Economic team meets Japan credit agency R&I By Reine Juvierre Alberto
T THE WORLD | A12
SOUTH KOREA BLASTS RUSSIA-NORTH KOREA DEAL, SAYS IT WILL CONSIDER POSSIBLE ARMS SUPPLIES TO UKRAINE
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HE Philippine economic team met with officials of Japanese credit rating agency Rating and Investment Information Inc. (R&I) as part of the Philippine Economic Briefing in Tokyo on Thursday. The Department of Finance (DOF) said the economic team, composed of Socioeconomic and Planning Secretary Arsenio M. Balisacan and Budget Secretary Amenah F. Pangandaman, met with senior officials of the R&I to give updates on the Philippines’ “promising growth story” and other key developments. The economic team was also
joined by Bangko Sentral ng Pilipinas (BSP) Deputy Governor Francisco G. Dakila, Jr., National Treasurer Sharon P. Almanza and Special Assistant to the President for Investment and Economic Affairs Secretary Frederick D. Go in the meeting. R&I upgraded its outlook on the Philippines from stable to positive outlook and affirmed the country’s BBB+ credit rating due to its improving economic performance despite global “uncertainty.” “This rating reflects confidence in the country’s sound economic policies. It also means more accessible financing for the government’s development programs, benefiting all Filipinos,” the DOF said.
Meeting with Jica
In another development, the DOF also met with senior officials of the Japan International Cooperation Agency (Jica) on Thursday, to discuss key cooperation projects in railways, maritime security and development in the Bangsamoro Autonomous Region in Muslim Mindanao (Barmm). Recto reported at the meeting that a bill to amend right-of-way rules is under way. This will facilitate the government’s acquisition of land for transportation and road projects, as well as address Japan’s concern about land acquisition for infrastructure projects backed by Japan. Furthermore, in an effort to speed up the land acquisition
process, the government recently formed an interagency commission to supervise right-of-way operations for railway projects. The DOF said Jica welcomed these developments, expressing reassurance in the government’s efforts to address the issue. Jica Senior Vice President Mikio Hataeda commended the Philippine economic managers for their macroeconomic management, noting the Philippines’s outstanding economic performance among its peers in Southeast Asia, according to the DOF. Recto thanked Jica for supporting the development of the country’s railway sector through See “Economic,” A2
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BOP SURPLUS OF $1.997B HIGHEST SINCE JAN 2023 n
By Cai U. Ordinario
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HE country’s Balance of Payments (BOP) posted in May 2024 its highest surplus since January last year, according to the latest data from the Bangko Sentral ng Pilipinas (BSP). BSP data showed the BOP surplus reached $1.997 billion in May 2024, the highest since the surplus of $3.081 billion in January 2023. The data also showed the BOP posted a deficit of $639 million in April 2024 and $439 million in May 2023. The figure in May is the second time the BOP was in surplus this year. “The BOP surplus in May 2024 reflected inflows arising mainly from the National Government’s [NG] net foreign currency deposits with the Bangko Sentral ng Pilipinas [BSP], which include proceeds from its issuance of ROP Global See “BOP,” A2
AXES, MACHETES, MAYHEM AT SEA In these handout photos provided by the Armed Forces of the Philippines, the aftermath of an alleged Chinese Coast Guard assault is shown: the windshield, communications, and navigational equipment on a Philippine Navy Rigid Hull Inflatable Boat are seen destroyed, and Chinese Coast Guard personnel are depicted approaching Philippine troops with axes, knives, and machetes during a resupply mission to the Second Thomas Shoal in the disputed South China Sea on June 17, 2024. Armed Forces of the Philippines chief Romeo Brawner has demanded that China return seized rifles and equipment and compensate for the damage, likening the incident to an act of piracy. ARMED FORCES OF THE PHILIPPINES VIA AP
DEMOGRAPHIC DIVIDEND HELPING PHL, SAYS HSBC
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HE Philippine economy is expected to encounter “structural tailwinds” as consumption recovers in the second semester of the year and is sustained in the coming years, according to HSBC. In a st atement , HSBC Global Private Banking and Wealth Southeast Asia and India Chief Investment Officer James Cheo said the economy is drawing its strength from the country’s demographic dividend.
Cheo said consumption spending will recover in the second semester of the year due to the latest jobs data and “strong wage growth.” “Notwithstanding the recent moderation in consumer spending, Philippines has one of the most favorable demographics in the region and is expected to enjoy the structural tailwinds of its demographic dividends in the years ahead,” Cheo said. See “Demographic,” A2
Govt to issue Bigas 29 rules, but farmers remain skeptical By Ada Pelonia
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HE Department of Agriculture (DA) assured that it will craft guidelines for a government program that aims to give the poor access to cheap rice. Agriculture Assistant Secretary and Spokesperson Arnel De Mesa told reporters on Thursday that the guidelines would ensure that Bigas 29 would benefit the vulnerable sectors of society. This includes the members of Pantawid Pamilyang Pilipino Program (4Ps), senior citizens, persons with disabilities (PWD), and solo parents which comprise 6.9 million
households or 34 million Filipinos and accounts for 30 percent of the country’s total population. Under the program, which the government intends to formally launch next month, the department would require every beneficiary to present an ID. He said the guidelines would be released prior to the launch of Bigas 29. “That will be included in the guidelines later on...to require an ID which will show that the indigent has already purchased rice. The ID has to be signed,” De Mesa said in a mix of English and Filipino. See “Govt,” A2
PESO exchange rates n US 58.6610 n japan 0.3713 n UK 74.6344 n HK 7.5142 n CHINA 8.0831 n singapore 43.4236 n australia 39.1269 n EU 63.0430 n KOREA 0.0425 n SAUDI arabia 15.6367 Source: BSP (June 20, 2024)