ROTARY CLUB OF MANILA JOURNALISM AWARDS
2006 National Newspaper of the Year 2011 National Newspaper of the Year 2013 Business Newspaper of the Year 2017 Business Newspaper of the Year 2019 Business Newspaper of the Year 2021 Pro Patria Award PHILIPPINE STATISTICS AUTHORITY 2018 Data Champion
BusinessMirror A broader look at today’s business
EJAP JOURNALISM AWARDS
BUSINESS NEWS SOURCE OF THE YEAR
(2017, 2018, 2019, 2020)
DEPARTMENT OF SCIENCE AND TECHNOLOGY
2018 BANTOG MEDIA AWARDS
4-MO BOP GAP IS $401M; BSP SEES ’24, ’25 SURPLUS www.businessmirror.com.ph
n
Saturday, June 15, 2024 Vol. 19 No. 242
P25.00 nationwide | 18 pages | 7 DAYS A WEEK
The Electrician and the Tram
AERIAL view of Manila Electric Company Main Power Plant (foreground), 1940 US NATIONAL ARCHIVES AND RECORDS ADMINISTRATION
ALDAR DARMAEV VIA DREAMSTIME.COM
By Renato Redentor Constantino
I
By Cai U. Ordinario
MPROVING global economic activity is expected to boost the country’s Balance of Payments (BOP) this year and next year, according to the Bangko Sentral ng Pilipinas (BSP). On Friday, BSP said the country’s overall BOP is expected to post a surplus of 1.6 percent this year and 1.5 percent next year. These were upgraded outlooks compared to the surplus of 0.7 percent and deficit of 0.5 percent
projected in the first quarter of the year. “Overall, the latest global economic landscape continues to stand on firm ground as the emerging risks to the outlook over the next two years remain broadly
balanced,” the BSP said in a statement. The BSP said the overall BOP position posted a $401-million deficit for the period January-April 2024, a reversal from the $3.3-billion surplus recorded in the same period last year. The country’s gross international reserves (GIR) level, based on preliminary data, rose to $104.48 billion as of end-May 2024 from the end-April 2024 level of $102.65 billion. In a briefing on the data, BSP Monetary Policy Sub-Sector Senior Assistant Governor Iluminada T. Sicat said risks to this outlook Continued on A2
KEY RISKS IMPACTING BOP OUTLOOK Geopolitical tensions: Middle East tensions affecting oil prices and global growth Trade restrictions: India’s rice export ban in 2023 due to El Niño Global supply chain disruptions: Higher costs and limited economic activities Climate change: Impact on food production affecting trade and local food prices Domestic inflation pressures: Rice production and African Swine Fever (ASF)
CPMC hosts Investors Night; provides insights on new Calatagan development
C
ITYSTATE Properties and Management Corporation (CPMC) held an exclusive event, Sandari’s Investors Night, on June 11, 2024, at Azumi Boutique Hotel in Alabang, Muntinlupa City. The event introduced potential investors to CPMC’s newest development, Sandari Calatagan, a beachfront property in Batangas known for its focus on holistic wellness. Sandari Calatagan promises a lifestyle that integrates wellness with nature. The highlight of the evening was an insightful speech by Calatagan Mayor Peter Oliver Palacio, who discussed the bountiful investment opportunities in Calatagan, Batangas. Mayor Palacio emphasized Calatagan’s potential for growth, especially under the stewardship of credible developers like CPMC. “We are glad na nasa Calatagan na ang Citystate Properties, known developer. Ang hinahanap ng isang bayan, ng mga mayor ay credible developers, para at least
FROM left to right: Gen. Amando Melo Jr., VP for Land Management, Citystate Properties & Management Corp. (CPMC); Atty. Ramon Posadas, CPMC Consultant; Pedro G. Palacio IV; ALC Group Chairman D. Edgard A. Cabangon; Calatagan Mayor Peter Oliver M. Palacio; D. Michelle Cabangon Chua, CPMC President; Maureen S. Azarcon, CPMC EVP; Ms. Sharon Tan; and Ar. Rafael D. Tecson, Architect, RDBT Construction Corporation.
yung development dire-diretso,” Palacio said. The mayor also highlighted the impressive influx of tourists to
Calatagan, especially during peak seasons. This surge in tourism highlights the growing popularity and improving infrastructure of
A
N Armenian invocation comes to mind, Djamangeen gar oo chagar. Once upon a time, there was and there wasn’t. It’s a fitting notion to chew on when you weigh the story of a large lot along F.R. Hidalgo in Quiapo district, framed on two sides by esteros that are today more sewage than canal, waterways that once witnessed the rise of the country’s first modern power station, La Electricista—The Electrician. The place is largely empty today save for excavators and construction workers erecting a massive condominium by New San Jose Builders. You will need a bit of imagination to conjure past and future together, but the spot, where Estero de Quiapo and Estero de San Sebastian meet, is certainly one of the best places for rumination.[1] Thinking of history is the easy part. One end of the street contains the only metal church in East Asia, rebuilt in 1891 after fire and an earthquake claimed the 17th-century wooden then brick iterations of the cathedral that gave the street its early name, Calle San Sebastian. A stereoscope photo taken from one of San Sebastian Church’s bell towers during the period shows the smokestacks of the coal-fueled power plant along the street, the same one where you can find the deteriorated Paterno House and Ocampo Mansion, and where once stood the grand Enriquez Mansion, since moved to and restored in its entirety in Casa Acuzar in Bagac, Bataan. As for the future, given the threat humanity faces today in climate change, one would do well to dwell on where and how our electricity was first produced in the Philippines if only to consider the kind of energy system the nation needs if we truly desire reliable, affordable, and sustainable power for the long haul. The country’s first modern power sector began 132 years ago, on 16 September 1892, to be exact. This was the day Compania La Electricista acquired an electric lighting concession in the Philippines, first established by Millat, Marti and Mitjans, then taken over by Jose Moreno Lacalle and the Tabacalera Company. Continued on A2
Calatagan, making it an increasingly attractive destination for both short-term visitors and long-term investors. “Last Holy Week—Holy Week alone—100,000 tourist arrivals. Most of them [stayed] overnight. May data rin kami—2022 yung 645,000, 19,000 nag-overnight. Ibig sabihin, almost 15%, at last year’s 695,000, 333,000 ang nag-overnight. Meaning, nag-improve ang aming accommodation. Nasa mga 48% ang nag-overnight [We also have data: in 2022, 19,000 of the 645,000 visitors stayed overnight. That means, almost 15 percent. And last year, 333,000 of the 695,000 stayed overnight. Meaning, our accommodation improved, overnighters are now at 48 percent].” Palacio compared Calatagan to Forbes Park in Makati, emphasizing Calatagan’s prestige and highlighting its appeal as a destination for the elite, now poised for revitalization and modern luxury through developments like Sandari Continued on A2
PESO EXCHANGE RATES n US 58.5890 n JAPAN 0.3732 n UK 74.7478 n HK 7.5015 n CHINA 8.0787 n SINGAPORE 43.3671 n AUSTRALIA 38.8679 n EU 62.9363 n KOREA 0.0426 n SAUDI ARABIA 15.6175 Source: BSP (June 14, 2024)