DA: Initial typhoon farm damage, P2.9B B R S. S @Raadeeboy
T
HE Department of Agriculture (DA) has posted an initial assessment of agricultural and fishery damage from Supertyphoon Egay at P2.89 billion, data showed on August 1. The latest bulletin of DA shows that the damages was based on the assessment from Regional Field Offices (RFOs) in Cordillera Administrative Region, Ilocos Region, Cagayan Valley, Central Luzon, Calabarzon, Mimaropa, Western Visayas, Soccsksargen and Caraga. “The damages and losses in the agricultural and fishery sector now
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
RESILIENCE CHAMPIONS
The 35th National Disaster Resilience Month Culminating Activity is capped with the giving out of Dangal Bantayog ng Katatagan Champion awards to (third from left): Department of Science and Technology Secretary Renato Solidum Jr., Center for Disaster Preparedness President Zenaida Delica-Willison, Department of Environment and Natural Resources Secretary Maria Antonia Yulo-Loyzaga, and SM Prime Holdings Inc. Chairman of the Executive Committee Hans Sy. They are joined by from left: Office of Civil Defense (OCD) Assistant Secretary Raffy Alejandro IV, OCD Undersecretary Ariel Nepomuceno, Department of National Defense (DND) Senior Undersecretary Irineo Espino, and DND Assistant Secretary Joselito Ramos at the Philippine International Convention Center. Inset photo shows Hans Sy (middle), the first-ever awardee from the private sector, who was recognized for his outstanding leadership and unwavering support to the effective delivery of core Disaster Risk Reduction and Management mandates that served as both bridge and catalyst for all stakeholders. SM SUPERMALLS
amounts to P2.89 billion affecting 142,365 farmers and fisherfolk, with total volume of production loss at 98,217 metric tons [MT] and 163,722 hectares of agricultural areas,” data shows. “The affected commodities include rice worth P1.13 billion, corn worth P998.2 million, highvalue crops worth P235.6 million, livestock and poultry worth P11.9 million, and fisheries worth P175.4 million,” the DA data shows. Damage was also incurred in agricultural and fishery infrastructure and facilities, and fishing paraphernalia. S “DA,” A
BusinessMirror A broader look at today’s business
EJAP JOURNALISM AWARDS
BUSINESS NEWS SOURCE OF THE YEAR
(2017, 2018, 2019, 2020)
DEPARTMENT OF SCIENCE AND TECHNOLOGY
2018 BANTOG MEDIA AWARDS
PHL OUTSTANDING DEBT SEEN RISING TO P15.84T www.businessmirror.com.ph
■
Thursday, August 3, 2023 Vol. 18 No. 290
P. | | 7 DAYS A WEEK
B J E Y. A @jearcalas
THE Philippines’s outstanding debt at the end of 2024 is projected to reach P15.841 trillion as the Marcos Jr. administration is set to borrow more money to bankroll the national government’s record-high P5.768-trillion budget for next year. The 2024 National Expenditure Program (NEP) indicated that the expected national government’s debt stock by end-2024 is P1.218 trillion higher than the projected P14.623-trillion outstanding debt by the end of this year. The country’s outstanding debt as of end-June rose by 10.6 percent year-on-year to P14.15 trillion, a new record high for the country, from last year’s P12.791 trillion. (Related story: https://businessmirror.com.ph/2023/08/02/phl-end-junedebt-up-10-6-to-record-p14-1-trillion/)
The programmed gross borrowings by the state next year is set at P2.46 trillion, P253 billion more than this year’s P2.207-trillion gross borrowing plan. Next year’s borrowing program would still follow a 75:25 mix in favor of domestic sources. The Marcos Jr. administration would borrow P1.853 trillion next year from the domestic market through the sale of Treasury bills (T-bills) and Treasury bonds (Tbonds). The Bureau of the Treasury will tender P51.050 billion worth of T-bills and P1.802 trillion worth of T-bonds next year. The remaining P606.850 billion would be secured by the national government from abroad through program loans (P295.845 billion), project loans (P36.005 billion) and bonds and other inflows (P275 billion). C A
AFTER THE STORM
A fisherman in Binakayan, Cavite, prepares his fishing net after a week of non-fishing activities caused by the impact of the last two typhoons in the country. Determined to compensate for the income lost during the inclement weather, he resumes his regular tasks with renewed dedication. NONIE REYES
SPEAKER VOWS ‘TRANSPARENT’ 2024 BUDGET PROCESS B J M N. D C @joveemarie
T
HE leadership of the House of Representatives on Wednesday vowed to approve in a “transparent manner” the proposed P5.768-trillion 2024 national budget before the October congressional break. Speaker Ferdinand Martin G. Romualdez made the assurance during the formal submission of the President’s budget proposal to the lower chamber. Compared to the current year’s P5.268 trillion in appropriations, the projected budget for the next year is 9.5 percent higher. “Let me assure everyone that the House of the People understands full well the need to pass
the national budget on time. The national budget is crucial in maintaining economic stability, sustaining the country’s growth trajectory, and facilitating the seamless implementation of government programs and projects. As such, it demands the House’s utmost attention and commitment,” Romualdez said. He said the House would deliberate “in a very transparent manner and get the widest consensus for our spending plan.” “We will make sure that every centavo of the national budget will be spent wisely and contribute to our goal of reigniting the fires of our economic forges,” he said. The annual budget deliberations will start with a briefing from the Development Budget Coordination
Committee (DBCC) on August 10. Romualdez also expressed confidence that with the participation and cooperation of his colleagues and officials of the DBM and other agencies, the House “will be able to scrutinize, deliberate, and pass the national budget that is free for 2024 before we go on our first recess in October.” He said the annual national budget is the blueprint for the government’s spending priorities. For next year, he said the administration’s priorities would be food security, reduction of transport, logistics, and energy costs, arresting learning losses, health and social protection, improving bureaucratic efficiency, and sound C A
PESO EXCHANGE RATES ■ US 54.7540 ■ JAPAN 0.3836 ■ UK 70.0577 ■ HK 7.0248 ■ SINGAPORE 40.9835 ■ AUSTRALIA 36.2471 ■ SAUDI ARABIA 14.5933 ■ EU 60.3444 ■ KOREA 0.0425 ■ CHINA 7.6291 Source: BSP (August 2, 2023)