Cyprus Business Now

The Cyprus Chamber of Commerce & Industry (Keve) on Monday announced that in the context of its continuous effort to open new roads and prospects for Cypriot companies, has established the Cyprus-Philippines Business Association.

Keve noted that the ultimate goal of the association is to promote, grow and encourage economic and trade relations between Cyprus and the Philippines.

Dominique Laconico, President of Cleverpath Holdings, was elected the first president of the association.

He stated that “our primary aim is to promote and further strengthen the socioeconomic and trade relations between Cyprus and the Philippines, through the expansion of imports, exports and the provision of a wide range of services”.

The Founding Assembly of the Association was greeted by the Ambassador of the Republic of the Philippines to Greece and Cyprus, Giovanni E. Palec, with a statement saying “The establishment of the association, is expected to play a leading role in further strengthening relations between Cyprus and the Philippines”.

He explained that the association will help to increase trade and attract investment, “based on existing ties, especially since the two countries share a deep-rooted friendship and longstanding ties based on a common adherence to democratic values, multilateralism and respect of international law”.

The establishment of the association was also welcomed by the Honorary Consul of the Republic of the Philippines to Cyprus, Charmagne Garcia-Laconico.

Cypriot and Filippino companies and individuals can register as members of the association.

For registration or more information, you can contact the Cyprus Chamber of Commerce & Industry through Lily Michaelides at [email protected] or 22889706.

Cyprus, as reported by the Statistical Service in its annual financial accounts breakdown by institutional sector, recorded a €26.62 billion deficit in its net financial position for the year 2022.

At the end of December 2022, the country’s assets across its economy in financial instruments totalled €686.93 billion.

Of this sum, 52.9 per cent comprised equities and shares, 19.3 per cent was in cash and deposits, and 17 per cent consisted of loans.

Conversely, liabilities across the economy stood at €713.65 billion by the end of December 2022.

Among these, 51.6 per cent accounted for equities and shares, 21.8 per cent were loans, and 14.6 per cent were cash and deposits.

Household assets in financial instruments reached €55.96 billion by the end of December 2022, with 58.5 per cent in cash, 0.9 per cent in loans, 1.7 per cent in securities, and 20.6 per cent in shares.

The total amount of the sector’s loans at the end of December 2022 was €19.83 billion, amounting to 71.4 per cent of the Gross Domestic Product (GDP).

The corresponding assets of non-financial corporations amounted to €66.34 billion, distributed as 18.5 per cent in cash and deposits, 4.2 per cent in loans, 0.4 per cent in securities, 46.5 per cent in shares, and 29.6 per cent in other financial items.

The total loans in this sector reached €39.51 billion by the end of December 2022, accounting for 142.2 per cent of the GDP.

The Cyprus Stock Exchange (CSE) ended Monday, November 20 with losses.

The general Cyprus Stock Market Index was at 126.83 points at 13:09 during the day, reflecting a decrease of 0.13 per cent over the previous day of trading.

The FTSE / CySE 20 Index was at 76.94 points, representing a drop of 0.14 per cent.

The total value of transactions came up to €109,098.

In terms of the sub-indexes, the main, alternative and investment firm indexes fell by 0.17 per cent, 0.2 per cent and 0.78 per cent respectively. The hotel index remained unchanged.

The biggest investment interest was attracted by the Bank of Cyprus (-0.34 per cent), Hellenic Bank (-0.46 per cent), Petrolina Holdings (-1.79 per cent), Salamis Tours (-0.57 per cent), and the Cyprus Cement Company (+1.61 per cent).