ROTARY CLUB OF MANILA JOURNALISM AWARDS
2006 National Newspaper of the Year 2011 National Newspaper of the Year 2013 Business Newspaper of the Year 2017 Business Newspaper of the Year 2019 Business Newspaper of the Year 2021 Pro Patria Award PHILIPPINE STATISTICS AUTHORITY 2018 Data Champion
BusinessMirror A broader look at today’s business
www.businessmirror.com.ph
■
Thursday, April 27, 2023 Vol. 18 No. 192
EJAP JOURNALISM AWARDS
BUSINESS NEWS SOURCE OF THE YEAR
(2017, 2018, 2019, 2020)
DEPARTMENT OF SCIENCE AND TECHNOLOGY
2018 BANTOG MEDIA AWARDS
P. | | 7 DAYS A WEEK
GDP GROWTH IN 1ST QUARTER NOT SEEN DAMPENED
High inflation, rates don’t faze BSP E B C U. O
WTO prods members to fix agri trade deal in ’24
@caiordinario
LEVATED inflation and high interest rates will not dampen the country’s performance in the first quarter, according to the Bangko Sentral ng Pilipinas (BSP). On Wednesday, BSP Governor Felipe M. Medalla told reporters that GDP growth may be around 6 percent in the January to March 2023 period. This is lower than the 8 percent posted in the same period last year. “It will still be in the neighborhood of 6 [per-
B J E Y. A
B
cent], lower than last year but not too much,” Medalla said. “Well, we never know, right? [My] experience with GDP is [it’s hard to] forecast. In fact, inflation is sometimes hard to forecast,” he S “BSP,” A
CPMC BREAKS GROUND FOR CALATAGAN DEVT PRESIDENT Ferdinand R. Marcos Jr. witnesses the Combined Joint Littoral Live Fire Exercise of the Philippines-US armed forces being conducted in San Antonio, Zambales, on Wednesday, April 26, 2023. (PNA/ALFRED FRIAS/ROLANDO MAILO)
@jearcalas
ANGKOK—World Trade Organization (WTO) members must make strides in agriculture negotiations to secure a deal in next year’s Ministerial Conference (MC) that would advance food security among nations amid more than two decades of stalled talks on farm trade, its director-general said. WTO Director-General Ngozi Okonjo-Iweala reminded the member-countries they must “make progress” on “reforming agriculture trade,” which she noted has been ongoing for “more than two decades” with limited success. “We’ve been negotiating on this for more than two decades, with success in eliminating export subsidies. But big issues related to farm subsidies and tariffs remain unresolved,” Okonjo-Iweala pointed out in a video message S “WTO,” A
Insurers told to innovate, adapt under ‘new normal’ B J L. M
LOCAL government officials of Batangas and executives of the Citystate Properties and Management Corporation lead the groundbreaking of Sandari Calatagan on April 26, 2023, at Brgy. Bagong Silang, Calatagan, Batangas. From left: Lian Vice Mayor Roberto Antonio “Ronin” S. Leviste, Calatagan Mayor Peter Oliver M. Palacio, Batangas 1st District Rep. Eric R. Buhain, ALC Group Chairman and CEO D. Edgard A. Cabangon, Rev. Fr. Edilberto B. Ramos Jr., CPMC President D. Michelle S. Cabangon Chua, Arch. Rafael Tecson and Executive Vice President Maureen S. Azarcon. ROY DOMINGO
C
ITYSTATE Properties and Management Corporation (CPMC) held a groundbreaking ceremony for its newest development, Sandari Calatagan, on Wednesday (April 26, 2023) in Brgy. Bagong Silang, Ca-
latagan, Batangas. The ceremony was attended by government officials led by Batangas 1st District Representative Eric R. Buhain, Calatagan Mayor Peter Oliver M. Palacio, Vice Mayor
Rogelio H. Zarraga, Lian Vice Mayor Roberto Antonio “Ronin” S. Leviste, members of the Sangguniang Bayan of Calatagan, Barangay S “CPMC,” A
C
@jonlmayuga
LIMATE change-triggered events like super typhoons, massive flooding, or landslides can no longer be considered a “force majeure” or an act of God. Hence, insurance companies must learn to adapt and innovate to enhance insurance products and coverages to help people adapt to, and mitigate climate change. This was stressed by Dean Antonio G. M. La Vina, Associate Director for Climate Policy and International Relations at the Manila ObservaS “I,” A
C A
PESO EXCHANGE RATES US 55.5670 ■ JAPAN 0.4156 ■ UK 68.9698 ■ HK 7.0792 ■ SINGAPORE 41.5175 ■ AUSTRALIA 36.8187 ■ SAUDI ARABIA 14.8155 ■ EU 60.9959 ■ KOREA 0.0415 ■ CHINA 8.0157 Source: BSP (April 26, 2023)