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n Wednesday, December 20, 2023 Vol. 19 No. 70
WB: PHL REMITTANCES TO RISE TO $40B IN 2023
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By Jasper Emmanuel Y. Arcalas @jearcalas
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HE Philippines’s cash remittances are projected to rise by 5 percent year-onyear to $40 billion this year before growing further to $42 billion next year, putting the country among the top five recipients for remittances, according to the World Bank (WB). “ R e m it t a nce f low s to t he Philippines—the largest recipient after China in the East Asia and Pacific region—are likely to reach $40 billion in 2023, growing at over 5 percent compared with under 4 percent in 2022. The sustained growth of remittance f lows to the Philippines was an outcome of a well-diversified set of host destinations across the world,” the WB said in a report published recently. The WB said the Philippines is part of the top five countries for remittances this year, ranking third behind India ($125 billion), Mexico ($67 billion) and China ($50 billion). Completing the top is the Arab Republic of Egypt at $24 billion, according to the multilateral lender. Aside from recovering economies in host countr ies, the See “WB,” A2
A SPECTRUM OF CHANGE A radiant rainbow adorns St. Peter’s Square at the Vatican on January 31, 2021. Pope Francis on Monday officially endorsed the blessing of samesex couples, a groundbreaking shift in Vatican policy aimed at fostering inclusivity while upholding the Church’s steadfast prohibition of gay marriage. Although hailed by some as a progressive move, LGBTQ+ advocates caution that it underscores the Church’s perspective on the inferiority of gay partnerships compared to heterosexual unions. The Vatican’s doctrinal office document, building upon a letter from Francis in October, reiterates the condition that such blessings must not be confused with marriage rituals, emphasizing that marriage remains a lifelong commitment between a man and a woman. It affirms that requests for blessings for same-sex couples should not be denied, emphasizing a broad definition of “blessing” in Scripture, asserting that those seeking a blessing need not meet an unrealistic moral standard. Full story in World, A11. AP/ALESSANDRA TARANTINO
AFTER FISCAL POLICY REFORM, ‘OBSOLETE’ SYSTEMS UP NEXT By Samuel P. Medenilla @sam_medenilla
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ITH the necessary economic structural changes already in place this year, President Ferdinand R. Marcos Jr. will be pushing for the “modernization” of obsolete government systems in the coming months. In an interview with reporters in Tokyo, Japan on Monday, the chief executive disclosed his administration focused on updating
existing fiscal, monetar y and spend ing policies as the country “moves away” from the economic impact of Covid-19. Since the onset of the pandemic, the government was forced to increase its loans to assist those affected by the nationwide lock downs despite lower revenue. Data from the Department of Fi n a nce ( DOF) showed nationa l gover nment debt soared from P7.73 See “Fiscal,” A2
PBBM: Conserve energy to cut greenhouse emissions
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RESIDENT Ferdinand R. Marcos Jr. on Tuesday called on the public to contribute to national sustainable development efforts by reducing their energy use. In his message for the 2023 National Energy Consciousness Month (NECM), the chief executive stressed the importance of energy conservation to reduce the country’s greenhouse emissions. “As we pursue the path of sustainable development, it is important that we develop a keen awareness of our energy consumption,” Marcos said. “Thus, this month-long event serves as a reminder for us to
ref lect on our energy habits and foster a culture of responsible energy use,” he added. He noted the efforts of the Department of Energy (DOE) Energy Efficiency Excellence Award will help promote the conservation culture. The award is part of DOE’s initiatives for the celebration of 2023 NECM, which includes finding sound energy solutions, creating sustainable practices, and embracing emerging energy technologies and applications. “I hope that with their example we can inspire the rest of the See “PBBM,” A2
PESO EXCHANGE RATES n US 55.8190 n JAPAN 0.3911 n UK 70.6166 n HK 7.1602 n CHINA 7.8259 n SINGAPORE 41.8999 n AUSTRALIA 37.4266 n EU 60.9878 n KOREA 0.0429 n SAUDI ARABIA 14.8791 Source:
BSP (19 December 2023)