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GOLDEN YULO PAVES WAY FOR PINOY TRIO
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Aira Villegas, EJ Obiena and Nesthy Petecio are next to toe the Olympic line after compatriot Carlos Yulo made history as the Philippines’s first double Olympic gold medalist by reigning supreme in the men’s artistic gymnastic vault final at the Paris Games. Yulo also won gold in the floor exercise earlier. Villegas guaranteed the Philippines its third medal by defeating France’s Wassila Lkhadiri in the women’s boxing 50kg quarterfinals and will face Turkey’s Buse Naz Çakıroğlu in the semifinals on Thursday. Petecio, who earned silver at the Tokyo Games, advanced to the semifinals of the women’s 57kg division by defeating China’s Xu Zichun and will contend for a spot in the gold medal match against Poland’s Julia Szeremeta on Wednesday, August 7. EJ Obiena, a decorated pole vaulter, competes in the men’s pole vault finals early Tuesday at the Stade de France. AP
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COUNTRY
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People’s Republic of China United States of America France Australia Great Britain Republic of Korea Japan Italy Netherlands Germany Canada Hungary Romania Ireland New Zealand Sweden Ukraine Croatia Philippines
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15 27 14 11 12 8 5 10 5 5 4 3 3 0 4 3 1 1 0
12 26 18 8 16 7 10 5 4 2 8 2 1 3 1 2 3 1 0
47 72 44 31 38 25 24 22 15 13 17 8 7 6 7 7 6 4 2
Last updated: August 5, 2024 at 16:40 Source: olympics.com
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BSP: INFLATION TRENDS FAVOR KEEPING RATES By Cai U. Ordinario
P6.3-T budget to boost bid for UMIC status–Recto
@caiordinario
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ASING inflation may be enough reason for the Bangko Sentral ng Pilipinas (BSP) to consider a “less restrictive monetary policy stance.”
In a presentation at the House of Representatives on Monday, BSP Governor Eli M. Remolona Jr. said, however, that given current inflation conditions, it was prudent to keep policy rates steady. In its latest month-ahead inflation forecast, the BSP said inflation may settle from a low of 4 percent to as high as 4.8 percent in July 2024. (See: https://businessmir ror.com. ph/2024/08/01/bsp-inf lationlikely-beyond-july-target/). “Evolving inflation conditions show that the BSP can hold its policy settings steady for the time being. If price pressures continue to ease, it will be possible for the BSP to consider a less restrictive monetary policy stance,” Remolona said. “Nonetheless, lingering supply concerns, geopolitical risks wa r ra n t continued and close monitoring of risks to the inflation outlook,” he added. Remolona stressed the importance of non-monetary measures in efforts to cool down inflation. One of these measures is the reduction of rice tariffs under Executive Order 62. He noted there is a “strong push” to enhance the supply of “high-quality seeds, farm and fishery gear and equipment, and other policies that address supply issues.” Overall, Remolona said headline inflation is expected to remain within the target range of between 2 and 4 percent for both 2024 and 2025.
By Reine Juvierre S. Alberto
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BRUSHSTROKES OF HOPE Two ICCT Cainta Criminology students appreciate the vibrant murals created by various Rizal local government units from Antipolo to Teresa, outside the walls of the Rizal Police Provincial Office Headquarters in Hilltop Tikling, Taytay, Rizal. These murals, depicting “Kabataan Pangarap sa Komunidad,” showcase the community’s vision and aspirations for the youth. BERNARD TESTA
HE passage of the P6.35-trillion 2025 proposed national budget will enable the Philippines to become an upper-middleincome country (UMIC) and bring down the poverty rate to a single digit, according to Finance Secretary Ralph G. Recto. “To the honorable members of Congress, the 2025 proposed budget of 6.35 trillion pesos that you will enact will help us get there,” Recto said in the 2025 national budget deliberations at the House of Representatives on Monday. Recto said the middle class is growing as 49 million Filipinos are employed to date and 63 percent of them are engaged in formal and stable jobs. Inflation, meanwhile, is cooling and is projected to settle at 3.3 percent this year, within the government’s See “UMIC,” A
PCCI: TIRADE VS. LOTILLA CREATES UNCERTAINTY By Andrea E. San Juan @andreasanjuan
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HE Philippine Chamber of Commerce and Industry (PCCI) has expressed concern over allegations hurled against Energy Secretary Raphael Lotilla in relation to the moratorium on coal-fired power generating facility project, saying this could create “air of uncertainty” in attracting investments. “We are concerned at the damage the allegations against Secretary Lotilla could cause the DOE and the whole industry. We are competing against other countries in the region in enticing foreign direct investments to come to our shores, let us not create an air
of uncertainty that could dissuade these investments,” PCCI said in a statement of support for Lotilla, issued on Monday. The business group said this after “cause-oriented” groups filed complaints against the Energy Secretary on the alleged violation of the moratorium on coal-fired power generating facility project. “We recognize the excellent work that Secretary Lotilla is doing. We support the directions he is taking to achieve energy security and affordability for the country, the two key components to bring in investments, expand domestic enterprises and enhance our productivity and competitiveness,” PCCI said. The business group emphasized
that, “This is not the time to unnecessarilydistracttheDOEfrom its work with misunderstandings of policies and misguided priorities.” PCCI explained that the policy on the moratorium on coal-fired power projects is “quite clear”— it applies to greenfield power generation facility projects. “Existing and operational coal-fired power generation facilities, coal-fired power projects classified as committed, existing power plant complexes with firm expansion plans, and projects with significant progress such as signed agreements are NOT affected by the moratorium,” added the business group. See “PCCI,” A
See “BSP,” A
PESO EXCHANGE RATES Q US 58.2330 Q JAPAN 0.3975 Q UK 74.6023 Q HK 7.4598 Q CHINA 8.1213 Q SINGAPORE 43.9030 Q AUSTRALIA 37.9388 Q EU 63.6196 Q SAUDI ARABIA 15.5185 Source: BSP (August 5, 2024)