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Philippine peso weakens ahead of inflation data

BW FILE PHOTO

By Aaron Michael C. Sy

THE Philippine peso weakened on Thursday as investors await the release of April inflation data, which the central bank will probably consider at its next policy meeting.

The currency closed at P55.35 a dollar, 1.5 centavos weaker than Wednesday’s close, according to data posted on the Bankers Association of the Philippines website.

The peso opened at P55.20 a dollar, weakened to as much as P55.38 and gained to as much as P55.13 against the greenback. Dollars traded rose to $1.368 billion from $1.054 billion on Wednesday.

“The peso ended sideways as investors look to tomorrow’s inflation report as this could have implications for monetary policy,” ING Bank N.V. Manila Senior Economist Nicholas Antonio T. Mapa said in a Viber message.

Inflation likely slowed further in April amid lower food prices, electricity rate cuts and favorable base effects, analysts said.

A BusinessWorld poll of 14 analysts yielded a median estimate of 7% for April inflation, settling near the upper end of the cenral bank’s 6.3-7.1% estimate.

This could be slower than 7.6% in March, but faster than 4.9% in April 2022. This will also be the slowest since 6.9% in September.

It will still be higher than the Bangko Sentral ng Pilipinas’ (BSP) 2-4% target for the 13th straight month. The local statistics agency is set to release inflation data on May 5.

BSP Governor Felipe M. Medalla said last month the Monetary Board could consider pausing its tightening cycle at its May 18 meeting if inflation eased further in April.

The central bank last month hiked borrowing costs by 25 basis points (bps) to help bring down inflation, bringing its policy rate to a 16-month high of 6.25%. It has raised key rates by 425 bps since May 2022.

Mr. Mapa said investors were also positioning for US job data that will be out on Friday.

The peso also weakened after the widely expected 25-bp rate hike by the US Federal Reserve and signals of a possible pause, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message.

The Fed raised rates for a 10th straight time at its May 2-3 meeting, bringing its key rate to 5% to 5.25%, Reuters reported. The Fed has hiked borrowing costs by 500 bps since March 2022,.

Meanwhile, Fed Chairman Jerome H. Powell said it was now an open question whether further increases were warranted in an economy that is still facing high inflation, but also showing signs of a slowdown and with risks of a tough credit crackdown by banks on the horizon.

“We’re closer, or maybe even there,” he said.

Mr. Ricafort expects the peso to trade between P55.25 and P55.45 a dollar on Friday.

Altas rout AMA Online for solo lead in PBA Aspirants’ Cup

PBA MEDIA

Games On Tuesday
(Filoil EcoOil Center)
2 p.m. — CEU vs AMA
4 p.m. — Wangs Basketball @27
Striker-Letran vs Marinerong Pilipino-San Beda

THE UNIVERSITY of Perpetual Help System Dalta hardly broke a sweat against AMA Online, 101-57, and grabbed a solo lead in the 2023 PBA D-League Aspirants’ Cup yesterday (May 4) at the Ynares Sports Arena in Pasig City.

Arthur Roque flashed an all-around brilliance of 17 points, seven rebounds, two assists, three steals and two blocks in only 13 minutes of play as the Altas climbed to 2-0 in the seven-team D-League joust.

Christian Pagaran added 16, Richard Movida had 14 while Joshua Ramirez, Joey Barcoma and Carlo Ferreras fired 10 points apiece in Perpetual’s 44-point win after a 93-82 debut triumph over the PSP Gymers.

“We’re happy to get this second consecutive win. It’s the first game of AMA,” said coach Myk Saguiguit.

Perpetual uncorked a 25-10 opening salvo on its way to a dominant 51-25 advantage at the half. The Altas even led by as many as 47 points, 94-47, in the last four minutes of the one-sided affair.

The Altas shot 44 percent from the field while limiting the Titans to a dismal 26.8 percent clip. They also dominated in rebounds, (68-46), assists (31-10), steals (14-5), points in the paint (50-22), fastbreak points (41-12) and bench points (70-24).

Skipper Nikon Alina was the only double-digit scorer for the wards of coach Mark Herrera with 12 points.

Later, the undermanned EcoOil-De La Salle University still overpowered the PSP Gymers with a lopsided 108-67 win to gain a solo second spot at 2-1 behind first-game winner Perpetual.

Eight players scored twin digits led by Elaijah Gollena (17), who stepped up big time as La Salle missed the services of Kevin Quiambao, Francis Escandor, CJ Austria and Joshua David due to the ongoing UAAP 3×3.

Gilas Pilipinas pool member Mike Phillips, however, returned to action due to a short break of the national team camp in Laguna. He chipped in 10 points, seven rebounds and three steals.

The Scores:

EcoOil-La Salle 108 — Gollena 17, Nonoy 14, Cortez 14, Nelle 13, Macalalag 12, Abadam 12, Nwankwo 12, Phillips 10, M. Reyes 4, Alao 0.

PSP Gymers 67 — Yutuc 22, Dela Cruz 9, Mohammad 8, Bayla 7, Acuña 6, Olegario 5, Gabriel 5, Dino 2, Velchez 2, Cesista 1, C. Reyes 0, Quinga 0, Soriano 0, Castillo 0.

Quarterscores: 19-18, 50-32, 78-51, 108-67.

Perpetual 101 — Roque 17, Pagaran 16, Movida 14, Ferreras 10, Ramirez 10, Barcoma 10, Boral 6, Nitura 5, Nunez 4, Orgo 3, Sevilla 2, Omega 2, Abis 2, Flores 0, Cuevas 0.

AMA 57 — Alina 12, Yambao 7, Camay 7, Silvarez 7, Cruz 7, Panlilio 4, Romero 3, Santos 3, Del Rosario 2, Cruz 2, Magpayo 2, Ibo 1, Golloso 0, Ceniza 0, Baclig 0.

Quarterscores: 28-14, 51-25, 77-45, 101-57. — John Bryan Ulanday

Ironman Philippines triathlon returns to Camarines Sur

PHILIPPINE STAR/JUN MENDOZA

THE IRONMAN Group and Sunrise Events are going back to the place where everything started for them — the province of Camarines Sur where they first staged the first internationally renowned IRONMAN brand races in the Philippines back in 2009.

And the race they are staging is the 5i50 Triathlon that would start at the Lago del Rey and end in front of the Camsur Convention both inside the Camsur Water Sports Complex on Aug. 6.

“We need to have something familiar, something homey and something that we have to do again post-COVID-19 and thanks to the father and son look alike, we’ll be having it back in Camsur,” said The IRONMAN Group general manager Princess Galura during yesterday’s online launch referring to host Camsur Second District Congressman L-Ray Villafuerte and his son Camsur Governor Luigi.

Both the Villafuertes vowed to make the race something to remember again just like 13 years ago when they hosted the first of three IRONMAN 70.3 races in the Bicol province considered as the country’s sports adventure capital.

“I always say we’re happy it’s coming back to Camsur and we’re making sure it would be bigger, better and more fun and we will be warmer and we’ll give you more love from the province of Camsur if you come here,” said L-Ray.

“The general feeling is I’m excited,” Luigi, for his part, said. “I’m comfortable that our team is already set in place and the same people who helped us in 2009 are still with us today and I’m confident if we’ve done it in the past, we’re ready for it now because we’ve developed more the facilities that is really centered on catering to the triathlon crowd.”

Around a couple of thousands participants including at least 300 from the region are seeing action in the Olympic standard (1.5 kilometers swim, 40 km bike and 10 km run), the shorter Go for Gold Sunrise Sprint race (400 meters swim, 20 km bike and 5 km run).

And to celebrate the race’s return, organizers have invited the legends or the “OGs” of the sport including former national champions Ani de Leon-Brown, Arland Macasieb, Noy Jopson, Ernie Lopez and Go for Gold’s Jeremy Go among others.

“It is exciting to come back to where we started, in the past 15 years, we have been witness to so many milestones and achievements of the participants,” said Ms. Galura. “The growth of the community choosing a healthy lifestyle has been incredible.”

Aside from the perks for the CamSur Alumni and TriClub teams enjoy, a 5150 package discount is offered to any registrant who will race the three destinations this year. Instead of paying $495, the participant will save $95 in the promo. Aside from this, groups of five can avail of a 4+1 Group Discount promo for any of the 5150 & Go for Gold Sunrise Sprint Philippines races in 2023, with the first 20 groups to register to receive a free bike jersey for each destination. — Joey Villar

Shakey’s Girls Volleyball Invitational League kicks off on Sunday at San Andres Sports Complex

REIGNING UAAP juniors champion National University-Nazareth School banners the 16-team GVIL cast in a bid to become inaugural titlist as well after the NU Lady Bulldogs’ supremacy in the first Shakey’s Super League (SSL) Collegiate Pre-Season Tournament.

SIXTEEN of the best high school teams in the country take centerstage in a historic tourney as Shakey’s launch the Girls Volleyball Invitational League (GVIL) featuring bets from Metro Manila and other regions this Sunday at the San Andres Sports Complex in Malate, Manila.

In partnership with Athletic Events and Sports Management, Inc., (ACES), Shakey’s Pizza Parlor dedicates the spotlight this time for the young spikers considered as the future of Philippine volleyball after the roaring success of its collegiate edition last year.

Reigning UAAP juniors champion National University-Nazareth School banners the 16-team GVIL cast in a bid to become inaugural titlist as well after the NU Lady Bulldogs’ supremacy in the first Shakey’s Super League (SSL) Collegiate Pre-Season Tournament.

The Collegiate version was participated by all of the 18 teams from the UAAP (8) and NCAA (10) but this time, Shakey’s is going nationwide by also gathering teams from Cavite, Lipa, Naga and Bacolod.

Bacolod Tay Tung High School, Naga College Foundation, De La Salle University Lipa, Lyceum of the Philippines University-Cavite are out to represent their roots in the GVIL against a stacked field including UAAP bets Adamson University, University of Santo Tomas, De La Salle University Zobel and Far Eastern University Diliman.

Arellano University, Emilio Aguinaldo College and University of Perpetual Help System from NCAA with Gracel Christian College Foundation, King’s Montessori School, California Academy and St. Clare Caloocan also in the fray.

Shakey’s Pizza Asia Ventures, Inc., (SPAVI), led by president and CEO Vic Gregorio and general manager Jorge Concepcion share the vision for the Philippine volleyball’s future with ACES, headed by chairman Dr. Philip Ella Juico and president Dr. Ian Laurel, through the GVIL.

“This will serve as a conveyor belt going to college and the future of the Philippines. To improve it, you go to high school, and later on, the primary level. It’s about giving exposure to the Filipino youth and we share that same vision with Shakey’s,” said Mr. Juico.

“We’re very happy to be involved again in the future of Philippine volleyball. I see the future of Philippine volleyball here and we’re grateful to partner with ACES once again,” added Mr. Gregorio.

GVIL games will be broadcasted by Plus Network on all of its social media platforms with CNN Philippines, Solar Sports and Tap Sports serving as free and cable TV partners. It’s also available on the socials of Shakey’s Super League (SSL) and Shakey’s Pizza. — John Bryan Ulanday

Haaland breaks Premier League record as Man City reclaim top spot

MANCHESTER — Manchester City’s Erling Haaland scored his record-breaking 35th Premier League goal of a stupendous season to help secure a 3-0 victory against West Ham United that sent his side back to the top of the table on Wednesday.

The marauding Norwegian ended some stubborn West Ham resistance when he dinked a delicate chip into the net after 70 minutes to make him the highest scorer in a single Premier League season.

He also took his tally in all competitions for City in a mind-boggling debut season to 51 — roughly one for every million pounds City paid Borussia Dortmund for his signature.

“Incredible. He’s just 22 — and still has five games left,” City manager Pep Guardiola said. “We expected him to score goals but to break Cole and Shearer record’s… he’s special.”

Treble-chasing City, who began the night in second place after Arsenal’s defeat of Chelsea on Tuesday, had twice been denied by the woodwork as they were frustrated by relegation-threatened West Ham in the first half.

But Nathan Ake made the breakthrough five minutes after the interval with a header from a free kick.

Mr. Haaland then eased the tension around the Etihad Stadium as he glided on to Jack Grealish’s through ball to beat Lukasz Fabianski and move past the 34-goal mark he shared with Andy Cole and Alan Shearer with five games still to play.

Substitute Phil Foden then made it 3-0 with a superbly-struck volley in the 85th minute. City, chasing a fifth title in six seasons under Pep Guardiola, have 79 points from 33 games with Arsenal on 78, having played a game more. They will move four clear if they beat Leeds United at home on Saturday.

David Moyes’ side would have expected a siege and were not disappointed as they spent virtually the entire first half deep in their own half repelling wave after wave of City attacks.

City swarmed forward with Julian Alvarez and Riyad Mahrez forcing routine early saves by Mr. Fabianski and Mr. Haaland heading a Grealish cross over the bar at full stretch. West Ham, hampered by the absence of midfielders Declan Rice and Tomas Soucek, defended valiantly with the colossal Angelo Ogbonna heading away cross after cross.

Arsenal fans might have started to believe the soccer Gods were smiling on them when Mr. Grealish’s snap shot hit the outside of the upright and minutes later Mr. Rodri’s guided shot hit the post and span agonisingly across the face of goal.

Mr. Guardiola was scratching his bald head as City failed to turn their 80% possession into a goal and the hosts had a scare when Jarrod Bowen surged into the area and forced Mr. Ederson into a sharp save after a rare West Ham forward foray.

West Ham finally cracked five minutes after the interval and it was a goal that would have infuriated Mr. Moyes.

Having resisted so well, they were undone by a simple old routine — a Mahrez free kick curled towards the far post and Dutch defender Ake rose unchallenged to head past Mr. Fabianski.

West Ham still looked capable of adding a twist to the title script until Mr. Grealish released Mr. Haaland for his milestone moment.

But the night belonged to Mr. Haaland who was given a guard of honour as he walked off with the cheers of City’s fans ringing in his ears and Dixie Dean’s record of 63 goals in a season in all competitions for Everton in 1927-28 surely within sight.

As well as five league games left, City are in the semi-finals of the Champions League and FA Cup final. — Reuters

Father Time

LeBron James looked none the worse for wear in the aftermath of the Lakers’ victory against the Warriors the other day. No doubt, it was because the outcome had the purple and gold snatching homecourt advantage in the series from the heavily favored hosts. And never mind that his own performance could be deemed pedestrian even by the standards of the average All-Star. The fact that he needed 24 shots to post 22 points reflected his lack of efficiency, which was itself an offshoot of his tried legs. As evidenced by his flat — and often short — jumpers and tentative drives to the hoop, he had little to no lift, especially in the waning minutes of the close encounter.

All the same, James chose to bask in the triumph that conventional wisdom pegged as unexpected. Needless to say, he had a lot of help from his teammates en route to the win — and to a degree not seen since his Heat days. To contend that he is no longer the best player on the Lakers’ roster would be to understate the obvious; without question, that distinction now belongs to Anthony Davis. And he was only too glad to acknowledge it, in full understanding that meeting the ultimate objective necessitated an unconditional embrace of his frailties.

Father Time is undefeated, even against James. For all his exertions to keep his body in shape at his age, he is clearly feeling the wear and tear of the 2023 Playoffs. It’s what all the miles since being drafted first overall in 2003 — during which time he made a whopping 10 Finals appearances — has done to him. And it’s only going to get worse, what with the short turnaround time between set-tos from here on. In the Lakers’ first round series against the Grizzlies, his production waxed and waned in the last four matches held every other day.

Make no mistake. James continues to make his presence felt, and how. He remains the most cerebral gladiator on the floor at any given time, and mere muscle memory coupled with keen comprehension of the stakes enable him to continue coming up with robust stat lines. Not that he needs to carry the Lakers the way he did last season. It’s understandable for a part of him to actually want to, but he knows not relying more on those around him at this point would be sheer folly. Instead, he has learned to welcome collective success in the face of his own challenges.

Whether the Lakers will prevail over the Warriors in the conference semifinals remains to be seen. They would certainly welcome more from him, and he will leave nothing in the tank whenever he burns rubber. In the final analysis, however, their fate no longer depends on his optimized output. And as he begins to accept this as the norm moving forward, he’s only too happy to be tagging along for the ride.

 

Anthony L. Cuaycong has been writing Courtside since BusinessWorld introduced a Sports section in 1994. He is a consultant on strategic planning, operations and human resources management, corporate communications, and business development.

Nickel ore export ban ruled out; PHL seeking to draw processors

REUTERS

THE Department of Trade and Industry (DTI) said the government has no plan to ban the export of nickel ore but is focused on attracting mineral processing investment.   

“There is no proposal to ban the export of nickel ore. We will encourage the processing of nickel ore in the Philippines. We always go by market mechanisms,” Trade Secretary Alfredo E. Pascual told reporters at a virtual briefing late Wednesday.

Mr. Pascual was responding to a query on a critical minerals agreement (CMA) with the US. Recently, Mr. Pascual urged the US to consider such a deal with the Philippines akin to the US-Japan CMA signed on March 28.

CMAs are designed to diversify supply chains for critical minerals, by which means the Philippines hopes to develop its electric vehicle (EV) battery industry, among others.

In January, Mr. Pascual said the DTI launched an industrial policy study to investigate options like an export tax on nickel exports or an outright export ban.

“The whole world is moving towards EVs and the supply of critical green metals like nickel because they are used to produce batteries (and) will become very much in demand. The big profit is in the finished product, not in the raw minerals,” Mr. Pascual said.

“We want the further processing of these raw minerals so that we can produce out of these minerals, the metals like nickel that are essential ingredients or components of batteries, which are in turn needed for EVs,” he added.

According to Mr. Pascual, the Philippines has received interest from miners in the US, Europe, China, and Japan for potential investments in nickel ore processing.

“The government doesn’t have control over mineral ores. At the end of the day, it will be the decision of private companies that produce the mineral ores to decide who they will partner with. We can only provide the enabling environment so that they can do it,” Mr. Pascual said.

“We are pursuing discussions with foreign partners that will provide the technology for further processing of nickel ores,” he added.

Separately, Mr. Pascual said the proposed inclusion of electric motorcycles in the list of EVs covered by the zero import tariff rules could be reviewed by February, one year after the Executive Order (EO) No. 12 was issued.

EO 12 was released in January and implemented 30 days later. It contains a mechanism for reviewing tariffs after a year.

“We have provision in the EO, which said that the EVs that are not included (in the zero tariff rules) like two-wheeled vehicles such as motorcycles, (will be subject to review),” Mr. Pascual said.

EO 12 reduced tariffs on certain EVs to zero for five years. These include cars, buses, vans, trucks, kick scooters, self-balancing cycles, bicycles, and pocket motorcycles with auxiliary motors not exceeding 250 watts and with a maximum speed of 25 kilometers per hour. Those excluded from the EO, such as electric motorcycles, will be charged a 30% tariff.  

Private sector groups such as Stratbase ADR Institute have pressed for the inclusion of e-motorcycles in the zero-tariff coverage, saying that such a move would boost EV adoption overall. — Revin Mikhael D. Ochave

Marcos lobbies for renewal of US GSP

REUTERS

PRESIDENT Ferdinand R. Marcos, Jr. has asked the US to readmit the Philippines to its Generalized System of Preferences (GSP) program.

“We would like to request reauthorization… to boost trade and to make US products that are made in the Philippines more competitive in the global market,” he said, according to a transcript of a speech provided by the Palace at a forum organized by the US-ASEAN Business Council and US Chamber of Commerce at Blair House in Washington, DC.

Mr. Marcos said it has been more than two years since the Philippines’ GSP deal expired.

The Philippine delegation at the forum included Ayala Corp. Chairman Jaime Augusto Zobel de Ayala, International Container Terminal Services, Inc. President Enrique K. Razon, Jr., SM Investments Corp. Vice Chairperson Teresita Sy-Coson, and Alliance Global Group, Inc. CEO Kevin L. Tan.

“We are particularly excited and we look forward to welcoming projects such as business process outsourcing, healthcare, semiconductors, energy including nuclear power, and battery and electric vehicle manufacturing,” Trade Secretary Alfredo E. Pascual said at the forum, according to a separate statement issued by the Department of Trade and Industry (DTI). 

US companies represented at the forum were lobbying firm Akin Gump, ExxonMobil Corp., Citibank NA, Tenet Healthcare Corp., FedEx Corp., Kimberly-Clark Corp., and PepsiCo, Inc, the DTI said.

In his speech, Mr. Marcos said the Philippines’ ties with the US are “front and center right now,” after overcoming “some bumps and scrapes” in recent years.

“Security and defense are top of mind… we also have to see that because our economies and our societies have grown more complex, everything, impinges on everything else and… it is very hard for us to separate and say that this is a discrete sector that does not affect any other sector,” he added.

The President called on US companies to invest more in the Philippines, saying that his government has stepped up efforts to “create an atmosphere that is attractive to potential investors and we continue that process.”

The President also touted Philippine companies’ digital transformation, which he said could elevate “the competitiveness of the semiconductor and electronics sector.”

“Because Outsourced Semiconductor Assembly and Test (OSAT) is vulnerable to disruptive technologies, we need to undertake research and development that will help us improve business for OSAT firms in the country,” Mr. Marcos said.

Citing the advent of electric vehicles (EVs), Mr. Marcos said the Philippines can focus on exporting wire harnesses, rubber tires, and automotive electronics.

The Philippines could also benefit from the expected increase in exports of solar and photovoltaic-related products as many countries strive to comply with their decarbonization targets, Mr. Marcos added. 

Mr. Marcos is on a five-day US visit which started on Sunday, during which he has met with US President Joseph R. Biden and other US officials. — Kyle Aristophere T. Atienza

Egg farmers exporting amid weak PHL demand

PHILIPPINE STAR/KRIZ JOHN ROSALES

THE egg industry has shipped more than four million eggs to Taiwan since April following of weak demand in the Philippines, egg farmers said.

“For now, temporary ’yan, kasi nga ang baba ng demand dahil nga siguro sa bird flu. Kaya nga kahit mura, okay na rin para at least nababawasan ’yung supply (It’s temporary. Demand is low maybe because of bird flu. (Exports are) a good thing because they reduce supply,” Gregorio A. San Diego, Jr., chairman of the Philippine Egg Board Association, told reporters.

According to Mr. San Diego, exporters were able to obtain a price of about P5.60 each for medium or large egg. The current farmgate price for eggs is between P5 and P6.

He estimated that about 10 million chickens were culled last year due to avian influenza.

The Bureau of Animal Industry (BAI) has identified six barangays across two separate regions with active cases as of April 28.

Dating from January 2022, bird flu cases have been recorded in 160 barangays.

“There is a global shortage of eggs, and our production has declined. But despite decreased production, consumption fell by more so we have a surplus,” he said.

In March, the Taiwan Council of Agriculture and the Executive Yuan decided to tap suppliers in the Philippines to meet the island’s egg requirement.

The BAI invited egg farms in a March 10 memorandum circular to submit accreditation documents to participate in the export trade.

Mr. San Diego called the system of accrediting exporters a “long process” involving various clearances.

Agriculture Spokesperson Kristine Y. Evangelista told reporters separately that the department is trying to help prospective exporters obtain the needed technical documents.

“I think this is the first time we are exporting. So, kung ano ’yung mga kailangan (Whatever is needed from the) BAI and the FDA (Food and Drug Administration), like clearances and permits, we are (trying to help the) stakeholders,” she said.

“We are looking at the need to lower taxes and other incidentals when it comes to export, so that producers won’t need to drop their prices,” Ms. Evangelista added.

Mr. San Diego said of the export trade: “Hindi naman kikita sa export gaano pero malaking bagay na ’yon kaysa mabulukan ng itlog (The profits are small but they are better than holding on to rotten eggs).”

The prevailing price of medium-sized eggs was between and P6-P8.50 per piece in Metro Manila markets as of Thursday, according to Department of Agriculture price monitors. — Sheldeen Joy Talavera

Meralco projects adequate supply of power during dry season, invites more to join ILP  

MERALCO.COM.PH

MANILA ELECTRIC Co. (Meralco) said it expects the supply of power during the dry season to be adequate, but asked more companies to participate in the interruptible load program (ILP).

In a statement on Thursday, Meralco said it is working with the Department of Energy (DoE) to ensure reliable electricity services during the hot months.

On May 2, the government weather service, known as PAGASA (Philippine Atmospheric, Geophysical and Astronomical Services Administration), raised its probability estimate for an El Niño dry spell in the next three months.

Meralco and the DoE urged the public to conserve electricity, with the power company saying more ILP participation will ensure sufficient power.

ILP participants are large power users that maintain their own backup power generators. When supply is tight, they stop drawing power from the grid and use their own facilities, reducing overall demand on the grid.

To date, Meralco said 117 companies are enrolled in the ILP within its franchise area.

The DoE has discouraged power plants from scheduling outages and conducting testing throughout the dry season.

Meralco’s controlling stakeholder, Beacon Electric Asset Holdings, Inc., is partly owned by PLDT, Inc. Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has an interest in BusinessWorld through the Philippine Star Group, which it controls. — Ashley Erika O. Jose

ADB reworking capital adequacy norms to boost lending resources

BW FILE PHOTO

THE Asian Development Bank (ADB) said it is reviewing its capital adequacy standards in order to expand lending to vulnerable countries, while also letting private-sector financing shoulder more of the burden in development projects.

“The ongoing review of our Capital Adequacy Framework will prepare us to optimize our balance sheet and, potentially, boost our lending capacity,” ADB President Masatsugu Asakawa said at the bank’s annual meeting in Incheon.

“Under ADB’s new operating model, our ‘private sector development shift’ will promote market-based development. We will catalyze even more private capital through deeper coordination between our sovereign and non-sovereign operations,” he added.

The focus of support for developing member countries (DMCs) facing challenges in the current economy will center on social safety nets, including protection for women and girls, Mr. Asakawa said.

“The ADB will continue to prioritize our developing members and populations most in need. Social protection measures for poor and vulnerable groups, and a focus on the needs of women and girls, are essential… To better support our DMCs, ADB is actively evolving our mission, increasing our resources, and undertaking organizational reforms. We are especially committed to investing in global and regional public goods, to help mitigate the increasing global threats,” he added.

Mr. Asakawa said that low-income and small-island developing members were most vulnerable to external headwinds such as the pandemic, geopolitical tensions, and high inflation.

“The midterm review of Strategy 2030 will address the multilateral development bank evolution agenda. This will enable ADB to invest in global public goods,” he said.

The ADB will also provide countercyclical support and emergency assistance, to “help DMCs manage crises and undertake reforms that build resilience — for example, through improved domestic resource mobilization.”

On Thursday, the ADB said its Board of Governors approved a $1.1-billion net income allocation from its ordinary capital resources.

This consists of $716.5 million to ADB’s ordinary reserve to support the bank’s capital growth and provide an earnings base to generate income; $292.4 million to the Asian Development Fund; and $90 million to the Technical Assistance Special Fund.

In 2022, the ADB committed $20.5 billion in loans, grants, equity investments, guarantees, and technical assistance.

Last year, the ADB extended $3 billion in financial assistance to the Philippines, the fifth-highest in the region. It is earmarking $4 billion worth of loan financing to support development projects this year. — Luisa Maria Jacinta C. Jocson

Legislator pushes for removal of e-travel registration for arrivals

REUTERS

A LEGISLATOR is calling for the removal of eTravel registration for incoming international passengers, saying that removing the requirement will help attract more visitors.

“A lot more people can be enticed to go to the Philippines, whether for pleasure or business, if we were to get rid of the eTravel document that is so tedious and time-consuming for inbound passengers to accomplish,” Camarines Sur Rep. Luis Raymund F. Villafuerte, Jr. said in a statement.

International travelers are required to register prior to departure and arrival with the Immigration bureau’s eTravel system not earlier than 72 hours. The system facilitates border controls, health surveillance, and economic data analysis.

The easing of the inbound requirement will mark full transition to the post-pandemic “new normal,” helping accelerate the economy’s rebound, he said, adding that more international mobility is expected as more COVID-19 (coronavirus disease 2019) barriers to travel fall.

The COVID-19 positivity rate in the National Capital Region increased to 18.8% on May 1, according to OCTA research group.

Health department officer-in-charge Maria Rosario S. Vergeire said utilization of healthcare facilities remains low, citing the level of immunity achieved via vaccination.

The Department of Health said on Tuesday that the daily average of COVID cases has risen 42% from a week earlier.

The Philippines last week detected its first case of Omicron subvariant XBB.1.16, which is spreading in more than 30 countries.

Also called Arcturus, the subvariant is considered highly contagious. The World Health Organization has classified XBB.1.16 as a variant of interest.

Mr. Villafuerte s aid that “the (next) logical step for Malacañang’s policy of relaxing anti-COVID health protocols and reopening our economy to global business and travel is the ditching of the eTravel document as an entry prerequisite.” — Beatriz Marie D. Cruz

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