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A broader look at today’s business n
Saturday, November 23, 2024 Vol. 20 No. 45
EJAP JOURNALISM AWARDS
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(2017, 2018, 2019, 2020)
DEPARTMENT OF SCIENCE AND TECHNOLOGY
2018 BANTOG MEDIA AWARDS
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STUDY IN EUROPE? CHECK OUT THIS FAIR The two-day European Higher Education Fair (EHEF) kicks off on November 22 at Robinsons
Galleria, led by European Union Ambassador to the Philippines Massimo Santoro and representatives from various EU member states. The fair features sessions and presentations where students can explore academic opportunities and scholarship programs across Europe. JUSTINE XYRAH GARCIA
‘HOLIDAY SPEND TO HELP MEET 6-7% PHL GROWTH’
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FROM SIMPLE GIG, PLATFORM DELIVERY RIDER GOES FULL TIME RIDING TOWARD STABILITY
By Reine Juvierre S. Alberto
NCREASED public spending during the holiday season will help the Philippines achieve its full-year growth target of 6 to 7 percent, according to the Department of Budget and Management (DBM). At the sidelines of the DBM’s Fiscal Policy Conference on Friday, Budget Secretary Amenah F. Pangandaman and Principal Economist Joselito R. Basilio told the BusinessMirror the government will hit its growth target for 2024. “We expect the fourth quarter [GDP] to be at 6.5 percent to 6.6 percent,” Basilio said, adding the economy should grow at this rate to achieve the full-year target. This comes after the Philippines’ gross domestic product slowed to 5.2 percent in the third quarter, coming from a strong 6.4 percent in the second quarter and 5.7 percent in the first semester. Despite the Philippine peso weakening against the US dollar, closing at P59 to the greenback on November 21, Basilio and Pangandaman saw this as an opportunity to speed up economic growth. “[The] depreciation of the peso
Rommel delas Armas, a former retail worker turned full-time GrabFood delivery rider, reflects on his journey to financial stability and personal fulfillment. JOHN EIRON R. FRANCISCO
By John Eiron R. Francisco
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FTER taking a leap of faith into the food delivery industry, Rommel delas Armas now thrives as a full-time rider, finding “much greater satisfaction and more financial stability” compared to his previous job in the retail sector. Armas, who began working part-time as a GrabFood delivery rider in 2019 while also employed as a merchandiser at a retail store in Metro Manila, told the BusinessMirror that the pandemic, Continued on A2
could be good for some sectors and bad for others,” Basilio added. Particularly, a higher US dollar to Philippine peso exchange rate will benefit remittance recipients of overseas Filipino workers, receiving more in pesos. Basilio said this would enable them to spend more given their higher purchasing power and stimulate economic activity. “We see more of that in the Christmas season,” he added. Public spending accounts for
IN Dapitan, Manila—a bustling hub for holiday shopping—colorful Christmas decorations fill the lively streets, transforming the area into a vibrant holiday marketplace. These early festive displays not only draw locals and visitors eager to immerse themselves in the spirit of the season but also fuel increased public spending that plays a crucial role in boosting economic activity as the year comes to a close. NONIE REYES
about 10 to 15 percent of the Philippines’ GDP. With this development, Pangandaman said the country’s economic team—the Development Budget and Coordination Committee (DBCC)—will meet in December to adjust growth targets. Whether the DBCC would revise the targets upwards or downwards, Pangandaman said she has “no idea yet.”
Rush in BARMM transition may lead to turmoil, says Marcos Jr. By Samuel P. Medenilla
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OMPLICATIONS caused by the Supreme Court decision separating Sulu from the Bangsamoro Autonomous Region in Muslim Mindanao (BARMM) may lead to the postponement of the first-ever Bangsamoro Parliamentary Elections (BPE), according to President Ferdinand Marcos Jr. Continued on A2
MARCOS: “It is better to be correct [with the transition] instead of rushing it, which can lead to turmoil.” AP
BUSINESSMIRROR’S BROADER LOOK AT BIOTECH The BusinessMirror was among the big winners at the 13th Jose G. Burgos Jr. Awards for Biotechnology Journalism on Thursday at the Agriculture Training Institute of the Department of Agriculture. Photo at left: Dr. Paul C. Limson, Director of DA-Biotechnology Program Office; Awards Chair Edita T. Burgos; BusinessMirror editor in chief Lourdes M. Fernandez accepting the plaque for BM’s Hall of Fame award for the Institutional category; BM associate editor Jennifer A. Ng; and Board of Judges chairman Dr. Vivencio R. Mamaril. Right photo: Limson, BM senior reporter Butch Fernandez, who won second place in News category; Mrs. Burgos and Mamaril. Story in A3 News. NONOY LACZA
PESO EXCHANGE RATES n US 58.9770 n JAPAN 0.3817 n UK 74.2638 n HK 7.5781 n CHINA 8.1440 n SINGAPORE 43.8067 n AUSTRALIA 38.3999 n EU 61.7843 n KOREA 0.0422 n SAUDI ARABIA 15.7088 Source: BSP (November 22, 2024)