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Monday, September 16, 2024 Vol. 19 No. 335
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DEPARTMENT OF SCIENCE AND TECHNOLOGY
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GOVT DEBT PAYMENTS JUMP BY 40.28% IN JULY T
External debt rises by 10% in January to June–BSP
By Reine Juvierre Alberto
HE government’s debt payments expanded by 40.28 percent yearon-year to P1.364 trillion as of the end of July, according to the Bureau of the Treasury (BTr). Data from the Treasury showed the nationa l gover nment paid P1.364 trillion in January to July. This marked a 40.28-percent rise from the P972.285 billion recorded in the same period a year ago. BTr data showed that amortization reached P907.301 billion, representing 66.52 percent of the total debt service for the period. This amount is higher by 44.87 percent from last year’s P626.277 billion. The bulk of the settlements for loan principal went to domestic
@andreasanjuan
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HE International Finance Cor p. (IFC) is urging the Philippines, a major importer of steel, to put in place a “comprehensive action plan” across the value chain amid plans to decarbonize the steel sector. At a recent forum, Jean-Marc Arbogast, IFC’s Country Manager for the Philippines, said that as steel is an essential input for various sectors and a “major” greenhouse gas emitter, there should be comprehensive action across the value chain. “Opportunities lie in strategic partnerships and investments in
@caiordinario
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EBTS incurred by the national government and banks led to a double-digit increase in the country’s total external debt in January to June, according to the Bangko Sentral ng Pilipinas (BSP). The data showed the country’s external debt rose by 10.4 percent to $130.182 billion in the sixmonth period, from last year’s $117.918 billion. BSP said the increase was mainly
sources, totaling P757.618 billion while P149.683 billion was paid to external lenders during the sevenmonth period. BTr data also showed that interest payments to obligations jumped by 31.98 percent year-on-year to P456.660 billion from January to July 2024 from P346.008 billion. Of this, P323.360 billion in interest payments went to domestic creditors. Majority of this was allocated to
driven by net availments of $10.36 billion, of which $5.83 billion were borrowings by private sector entities, largely by banks. “The net acquisition of Philippine debt securities by non-residents of $2.04 billion and prior years’ adjustments of $1.22 billion further contributed to the increase in debt stock,” the BSP added. The BSP also said the end-June external debt data was also higher than by $1.49 billion or 1.2 percent See “Debt,” A2
See “Govt,” A2
PHL TOLD TO CRAFT PLAN FOR DECARBONIZING STEEL SECTOR By Andrea E. San Juan
By Cai U. Ordinario
new technology,” Arbogast said in his remarks, adding that he expects the steel sector to expand in the coming decades in response to the increasing demands of urbanization and development. Corazon Halili-Dichosa, BOI Executive Director for Industry Development Services, said the BOI is working closely with the local steel industry to come up with measures that would convince firms to decarbonize their processes. “It is essential to understand the ecosystem that will motivate decarbonization. Aside from incentives, we need to know See “PHL,” A2
GRAIN EXPECTATIONS A worker at a rice warehouse in Divisoria, Manila, unloads sacks of grain as rice tariff discussions persist. The Department of Agriculture has indicated it won’t recommend raising tariffs on imported rice in the upcoming review of President Ferdinand Marcos Jr.’s Executive Order 62, which reduced the rate from 35 percent to 15 percent. The EO mandates a review every four months. NONIE REYES
BPI: Rice import arrivals hit nearly 3MMT in September By Ada Pelonia
I
MPORTED rice that arrived in the Philippines reached nearly 3 million metric tons (MMT) as of September 5, data from the Bureau of Plant Industry (BPI) showed. Figures from the attached agency of the Department of Agriculture indicated that total i mpor t s f rom Ja nu a r y 1 to September 5 reached 2.9 MMT. O v e r 2 . 26 M M T o f r i c e
shipments came from Vietnam, which maintained the top spot as the country’s source of imported rice. This was followed by Thailand which accounted for 383,230.74 metric tons (MT). BPI data showed that the Philippines also imported rice from other countries like Pakistan (156,244.48 MT), Myanmar (67,315 MT), and India (21,910.54 MT). See “Rice,” A2
Cabangon recognized at the 3rd Impact Awards
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. EDGARD A. CABANGON, Chairman of the ALC Group of Companies, was honored at the 3rd Impact Awards, organized by the OFW Party List in partnership with the Buhay-OFW Foundation Inc. The ceremony, held on September 5, 2024 at the Marriott Hotel in Pasay City recognized individuals and organizations that have made significant contributions to the welfare of Overseas Filipino Workers (OFWs) and their families.
Cabangon was acknowledged with Impact Award for Pioneer in Media Excellence for his efforts in supporting the OFW community, particularly through the ALC Media Group, which includes Aliw Channel 23, DWIZ 882AM, 97.9 Home Radio, BusinessMirror, PilipinoMirror, and the Philippines Graphic. Through these media platforms, the ALC Media Group has helped raise awareness on See “Cabangon,” A2
PESO EXCHANGE RATES n US 56.0690 n JAPAN 0.3953 n UK 73.5906 n HK 7.1863 n CHINA 7.8779 n SINGAPORE 43.0571 n AUSTRALIA 37.6840 n EU 62.0964 n KOREA 0.0420 n SAUDI ARABIA 14.9414 Source: BSP (September 13, 2024)