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EXPORT EARNINGS SEEN TO HIT $100B THIS YEAR www.businessmirror.com.ph
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Thursday, October 13, 2022 Vol. 18 No. 1
P. | | 7 DAYS A WEEK
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HE Philippine Exporters Confederation Inc. (Philexport) said the country’s earnings from exports of goods and services this year could reach nearly $100 billion.
Philexport President Sergio Ortiz-Luis Jr. told reporters that the value of the country’s exports this year would still surpass last year’s receipts of $87 billion despite the 2-percent decline in export earnings in August. “Last year, we made $87 billion, C A
‘ONE OCEAN’ The 108-year-old Statsraad Lehmkuhl from Norway sails into Manila on Wednesday (October 12, 2022) and is welcomed by Philippine Navy men at Pier 15 of the Manila South Harbor. The tall ship is here to celebrate the strong business relations in the maritime and energy sector between Norway and the Philippines. The vessel is currently on a global navigation under the “One Ocean Expedition” campaign, which aims to share knowledge about the importance of the ocean in achieving sustainable development for the future. NONIE REYES
Prime Infra vow to ramp up gas yield cited by DOE B L L
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@llectura
HE Department of Energy (DOE) said Wednesday that its recent approval of the sale of the 45-percent stake of Shell Philippines Exploration B.V. (SPEx) to Enrique Razon was mainly based on Prime Infrastructure’s commitment to expand the Malampaya gas production. “The approval by the DOE of the sale of Shell’s interest in SC38 of Malampaya was premised also on the commitment of the new entrant to maximize the development of the existing resources in the Malampaya-Camago reservoir with a view to developing the nearby fields as well,” Energy Secretary Raphael Lotilla said. Last month, the DOE gave its go-ahead to the SPex-Prime Infrastructure Capital Inc. deal.
In an online news briefing, Lotilla said, “the new entrant is committed to maximize the utilization of the remaining natural gas in the Malampaya-Camago reservoir with a view to developing nearby gas fields.” The DOE approved the sale after a thorough review of Prime Infra’s technical, financial and legal qualifications as new operator of Malampaya. “I am confident that this trend will continue as we reaffirm to prospective investors the openness of our economy to foreign and local investors and we assure them of the continued stability of our legal framework especially in the upstream oil and gas sector,” he said. Under the deal, SPEx will remain as a subsidiary of Prime Infra, which will assume full ownership and control of SPEx upon comple-
A TALE OF 2 BOATS, OR WHY WE KEEP SAILING WITH YOU
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T was sheer serendipity that on the day BUSINESSMIRROR released its anniversary folio marking its 17th anniversary, a 108-year old maritime icon from Norway would sail into Manila’s port (photo at left) as part of a global navigation. The men and women behind BUSINESSMIRROR had decided, early on, to use a sailboat—fittingly floating in an ocean of face masks—to illustrate the rough waters in which it had navigated through the pandemic. “Navigating@17: Continuing the Journey in a Pandemic World” is the theme for this year’s anniversary. It is to illustrate the paper’s sense of purpose, true grit, faith and hope in a world vastly disrupted, but where troubled waters still allow ships to keep sailing from shore to shore—because it’s the one thing worth doing for journalists whose main task is connecting people by letting them know what’s going on in each other’s corners of the planet. And so, this anniversary month, 17 years since Antonio L. Cabangon Chua launched his own dream of a paper (boat) promising “A Broader Look at Today’s Business,” we mark the occasion with a prayer of thanks. And a hope that, like the Norwegian Statsraad Lehmkuhl, BUSINESSMIRROR will keep sailing for a hundred years more.
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PESO EXCHANGE RATES US 58.9550 ■ JAPAN 0.4044 ■ UK 64.7149 ■ HK 7.5104 ■ SINGAPORE 40.9951 ■ AUSTRALIA 36.9648 ■ SAUDI ARABIA 15.6921 ■ EU 57.2158 ■ KOREA 0.0412 ■ CHINA 8.2248
Source: BSP (October 12, 2022)