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ADB RAISES PH GROWTH IN 2022 TO 7.4% FROM 6.5% IN SEPT. By Julito G. Rada THE Asian Development Bank (ADB) raised its growth forecast for the Philippines this year to 7.4 percent from 6.5 percent made in September, considering the strong 7.7-percent expansion in the first three quarters as the economy remained resilient despite the global headwinds and the lingering pandemic. The latest projection was contained in the Asian Development Outlook Supplement report for December 2022.
The 2022 projection for the Philippines was the second highest in the Southeast Asian region next to Vietnam’s 7.5 percent from 6.5 percent. Next year, however, ADB lowered the projection for the Philippines to 6 percent from the previous estimate of 6.3 percent last September 2022 on a “gloomy global outlook.” “Growth in major advanced economies is expected to slow considerably in 2023,” ADB said. Next page
VOL. XXXVI • NO. 304 • 3 SECTIONS 12 PAGES • P20 • THURSDAY, DECEMBER 15, 2022 • www.manilastandard.net • mst.daydesk@gmail.com
IMF, ADB favor wealth fund Budget chief says both int’l agencies see SWF benefits for country
PBBM wants PH-EU free trade pact past negotiation stage By Vince Lopez and Vito Barcelo PRESIDENT Ferdinand Marcos Jr. on Wednesday pitched a free trade agreement between the Philippines and the European Union to shore up economic recovery following the onslaught of the COVID-19 pandemic. During his speech at the Commemorative Summit between the Association of Southeast Asian Nations and the European Union in Belgium, the President said he hopes to see the proposed Next page
MR. MARCOS SET FOR DAVOS MEET, ROMUALDEZ SAYS NEWS / A2
DONE DEAL. President Ferdinand Marcos Jr. shakes hands with European Council
President Charles Michel (right) after securing commitments on trade and climate change mitigation, among others, during their meeting Tuesday in Brussels, Belgium. Mr. Marcos also met with businessmen from across the continent during the ASEAN-EU Business Summit (inset). OPS Photos
By Julito G. Rada, Vince Lopez, and Maricel V. Cruz
T
HE International Monetary Fund, the Asian Development Bank, and even the USbased think tank Milken Institute have recommended the creation of a sovereign wealth fund (SWF), Budget Secretary Amenah Pangandaman said Wednesday.
During the Kapihan sa Manila Bay forum, Pangandaman said the country’s two development partners and Milken Institute have endorsed the creation of the country’s own SWF. The ADB also said on Wednesday that the establish establishment of a sovereign wealth fund would not only benefit the economy but could also deepen the domestic capital market. Meanwhile, Speaker Martin G. Romualdez said he would leave it to President Ferdinand Marcos Jr. if the bill creating the Maharlika Investment Fund (MIF) would be certi certified as urgent. In a press briefing Tuesday morning (Manila time) in Belgium with members of the Philippine media, Romualdez pointed out that despite initial con concerns over the proposed measure, more lawmakers have expressed their desire to be included among the coauthors of the bill. Pangandaman said discussions about such a fund began during the Duterte Next page
Speaker: Gov’t to obey EMSA rules THE administration of President Ferdinand R. Marcos Jr. will strictly comply with the standards of the European Maritime Safety Agency (EMSA) within three months to put an end to the woes of the country’s maritime industry. Speaker Martin Romualdez made
this assertion on Tuesday in Brussels, stressing that addressing issues of Filipino seafarers in Europe is a priority of the Marcos administration. EMSA had flagged the country for deficiencies in seafarer training and Next page
DND concerned over WPS dev’t. By Rey E. Requejo THE Department of National Defense reiterated that it was “greatly concerned” with the reported swarming of Chinese vessels in parts of the West Philippine Sea (WPS). In a statement Wednesday, the DND
said Chinese vessels were sighted in Iroquois Reef and Sabina Shoal. This developed as China’s Ambassador to the Philippines Huang Xilian expressed Next page
PAG-IBIG APP LAUNCH. The Pag-IBIG Fund celebrated its 42nd anniversary Wednesday with the launch of the agency’s most comprehensive virtual app, complete with all key features for a seamless user experience. Pictured are Pag-IBIG CEO “Manang” Marilene Acosta (second from left) with the Pag-IBIG Fund board of trustees at the Luxent Hotel in Quezon City. Peter Paul Duran
Marcos seen to veto 2 to 3 budget items
ATENEO STAYS ALIVE. Ateneo’s Dave Ildefonso (right) darts past a University of the Philippines defender during Game 2 of the UAAP Men’s Basketball Finals on Wednesday at the Araneta Coliseum (see full story on Sports, page C1). UAAP Media Bureau
PRESIDENT Ferdinand Marcos Jr. is expected to veto “two to three” items in the Congress-approved proposed P5.268-trillion national budget for 2023, Budget Secretary Amenah Pangandaman said Wednesday. “I think we will have two vetoes, two to three direct vetoes, and all the rest are just conditional and general observations,” Pangandaman said during the Kapihan sa Manila Bay forum. Early last week, the bicameral committee of Congress approved the 2023 Next page
House sets hearings on Cha-cha By Maricel V. Cruz THE House of Representatives committee on constitutional amendments has pledged a series of hearings beginning January next year on measures proposing to amend the 1987 Constitution.
“We will start our hearings shortly after we resume sessions on Jan. 23. So, we start on Jan. 26 (Thursday) and every other week thereafter,” panel chairman Rep. Rufus Rodriguez of Cagayan de Oro City told legislators and the media on Wednesday. Next page
President picks Guadiz new LTFRB head PRESIDENT Ferdinand Marcos Jr. (LTFRB) under the Department has appointed lawyer Teofilo Es- of Transportation (DOTr), Malatrada Guadiz III as the new Chair- canang announced Wednesday. man of the Land Transportation This developed as the Commission Next page Franchising and Regulatory Board