PHL economic reforms pique Canadian firms’ interest By Malou Talosig-Bartolome
C THE WORLD | A9
ISRAEL DEMANDS RIGHT TO STRIKE HEZBOLLAH IN US-SPONSORED CEASE-FIRE NEGOTIATIONS
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ANADA is deploying one of its largest trade delegations to the Philippines next month, to be led by its Minister of Export Promotion, International Trade and Economic Development Mary Ng. “This is not a typical trade mission. This is a very powerhouse delegation,” Guy Boileau, counsellor and senior trade commissioner of the Canadian Embassy in Manila said in a press conference Thursday. The Team Canada Trade Mission (TCTM) will be on its last leg of the Indo-Pacific tour next week. They will go to Jakarta first on December and then proceed Manila on December 4 for a three-day visit. The trade delegation includes Al-
berta’s Minister of Jobs, Economy and Trade Matt Jones. Around 20 industry associations such as Business Council of Canada composed of chief executive officers as members, and the Canada-Asean Business Council. Boileau said Canadian small and medium enterprises as well as large companies from agricultural, clean technology, infrastructure development, information technology, defense, aerospace and education sectors will join the delegation. The delegates will get a chance to network with Filipino business leaders, attend business matching sessions, conduct on-site visits to companies, and attend meetings with industry players and conglomerates. The last time Canada sent such a large delegation to Manila was in
1997, during the visit of then Prime Minister Jean Chrétien. Boileau said there has been an increasing interest lately among Canadian business owners in investing in the Philippines. He said this is because the Philippines has made significant reforms in the past few years. These include the amended Public Service Act that allows foreigners to have 100 percent ownership in key sectors such as telecommunications, airlines, and railway. Canadian investors in renewable energy also welcomed the liberalization of the renewable energy sector, the recently signed CREATE MORE that clarified some taxation issues, the Public Private Partnership Code, and the recently amended govern-
ment procurement law. “Those are all very positive signals to international investors, to exports including those in Canada. “These investors are looking for a stable and predictable business environment. And what we have seen over the past few years is that the Philippines is indeed going in that direction,” Boileau said. One of those who have expressed active interest to invest in the Philippines are institutional investors that are “actively looking for viable projects, particularly in the green space.” Canada is also “very strong” in setting up smart cities and would like to work with the Philippine government or key conglomerates in solving the traffic woes in Metro Manila, Cebu City and other metropolis.
BusinessMirror A broader look at today’s business
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WEAK PESO MAY SPUR INFLATION—ANALYSTS www.businessmirror.com.ph
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Friday, November 22, 2024 Vol. 20 No. 44
P25.00 nationwide | 2 sections 24 pages | 7 days a week
By Cai U. Ordinario @caiordinario
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ILIPINOS should brace for higher commodity prices in the coming months if the depreciation of the Philippine peso continues against the United States dollar, according to local economists. On Thursday, the Philippine peso closed at P59 to the greenback. The last time the peso weakened to this level was on October 17, 2022. The peso opened at P58.93 to the US dollar. The intra-day high was at P59 while the low was at P58.92 to the greenback. See “Weak,” A2
4PS MAY NOT BE ENOUGH FOR LICKING CHILD MALNUTRITION
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By Bless Aubrey Ogerio
T takes more than a spoonful of food—or in this case, cash—to fix the malnutrition afflicting millions of Filipino children. The Pantawid Pamilyang Pilipino Program (4Ps) program, hailed as the government’s recipe for combating poverty and undernutrition, may need a stronger dose of reform to achieve its intend-
ed impact, according to a recent study by a socioeconomic think tank. The Philippine Institute for Development Studies (PIDS) revealed that while the conditional cash transfer (CCT) program initially showed promise in reducing severe stunting among children, subsequent evaluations indicated inconclusive results. See “4Ps,” A2
COUNTDOWN TO MAGIC Get ready to embark on a spellbinding journey as SM Supermalls transform into enchanting portals to the world of Oz. In celebration of the much-anticipated Wicked movie release at SM Cinema on November 20, select SM mall facades are lighting up in a vibrant green, setting the stage for a magical experience like no other. From glowing mall exteriors to immersive cinema activations, SM Supermalls invites you to step into the spellbinding universe of Wicked. At the heart of this celebration is the movie itself, starring the phenomenal Cynthia Erivo and Ariana Grande. Wicked is more than just a musical—it’s a story of friendship, ambition, and courage, set against the backdrop of dazzling musical numbers and breathtaking visuals. SM SUPERMALLS
RE MILESTONE President Ferdinand Marcos Jr. (center) leads the groundbreaking ceremony of the MTerra Solar Project—the world’s largest integrated solar and battery storage facility. Seen in the photo are (from left) Special Assistant to the President for Investment and Economic Affairs Frederick Go, Department of the Interior and Local Government Secretary Jonvic Remulla, Senator Loren Legarda, President Ferdinand Marcos Jr., Meralco Chairman and CEO Manuel Pangilinan, Meralco Vice Chairman and MGEN Director Lance Gokongwei, MGEN President and CEO Emmanuel Rubio. PHOTO COURTESY OF MERALCO POWERGEN CORP.
PBBM: ₧200-B Terra Solar project to hasten RE goals By Samuel P. Medenilla
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@sam_medenilla
RESIDENT Ferdinand Marcos Jr. on Thursday said the completion of the new P200-billion integrated solar and battery storage facility of the Manila Electric Company (Meralco) in Nueva Ecija will not only generate thousands of jobs, but also help meet the country’s renewable energy target. “By leveraging our abundant solar resources, the Terra Solar Project will help stabilize our power supply, reduce energy costs, and contribute significantly to our target of 35 percent renewable energy share in the power generation mix by the year 2030,” Marcos said at the groundbreaking for the Meralco Terra Solar (MTS) project. It is billed as the world’s largest integrated solar and battery storage facility.
President Ferdinand R. Marcos Jr. and Meralco Chairman Manuel V. Pangilinan co-led the groundbreaking ceremony, alongside leaders from Meralco, Meralco PowerGen Corporation (MGen), SP New Energy Corporation (SPNEC), and Actis.
RE capacity
In a statement, Meralco said the country’s renewable energy capacity already stands at 29.7 percent. Located in the Municipality of Peñaranda, Nueva Ecija, the MTS will produce 3,500 megawatts of solar power for the Luzon grid and have 4,500 megawatt-hours of battery energy storage once it becomes fully operational in 2027. Marcos said the project will become the largest solar plant and battery storage facility. See “PBBM,” A2
PESO exchange rates n US 58.8710 n japan 0.3788 n UK 74.4895 n HK 7.5636 n CHINA 8.1252 n singapore 43.8518 n australia 38.2838 n EU 62.0795 n KOREA 0.0421 n SAUDI arabia 15.6814 Source: BSP (November 21, 2024)