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HE World Bank has approved a US$750-million loan that aims to boost the country’s environmental protection and climate resilience, which includes supporting the ongoing government reforms to attract private investment in renewable energy. The Washington-based multilateral lender said the US$750million Philippines First Sustainable Recovery Development Policy Loan (DPL) supports ongoing government reforms to attract private investment in renewable energy; enhance plastic waste management through reduction, recovery, and recycling; promote green transport, including the use of electric
vehicles; and reduce climate-related fiscal risks from the agriculture sector. Ndiamé Diop, World Bank Country Director for Brunei, Malaysia, Philippines, and Thailand emphasized that the Philippine government’s actions to promote foreign direct investments and streamlining permitting processes could “unlock” the country’s potential for renewable energy generation, especially in solar and wind. “Renewable energy can help the Philippines mitigate climate change and bring numerous benefits, including enhanced energy security, the creation of green jobs, and improved access to electricity. It is a crucial step towards a more sustainable and resilient future for
the country,” Diop also noted. The World Bank also noted that the Philippine government has set an “ambitious” target of 50 percent of renewable energy (RE) in total power generation by 2040 and has started to pursue reforms to implement it, supported by this financing operation. This increased focus on RE is pursued in parallel to slowing the expansion of coal-fired power generation capacity from 2026 onwards, it also noted. However, WB emphasized that achieving these targets will require a “significant” increase in investments in solar and wind technologies and a “strong” policy environment conducive for investment in RE.
Last week, Trade Secretary Alfredo E. Pascual said RE projects are seen to account for a third of the Board of Investments (BOI) P1.5-trillion investments approval target for 2023. From January to May 2023, investments approved by the BOI reached P532.27 billion, a 158.72-percent increase from the P205.73-billion investment approvals recorded in the same period in 2022. The investment promotion agency said the surge was mainly driven by foreign investments in the renewable energy sector. Meanwhile, in the first quarter, Pascual said the BOI approved three offshore wind projects with
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Thursday, June 15, 2023 Vol. 18 No. 241
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TOURISTS TO YIELD P5.7B B J E Y. A @jearcalas
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HE Philippine economy stands to gain as much as P5.7 billion annually if the government would implement a value-added tax (VAT) refund scheme for foreign tourists, according to the National Economic and Development Authority (Neda).
At a Senate hearing on Wednesday, Neda Undersecretary Rosemarie G. Edillon disclosed that based on their computations, the proposed VAT refund scheme for nonresident tourists would generate additional economic activity worth at least P3.8 billion to P5.7 billion annually from 2024 to 2028. Edillon said a full VAT refund scenario would yield a contribution to the GDP of P8.6 billion to P12.8 billion, as against the estimated P4.7 billion to P7.1 billion status quo scenario (no VAT refund scheme). C A
THE Chinese naval training ship Qi Jiguang arrives at Pier 15 in Manila for a four-day port call on Wednesday, June 14, 2023, displaying a banner that read “Even mountains and oceans cannot separate people with shared goals and vision.” As the largest naval training ship of China’s People’s Liberation Army Navy, it will be open to the public until June 16, marking the final stop of its regional friendly tour. The ship’s arrival was welcomed by Chinese Ambassador to the Philippines Huang Xilian (center, top left photo), embassy officials, and members of the Philippine Navy. Story below. NONIE REYES
CHINESE TRAINING SHIP ON GOODWILL PORT CALL IN MANILA
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HINESE People’s Liberation Army Navy (PLAN) Training Ship Qi Jiguang docked in Manila on Wednesday (June 14) morning for a four-day goodwill port call, in what officials described as serving as a symbol of friendship and understanding, fostering greater collaboration and exchange in naval training. The ship, on a regional friendly tour, is moored at Pier 15 of South Manila Port. Her Navy officers and cadets were welcomed by Chinese Ambassador to the Philippines Huang Xilian. Key officials of the Chinese Embassy, representatives of Chinese businesses and students,
overseas Chinese and the media also flocked to Pier 15, with the Philippine hosts led by Commodore Carlo Lagasca of the Philippine Naval Littoral Combat Force. Dozens of other Philippine naval officers and sailors also rolled out a warm reception. The Chinese PLAN Ship’s crew disembarked amid music by the Philippine Naval Band and a lion dance by the Filipino Chinese community. During their stay in Manila, the Chinese officers and cadets
will visit a Philippine Naval Ship and conduct joint PASSEX among other professional exchanges before they take part in a friendship sports match with their Philippine counterparts. The Qi Jiguang Training Ship will also host open-day activities including a deck reception. The PLAN Ship, named after a Chinese Ming Dynasty (circa 16th century) hero navy officer, was commissioned in February 2017. It is the largest—163 meters long and 22 meters wide, with load
displacement of more than 9,000 tons—and most advanced naval training vessel designed and built by China herself. This is Ship Qi Jiguang’s first port call in Manila since her commissioning, and the first visit to the Philippines by a Chinese naval ship since January 2019. The ship also visited Vietnam, Thailand and Brunei before arriving in Manila. Seen as a steady step in China-Philippines defense cooperation, the visit follows the tradition of exchanges between the two militaries in addition to implementing the important consensus between the heads of state of China and the Philippines. With a report by Nonie G. Reyes
PESO EXCHANGE RATES US 56.0470 ■ JAPAN 0.3998 ■ UK 70.7033 ■ HK 7.1555 ■ SINGAPORE 41.7731 ■ AUSTRALIA 37.9102 ■ SAUDI ARABIA 14.9459 ■ EU 60.4747 ■ KOREA 0.0442 ■ CHINA 7.8214 Source: BSP (June 14, 2023)