A ‘Home Away from Home’: New Dormitory Complex to Enhance Worker Welfare in Subic
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S TAT E- O F -T H E-A RT dormitory complex with a budget of P1.1 billion is set to rise within the Subic Freeport, offering modern and comfortable accommodations for approximately 6,000 workers. The groundbreaking ceremony was held on March 19, 2025, led by Subic Bay Metropolitan Authority (SBMA) Chairman and Administrator Eduardo Jose Aliño. THE Subic Bay Metropolitan Authority (SBMA), along with project partners including Isuzu Gencars Group and RDBT Construction Corporation, held the Groundbreaking Ceremony for the new dormitory complex on March 19, 2025, at George Dewey Area, Subic Gateway District, Subic Bay Freeport Zone.
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Enhancing Worker Welfare and Quality of Life
CHAIRMAN Aliño emphasized that this project is more than just
housing—it is about improving the lives of Freeport workers and providing them with a secure, comfortable living space. “To me, this is the first step towards the realization of a strong, comfortable, and peaceful way of life for our Freeport workers, the same as the dream of our dear President Ferdinand Marcos Jr. for every Filipino in the country,” Aliño stated. He described the dormitory as a “home away from home” for those who contribute to Subic’s progress.
Condo-Like Living for Workers
THE dormitory complex, to be
developed by RDBT Construction Corp. under the leadership of CEO Architect Rafael Dalmacio B. Tecson, is designed to provide a condominium-like living experience. Spanning 1 hectare, it will feature four 5-story dormitory blocks and an administrative building, incorporating eco-friendly elements such as natural ventilation, solar-powered lighting, and green spaces. Each dormitory block will contain 188 units, accommodating a total of 6,000 beds. The ground floor will host commercial spaces, including laundry services, 24/7
convenience stores, a cafeteria, coffee shops, restaurants, and ATMs, making daily life more convenient for residents. The second to fifth floors will have spacious, well-ventilated common areas to promote better air quality and well-being. Each unit will house eight occupants, with shared toilet and bath facilities for every four individuals to prevent overcrowding. Additionally, units will feature kitchenettes with provisions for heaters, microwaves, and refrigerators, as well as study tables and built-in See “Home,” A2
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BSP SEES BOP DEFICIT DUE TO TRADE JITTERS www.businessmirror.com.ph
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Wednesday, March 26, 2025 Vol. 20 No. 165
P25.00 nationwide | 2 sections 22 pages | 7 DAYS A WEEK
By Andrea E. San Juan @andreasanjuan
HE Bangko Sentral ng Pilipinas expects balance of payments (BOP) to post a deficit this year, a reversal of its pronouncement in December when it projected a surplus for 2025. The BSP noted that the country’s overall BOP position may post a $4-billion deficit in 2025 and a $4.3-billion deficit in 2026. In December 2024, the BSP projected a $2.1-billion surplus for 2025. BSP attributed the weaker BOP projection for 2025 and 2026 to “slower global trade and subdued investor confidence linked to increased uncertainty in global trade policy and geopolitical developments.” Reyes Tacandong & Co. Senior Adviser Jonathan Ravelas said in a Viber message on Tuesday that this revision “reflects the ongoing challenges arising from the global policy uncertainty particularly due to Trump’s disTRUMPtion.” Ravelas also said the shift to a
$4-billion deficit from an earlier projection of a $2.1 billion surplus indicates that the BSP is preparing for a “more cautious economic environment.” While the country’s BOP recorded a surplus of $609 million in 2024 showing that there were “positive” aspects last year, Ravelas said the outlook for this year “seems more challenging.” Considering this recent move of the BSP, he said it is important for businesses and investors “to stay informed and adapt to these changes.” “Monitoring further updates from the BSP and other economic indicators will be crucial in navigating this uncertain period,” he added. See “BSP,” A2
‘PHL ONE OF TOP ASPAC NATIONS HASTENING TRADE FACILITATION’
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HE Philippines was among the “leading reformers” in the Asia-Pacific region in terms of trade facilitation last year, according to a report published by the Organisation for Economic Co-operation and Development (OECD). In Asia-Pacific, OECD said the other “leading reformers” the area of trade facilitation or the process of moving goods across borders are Lao PDR, Kiribati, Cambodia, Maldives, Tonga, Vanuatu, Thailand, Indonesia, Myanmar, and Vietnam. The report noted that “leading performers” in the region are: Hong Kong, China; Japan; Singapore; Korea; Australia; New Zealand; The People’s Republic of China; Malaysia; Thailand and India. According to OECD’s titled “OECD Trade Facilitation Indicators: Monitoring Policies up to 2025,” a combination of institu-
tional and regulatory reforms is driving improvements in border agency cooperation. “Countries have been scaling up investments in domestic border agency cooperation introduced since the Covid-19 pandemic, when flexible approaches helped adapt border processes and facilitate trade of selected goods,” the report noted. The report underscored that it is equally important to implement reforms related to cross-border agency cooperation. For instance, the report said Brunei Darussalam, Indonesia, Malaysia, the Philippines, Singapore, and Thailand have been operationalizing the Asean Authorised Economic Operator (AEO) Mutual Recognition Arrangement (AAMRA), signed in September 2023. Under the AAMRA, certified See “PHL,” A2
WOMEN TAKE CLIMATE CHARGE Quezon City Mayor Joy Belmonte led women leaders, policymakers, and climate advocates in signing a Commitment Statement to support women-led
climate initiatives. The pledge highlights capacity-building programs and partnerships that amplify women’s contributions to climate action. The event was part of the “We Think Green: Women in Climate Action Summit,” organized by the Quezon City Government Gender and Development Council Office and the Climate Change and Sustainability Department on Tuesday, March 25, 2025, at the M.I.C.E. Center, Quezon City Hall. NONOY LACZA
Shopping by tourists could boost GDP by P228B By Ma. Stella F. Arnaldo Special to the BusinessMirror
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VER P228 billion in economic output may be generated from shopping by foreign tourists this year, dwarfing the estimated P4 billion in government losses from refunding value-added taxes (VAT) they paid on their local purchases. According to the National Tourism Development Plan for 20232028, the Department of Tourism (DOT) projected visitor receipts this year to reach P527 billion, under its baseline scenario. Based on previous reports, about 22 percent of tourist spending goes to shopping, thus an estimated P115.94 billion this year. Based on the Department of Finance’s computation, every P100 spent by a tourist generates P197 in economic output.
This developed as Finance Secretary Ralph G. Recto said shopping shouldn’t be the end-all and be-all of a foreign tourist’s experience in the Philippines, enjoining the DOT to market the country properly and make the Philippines a much-desired destination. “Our shared goal should be clear: Tourists should leave the Philippines with more than just souvenirs. They should leave knowing that this is a country that delivers on its promises. A country that knows how to take good care of its guests. A country that doesn’t just welcome them with smiles— but with systems and policies that work.” He made this statement during the recent ceremonial signing of the Implementing Rules and Regulations (IRR) for Republic Act No. 12079, or An Act Creating a VATT Refund Mechanism for
Non-Resident Tourists. The law allows foreign travelers to get a VAT refund for the items they purchased in the country amounting to at least P3,000, and brought out of the Philippines within 60 days of purchase.
‘Ripple effect’
RECTO added: “[If] we do things right, in the eyes of our visitors, we won’t just be a country of pristine beaches and warm hospitality. We’ll be that one ultimate tourist destination they’ll keep coming back to. Again and again.” The DOF, however, has yet to make the IRR available to the public and didn’t outline what items are eligible for the VAT refund. Tourism Secretary Christina Garcia Frasco, who was present at the ceremony along with representatives of private tourism stakeholders groups, said in a
news statement, “We foresee that the ripple effect of the implementation of this law will be vast—not only in terms of retail, but most importantly, in terms of the sectors that this will benefit from generated income from shopping, accommodations, transport, and other related services.” Citing the World Travel and Tourism Council, Frasco said tourists who visit the Philippines spend at least US$2,073 per person, the highest among membereconomies of the Southeast Asian Nations. “And we foresee that with the implementation of this VAT Refund Act, we would be able to inure more benefits for our local tourism stakeholders in the component of shopping tourism,” she added. Meanwhile, representatives of tourism groups and hospitality See “Shopping,” A2
PESO EXCHANGE RATES n US 57.3330 n JAPAN 0.3805 n UK 74.0857 n HK 7.3749 n CHINA 7.8966 n SINGAPORE 42.8402 n AUSTRALIA 36.0166 n EU 61.9311 n KOREA 0.0391 n SAUDI ARABIA 15.2843 Source: BSP (March 25, 2025)