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Thursday, October 10, 2024 Vol. 20 No. 1
P. | | 7 DAYS A WEEK
TO FUEL 6% Q3 GROWTH’ A
HEADS OF STATE AT ASEAN SUMMIT
From left to right, Myanmar’s Foreign Ministry Permanent Secretary Aung Kyaw Moe, Philippines’s President Ferdinand Marcos Jr., Singaporean Prime Minister Lawrence Wong, Prime Minister Paetongtarn Shinawatra, Vietnamese Prime Minister Pham Minh Chinh, Laos’ President Thongloun Sisoulith, Laos’ Prime Minister Sonexay Siphandone, Myanmar’s Prime Minister Anwar Ibrahim, Brunei Sultan Hassanal Bolkiah, Cambodian Prime Minister Hun Manet, Indonesian Vice President Ma’ruf Amin, and East Timorese Prime Minister Xanana Gusmao pose during the opening ceremony of the Association of Southeast Asian Nations (ASEAN) Summit in Vientiane, Laos, Wednesday, October 9, 2024. See stories on the Asean summit on pages A2, A21 and K4. AP/DITA ALANGKARA
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B R J S. A
@reine_alberto
HE Philippine economy will likely grow by 6 percent in the third quarter of 2024 on the back of increased household consumption, according to Finance Secretary Ralph G. Recto. At the sidelines of the Asia CEO Awards on Tuesday night, Recto told reporters that the country’s gross domestic product (GDP) could settle
at 6 percent after inflation declined in September 2024. S “F,” A
What lies ahead
YEAR shy of turning two decades, the BM has always endeavored to be true to its visions of presenting the bigger picture to its readers. As the nation continues to reckon from the shock and losses of the pandemic, and as it finds itself transforming in the era of digitalization, cybersecurity, and AI—stuff that once were only seen in sci-fi literature and films—the idea of ”future-proofing” remains paradoxically a vast challenge. Facing the future isn’t a matter of merely moving forward. Rather, it entails many factors
such as viewing the present with clarity and digging into the deep past for its lessons. In this year’s anniversary issue, aptly titled BusinessMirror@ 19: Facing Realities, that is the North Star that our team navigated. To face this country’s realities in order to survive the future. And so, in numbers, studies, and insights from social analysts and leaders, here lies the breadth and depth of life for many Filipinos: ■ Section E: “PHL leans on RE as it tries to wean itself off coal” by Lenie Lectura S “A,” A
PHL to get $2.2-B ADB loans for 3 major projects B C U. O @caiordinario
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HE Asian Development Bank (ADB) Board is set to approve this year at least $2.2 billion worth of loans to be extended to the Philippines. ADB Philippines Country Director Pavit Ramachandran recently told reporters that three more Philippine projects are up for approval this year.
These are the first tranche of the Laguna Lakeshore Road Network Project; the Public Financial Management (PFM) Reform Program Subprogram 1; and Climate Change Action Program (CCAP) Subprogram 2. “We’ve had a very strong engagement. We’ve supported a number of the 186 flagship projects [such as] the Bataan-Cavite Bridge, the Davao Bus Modernization program. We are in the last stages of
having the Laguna Lakeshore Road Network project presented to our Board for approval,” Ramachandran said. Ramachandran said the largest project up for approval is the first tranche of the Laguna Lakeshore Road Network Project which is expected to cost $1.2 billion and is set for approval before the year ends. The total cost of the project is $2.79 billion. Of this amount, $1.698 billion will be financed
through ADB’s Ordinary capital resources; $188.18 million through the Asian Infrastructure Investment Bank; and $904.35 million through the Export-Import Bank of Korea. The project aims to create adequate, quality, sustainable, resilient, and safe transport infrastructure in the Greater Capital Region for the economic transformation C A
PESO EXCHANGE RATES US 56.8470 ■ JAPAN 0.3835 ■ UK 74.5150 ■ HK 7.3116 ■ SINGAPORE 43.6010 ■ AUSTRALIA 38.3433 ■ SAUDI ARABIA 15.1418 ■ EU 62.4180 ■ KOREA 0.0424 ■ CHINA 8.0465 Source: BSP (October 9, 2024)