PBBM hails Upper Wawa Dam’s service By Samuel P. Medenilla @sam_medenilla & Reine Juvierre S. Alberto @reine_alberto
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AIRSTRIKE ON SCHOOL-TURNED-SHELTER IN SOUTHERN GAZA KILLS 25; ISRAELI ASSAULT SHUTS DOWN MEDICAL FACILITIES
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RESIDENT Ferdinand R. Marcos Jr. has called on dam operators to go beyond just water distribution and help in ensuring the country’s climate resilience as well as food and energy security by upgrading their facilities. During the inauguration of the impounding process ceremony of the Upper Wawa Dam in Rodriguez, Rizal last Wednesday, the chief executive highlighted
the importance of increasing the country’s multipurpose dams to efficiently use the country’s limited water resources. “Water is a finite resource while the demand for it is ever increasing. We need to use water wisely, as many times and for as many purposes as possible,” Marcos said. “We need to build more multipurpose dams to ensure water supply not only for drinking but also for irrigation, power generation, flood control, aquaculture, and hopefully other technologies that we may engage in the future,” he added.
He cited the Upper Wawa Dam as an example of such a multipurpose dam, which has other functions aside from providing for the water needs of the 2.2 million to 3.5 million people within the Metropolitan Waterworks and Sewerage System (MWSS) area. The P26.5-billion facility will generate 600-megawatt energy once it fills up its over 400-hectare reservoir. It will also enhance the climate resilience of the communities it serves by being a flood-control structure and providing them with a reliable source of water during
droughts. The PPP project is being led by Prime Infrastructure Capital Inc. and San Lorenzo Ruiz Builders and Developers Group through their joint venture—Wawa JVCo Inc. Razon-led infrastructure arm Prime Infrastructure Capital Inc. builds assets that support the sustainability priorities of the country such as clean, access to clean water and waste management, among others. The bulk water supply project will also include another Prime Infra-led 600-megawatt Wawa Continued on A
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Thursday, July 11, 2024 Vol. 19 No. 268
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JAN-APRIL FDI UP 18.7% TO $3.5B DESPITE RISKS By Reine Juvierre S. Alberto
Average rice wholesale price jumps 24% in June
@reine_alberto
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ESPITE global uncertainties, investors remained confident as the country’s foreign direct investments (FDIs) reached US$3.525 billion from January to April this year, according to Bangko Sentral ng Pilipinas (BSP). Latest data from the BSP showed the cumulative FDI net inflows for the four-month period rose by 18.7 percent to US$3.525 billion from US$2.971 billion in the same period a year ago. For the month of April, FDI net inflows decreased to US$556 million, down by 36.9 percent from the US$881 million net inflows recorded in the same month in 2023. The BSP credited the decline in FDI net inflows in April due to the nonresidents’ net investments in debt instruments, lower by 38.8 percent to US$407 million from US$665 million in April 2023. Rizal Commercial Banking Corp. (RCBC) Chief Economist Michael L. Ricafort said FDIs in April are the slowest in 10 months or since June 2023, at the height of risk aversion brought about by geopolitical risks such as the direct attacks between Iran and Israel. “Though still wait-and-see if net FDI inflows would revert back to prepandemic levels in the coming months; as a pick up/improvement in FDI data later in 2024 could be supported by the possible local policy rate cut of -0.25 as early as August 2024,” Ricafort added. Nonresidents’ net investments in equity capital (other than reinvestment of earnings) declined by 48.1 percent to US$68 million from US$132 million in 2023. However, it posted a growth of 149.1 percent to US$978 million in 2024 from $393 million in 2023. In April 2024, placements went down by 47 percent to US$84 million from US$158 million in the same month last year. Placements increased by 126.8
By Ada Pelonia @adapelonia
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TAX CREDITS FOR SOLAR Hanwha’s QCells solar panel manufacturing plant in Dalton, Georgia has booked $230 million in federal tax credits and stands to collect hundreds of millions more as it pursues plans to create the first end-to-end solar manufacturing chain in the US. ELIJAH NOUVELAGE/BLOOMBERG
HE average wholesale price of regular milled rice jumped by nearly a quarter in June, according to the latest data released by the Philippine Statistics Authority (PSA). Based on the data, the average price of regular milled rice nationwide reached P46.52 per kilo in June 2024, higher than the P37.24 per kilo in June 2023. The fastest increase in regular milled rice is in the Cagayan Valley, where the price of the staple surged 37.2 percent. The PSA said this was followed by the National Capital Region (NCR), where regular milled rice prices soared 34.8 percent in June 2024. “Wholesale price refers to the price of commodity transacted in bulk for further resale or processing. It is the actual ‘spot’ transaction price received usually by the wholesalers, distributors, or marketing agents for large lots but net of discounts, allowances, and rebates,” the PSA explained. Continued on A
CHECK MY ACCOUNTS, GARCIA ASKS AMLC By Samuel P. Medenilla @sam_medenilla
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FFICIALS of the Commission on Elections are ready to defend themselves against impeachment complaints in relation to the P18-billion Full Automation System with Transparency Audit/Count (FASTrAC) contract, its leadership said Wednesday, as he asked the Antimoney Laundering Council (AMLC) to check accounts being linked to him and supposedly holding bribes from that transaction. In a radio interview on Wednesday, Comelec Chairman George M. Garcia said he received information that is the next phase of what he earlier called a demolition work against the poll body.
He noted the first part was the allegation of Sagip Party-list Rep. Rodante D. Marcoleta that a Comelec official had received cash in his 49 offshore accounts before the FASTrAC contract was awarded to the Joint Venture (JV) led by the Korean firm Miru Systems Co. Ltd. Last Tuesday, Garcia said he was the Comelec official being referred to by Marcoleta, but he denied he owned any of the said accounts and that he got any bribes in relation to the FASTrAC contract. “It will not stop with the attempt to demolish my personality...The other individual members of the commission [en banc] also have white papers. This will be followed by impeachment complaints against us,” Garcia said. Marcoleta said there are
grounds for the possible impeachment of the members of the Comelec en banc for approving the FASTrAC contract, which he claimed violated Republic Act No. 9389 or the Election Automation Law. Garcia, however, assured the public that the FASTrAC contract is legal. “This we can guarantee the people. Do not worry about us. We can defend ourselves. We have done nothing wrong. The allegations against us are untrue and we have nothing to worry about. We are focused on [our preparation] for the election year 2025,” Garcia said. The poll chief said he already asked the National Bureau of Investigation (NBI) and the Anti-Money Continued on A
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PESO EXCHANGE RATES US 58.4950 Q JAPAN 0.3627 Q UK 74.8210 Q HK 7.4878 Q SINGAPORE 43.3072 Q AUSTRALIA 39.4198 Q SAUDI ARABIA 15.5958 Q EU 63.2682 Q KOREA 0.0423 Q CHINA 8.0432 Source: BSP (July 10, 2024)