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Thursday, August 22, 2024 Vol. 19 No. 310
P. | | 7 DAYS A WEEK
PHL MEAT IMPORTS SEEN TO GROW IN 2025
B C U. O @caiordinario
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ORE Pinoys expect their spending on various household bills and loans to increase in the next three months, according to the latest study of TransUnion. The TransUnion survey results also showed nearly half of households have already cut back on their discretionary spending such as dining out, travel and entertainment in the second quarter. In the second quarter, household final consumption expenditure grew 4.6 percent, the same rate posted in the first quarter. Outside of the pandemic, the rate is the slowest growth in household spending in 14 years. “Although more Filipinos enjoyed increased household incomes in Q2 [second quarter] 2024 and expect this trend to persist in the next 12 months, the adjustments S “L,” A
B A P @adapelonia
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HE Philippines’s meat imports are expected to increase next year on the back of population growth and a positive economic outlook, according to an international report. “FAS Manila forecasts 2025 beef imports to increase to 226,000 metric tons [MT] carcass weight equivalent [CWE],” the United States Department of AgricultureForeign Agricultural Service in Manila (USDA-FAS Manila) said in its latest report. “Continued greater-than-sixpercent economic growth and forecasted population increases support strong consumer purchasing power which will push beef imports higher in 2025,” it added. The report noted that the increase in beef imports next year would be spurred by the recent downward trend in the export prices of the country’s major export suppliers, specifically Australia and Brazil, and expanded market access provided to Brazil through Department Order (DO) 3. The USDA-FAS Manila also pro-
ALEX ON TRACK IN US OPEN
Alex Eala beats Australia’s Maddison Inglis, 6-2, 2-6, 6-1, in Flushing Meadows in New York on Wednesday to move two victories shy of making her first major main draw at the US Open women’s singles qualifiers. Up next for the 19-year-old Eala is world No. 99 Nuria Parrizas-Diaz of Spain on Thursday. TROI SANTOS
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BSP TOUTS PHL STATUS IN IMF, NG disburses P720.5B for CONTINUED FTP PARTICIPATION infra in H1, 18.4% higher
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HE Philippines has maintained its net creditor position in the International Monetary Fund (IMF), according to the Bangko Sentral ng Pilipinas (BSP). Given this, the Monetary Board approved the country’s continued participation, through the Bangko Sentral ng Pilipinas (BSP), in the Financial Transactions Plan (FTP) of the IMF from August 2024 to January 2025. The BSP said this is a testament to the country’s strong external position as evidenced by its ample gross international reserves. “This puts the Philippines in a favorable position to remain as a Fund financial partner, which is an indication of the country’s
commitment to contribute to the global financial safety nets and support the resolution of possible crises,” BSP said. BSP explained that the FTP is a currency exchange arrangement between the IMF and eligible members to facilitate the IMF’s lending operations with other member countries. The central bank said the IMF pays interest, called remuneration, to the FTP participants like the Philippines. When selecting members for inclusion in the FTP, BSP said the IMF considers the strength of the member’s balance of payments and reserve position, and stabilS “BSP,” A
B R J S. A @reine_alberto
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HE national government disbursed P720.5 billion for infrastructure in the first half of 2024, accounting for 5.7 percent of the country’s gross domestic product (GDP), according to the Department of Budget and Management (DBM). Latest data from the DBM showed infrastructure disbursements rose by 18.4 percent or P111.9 billion from January to June 2024 from the P608.6 billion recorded in the same period in 2023. Spending for infrastructure exceeded the 5.6-percent share of GDP full-year target of the government for this year and 5.3-percent outturn for the first semester of
last year. Overall infrastructure disbursements also account for the infrastructure components of transfers to LGUs as well as subsidy and equity to government-owned and -controlled corporations. Budget Secretary Amenah F. Pangandaman said in a news forum on Wednesday that the Department of Public Works and Highways (DPWH) has implemented most of its projects as early as January 2024. Pangandaman said the DBM already provided allotments to DPWH at the beginning of this year, which allowed the DPWH to undergo early procurement. For June 2024 alone, infrastructure and other capital outlays S “NG,” A
PESO EXCHANGE RATES US 56.5810 ■ JAPAN 0.3899 ■ UK 73.7477 ■ HK 7.2657 ■ SINGAPORE 43.3737 ■ AUSTRALIA 38.1526 ■ SAUDI ARABIA 15.0798 ■ EU 62.9747 ■ KOREA 0.0426 ■ CHINA 7.9359 Source: BSP (August 21, 2024)