MDBs set $120B for climate financing B C U. O
L IT’S CHRISTMAS AT SOLAIRE RESORT
Solaire Resort recently kicked off its holiday festivities with a bang as it hosted tree lighting ceremonies at Solaire Resort Entertainment City and Solaire Resort North which both boast dazzling 20-foot Christmas trees placed around the property. Solaire Resort Entertainment City in Parañaque City hosted its tree lighting with a performance by Lea Salonga and Clay Aiken. Solaire Resort North’s first tree lighting featured the Ballet Philippines along with a serenade by Martin Nievera. Guests at the Solaire Resort North Tree Lighting (left) included Gregory Hawkins, Chief Operating Officer of Solaire Resort North; Donato Almeda, Vice Chairman for Construction & Regulatory Affairs of Bloomberry Resort Corporation; Hon. Joy Belmonte, Mayor of Quezon City; Cong. Arjo Atayde; AVP Vina Oca, Pagcor-GLDD Attendees at the Solaire Resort Entertainment Tree Lighting ceremony (right) included Thomas Arasi, President and Chief Operating Officer of Bloomberry Resorts Corporation; Enrique K. Razon Jr., Chairman and Chief Executive Officer of Bloomberry Resorts Corporation; Alejandro Tengco, Pagcor Chairman and Chief Executive Officer; Lizzy Razon; Donato Almeda, Vice Chairman for Construction and Regulatory Affairs at Bloomberry Resorts Corporation, and former Chief Justice Diosdado Peralta. CONTRIBUTED PHOTO
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OW- and middle-income countries like the Philippines can access at least $120 billion worth of climate financing from multilateral development banks (MDBs) by 2030. In a joint statement, MDBs like the Manilabased Asian Development Bank (ADB) and the Washington-based World Bank Group, said the financing for low- and middle-income countries includes $42 billion for adaptation efforts. However, the MDBs intend to raise an additional $65 billion from the private sector. The MDBs said they exceeded their 2025 climate finance projections in 2019 with a 25-percent increase in direct climate financing in the past year. “While the scale of MDBs’ financial com-
mitments is essential, MDBs’ most significant impact comes from our ability to drive transformative change,” the statement said. “[We] are focused on amplifying our catalytic effect by enhancing the results and impact of our financing, deepening engagement with countries through platforms, supporting clients’ climate ambitions, and increasing private sector mobilization,” it added. The MDBs also said for high-income countries, an annual collective climate financing is projected to reach $50 billion, including $7 billion for adaptation. The banks also aim to mobilize $65 billion from the private sector. “Rallying to the call for urgent climate action, MDBs recognize the central importance of establishing a New Collective Quantified Goal on Climate Finance [NCQG] at COP29 in Baku. A robust and ambitious NCQG is essential for
achieving the goals of the Paris Agreement, and we urge Parties to reach a strong conclusion on this objective,” the statement said. Recognizing that quality and systemic impact must be informed by climate results, the MDBs also released the Common Approach to Measuring Climate Results: Update on Indicators. The common approach, issued in April, is the first shared framework to define, measure, and link global progress on climate mitigation and adaptation with the climate results of MDB activities. The MDBs also published their Country Platforms for Climate Action-MDB Statement of Common Understanding and Way Forward, reaffirming their joint support for efforts to foster collaboration between host countries, MDBs,
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Thursday, November 14, 2024 Vol. 20 No. 36
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HE Philippine banking system’s net bad loans ratio in September was at its lowest since March this year, according to the Bangko Sentral ng Pilipinas (BSP). The BSP data showed the net non-performing loan (NPL) ratio of Philippine banks was pegged at 1.57 percent in September 2024, the lowest since March 2024 when net NPL ratio was at 1.54 percent. BSP data showed the net NPL ratio at 1.61 percent in August 2024 and 1.54 percent in September 2023. “Starting September 2017, Net NPLs refer to gross NPLs less specific allowance for credit losses on NPLs per BSP Circular No. 94,” the BSP stated. The gross NPL of the banking industry averaged 3.47 percent in September 2024, the lowest since the 3.45 percent posted in April 2024. Meanwhile, net NPLs of Universal/Commercial Banks (UKBs) S “NPL,” A
RICE RELIEF
Rice deliveries in Divisoria, Manila, mark a step forward in the Department of Agriculture’s ongoing efforts to provide accessible and affordable rice. After recent consultations with rice retailers across Metro Manila, the DA has made rice available at lower prices, ranging from P42 to P45 per kilo, in Murphy Public Market, Mega Q-Mart, and Kamuning Public Market. This initiative aims to ease consumers’ financial burdens and ensure that staple grains remain within reach of more households in the Metro. NONIE REYES
GLOBAL INDEX FLAGS SLOW PHL Loyzaga: PHL may be test PROGRESS IN A.I. READINESS case for Loss/Damage Fund B L S. M @lorenzmarasigan
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HE Philippines has shown a worrying “stagnation” in AI readiness despite rapid market evolution, according to the newly released Cisco 2024 AI Readiness Index. According to the report, while 98 percent of businesses recognize the urgency of AI adoption, only 22 percent report being fully prepared to deploy AI-powered technologies—a minimal increase from 17 percent in 2023, revealing the nation’s struggle in “adopting, deploying, and fully leveraging AI.” The report said given the rapid market evolution and the sig-
nificant impact AI is anticipated to have on business operations, “this readiness gap is especially critical.” The index, which surveyed 3,660 senior leaders from large organizations across 14 markets in Asia-Pacific, Japan, and China, rates AI readiness across six pillars: strategy, infrastructure, data, governance, talent, and culture. “As companies accelerate their AI journeys, it’s critical they adopt a comprehensive approach to implementation and connect the dots to link AI ambition with readiness,” Cisco Philippines Managing Director Zaza SorianoS “A.I.,” A
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@jonlmayuga
HE Philippines may be a test case for the Loss and Damage Fund in responding to the cumulative loss of lives and damage to critical infrastructure, Department of Environment and Natural Resources (DENR) Secretary Maria Antonia Yulo-Loyzaga said. Yulo-Loyzaga led the signing of the Fund for Responding to the Loss and Damage (FrLD) on November 12 during the 2nd day of the 16th Conference of Parties (COP 16) in Baku, Azerbaijan. Together with Loyzaga, FrLD Board CoChairs Richard Sherman and Jean-Christophe Donnellier signed the Host Country Agreement (HCA) that signaled the operationalization of the Fund. This groundbreaking agreement boosts the country’s hosting of the FrLD Board, established by the Conference of the Parties during the
27th United Nations Climate Change Conference (COP27) in Sharm el-Sheik in 2023, and formally operationalized in COP28 in Dubai, United Arab Emirates in 2024. The Host Country Agreement (HCA) is a critical element in the operationalization of the FrLD and is key to unlocking funds to support the loss and damage needs of particularly vulnerable countries. The Philippines first launched the campaign to host the FrLD Board at COP28. After successfully gaining a seat on the Board, the country was chosen as the Host Country for the Board in its 2nd meeting on July 2024 in Songdo, South Korea. With swift and full support of both Houses of Congress, President Ferdinand R. Marcos, Jr. signed into law Republic Act 12019 known as the Loss and Damage Fund Board Act on August 28, 2024, granting legal personality and capacity to the FrLD Board. The HCA establishes the S “L,” A
PESO EXCHANGE RATES US 58.8110 ■ JAPAN 0.3804 ■ UK 74.9723 ■ HK 7.5613 ■ SINGAPORE 43.9544 ■ AUSTRALIA 38.4212 ■ SAUDI ARABIA 15.6533 ■ EU 62.4808 ■ KOREA 0.0418 ■ CHINA 8.1281 Source: BSP (November 13, 2024)