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Saturday, December 14, 2024 Vol. 20 No. 66
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CURRENT ACCOUNT GAP
DOUBLES IN JULY-SEPT
INFOGRAPHICS COURTESY OF LEECHIU PROPERTY CONSULTANTS
REALTY EXPERT SEES RETURN TO PRE-COVID ARRIVALS IN ’27
By Ma. Stella F. Arnaldo Special to the BusinessMirror
F
ULL recovery of the Philippines tourism industry will likely take place in 2027, breaching the 8-million international arrivals level. This was the projection of Leechiu Property Consultants (LPC) in its yearend briefing this week. LPC Director for Hotels, Tourism, and Leisure Alfred Lay said, “Total arrivals will reach 6 million by the end of 2024,” rising to 6.6 million in 2025, then surpassing the 8-million mark by 2027, “signaling a full recovery to pre-pandemic levels.” Continued on A2
AS the sun sets over Manila Bay, industrial cargo cranes stand as a testament to the bustling trade that defines the Philippines’ economy. Despite the scenic beauty, the country’s trade gap has widened, driving the current account deficit to $5.7 billion in Q3 2024, reflecting challenges in balancing imports and exports. YOORAN PARK VIA DREAMSTIME.COM
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By Cai U. Ordinario
HE widening of the trade gap caused the country’s current account deficit (CAD) to more than double in the third quarter, according to the Bangko Sentral ng Pilipinas (BSP). In July to September, the CAD jumped 154.4 percent to $5.7 billion from the $2.2- billion deficit posted in the third quarter of last year. The BSP said the CAD was equivalent to -5.2 percent of the country’s GDP in the third quarter
of 2024 while it was -2.2 percent of the country’s GDP in the same period last year. “This turnout was driven by the wider trade in goods gap and lower net receipts in trade in services and primary income accounts. This was partly muted by
BSP on CAD drivers: “The higher CAD in Q3 2024 was driven by the wider trade in goods gap and lower net receipts in trade in services and primary income, offset partially by higher secondary income receipts.”
the higher net receipts in the secondary income account,” the BSP said. As a result, the CAD expanded 19.3 percent to reach $12.9 billion
in the nine-month period this year from the $10.8-billion deficit posted in the same period last year. The BSP said the CAD in January to September 2024 was equivalent to -3.9 percent of the country’s GDP, larger than the -3.5 percent of GDP recorded in January to September 2023. “The higher current account deficit emanated from the lower net receipts in trade in services. However, this was offset partly by the narrowing goods trade deficit and higher net receipts in the primary and secondary income accounts,” BSP said. Meanwhile, BSP data showed the country’s balance of payments Continued on A2
PHL gets new $30-M loan for PPP projects from ADB By Cai U. Ordinario
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HE Philippines has secured a new $30 million-worth loan for public–private partnership (PPP) projects from the Asian Development Bank (ADB). The loan, ADB said, is meant to replenish the Project Development and Monitoring Facility (PDMF) managed by the government’s Public-Private Partnership Center (PPPC) to support the design and implementation of bankable PPP projects. It will also help enhance the capacity of implementing agencies and local government units (LGUs) to develop and manage these projects. “The Philippines is considered one of the leaders in the Asia and the Pacific region in the use of PPPs
ADB Philippines Country Director Pavit Ramachandran: “The Philippines is considered one of the leaders in the Asia and the Pacific region in the use of PPPs as a modality for addressing infrastructure gaps and pursuing sustainable growth and development.” ADB
»NEWS | A4
as a modality for addressing infrastructure gaps and pursuing sustainable growth and development,” ADB Philippines Country Director Pavit Ramachandran said. “Through this new loan, ADB is helping ensure the continuous preparation of bankable and feasible climate-resilient PPP projects in the country as well as the availability of global expertise for successful PPP implementation,” he added. The loan is expected to support as many as 35 national and local PPP projects from 2025 to 2029, with all projects undergoing climate risk screening and management to ensure alignment with the Philippines’s nationally determined contribution.
TOP OF THE CLASS UP’s Kyle Christian G. Tutor shines as the 2024 Bar topnotcher with an impressive 85.77%, leading 3,962 new lawyers into the legal profession.
NOTICE OF FILING OF APPLICATION/S FOR ALIEN EMPLOYMENT PERMIT/S (AEP/S) Notice is hereby given that the following companies/Employers have filed with this Regional Office application/s for Alien Employment Permit/s: ESTABLISHMENT / ADDRESS NO.
NAME OF FOREIGN NATIONAL , POSITION AND BRIEF DESCRIPTION
QUALIFICATION AND SALARY RANGE
24 INCH GAUGE CONSTRUCTION INC. Lot 4519a-b Manalo Compound, 4th Estate Subdivision, San Antonio, City Of Parañaque
CAI, CHUNBIN Marketing Specialist 1.
Brief Job Description: Responsible for coordinating with other marketing and sales professionals to implement innovative campaigns for branding or product launches.
Basic Qualification: Ability to work under pressure and motivation to succeed in a competitive environment. Should have a bachelor’s degree in journalism, marketing, communications or a related field. With good communication and interpersonal skills. Salary Range: Php 30,000 - Php 59,999
See “dole ncr” on A13-A15
Continued on A2
PESO EXCHANGE RATES n US 58.3090 n JAPAN 0.3820 n UK 73.9242 n HK 7.4999 n CHINA 8.0205 n SINGAPORE 43.2945 n AUSTRALIA 37.1253 n EU 61.0379 n KOREA 0.0408 n SAUDI ARABIA 15.5201 Source: BSP (December 13, 2024)