JUST SHORT OF PODIUM, OBIENA WINS FILIPINOS’ HEARTS In a nail-biting finish at the Paris Olympics, Ernest John “EJ” Obiena placed fourth in the men’s pole vault, improving from No. 11 in Tokyo. Sweden’s Armand Duplantis soared to new heights, setting a new world and Olympic record at 6.25m. Obiena narrowly missed the medals after clearing 5.90m, saying, “I apologize for my performance, that’s how sports goes.” Despite the outcome, Obiena’s valiant effort and dedication make him a true source of pride for the Philippines. From EJ’s Facebook post: “I am heartbroken that a single failure cost me and cost a nation I so deeply love—the podium. I apologize for this outcome. On a positive note, I am proud of what I was actually able to stitch together for this Olympics, with all the struggles that came with this year; but still, it hurts to be this close to an Olympic medal. I love you all, and we all share a common love and pride for the Philippines. I am sorry I didn’t join Carlos Yulo on the podium but I will be back. ‘The good get up,’ as they say. I have been knocked down. But I will get back up.” NONIE REYES VIA CANON R6
A broader look at today’s business www.businessmirror.com.ph
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Wednesday, August 7, 2024 Vol. 19 No. 295
P. nationwide | sections pages | 7 DAYS A WEEK
JULY INFLATION DATA DIMS RATE CUT HOPES By Cai U. Ordinario
PHL export earnings hit 14-month low in June
@caiordinario
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HE Bangko Sentral ng Pilipinas (BSP) is not closing its doors on maintaining key policy rates during its meeting next week even after inflation accelerated in July.
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HE growth of the count r y ’s e x p o r t e a r n i n g s posted a 14 -month low in June, according to the latest data released by the Philippine Statistics Authority (PSA). PSA said the export earnings growth declined 17.3 percent in June 2024, the lowest since the 20.3-percent contraction in April 2023. The data showed earnings from exports reached $5.566 billion in June 2024, lower than the $6.73 billion posted in June 2023. In May 2024 and June 2023, total exports sales registered annual decreases of 3.1 percent and 0.2 percent, respectively. However, in the January to June period, export earnings reached $36.41 billion in 2024, a 3-percent growth from the $35.34
On Tuesday, the Philippine Statistics Authority (PSA) reported that the July inflation rate reached 4.4 percent on the back of more expensive electricity rates and meat items. (See: https://businessmirror.com.ph/2024/08/06/ inf lation-surge-in-july-due-to-power-adjustment-higher-cost-of-meat-psa/) See “Inflation,” A
New policies will temper inflation soon–Recto
billion posted in 2023. PSA said the commodity group that posted the largest decline in export value were electronic products, the country’s primary export. Exports of electronic products amounted to $2.99 billion, a decline of nearly a billion dollars or $965.14 million from $3.955 billion. “This was followed by cathodes and sections of cathodes, of refined copper with an annual decrease of $97.13 million; and other manufactured goods with an annual decline of $59.99 million,” PSA said. By commodity group, PSA said electronic products continued to be the country’s top exports in June 2024, with total earnings See “Export,” A
By Reine Juvierre Alberto @reine_alberto
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HE 4.4-percent inflation rate recorded in July, which breached the government’s target, is likely a one-time uptick caused by high base effects, according to Finance Secretary Ralph G. Recto. Recto said in a statement that the July inflation print is temporary and is largely caused by the base effect on rice prices. He said government interventions will temper inflation in the coming months. “Commodity prices in July this year were higher compared with those recorded in July 2023, when rice prices were still relatively lower,” he said in Filipino. Headline inflation in July 2024 accelerated to 4.4 percent largely due to the rise in the average prices of both food and non-food items, with upticks in liquefied petroleum gas (LPG), fuel, meat, and fruits. See “Policies,” A
TRACK AND TANGLE A portion of the MRT 7 construction near the San Jose del Monte, Bulacan, and Quezon City boundary, captured on Tuesday, August 6, 2024. Transportation Secretary Jaime Bautista indicated that the project might experience delays due to requests from stakeholders, including property owners affected by the railway’s alignment, who are seeking to divert the route. San Jose Del Monte City Mayor Arthur Robes highlighted concerns from local residents about potential traffic congestion, a decline in living conditions, and disruptions to essential services. NONOY LACZA
PESO EXCHANGE RATES Q US 57.8410 Q JAPAN 0.4014 Q UK 73.9150 Q HK 7.4264 Q CHINA 8.1016 Q SINGAPORE 43.6800 Q AUSTRALIA 37.5677 Q EU 63.3648 Q KOREA 0.0423 Q SAUDI ARABIA 15.4103 Source:
BSP 6 August 2024