Neda: PHL, investor ‘safe haven’
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HE Philippines is offering a safe haven for investors amid global headwinds as it continues to undertake reforms to make the country an investment destination for foreign businesses, according to the National Economic and Development Authority (Neda). In a statement, Socioeconomic Planning Secretary Arsenio M. Balisacan said amid the global economic slowdown, geopolitical tensions, and election-related uncertainty in major economies, the country continues to create “compelling reasons” for investors to choose the Philippines as their next investment destination. Balisacan said the Philippine government’s optimism is anchored on its proactive approach in seeking out investment and trade opportu-
nities, as well as its swift implementation of projects crucial to the country's socioeconomic transformation. “All of these initiatives will support and spur our numerous growth drivers—in construction and infrastructure, agriculture, manufacturing, mining, retail and tourism, education and health, IT and creatives—as we go through this exciting stage in our nation’s development,” he said. Balisacan said the government expects a significant boost to growth and job creation from the accelerated rollout of the “Build-BetterMore” infrastructure f lagship projects worth $161.7 billion or P9.14 trillion. See “Neda,” A
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GEOPOLITICS MAY HURT BID TO TAME INFLATION G By Cai U. Ordinario @caiordinario
EOPOLITICAL risks would make it more difficult for oildependent countries like the Philippines to tame inflation, which could accelerate to double digits if oil prices jump to unprecedented levels, according to local economists.
On Wednesday, Bloomberg reported that oil traders piled into more than 3 million barrels worth of options contracts in a bet that prices would spike to $250 a barrel by June as geopolitical risks remain elevated. That figure is already making the rounds among local oil traders, according to De La Salle University economist Maria Ella Oplas.
CURRENT CRISIS The National Grid Corporation (NGCP) Doña Imelda Substation along Araneta Avenue in Quezon City is captured in a photo taken on Wednesday, April 18, 2024. The Luzon and Visayas grids were put on alert status for the third consecutive day on
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Thursday due to thin power supply. NGCP placed the Luzon grid under red alert from 3 to 4 p.m. and 8 to 10 p.m., with yellow alert periods from 1 to 3 p.m., 4 to 8 p.m., and 10 to 11 p.m. The Visayas grid also faces yellow alert from 1 to 9 p.m. Red alert signals inadequate power supply to meet demand, while yellow alert indicates insufficient operational margin for contingency needs. NONOY LACZA
PCO TOUTS MARCOS ‘BRAND OF LEADERSHIP’ FOR TIME ‘100’ LIST
Economic team mounts PHL dialogue for US investors
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RESIDENT Ferdinand R. Marcos Jr.’s inclusion in Time Magazine’s 100 Most Influential People of 2024 shows his “ brand of leadership” is now gaining international attention, Malacanang said Thursday. In a statement on Thursday, the Presidential Communications Office (PCO) attributed the recognition to Marcos' socioeconomic policies, which led to robust economic growth. “Despite geopolitical tensions and the hurdles posed by the Covid-19 [novel coronavi-
rus disease] pandemic, President Marcos has elevated the Philippines on the world stage and contributed to regional stability, notably in the IndoPacific region,” PCO said. “The President continues to steer the country towards peace and prosperity towards his vision of a Bagong Pilipinas [New Philippines],” it added. In being named “influential leader,” Marcos Jr. joins the elite list of the global media brand known for its iconic Person See “PCO,” A
HE Philippine economic team convened the Philippine Dialogue on April 17 in Washington, DC, to attract American investors to expand their businesses to the country. According to the Department of Finance (DOF), the dialogue enabled the country’s economic managers and US-based business and financial communities to engage in an in-depth roundtable discussion on investment opportunities in the Philippines. The Philippine Dialogue was attended by around 90 executives from US-based funds and corporations, multilateral insti-
tutions, and the public sector, the DOF added. Finance Secretary Ralph G. Recto presented the country's growth trajectory, domestic market, and the “demographic sweet spot” to generate potential investors. “Over the years, the US has been our stalwart ally. It has supported us in strengthening national security and provided investments and development programs that uplifted the lives of Filipinos,” Recto said. The Finance chief said the country’s gross domestic product (GDP) See “Economic,” A
PESO EXCHANGE RATES Q US 57.2030 Q JAPAN 0.3707 Q UK 71.2578 Q HK 7.3052 Q CHINA 7.9028 Q SINGAPORE 42.0579 Q AUSTRALIA 36.8159 Q EU 61.0585 Q KOREA 0.0415 Q SAUDI ARABIA 15.2501 Source: BSP (April 18, 2024)