El Niño causes P109M rice crop damage in Visayas, Zamboanga
El Niño causes P109M rice crop damage in Visayas, Zamboanga;
PH factories start 2024 on positive note;
LandBank marks record P40.3B net income in 2023
PH factories start 2024 on positive note;
LandBank marks record P40.3B net income in 2023
Transcript
00:00 El Nino caused over 100 million damage to agriculture in certain provinces.
00:05 Meanwhile, Land Bank recorded an over 40 billion peso net income last year.
00:09 These and more in tonight's business news wrap-up by Chariza Espargo.
00:14 The D.A. Disaster Risk Reduction Management or DADRRM reported 109 million pesos worth of rice
00:26 field damage at the end of January due to El Nino. The DADRRM also reports that Angat Dam,
00:34 which is responsible for Bulacan and Pampanga rice field irrigation,
00:39 is reported to have a reservoir level of 211 meters. The DADRRM will continue sharing
00:46 agri-meteorological information and crop management to avoid yield waste.
00:54 The local manufacturing sector ended January with a Purchasing Managers Index or PMI of 50.9,
01:02 remaining above the neutral score of 50. S&P's global survey showed that production levels
01:08 decreased slightly due to less demanding conditions. On the other hand, evidence from
01:13 the latest PMI data, such as the rise in buying activity and the building of stocks,
01:19 indicates manufacturers anticipating continued growth in the coming months.
01:24 Land Bank reached a net income of P40.3 billion last year, higher than its almost P30 billion
01:32 worth of earnings in 2022. According to Land Bank, their financial performance comes from
01:38 strong loan revenues and investments alongside prudent cost management. The state-run lender
01:45 added its end 2023 capital position stood at P266.8 billion, up 27% year-on-year.
01:55 for the future. Chariz's