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Wednesday, March 20, 2024 Vol. 19 No. 157
PHL-EU NEGOTIATIONS ON FREE TRADE RESUME n
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By Andrea E. San Juan
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@andreasanjuan
With reforms, PHL can be $2-T economy in next decade–WEF
HE Philippines and the 27-member bloc European Union (EU) are relaunching their negotiations for a free trade agreement (FTA), which is projected to increase trade between the two parties by as much as €6 billion. At a virtual briefing of the European Commission (EC) on Monday night, EC Executive Vice President (EVP) Valdis Dombrovskis and Philippine Trade and Industry Secretary Alfredo E. Pascual formally announced the resumption of FTA negotiations between the EU and the Philippines. In his remarks, Dombrovskis said, “The conditions are right to take our trade relations to the next level,” adding, “Trade between the EU and the Philippines is already See “Negotiations,” A2
By Reine Juvierre Alberto
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THIS photo of Pantabangan Dam shows the significant extent to which its water levels have receded. Officials said if the trend persists, they may be forced to shut down the reservoir temporarily. The dam’s problems illustrate the woes besetting a huge part of the country as it reels from the extreme heat compounded by the El Niño. JOHN EIRON R. FRANCISCO
GOVT ‘ON TRACK’ IN PASSING PRIORITY LEGISLATION–LEDAC By Samuel P. Medenilla @sam_medenilla
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HE Marcos administration is “on track” in the passage of more than half of its 57 items of priority legislation by midyear to help it achieve its security and sustainable socioeconomic targets. During the 4th LegislativeExecutive Development Advisory Council (Ledac) meeting in Malacañang on Tuesday, President Ferdinand R. Marcos Jr.was informed that 14 of the priority bills were already enacted.
HE Philippines is poised to become a $2-trillion economy in the next decade as long as reforms will be continued, according to the top official of the World Economic Forum (WEF) on Tuesday. WEF President Borge Brende said that with the country’s status as the “fastest-growing economy in the region” together with Vietnam, a lot has shown business interest in the Philippines, particularly globally. “We are very bullish on the Philippine economy prov ided that reforms do continue. I think that this could be, in the coming decade, a $2 trillion economy,” Brende said at a press briefing held in Malacañan Palace. This could be achieved, Brende said, if there are foreign investments in education and infrastructure, to draw on the “great
The 14 signed priority measures were the Subscriber Identity Module (SIM) Card Registration Act, Postponement of Barangay/Sangguniang Kabataan elections, Strengthening Professionalism in the Armed Forces of the Philippines (AFP), New Agrarian Emancipation Act, Maharlika Investment Fund, Trabaho Para sa Bayan Act, PublicPrivate Partnership Code of the Philippines, Regional Specialty Centers, Automatic Income Classification of Local Government See “Ledac,” A2
See “WEF,” A2
Pantabangan Dam water decline risks a shutdown By John Eiron R. Francisco
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A N TA BA NGA N, Nueva Ecija—The critical water levels at the multipurpose Pantabangan Dam may force a shutdown if the reservoir drops by 3 meters from its current headwater level, revealed the dam’s operation officer. First Gen Operation and Permit to Work Officer Ronald Salvador said that the dam’s normal operating level is at 219 meters, with 221 meters being the spilling level. However, as of Tuesday, March 19, the recorded elevation has dwindled significantly to 179.97 meters, a decrease compared to its
previous level of 180.28 meters, as projected by the National Irrigation Authority (NIA). First Gen manages Pantabangan, Casecnan and Masiway dams. Salvador said that if the dam’s level dips to 177 meters as soon as next week, there is a risk of vortex formation or internal air entrainment, potentially leading to structural damage. Recently, authorities observed a vortex forming in the dam that indicates the severity of the situation. Me a nw h i l e , c u r re nt d at a showed that the active power output for two units stands at See “Dam,” A2
PESO EXCHANGE RATES n US 55.6140 n JAPAN 0.3729 n UK 70.8022 n HK 7.1126 n CHINA 7.7257 n SINGAPORE 41.5371 n AUSTRALIA 36.4661 n EU 60.4802 n KOREA 0.0416 n SAUDI ARABIA 14.8296 Source:
BSP (19 March 2024)