Peza touts PHL’s gains from FTA with EU By Andrea E. San Juan @andreasanjuan
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FREE trade deal with the 27-member bloc European Union (EU) will be “instrumental” in Philippine locators’ goal of making the country the “ideal base” for offshore operations by EU firms, according to the Philippine Economic Zone Authority (Peza). “As one of the investment promotion agencies in the country, this will likewise be instrumental in Peza’s quest towards positioning the Philippines as the ideal base for offshore operations by EU companies eyeing to penetrate the much
vibrant Asean and Asia-Pacific markets,” Peza told the BusinessMirror in an e-mail last week. Moreover, Peza said the EU FTA and the renewed Generalised Scheme of Preferences Plus (GSP+) status will help the Philippines in its bid to attract EU foreign direct investments (FDI) from diverse strategic industries, catering to both domestic and export markets. The investment promotion agency also noted that the renewed talks for a free trade deal show EU’s “commitment” to the sustainable development goals and inclusivity through their engagement with a developing economy like the Philippines.
Last week, European Commission (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. With the EU being the Philippines’s fifth largest trade partner, the FTA with EU would, Peza said, “strengthen both countries’ bilateral trade and economic relations and unlock mutual benefits for the Philippines and the EU.” The investment promotion agency noted that based on its records, there are 448 registered business enterprises (RBEs) engaged in exports
to Europe and 523 RBEs engaged in imports from Europe. According to Peza, the goods that are being sourced from the European bloc by the Philippines a re dom i nated by m ac h i ner y, transport equipment, chemicals, and food products; while the Philippines’s main exports to the EU are office and telecommunications equipment, machinery, food and agricultural products, and optical and photographic instruments. As for the goods being imported and exported by Peza’s registered business enterprises, it noted, “the majority consists of electronics,
BusinessMirror
See “Peza,” A2
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GOVT EYES P100B FROM CBK SALE TO FILL DEFICIT n
Monday, March 25, 2024 Vol. 19 No. 162
P25.00 nationwide | 3 sections 32 pages |
By Lenie Lectura @llectura
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HE Power Sector Assets and Liabilities Management Corp. (PSALM) could raise as much as P100 billion from the privatization of the Caliraya-BotocanKalayaan (CBK) hydroelectric power plant complex, according to the chairman of the state firm.
See “Govt,” A2
SPREADING JOY AND AWARENESS Happy Walk continues to be a symbol of joy, awareness and inclusivity for individuals with Down Syndrome and their families. The 2024 Happy Walk at the weekend saw over 4,000 attendees gathering at SMX in Pasay City, coming together to spread smiles and promote unity. Happy Walk 2024 is organized by the Down Syndrome Association of the Philippines (DSAPI), in partnership with SM Supermalls’ corporate social responsibility arm, SM Cares. Among those who graced Sunday’s Happy Walk are: DSAPI President Luis Harder, along with SM Supermalls’ Assistant Vice President for Marketing Hanna Carinna Sy, SM Prime Holdings Chairman of the Executive Committee Hans Sy, Atty. Peter Pardo, Chief of Staff of Pasay City Mayor Emi Calixto-Rubiano, SM Prime Chief Finance Officer John Ong, and DSAPI’s Agnes Lapena and Nill Arroyo. NONIE REYES
SEMANA SANTA TRAVEL TIPS: BOOK WITH DOT-ACCREDITED HOTELS, BE AT NAIA EARLY
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RAVELERS this Semana Santa (Holy Week) are advised to book only with government-accredited tourism enterprises, while those holidaying abroad are encouraged to pay their travel tax online. T his developed as more than 1 million passengers are projected to throng the four terminals of the Ninoy Aquino International Airport (Naia) from March 24 (Palm Sunday) to 31 (Easter Sunday). This is a 15-percent increase from the 926,755 passengers who flew through the Naia during the similar Holy Week period in 2023, according to the Manila International Airport Authority (Miaa). I n a n e w s s t at e m e nt ,
Miaa General Manager Eric Ines said, “We are prepared for this influx at our terminals, especially as Holy Week coincides with summer, historically a peak season for air travel,” as he noted that, “our domestic operations, in particular, have been consistently surpassing pre-pandemic flight movement and passenger volume.” He also advised passengers to be at Naia “at least three hours before international departure and two hours before domestic departure.” Some airlines may suggest an earlier check-in time to prevent long lines at the counters. “Travelers with only handcarry luggage are encouraged to check in online or use the checkin kiosks.” See “Semana,” A2
PHL to ICJ: Polluting states accountable for climate woes By Malou Talosig-Bartolome @maloutalosig
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HE Phi l ippines, one of the world’s most vulnerable countries from climate change risks, has asked the United Nations’ principal judicial organ to make polluting countries accountable for climate change. In its Written Statement, the Philippine government also asked the International Court of Justice based in The Hague, The Netherlands to heed the call of the UN General Assembly to issue an advisory opinion on climate change. Can ICJ rule on climate change? In March 2023, the UN General Assembly requested that the ICJ issue an advisory opinion on the obligations of states with respect to climate change. The ICJ has two major mandates: settle legal issues including territorial disputes submitted by states,
and issue advisory opinions on legal questions referred by UN agencies. Vanuatu lobbied before the UN member states to support its initiatives to bring the question of climate justice before the ICJ. The UNGA asked the ICJ to answer the questions: ■ What are the obligations of States under international law to ensure the protection of the climate system and other parts of the environment from anthropogenic emissions of greenhouse gasses (GHG) for States and for present and future generations? ■ What are the legal consequences under these obligations for States where they, by their acts and omissions, have caused significant harm to the climate system and other parts of the environment, with respect to: (i) States, including, in particular, small island developing States, which due to their geographical circumstances and See “PHL,” A2
AP/ALEXANDER ZEMLIANICHENKO
“CBK is up for bidding. We could probably generate anywhere from P50 billion to P100 billion. That will help plug our deficit for next year,” said Finance Secretary Ralph Recto, who is also the chairman of the PSALM board. Recto said the auction will commence in “the next few months” while the turnover of the asset to the winning bidder could happen next year. The CBK hydro facility consists of the 22.6-megawatt (MW) Caliraya in Lumban, 20.8-MW Botocan in Majayjay and the 684.6-MW Kalayaan I and II in Kalayaan, Laguna. The plants are under an IPP (Independent Power Producer) administrator contract with CBK Power Co. Ltd. until February 7, 2026. The IPP administers the plant’s contracted capacity of 796.46 MW.
EXPLAINER »B4
PUTIN HAS NO SUCCESSOR, NO LIVING RIVALS AND NO RETIREMENT PLAN—WHY HIS EVENTUAL DEATH WILL SET OFF A VICIOUS POWER STRUGGLE
PESO EXCHANGE RATES n US 55.9570 n JAPAN 0.3691 n UK 70.8472 n HK 7.1543 n CHINA 7.7724 n SINGAPORE 41.6533 n AUSTRALIA 36.7582 n EU 60.7917 n KOREA 0.0420 n SAUDI ARABIA 14.9210 Source: BSP (March 22, 2024)