MISSION ACCOMPLISHED! Gilas Pilipinas plays a methodical game in easing past a heavily American-reinforced Cambodia team, 80-69, to bring back home the men’s basketball gold medal at the 32nd Southeast Asian Games on Tuesday night in Phnom Penh. ROY DOMINGO
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Wednesday, May 17, 2023 Vol. 18 No. 212
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LOCAL CONGLOMERATES’ DEBT MAY CAUSE INSTABILITY
BSP seeks forex exposure report By VG Cabuag
PBBM signs off on PHL’s 5-yr tourism devt plan
@villygc
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ACTAN, Cebu —The Bangko Sentral ng Pilipinas may ask local conglomerates to report on their foreign currencydenominated debt as this may cause instability in the country’s banking system, such as when the peso depreciates against the US dollar. BSP Governor Felipe M. Medalla said they may ask some of the country’s largest conglomerates to submit to them the exact foreign debt exposure as the central bank may not have the complete data. “Right now, we wish we had even more complete data. And under the law, we can actually ask them, how much they have borrowed from abroad and in what currency, and what the maturity is. But we are not doing it,” Medalla said. Shanaka Jayanath Peiris, division chief of regional studies, Asia and Pacific department of the International Monetary Fund, said household debt is not a problem but regulators may want to focus on corporate debt. Peiris said that for the Philippines on average, the corporate debt level is quite manageable. See “BSP,” A2
By Samuel P. Medenilla @sam_medenilla
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PRESIDENT Ferdinand R. Marcos Jr. has approved the new 5-year National Tourism Development Plan, aiming to make the Philippines a "tourism powerhouse." This photo captures the essence of ecotourism with a mesmerizing river featuring shimmering blue waters and a sky that resembles a frozen sea. Siitan River, near the mouth of the Cagayan River, is an unexplored gem of ecotourism in Nagtipunan, nestled within the embrace of the Sierra Madre mountain range. It offers an unforgettable experience for those seeking solace in nature's harmony. JOEL C. PAREDES
MALAMPAYA GRP COMMITS $.6B TO DRILL NEW WELLS By Lenie Lectura @llectura
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HE consortium operating the Malampaya deep-water gas-to-power project has committed an initial investment of $600 million to drill new wells under the first phase of its committed work program, according to the Department of Energy (DOE).
DOE officials said in a media briefing on Tuesday that the amount would cover for the drilling of possibly up to three wells and for a tieback facility connecting the gas to the platform. The consortium is led by Prime Energy Resources Development B.V. of tycoon Enrique Razon, UC38 LLC, and Philippine National Oil Company-Exploration
Corp. (PNOC-EC). Prime Energy is the gas operator and has a 45-percent stake in the project. UC38 also has a 45-percent stake while the remaining 10 percent is owned by PNOC-EC. The service contract for the Malampaya project has been extended for 15 years or until February 22, 2039. Under the contract, the consortium is required to con-
tinue production operations, as well as conduct a minimum work program consisting of geological and geophysical studies and drill at least two deep water wells during the sub-Phase 1 from 2024 to 2029. DOE Undersecretary Alessandro Sales said the Malampaya consortium is preparing to drill up to three wells. See “Malampaya,” A2
HE country is now eyeing to attract around 52 million overseas visitors by 2028 by becoming a “tourism powerhouse” with the implementation of its National Tourism Development Plan (NTDP), according to the Department of Tourism (DOT). I n a p re s s con fe re nc e i n Ma l ac a ñ a ng , DOT Sec ret a r y Christina G. Frasco said President Ferdinand R. Marcos, Jr. approved the 2023-2028 NTDP during a sectoral meeting on Tuesday. She said the plan—the result of their nationwide stakeholder consultations—will serve as the blueprint and development framework for the tourism industry. “We are very grateful to our President for articulating very early in his administration his priority for tourism development,” Frasco said. “And this has resulted in a convergence among government agencies as far as giving full support to the development of the industry recognizing the losses that have ensued as a result of the pandemic and various calamities,” she added. The DOT chief said the budget to implement the five-year NTDP is still undergoing “recalibration” in consideration of the events that the Philippine will host in the coming years. See “PBBM,” A2
PESO EXCHANGE RATES n US 55.9710 n JAPAN 0.4113 n UK 70.1429 n HK 7.1405 n CHINA 8.0510 n SINGAPORE 41.9039 n AUSTRALIA 37.4782 n EU 60.8741 n KOREA 0.0419 n SAUDI ARABIA 14.9256 Source: BSP (May 16, 2023)