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NOV INFLATION LIKELY SLOWED ON RICE PRICE www.businessmirror.com.ph
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Saturday, November 30, 2024 Vol. 20 No. 52
P25.00 nationwide | 16 pages | 7 DAYS A WEEK
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BANK LENDING GROWTH SLOWS IN OCT, BUT STILL ’BRIGHT SPOT’
By Cai U. Ordinario
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BOOSTING SUPPLY AND PRODUCTION President Ferdinand R. Marcos Jr. inaugurated the new Universal Robina Corporation (URC) flour milling plant in Sariaya, Quezon, on Friday, November 29, 2024. The event, attended by key government officials and URC executives, marks a significant step in boosting local production and ensuring a stable supply of flour in the country. Agrarian Reform Secretary Conrado Estrella III, Agriculture Secretary Francisco Tiu Laurel Jr., URC Chairman Lance Y. Gokongwei, URC President and CEO Irwin C. Lee, and Flour Division Managing Director Ellison Dean C. Lee joined the President at the ceremony. NONIE REYES
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By Cai U. Ordinario
ILIPINOS may have experienced slower inflation in November 2024 due to cheaper rice prices, according to the Bangko Sentral ng Pilipinas (BSP). In its Month Ahead inflation report, BSP said November inflation may have settled within the range of 2.2 to 3 percent. This was despite the higher prices recorded for vegetables, fish and meat due to unfavorable weather conditions, higher electricity rates, and petroleum prices.
“These are expected to be offset in part by lower prices of rice. Going forward, the Monetary Board will continue to take a measured approach in ensuring price stability conducive to balanced and sustainable growth of the economy and employment,” BSP said. On Friday, National Econom-
DTI Secretary Maria Cristina AldeguerRoque: “There will be no price increase on basic necessities until the end of 2024.”
ic and Development Authority (Neda) Secretary Arsenio M. Balisacan also said November inflation will remain within the BSP’s target of 2 to 4 percent. Balisacan added, however, that
it was hard to say whether inflation increased or decreased. Nonetheless, the Interagency Committee on Inflation and Market Outlook (IAC-IMO) did not observe any major disruptions. On Thursday, Trade and Industry (DTI) Secretary Maria Cristina Aldeguer-Roque said there will be no price increase on basic necessities until the end of 2024, while prices of most Noche Buena items will remain unchanged from last year. Roque clarified that the minor adjustments, which are already being implemented, reflect the first price changes since last year and were necessary to account for rising costs, especially for imported Continued on A2
DOE eyeing more deals with foreign groups in climate, energy innovations By Lenie Lectura
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HE Department of Energy (DOE) is committed to pursuing more agreements with other countries in a bid to further strengthen sustainable innovations to mitigate climate change effects. “The Philippines reiterates its commitment to collaboration and capacity-building to deliver measurable and verifiable emissions reductions, reflecting its dedication to achieving a just, inclusive, and effective global climate response,” DOE Secretary Raphael Lotilla said in a speech delivered by Undersecretary Rowena Christina Guevara during BusinessMirror’s Envoys & Expats Night of Appreciation held Thursday.
ENERGY Undersecretary Rowena Cristina L. Guevara delivers Secretary Raphael P.M. Lotilla’s speech at the BusinessMirror Envoys & Expats Appreciation Night at the Hilton Manila on Thursday. BERNARD TESTA
HE growth of loans extended by banks to their clients slowed in October 2024, according to the latest data released by the Bangko Sentral ng Pilipinas. The data showed outstanding loans of universal and commercial banks (U/KBs), net of reverse repurchase (RRP) placements with the BSP, slowed to 10.6 percent in October 2024 compared to the 11 percent growth in September 2024. Loans extended for production grew 9.1 percent in October 2024 but this was slower than the 9.8 percent posted in September 2024. Consumer loans, meanwhile, grew 23.6 percent in October 2024 from 23.4 percent in September 2024.
Michael L. Ricafort, Chief Economist, RCBC: “Loans net of RRPs as of October 2024 were still among the fastest/best in more than 1.5 years—a good sign for the economy as a bright spot and growth driver.”
Continued on A2
Santanina Rasul, 1st Muslim woman in the Senate, dies By Butch Fernandez
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ORMER Senator Santanina Tillah Rasul, the first Muslim woman to serve as senator in the Philippines, has died, the Senate announced on Friday. Described as a trailblazer, legislator, educator, and beloved mother and grandmother, Nina Rasul, as she was fondly called, was also the first Muslim senator to win reelection. “It is with deep sadness that I join the nation in mourning the passing of former Senator Santanina Tillah Rasul, a trailblazer and Continued on A2
The Night of Appreciation was organized by the BusinessMirror as part of the ALC Group’s continuing advocacy in providing a platform for diplomatic engagement among the Philippines and the foreign missions and expatriate business, while providing cutting-edge diplomatic reporting. The DOE recently signed bilateral agreements with Indonesia, Singapore, South Korea, and the Kingdom of Saudi Arabia to accelerate the Philippines’ clean energy transitions. “This year, we have successfully solidified our international energy partnerships through key bilateral agreements and reaffirmed our commitment to international energy and climate goals with the signing of four Continued on A2
PESO EXCHANGE RATES n US 58.6940 n JAPAN 0.3873 n UK 74.4827 n HK 7.5407 n CHINA 8.1013 n SINGAPORE 43.7362 n AUSTRALIA 38.1452 n EU 61.9633 n KOREA 0.0421 n SAUDI ARABIA 15.6255 Source: BSP (November 29, 2024)