Govt to focus on ‘high-impact’ infrastructure projects–Neda By Cai U. Ordinario @caiordinario
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HE National Economic and Development Authority (Neda) Board has reduced the number of infrastructure flagship projects (IFPs) that will be undertaken by the national government in the medium term. Neda said its highest policymaking body chaired by the President, the Neda Board, approved the reduction of IFPs to 185 projects from 198 projects. However, in terms of cost, the total cost of the 185 projects reached P9.14 trillion. The 198 projects initially cost
PARTNERSHIP Citystate Savings Bank President Jaime Valentin L. Araneta (left) and Geniusto Philippines’s President Shane Hermans are seen at their partnership contract signing held at the Ascott Boardroom, Taguig City on Tuesday (February 27, 2024). CSBank intends to come up with its own e-wallet to better serve its clients and boost its digitalization efforts, with its partnership with Geniusto a vital part of that initiative. Story on page A16 . NONOY LACZA
P8.79 trillion. “Our list of IFPs under the Build-Better-More Program serves as a prioritization tool to identify high-impact infrastructure projects that require immediate government support,” Neda Secretary Arsenio M. Balisacan said. “By rationalizing the list, we ensure the implementation of as many important infrastructure projects of high significance as possible,” he added. Balisacan said the Neda Board approved the addition of 23 new projects and delisting of 36 projects from the list of See “Neda,” A
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Wednesday, February 28, 2024 Vol. 19 No. 136
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CONWEP: HEADWINDS TO DENT APPAREL EXPORTS By Andrea E. San Juan @andreasanjuan
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HE global economic slowdown could reduce export earnings from Philippinemade apparel, travel goods and shoes in 2024, the Confederation of Wearables Exporters of the Philippines (Conwep) said on Tuesday. Conwep said economic headw inds and higher production costs that may arise from an increase in wages could reduce export receipts from apparel and shoes by as much as 15 percent to $1.2 billion this year. “We took into consideration the global recession. This does not yet take into account the legislated minimum wage,” Maritess JocsonAgoncillo, Conwep executive director, told reporters during a virtual press briefing. Rosette Carillo, Conwep associate director, said consumers tend to be conservative in their personal spending and this trickles down to the supply chain and affects manufacturers of export products. “When you have a recession people tend to be conservative in their personal spending, consumer spending is down. The inventory of the retail stores [build up] so See “Conwep,” A
OPPOSITION TO CONSTITUTIONAL CHANGES GROWS Protesters gather outside the Manila Cathedral, expressing opposition to proposed constitutional changes by lawmakers. The banner reads “Comelec, be one with the people! PI signatures don’t validate!” reflecting concerns over the legitimacy of signatures collected for a People’s Initiative. The demonstration underscores the ongoing debate and tension surrounding constitutional reforms in the Philippines. AP/AARON FAVILA
MANILA TO FORGE STRONGER BILATERAL TIES WITH AUSTRALIA By Samuel P. Medenilla @sam_medenilla
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RESIDENT Ferdinand R. Marcos Jr. will forge stronger security and economic ties with Canberra during his visit to Australia, according to the Department of Foreign Affairs (DFA). Marcos will fly to Australia’s capital on the 28th and 29th of February for a state visit upon the invitation of Australian Governor General David Hurley. T he President w i l l participate in the Association
of Southeast Asian Nation (A SEA N)-Australia Special Summit in Melbourne upon the invitation of Australian Prime Minister Anthony Albanese during the second leg of this trip from March 4 to 6. The highlight of the state visit will be the chief executive’s address to the Australian Parliament, which will make him the first Filipino to do so. DFA spokesperson Ma. Teresita C. Daza said since it will allow the President to cement See “DFA,” A
Marcos: Pag-IBIG gains show extent of housing need in PHL
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RESIDENT Ferdinand R. Marcos Jr. on Tuesday called on the Department of Human Settlements and Urban Development (DHSUD) to translate the gains of the Home Development Mutual Fund or the Pag-IBIG Fund last year into accessible housing for Filipinos. Marcos said during the PagIBIG Fund Chairman’s report at the Philippine International Convention Center (PICC) in Pasay City that 2023 was a banner year for Pag-IBIG as it registered significant milestones during the period. Last year, Pag-IBIG registered a total P925.61 billion of assets, P77.21 billion in gross income and
P49.79 billion in net income. The surge in income prompted Pag-IBIG to allocate P48.76 billion as dividend for its members. Pag-IBIG’s dividend rate for its Regular Savings is at 6.55 percent while that of MP2 Savings is at 7.05 percent. “The challenge before us today, including those in the PagIBIG, the housing sector, and the local government units, is to translate these statistics into actual homes that people can live in,” Marcos said. He noted that the Philippines has a housing backlog of 6.5 million units. See “Pag-IBIG,” A
PESO EXCHANGE RATES Q US 55.9890 Q JAPAN 0.3715 Q UK 71.0276 Q HK 7.1562 Q CHINA 7.7784 Q SINGAPORE 41.6554 Q AUSTRALIA 36.6168 Q EU 60.7537 Q KOREA 0.0420 Q SAUDI ARABIA 14.9288 Source:
BSP 27 February 2024