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A broader look at today’s business Saturday, October 12, 2024 Vol. 20 No. 3
EJAP JOURNALISM AWARDS
BUSINESS NEWS SOURCE OF THE YEAR
(2017, 2018, 2019, 2020)
DEPARTMENT OF SCIENCE AND TECHNOLOGY
2018 BANTOG MEDIA AWARDS
GOVT 9-MONTH REVENUE TAKE UP 10.4% AT ₱2.77T n
P25.00 nationwide | 16 pages | 7 DAYS A WEEK
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By Reine Juvierre S. Alberto
Broken down, the BIR’s revenue take amounted to P2.08 trillion as of end-September 2024, or 12.13 percent higher than the P1.85-trillion tax revenues generated in the same period a year ago. However, this is lower by 7.84 percent than the P2.257-trillion goal for the period.
HE Department of Finance (DOF), through the Bureaus of Internal Revenue (BIR) and Customs (BOC), generated a total of P2.77 trillion as of the end of September 2024, as it attempts to meet its fiscal targets. In a social-media post on Friday, the DOF said Finance Secretary Ralph G. Recto convened the BIR and BOC during the fourth Command Conference on October 9, 2024, to assess the agencies’ collection performance and strategies for 2025. Preliminary data from the DOF
showed the BIR and BOC collected about 72 percent of the P3.82-trillion tax revenue target for the year. Collections of the BIR and BOC from January to September 2024 represent a 10.36-percent increase from the P2.51 trillion collected in the same period a year ago.
Customs take up 4.61% Finance Secretary Ralph G. Recto on DOF Revenue Office ISO Certification: “Makakaasa po ang taumbayan na lalo naming pagbubutihin ang aming serbisyo at mas lalo pa po naming ilalapit ang gobyerno sa tao [The public can expect that we will further improve services and bring the government closer to the people].”
MEANWHILE, the BOC’s January to September 2024 tax collection stood at P690.84 billion, up by 4.61 percent from the P660.39 billion recorded in January-September 2023. For September 2024 alone, tax revenue collection declined by 8.29 percent year-on-year to P212 billion from P233.532 billion. Continued on A2
Global food cooperation, supply chains a lifeline for at-risk nations–Marcos Jr. By Samuel P. Medenilla
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IENTIANE, Laos—Amid the growing threat of climate change, President Ferdinand Marcos Jr. called for enhancing global food cooperation and supply chains, which serves as a crucial lifeline for vulnerable countries. In his intervention during the 27th Asean Plus Three Summit on Thursday, the chief executive underscored the importance of preserving such international ties, especially with the worsening impact of climate change “that could severely affect Philippine agriculture and Filipinos’ accessibility to proper nutrition.” Citing the 2024 World Risk Index, he said the Philippines is among the countries with the highest risk of facing extreme natural events and the negative impacts of climate change. Marcos said the Asean Plus Three Emergency Rice Reserve (APTERR) Agreement is an important mechanism to countries which face similar risks. Continued on A2
ALPHASPIRIT | DREAMSTIME.COM
DOF STEPS UP TAX COLLECTIONS, SETS STRATEGIES FOR 2025 TARGETS
AWARGULA | DREAMSTIME.COM
WB CLEARS $287-M LOAN FOR NEW PHL BROADBAND CONNECTIVITY PROJECT
By Cai U. Ordinario
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HE World Bank Board of Executive Directors has approved a new broadband internet connectivity project for the Philippines that seeks to make the country more resilient in the face of climate change and other potentially disruptive events. In a statement, the Washington-based lender said its Board approved a $287.24-million loan for the Philippines Digital Infrastructure Project envisioned to benefit over 20 million Filipinos. This project will invest in the government’s national fiber-optic backbone, middle-mile, and last-mile connectivity infrastructure, while ensuring these facilities are secure against cybersecurity threats and climate risks. “A robust broadband connectivity infrastructure is not just a technological necessity; it’s an essential cornerstone for the Philippines to boost growth and attain its goal of becoming an upper middle-income country in the next couple of years,” said Manuela V. Ferro, World Bank Vice President for East Asia and Pacific. “Bringing greater internet access to the grassroots can bridge the digital divide, empower communities, and unlock the full potential of the digital economy,” she added. The World Bank said the “national fiber-optic backbone” refers to a network of high-capacity fiber-optic cables that interconnect different regions of the country. This network serves as the principal data highway for intra-country communications, carrying large amounts of data at high speeds. This project, the Washington-based lender said, will complete the remaining parts of the national fiber backbone, connecting the two main international landing stations in Baler (Luzon) and Davao City (Mindanao). The project is a “middle-mile” infrastructure that can help extend connectivity to locally underserved areas in Western Visayas, Central Visayas, Easter Visayas, Zamboanga Peninsula, Northern Mindanao, Davao Region, Soccsksargen and Caraga. The project will also involve the installation of underground fiberoptic cables, which promise to make the network more resilient against disruptions from climate and extreme weather events. The World Bank also said the project will create infrastructure foundations that will connect public institutions, schools and hospitals Continued on A2
PRESIDENT Ferdinand Marcos Jr. (second left) and his wife Louise Marcos (left) pose with Laos’ Prime Minister Sonexay Siphandone and his wife Vandara Siphandone as they arrive to attend the gala dinner during the Southeast Asian Nations Summit in Vientiane, Laos, Thursday, October 10, 2024. See related stories on President Marcos Jr.’s participation in the Asean and related summits in Vientiane on pages A3 and A4 News. TANG CHHIN SOTHY, POOL PHOTO VIA AP
PESO EXCHANGE RATES n US 57.1910 n JAPAN 0.3850 n UK 74.7086 n HK 7.3602 n CHINA 8.0815 n SINGAPORE 43.8044 n AUSTRALIA 38.5353 n EU 62.5555 n KOREA 0.0424 n SAUDI ARABIA 15.2327 Source: BSP (October 11, 2024)