North Korea gives Russians ‘warm welcome’ WORLD

SEOUL—North Korea rolled out the red carpet for the Russian defense minister, state media said Wednesday, with delegations from Moscow and Beijing set to attend Korean War anniversary events, the country’s first known foreign visitors since its pandemic border closure.

Pyongyang on Thursday will celebrate the 70th anniversary of the signing of the July 27, 1953 Korean War armistice, which ended open hostilities and is marked as Victory Day in the North.

The Russian national anthem blared throughout Pyongyang International Airport, which was “wrapped up in a warm welcome atmosphere” to greet Moscow’s Sergei Shoigu and his delegation Tuesday evening, the Korean

Central News Agency said.

“Flags of the Democratic People’s Republic of Korea and the Russian Federation were fluttering at the flagstaffs and the guards of honor of the Korean People’s Army lined up at the station before the terminal,” KCNA said.

Shoigu was greeted by North Korean Defense Minister Kang Sun Nam, and photos carried by the official Rodong Sinmun newspaper showed hundreds of

Manila Standard TODAY Republic of the Philippines ENERGY REGULATORY COMMISSION Pasig City

IN THE MATTER OF THE APPLICATION FOR APPROVAL OF THE ANCILLARY SERVICES

PROCUREMENT AGREEMENT BETWEEN

THE NATIONAL GRID CORPORATION OF THE PHILIPPINES AND SN ABOITIZ POWERBENGUET, INC. (AMBUKLAO HEPP), WITH PRAYER FOR THE ISSUANCE uniformed KPA soldiers lining the airport holding signs welcoming the Russians.

The North Koreans expressed their “full support” for the Russian army and people, “who are struggling to defend the sovereign rights and development and interests of their country,” KCNA added.

Russia, a historic ally of Pyongyang, is one of a handful of nations that maintains friendly relations with the North.

North Korean leader Kim Jong Un has been steadfast in his support for Moscow’s invasion of Ukraine, including, Washington says, supplying rockets and missiles.

Park Won-gon, a professor at Ewha University in Seoul, said the fact that Russia’s defence minister flew to Pyongyang while his country is at war was “very significant.” AFP

Rule 4 of the Honorable Commission’s Rules of Practice and Procedure. Accordingly, SNAP-BI submits one (1) copy of said documents in a sealed envelope, with the envelope and each page of the document stamped with the word “Confidential”. ALLEGATIONS IN SUPPORT OF THE PRAYER FOR PROVISIONAL AUTHORITY pursuant to Department of Energy (“DOE”) Department Circular No. DC 2021-10-0031 (the “AS-CSP Circular”) prescribing the conduct of Ancillary Services Competitive Selection Process (“AS-CSP”); in relation to the Ancillary Services - Cost Recovery Mechanism (“AS-CRM”) promulgated by the Energy Regulatory Commission in its Decision dated 3 October 2007 in ERC Case NO. 2006-049RC. THE PARTIES

31. It is a declared policy of the State to ensure the quality, reliability, security and affordability of the supply of electric power. To this end, there is a need to comply with the system requirements for AS to ensure grid system security and reliability. As mentioned above, NGCP has the mandate to procure the required AS. However, the Honorable Commission must first approve the contract before the same can be implemented.

32. As the demand for power in Luzon increases, the requirements of the system likewise increases. Ensuring the integrity of the system is essential to protect the interests of the public. The absence of system reliability and stability will certainly discourage investments and growth.

2. Applicant NGCP is a corporation created and existing under the laws of the Philippines, with office address at NGCP Building, Quezon Avenue corner BIR Road, Diliman, Quezon City. It holds a congressional franchise granted under Republic Act No. 9511, and is authorized to engage in the business of conveying or transmitting electricity through high-voltage back-bone systems of interconnected transmission lines, substations and related facilities, and for other purposes. The NGCP is authorized to conduct activities necessary to support the safe and reliable operation of the transmission system.

3. Applicant SNAP-BI is a corporation duly organized and existing under and by virtue of the laws of the Republic of the Philippines, with principal place of business at Binga Hydro Electric Power Plant, Brgy. Tinongdan, Itogon, Benguet Province.

3.1. SNAP-BI is the owner and operator of the Ambuklao Hydroelectric Power Plant, with a rate of 112.5 MW continuous output at 60Hz, including required ancillaries and spare parts, located in Bokod, Benguet (the “Generation Facility”), which was certified and accredited by the NGCP as capable of providing Contingency Reserve and Dispatchable Reserve.

4. NGCP and SNAP-BI may be served with orders, notices, pleadings and other legal processes through their respective counsels at the addresses indicated below. ANTECEDENT FACTS

5. Republic Act No. 9136, also known as the Electric Power Industry Reform Act (“EPIRA”), provides that it is the responsibility of NGCP to ensure and maintain the reliability, adequacy, security, stability and integrity of the nationwide electrical grid in accordance with the performance standards for its operations and maintenance, as set forth in the Philippine Grid Code (“PGC”), adopted and promulgated by the Honorable Commission, and to

33. Applicants respectfully submit that the immediate approval of the ASPA by this Honorable Commission is a necessity to maintain the present reliability and security of the Grid. In support of these allegations, NGCP submits a copy of the Judicial Affidavit of Ms. Lisaflor B. Kater, which is attached to this Application.

WHEREFORE, premises considered, Applicants respectfully pray that the Honorable

1. Immediately ISSUE a provisional authority to implement the subject ASPA executed on 02 May 2023; and 2. APPROVE, after notice and hearing, the subject ASP A.

Revised Rules of Practice and Procedure):

Any interested stakeholder may submit its comments and/or clarifications at least one (1) calendar day prior to the scheduled initial virtual hearing, via electronic mail (e-mail) at docket@erc.ph and copy furnish the Legal Service through legal@erc.ph. The Commission shall give priority to the stakeholders who have duly submitted their respective comments and/or clarifications, to discuss the same and propound questions during the course of the expository presentation.

Moreover, any person who has an interest in the subject matter of the instant case may become a party by filing with the Commission via e-mail at docket@erc.ph. and copy furnishing the Legal Service through legal@erc.ph, a verified Petition to Intervene at least five (5) calendar days prior to the date of the initial virtual hearing and must follow the requirements under Rule 9 of the ERC Revised Rules of Practice and Procedure, indicate therein the docket number and title of the case, and state the following:

1) The petitioner’s name, mailing address, and e-mail address;

2) The nature of petitioner’s interest in the subject matter of the proceeding and the way and manner in which such interest is affected by the issues involved in the proceeding; and

3) A statement of the relief desired.

Likewise, all other persons who may want their views known to the Commission with respect to the subject matter of the case may file through e-mail at docket@erc.ph. and copy furnish the Legal Service through legal@erc.ph, their Opposition or Comment thereon at least five (5) calendar days prior to the initial virtual hearing. Rule 9 of the ERC Revised Rules of Practice and Procedure shall govern. No particular form of Opposition or Comment is required, but the document, letter, or writing should contain the following:

1) The name, mailing address, and e-mail address of such person;

2) A concise statement of the Opposition or Comment; and

3) The grounds relied upon.

All interested parties filing their Petition to Intervene, Opposition or Comment are required to submit the hard copies thereof through personal service, registered mail or ordinary mail/ private courier, within five (5) working days from the date that the same were electronically submitted, as reflected in the acknowledgment receipt e-mail sent by the Commission. Any of the persons mentioned in the preceding paragraphs may access the copy of the Joint

Award in favor of SNAP-BI,19 informing the latter that it is to be awarded with a contract for the Provision of Ancillary Services in the Luzon Grid. The details of the award are as follows: and executed an

IMF raises 2023 outlook but warns of slowing growth

WASHINGTON, United States—

The International Monetary Fund has slightly upgraded its outlook for world growth this year on the back of resilient service sector activity in the first quarter and a strong labor market, the lender said Tuesday.

But despite the mildly better economic forecast, growth is expected to slow to three percent in 2023 and then stay there, held down by weak growth among the world’s advanced economies, the IMF announced in a new report.

“The global economy continues to gradually recover from the pandemic and Russia’s invasion of Ukraine.

But it is not yet out of the woods,”

IMF Chief Economist Pierre-Olivier Gourinchas said during a press conference.

The growth forecast for this year was raised by 0.2 percentage points from the IMF’s last estimate in April, putting the world economy on track for three percent growth in both 2023 and 2024.

This is down from growth of 6.3 percent in 2021, and 3.5 percent last year, the IMF announced in its update to the World Economic Outlook (WEO).

Earlier this year, the IMF published its lowest medium-term forecast since the 1990s, citing slowing population growth and the end of the era of economic catch-up by countries including China and South Korea.

On Tuesday, the IMF said the global inflation picture has improved somewhat, with consumer prices now expected to increase by 6.8 percent this year, down 0.2 percentage points from April’s forecast.

This is largely on account of subdued inflation in China, Daniel Leigh, the head of the IMF’s World Economic Studies division, told reporters on Tuesday.

“This is one of the only countries in the world right now where inflation is below the target rate,” he said, adding that the IMF has revised China’s inflation forecast for the year down sharply to 1.1 percent.

US consumption

The IMF has lifted its outlook for US growth this year to 1.8 percent, up 0.2 percentage points from April, citing “resilient consumption growth in the first quarter.”

The still-tight labor market in the world’s largest economy “has supported gains in real income and a rebound in vehicle purchases,” the IMF added in its report.

The fund sees US growth slipping to 1.0 percent next year, as savings accumulated during the pandemic dry up and the economy loses momentum.

As with the April forecast, much of global growth this year is expected to come from emerging market and developing economies (EMDEs) like India and China, with activity in advanced economies predicted to slow substantially this year and next.

Advanced economies are now anticipated to grow by 1.5 percent this year, up 0.2 percentage points from April, and by 1.4 percent in 2024. AFP