P100-million funding sought for PH Ayungin buildup

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MANILA — Sen. Francis Escudero’s proposal on Tuesday, August 15 to set aside P100 million in the 2024 national budget for the construction of permanent structures in Ayungin (Second Thomas) Shoal in the West Philippine Sea drew support from his colleagues and the chief of the Philippine Navy.

The structures, according to the senator, could serve as permanent lodging for soldiers stationed at the rusty BRP Sierra Madre, a warship intentionally grounded in the shoal in 1999 as a Philippine military outpost and now at the center of fresh tensions between Manila and Beijing.

“I will propose the allocation of P100 million to fund the construction of a pier and

Senators raise concern about PH’s ballooning debt

by MAILA AGER Inquirer.net

MANILA — Should Filipinos worry or panic over the country’s ballooning debt?

Senators raised this question on Tuesday, August 15 as they scrutinized the proposed P5.768-trillion national budget for 2024.

MANILA — The Philippine government considers the escalating tensions in Taiwan Strait a “major concern” that could affect the country, according to a document published by the government.

The government said in its National Security Policy 2023 to 2028 that the Taiwan-China relations have the “potential to be the flashpoint in the region.”

“The Philippines is concerned about its economic stability, a potential influx of refugees, and the welfare of overseas populations,” the government said in the document.

“Any military conflict in the Taiwan Strait would inevitably affect the Philippines given the geographic proximity of Taiwan to the Philippine archipelago and the presence of over 150,000 Filipinos in Taiwan,” it added. China claims Taiwan, and has vowed to take the democratic island one day—by force, if necessary—and ramped up political and military pressure against it.

In April, Chinese Ambassador Huang Xilian “advised” the Philippines against

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Peso nearly hits 57:$1

by LAWRENCE AGCAOILI Philstar.com

MANILA — The Bangko Sentral ng Pilipinas (BSP) is not worried about the weakening of the peso against the dollar, which almost touched the 57 level on Monday, August 14 due to the narrowing interest rate differential between the Philippines and the U.S.

The peso lost 46.5 centavos to close at 56.78 to $1 on Monday from Friday’s (August 11) 56.315. The local currency opened weaker and almost touched the 57 to $1 level as it lost steam further to hit an intraday low of 56.99.

According to BSP

By end of next year, the country’s debt is projected to climb to P15.8 trillion, National Treasurer Rosalia de Leon told the Senate committee on finance.

For 2024 alone, De Leon said the government needs to allot P1.9 trillion for debt service.

“How come the position is we should not worry about debts yet?” Senate Minority Leader Aquilino Pimentel III then asked.

“How come Filipinos should not worry