MIC eyes $1-B investments just for energy
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HE national government’s sovereig n wea lt h f und aims to raise about $1 billion in investments for the energy sector alone towards the end of the year, according to Maharlika Investment Corporation's (MIC) top official. MIC President and Chief Executive Officer Rafael D. Consing, Jr. confirmed that the MIC is targeting by the end of the year to generate $1 billion or approximately P56 billion in investments for the energy sector.
The MIC, he added, has been offered investments, particularly in solar energy as of the moment. At the sidelines of the GermanPhilippine Chamber of Commerce and Industry economic forum on Wednesday night, Consing said he has spoken to sovereign wealth funders to raise the billion-dollar target. However, he did not disclose who are the wealth funders. According to him, the funding for the energy sector will also include MIC’s contribution apart from those coming from the sov-
ereign wealth funders. “My concept is in order for us to be able to spend our risk limits more than one turnover, [it] is by actually coming up with a fund where that’s going to be our contribution,” Consing said. The MIC’s risk limit, which is the sectoral limit, will be their contribution to the fund, added Consing. “But if you create a fund, and in which case, our sectoral limit is going to be our contribution to that fund, then we’re able to increase our spending effectively,” he said.
Earlier, the MIC said that it is looking into investing in the energy sector, its priority sector, in the last quarter of the year. (See: https:// businessmirror.com.ph/2024/02/20/maharlika-funds-priority-is-in-energy-q4timeline-eyed/). In making the investments in the energy sector, Consing said the hurdles would be the kind of returns they can generate from these products that are deemed acceptable. See “MIC,” A2
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President Ferdinand Marcos Jr. delivers an address to members and senators at Parliament House in Canberra, Australia, on Thursday, February 29, 2024, emphasizing the importance of the strategic partnership between the two nations amidst regional challenges. He underscored the need for collaborative efforts between Australia and the Philippines to maintain peace and stability in the region, drawing parallels to their cooperation during World War II. Story below and in Second Front Page, A14. LUKAS COCH/AAP IMAGE VIA AP
HE rise in commodity prices could be higher in February due to more expensive food items, according to the Bangko Sentral ng Pilipinas (BSP).
On Thursday, BSP said inflation could average 2.8 to 3.6 percent in February due to more expensive food items such as rice, meat, and fish. The BSP also said the increase in petroleum prices and electricity rates were also primary sources of upward price pressures in February. “Going forward, the BSP will continue to monitor developments affecting the outlook for inflation and growth in line with its data-dependent approach to monetary policy decision-making,” BSP said. See “Costlier,” A2
Slow pace of National ID release, flawed features hit By Jovee Marie N. dela Cruz
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HE slow deployment of the Philippine Identification System (PhilSys) was assailed by a veteran legislator on Thursday amid increasing complaints that the national ID is effectively useless as a proof of identity due to the absence of the bearer's signature. Surigao del Norte Rep. Robert Ace Barbers, chairman of the House Committee on Dangerous Drugs and one of the principal authors of Republic Act 11055, or the PhilSys, expressed
frustration that six years after its enactment, many applicants are still waiting for their IDs. “It’s been almost six years since the National ID was enacted into law, and I was one of those lawmakers who first filled out the PSA forms to have one. I’ve all but given up on waiting for my national ID. It seems like it has been forgotten,” he said. Barbers said he has received complaints about the national ID's non-acceptance as valid identification due to the lack of a specimen signature. “Without a specimen signature on it, the Philippine Na-
tional ID has apparently been rendered useless as a proof of identity for its owner because it does not bear the holder’s signature,” he said. While there are penalties for those who will not honor the national ID as a valid proof of identity, the solon from Surigao del Norte pointed out that the “simple inconvenience of a missing signature—as against those that can be found in passports, driver’s licenses, or other valid IDs—makes the national ID an inferior form of proof of identity.” “And with the absence of
that signature, we really cannot blame those who require more valid forms of identification,” he said. “As a result, PhilSys bearers have had to also present their passports or driver’s licenses as proof of identity to comply with most business or government requirements.” Under RA 11055, signed into law on August 8, 2018, the PhilSys national ID shall serve as a valid proof of identity that can be used to transact business with the government and the private sector. See “Slow,” A2
PHL looks to Australia for easing supply chain worries By Samuel P. Medenilla
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MID ongoing disruptions in the global supply chain, President Ferdinand R. Marcos Jr. said he wants greater economic cooperation with Australia to ensure the country’s economic security. For its part, Australia sees the Philippines as its gateway to tapping the growing economic opportunities in Southeast Asia. D u r i n g h i s me e t i n g w it h Australian Prime Minister Anthony Albanese, Marcos said he
discussed expanding Manila’s economic partnership with Canberra. “We anticipate greater bilateral economic cooperation that will allow us to withstand shocks, to be resilient against economic coercion, and to provide an enabling environment for our respective businesses and labor markets to further flourish under the ambit of our Strategic Relationship and Partnership,” Marcos said in his joint conference with Albanese in Canberra on Thursday. See “PHL,” A2
PESO exchange rates n US 56.1870 n japan 0.3729 n UK 71.1608 n HK 7.1778 n CHINA 7.8063 n singapore 41.7468 n australia 36.4991 n EU 60.9067 n KOREA 0.0421 n SAUDI arabia 14.9816 Source: BSP (February 29, 2024)