PBBM touts PHL’s perks for RE investors By Samuel P. Medenilla
P Libyan city buries thousands in mass graves after flood; mayor says death toll could triple
ROTARY CLUB OF MANILA JOURNALISM AWARDS
2006 National Newspaper of the Year 2011 National Newspaper of the Year 2013 Business Newspaper of the Year 2017 Business Newspaper of the Year 2019 Business Newspaper of the Year 2021 Pro Patria Award PHILIPPINE STATISTICS AUTHORITY 2018 Data Champion
@sam_medenilla
RESIDENT Ferdinand R. Marcos Jr. prioritized seeking more investments on renewable energy during his ongoing working visit in Singapore to bring down the country’s high electricity rates and help in achieving the country’s “climate targets.” During a roundtable meeting with businessmen at the sidelines of the 10th Asia Summit Fireside Chat in Singapore on Wednesday, the chief executive said the country now provides significant incentives for foreign investors. He noted they can now enjoy 100 percent equity in the explo-
ration, development, and utilization of solar, wind, hydro, and ocean or tidal energy resources. “With this development, I encourage our Singapore partners to consider the Philippines and take part in the country’s goal of increasing renewable share in power generation and offering lower cost and cleaner energy to the general public,” Marcos said. In his interview with Stonepeak managing director Steven Ciobo in the Summit, the President noted insufficient power supply and “out-of-control bureaucracy” were the two main factors which discourage new investments in the country. L a st ye a r, t he Ph i l ip pi ne
Chamber of Commerce and Industry (PCCI) expressed concern over the high electricity rate in the Philippines compared to neighboring countries Malaysia, Indonesia, Vietnam and Thailand. Marcos said the country is now trying to increase the country’s power supply, particularly renewable energy.
Other options
Aside from power, he said other sectors offering potential high return of investments are physical and digital connectivity, water resources, agriculture, and health. He also urged Singaporean businesses to consider the numerous
investment opportunities from the country’s start-up ecosystem. “The Philippines’ start-up ecosystem also possesses great potential with our young and competent talent who are—with strong government support and dedicated start-up community," Marcos said. “I invite you to look at the Philippines as your destination for your investment supporting a smart and innovative economy,” he quipped,” he added. T he Maharlika Investment Fund (MIF), the country’s sovereign wealth fund, is also another attractive option for foreign investments. See “PBBM,” A2
BusinessMirror A broader look at today’s business
Friday, September 15, 2023 Vol. 18 No. 333
EJAP JOURNALISM AWARDS
BUSINESS NEWS SOURCE OF THE YEAR
(2017, 2018, 2019, 2020, 2021) DEPARTMENT OF SCIENCE AND TECHNOLOGY
2018 BANTOG MEDIA AWARDS
BSP:NEW RATE HIKE NOT www.businessmirror.com.ph
n
P25.00 nationwide | 2 sections 28 pages | 7 days a week
LIKELY ON FOOD ‘SHOCKS’ 7 in 10 Pinoys keen to learn about AI–survey
By Cai U. Ordinario
S
@caiordinario
UPPLY shocks that led to high food prices in August could “dissipate fairly quickly,” making it unnecessary for the Bangko Sentral ng Pilipinas (BSP) to raise key interest rates anew.
BSP Governor Eli M. Remolona Jr., however, said the current situation would still not merit easing the central bank's monetary policy. The Monetary Board is scheduled to meet next week. In August, the Philippine Statistics Authority (PSA) reported that headline inflation rose to 5.3 percent from 4.7 percent in July. With this, inflation averaged 6.6 percent in the January to August 2023 period. “I think if that’s all there is, if it’s just the uptick, as you know with food prices (which) caused the uptick, these kinds of supply shoc k s d i ssipate u su a l ly fairly quickly. If that’s all there is, there are no further supply shocks beyond that uptick in August, then it won’t be necessary to hike the policy rate. It won’t justify an easing but it won’t be necessary to raise the policy rate,” Remolona said. Remolona said the BSP remains serious about price stability. He said while the BSP’s target range is 2 to 4 percent, this is not enough for the central bank. This is especially crucial, given that the recent supply shocks experienced by the Philippines drove food prices to increase. Skyrocketing food prices significantly impact the poor in the country.
M
MUTUAL DEFENSE General Romeo S. Brawner, AFP Chief of Staff (on the right), and Admiral John C. Aquino, Commander of the US Indo-Pacific Command, the US's oldest and largest combatant command, co-led the Mutual Defense Board-Security Engagement Board (MDB-SEB) meeting and press conference at Camp Aguinaldo in Quezon City. The MDB-SEB meeting served as a platform for the AFP and the US Indo-Pacific Command to discuss and establish a mutually agreed-upon policy direction regarding defense and security issues and concerns. During their discussions, they also explored the possibility of adding more projects in the country under the Enhanced Defense Cooperation Agreement. Story in Nation, A3. NONOY LACZA
AJORITY or 7 out of 10 of Filipinos want to learn about Artificial Intelligence (AI) even if they don't know where to start, according to a LinkedIn survey. The data showed over half or 59 percent of professionals said they want to learn about AI because they are worried that they should know more about AI. The survey results also showed 57 percent of professionals felt overwhelmed by the amount of change AI may bring to their job in the future “This is undoubtedly an era of change with generative AI gaining more prominence in the workplace. It is encouraging to see professionals focus on the positives that AI can bring to their working lives,” Atul Harkisanka, Head of Growth Markets and Country Lead for the Philippines at LinkedIn. See “Pinoys,” A2
INDO-PACIFIC EXPERTS WATCHING CHINA POLITICS By Malou Talosig-Bartolome
F
OREIGN policy and geopolitical analysts in the Indo-Pacific are closely watching the domestic politics in China, saying that any changes within China may affect the region economically, and possibly militarily. Speculation mounts over the whereabouts of China’s defense minister Li Shangfu, who was last seen publicly two weeks ago during a China-Africa peace forum in Beijing. The Chinese media is silent whenever Chinese leaders or members of the influential Chinese Communist Party are under
investigation. Li’s absence came after President Xi Jinping ousted Foreign Minister Qin Gang in July, and removed two rocket force commanders from the People’s Liberation Army. “It looks like President Xi Jinping is consolidating power,” Rear Admiral Rommel Jude Ong, professor of Praxis of Ateneo School of Government (ASOG), said in an interview at the sidelines of a forum of think tank Stratbase ADR Institute for Strategic and International Studies in Taguig Thursday. Commodore Debesh Lahiri, executive director of National Maritime Foundation of India,
said the internal wranglings within the Chinese leadership started to manifest during the People’s Congress last year when former President Hu Jintao was escorted out unexpectedly. “These are all indicative of the large-scale dissension,” Lahiri said. Dr.Prashanth Parameswaran, fellow of the US-based Wilson Center, explained that domestic infightings happen even in autocratic regimes such as China. “China is not 10 feet tall,” Parameswaran said. “There are a lot of issues, problems in the Chinese system. A lot of it we See “Indo-Pacific,” A2
See “BSP,” A2
PESO exchange rates n US 56.6730 n japan 0.3846 n UK 70.8016 n HK 7.2420 n CHINA 7.7923 n singapore 41.6652 n australia 36.3784 n EU 60.8215 n KOREA 0.0427 n SAUDI arabia 15.1108 Source: BSP (September 14, 2023)