NGCP sees over 5% power demand growth By Lenie Lectura @llectura
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HE country’s power demand is expected to grow at an average annual compound growth rate (AACGR) of over 5 percent for 2024 to 2050, according to the 2024-2050 Transmission Development Plan (TDP) of the National Grid Corporation of the Philippines (NGCP). The TDP outlines essential expansion and modernization projects for the transmission system to ensure the reliable and efficient delivery of electricity throughout the country. The NGCP, as the transmission concessionaire, has the responsibility to implement the TDP, which was developed in consultation with all industry stakeholders, both private and public. “The power demand for the country is expected to grow at an AACGR of 5.60 percent for the period 2024-2030, 5.95 percent for 2026-2030, 5.36 percent for 2031-2040 and 4.82 percent for 2041-2050. It is projected that Visayas will have the highest
THE SM SUPERMALLS GRAND MAGICAL CHRISTMAS PARADE RETURNS Vibrant Christmas charac-
ters and enchanting performances filled the air with joy and festive cheer with the highly anticipated SM Supermalls Grand Magical Christmas Parade at SM City Bacoor. The magical celebration features over 80 beloved Christmas characters brought to life in a display that delighted the shoppers and their families. The magical happiness will continue in other SM Supermalls in South Luzon until December 29. SM SUPERMALLS
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AACGR compared with the two other grids. Visayas is forecasted to reach an AACGR of 5.59 percent for 2024-2050 while the Luzon and Mindanao Grids at 5.10 percent and 5.47 percent, respectively,” the latest TDP stated. NGCP presented its 2024-2050 TDP to various energy stakeholders during its recent annual nationwide public consultations. The public consultations for North Luzon, South Luzon, Visayas, and Mindanao, gathered input and provided updates for the expansion and improvement of the nation’s power grid. The Department of Energy (DOE), National Transmission Corporation (TransCo), Philippine Electricity Market Corporation (PEMC), Independent Electricity Market Operator of the Philippines (IEMOP), Meralco, and power generators and customers from Luzon, Visayas, and Mindanao were among the key stakeholders present during the consultations. “Our goal is to build a more sustainable and efficient power grid system in the coming
years. The 2024–2050 Transmission Development Plan is a critical roadmap for achieving this, and we are committed to working closely with all stakeholders to ensure its successful implementation. These public consultations are an essential part of that process, allowing us to share our vision and gather valuable feedback,” NGCP said. The updated TDP is designed to address the needs of the power grid, ensuring its reliability and stability to prevent transmission-related outages. The public consultations also discussed NGCP’s ongoing and future grid developments, including upgraded project timelines, regulatory status, integration of renewable energy sources such as offshore wind plants, and the implementation of smart grid technologies for a more efficient and sustainable transmission system. “These sessions provide detailed updates on the projects approved by the Energy Regulatory Commission [ERC], affected areas and provinces, and estimated target completion dates,” NGCP said.
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’25 GROWTH SEEN AT 6% ON CREATE MORE IMPACT T By Cai U. Ordinario @caiordinario
AILWINDS from rate cuts and the impact of the recently passed CREATE to Maximize Opportunities for Reinvigorating the Economy (Create More) law will boost the economy’s growth next year.
This was according to Citi Research, which now expects the country’s full-year GDP growth to slow to 5.8 percent this year. Fourth quarter GDP growth is expected to be faster at 6 percent
compared to the 5.2 percent in the third quarter. Citi Economist for the Philippines and Thailand Nalin ChutchoSee “Growth,” A2
ECONOMISTS PITCH OPTIONS VS. RISING TRADE RESTRICTIONS By Andrea E. San Juan @andreasanjuan
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HE Philippine government should provide incentives and craft “comprehensive” policies and strategies for local exporters amid the significant increase in trade restrictions implemented by developed economies, according to Filipino economists.
“As other countries may have become more protectionist, the Philippines should find ways to produce more efficiently and to increase its scale of production, so that we can still access larger markets and benefit from trade,” Ateneo De Manila University Economist Leonardo See “Economists,” A2
CASH AND CARE A lone overseas Filipino worker stands at NAIA Terminal 1 in Parañaque City on November 18, 2024, carrying more than just luggage. Behind this quiet homecoming is a staggering $3-billion remittances this September, as OFWs send love and lifelines to families back home ahead of the holiday season. Amid economic headwinds, these modern-day heroes continue to keep the Philippine economy afloat, proving that even a single journey can make a world of difference. NONIE REYES
DA: Serial typhoons to keep veggie prices at high levels By Ada Pelonia
T TOP SECRET US Defense Secretary Lloyd Austin III and Philippine Defense Secretary Gilberto Teodoro Jr. formalized the General Security of Military Information Agreement (GSOMIA), a bilateral pact ensuring the secure exchange of top-secret military information. During the visit, Teodoro awarded Austin the Outstanding Achievement Medal for his vital role in strengthening PH-US defense ties and promoting Indo-Pacific regional security. The defense chiefs also broke ground on the Combined Coordination Center at Camp Aguinaldo, a new hub where US DoD and AFP personnel will collaborate closely. Secretary Austin concluded his visit with a courtesy call on President Marcos Jr. in Malacañang. Stories on A2 and A5. PHOTO COURTESY OF DND
HE prices of vegetables will remain elevated due to successive typhoons that struck the country, according to the Department of Agriculture (DA). Agriculture Assistant Secretary Arnel de Mesa said local farmers from vegetable-producing regions would be hard-pressed to recover despite the usual two-week recovery following the onslaught of a typhoon. “We said earlier that vegetables can recover quickly, but because the storms have come one after the other, prices of vegetables remain elevated in the markets, and may even rise further as the sector struggles to recover,” De Mesa told reporters on
Monday, speaking mostly in Filipino. He said areas most affected by the successive typhoons were Nueva Vizcaya, Cagayan Valley, Central Luzon, and Southern Tagalog. In particular, he noted major-producing areas of lowland vegetables such as Quezon, Laguna, and Batangas. “These regions [Central Luzon] and Southern Tagalog have been hard hit, so most likely prices of vegetables will stay elevated,” he said, adding that it would “take some time” for local plantations of vegetables to recover. Some lowland vegetables saw a spike in prices, particularly bitter gourd (ampalaya) ranging at P130-P200 per kilo as of November 15 from P80-P180 See “Da,” A2
PESO EXCHANGE RATES n US 58.8180 n JAPAN 0.3811 n UK 74.2460 n HK 7.5552 n CHINA 8.1366 n SINGAPORE 43.8090 n AUSTRALIA 38.0141 n EU 62.0059 n KOREA 0.0422 n SAUDI ARABIA 15.6723 Source: BSP (November 18, 2024)