ALC GROUP TURNS OVER NEW ISUZU TRAVIZ, CASH, AND RELIEF GOODS TO CARITAS MANILA
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HE ALC Group of Companies, led by Chairman D. Edgard A. Cabangon, reaffirmed its commitment to community service with the turnover of an Isuzu Traviz utility van, cash, and relief goods to Caritas Manila Inc. C A
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In left photo, ALC Group Chairman D. Edgard A. Cabangon (6th from right) presents the new Isuzu Traviz, along with cash donations and relief goods, to Caritas Manila Executive Director Rev. Fr. Antonio Cecilio T. Pascual (5th from left). Also pictured are (from left) Caritas Manila’s Head of Financial Stewardship Division Rye Zotomayor; ISLaS Program Head Grace Devara; Eternal Group’s Operations Executive Dannica Nicole A. Cabangon; Isuzu Gencars’ Operations Executive Giannina Eunice A. Cabangon; Ms. Sharon Tan; ALC Group’s Executive Assistant to the Chairman Mary Grace Velasco; BUSINESSMIRROR Executive Vice President Loida S. Virtudazo; Aliw Broadcasting Corporation’s HR and Admin Manager Ana Margarita M. Cansino; and ALC Group’s CHRD Officer Malu Santos.
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IN the photo are Caritas Manila Executive Director Rev. Fr. Antonio Cecilio T. Pascual (left) and ALC Group Chairman D. Edgard A. Cabangon.
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Thursday, December 5, 2024 Vol. 20 No. 57
P. | | 7 DAYS A WEEK
@caiordinario
HE bias of the Marcos administration for infrastructure spending could be blamed for the widening of the country’s current account deficit, according to Nomura.
In its Asia Macro Outlook for 2025, Nomura said the country’s CA deficit (CAD) is expected to rise moderately to 2.5 percent of GDP in 2025 from 2.3 percent in 2024. The strength of the President’s allies could win the administration a significant number of seats at the House of Representatives and the Senate and may seal Nomura’s expectations for the CAD. “Our current view is that President Marcos and by extension his allies are still doing well and are
likely to control Congress. This might lead to a wider current account deficit as infrastructure spending is a top priority of President Marcos,” Nomura said. Nomura said the government is expected to miss the targets under its medium-term fiscal framework, running a still-large deficit of 5.5 percent of GDP in 2025 due to its infrastructure and the mid-term elections. S “GAP,” A
S. KOREA EVENTS MAY AFFECT PHL TRADE–EX-TARIFFS CHIEF
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HE political developments in South Korea will likely affect the country’s semiconductor sector, according to local economists. This is possible given the link between the Philippines and South Korea in the global value chain, Former Tariff Commissioner George Manzano told BusinessMirror. South Korean President Yoon Suk Yeol on Tuesday imposed Martial Law, but it was only in effect for six hours as the parliament deemed it invalid. (See: www.businessmirror.com. ph/2024/12/04/south-korea-liftspresidents-martial-law-decree-after-lawmakers-reject-military-rule/)
“The Philippines and South Korea’s electronics are intertwined in the global chain. Philippine imports and at the same time exports electronic components such as semiconductors with South Korea,” Manzano said. “Any disturbance in South Korea will affect Philippine trade.” Manzano said the Philippines has a trade in goods deficit with South Korea of about $5.4 billion in 2023. This trade in goods deficit continued this year. Based on the latest data from the Philippine Statistics Authority (PSA), the Philippines has S “K,” A
REVVING UP REFORM
Modern jeepneys line a terminal in Cubao, Quezon City, on Monday, December 2, 2024. The Land Transportation Franchising and Regulatory Board (LTFRB) expressed optimism that at least 40 percent of public transport vehicles in Metro Manila will transition to modernized units by 2027 under the Public Utility Vehicle Modernization Program (PUVMP). The program, aimed at boosting efficiency and reducing emissions, comes as commuters face high transportation costs amid rising fuel prices and inflationary pressures. NONOY LACZA
Economy can outgrow debt despite P16-T load–DOF B R J S. A @reine_alberto
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SM City Pampanga glows brighter than ever this holiday season, as the Pampanga Eye dazzles with a spectacular pyro-musical show to mark the grand launch of the Biggest Lantern of Hope! SM SUPERMALLS
HILIPPINE outstanding debt exceeding the P16-trillion mark recently is not a cause for concern as the economy is on track to outgrow its debt, according to Finance Secretary Ralph G. Recto. “We are on track. The economy is expected to grow faster than the debt,” Recto told the BusinessMirror on Wednesday. This comes after the government’s outstanding debt reached P16.020 trillion as of the end of October 2024 due to the peso depreciation against the US dollar. External debt, which currently stands at P5.130 trillion, increased
by 3.5 percent month-on-month from P4.957 trillion as foreign exchange movements caused an additional P152.90 billion to the debt. Despite this, Recto said 70 percent of the total debt stock is “owed to ourselves.” Domestic debt amounted to P10.889 trillion as of end-October 2024. “The deficit and debt ratios are gradually decreasing. We just received a credit upgrade from Standard & Poor’s [S&P] and we’re on track to achieving an ‘A’ grade 18 to 24 months from now,” Recto told this newspaper. The government’s debt-to-GDP ratio, or the country’s debt compared to its gross domestic prodS “DOF,” A
PESO EXCHANGE RATES ■ US 58.6490 ■ JAPAN 0.3921 ■ UK 74.3435 ■ HK 7.5358 ■ SINGAPORE 43.6182 ■ AUSTRALIA 38.0221 ■ SAUDI ARABIA 15.6106 ■ EU 61.6401 ■ KOREA 0.0415 ■ CHINA 8.0485 Source: BSP (December 4, 2024)