$2.7-B WB loans for PHL projected in 2025
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FLYING HIGH On November 24, Cebu Pacific became the first Philippine company to feature an ad on the iconic Burj Khalifa in Dubai. The 3-minute spectacle showcased the Philippines’ breathtaking tourist spots, including Palawan, Siargao, Davao, Bohol, Iloilo and Cebu, on the world’s tallest digital billboard. Story on A5. Photo courtesy of Cebu Pacific
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S the year comes to a close, World Bank data showed a total of $2.72 billion worth of loans are set for approval by the Washington-based lender for the Philippines next year. The World Bank said the seven projects in the pipeline are linked to water, transport, climate action and energy, among others. The largest commitment of the World Bank is slated for the Pagkilos - Locally-Led Climate Action project which is estimated to receive $700 million in financing. “The objective of the project is to strengthen local capacities for participatory climate resilience planning and deliver climate action in vulnerable areas,” the
World Bank said. The project, slated for approval in February 2025, will be implemented by the Department of Social Welfare and Development (DSWD). Another big-ticket financing of $600 million is allocated for the Philippines First Energy Transition and Climate Resilience Development Policy Loan (DPL). The project, slated for approval in March 2025, will be implemented by the Department of Energy, Energy Regulatory Commission, and the Department Environment and Natural Resources. “The Program Development Objective is to support Government of the Philippines reforms to
(1) scale up adoption of clean energy technologies; (2) increase the security, flexibility and competition of electricity markets; and (3) improve water management across water uses,” the World Bank said. T hese are fol lowed by the $496-million financing for the Philippines Health System Resi lience Project Phase 1 and $456-million commitment for the Mindanao Transport Connectivity Improvement Project. The Health System Resilience Project Phase 1 aims to improve the utilization and quality of health services as well as enhance health emergency prevention, preparedness and response in the project provinces.
The Mindanao Transport Connectivity Improvement Project aims to improve connectivity, climate resilience, and safety of Selected Roads in the Mindanao region. Both projects are slated for approval by the World Bank in February 2025. The list also includes the World Bank’s commitments for the Philippine Water Supply and Sanitation Project worth $250 million; Project for Learning Upgrade Support and Decentralization, $150 million; and the Philippines Civil Service Modernization Project, $67.34 million.
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Tuesday, November 26, 2024 Vol. 20 No. 48
P25.00 nationwide | 2 sections 32 pages | 7 days a week
By Cai U. Ordinario
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@caiordinario
HE country’s widening current account deficit (CAD) is expected to place more pressure on the peso to depreciate, according to an international think tank.
In its latest economic brief, ANZ Research said the country’s CAD could widen to 2.9 percent of GDP in 2024 compared to the 2.7 percent of GDP posted in 2023. The wider CAD is mainly due to the ballooning trade deficit which reached $5.1 billion in September 2024, the widest in 20 months. “We think the current account deficit is likely to widen further as the government is more focused on enhancing economic growth. We think that this could exert further depreciation pressure on the peso,” ANZ Research said. The country's trade deficit widened, ANZ Research said, due to declining exports and higher imports. The decline in exports was mainly due to weak electronic exports.
The think tank said the country's exports are plagued by its declining share in global exports since 2017 and the absence of gains in exports in absolute terms. Accord ing to A NZ Research, the country’s monthly exports have remained static at a little over $6 billion since 2021. It added that on a 12-month moving average basis, total exports fell 0.7 percent in September 2024 compared to December 2021. “The problem of declining competitiveness has been particularly pronounced for the electronics sector, which accounts for 55 percent of the Philippines’ overall exports,” ANZ Research said. See “Current,” A2
ON THE RIGHT TRACK Passengers enjoy the newly extended LRT-1, marking Phase 1 of the Cavite Extension project. The 6.2-km addition introduces five new stations, increasing the line’s reach to 26.9 km. Designed to serve up to 400,000 passengers daily, this extension is more than a transportation upgrade—it’s a significant boost to local productivity. With travel time from Parañaque to Quezon City reduced by nearly an hour, the project underscores efficient mobility as a cornerstone of economic recovery and growth. NONIE REYES
BSP COIN DEPOSIT MACHINES’ ‘LOOSE CHANGE’ HIT P1 BILLION
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HE Bangko Sentral ng Pi lipinas (BSP) has collected P1.08 billion worth of loose change from transactions done via coin deposit machines (CoDMs). In a social media post, the BSP said this included 280.17 million coins collected from 255,906 transactions done through the 25 CoDMs located in the Greater Manila Area as of November 15. BSP also said these coins were converted by Filipinos to e-wallet credits and shopping vouchers. Some of these coins were deposited to GoTyme
bank accounts, BSP said. Earlier, BSP considered the CoDM a success in plugging the country's artificial coin shortage. As such, it intends to add another 25 CoDMs nationwide by next year. Legal tender coins include the BSP Coin Series and the New Generation Currency Coin Series, composed of 1-, 5-, 10-, and 25-Sentimo; and 1-, 5-, 10-, and 20-Piso. BSP reminded customers using the machines to ensure that coins are not taped or See “BSP,” A2
GCG readies guidelines for Maharlika’s key positions By Reine Juvierre Alberto
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@reine_alberto
HE Governance Commission for GOCCs (GCG) will come up with guidelines for the Maharlika Investment Corporation’s (MIC) highly technical positions and compensations as its organizational structure is stiwll being finalized. At the sidelines of the GCG Awards ceremony on Monday, GCG Chairperson Marius P. Corpus told reporters the governing body has yet to establish the guidelines for highly technical positions and their compensation. “The president has instructed us to coordinate with Maharlika to come
up with the guidelines. That is what we’re doing,” Corpus said. President Ferdinand R. Marcos Jr. has approved the interim staffing pattern of non-highly technical positions and their compensation, he added. Corpus said the guidelines will likely be approved next year, but still not definite. “Anything can come up. So, we have to really finalize and refine the guidelines.” Despite the slowdown in arranging MIC’s organizational structure, Corpus said the state-run corporation could already proceed with its investments. See “GCG,” A2
PESO exchange rates n US 58.9080 n japan 0.3807 n UK 74.2241 n HK 7.5686 n CHINA 8.1277 n singapore 43.8206 n australia 38.5258 n EU 61.3762 n KOREA 0.0420 n SAUDI arabia 15.6954 Source: BSP (November 25, 2024)