UN climate report: PHL warming at faster rate
A THE WORLD | A15
A CLUSTER OF EARTHQUAKES SHAKES TAIWAN AGAIN, DAMAGING BUILDINGS BUT CAUSING NO CASUALTIES
SIAN countries like the Philippines are warming faster than the global average, according to a new report from the World Meteorological Organization (WMO). In the State of the Climate in Asia 2023 report, WMO said the warming trend has nearly doubled since the 1961–1990 period. The report said the Philippine Sea along with the North-Western Arabian Sea and the seas east of
Japan have seen temperature increases that are more than three times faster than the global mean upper ocean warming rate. “The report’s conclusions are sobering. Many countries in the region experienced their hottest year on record in 2023, along with a barrage of extreme conditions, from droughts and heatwaves to floods and storms. Climate change exacerbated the frequency and severity of such events, profoundly
impacting societies, economies, and, most importantly, human lives and the environment that we live in,” said WMO Secretary-General Celeste Saulo in a statement. In 2023, the WMO reported that sea-surface temperatures in the north-west Pacific Ocean were also the highest on record. The specialized agency of the United Nations also said even the Arctic Ocean suffered a marine heatwave. Per the WMO, the annual mean
near-surface temperature over Asia in 2023 was the second highest on record, 0.91 degrees celsius (0.84 °C–0.96 °C) above the 1991–2020 average and 1.87 °C (1.81 °C–1.92 °C) above the 1961– 1990 average. “Particularly high average temperatures were recorded from western Siberia to central Asia and from eastern China to Japan. See “Climate report,” A2
BusinessMirror A broader look at today’s business
www.businessmirror.com.ph
Wednesday, April 24, 2024 Vol. 19 No. 190
P25.00 nationwide | 2 sections 26 pages | 7 DAYS A WEEK
GOVT KEEPING GROWTH GOALS DESPITE RISKS n
By Cai U. Ordinario @caiordinario
H
IGHER-FOR-LONGER interest rates and current geopolitical risks that threaten to cause a spike in oil and food prices are not enough reasons for the national government to give up on its growth targets this year, according to the country’s chief economist. Socioeconomic Planning Secretary Arsenio M. Balisacan noted the optimism of international observers who still believe the Philippine economy will grow around 6 percent or better and be among the fastest-growing economies in Asia this year. The Asian Development Bank (ADB) and the International Monetary Fund (IMF) forecast that the country’s GDP will breach 6 percent this year and next year. The World Bank, meanwhile, expects Philippine GDP to grow 5.9 percent annually between 2024 and 2026. “All of the major development observers are seeing a six percent at least for the Philippines this year. The IMF, the ADB, the World Bank are all seeing a quite good number. In fact, in the latest ADB report they put us as the highest performer for 2024 [in Southeast Asia],” Balisacan recently told reporters in an interview. “So even though [the growth is] not as high as we targeted in the beginning of this administration, the fact that while everybody was downgraded or while we were downgraded in terms of the absolute level of growth, [we were still] among the best [and] are expected to perform among the best in Asia,” he added. Earlier, the Bangko Sentral ng Pilipinas [BSP] said it could delay any rate cuts to the first quarter of 2025, pending improvements in the country’s economic performance, including cooler inflation. (See: https://businessmirror.com.ph/2024/04/09/inf lation-mayprompt-rate-cuts-delay-to-2025/) See “Growth goals,” A2
OFFICE OASIS A field of umbrellas provides relief from the
scorching heat in a Makati City office. PAGASA warns of a dangerous Heat Index in Metro Manila due to easterlies, with scattered rains in some areas. People were told to expect temperatures up to 42°C at NAIA, Pasay City, and 41°C at the Science Garden, Quezon City. NONIE REYES
MARINE PARK OFF CORON WINS GLOBAL CONSERVATION AWARD
A
MARINE park off the coast of Coron Island in Palawan was recently awarded the silver-level Blue Park Award for exceptional marine biodiversity conservation by the Seattle-based Marine Conservation Institute. With the award, Siete Pecados Marine Park in northern Palawan joins Tubbataha Reefs Natural Park and Apo Reef Natural Park as the third Blue Park in the Philippines. Tubbataha Reef was awarded in 2017 and Apo Reef in 2022. It will receive $6,000 and join a growing network of 30
awarded Blue Parks around the global ocean that have met the highest science-based standards for conservation effectiveness. “This Blue Park Award is an honor to receive,” said Jose Mazo, Siete Pecados Marine Park Manager. “We want Siete Pecados Marine Park to meet or exceed the science-based Blue Park standards so we can conserve critical habitat, promote ocean health and ensure economic security for our children and generations to come.” See “Marine park,” A2
Rotating brownouts: Plant shutdowns hit Luzon grid By Lenie Lectura @llectura
R
OTATING brownouts were implemented Tuesday afternoon as the Luzon grid was placed on a five-hour red alert status following the forced shutdown of 18 power plants. The National Grid Corporation of the Philippines (NGCP) raised the alert status to red from 3 pm to 4 pm and from 6 pm to 10pm. It also issued a yellow alert from 4 pm-6 pm and from 10:00 pm12 midnight. To maintain the integrity of the grid, the NGCP implemented automatic load dropping (ALD) in
some parts of La Union, Tarlac, and Camarines Sur. The power interruption in those areas lasted for 15 minutes. A red alert status is issued when power supply is insufficient to meet consumer demand and the transmission grid ’s regulating requirement. A yellow alert, meanwhile, is issued when the operating margin is insufficient to meet the transmission grid’s contingency requirement. Luzon’s available capacity as of 5 p.m. stood at 12,832MW. Peak demand was recorded at 12,671MW. See “Brownouts,” A2
PESO EXCHANGE RATES n US 57.5140 n JAPAN 0.3715 n UK 71.0528 n HK 7.3401 n CHINA 7.9395 n SINGAPORE 42.2400 n AUSTRALIA 37.0850 n EU 61.2639 n KOREA 0.0418 n SAUDI ARABIA 15.3338 Source:
BSP (23 April 2024)