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Thursday, November 28, 2024 Vol. 20 No. 50
P. | | 7 DAYS A WEEK
PHL FROM POLITICAL WAR B R J S. A
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@reine_alberto
ESPITE the intramurals between the camps of the Philippines’s president and vice president, economic managers have assured the public the economy is undaunted by domestic and external headwinds.
“The administration is ensuring that the transformation of the economy will not be set back by political challenges,” the Development Budget Coordination Committee (DBCC)—composed of the Budget Secretary, Finance Secretary, National Economic and Development Secretary and the Special Assistant to the President for Investment and Economic Affairs—said on Tuesday night. The DBCC underscored the Philippine economy has proven time S “NPL,” A
CARTING THROUGH CHALLENGES Shoppers are gearing up for the holiday season, stocking up on Noche Buena essentials despite the Philippines’ headline inflation ticking up to 2.3 percent in October 2024, from 1.9 percent in September 2024. This brings
the national average inflation rate from January to October 2024 to 3.3 percent, lower than the 4.9 percent rate in October 2023, but still posing challenges for families on a budget. Filling carts with holiday staples like ham, fruit cocktail, and queso de bola is a balancing act as the government monitors prices to ensure Noche Buena spreads remain within reach for Filipino households. NONIE REYES
NEDA: FAVORITISM LEADS TO BUDGET WASTE, HURTS PEOPLE B C U. O @caiordinario
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TATES with weak institutions tend to “pick winners” and have no regard for competition which leaves many of their citizens worse off, according to the National Economic and Development Authority (Neda). In an Asia Impact Seminar on Wednesday, Socioeconomic Planning Secretary Arsenio M. Balisacan said the lack of competition leads to significant waste in the state budget, thus worsening inequality nationwide. “Recent historical experience suggests to us that in states with weak or captured institutions, picking winners is a dangerous
game,” Balisacan said in the virtual briefing. “[This] also led to significant waste in the allocation of scarce public resources, and the worsening of inequality, corruption, and the erosion of institutions that ensure economic governance, sound economic governance,” he added. Balisacan, however, said growing industries or firms to a level of dominance is “not inherently wrong” but such a position should not be abused and disadvantage competitors. He added that certain industrial policies could lead to uncompetitive practices because of the S “N,” A
P6.3-B Oct budget surplus shrinks deficit to P963.9B
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HE national government’s budget deficit narrowed to P963.9 billion as a P6.3-billion budget surplus was recorded in October due to increased revenue collections outpacing expenditures. Data from the Bureau of the Treasury (BTr) showed the deficit from January to October 2024 narrowed by 5.30 percent or P54 billion from P1.017 billion during the same period last year. Revenues collected reached P3.766 trillion as of end-October, 16.83 percent higher than the P3.223 trillion generated a year ago. Taxes contributed 85.68 percent or P3.226 trillion to overall revenues, which grew by 11.40 percent
from P2.896 trillion year-on-year. Broken down, the Bureau of Internal Revenue (BIR) raised P2.4 trillion, making up 84.95 percent of the P2.85-trillion revised fullyear target. The collection is higher by 13.49 percent from last year’s P2.1 trillion on account of higher valueadded, personal income and corporate income taxes, as well as combined taxes on bank deposits and government securities, documentary stamp taxes and percentage taxes.
Customs collection
THE Bureau of Customs (BOC) generated P777.6 billion, achieving S “S,” A
PESO EXCHANGE RATES US 58.9920 ■ JAPAN 0.3853 ■ UK 74.1588 ■ HK 7.5797 ■ SINGAPORE 43.8114 ■ AUSTRALIA 38.1796 ■ SAUDI ARABIA 15.7027 ■ EU 61.8826 ■ KOREA 0.0422 ■ CHINA 8.1365 Source: BSP (November 27, 2024)