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A broader look at today’s business
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Tuesday, November 12, 2024 Vol. 20 No. 34
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(2017, 2018, 2019, 2020, 2021) DEPARTMENT OF SCIENCE AND TECHNOLOGY
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‘BIZ FROM CREATE MORE OFFSETS REVENUE LOSS’ D
By Reine Juvierre S. Alberto
ESPITE billions in foregone revenues that will result from enacting the Corporate Recovery and Tax Incentives for Enterprises to Maximize Opportunities for Reinvigorating the Economy (Create More) Act, Finance officials said anticipated investments flowing into the Philippines will eventually offset these losses. Finance Secretary Ralph G. Recto told the BusinessMirror that tax incentives provided under Create More are expected to reduce revenues in the future, but incoming investments will
generate additional revenues for the government. “These are all prospective. Since we don’t lose revenues we are See “Biz,” A2
PHL TRAILS ASEAN PEERS, STILL 10% LOWER THAN PRE-COVID By Cai U. Ordinario @caiordinario
T
HE Philippine economy may continue to climb an uphill battle in getting out of its lockdowninduced troubles as it still lags behind its ASEAN counterparts,
according to foreign think tanks. Moody’s Analytics said the country’s output remained 10 percent lower than the prepandemic period. This was called “worse” compared to the 6 to 7 percent average in the ASEAN. See “PHL,” A2
EYE ON THE STORM Dan Manuel, a PAGASA aviation weather forecaster at NAIA Terminal 1, closely monitors the terminal aerodrome forecasts as Typhoon Nika makes landfall in Aurora, battering northern Luzon with intense winds and heavy rainfall on Monday, November 11, 2024. NONIE REYES
Adequate incomes, savings crucial for mid-class living
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MISS EARTH 2024 Australia’s representative Jessica Lane (second from right) brought home the Miss Earth 2024 crown during the coronation night last Saturday in Paranaque City. Following Miss Earth Australia is (from left) Peru’s Niva Antezana who won the title Miss EarthFire, Iceland’s representative Hrafnhildur Haraldsdottir as Miss Earth-Air, and Bea Milla-Windorski of the United States of America who grabbed the Miss Earth-Water title. Miss Earth 2024 Jessica Lane will be the new ambassadress of the organization and champion environmental protection. The grand coronation night was broadcast live by Aliw broadcasting corporation on Aliw Channel 23 in partnership with Carousel Productions. Leading to the event, Aliw provided exclusive coverage across all its platforms including DWIZ 882, DWIZ News FM Regional, Home Radio 97.9 FM and all its social media platforms. CONTRIBUTED PHOTO
DEQUATE incomes and savings are crucial in sustaining a middle-class standard of living, according to the National Economic and Development Authority (Neda). In a statement, Socioeconomic Planning Secretary Arsenio M. Balisacan said growing the middle class is the key to achieving the AmBisyon Natin 2040. Balisacan also highlighted the importance of policies that support the transition of Filipinos into the middle class and protect them from economic shocks. “Our first and important step is to address the poverty in the country. Once individuals rise above poverty, we must focus on
mitigating their vulnerabilities to risks by enhancing the resiliency of our jobs and other income opportunities to prevent them from falling back into poverty,” Balisacan said. Neda Undersecretary for Policy and Planning Group Rosemarie G. Edillon emphasized the holistic set of priorities that the government must focus on. Edillon earlier said a middle class lifestyle costs about P194,000 a month for a family of four and could be “too much” for many Filipinos to afford. (See: https://businessmirror.com.ph/2024/09/05/ neda-pinoy-middle-class-lifestylecosts-p194000-a-month/). See “Adequate,” A2
PESO EXCHANGE RATES n US 58.4130 n JAPAN 0.3827 n UK 75.4229 n HK 7.5129 n CHINA 8.1287 n SINGAPORE 44.0554 n AUSTRALIA 38.4533 n EU 62.5778 n KOREA 0.0418 n SAUDI ARABIA 15.5540 Source: BSP (November 11, 2024)