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Monday, August 12, 2024 Vol. 19 No. 300
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6-MONTH DEBT SERVICE RISES 41.3% TO P1.282T P
By Reine Juvierre S. Alberto
AYMENTS made by the national government for its debts surged to P1.282 trillion in the first half of the year as amortization and interest payments posted double-digit growth.
Data from the Bureau of the Treasury (BTr) showed the government’s debt service from January to June 2024 expanded by 41.29 percent, or P374.860 billion, to P1.282 trillion—from P907.927 billion recorded in the same period in 2023. Broken down, the government’s repayment of its loan principal or amortization outpaced interest payments making up 70.59 percent of the total debt service as of endJune 2024 while interest payments accounted for 29.41 percent. Amortization grew by 44.78 percent to P905.559 billion in the first six months of 2024 from the P625.469 billion posted in the same period in 2023. Domestic amortization swelled by 34.91 percent year-on-
year to P757.433 billion from P561.421 billion. Domestic Bond Exchange was allotted P243.449 billion while the Bond Sinking Fund received P513.373 billion. The remaining P611 million under domestic amortization went to Agrarian Reform Beneficiaries (ARBs). Moreover, external amortization of the national government surged by 131.27 percent year-on-year to P148.126 billion from P64.048 billion. Meanwhile, interest payments increased to P377.228 billion from January to June 2024, higher by 33.55 percent than the P282.458 billion recorded in the same period a year ago. The government shelled out P268.040 billion in domestic interest See “Debt,” A2
DOT SEES 440K HOTEL ROOMS BY ‘28, BUT HOW? By Ma. Stella F. Arnaldo @akosistellaBM Special to the BusinessMirror
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HE Department of Tourism (DOT) is looking to increase the number of hotel rooms in the country to temper the rise in their average daily rates (ADR). Responding to concerns that traveling to the Philippines is more expensive than in other countries in Southeast Asia, Tourism Secretary Christina Garcia Frasco told select media: “In comparison to our Asean neighbors, data from the Philippine Hotel Owners Association [PHOA] would show that our average US$100 per night is actu-
ally lower than the average price of hotels in the Asean region. Nonetheless, we recognize that there are external inflationary pressures that dictate upon all the components of pricing.” Yet she cited the shortage in hotel rooms among the reasons for the high room rates in the country. “We have to understand that the availability of the rooms also dictates the price, and with a very robust domestic market as far as tourism is concerned, it is always in high demand. So, the idea is to increase the number of rooms from its present 221,000 to 440,000 by 2028, as well as to increase the See “DOT,” A2
NG diversifying financing options for key infra projects By Cai U. Ordinario @caiordinario
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HE national government is keen on diversifying its financing options to address the country’s infrastructure constraints, according to the National Economic and Development Authority (Neda). Part of these efforts is the Neda’s proposal to identify 21 projects for the Luzon Economic Corridor, which was announced during the visit of President Ferdinand Marcos Jr. to Washington. The Luzon Economic Corridor is the first Partnership for Global Infrastructure and Investment (PGI) economic corridor in the Indo-Pacific region following the inaugural Trilateral United States-Japan-Philippines Leaders Meeting. “It will be just another source of funds for us. So to the extent that they are ready, it can move
faster. Besides for this corridor, they are also looking at investing, their private sector investing into this corridor that’s why [there is interest] to invest into those infrastructure because their private sector will invest in those sectors,” Socioeconomic Planning Secretary Arsenio M. Balisacan said in a recent briefing. Neda Undersecretary Joseph Capuno said some of the top projects are the Central Luzon Link Expressway or CCLEx phase 2 project; the NSCR system New Clark City Extension project; the ICT infrastructure in New Clark City project; and New Clark City Industrial Estate project. Capuno said the list also includes the Clark International Airport infrastructure extension project; Subic Bay Bridge project; Bataan-Cavite Interlink Bridge I; and the Subic-Clark ManilaBatangas railway project. See “NG,” A2
LIGHT OF THE GAMES The Olympic cauldron, a lasting symbol of the Games, shines
brilliantly each night in Paris. Rising 200 feet above the Tuileries garden, this golden orb captures the attention of tourists and locals alike, as they gather to photograph the stunning display. Designed by Mathieu Lehanneur, the cauldron’s “flame” is a sustainable marvel, created from light and water. The scene shows the vibrant Parisian streets at night, filled with people captivated by the orb’s radiant presence. NONIE REYES, CANON R6
MEDAL COUNT R
COUNTRY
G
S
B
T
1
People’s Republic of China United States of America Australia Japan France Great Britain Netherlands Republic of Korea Germany Italy Canada New Zealand Uzbekistan Hungary Spain Sweden Kenya Philippines
39 38 18 18 16 14 14 13 12 11 9 9 8 5 5 4 4 2
27 42 18 12 24 22 7 8 11 13 7 7 2 7 4 4 2 0
24 42 14 13 22 27 12 9 8 15 11 2 3 6 9 3 5 2
90 122 50 43 62 63 33 30 31 39 27 18 13 18 18 11 11 4
2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 35
Last updated: August 11, 2024 at 17:49 Source: olympics.com
Driven by E-Games sector, Pagcor’s Q2 GGR up 32.3%
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TATE-RUN Philippine Amusement and Gaming Corporation’s (Pagcor) gross gaming revenues (GGR) rose to P89.23 billion in the second quarter of 2024, driven by the electronic games (E-Games) sector. In a statement on Sunday, Pagcor said its GGR in the second quarter grew by 32.32 percent to P89.23 billion from the P67.43 billion recorded in the same period in 2023. This is also higher by 9.21 percent than the P81.70 billion in revenues posted in the first quarter of 2024. Pagcor Chairman and Chief Executive Officer Alejandro H. Tengco attributed the revenue
growth to the E-Games sector. Revenues from the E-Games sector expanded sixfold year-onyear to P30.85 billion from P4.93 billion, according to Pagcor. “This sector continues to surpass targets and should help cover up for any shortfall resulting from the President’s order banning offshore gaming operations or Pogos by the end of the year,” Tengco said. The Pagcor chief also attributed the policy reforms it implemented in the last year to the performance of the E-Games sector. Meanwhile, the country’s licensed casinos brought in P49.48 billion in the second quarter of See “Pagcor,” A2
PESO EXCHANGE RATES n US 57.4430 n JAPAN 0.3903 n UK 73.2513 n HK 7.3705 n CHINA 8.0057 n SINGAPORE 43.3499 n AUSTRALIA 37.8607 n EU 62.7163 n KOREA 0.0418 n SAUDI ARABIA 15.3071 Source: BSP (August 9, 2024)