Q3 2024 GDP growth forecast
THE PHILIPPINE ECONOMY likely slowed in the third quarter as household spending remained muted after the central bank cut interest rates in August. Rea the full story.
THE PHILIPPINE ECONOMY likely slowed in the third quarter as household spending remained muted after the central bank cut interest rates in August. Rea the full story.
THE PESO may stay at the P58 level against the dollar this week as markets await the results of the US presidential vote.
The local unit closed at P58.10 versus the dollar on Thursday, rising by 13 centavos from its P58.23 finish on Wednesday, Bankers Association of the Philippines data showed.
Week on week, the peso went up by 22 centavos from its P58.32-per-dollar finish on Oct. 25.
Philippine financial markets were closed on Friday (Nov. 1) for All Saints’ Day.
“The peso may initially trade in consolidation near the P58 figure ahead of the US election and future price movement will be based on the results,” the first trader said in a phone interview.
“The local currency is likely to seek direction on the tentative results of the US elections and volatility can be expected in the foreign exchange market,” the second trader likewise said in an e-mail.
The foreign exchange market could also take cues from the US Federal Reserve’s policy meeting on Nov. 6-7, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message.
A double dose of potentially market-moving events arrives in the coming week as Americans vote on their next president and the Federal Reserve offers more insight on the path of interest rates at its monetary policy meeting, Reuters reported.
The Nov. 5 vote culminates an election cycle that has captivated the country and sparked swings in corners of financial markets. Among these has been the waxing and waning of the so-called Trump trade, a bevy of asset price moves reflecting sentiment that Republican Donald Trump is gaining momentum in his race against Democrat Kamala Harris for the US presidency.
Those trades have included a rise in the US dollar and a sell-off in Treasuries possibly fueled by strong economic data and a bitcoin surge.
Still, polls remain deadlocked and bets leaning toward Mr. Trump were narrowing at the end of last week. Some investors expect volatility to accompany this week’s vote, no matter the result.
Thursday’s Fed decision on monetary policy looms as another risk. Fed funds futures trading shows the market expects the US central bank to cut its benchmark policy rate by a modest 25 basis points, LSEG data showed, after easing rates in September for the first time in four years.
For many investors, the focus will be on guidance from Fed Chair Jerome H. Powell, including whether the central bank might consider pausing its rate-cutting cycle at future meetings in light of strong economic data.
Friday’s monthly employment report, the last key piece of data before the Fed meeting, ran counter to that trend as it showed job growth almost stalled in October. The data, however, was clouded by aerospace industry strikes and hurricanes that impacted the response rate for the payrolls survey.
The release of October Philippine consumer price index (CPI) data could also affect peso-dollar trading this week, Mr. Ricafort added.
A BusinessWorld poll of 11 analysts yielded a median estimate of 2.4% for the October CPI, within the BSP’s 2-2.8% forecast for the month.
If realized, October headline inflation would be faster than the 1.9% in September but slower than the 4.9% in the same month a year ago.
The first trader sees the peso moving between P58 and P58.50 per dollar this week, while Mr. Ricafort expects it to range from P57.90 to P58.40. — A.M.C. Sy with Reuters
PHILIPPINE SHARES could decline this week as cautiousness prevails ahead of the US presidential election and the US Federal Reserve’s policy meeting.
On Thursday, the benchmark Philippine Stock Exchange index (PSEi) dropped by 1.88% or 137.28 points to close at 7,142.96, while the broader all shares index fell by 0.98% or 39.37 points to 3,957.21.
This was the PSEi’s lowest close in more than six weeks or since it ended at 7,104.20 on Sept. 16.
Week on week, the PSEi declined by 2.34% or 171.27 points from the 7,314.23 close on Oct. 25.
Philippine financial markets were closed on Friday (Nov. 1) for All Saints’ Day.
“Caution and risk-off sentiment permeated most of the week’s trades ahead of the crucial US election and Fed rate decision,” online brokerage firm 2TradeAsia.com said in a market note.
“The local market exhibited bearish movements in last week’s trading, breaking below its 50-day exponential moving average and even the 7,150 support level as it extended its decline,” Philstocks Financial, Inc. Senior Research Analyst Japhet Louis O. Tantiangco said in a Viber message.
For this week, negative sentiment may continue to prevail in the market, he said.
“We may not see a strong ascent yet as the market is still expected to deal with certain headwinds. The peso’s weakness, now already at the P58-per-dollar level, if sustained, is still expected to weigh on the market,” Mr. Tantiangco said.
On Thursday, the peso closed at P58.10 per dollar, climbing by 13 centavos from P58.23 on Wednesday. Week on week, the peso rose by 22 centavos from its P58.32 finish on Oct. 25.
“Investors are also expected to monitor the upcoming US elections, the results of which will have a big impact on the global economy. Investors are also expected to watch out for the Philippines’ October inflation data. An inflation print which falls within the Bangko Sentral ng Pilipinas’ 2%-2.8% forecast, especially one which is biased to the lower end, is expected to give sentiment a boost,” he added.
Mr. Tantiangco said the PSEi may retest the 7,150 level this week as its support, while its resistance it at 7,400-7,500 range.
For his part, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort put the market’s support at 7,000-7,050 and resistance at 7,600-7,800.
2TradeAsia.com placed the PSEi’s support at 6,800-7,000 and resistance at 7,500.
“Global marts are expected to hyper-fixate on Western events [this] week as guesswork on the US elections conclude just in the for the Fed to deliver what is expected to be its penultimate rate cut for the year,” it said.
“Expect funds to move into defensive positions as the next few weeks are rife with events that markets have to parse and digest, regardless of how supportive or adverse new data are to fundamentals,” the online brokerage added. — R.M.D. Ochave
CONGRESS resumes sessions on Monday after a monthlong break, with Senate President Francis “Chiz” G. Escudero vowing to fast-track the passage of priority bills including next year’s budget before they go on another break on Dec. 21.
“The budget bill is No. 1 on our list, No. 2, the priority bills that we haven’t approved and third, local bills that we are trying to finish before this Congress ends,” he told DZBB radio on Sunday.
Meanwhile, Senate Minority Floor Leader Aquilino Martin “Koko” L. Pimentel III said lawmakers should ensure priority projects have firm funding next year and don’t rely on unprogrammed funds.
This comes after the Supreme Court last week blocked the transfer of P29.9 billion — the last tranche of the Philippine Health Insurance Corp.’s (PhilHealth) P90 billion in excess funds — to the national Treasury.
“During the budget process, the important projects should be prioritized by putting them in the programmed appropriations,” he told BusinessWorld in a Viber message.
The excess PhilHealth funds would have been used to support unprogrammed appropriations worth P203.1 billion, which would support state health, infrastructure and social service programs.
Economists earlier said this could cause delays in government projects that have not been allotted specific funds.
Mr. Pimentel said the tribunal did not consider the effect of its injunction on state projects since this is irrelevant to the lawsuit filed by three groups. The senator is part of one group that questioned the PhilHealth fund transfer.
The High Court’s Public Information Office said the injunction was effective immediately. Oral arguments for the three consolidated lawsuits challenging the transfer was set for Jan. 14.
The Senate is set to start plenary debates on next year’s proposed P6.352-trillion national budget on Nov. 6. It seeks to approve the spending plan by the second week of December at the latest.
“Budget allocation must be guided by prudent financial management,” Michael Henry Ll. Yusingco, a fellow at the Ateneo de Manila University Policy Center, said in a Facebook Messenger chat. “Having a bloated unprogrammed fund column is not good fiscal management.”
Senator Joseph Victor “JV” G. Ejercito earlier said his colleagues would ask PhilHealth to justify its plea for a bigger budget next year after declaring P89.9 billion as excess funds, while millions of poor Filipinos find it hard to pay their medical bills.
The Senate in August passed on final reading a bill that would cut PhilHealth premiums to 3.25% next year from 5% this year under the Universal Health Care Act.
It would set PhilHealth premium contributions at 3.25% this year for those with a monthly income of P10,000 to P50,000, with incremental increases of 0.25% each year.
“Pending and new infrastructure projects will not hit roadblocks as the government may still utilize other funding sources such as new appropriations,” Terry L. Ridon, a public investment analyst and convenor of think tank InfraWatch PH, said via Messenger chat.
PhilHealth started hiking its monthly contribution rate in 2019 so that it could sustain the benefits given to its members. The contribution rate this year will stay at 5% from 2.75% five years ago.
It spent P75.8 billion on benefit payouts last year, almost half of the amount it paid in 2022 at P143 billion and P140 billion in 2021, PhilHealth Executive Vice-President Eli Dino D. Santos told congressmen in May.
“The goal is to produce a national budget where all items are duly funded,” Mr. Yusingco said.
Meanwhile, the Commission on Appointments is expected to hear the appointments of 48 officials, including recently installed Cabinet members of the Marcos administration, Surigao del Sur Rep. Johnny T. Pimentel said in a statement.
The body would hold confirmation hearings on Interior Secretary Juanito Victor “Jonvic” C. Remulla, Jr., Trade Secretary Ma. Cristina Aldeguer-Roque and Civil Service Commission Chairperson Marilyn B. Barua-Yap, he said. Fifteen generals and 30 Foreign Affairs officials are also up for confirmation, Mr. Pimentel said.
“We had 48 new appointees pending confirmation as of Oct. 30,” Mr. Pimentel, an assistant minority leader of the body, said.
Mr. Remulla, the younger brother of Justice Secretary Jesus Crispin C. Remulla, in October replaced Benjamin “Benhur” C. Abalos, Jr., who is eyeing a Senate seat in the 2025 midterm elections.
Ms. Roque sat as acting secretary of the Department of Trade and Industry on Aug. 2 after ex-Trade Secretary Alfredo E. Pascual resigned on Aug. 1.
Ms. Yap took her oath as chairperson of the Civil Service Commission on Oct. 25 after former head Karlo Alexei B. Nograles stepped down earlier that month to pursue his bid to become Davao City mayor. — John Victor D. Ordoñez and Kenneth Christiane L. Basilio
FORMER President Donald John Trump’s potential return to the White House and his “America First” policy could mean fewer jobs for Filipinos, labor experts said at the weekend.
His government would probably discourage outsourcing, US manufacturing in the Philippines and push tighter immigration rules, Federation of Free Workers (FFW) President Jose Sonny G. Matula told BusinessWorld in a Viber message.
“This could reduce job opportunities in the Philippines and create barriers for Filipinos in the US, affecting job security and remittance flows,” he added.
Latest data from the local statistics agency showed that the US remained the top destination of Philippine-made goods in August.
The Republican bet has made stringent trade restrictions among his proposed policies, eyeing to impose 60% tariffs or higher on all Chinese goods as well as a 10% to 20% universal tariff.
Analysts earlier cited the potential weakness of the peso against the dollar amid another Trump presidency.
In the first eight months, cash remittances to the Philippines expanded by 2.9% to $22.22 billion from a year earlier. The US accounted for 41.3% of the total.
On the other hand, a victory for US Vice-President and Democratic presidential nominee Kamala Devi Harris, who is perceived to be”pro-labor,” could benefit Filipino workers, Mr. Matula said.
“Her victory would likely bring policies that support fair labor standards globally, benefiting Filipino workers in industries tied to the US, such as business process outsourcing, electronics, and garment and textile manufacturing,” he added.
Mr. Matula said Ms. Harris’ pro-labor stance would encourage ethical practices and job stability, rather than restrict manufacturing and outsourcing of jobs.
“Her inclusive immigration policies would also protect Filipinos working in the US, especially in healthcare and education, ensuring more secure job pathways and supporting remittances that benefit families in the Philippines,” he added.
There were about two million Filipino immigrants in the US in 2021, making them the fourth-largest national-origin immigrant group after Mexicans, Indians, and Chinese, according to Washington-based Migration Policy Institute.
In a separate statement, the FFW Women’s Network said a Harris presidency is in line with the objectives of the International Labor Organization’s (ILO) Convention 190 or the Violence and Harassment Convention.
“We are convinced that her leadership will be crucial in eliminating violence and harassment in the workplace, which is at the heart of ILO Convention 190,” Union President Ma. Victoria Garzon-Bellosillo, president of the network and head of the CPU Rank-and-File Union-FFW from Iloilo City, said in a statement.
Annie E. Geron, Public Services Labor Independent Confederation president, said the Philippine government is under pressure to ensure that Filipino workers’ rights are protected.
The government of US President Joseph R. Biden, Jr. adopted a global labor strategy centered on trade policy. “This policy explicitly communicated to all countries where the USA has diplomatic, trade and investment relations, that the promotion and respect of workers’ rights are at the center and front of such relations,” she told BusinessWorld in a Viber message.
“To my view, this policy can be used as carrot and stick and notably added pressure to the Philippine government to ensure that [Filipino] workers’ rights and well-being are protected,” she added. — Chloe Mari A. Hufana
PHILIPPINE lawmakers running for re-election next year must provide a “convincing narrative” of how changes to the 23-year-old Electric Power Industry Reform Act (EPIRA) could lower electricity prices if they want to pitch it as a legislative achievement, political analysts said at the weekend.
“If a politician chooses to use this as a core issue during elections, then he must face the problem of being seen as a potential peddler of empty promises,” Anthony Lawrence A. Borja, a political science professor at De La Salle University in Manila, said in a Facebook Messenger chat.
“Whatever happens with the EPIRA amendments, it all boils down to the question of whether it can reduce electricity bills,” he added.
EPIRA restructured the electric power industry by privatizing the generation, transmission, distribution and supply of power in 2001. Measures seeking to amend it remain pending at the House of Representatives and Senate energy committees amid rising electricity prices.
“While one would presume that this is a vital piece of legislation, it needs to have a direct impact on people’s livelihoods to be an election issue,” Hansley A. Juliano, who teaches political science at the Ateneo de Manila University, said via Messenger chat.
“Energy is less directly seen [to have a direct impact] compared with employment and food, unless it becomes clear how energy costs and regulation impact investments and jobs,” he added.
Michael Henry Ll. Yusingco, a fellow at the Ateneo de Manila University Policy Center, expects lawmakers to pass a watered-down version of the bill.
“A total overhaul is less likely as it can lead to a lot of disruptions that may be hard to explain to voters,” he said via Messenger chat. “It will be an audacious move on the part of lawmakers if they did this before an election.”
The House of Representatives is looking to fast-track amendments to EPIRA, committing to finish power sector reforms before the Christmas break. The measure is a priority of President Ferdinand R. Marcos, Jr.
Speaker and Leyte Rep. Ferdinand Martin G. Romualdez in July said EPIRA “is a complicated law,” describing it as a “big piece of legislation.” — Kenneth Christiane L. Basilio
By Kyle Aristophere T. Atienza, Reporter
PUBLIC and private assistance for victims of two storms that hit the Philippines and its neighbors in the region this month reached over P1 billion as of Saturday, according to the presidential palace, as the number of affected Filipinos climbed to over 8 million.
In an 8 a.m. report, a Philippine disaster agency said Severe Tropical Storm Trami, locally known as Kristine, and Super Typhoon Kong-Rey (Leon) had affected 2.2 million families or 8.63 million individuals.
Over 200,000 people or 56,396 families were staying in 467 evacuation centers, it added.
The death toll was at 146, and 125 of which were still for validation.
The Presidential Communications Office said in a statement food and non-food items provided by the Department of Social Welfare and Development (DSWD), Office of the Civil Defense (OCD), Local Government Units (LGUs), and nongovernment organizations (NGOs) to storm victims have reached P1.1 billion, as of Nov. 3.
The DSWD has released 1.01 million family food packs across regions affected by Trami and Kong-rey, it added.
For their part, the Armed forces of the Philippines had conducted 58 humanitarian sorties with the help of Southeast Asian countries in Naga City in Bicol Region and Batangas province in Calabarzon via land, air, and naval assets, the palace said.
Separately, Defense Secretary Gilberto C. Teodoro, Jr. said the Malaysian government had deployed a disaster management team to the Philippines to help in typhoon response efforts, commending their “swift response to our request for assistance.”
“Your support during this critical time has been invaluable in our recovery efforts following Severe Tropical Storm Kristine, and it exemplifies our strong partnership in times of need.”
Trami, which a green group dubbed as “third highly devastating weather event to batter the country this year,” submerged parts of the Bicol in flood waters, with local authorities saying 70% of residents of Naga City, one of the region’s major economic hubs, had been affected by the storm.
The storm left 59 people dead in Batangas province, 20 of whom were buried in a landslide in the municipality of Talisay, reports from local authorities last week showed.
The National Disaster Risk Reduction and Management Council (NDRRMC) said in its report that 75 of the 96 seaports affected were already operational and had resumed trips.
Over 180,000 houses were damaged, it said. Damage to infrastructure reached P7.2 billion
Moreover, damage to agriculture hit P4.5 billion, with 106,715 farmers and fisherfolk affected.
The Philippine northernmost province of Batanes was visited by a super typhoon just as Trami left, with the OCD Region II reporting “damage to houses and various crops, as well as landslides on major roads.”
The state weather bureau said in a 10 a.m. report on Sunday a low-pressure area (LPA) spotted 1,605 kilometers east of northeastern Mindanao has a “high chance” of developing into a tropical depression within the next 24 hours.
In a 4 a.m. briefing, the Philippine Atmospheric, Geophysical and Astronomical Services Administration (PAGASA) said the LPA may not directly affect the country in 24 hours but “may have the possibility to enter PAR (Philippine area of responsibility)” over the next 48 hours.
PAGASA said wind coming from the north-east that brings mild temperatures was expected to bring isolated light rains over Batanes and Babuyan Islands.
The government has already imposed a price freeze on basic necessities in areas under a state of calamity since Trami’s onslaught, and a fisherfolk group is calling for an expansion to cover fish.
Under a Philippine price law, a 60-day freeze can be activated following the declaration of a state of calamity, covering commodities such as canned fish, instant noodles that are locally manufactured, bread, bottled water, processed milk, laundry soap, salt, among others.
Fisherfolk group Pamalakaya at the weekend cited increasing market prices of fish including round scad (galunggong), whose cost rose to P220-240 per kilo from P180-200 per kilo prior to the onslaught of the storms.
The group cited tallies from its members at markets in the provinces of Cavite and Rizal, and Quezon City.
The price of tilapia fish and milkfish (bangus) also went up to between P160 and P180 per kilo and P180 per kilo, respectively, from P120-P150 per kilo, the group said.
“The typhoons and especially the fisherfolk are not to blame for the rising market price of fish but the private traders that take advantage of calamities to manipulate prices.”
Economists said more subsidies for local producers are needed amid devastation from storms.
‘DISASTER CAPITALISM’
“Price controls are not going to affect the quantity distortions caused by typhoons. This will only cause greater distortions and shortages as retailers will limit their sales, disincentivizing producers from selling,” Leonardo A. Lanzona, who teaches economics at Ateneo de Manila University said in a Facebook Messenger chat. “The only way to deal with cartels exploiting the situation is to empower non-cartel members, the small farmers and fishermen, to sell their goods directly to the buyers.
Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said ensuring that traders would not exploit any price controls rests on strong law enforcement.
“Presence of law enforcers cannot be reduced,” he said, as he called for “delicate balance between supply and demand.”
John Paolo R. Rivera, a senior research fellow at the Philippine Institute for Development Studies, said temporary price controls post-calamity “would be helpful for consumers as they recover.”
Beyond supply-demand dynamics, price controls “regulate temporary market disequilibrium that results in opportunistic tendencies to raise prices or what we call disaster capitalism.”
“This prioritizes recovery of everyone —— consumers are able to buy and producers are able to generate revenues,” he said. “Survival first before capitalism.”
PRESIDENT Ferdinand R. Marcos, Jr. is expected to approve a bill mandating the construction of “disaster-ready” evacuation centers nationwide “soon” after the country was battered by Severe Tropical Storm Kristine (Trami), House of Representatives Speaker and Leyte Rep. Ferdinand Martin G. Romualdez said on Sunday.
The measure is in the process of enrollment, he said, and that it will be sent soon to the Malacañang for Mr. Marcos’ signature.
“The ‘Ligtas Pinoy Centers Act’ represents our commitment to safeguarding every Filipino in times of crisis, ensuring that each city and municipality will have a secure, fully equipped center to shelter and support evacuees,” he said in a statement, referring to the measure mandating the construction of storm and earthquake resilient structure in every city and municipality in the country.
The measure proposes that evacuation centers be built structurally strong enough to weather typhoon winds moving up to 300 kilometers per hour and withstand magnitude 8 earthquakes. — Kenneth Christiane L. Basilio
MALACAÑANG has approved a blueprint for the management and development of the country’s human resources in the health sector.
The National Human Resources for Health Master Plan 2020-2028 of the Department of Health (DoH) is in line with Republic Act No. 11223, the Universal Health Care (UHC) Act.
The master plan, which requires P8.3 billion for the implementation of its eight strategies, cited lack of fully functional integrated human resources for health (HRH) systems including information systems, production and deployment planning, professional development, attractive compensation packages, management and regulation, and sustainable deployment as a “core problem.”
It cited inadequate number of health workers in the health sector, inequitable distribution of HRH, lack of accurate HRH information to guide planning and policy, limited collaboration among stakeholders with multiple roles in the HRH sector, fragmented HRH governance and unclear accountabilities, and lack and poor implementation of policies.
It is also proposed to be included in the National Economic and Development Authority’s medium-term Philippine Development Plan.
Under the memorandum signed by Executive Secretary Lucas P. Bersamin on Oct. 28, the DoH will lead the master plan’s implementation.
The agency is tasked to work with the Professional Regulation Commission in establishing a national health workforce registry and promulgate guidelines for its efficient implementation.
It shall institutionalize an HRH network and create technical working groups as necessary.
The DoH will also monitor HRH plans of the national and local governments and ensure that they are in line with the blueprint.
It is also tasked to collaborate with the private sector, civil society organizations, and other stakeholders.
The master plan’s strategic objectives include the installation of systems that will improve recruitment of HRH fit for practice and fit for work and promotion of greater HRH retention in the health sector; creation and sustenance of systems for developing HRH competencies and the careers of health workers to improve productivity and responsiveness; and raising HRH productivity and responsiveness by promoting job satisfaction and motivation at all levels and improve greater HRH retention.
The objectives also seek to strengthen information systems or data on HRH for monitoring, informing decision making, and ensuring accountability, and increase investments in HRH and align investments with current and future population health needs and of health systems
The master plan cited several elements that distinguishes it from the previous master plans, including identifying scenarios in case of public health emergencies and crises and developing assessment criteria that will facilitate the implementation and adaptation of the Masterplan strategies to reflect local situations by local government units.
It is also designed for short-term, medium-term, and long-term strategies aligned with UHC Act structures to improve primary health care delivery through health care provider networks.
The plan also incorporated a strategic communications plan, established an accountability framework between and among HRH stakeholders to ensure effective monitoring and evaluation of HRHMP implementation. — Kyle Aristophere T. Atienza
THE Commission on Elections (Comelec) said 68.62 million Filipinos voters have registered to participate in the May 2025 midterm elections.
Of the 68.62 million, 33.69 million were male, while 34.93 million were female, based on data shared by Comelec Chairman George Erwin M. Garcia with reporters.
The Calabarzon (Cavite, Laguna, Batangas, Rizal, Quezon) region tallied the most voters with over 9.7 million electorate.
This is followed by Central Luzon with over 7.70 balloters, while the National Capital Region has more than 7.57 million.
The Philippines will hold midterm elections next year. Filipinos will elect their congressmen, mayors, vice-mayors and members of city councils on May 12, 2025.
Twelve of the 24-member Senate will also be replaced. — Chloe Mari A. Hufana
A PHILIPPINE senator on Sunday pushed for local government units (LGUs) to help fund building more classrooms with the national government as the country lacks 165,443 classrooms around the country.
In a statement, Senator Sherwin T. Gatchalian proposed for LGUs to shoulder half the cost of each classroom while the national government takes care of the other half. He said the government needs about P413.6 billion to address the classroom shortage problem.
He said the “counterpart program” would pave the way for more classrooms to be built around the country.
“Due to the significant shortage of classrooms in our country and the substantial amount of funding required to address this gap, we need to find various ways to meet this challenge,” the senator, who heads the basic education committee, said in Filipino.
The Department of Budget and Management in April released P5.83 billion to help build classrooms nationwide, which covers 1,834 classrooms.
Last year, the Education department failed to meet its target of building 6,379 classrooms, having built only 3,600 classrooms.
“If we do not find creative ways to build classrooms, the shortages we face will only continue to grow,” Mr. Gatchalian said. — John Victor D. Ordoñez
CONGLOMERATE San Miguel Corp. (SMC) said it has removed eight million tons of silt and waste from 136 kilometers of river systems in Luzon, with plans to revisit previously cleared areas following the recent heavy rains.
The cleanup initiative, launched in 2020, covered waterways such as the Tullahan, Pasig, and San Juan rivers, as well as those in Bulacan, Pampanga, and Laguna.
SMC Chairman and Chief Executive Officer Ramon S. Ang said the conglomerate’s river cleanup teams will return to the Tullahan, Pasig, and San Juan rivers after heavy rains led to renewed silt buildup and waste accumulation.
“River cleanups are a continuous effort. Heavy rains bring eroded soil, and improper disposal continues to be a challenge. Maintenance is very important to make sure these rivers continue to flow freely,”Mr. Ang said in an emailed statement over the weekend.
Meanwhile, SMC said its cleanup initiative has removed 506,616 tons of silt and waste from Pampanga River. The company has covered 8.15 kilometers of the river since August.
The river is a major source of flooding in Pampanga and Bulacan.
SMC said its teams are also cleaning rivers in Biñan, Laguna, and around the Ninoy Aquino International Airport, while also clearing its drainage system. — Revin Mikhael D. Ochave