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Friday, October 25, 2024 Vol. 20 No. 16
EJAP JOURNALISM AWARDS
BUSINESS NEWS SOURCE OF THE YEAR
(2017, 2018, 2019, 2020, 2021) DEPARTMENT OF SCIENCE AND TECHNOLOGY
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WILL APPROVE 2025 BUDGET GAP NARROWS ‘LAWMAKERS NATIONAL BUDGET BILL ON TIME’ TO P970.2B IN JULY-SEPT By Reine Juvierre Alberto
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@reine_alberto
he national government posted a budget deficit of P970.2 billion in the third quarter of 2024, below the economic managers’ expectations for the period. Latest data from the Bureau of the Treasury (BTr) showed that the budget shortfall as of end-September fell by 1.35 percent to P970.2 billion from P983.5 billion in the same period in 2023. The nine-month budget shortfall is 9.08 percent or P96.8 billion lower than the Development Budget and Coordination Committee’s (DBCC) projection of a P1.067-trillion budget deficit for the period. A budget deficit occurs when government spending is higher than the revenues it collected. Broken down, revenues collected by the government grew by 16.04 percent year-on-year to P3.293 trillion as of end-September 2024 from P2.838 trillion, surpassing the DBCC target of P3.150 trillion by 4.53 percent, resulting in a P142.8 billion surplus. Despite the year-on-year growth in the Bureaus of Internal Revenue (BIR) and Customs (BOC) collections, both missed their revenue targets for the nine-month period. The BIR collected P2.095 trillion, P20.7 billion below the goal of P2.115 trillion set by the DBCC. Similarly, the BOC generated See “Budget,” A2
HOUSE DELIVERS GAB TO SENATE On October 24, 2024, personnel from the House of Representatives officially submitted the 2025 General Appropriations Bill (GAB) to the Senate’s Legislative Bills and Index Service staff. This crucial step marks the beginning of the legislative process for the national budget, which will fund various government programs and services for the coming year. As the Senate reviews the bill, it aims to ensure adequate financial allocations to support the country’s development initiatives. Senate Public Relations and Information Bureau
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By Butch Fernandez @butchfBM
espite constant rains and flooding from typhoon Kristine, lawmakers raced on Thursday to stick to a tight deadline for the 2025 budget approval process. See “Lawmakers,” A2
Escudero: Marcos will sign CREATE More bill in Nov
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residen t Ferd i n a nd R . Marcos Jr. is set to sign the CREATE More into law on November 11, according to Senate President Francis Escudero. “Barring any typhoons or calamities, the President is due to sign it on November 11,” Escudero said at the
13th Arangkada Forum on Thursday. According to Escudero, the Corporate Recovery and Tax Incentives for Enterprises to Maximize Opportunities for Reinvigorating the Economy (CREATE More) aims to See “Escudero,” A2
SURGE OF COURAGE Residents of San Mateo, Rizal, risk life and limb as they cross the powerful currents of the swollen San Mateo River, brought on by the relentless rains of Severe Tropical Storm Kristine, which has already claimed numerous lives in the Philippines through widespread flooding and landslides. Despite warnings from authorities and ongoing rescue operations in other affected areas like Bicol and Quezon provinces, many continue to brave the dangerous waters in search of safety or to return to their homes. NONOY LACZA
Seipi: Electronics exports will recover in 2025
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By Andrea E. San Juan @andreasanjuan
ocal manufacturers expect exports of semiconductors and electronics to recover and grow by 5 percent next year on the back of new investments and expansion activities. “We maintained our [projection of a] 10-percent contraction for this year, but we expect a 5-percent
growth next year,” Semiconductor and Electronics Industries in the Philippines Inc. (Seipi) President Danilo C. Lachica told reporters on the sidelines of the 2024 Arangkada Philippines Forum. Seipi decided to stick to its bleak outlook for this year even as it expects a slight improvement in demand the progress made by manufacturers in terms of inventory correction.
“The EMS [Electronics Manufacturing Services] guys are optimistic, but the semiconductor guys are not. Unfortunately, they [semiconductors] weigh more than electronics manufacturing services,” he said. The Seipi chief said semiconductors account for a chunk of the volume of goods exported by the industry at 70 percent. On the industry’s outlook for next year, Lachica said Seipi sees a
recovery, particularly a 5-percent growth in outbound shipments due to improved inventory correction accompanied by good investment prospects. “Well, like I said, the inventory correction, we’re working on that and hopefully again, with the initiatives of the government to promote investments,” he said. See “Seipi,” A2
MEGA HOLIDAYS SM Megamall comes alive with a classic London Christmas at Mega Holidays 2024. The Christmas launch held the first-ever hologram concert in the Philippines on October 17, 2024 featuring singer-songwriter Maki. (L-R): SM Supermalls Assistant Vice President for Special Events and Tenant Marketing Hanna Carinna Sy, SM Supermalls President Steven Tan, Maki, Mandaluyong City Mayor Benjamin Abalos, and Mandaluyong City Former Councilor Charisse Abalos-Vargas.
PESO exchange rates n US 57.7980 n japan 0.3785 n UK 74.6924 n HK 7.4399 n CHINA 8.1035 n singapore 43.6970 n australia 38.3432 n EU 62.3294 n KOREA 0.0419 n SAUDI arabia 15.3914 Source: BSP (October 24, 2024)