President wants to attend COP28

PRESIDENT Ferdinand Marcos Jr. intends to attend the 28th Conference of the Parties (COP28) to the United Nations Framework Convention on Climate Change (UNFCCC) in Dubai.

The United Arab Emirates government already invited Mr. Marcos to attend the conference that will take place at Expo City in Dubai from Nov. 30 to Dec. 12. The invitation was extended to the President when UAE Ambassador Mohamed Obaid Salem Alqataam Al-Zaabi paid him a courtesy visit at Malacañan

Marcos:...

From A1 fellow member-states of the Association of Southeast Asian Nations (ASEAN), came into force on June 2. Free trade agreements between the Philippines and South Korea, the European Union, and the United States were also in the works, Marcos said.

“The reason we are doing this is we want to open markets so that the Philippines will be able to export to and import from. So it’s not one way, it’s straight,” President Marcos said.

“And that is the most important thing. But what we have to do is to allow ourselves the restructuring of some of the

Economic...

From A1 including Singapore, the Philippines is now training its eyes on longer-term investments for the Filipino people.

“Just two weeks ago, the Philippine Congress approved the Maharlika Investment Fund bill creating the country’s first sovereign wealth fund. The Maharlika Investment Fund is designed to advance the Philippines’ long-term development goals through the effective inter-generational management of our government financial assets. This will be an important addition to our existing funding mechanisms, with the aim of promoting socio-economic development through investments in strategic, high-return, high-impact sectors, including infrastructure,” he said.

“We look forward to its enactment in the coming weeks and we are eager to explore co-financing opportunities with foreign investors, multilateral institutions and other sovereign wealth funds around the world,” Diokno said.

President Marcos has yet to sign the bill into law, which will also need its implementing rules and regulations.

Other members of the economic team that attended the briefing were Budget Secretary Amenah Pangandaman and National Economic and Development Authority Secretary Arsenio Balisacan.

“We invite you to become our partners… Now is the time to invest in the Philippines,” Pangandaman said in the panel discussion right after the economic briefing.

The economic team cited the compelling factors why foreign investors should consider the Philippines as an ideal investment destination.

They mentioned the structural reforms implemented in previous and present administrations, strong macroeconomic fundamentals that remained solid even during

Magnitude...

From A1 the Metro Rail Transit Line 3 (MRT-3) following the earthquake are “no cause for alarm,” the Department of Transportation said in a statement.

Phivolcs director Teresito Bacolcol said the earthquake possibly came from Manila Trench due to the depth of its tectonic origin. The agency did not issue any tsunami warning following the quake.

Meanwhile, Calatagan Mayor Peter Palacio said no significant damages were observed in their town, but tasked municipal engineers to check the town hall and other structures.

Classes in some schools in the town were suspended, but government offices remained open to the public, according to Palacio, who warned residents of Calatagan to watch out for aftershocks.

The US Geological Survey said the earthquake struck at a depth of 112 kilometres (77 miles) at around 10:00 am (0200 GMT) in waters off Calatagan town, about three hours' drive from the capital Manila.

The quake was caused by the movement of the Manila Trench, a major earthquake generator located offshore west of Luzon island, which is roughly parallel to the Philippine archipelago and is running

PNP...

From A1

“We have committed almost 22,000 personnel for that deployment, where rallies will be held, and likewise of course

Palace in Manila on Tuesday.

“The ambassador came to see me beforehand, the day before and we were talking about precisely COP 28, I hope to be able to attend because climate change is a primordial issue when it comes to the Philippines. I hope that we’ll be able to attend,” Mr. Marcos told reporters Thursday on the sidelines of the International elements that are within the law, that are within the rules so that we can compete on an even basis,” he added.

Under the PEDP, the Philippines aims to become a leading exporter in electronics, information technology and business process management, minerals, agricultural and agri-based products, transport products, wearables, fashion accessories, and travel goods, chemicals, and home furnishings by 2028.

The following industries would also be developed with an eye toward exports: industrial, manufacturing, and transport; technology, media, and telecommunications; health and life sciences.

"It has become clearer to us what the evolving export landscape looks like now. Our role in the global marketplace is be- the pandemic, the strong external position, a stable banking system, an easing inflation rate, sustained remittances from overseas Filipino workers that is one of the drivers of robust consumer spending, improving labor markets, and the young and talented Filipino workforce that could be the pillars of economic growth in the years to come.

Balisacan said the Philippine economy could even surpass its growth potential of around 6 percent annually. Just last year, gross domestic product (GDP) grew by a 46-year high of 7.6 percent, over the target range of 6.5 to 7.5 percent.

Bangko Sentral ng Pilipinas Dputy

Governor Francisco Dakila Jr. said the financial sector is one area that might interest foreign investors, especially after the liberalization of the banking industry a few years ago.

“At the start of the pandemic, there was a survey about the outlook on non-performing loans [in the Philippines]. Those surveyed saw it rising to about 8 percent due to the pandemic but that did not happen. NPL now is at 3.5 percent… Banks are very well capitalized and because of this, the Philippine financial sector is very attractive [to investors],” Dakila said.

The economic managers, however, acknowledged the persistent presence of risks that could stifle the further growth of the economy. These include elevated inflation, the El Nino phenomenon, slower global growth, as well as geopolitical tensions, especially the continuous war between Russia and Ukraine that has been affecting prices of global commodities.

This year, the government projected a 6 to 7 percent growth in GDP, anchored on robust and strong domestic demand.

Meanwhile, NEDA assured investors that the Philippine government would continue to prioritize infrastructure development, while also maximizing the benefits of a large consumer base and demographic dividend.

Balisacan underscored the impor- from Taiwan to Occidental Mindoro, Phivolcs said.

Intensity 4 was felt in Manila, Mandaluyong, Quezon and Valenzuela cities; Bulacan’s Malolos; Batangas’ Batangas City, Ibaan, Lemery, Nasugbu and Talisay; Cavite’s cities of Dasmariñas and Tagaytay, and Rizal’s Tanay.

Intensity 3 was experienced in Pateros, the cities of Las Piñas, Makati, Marikina, Parañaque and Pasig; Bulacan’s Obando; Batangas’ Laurel; Cavite’s cities of Bacoor and Imus; Laguna’s cities of San Pablo and San Pedro, and Rizal’s San Mateo.

Caloocan, San Juan and Muntinlupa; La Union’s San Fernando City; Pangasinan’s Alaminos City and Bolinao; Bulacan’s Santa Maria, and Tarlac’s Bamban had intensity 2, while Bulacan’s San Jose del Monte City only felt intensity 1.

Calatagan police chief Emil Mendoza said he and his staff rushed outside following the tremor.

"It was a bit strong. We had to run outside," Mendoza told Agence France-Presse.

While there were no immediate reports of casualties or damage, disaster authorities had been deployed to assess the earthquake's impact, Mendoza said.

Charles Dantes, Rio N. Araja, Joel E. Zurbano, Macon Ramos-Araneta, and AFP (See full story online at manilastandard.net) our (police) reserves natin will come from different districts if we lack people there,” said Okubo.

PNP Chief Gen. Benjamin Acorda said the force has monitored no possible threat to SONA 2023 at the moment. "As of now we have not received re-

Trade Forum at the Shangri-La The Fort in Taguig City. The President said a visit to UAE will strengthen the Philippines’ ties with the Gulf state, acknowledging that many Filipinos are residing and working in the host country.

“Beyond the Conference of Parties is that we also want to fortify our ties with the UAE,” he said.

“And they have been very welcoming. They have treated our people very well. They have protected them and they have allowed them to make a living in the United Arab Emirates. So, that’s something that we hope to continue and even coming more apparent," the President said.

Marcos said that with the signing of the Philippine Export Development Plan, the country formally begins the enforcement of the key strategies "to nurture the growth of our local export industry for the next six years, to transform it into a strong and highly competitive pillar of our economy."

"It is correct that the DTI views our export industry as an economic linchpin,” he said, referring to the Department of Trade and Industry. “Indeed, this distinct sector holds together what could appear to be disparate components of our economy, but make them work in such wellcoordinated and efficient manner so as to achieve a higher and practical objective.” tance of funding and investing in the 194 “Build-Better-More” infrastructure flagship projects of the Marcos administration. He further encouraged businessmen to become invaluable partners in achieving development goals.

“The private sector is the Philippines’ engine of growth and innovation, and tapping into its financial muscle, as well as technical and managerial capacities will ultimately result in better public services, lower consumer prices, and improved quality of life for all Filipinos,” said Balisacan,

The nation’s chief economist also said President Ferdinand R. Marcos Jr. recognizes the immense potential of engaging the private sector. Thus, he has instructed the economic managers to pursue publicprivate partnerships (PPPs) as a means of financing the development of critical infrastructure in the country.

“The President has given the directive to promote PPPs as a mode of financing these IFPs and other high-impact projects in physical, digital, and social infrastructure. These include investments for transport and road projects, property development, health, water and sanitation, ICT, solid waste management, energy, and tourism,” Balisacan said.

Furthermore, the Marcos administration has committed to sustaining annual spending on infrastructure at around 5 to 6 percent of GDP from 2023 to 2028. This is equivalent to approximately $20 billion to $40 billion per year. Many of these projects will focus on fundamental infrastructure that serves as a growth driver, enabling economic opportunities and job generation.

During the fourth meeting of the NEDA Board, the government approved 194 IFPs worth about $148 billion or P8.3 trillion. Most of these projects focus on enhancing physical and digital connectivity, as well as managing water resources. More than half of the projects will be funded through official development as-

World’s...

From A1 is about 10 to 12 centimeters long.

"The removal of the world's largest and heaviest kidney stone through a major surgery occurred on June 1 at the Colombo Army Hospital," the military said in a statement.

Coonge told the local Swarnavahini TV that he had abdominal pain since 2020 and oral medication had not helped.

"I was told to undergo surgery after a recent scan," he said. "I feel normal now."

The Sri Lankan case surpassed the

DENR:...

From A1 progress further,” Mr. Marcos added UAE is home to over 700,000 Filipinos, with 450,000 of them based in Dubai. sistance (ODA), while 30 percent will be financed through PPPs.

This year’s COP is expected to host over 70,000 delegates, including heads of state and world leaders to build consensus and facilitate progress on climate action among 198 countries, the European Union, and thousands of non-government organizations, companies, youth groups and other stakeholders.

As host, the UAE is focused on providing practical and positive solutions that drive progress for climate and the economy, as well as relief and support to vulnerable communities.

The country’s economic managers are thoroughly studying the best practices of other nations that have been successful in their free trade agreements for their exports, the President said.

He said learning from the successes of other countries will also be key to staying competitive in global export and trade.

Earlier this month, Marcos approved the plan, which aims to capitalize on export growth opportunities.

Trade Secretary Alfredo Pascual said the export plan is in line with the administration's Philippine Development Plan, which Marcos approved in December last year.

The Philippine Development Plan aims to strengthen the country's economic and social transformation from 2023 to 2028.

Balisacan said these projects will enable the government to achieve its goal of addressing both short-term challenges and long-term constraints to job creation and poverty reduction. These projects are aligned with the Philippine Development Plan 2023-2028, which underscored the importance of infrastructure in addressing the obstacles to business investment and the creation of high-quality jobs.

The NEDA chief encouraged the business sector to finance these projects by highlighting the advantages of investing in the Philippines, which has a vast consumer base of 110 million people.

Balisacan also noted that the country has been included in the Regional Comprehensive Economic Partnership, which is the world’s largest free trade agreement. This agreement enables businesses access to more sources of inputs, thereby promoting economic growth.

“The country is more open to business now than ever before, and we look forward to working with you to create a more prosperous, inclusive, and resilient Philippines,” he said.

The PEB in Singapore was jointly organized by the BSP’s Investor Relations Group (BSP-IRG), Department of Finance (DOF), DBS Bank, and the Investment & Capital Corporation of the Philippines (ICCP).

It was attended by around 110 foreign investors from business and financial communities, including business chambers and the media.

“Beyond question, Singapore holds a special place in the Philippines’ growth story. This year, we celebrate 54 years of diplomatic relations, an enduring partnership characterized by strong political, economic, cultural, and people-to-people ties,” Diokno said. (See full story online at manilastandard.net) largest kidney deposit previously recorded of 620 grams from a patient in Pakistan in 2008, according to Guinness World Records.

Officials announced the finding on Wednesday after Guinness World Records recognized it.

"The most important thing for us is that the kidney is functioning normally despite this stone," army surgeon K. Sutharshan said.

Stones are deposits made when minerals and salts crystallise in the kidney as it filters the blood.

Passing the stones can cause excruciating pain, requiring surgery if they are too big and get stuck. AFP ports about it [threats] but as we have been saying, expect the worst and hope for the best," Acorda said in an interview.

“Collection and sorting facilities from the informal sector may be transformed into formal activities and establishments. These can be duly registered and supported by the EPR system,” she said.

“The informal sector can also be integrated as business partners, such as non-government organization-supported microenterprises, franchises of formal waste management companies, operating local collection centers, and forming cooperatives and collectives. This social inclusion can be improved to develop alternative livelihoods and diversified livelihoods for our informal community,” she added.

The EPR Act of 2022 or Republic Act 11898 serves as the environmental policy approach and practice that requires producers to be environmentally responsible throughout the life cycle of a product, especially its post-consumer or end-of-life stage.

Intel gathering has been ongoing in connection with the President's address, the second under his term, the PNP chief said.