Saudi Food and Drug Authority (SFDA) has lifted the ban on Philippine aquatic products, except shrimps.
An advisory by the Department of Trade and Industry (DTI) stated that the KSA’ import ban for shrimp remains in place due to shrimp diseases such as Infectious Hematopoietic Necrosis, White Spot Syndrome, and Acute Hepatopancreatic Disease.
But the ban on meat products has been lifted as a result of various discussions between the Philippine Embassy in Riyadh and the SFDA. Meat establishments in the Philippines that intend to export to KSA may now apply for accreditation to export, the DTI said.
As required by SFDA, Philippine Competent Authorities (CAS) will submit a list of establishments that plan to export meat and aquatic products. The certification process will be handled by the Bureau of Fisheries and Aquatic Resources (BFAR) for fresh and frozen products and the Food and Drug Administration (FDA) for prepared, processed, and preserved products.
The Philippines is now consolidating a list of establishments that intend to export to KSA. These establishments will be visited by SFDA, earliest in 2024, as part of the accreditation process. Establishments that have successfully completed the accreditation process will be able to export to KSA.
It can be recalled that KSA has required the submission of a System Evaluation Form from all countries exporting meat, poultry, and marine products. Pending the review and approval of the submitted System Evaluation Form, the SFDA has imposed a ban on the importation of Philippine meat, poultry, fish, and aquatic products.
In 2019, the