ADB hiking food, nutrition funds to $40B By Cai U. Ordinario
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ILAN, Italy—The Asian Development Bank (ADB) is increasing its financing for food and nutrition security in Asia and the Pacific to $40 billion by 2030 as more people struggle with surging food prices and the threats of climate change. In a briefing on the 58th Annual Meeting here on Sunday, ADB President Masato Kanda said this is a $26-billion increase from the $14 billion average between 2022 and 2025. Kanda said this is a timely measure given that the spike in food prices has been forcing families to choose between spending for meals and non-food items like transportation. “This [high prices] is forcing people to choose meal for their families or transport. The second thing is food production needs job cre-
ation, the agriculture and food systems employs 40 percent of the regional workforce,” Kanda said during the briefing. “The third thing is, food is depleting the environment, harming the biodiversity...we need to change the way [we] produce food [that is also healthy for the planet].” Kanda said the increase in financing from ADB will help feed 270 million people in the region and increase food production and agriculture-linked jobs.
Food as chunk of CPI
IN the Philippines, food accounts for 34.78 percent of the Consumer Price Index (CPI) for All Income Households and 51.38 percent of the index for Bottom 30 percent of households or the poorest Filipinos. Transportation, meanwhile, accounts for 9.03 percent of the All Income Household CPI
and 6.12 percent of the CPI for the poorest 30 percent of households. Last year, the Department of Agriculture (DA) said jobs in the country’s agriculture sector accounted for one in every four jobs in December 2023. The DA said 24.4 percent of the 50.5 million employed in December were in the agriculture sector, or around 12.3 million Filipinos. “This expanded support will help countries alleviate hunger, improve diets, and protect the natural environment, while providing opportunities for farmers and agribusinesses. It will drive change across the entire food value chain, from how food is grown and processed to how it is distributed and consumed,” Kanda said. Through the increase in financing, ADB will also establish the Natural Capital Fund—a planned $150-million blended finance vehi-
cle—with anchor support from the Global Environment Facility and contributions expected from other partners including the Global Agriculture and Food Security Program. This fund will support agri-food system projects by farmers and innovators that protect, restore, and manage natural capital sustainably across ADB’s developing members. ADB Agriculture, Food, Nature, and Rural Development Sector Office Senior Director Qingfeng Zhang told reporters that the financing will also allow governments to extend microfinancing in the agriculture sector. He said in Southeast Asia, the Philippines is one of the most vulnerable to floods and droughts and also landslides, and thus is among the countries faced with food insecurity. It may be noted that the Philippines is a net food importer.
BusinessMirror A broader look at today’s business Monday, May 5, 2025 Vol. 20 No. 204
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NG GROSS BORROWINGS DIP 30.5% TO ₧745B IN Q1 www.businessmirror.com.ph
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By Reine Juvierre S. Alberto @reine_alberto
HE national government’s gross borrowings fell to P745.142 billion year-on-year in the first quarter, as domestic debt dropped even as external liabilities more than doubled, according to the Bureau of the Treasury (BTr). Latest data from the BTr showed gross borrowings declined by 30.55 percent to P745.142 billion in the first quarter from P1.073 trillion during the same period a year ago. The current financing level accounts for 29.27 percent of this year’s borrowing program worth P2.545 trillion.
Broken down, 60.49 percent or P450.800 billion of the government’s borrowings were sourced locally. Domestic borrowings saw a 52.87-percent drop in the first quarter compared to the P956.581 billion recorded in the same quarter last year. See “NG,” A2
MERALCO ON NUCLEAR GOALS: WE’RE RUNNING OUT OF TIME By Lenie Lectura
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TOP official of the Manila Electric Company (Meralco) is worried that the country’s target of having its first nuclear power plant up and running by 2032, with an initial capacity of 1,200 megawatts (MW), might be pushed back because a bill seeking to create a nuclear regulatory framework has yet to be approved by Congress. “We’re running out of time. Hopefully, the bill will be passed already with the Senate by June and any delay in the enactment of the bill will definitely cause a major backlog in terms of meeting that target,” said Meralco Executive Vice President and Chief Operating Officer Ronnie Aperocho. He was referring to the Philippine National Nuclear Energy Safety Act, better known as the PhilATOM bill. The House of Representatives has already approved the bill on its third and final reading. However, the legislative measure is still undergoing Senate deliberations. Under the Department of En-
ergy’s (DOE) Clean Energy Scenario (CES) 1, the 1,200 MW potential installed capacity for nuclear by 2032 is forecast to have additional 1,200 MW capacity by 2035 and another 2,400 MW by 2050. Department of Energy (DOE) Secretary Raphael Lotilla said the push for nuclear is meant to diversify the country’s energy sources to ensure a more stable and secure energy supply. “Even in the nuclear energy sector, a stronger regulatory framework is needed, clearly defining the allocation of risks between government and the private sector,” Lotilla added. Aperocho said it takes about 10 years to build a nuclear power facility and without the PhilATOM bill, Meralco’s efforts could be limited to training its nuclear scholars. “The government is really a big partner, a major stakeholder. That’s where we are; without the PhilATOM bill I think all we could do is to somehow conduct feasibility studies, train our people. The major development is the enactment of the PhilATOM bill. I think there See “Meralco,” A2
TRAGEDY AT NAIA San Miguel Corp. President and CEO Ramon S. Ang (top photo, second from right), who also chairs New NAIA Infra Corp. (NNIC), assists first responders after a black SUV crashed
through the departure entrance of Ninoy Aquino International Airport Terminal 1 in Manila on Sunday, May 4, 2025. The accident killed two people—including a young girl—and injured three others. Ang has pledged to shoulder medical expenses and extend financial aid to the victims’ families. Story in Nation, A4. AP/AARON FAVILA
Labor Day job fair has low turnout despite 260K slots By Justine Xyrah Garcia
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ESPITE offering over 260,000 job vacancies nationwide, the Department of Labor and Employment (DOLE) recorded a low turnout in its recent Labor Day job fair. Labor Secretary Bienvenido E. Laguesma confirmed on Sunday that only around 37,200 jobseekers registered during the May 1 event—just 14.30 percent of the total job opportunities made available. Of those who registered, only 5,782 were hired on the spot. The department had partnered with 2,550 local and overseas
employers across 70 job fair sites nationwide. Laguesma said the top on-thespot hires were for positions such as production operators, production workers, cashiers, service crew, baggers, teachers, housekeeping staff, store clerks, and sales associates. He earlier said DOLE aims to increase its “hired-on-the-spot” rate in future fairs to show the competitiveness of Filipino jobseekers. “When many are hired on the spot, it proves that we have a lot of qualified applicants. I also urge employers not to make the questions too difficult—some of them may just be nervous,” Laguesma said in
BANKING ON BRANDING ASIAN INSTITUTE OF MANAGEMENT’S JEREMY PINTOR ON THE FUTURE OF BANK MARKETING
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PESO EXCHANGE RATES n US 55.9330 n JAPAN 0.3851 n UK 74.2846 n HK 7.2108 n CHINA 7.6921 n SINGAPORE 42.6677 n AUSTRALIA 35.6964 n EU 63.1484 n KOREA 0.0390 n SAUDI ARABIA 14.9143 Source: BSP (May 2, 2025)