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www.businessmirror.com.ph
Wednesday, March 27, 2024 Vol. 19 No. 164
P. nationwide | sections pages | 7 DAYS A WEEK
DBP, LBP SEEN TO SEEK BSP RELIEF EXTENSION By Reine Juvierre Alberto
Still reeling from heat, PHL now bracing for La Niña, typhoons
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WO government financial institutions are expected to ask for the extension of a “regulatory relief” from the central bank after making a capital infusion to the Maharlika Investment Corporation (MIC). Finance Secretary Ralph G. Recto told reporters that the Land Bank of the Philippines (LandBank) and the Development Bank of the Philippines (DBP) will likely request an extension on the regulatory relief from the Bangko Sentral ng Pilipinas (BSP). “There’s a relief. I think the relief is only good for one year,” Recto said. The BusinessMirror sought See “Extension,” A
By Samuel P. Medenilla @sam_medenilla
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BUSY DAY FOR BUS CHECKS MMDA’s General Manager Undersecretary
Procopio Lipana (right) and head of traffic enforcement Atty. Vic Nuñez lead an inspection Tuesday (March 26, 2024) of bus terminals along Edsa-Cubao district in Quezon City and a random drug testing for drivers, conducted in coordination with the Philippine Drug Enforcement Agency (PDEA), a day ahead of an expected surge in NONOY LACZA domestic travelers going to nearby provinces forlazy the dog. Holy JOHN Week break. THE QUICK BROWN fox jumps over the EIRON R. FRANCISCO
CRITICAL CAAP FACILITY READY FOR HOLY WEEKBAUTISTA By Nonie G.Reyes
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RANSPORTATION Secretary Jaime J. Bautista on Tuesday inspected the Communication, Navigation and Surveillance/Air Traffic Management (CNS/ATM) at the Civil Aviation Authority of the Philippines (CAAP) compound in Pasay City near Naia Terminals as part of the Oplan Biyaheng Ayos: Semana Santa 2024. Bautista said he wanted to be sure of the readiness of the facility and determine what
HE government is now bracing for typhoons, which are expected to “swiftly” hit the country later this year due to the effects of La Niña, according to the Department of Science and Technology (DOST). At a press briefing in Malacañang on Tuesday, Analiza Solis, DOST Officer-in-charge of Climatology and Agrometeorology of the Philippine Atmospheric, Geophysical and Astronomical Services Administration (Pagasa), warned that warm waters brought about by La Niña will cause typhoons to develop closer to the country. “Therefore, our preparation [time] will be shortened since chances of the typhoons developing in our territory during La Niña will be higher,” Solis said.
contingencies are in place to prevent f light disruptions. Transportation authorities apparently want to present the public with an ironclad guarantee there will be no repeat of the January 1, 2023 Naia fiasco where part of the problem was traced to the CNS/ATM. During the inspection with CA AP Director General António Tamayo, officials received an assurance that all systems within the CNS/ATM were operationa l, a lig ning See “Holy week,” A
See “La Niña,” A
Recto forges financing deals with Jica for 2 big projects
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INANCE Secretary Ralph G. Recto has secured financing agreements with the Japan International Cooperation Agency (Jica) for two big-ticket infrastructure projects seen to spur mobility and enhance commerce and regional development. The projects—the first Metro Manila Subway and the Dalton Pass project to link Nueva Ecija and Nueva Vizcaya to the Cagayan Valley Region, thus boosting trade in farm products—are under President Ferdinand R. Marcos Jr.’s Build Better More program that will help drive inclusive growth for all Filipinos. “Infrastructure investments have the highest multiplier effect
on the economy. As for every peso invested in new infrastructure, two pesos and thirty centavos are infused into the national economy,” Recto said in his speech at the ceremonial signing of the loan agreements on March 26, 2024, at the Jica Philippine Office in Makati. “[T]he projects not only enhance mobility but also improve the lives of our people through the creation of more jobs and businesses. They will be the engines driving economic growth and dispersing the fruits of modernization to every corner of the country,” the Finance Chief said. See “Jica,” A
PESO EXCHANGE RATES Q US 56.3280 Q JAPAN 0.3720 Q UK 71.1930 Q HK 7.2013 Q CHINA 7.8103 Q SINGAPORE 41.8515 Q AUSTRALIA 36.8329 Q EU 61.0427 Q KOREA 0.0421 Q SAUDI ARABIA 15.0196 Source:
BSP 26 March 2024