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Thursday, July 25, 2024 Vol. 19 No. 282
JUNE BUDGET GAP DOWN; ■
P. | | 7 DAYS A WEEK
H1 DEFICIT HITS P613.9B B R J S. A
T
@reine_alberto
HE national government’s budget balance recorded a narrowed deficit in June, expanding the budget shortfall to P613.9 billion in the first half of the year, according to the Bureau of the Treasury (BTr).
The state’s budget deficit in June 2024 is lower by 7.24 percent at P209.1 billion than the P225.4billion deficit posted in the same month a year ago, as revenue collection outpaced government expenditures. The budget gap from January to June 2024, at P613.9 billion, was 11.27 percent or P62.2 billion higher year-on-year than the sixmonth 2023 figure of P551.7 billion. Total revenues collected by the government in the first half of the year reached P2.149.5 trillion, up by 15.56 percent or P289.4 billion, compared to the P1.860 trillion generated in the same period last year. Broken down, the Bureau of Internal Revenue (BIR) raised P1.362 trillion, up by 10.05 percent from the P1.667.7 trillion collected in the same period in 2023. The BIR, however, missed the P1.40-trillion midyear program by 2.92 percent or P41 billion, based on the Cabinet-level Development Budget Coordination Committee (DBCC) quarterly fiscal program for 2024. Bureau of Customs (BOC) collections grew by 5.10 percent, or P22.1 billion, to P455.5 billion from January to June 2024, which also exceeded the P442.6-billion, six-month program by 2.91 percent or P12.9 billion. Meanwhile, six-month nontax revenue collections expanded 63.30 percent to P314 billion from P192.4 billion recorded in the same period in 2023. January to June 2024 income from the BTr surged to P163.9 billion by 76.26 percent from P93 billion on the back of higher dividend remittance, interest on advances from state-run corporations and national government share from the Philippine Amusement and Gaming Corporation’s income. Although the Treasury exceeded the P129.2-billion revised midyear program by 26.91 percent or P34.8 billion, it is still P23.1 billion short of the P187 billion revised FY 2024 target. Other non-tax revenues, such as privatization proceeds and fees and charges grew half, or 51.18 percent, to P150.3 billion in the first half of 2024 than the P99.4 billion posted in the same period last year. Meanwhile, the national government disbursed a total of P2.763.5 trillion as of end-June 2024, faster by 14.58 percent or P351.6 billion than its P2.411 trillion spending in the same period in 2023. S “D,” A
MONSOON MAYHEM
Typhoon Carina, known internationally as Gaemi, unleashed severe monsoon rains on the Philippines, causing widespread devastation without making landfall. Over five days, the relentless rains triggered at least a dozen landslides and floods, leaving a trail of destruction. On Wednesday, July 24, 2024, the Marikina River reached alert level three as heavy rains continued to pour. In Meycauayan, Bulacan, residents struggled with above knee-level floods, while in Bacoor, Cavite, the highway was submerged, forcing people to walk and vehicles to navigate through floodwaters. Amidst the chaos, a barangay rescuer was seen helping an elderly woman who had passed out in the flood. The disaster resulted in at least eight deaths and displaced 600,000 people, including 35,000 who sought refuge in emergency shelters, according to the disaster risk mitigation agency. Interior Secretary Benhur Abalos reported that 12 out of 17 cities and towns in Metro Manila have declared a state of calamity, allowing access to additional funds for disaster response and imposing a price freeze on basic goods. NONIE REYES, NONOY LACZA, ROY DOMINGO
PHL PASSPORT RANK IN HENLEY INDEX UP 5 RUNGS; SG TOPS LIST B VG C
T
@villygc
HE Philippines has improved its ranking according to the latest Henley Passport Index, with particular strength in access around South East Asia. According to the recent 2024 Henley Global Passport Index, the Philippine passport still ranks 73rd as compared to January of this year, giving access to 67 countries without applying for a visa. The current Philippine passport ranking of 73 is still a significant improvement from last year’s ranking of 78, the company said.
“From 2015 until now, besides Covid-19, the general trend is up for the Philippines passport ranking. The Philippines is viewed as quite stable right now, and as the Philippine economy continues to grow, it should continue to see improvements on the passport’s visa-free access,” Scott Moore, managing director of Henley and Partners, said. Globally, Singapore has reclaimed its position as the world’s most powerful passport, allowing visa-free access to 195 destinations. France, Germany, Italy, Spain and Japan were all tied at
close second with 192 countries and Austria, Finland, Luxembourg, the Netherlands, South Korea and Sweden were all at third place with 191. The latest report highlights a growing gap between the most and least powerful passports, with topranked Singapore able to access 169 more destinations visa-free than Afghanistan, which remains the weakest passport with access to only 26 countries, the company said. The Henley Passport Index is S “P,” A
‘Super typhoon’ Carina turns Luzon streets into rivers B J L. M @jonlmayuga
S P. M
T
@sam_medenilla
HE country’s weather bureau reported late Wednesday that Carina intensified into a super typhoon even as it moved to exit the Philippines towards Taiwan. The Philippine Atmospheric, Geophysical and Astronomical Services Administration said Carina, the third severe weather disturbance to affect the Philippines this year, is expected to hit and make landfall in northern Taiwan, based on its forecast position. Still, it continued to dump rains over Luzon, causing severe flooding in Metro Manila and nearby provinces. Some streets in low-lying areas affected by the typhoon were turned into rivers, reminiscent of Ondoy’s devastating impact in the country’s National Capital Region back in 2009. The rampaging floods prompted the Metro
Manila Mayors’ Council to declare a state of calamity in the NCR. In its weather Bulletin issued at 11 a.m. on Wednesday, July 24, Pagasa said the Southwest Monsoon and Carina will bring heavy to intense rains (100-200 mm) over Metro Manila, Ilocos Region, Abra, Benguet, Zambales, Bataan, Rizal, and Occidental Mindoro. Moderate to heavy rains (50-100 mm) are also expected over the rest of Cordillera Administrative Region, Tarlac, Nueva Ecija, Pampanga, Bulacan, and the rest of Calabarzon. Pagasa said heavy to intense rains are expected until Friday. Its Tropical Cyclone Bulletin issued at 5 p.m. put the center of the Super Typhoon’s eye is at 380 km North of Itabayat, Batanes. It was moving Northwestward at 20 km/h and is packing maximum sustained winds of 185 km/h near the center with gustiness of up to 230 km/h. S “C,” A
PESO EXCHANGE RATES US 58.3890 ■ JAPAN 0.3753 ■ UK 75.3744 ■ HK 7.4779 ■ SINGAPORE 43.4022 ■ AUSTRALIA 38.6302 ■ SAUDI ARABIA 15.5658 ■ EU 63.3871 ■ KOREA 0.0422 ■ CHINA 8.0263 Source: BSP (July 24, 2024)