DENR chief: ‘Just transition’ part of Philippines DRR plan By Jonathan L. Mayuga @jonlmayuga
D DEFENSE AGAINST DISASTER Khamal Kishore, Special Representative of the United Nations Secretary-General for Disaster Risk Reduction, and head
of the UN Office for Disaster Risk Reduction; Defense Secretary Gilberto Teodoro Jr.; Environment Secretary Maria Antonia Yulo-Loyzaga; and Marco ToscanoRivalta, Chief of Office UNDRR Regional Office for Asia and the Pacific, engage in discussions at the opening ceremony of the Asia-Pacific Ministerial Conference on Disaster Risk Reduction on Monday, October 14, 2024, at the PICC in Pasay City. The conference brings together key international and regional leaders to strategize on building resilience against disasters in the Asia-Pacific region, where climate change and natural hazards pose significant risks. Stories at right and on page A12. NONIE REYES
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EPARTMENT of Environment and Natural Resources (DENR) Secretary Maria Antonia YuloLoyzaga on Monday underscored the importance of a just transition in strengthening the country’s resilience and disaster risk reduction planning at the national and local levels. She said just transition means preparing for the shift economically, socially, and educationally, so that the affected sector, particularly the human resource, will be able to adapt to the challenges. She said that in particular, just transition is required when pre-
paring at-risk sectors, citing for instance the country’s seafaring sector. Interviewed at the opening of the 2024 Asia Pacific Ministerial Conference on Disaster Risk Reduction (APMCDRR 2024) at the Philippine International Convention Center (PICC), Loyzaga said a just transition is part of the climate change conversation because of what’s going to happen as the country moves to shift away from fossil fuel and fossil-fuel supported industries. (See related story from APMCDRR event in Second Front Page, A16) “There will also be a shift in the human resources and technologies that are going to be used in [various] sectors. Who are going to work there?
So we need upscaling, re-skilling, we need a strong basic approach towards certain types of science and technologies. We will have displacement, not just in the seafaring sectors, for example,” she told the BusinessMirror. Loyzaga said the seafaring sector will be very vulnerable because of the shift towards green monia and green hydrogen that will take place by 2035 in some of the major shipping companies. Filipino seafarers are used to being trained on traditional fuel technology vessels, so they will need to level up in two ways: 1) get the new skills, and find a way to shoulder the cost for such, See “DENR,” A2
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‘POLITICAL RISKS COULD CRIMP FISCAL REFORMS’ By Cai U. Ordinario
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@caiordinario
SPENDING ON BUSINESS TRAVEL TO HIT US$1.5T IN 2024–WTTC
ISKS such as the upcoming elections, volatile current account deficit (CAD), and the reduction of Reserve Requirement Ratio (RRR) could prevent the Bangko Sentral ng Pilipinas (BSP) from implementing aggressive monetary easing, according to Nomura in its Asia Economic Monthly report. Nomura Senior Economist Euben Paracuelles and Southeast Asian Economist Nabila Amani said the BSP is expected to again implement a 25 basis point (bps) reduction this week and in December 2024. Paracuelles and Amani also said the BSP is expected to implement three more 25-basis-point cuts before pausing in 2025. By May 2025, the key policy rates will be reduced to around 5 percent. “The ongoing Fed cutting cycle also supports easing by BSP, but we still think BSP is unlikely to be more aggressive with 50bp clips. The substantial RRR cut is already providing additional easing and Governor [Eli] Remolona said he prefers 25bp cuts to the policy rate,” Nomura economists said. The CAD, Nomura said, is expected to widen to 2.3 percent of GDP this year and 2.5 percent of GDP next year. These See “Risks,” A2
By Ma. Stella F. Arnaldo @akosistellaBM Special to the BusinessMirror
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USINESS travel has rebounded in most parts of the world, and is predicted to reach US$1.5 trillion, exceeding prepandemic levels. According to a new report from the World Travel & Tourism Council (WTTC) released during its 24th Global Summit in Perth, “As business leaders re-emphasized the importance of face-to-face interaction, business travel is now back and is set to exceed 2019 levels by an impressive 6.2 percent this year.” Last year, leisure travel was just 2.9 percent behind the 2019 levels, while business
travel struggled at 5.4 percent behind the prepandemic levels. Julia Simpson, WTTC President and Chief Executive, said at the Global Summit: “After a challenging few years, business travel is not only back on track, but it is recovering much faster than expected, highlighting the importance of international travel for businesses around the world.” She added: “Many business powerhouses such as the US, China and Germany are expected to reach record numbers this year. While virtual meetings played a crucial role during the pandemic, keeping people and businesses conSee “Travel,” A2
DTI: No go for price hike for Noche Buena goods By Andrea E. San Juan @andreasanjuan
The quick brown fox jumps over the lazy dog near the
CLOUD NINE ON EDSA From beneath the Ayala Tunnel on EDSA, northbound, a burst of light and towering clouds provide a rare moment of serenity. Much like the Philippine business landscape, where challenges persist but optimism remains on the horizon. As inflation eases and the peso shows signs of stabilization, local industries continue to navigate uncertainties, looking to opportunities in infrastructure development, digital transformation, and sustainable energy. The skies ahead hold promise for businesses prepared to rise above. MILA MOLINA LUMACTAO
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S Christmas is fast approaching, the Department of Trade and Industry (DTI) said it has no plans of greenlighting price increase requests on Noche Buena goods. “For now, no price increase. We will stick to the prices now so that we give the consumers the price that is fit for them,” DTI Acting Secretary Cristina AldeguerRoque told reporters at a virtual media briefing on Monday. Asked if she has already discussed this with manufacturers of Noche Buena products, Roque said, “We’re still going to be talking to the manufacturers but I’ve spoken to some and I’ve also discussed with them that for now no price increase pa.” However, Roque said the agency would still have to discuss with the Fair Trade Consumer Protection Group to finalize the prices of Christmas goods that will be reflected on the Noche Buena Price Guide that DTI releases yearly.
The DTI Acting Secretary said the Price Guide might be released by November. In late-November last year, DTI announced that prices of over half of the items on the Noche Buena list released by the agency increased. These products included cheese, sandwich spread, ham, fruit cocktail, keso de bola and mayonnaise, with cheese having the largest price increase, as it increased by P49. DTI earlier explained that the purpose of the Noche Buena price guide is to provide consumers a wide variety of options. However, the agency repeatedly emphasized that this is not the same as the Suggested Retail Price (SRP) Bulletin which contains the basic necessities and prime commodities (BNPCs) indicated in the Price Act. As such, the agency earlier explained that if a retailer, a supermarket, grocery store or wet market does not comply with the Noche Buena price guide, it will not be a source of a Notice of Violation (NOV). The SRP bulletin, on the other hand, can be a source of NOV.
PESO EXCHANGE RATES n US 57.2170 n JAPAN 0.3837 n UK 74.7712 n HK 7.3639 n CHINA 8.0965 n SINGAPORE 43.8243 n AUSTRALIA 38.5643 n EU 62.5553 n KOREA 0.0425 n SAUDI ARABIA 15.2396 Source: BSP (October 14, 2024)