MB ‘powder’ to stay ‘dry’ on fluid global picture By Cai U. Ordinario @caiordinario
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WORLD | A10
PALESTINIANS RETURNING TO KHAN YOUNIS AFTER ISRAELI WITHDRAWAL FIND UNRECOGNIZABLE CITY
NCERTA IN T IES surrounding the imposition of the export ban by India and the El Niño have kept and may keep the Monetary Board “gun powder dry” when it comes to key policy rates. In an interview on the sidelines
of the four-day Asia and the Pacific Food Security Forum on Tuesday, Monetary Board Member V. Bruce J. Tolentino told reporters nobody can say when India’s export ban will be lifted and there is also no telling how the dry spell will impact countries, including the Philippines. “India is the world’s largest exporter of rice. If they lift the ban,
then immediately, global supplies and prices will fall. So that’s one source of uncertainty. The second source is there is no guarantee that all countries, and even the Philippines, will not be hurt by El Niño,” Tolentino said. “That’s why we’re keeping our powder dry.” However, Tolentino said, something positive that should help address rice prices is the sustained
increase in rice production. The rice sector has been consistent in posting record harvest data per semester. He added that the forecast for the coming semester is optimistic. This, Tolentino said, is owed to the P10 billion worth Rice Competitiveness Enhancement Fund (RCEF). See “MB,” A
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Wednesday, April 10, 2024 Vol. 19 No. 176
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BUDGET GAP TO NARROW TO 5.5% OF GDP–ANALYST T By Reine Juvierre Alberto
HE national government’s budget deficit is projected to narrow to 5.5 percent of gross domestic product (GDP) this year as a reflection of the current administration’s push for fiscal consolidation, according to BMI Country Risk & Industry Research.
In a commentary published on April 8, BMI said the deficit is seen to decrease to 5.5 percent of GDP in 2024 from 6.2 percent in 2023. “This narrowing would mark the third consecutive year the budget shortfall shrinks, a reflection of the current administration’s push for fiscal consolidation,” it said. The BMI forecasts the economy to expand by 6.2 percent this year while the government holds a more “upbeat” view on the economy, at 6.5 to 8 percent. The Cabinet-level Development Budget and Coordination Committee (DBCC) projected the state’s budget deficit to settle at 5.6 percent of GDP this year, and to 3.7 percent by 2028. See “Budget,” A
TOTAL SOLAR ECLIPSE The moon nears total coverage of the sun during the solar eclipse, captured from New York City at 3:30 p.m. on April 8, 2024. Wondering about the next total solar eclipse? They occur roughly every one to three years, marking a precise alignment of the sun, moon and Earth. Keep your calendars marked for the next spectacle in 2026, crossing Greenland, Iceland and Spain’s northern edges. TROI SANTOS
TRADE DISRUPTIONS FROM RED SEA ATTACKS IMPACT U.S. FIRMS
Neda Board approves $4-B Bataan-Cavite bridge budget By Samuel P. Medenilla @sam_medenilla
By Andrea E. San Juan @andreasanjuan
T
R ADE disruption brought by the attacks in the Red Sea still carry the “ bigger impact” for US firms operating in the Philippines, as the rerouting of ships would add 20 percent to the shipping fees for goods entering the country, according to American Chamber of Commerce of the Philippines
(AmCham). AmCham Executive Director Ebb Hinchliffe said this after he noted that the collapse of Baltimore’s Francis Scott Key Bridge in the US doesn’t have any foreseeable impact for US firms operating in the Philippines. “ T here’s not much traffic from the East coast going through that corridor to here. See “Trade,” A
T
HE National Economic and Development Author it y (Neda) board has approved a US$4-billion budget for the Bataan-Cavite Interlink Bridge Project. Bataan 2nd district Representative Albert S. Garcia made the announcement before President Ferdinand R. Marcos Jr. during the turnover ceremony of housing units to 216 informal settler families (ISF) in Balanga City, Bataan on Tuesday. “And the bidding [document] of
the bridge has been published, so I have no doubt that in the coming months, we will be joining the President in the ground breaking of the bridge, which will be initiated in the province of Bataan,” Garcia said in Filipino. The lawmaker thanked the President, who also heads the Neda board, in the approval of the funding of the major infrastructure project, which will connect Bataan and Cavite. In October, Neda approved the new engineering design of See “Neda,” A
PESO EXCHANGE RATES Q US 56.5740 Q JAPAN 0.3732 Q UK 71.4699 Q HK 7.2262 Q CHINA 7.8227 Q SINGAPORE 41.9315 Q AUSTRALIA 37.1861 Q EU 61.3262 Q KOREA 0.0419 Q SAUDI ARABIA 15.0832 Source:
BSP 8 April 2024