Luzon Corridor, TPB ‘to create quality jobs’
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UN CHIEF WANTS A TAX ON PROFITS OF FOSSIL FUEL FIRMS, CALLS THEM ‘GODFATHERS OF CLIMATE CHAOS’
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HE Luzon Economic Corridor and the Trabaho Para sa Bayan (TPB) Plan are expected to create quality jobs for Filipinos, according to the Department of Finance (DOF) and the National Economic and Development Authority (Neda). On Thursday, the Philippine Statistics Authority (PSA) said that while there was a reduction in the number of jobless Filipinos, there was an increase in the number of underemployed Filipinos or those looking for better incomes. (See: https://businessmirror. com.ph/2024/06/06/phl-employmentrate-up-to-96-in-april-24-psa/). “Our primary goal here is to sustain labor market gains through
improving the country’s investment environment to attract more high-quality jobs while increasing the government’s investments in human capital development, such as better healthcare and education. All these will prepare our young and dynamic workforce for lucrative and high-income opportunities,” Finance Secretary Ralph G. Recto said in a statement. The DOF said the Luzon Economic corridor will connect Subic Bay in Zambales, Clark in Pampanga, Manila, and Batangas which are investment areas that can create jobs. The Luzon Economic Corridor is the first Partnership for Global Infrastructure and Invest-
ment (PGI) economic corridor in the Indo-Pacific region following the inaugural Trilateral United States-Japan-Philippines Leaders Meeting. Recto also said apart from this project, the National Economic and Development Authority (Neda) is preparing the mediumand long-term Foreign Investment Promotion and Marketing Plan (FIPMP), a strategic approach to positioning the Philippines as a premier investment destination. Slated for completion by the end of the month, the plan leverages the country’s competitive advantages, natural resources, skill and educational development, traditional linkages, and international
market potential to attract more foreign investments that will generate high-quality employment opportunities. “ The government’s massive infrastructure push is expected to create opportunities in several priority sectors, such as energy, logistics, and tourism,” Socioeconomic Planning Secretary Arsenio M. Balisacan said. “The government will also explore opportunities for quality job growth in the mining sector, leveraging available technologies to develop value-adding activities such as mineral processing,” he added.
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EL NIÑO, IMPORTS TACK SEEN IN AGRI JOBS LOSS EDSA RETROFIT A worker
By Cai U. Ordinario @caiordinario
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OB losses in the agriculture sector may continue because of the government’s recent decision to reduce rice tariffs until 2028, according to local economists. On Thursday, the Philippine Statistics Authority (PSA) said there were 2.04 million unemployed Filipinos in April 2024 and 7.04 million underemployed dur-
installs scaffolding beneath the EDSA-Quezon Avenue flyover bridge as part of ongoing retrofitting activities. The project is expected to be completed by the end of this year. NONOY LACZA
ing the period. (See: https://businessmirror.com.ph/2024/06/06/phl-employment-rate-up-to-96-in-april-24-psa/). See “EL Niño,” A
CAN SOFITEL STILL BE SAVED? OPTIONS EYED
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WNERS of the Sofitel Philippine Plaza are looking at other options to manage the closure of the hotel or maybe reopen it in the future, including the pretermination of their lease contract with the government or finding new investors, respectively. In a Viber exchange with the BusinessMirror, Philippine Plaza Holdings Inc. (PPHI) President Esteban Peña Sy
said, “There are many options. The foreign investors may decide to discuss with GSIS [Government Service Insurance System] for the pretermination of the lease contract, the hotel owners may put in huge new investments if the lease term on the land is extended, or the present owners may find other interested investors to take over the lease contract.” See “Sofitel,” A
Govt must help fund shift from ‘brown’ to ‘green’ biz By Andrea E. San Juan @andreasanjuan
G RCM MEETING Rtn. Crispiano “Cris” G. Acosta and RCM President Rafael "Raffy" M. Alunan III flank Baguio City Benjamin “Benjie” B. Magalong, the guest of honor and speaker at the Rotary Club of Manila’s 41st weekly membership meeting at the Manila Polo Club in Makati City on Thursday, June 6, 2024. NONOY LACZA
OV ER NMENT suppor t is crucial in financing brown industries to help their business models transition to a green economy, according to a United Nations Development Programme (UNDP) Sustainable Finance Hub Senior Advisor. “Being able to provide government support, innovation support is absolutely key because I told you from the manufacturing side I can build you a gigawatt of wind, solar, mostly hydro, anywhere in
the world, a new gigawatt cheaper than any kind of fossil fuel. I’ve now got battery technology that’s coming online that takes care of the intermittency issues,” Michael Sheren, UNDP Sustainable Finance Hub Senior Advisor said at a forum organized by the Makati Business Club billed as “Driving Sustainable Business Transformation” in Makati City on Thursday. The UNDP official underscored that “one of the biggest areas that we’ve left off the table here, which is absolutely critical, is transition See “Govt,” A
PESO EXCHANGE RATES Q US 58.7320 Q JAPAN 0.3764 Q UK 75.1241 Q HK 7.5186 Q CHINA 8.1035 Q SINGAPORE 43.5633 Q AUSTRALIA 39.0450 Q EU 63.8593 Q KOREA 0.0429 Q SAUDI ARABIA 15.6602 Source: BSP (June 6, 2024)