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LATEST UPDATES
Philippines’ GDP grows 5.6% in 2021, beating revised target
The Philippines’ gross domestic product (GDP) grew 5.6% in 2021, beating the target that the government revised multiple times throughout the year as businesses adjusted to waves of COVID-19 infections.
For the fourth quarter alone, the Philippine Statistics Authority (PSA) reported 7.7% growth.
More in this story.
Lopez firm buys ABS-CBN shares, PDRs for network’s digital push
ABS-CBN Corporation raised P500 million from selling common shares and Philippine Depositary Receipts (PDRs), proceeds of which will be for the network’s digital push.
In a stock exchange filing on Wednesday, January 26, ABS-CBN said it sold 21.32 million common shares and 11.5 million PDRs worth P15.23 each to its principal shareholder, Lopez Incorporated.
Details here.
Philippine agriculture remains in pandemic pit, drops 1.7% in 2021
The Philippines’ agricultural output dropped by 1.7% for the entire 2021, despite more relaxed COVID-19 restrictions during the year.
Figures from the Philippine Statistics Authority released on Wednesday, January 26, showed that agricultural production grew 0.6% during the fourth quarter, but this was not enough to offset the dismal figures recorded in the previous quarters.
Channel 43, used by ABS-CBN, goes to Quiboloy’s SMNI
A broadcasting company owned by controversial preacher and Duterte ally Pastor Apollo Quiboloy is among those awarded frequencies previously used by media giant ABS-CBN.
On Wednesday, January 26, Quiboloy’s Sonshine Media Network International (SMNI) confirmed to ABS-CBN News that it has been awarded UHF Channel 43 by the National Telecommunications Commission (NTC).
Here is that story.
Villar stocks rally after TV frequencies granted; ABS-CBN tanks
Manny Villar’s Vistamalls saw its stock price leap by as much as 48.4% on Wednesday, January 26, after documents leaked showing the billionaire managed to get two TV frequencies previously held by Lopez-owned ABS-CBN.
Vistamalls, formerly Starmalls, closed at P4.29 apiece, 17.86% higher than the previous day’s price.
Details here.
Q3 2021 GDP revised downward
The Philippine Statistics Authority revised downward the country’s third quarter gross domestic product growth to 6.9% from 7.1%.
This was due to lower growth rates in financial insurance activities, professional and business services, as well as real estate.
Philippines Q3 GDP growth revised downward to 6.9% from 7.1%.
— Ralf Rivas (@RalfRivas) January 26, 2022
Downward revisions due to: Financial and insurance activities (from 6.4% to 3.9%), Professional and business services (11.5% to 10.6%), and Real estate (4.7% to 3.8%)
PSA to announce Q4 GDP on Thursday. @rapplerdotcom
PSE returns to 5-hour schedule starting February 2
The @PhStockExchange will go back to its full 5-hour trading schedule starting Feb 2. @rapplerdotcom pic.twitter.com/8o4kVxyIpQ
— Ralf Rivas (@RalfRivas) January 26, 2022
Manny Villar gets ABS-CBN frequencies
Billionaire Manny Villar is taking over ABS-CBN frequencies, almost two years after the Lopez-led media giant was forced to go off-air.
The National Telecommunications Commission (NTC) confirmed on Tuesday night, January 25, that Villar’s Advanced Media Broadcasting System (AMBS) has been awarded provisional authority to operate Channel 16, which was ABS-CBN’s digital TV frequency.
The NTC also issued AMBS a temporary permit “for simulcast purposes” over the analog Channel 2, effective January 6 until the analog shutoff in 2023.
