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FAITH IN MOTION Millions of devotees joined the procession of the Black Nazarene that started at Quirino Grandstand in Manila going to Quiapo Church at Thursday’s Feast of the Black Nazarene. Story in Nation, page A4. ROY DOMINGO
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Friday, January 10, 2020 Vol. 15 No. 92
PHL pushes trade deal with US amid conflicts $18.69B I By Elijah Felice E. Rosales
Trade Secretary Ramon M. Lopez said on Thursday the government will pursue the trade deal with the US this year in spite of the geopolitical and trade issues it is currently engaged in. He explained that economic partnerships that
benefit people should be treated separately. “Yes,” Lopez replied when asked if the proposed FTA with the US will push through, adding that a “trade deal that will be mutually beneficial should be pursued and
treated separately.” The US is trying to strike a deal with China to end their trade conflict that dates back to 2018 when Washington increased duties on washing machines and solar panels and, subsequently, on steel and
GROWTH NOT SEEN AT FASTER THAN 6.2% UNTIL 2022, SAYS WB
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By Cai U. Ordinario
aluminum. In 2018 the country slapped a 25-percent tariff on $250 billion worth of Chinese imports. The US was also engaged in a military standoff with Iran before President Donald J. Trump on Wednesday backed away from further escalation. See “Trade deal,” A2
See “Growth,” A2
Two-way trade between the Philippines and the US in 2018, rising 7.16 percent from $17.44 billion in 2017, per PSA data. Exports to the US jumped over 10 percent to $10.63 billion, from $9.66 billion, making Washington the country’s largest export destination
Japan adds ₧2B to loan for 2 key Metro bridges By Recto Mercene
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@rectomercene
WO key bridges spanning the Pasig River have been refinanced by Japan to ensure they would survive the “Big One.” Tokyo also injected new money to finish the country’s first subway system, connecting Quezon City to Southern Metro Manila, ending at the Ninoy Aquino International Airport (Naia). “Just moments ago, Minister Motegi [Toshimitsu] and I exchanged diplomatic notes on the Metro Manila Priority Bridges Seismic improvement project. The project will reinforce our bridges, bringing them to superior seismic design specifications and making them resilient to largescale tremors,” Foreign Affairs Secretary Teodoro Locsin Jr. said during a joint meeting with his
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visiting Japanese counterpart at a hotel in Makati. In Metro Manila, the Big One applies to a scenario wherein movements along the Valley Fault System could trigger a 7.2-magnitude quake, causing widespread damage to weak infrastructure. The Metro Manila Priority Bridges Seismic Improvement Project will improve the resilience of two major and very busy bridges, Lambingan Bridge in Manila’s Sixth District, and Guadalupe Bridge along Edsa in Makati City, through the incorporation of improved seismic bridge design specifications. “The project thus supports the integrity of our arterial road network, contributes to secure and more sustainable economic and social development in Metro Manila, and enhances resilience in case of large-scale earthquakes in the National Capital Region,” the DFA said in a statement. Continued on A2
@caiordinario
HE Philippine economy is not expected to grow faster than 6.2 percent for the rest of President Duterte’s term, according to the World Bank. Based on the January 2020 Global Economic Prospects (GEP), the World Bank said the Philippine economy is projected to post a growth of 6.1 this year and 6.2 percent in 2021 and 2022. For 2019, GDP is expected to post a 5.8-percent growth, below government expectations. Growth is expected to moderate in the country, including the entire region, on the back of the slowdown in China and the “lingering impact of trade tensions.” This outlook, the World Bank said, is “predicated on no renewed escalation of trade tensions between China and the United States and a gradual stabilization in global trade.” It added, “it also assumes that authorities in China continue to implement monetary and fiscal policies to offset the negative impact of weakening exports.” The government’s growth targets for this year until 2022 is 6.5 percent to 7.5 percent. The targets for 2021 and 2022 were downgraded from 7 percent to 8 percent. The World Bank also made similar downward revisions on its GDP projections for 2019 to 2021. This is the first time the World Bank released its projection for 2022.
@alyasjah
N spite of the geopolitical tensions and trade conflicts that Washington is facing, the Philippines will keep on pushing for a free-trade agreement (FTA) with the United States as part of the country’s goal of expanding market options for exporters.
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2020 budget passage to boost growth –Moody’s
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FINANCE Secretary Carlos Dominguez III and Japan Foreign Affairs Minister Toshimitsu Motegi shake hands after holding a bilateral meeting in Manila on Thursday (January 9) to discuss new areas of expanding the robust bilateral relationship between the Philippines and Japan and the progress of the infrastructure projects under the “Build, Build, Build” program that are being implemented with funding and technical support from Japan. See related story in Companies, “Development of Subic Bay to benefit East Asia–DOF,” page B1. HANDOUT PHOTO FROM D.O.F.
HE timely passage of the country’s 2020 spending plan has been deemed as “credit positive” by Moody’s Investors Service, citing the development’s effect on overall growth for the year. In a statement on Thursday, the credit watcher said the government’s passage of the budget early this year—as opposed to the 2019 budget which was approved in April—will bode well for the country’s growth momentum. On January 6, President Duterte signed into law the 2020 General Appropriations Act (GAA), which appropriates P4.1 trillion for the national government. “At P4.1 trillion, the spending package is 12 percent higher than the P3.7 trillion allocated in the 2019 budget and will help sustain the Philippines’s rapid economic growth against an uncertain global backdrop, Continued on A12
US 50.9560 n JAPAN 0.4670 n UK 66.7473 n HK 6.5535 n CHINA 7.3364 n SINGAPORE 37.7284 n AUSTRALIA 34.9813 n EU 56.5968 n SAUDI ARABIA 13.5847
Source: BSP (9 January 2020)