‘Rate cut talk, more than tensions, could move forex’ By Cai U. Ordinario
T WORLD | A6
U.N. climate talks in Baku reach compromise on $300 billion annual climate funding deal
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HE Philippine peso is the third worst performing currency against the United States since the RussiaUkraine conflict, according to an analyst, and the worst performer among Asean countries. Rizal Commercial Banking Corporation (RCBC) Chief Economist Michael L. Ricafort said in his outlook for the peso that the currency has already depreciated by P7.77 to the US dollar since the start of the Russia-Ukraine war nearly three years ago. Ricafort said this represented a 15.2- percent depreciation to P58.87 to the US dollar as of No-
vember 22, 2024, from P51.1 to the greenback as of February 23, 2022. “Already weaker by at least 3 percent versus the performance of other Asean currencies that appreciated more recently vs. the US dollar since the start of 2024,” Ricafort noted. “The peso (is) also weaker/ worse by at least 4.5 percent versus the performance of other Asean currencies versus the US Dollar over the past 2.5 years (or) since the Russian-Ukraine conflict started in February 2022,” he also said. Based on the data, Ricafort said the worst-performing currency in the region since the start of the Russia-Ukraine con-
flict was the Japanese yen which depreciated by 17.8 percent in 2.5 years, followed by the Korean won at 17.8 percent. In the Asean, however, the Philippine peso was the worstperforming currency. After the peso, the Indonesia rupiah depreciated the most at 10.7 percent since the Russia-Ukraine war. This was followed by the Thai baht which depreciated by 6.9 percent in 2.5 years and Malaysian ringgit, 6.8 percent against the US dollar.
‘Talk of rate cuts’
Meanwhile, this week, Jonathan Ravelas, senior adviser at professional services firm Reyes Tacandong & Co., told Business-
Mirror that the foreign exchange market will mainly be affected by “talks of rate cuts” by the Bangko Sentral ng Pilipinas (BSP). Ravelas also expects that the strength of the US dollar in global markets as well as heightened geopolitical tensions will make the Philippine currency vulnerable to hitting the P59 to the greenback levels. Nonetheless, Ravelas said, Overseas Filipino Workers (OFWs) and their families will benefit from the weakness of the peso, as the dollar remittances will have higher peso values, allowing them to see an increase in their purchasing power.
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Monday, November 25, 2024 Vol. 20 No. 47
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9-MO INFRA SPENDING RISES 14.6% TO P982.4B n
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By Reine Juvierre Alberto
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HE government’s spending on infrastructure accelerated as of the end of the third quarter of 2024, exceeding last year’s level and the programmed target for the period by double digits. Latest data from the Department of Budget and Management (DBM) showed that infrastructure spending jumped by 14.6 percent to P982.4 billion from January to September 2024, up from the P857.6 billion disbursed in the same period a year ago. Significant disbursements by the Department of Public Works and Highways (DPWH) for its banner infrastructure projects and the Department of Defense (DND)’s defense modernization projects also drove increased spending as of the end of September. The government also overspent during the nine months, allocating P100.5 billion or 11.4 percent more for infrastructure and other
capital outlays. Infrastructure spending of the DPWH, particularly for carry-over and ongoing projects, and the direct payments made by development partners for foreign-assisted rail projects of the Department of Transportation (DOTr), were attributed to the overspending. Infrastructure disbursements, including the infrastructure components of subsidy and equity to state-run corporations and transfers to local government units, totaled P1.142 trillion as of the third quarter, higher by 11.9 percent year-on-year from P1.021 trillion. See “9-Mo,” A2
PHL RISES 31 RUNGS IN INDEX TRACKING DIGITAL TOOLS USE By Lorenz S. Marasigan
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HE Phi l ippines has surged to 49th place in the 2024 United Nations (UN) e-Participation Index (EPI), a leap of 31 spots from its 80th rank in 2022, as it leverages digital tools to foster citizen engagement while streamlining government processes. The EPI evaluates how effectively nations utilize online platforms to encourage public participation in governance. For the Philippines, Depart-
ment of Infor mat ion and Communications Technology (DICT) Secretary Ivan Uy attributed the rise to the eGov Super App. “ T his milestone underscores our dedication to making government services more accessible, transparent, and participatory for every Filipino,” Uy said. T he e G o v Sup e r A p p, launched under the government’s e- Governance program, serves as an integrated platform consolidating a range See “PHL,” A2
HANDMADE HERITAGE, HOLIDAY HOPE In Barangay E. Aldana, Las Piñas City, generations of artisans keep the parol-making tradition alive. Passed down through generations, this heritage not only fills homes with holiday cheer but also supports livelihoods in the community. Orders start as early as August, proving that the parol (lantern) remains a timeless beacon of hope and festivity for Filipinos. NONIE REYES
DA issues rules on 25K-MT fish, aquatic items imports By Ada Pelonia
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@adapelonia
HE Department of Agriculture (DA) released guidelines for the implementation of the 25,000 metric tons (MT) of certain imported frozen fish and aquatic products. This, after Agriculture Francisco Tiu Laurel Jr. signed the Certificate of Necessity to Import (CNI) 25,000 MT of approved importable species to curb inflation, ensure food security, and diversify food choices. Under the Memorandum Order (MO) 51, the maximum importable volume (MIV) of 24,000 MT
would be allocated for salmon (whole), species of squid that will not compete with the local production, tuna (byproducts only), black cod (whole), gindara (whole), sardines, red snapper, grouper, and halibut (whole). The agency said the remaining 1,000 MT allocated to the Kadiwa ng Pangulo (KNP) Program would be limited to small pelagic fish species. This move aims to ensure the steady supply of affordable fish and aquatic products. Under an earlier circular, the DA said the KNP Program primarily supports Filipino farmers See “DA,” A2
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)