IMF hikes growth forecast for PH to 6.2% IN BRIEF

including those from an intensification of the war in Ukraine and extreme weather-related events, triggering more restrictive monetary policy.

“Sovereign debt distress could spread to a wider group of economies. On the upside, inflation could fall faster than expected, reducing the need for tight monetary policy, and domestic demand could again prove more resilient,” it said.

It said the priority remained achieving sustained disinflation in most countries, while ensuring financial stability.

It said central banks should remain focused on restoring price stability and strengthening financial supervision and risk monitoring.

By Darwin G. Amojelar

THE infrastructure cluster of the Marcos administration vowed to accelerate the rollout of big-ticket infrastructure projects to boost the economy.

Transportation Secretary Jaime Bautista said the agency is accelerating rail, maritime, road and aviation infrastructure projects that would bring socio-economic benefits to Filipinos.

“The department will speed up the momentum in completing more transport infrastructures and projects aimed at moving more people, products, and services and trigger economic growth,” Bautista said.

Public Works Secretary Manuel Bonoan also committed to hastening the rollout of high-impact projects.

Prime Energy topped Malampaya’s target output in Q2

By Alena Mae S. Flores

PRIME Energy Resources

Develop - ment B.V. said Tuesday it exceeded its second-quarter target output because of efficient maintenance activities and equipment integrity in the Malampaya Deep Water Gasto-Power project that contributed to higher sales, fulfilling the high gas demand during summer.

Energy production and supply to customers exceeded the Malampaya’s target, with gas sales in the second quarter reaching 280 million standard cubic feet per day, higher than the target of 274 MMSCFD.

“We are very proud of the excellent performance of the asset, enabled by the tireless commitment, ingenuity and proven capability of Prime Energy employees. We intend to maintain a reliable supply of indigenous gas to our customers while we continue the hard work of exploring for new sources to address the natural decline of the Malampaya gas field. We remain committed to being the partner of choice in providing energy sufficiency and security to the country,” Prime Energy general manager Donnabel Kuizon Cruz said.

Prime Energy, a subsidiary of businessman Enrique Razon’s Prime Infrastructure Capital Inc., owns the 45-percent operating interest in Service Contract 38 or the Malampaya gas project. It operates under an all-Filipino management and staff and continues to show its capability and competence in

Czark Mak Group unveils new township to lift Bulacan economy

THE Czark Mak Group expects to help transform Bulacan province into the next growth area and top business and lifestyle destination with the launch of its P2-billion commercial and industrial township in Guiguinto town.

Covering an area of over 20 hectares, CZM’s AcroCity is Bulacan’s newest township—a vibrant lifestyle hub that caters to the growing needs not only of the surrounding communities, but even residents of nearby areas including Metro Manila who would want a different staycation experience.

“With AcroCity, we are not merely constructing properties; we are building dreams and forging connections that have the power to transform lives. Our vision is to create a vibrant community at the heart of Bulacan, where businesses thrive, residents flourish, and dreams are realized,” said CZM executive vice president Caesar Angelo Wongchuking Jr. CZM held the groundbreaking of the operating and maintaining the Malampaya project to harness natural gas and provide safe, reliable and clean energy to Filipinos.

NDW Plaza on July 25, which will serve as AcroCity’s community and town center focusing on wellness. It will host, among others, a world-class dialysis center, a diagnostic center, spa, gym, and beauty and other wellness facilities. NDW Plaza will also serve as home to a bank, and other dedicated retail spaces to complement existing leisure and commercial offerings.

“NDW Plaza represents our unwavering commitment to continually enrich the AcroCity experience of our customers. At the heart of our live, work, play concept, our goal is to provide a seamless integration where visitors and our customers embrace a well-rounded lifestyle and thrive,” Wongchuking said.

The Malampaya gas project in northwest Palawan supplies natural gas to power four generation plants in Batangas, with a combined capacity of 2,011 megawatts.

The Malampaya platform, pipelines and production systems went through a two-week maintenance work early in February 2023. Working in close coordination with the Department of Energy, the maintenance activities were completed with zero incidents.

President Ferdinand Marcos Jr. approved the renewal of SC 38 in May 2023, extending the project for 15 years or until Feb. 22, 2039.

Pse Index Closing

“The DPWH will continue to be on the fast mode,” Bonoan said during the 2023 Post SONA Forum in Pasay City.

“Through the Build Better More program of the government, DPWH will continue and expand infrastructure development that will address the connectivity gap in the country and go beyond just building by incorporating sustainability, resiliency and advanced technology in infrastructure facilities,” he said.

President Ferdinand Marcos Jr. during his 2nd State of the Nation Address committed to maintain an annual spending on infrastructure at around 5 percent to 6 percent of gross domestic product from 2023 to 2028, equivalent to about $20 billion to $40 billion a year.

Under its Build-Better-More Program, the government identified 194 infrastructure flagship projects worth around P8.3 trillion.

Bautista said besides the massive North-South Commuter Railway system and the over 1,000 kilometers of railway projects, pipeline big-ticket rail infrastructure include the LRT-1 Cavite Extension, MRT-4, MRT-7 and the country’s first-ever underground railway, the Metro Manila Subway.

He also identified crucial airport projects such as the NAIA privatization, Clark International Airport, New Manila International Airport in Bulacan and Sangley Point International Airport in Cavite.

Bautista said that 29 aviation infra projects were completed, including the Butuan Airport and CRK’s Passenger Terminal Buildings, while 10 other regional airports would be developed.

Bonoan said the agency would address the traffic congestion and the expensive transportation of goods in the country.

He said that the government aimed to obtain by November this year the loan approval from the Asian Development Bank or the civil works of the 32.15-kilometer Bataan-Cavite Interlink Project

TRANSMISSION and grid operator National Grid Corp. of the Philippines vowed to exhaust all available resources to complete ongoing transmission projects while expediting others in the pipeline as part of its commitment to President Ferdinand Marcos, Jr.’s energy priorities under his recent State of the Nation Address.

“We agree with the President’s sentiments. Even before the SONA, NGCP has already been working towards the vision that he mentioned,” said NGCP president and chief executive Anthony Almeda.

“After hearing it straight from him–his vision that is completely aligned with ours–we know we are on the right track and we’re more motivated to complete all our objectives in a prompt manner,” he said.

Mr. Marcos said that while the Philippines now has a unified national grid with the interconnection of the Luzon, Visayas and Mindanao grids, 60 grid connections were still delayed. He said the government was conducting a performance review of NGCP and expects the completion of the critical transmission projects.

NGCP said among its top priorities are the swift completion of the Mindanao-Visayas Interconnection Project and Stage 3 of the Cebu-Negros-Panay Interconnection Project. Alena Mae S. Flores