PANDEMIC LIMITS STREET REVELRY BUT NOT THANKSGIVING, CHARITY
Anvil facilitated the distribution of P38 million worth of medical supplies donated by philanthropist Dr. Dezhi Lu of Huamin Foundation in China to 15 major hospitals in Metro Manila. The supplies include personal protective equipment, N95 masks, goggles and thermometer scanners.
Confucian, Filipino values
Anvil’s president Hubert Chua said the pandemic has changed the organization. More likely, that crisis gave the group the opportunity to fulfill its stated goal of “promoting a healthy economy and a progressive society” through “positive Confucian and Filipino values.”
“The online nature of our forums has now allowed us to invite a number of prestigious speakers from overseas, and we foresee this continuing for many years,” Chua said, citing the success of the group’s recent events, such as the Anvil Exchange Forums and Learning donation drive to meet the urgent needs arising from the pandemic, the Anvil Care Package, and even Anvil’s first online Christmas party via Zoom.
Chua said “I am proud ... [that] our Anvil members have adapted their companies to the new normal. I have heard of many who have started new businesses, pivoted into online distribution, transitioned into digital transformation and work-from-home, and ventured into opportunities that can only uniquely come from this pandemic. Truly, we have shown our Confucian spirit in that in every crisis, we see the opportunity.”
Long-term investments continued to come into the country at lower numbers as of the first 11 months of last year as the economic uncertainty caused by coronavirus pandemic dampened businesses’ expansion plans, data from the central bank showed.
In a statement, the Bangko Sentral ng Pilipinas said foreign direct investments posted net inflows of $537 million in November 2020, representing a contraction by 16.5 percent from the $643 million in net inflows registered in November 2019.
The regulator said this decline was slower compared to the 24.5 percent contraction posted in October 2020 amid news of positive developments in vaccines against the virus.
“Recent contractions in net FDI (foreign direct investment) inflows were largely affected by concerns over the resurgence of COVID-19 cases and reimposition of quarantine measures in some advanced and emerging markets,” it said.
Nonresidents’ net investments in equity capital declined by 57.3 percent to $66 million in November 2020 from $155 million in the comparable period in 2019.
This resulted as equity capital placements declined by 44.8 percent to $96 million from $174 million, coupled with a 57.3 percent increase in equity capital withdrawals to $30 million from $19 million.
Equity capital placements came mainly from the Netherlands, Japan and the United States. These were invested mostly in the financial and insurance; real estate; and manufacturing industries.
The drop in foreign direct investment net inflows was partially mitigated by the increase in nonresidents’ net investments in debt instruments, which grew by 3.8 percent to $415 million from $400 million in the same period in 2019.
Reinvestment of earnings, however, fell by 36.5 percent to $56 million from $88 million in November 2019.
On a cumulative basis, foreign direct investment net inflows for the January–November 2020 period reached $5.8 billion, or 10.8 percent lower than the $6.5 billion net inflows recorded in the comparable period in 2019.
By component, nonresidents’ net investments in debt instruments dropped by 19.3 percent to $3.8 billion from $4.7 billion. Reinvestment of earnings contracted by 21.9 percent to $760 million from $974 million.
By contrast, nonresidents’ net investments in equity capital expanded by 48.6 percent to $1.3 billion from $851 million, which partly eased the decline in the cumulative foreign direct investment net inflows.
Equity capital placements grew modestly by 0.5 percent to $1.53 billion from $1.52 billion, while withdrawals declined by 60.4 percent to $265 million from $671 million.
Equity capital placements during the period emanated largely from Japan, the Netherlands, the United States and Singapore. These were invested mostly in the manufacturing, real estate, and financial and insurance industries.