A broader look at today’s business www.businessmirror.com.ph
n Wednesday, November 27, 2024 Vol. 20 No. 49
P25.00 nationwide | 3 sections 28 pages | 7 DAYS A WEEK
PHL EYES ‘A-’ RATING AS S&P UPGRADES OUTLOOK By Cai U. Ordinario @caiordinario
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HE Philippines could see an “A-” credit rating within two years after Standard & Poor’s Global Ratings upgraded the country’s outlook to “positive,” according to the Bangko Sentral ng Pilipinas (BSP). In a statement on Tuesday, BSP said, however, that S&P kept the sovereign credit ratings at “BBB+” for long-term and “A-2” for shortterm. BSP said this would help the country borrow at lower costs and make the country more attractive to investors. It also noted that even businesses will benefit as they can borrow at less cost, helping them better finance their expansion plans and create jobs. “This reflects the work the government has done to improve the economic, fiscal, and monetary environment, enabling strong growth to continue,” BSP Governor Eli M. Remolona Jr. said. “ The BSP remains committed to promoting price stability, financial stability, and an efficient payment system to support
sustainable economic growth,” he added. BSP said S&P raised its outlook for the Philippines on the grounds of the country’s effective policy making, fiscal reforms and improved infrastructure and policy environment. The central bank said these helped keep economic growth strong in the past decade. The BSP also said S&P cited the recent passage of the CREATE MORE and PPP laws.
Recto: Stable environment affirmed
THE Depar t ment of Finance (DOF), meanwhile, noted that with the latest credit rating development, the country has maintained See “S&P,” A2
NGCP’S CEBU-BOHOL PROJECT BOOSTS C. VISAYAS POWER By Lenie Lectura @llectura
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HE National Grid Corporation of the Philippines (NGCP) has fully energized its 230-kiloVolt (kV) Cebu-Bohol Interconnection project with a capacity of 1,200 megawatts (MW). The Cebu-Bohol transmission line is a new transmission facility that connects Argao, Cebu, and Maribojoc, Bohol via 54.6 circuit-kilometers of submarine cables crossing the Bohol Strait, and 97.6 circuit-
kilometers of transmission lines comprising 179 overhead towers from Argao to the Dumanjug Substation in Cebu, and from Maribojoc to the Corella Substation in Bohol. Line 1 of the Cebu-Bohol transmission line was energized last July 16 while Line 2 was fully activated in September, NGCP said on Tuesday. The interconnection facility will address the growing power demand in Bohol, while providing more resiliency for See “NGCP,” A2
PIER PRESSURE Stacks of container vans fill the Bureau of Customs compound in South
Pier as trucks move in and out. With the holiday season in full swing, increased customs traffic is expected as shipments flood in to meet consumer demand. This annual surge highlights the vital role of logistics and trade in driving the economy during the busiest time of the year. BERNARD TESTA
Senate okays ₧6.35-T 2025 budget on 2nd, 3rd reading By Butch Fernandez @butchfBM
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HE Senate on Tuesday approved on second and third reading in one session the 2025 national budget of P6.352 trillion, despite reservations by the minority leader that the presidential certification that allowed this should only be issued in case of a national emergency. With 18 yes votes, zero objections and one abstention—by Minority Leader Aquilino Pimentel III—the Senate thus stuck to its committed timetable to approve the money measure to allow for time for the bicameral conference
committee to meet, and both chambers to ratify a final version for submission to Malacañang Palace and signing into law before Christmas. The plenary voted in quick succession on second and on third and final reading, following sponsorship in plenary of House Bill 10800, or the proposed General Appropriations Act, by Sen. Grace Poe, head of the Finance committee. Explaining his vote, Pimentel said he abstained as part of his “continuing objection to a very unnecessary presidential certification” for a bill that the chamber routinely tackles year after year. See “Senate,” A2
PESO EXCHANGE RATES n US 58.8900 n JAPAN 0.3819 n UK 74.0424 n HK 7.5672 n CHINA 8.1286 n SINGAPORE 43.7649 n AUSTRALIA 38.2903 n EU 61.8051 n KOREA 0.0421 n SAUDI ARABIA 15.6831 Source:
BSP (26 November 2024)