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Monday, March 24, 2025 Vol. 20 No. 164
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EXTERNAL DEBT BURDEN RISES TO $17.16B IN 2024 ‘PHL can withstand H tariff war’ By Reine Juvierre S. Alberto
IGHER principal and interest payments pushed the country’s external debt service burden to post a doubledigit increase in 2024, preliminary data from the Bangko Sentral ng Pilipinas (BSP) showed.
Total external debt service burden amounted to $17.164 billion last year, 15.56 percent higher than the $14.852 billion recorded in 2023. This covers principal and interest payments on fixed medium- and long-term (MLT) credits, including International Monetary Fund credits, Paris Club loans, commercial banks’ rescheduling and New Money Facilities, as well as interest on fixed and revolving short-term liabilities of banks and non-banks. Broken down, the principal of the total debt service burden reached $8.944 billion in 2024, higher by 15.30 percent than the $7.757 billion posted in 2023. Interest payments also saw a 15.85-percent expansion to $8.220 See “External,” A2
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FUELING UP BEFORE THE HIKE A worker fills a makeshift fuel container at an independent oil station in Nueva Ecija, bracing for next week’s fuel price increase. After a series of rollbacks last week, oil companies are set to raise prices by P1 per liter, reportedly due to rising tensions in the Middle East. NONIE REYES
HILE intensified geopolitical pressures could harm the Asia-Pacific region due to the trade policies of the United States, their impact will be less severe in the Philippines than in the country’s export-driven regional peers, according to Moody’s Ratings. In its outlook, Moody’s Ratings said no economy in Asia-Pacific will be immune to geopolitical pressures arising from US trade policies, which are likely to lower demand for exports. However, the Philippines, along with India and Indonesia, are projected to “cope better” as the economies of these countries are primarily domestically driven. “The impact on Asean and India will hinge on the form and scope of the duties, exclusions and any retaliation,” Moody’s Ratings said. The Philippines and Indonesia are also likely to face fewer additional tariffs due to their smaller trade surplus and growing defense ties with the US. “Under the new Donald Trump administration, the risk of higher trade tensions and their subsequent implications for trade flow is high,” Moody’s Ratings said. US President Donald Trump has imposed 20-percent additional tariffs on China from the 10 percent tariffs in February, as well as 25-percent tariffs on steel and aluminum imports. Trump also reinstated a 25-percent tariff on imports from Mexico, 10-percent tariffs on energy and related products and 25-percent on other imports from Canada. The executive memorandum on reciprocal trade and tariffs could be imposed on April 1, widening the criteria for evaluating US bilateral trade relationships. See “PHL,” A2
Filipino archbishop is new papal nuncio to EU By Justine Xyrah Garcia
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ARCHBISHOP Bernardito C. Auza PHOTO BY HEIDI GREEN VIA WIKIMEDIA COMMONS/CC BY-SA 4.0
OPE Francis has appointed Archbishop Bernardito C. Auza as the new apostolic nuncio to the European Union, the Vatican announced on Saturday. Auza, 65, will replace Archbishop Noël Treanor, who died in August 2024. He currently serves as the Vatican’s apostolic nuncio to Spain, a position he has held since 2019. Prior to this, he was the Holy See’s Permanent Observer to the United Nations (UN) from 2014 to 2019 where he represented the Vatican in key international negotiations. During his tenure at the UN,
Auza participated in high-level discussions on global issues, including human rights, migration, climate change, and nuclear disarmament. The Vatican News said Auza played a role in negotiations leading to the adoption of major agreements, such as the 2030 Agenda for Sustainable Development, the Paris Agreement on Climate Change, and the Treaty on the Elimination of Nuclear Weapons. The Boholano archbishop also served as apostolic nuncio to Haiti from 2008 to 2014. He was also posted at the Apostolic Nunciatures in Madagascar, Bulgaria, and Albania and worked at the Vatican’s Secretariat of State.
The Commission of the Bishops’ Conferences of the European Union (COMECE) welcomed the Filipino prelate’s appointment, citing his diplomatic experience and commitment to the Church’s mission. “Archbishop Auza brings with him a remarkable legacy of diplomatic engagement and ecclesial service,” COMECE President Bishop Mariano Crociata said. “I am confident that our collaboration will be both fruitful and impactful in advancing the common good in the European Union,” he added. A native of Talibon, Bohol, Auza was ordained a priest in 1985 under
HAPPILY GREEN EVER AFTER WHY SUSTAINABLE WEDDINGS ARE A GROWING TREND IN THE PHL WITH MARKY ALMAZORA, AVP FOR MARKETING AND COMMUNICATIONS AT CLUB ANANDA
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See “Filipino,” A2
PESO EXCHANGE RATES n US 57.1690 n JAPAN 0.3842 n UK 74.1539 n HK 7.3551 n CHINA 7.8859 n SINGAPORE 42.8104 n AUSTRALIA 35.9993 n EU 62.0684 n KOREA 0.0390 n SAUDI ARABIA 15.2414 Source: BSP (March 21, 2025)