MEGAWORLD HONORS OFFICE, RETAIL PARTNERS ON 35th ANNIVERSARY During its vibrant 35th Anniversary Partners’ Night held at the Marriott Grand Ballroom Wednesday night, property giant Megaworld honored 35 local and international pillars in the IT-BPM, food, and retail industries that have become a big part of the company’s journey during the last 35 years. No less than First Lady Louise Araneta-Marcos led the awarding of sculptural trophies specially created by renowned artist Jinggoy Buensuceso, together with Megaworld Founder and Chairman Dr. Andrew L. Tan, Alliance Global Group Inc. president and CEO Kevin L. Tan, Megaworld director Katherine L. Tan, and Megaworld President Lourdes T. Gutierrez-Alfonso. MEGAWORLD
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Friday, June 28, 2024 Vol. 19 No. 255
P25.00 nationwide | 2 sections 34 pages | 7 days a week
WIDENS 24% TO P404.8B By Reine Juvierre Alberto @reine_alberto
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HE national government’s budget gap widened by 24.06 percent to P404.8 billion as of end-May 2024, according to the Bureau of the Treasury (BTr). The Treasury announced on Thursday that the cumulative budget deficit from January to May reached P404.8 billion, higher by 24.06 percent or P78.5 billion than the P326.3 billion recorded in the five-month period a year ago. The government’s tax collections increased by 11.18 percent to P1.586 trillion from January to May, accounting for 85.59 percent of total revenues generated by the government, the Treasury said. See “Budget,” A2
PRESIDENTIAL CLASH OF AGES Debate anticipation builds as former President Donald Trump and President Joe Biden gear up for a crucial face-off on Thursday, June 27, 2024. For Biden, the Democratic incumbent at 81, it’s a chance to demonstrate his capability in guiding the US through a myriad of challenges. Meanwhile, Trump, aged 78 and contending with a recent felony conviction in New York, sees this moment as pivotal to convincing tens of millions that he possesses the temperament suited for a return to the Oval Office. The debate marks a series of firsts as Trump and Biden reunite on stage for the first time since their last encounter weeks before the 2020 election. Trump, who skipped Biden’s inauguration amid efforts to overturn the election result, faces Biden in what CNN hosts as the earliest general election debate in history. It’s also the first televised general election presidential debate hosted by a single news outlet, following the campaigns’ departure from the bipartisan Commission on Presidential Debates. With new rules in place to maintain order, including muted microphones and no audience, both candidates aim to avoid the chaos of their 2020 matchups. AP
FIRMS ADVISED: SET UP FACTORY POWER HUBS By Andrea E. San Juan @andreasanjuan
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HE Board of Investments (BOI) said it is encouraging companies that are setting up factories in the country to set up their own power-generating capacity to reduce the cost of power. “We’re encouraging these companies that are setting up their factories here so that they can reduce the cost of
power,” Trade and Industry Secretary Alfredo E. Pascual, who cochairs the BOI, told reporters at a recent briefing. The Trade chief said the agency is encouraging these firms to set up their own powergenerating capacity within their premises or within “easy access” to their factories because foreign investors have been raising the issue of high electricity cost in the Philippines. See “Firms,” A2
Lower rice tariff fuels BSP interest rate-cut optimism By Cai U. Ordinario @caiordinario
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he reduction in rice tariffs has boosted the optimism of monetary officials that a rate cut could happen in August, according to the Bangko Sentral ng Pilipinas (BSP). On Thursday, BSP Governor Eli M. Remolona Jr. said the Monetary Board decided to maintain the BSP’s Target Reverse Repurchase (RRP) rate at 6.5 percent. The interest rates on the overnight deposit and lending facilities will remain at 6 percent and 7 percent, respectively. Remolona said the Monetary Board is now “less hawkish” or “more
dovish” than before as inflation is expected to slow to the midpoint of the 2 to 4 percent target range. “We expect inflation to go down this year and maybe even next year then go up again in 2026 but stay within the target range, that’s our expectation. By the way, the reduced tariffs on rice, we consider that a big deal,” he said. “When the price of rice goes down it can have a significant second round effects especially because the price of rice is a salient price—an important price in the formation of inflation expectations,” he added. See “Lower,” A2
PESO exchange rates n US 58.8240 n japan 0.3659 n UK 74.2771 n HK 7.5332 n CHINA 8.0950 n singapore 43.3103 n australia 39.1121 n EU 62.8358 n KOREA 0.0423 n SAUDI arabia 15.6801 Source: BSP (June 27, 2024)