Economy grows with healthier Pinoys–Neda By Bless Aubrey Ogerio
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DEATH TOLL MOUNTS AS ISRAELI STRIKES ACROSS GAZA STRIP CONTINUE AFTER CEASEFIRE COLLAPSE
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CONOMIC growth will not be sustainable without better health outcomes, the country’s socioeconomic planning secretary said on Thursday. National Economic and Development Authority (Neda) Secretary Arsenio Balisacan emphasized that a productive economy drives innovation, creates quality jobs, and reduces poverty and inequality. Yet, sustaining these gains requires a healthier workforce. “Achieving and sustaining rapid inclusive economic growth, however, depends on robust health outcomes, which serve as the indis-
pensable foundation for long-term progress,” Balisacan said in a video message at the launch of the Philippine Institute for Development Studies’ (PIDS) Health Economics and Finance Program (HEFP). He pointed out that increased public health spending is linked to higher labor productivity, citing research that highlights this connection. “Cross-country examples from Asean nations also highlight a strong correlation between higher gross domestic product, or GDP, per capita, investments in health, and improved life expectancy,” he said. Despite this, he acknowledged the country still faces significant challenges. He cited a PIDS report
on early childhood care and development found that one in three children suffers from stunting, and nine out of 10 struggle with reading and proficiency. Data from the Philippine Statistics Authority showed that in 2023, nearly 44.4 percent of the country’s total health spending came from out-of-pocket expenses, highlighting the need to reduce healthcare costs and expand access to affordable, quality services. “Ensuring financial risk protection will allow households to allocate resources toward other essential needs,” Balisacan said. To tackle these issues, the Marcos administration has rolled out its Eight-Point Action Agenda,
aligned with the Philippine Development Plan 2023-2028, which prioritizes health reforms. Moreover, a significant part of this effort involves pushing forward with initiatives under the Universal Health Care (UHC) Act. “Given the scale of challenges in this sector, the need for evidencebased health reforms has never been more urgent,” the Neda chief said. He then praised the creation of the HEFP as a critical step in addressing the country’s healthcare challenges, saying that it is “a testament to the sector’s importance and the commitment to evidencebased policymaking.” See “Economy,” A2
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Friday, March 21, 2025 Vol. 20 No. 160
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By Reine Juvierre S. Alberto
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HE Bangko Sentral ng Pilipinas (BSP) saw its net income climb to P117.6 billion in 2024, a fourfold jump from the previous year’s level on the back of higher revenues. Preliminary data from the BSP showed its net income reached P117.6 billion in 2024, expanding by 343.77 percent from the P26.5 billion recorded in 2023. The central bank’s improved net income contributes to the stronger economic outlook for the Philippines driven by its effective financial management and strategic initiatives, according to Reyes Tacandong & Co. Senior Adviser Jonathan Ravelas. “It’s a positive development that reflects the central bank’s resilience and adaptability in navigating economic challenges,” Ravelas said. Broken down, BSP’s revenues climbed to P300.4 billion, a 41.3-percent increase from P212.7 billion in the previous year. Of the amount, bulk or 80 percent of the central bank’s revenues came from interest income. This amounted to P240.8 billion in 2024, up by 21.67 percent year-on-year from P197.9 billion. Miscellaneous income also expanded by fourfold to P59.6 billion in 2024 from P14.8 billion in the previous year. This includes trading gains See “BSP,” A2
SENATE PROBES ICC, INTERPOL ROLES IN DUTERTE ARREST National Security Council Director General Eduardo Año, Deputy Executive Secretary Atty. Amante Liberato, DILG Secretary Jonvic Remulla, CIDG Director PMGen Nicolas Torre III, PNP Chief PGen Rommel Marbil, PBGen. Jean Fajardo, and DOJ Secretary Crispin Remulla take their oath as resource persons before the Senate Committee on Foreign Relations, led by Senator Imee Marcos, on Thursday, March 20, 2025. The hearing examined the roles of the International Criminal Court, International Criminal Police Organization, and various government agencies in relation to the arrest of former President Rodrigo R. Duterte. Story in Nation, A4. NONIE REYES
PHL HOTELS’ 2025 OCCUPANCY, REVENUE TO STAY STABLE: STR By Ma. Stella F. Arnaldo
By Reine Juvierre S. Alberto
Special to the BusinessMirror
P TECH TO THE RESCUE Several advanced gadgets were showcased at the 160th National and 75th World Meteorological Day celebration at the PAGASA Science Garden Complex in Quezon City on Thursday, March 20, 2025. Among the featured technologies was the Life Locator III, demonstrated by MMDA personnel. The device detects movement and breathing of victims trapped under rubble, collapsed structures, or debris within a 4-meter-wide area and up to 30 feet deep. Equipped with a headset, built-in mic, and a camera attached to an extendable 4-meter rod, it enables responders to see, communicate, and assess the victim’s condition for the best rescue approach. NONOY LACZA
ROFIT and occupancy by hospitality establishments in the Philippines are projected to remain relatively stable this year, after having maintained a mainly horizontal performance in 2024, especially in Metro Manila. In an email interview with the BusinessMirror, STR Regional Vice President for Asia Pacific Jesper Palmqvist said, “High-end hotels have gained 15 percent in ADR [average daily rate] since January 2020, but other hotel classes are just about back to same levels.” STR, a unit of the CoStar Group Inc., tracks supply and demand data for the hotel industry, and provides market analysis for major hotel chains. In terms of occupancy at Philippine hotels, he added that “High-end hotels are almost back to historic levels—other classes are
‘Reimagine’ and transform IC, insurance chief tells staff
T CONSTRUCTION of hotels in the Philippines has slowed down, mainly due to higher costs. INFOGRAPH BY STR
still missing a fair bit, particularly those in the economy/midscale categories. This goes in line with the fact that the country is very See “PHL,” A2
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HE Insurance Commission (IC) is being challenged to “reimagine” and transform the institution to adapt to the rapidly evolving world and serve the public better. In the agency’s 76th anniversary celebration on Thursday, Insurance Commissioner Reynaldo A. Regalado urged IC personnel to transform the institution for the better and be at the forefront of the changing world. “At this age and at this time, the ability to adapt and evolve is no longer just an option but a necessity for our country. We need to ensure that our services are accessible, efficient, and responsive,” Regalado said. Finance Undersecretary Maria Luwalhati Dorotan-Tiuseco, who delivered Finance Secretary Ralph G. Recto’s speech, said the IC must take this year’s theme “reimagine” to heart.
“[This is] to reimagine the role of the insurance commission as more than a supervisory or regulatory body, but as the tireless guardian of the Filipino people,” Tiuseco said. The IC must set higher standards, champion financial empowerment and ensure that every policy and regulation truly serves the evolving needs of the Filipino people, Tiuseco said. Nevertheless, the IC was recognized for continuously transforming the Philippine insurance industry into a strong and reliable sector, reflected in the financial statements of the industry. Premiums of the insurance industry grew by 12.81 percent year-on-year to P390.39 billion in 2024, while aggregate net income rose by 16 percent to P56.29 billion. Likewise, the insurance industry’s total assets also increased by 6.4 percent to P2.5 trillion. The insurance density, or the amount of See “Reimagine,” A2
PESO EXCHANGE RATES n US 57.2420 n JAPAN 0.3847 n UK 74.4661 n HK 7.3668 n CHINA 7.9195 n SINGAPORE 43.0359 n AUSTRALIA 36.3773 n EU 61.6841 n KOREA 0.0409 n SAUDI ARABIA 15.6454 Source: BSP (March 20, 2025)