Timely fund release in ₧5.75-T budget eyed
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HE Department of Budget and Management (DBM) stressed that “timely” release of budget is “crucial” in the implementation of the government’s various programs and projects as the national government prepares for the P5.75-trillion budget next year. The DBM also expressed optimism that the national government’s proposed 2024 budget would be approved within its published timeline. “With regards to the movement of the budget proposal for 2024, the DBM is optimistic about its
published budget timeline,” Budget Undersecretary Goddes Hope Libiran told the BusinessMirror in a recent interview. “DBM Secretary Amenah F. Pangandaman acknowledges that the timely release of budget is crucial in the implementation of government programs and projects,” Libiran added. Libiran pointed out that only “implementation-ready” programs, activities and projects (PAPs) will be included in the 2024 national budget to prevent “unnecessary delays.” Libiran added that DBM is ensur-
ing that the proposed PAPs for next year are aligned with the priorities of the Marcos Jr. administration, including those stipulated under the Medium-Term Fiscal Framework and the 8-point Socioeconomic Agenda. “These initiatives prevent unnecessary delays as the PAPs are aligned with the priorities, are clear in their targets, and are ready to be executed within the fiscal year,” she said. Based on the DBM’s National Budget Memorandum No. 147 (NBM), the Tier 1 budget ceiling for next year is pegged at P3.288
trillion, about 42.82 percent of the P5.75-trillion proposed 2024 national budget. The national government follows a two-tier budgeting approach, with Tier 1 covering ongoing spending; proposals for new and expanded expenditure are under Tier 2. Libiran noted that the increase in next year’s budget from this year’s P5.268 trillion takes into consideration the latest domestic developments, global economic status, and the administration’s priorities and strategies. See “Timely,” A2
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‘QUICKER’ EXPANSIONS SNAP 3-MO SLOWDOWN IN PMI
Factory output on rebound in May By Jasper Emmanuel Y. Arcalas
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JBIC talks to PHL firms on energy investments
@jearcalas
HE Philippines’s Purchasing Managers’ Index (PMI) rebounded in May, snapping three consecutive months of slowdown as factory orders and manufacturing output posted “quicker” expansions, according to Standard & Poor’s (S&P) Global.
In its latest report, S&P said the country’s PMI improved to 52.2 from the eight-month low of 51.4 recorded in April. “The headline S&P Global Philippines Manufacturing PMI—a composite single-figure indicator of manufacturing performance— signaled a quicker improvement in operating conditions across the Philippines goods-producing sector,” it said on Thursday. “Moreover, the latest headline figure extended the current run of expansion to 16 consecutive months and posted above the average recorded over the series history to indicate a solid upturn,” it added. S&P Global Market Intelligence Maryam Baluch said the improvement in the Philippines’s manufacturing sector was supported by a “solid” rise in both output and factory orders, with firms “also expanding their workforce numbers for the first time in four months.” “More encouragingly, vendor performance improved in May for the first time in almost four years. Companies reported that improved logistics routes helped shorten delivery times,” Baluch said. Citing anecdotal evidence, S&P said the increase in new orders was driven by “stronger” demand conditions and acquisition of new clients.
By Samuel P. Medenilla @sam_medenilla
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READY FOR RAIN In preparation for the rainy season, workers from the Department of Public Works and Highway expedite efforts to complete critical infrastructure projects to mitigate the risks of flooding, such as this box culvert along Rainbow Street, Barangay Concepcion Dos in Marikina City. NONOY LACZA
HE Japan Bank for International Cooperation (JBIC) is now in talks with several local firms for possible investments, which will help in the country’s efforts towards energy security. During his meeting with President Ferdinand R. Marcos Jr. in Malacañang last Wednesday, JBIC Chairman of the Board Tadashi Maeda disclosed they want to help the country transition from its traditional sources of power towards renewable sources of energy. To address this, he said they want to increase the availability of hydropower as well as solar and wind energy in the country. JBIC is already exploring partnerships with several Philippine companies including Aboitiz, Metro See “JBIC,” A2
GUIMARAS MANGO GETS IPOPHL 1ST ‘G.I.’ SEAL By Andrea E. San Juan
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HE Intellectual Property Office of the Philippines (IPOPHL) said it recently approved Guimaras mangoes as the Philippines’s first geographical indication (GI). In a statement on Thursday, IPOPHL said the Guimaras Mango farmers have worked for about a decade for the “coveted” seal. Guimaras Mango Growers and Producers Development Cooperative (GMGPDC) President Felipe Z. Gamarcha revealed the economic benefits the group expects to gain from the GI approval. He said, “Ngayon, kapag na-
katatak na ‘yung GI, [sana] almost double na from the local price. [Now with the GI seal, we hope local prices will double]. So additional income [for] farmers,” Gamarcha said. Gamarcha was referring to the farm gate price of Guimaras Mangoes which averaged P200 in 2022. This, IPOPHL said, “already marks an astronomical rise from the P20 to P50 that one kilo would usually fetch before the association secured a collective mark in 2017.” According to IPOPHL, a GI serves as a marketing tool that “accentuates” a products’ distinctiveness and appealing narratives. It also noted that a GI seal cer-
tifies a link between the quality, characteristics and reputation of a product and its geographical source. These factors, IPOPHL noted, may have been shaped due to environmental influences, such as soil and climate, or human factors, such as tradition and local know-how. For her part, IPOPHL Deputy Director General Ann Claire C. Cabochan highlighted the “great potential ” of GI “not only in spreading development outside our bustling metropolitan areas, but also in ensuring that the people of the originating locality benefit from their produce.” See “Guimaras,” A2
See “Factory,” A2
PESO EXCHANGE RATES n US 56.2410 n JAPAN 0.4037 n UK 69.9694 n HK 7.1831 n CHINA 7.9113 n SINGAPORE 41.5953 n AUSTRALIA 36.5623 n EU 60.1160 n KOREA 0.0426 n SAUDI ARABIA 14.9948 Source: BSP (June 1, 2023)