Day: April 27, 2023

Deputy Prime Minister Tran Hong Ha has asked ministries and central agencies to work closely with localities to remove obstacles for particular projects, thus speeding up public investment disbursement.

Speaking at a meeting with representatives of 17 ministries and central agencies on April 27, Deputy PM Ha underlined the need to strengthen their capacity in directing and managing the disbursement of public investment capital from the stage of preparation to investment decision.

He requested leaders of ministries and central agencies to bear responsible for the whole process from project proposing and verification to implementation. Particularly, the Ministry of Construction must d apply measures to shorten the verification duration for projects, he said.

According to Deputy Minister of Planning and Investment Do Thanh Trung, this year, the total State budget capital assigned to 17 ministries and central agencies is over 111.76 trillion VND (4.76 billion USD). So far, more than 105.13 trillion VND, or 94% of the amount, has been allocated to particular projects.

To date, the 17 ministries and agencies have disbursed 23.74 trillion VND, completing 21.24% of the yearly plan. However, the rate is not equal among the ministries and agencies. While the Ministry of Transport and the Vietnam Academy of Science and Technology posted 24.27% and 19.44%, respectively, the rest showed slow disbursement.

Trung held that the major reasons behind the situation is slow investment procedures. Many ministries pointed to difficulties in ground clearance./.

Source: Vietnam News Agency

The economy of Central Luzon has surpassed its pre-pandemic level after growing rapidly in 2022, the Philippine Statistics Authority Regional Statistical Services Office in Central Luzon (PSA RSSO III) reported on Thursday. Results from the latest regional accounts showed the region’s economic output rose to 8.1 percent in 2022 from 7.4 percent in 2021, exceeding the 2019 pre-pandemic level of 5.6 percent. During the presentation of the report on the 2022 economic performance of Central Luzon held at the Orchids Garden here on Thursday, PSO RSSO III Regional Director Arlene Divino said the region’s economy is in a strong position now as the government has made significant progress in recovering from the effect of the Covid-19 pandemic. Nerrisa Esguerra, regional director of the National Economic and Development Authority (NEDA) likewise said that Central Luzon’s economy is back on track after having the worst regional economic decline in 2020 due to the pandemic. ‘The region is also among the top three fastest-growing regions, together with Davao and Bicol regions, in terms of growth in 2022 next to Western Visayas and Cordillera Administrative Region,’ she said. Esguerra said the government has been implementing reforms, programs and projects aimed at addressing constraints to growth and pressing challenges, particularly inflation brought about by global developments and supply issues. She cited the importance of the implementation of the Philippine Development Plan and the Central Luzon Regional Development Plan 2023-2028 with strategies that are designed to bring about economic and social transformation. Against the backdrop of a tight fiscal space, she said that collaboration with the private sector is crucial to continue expanding the infrastructure base, strengthen resiliency, improve connectivity, attain food sufficiency and pursue human capital development. The top contributors to the region’s economic growth were construction with 15.2 percent, wholesale and retail trade as well as repair of motor vehicles and motorcycles with 8.0 percent and manufacturing with 5.7 percent. Likewise, agriculture, forestry, and fishing rebounded to 2.1 percent in 2022 from a decline of -6.0 percent in 2021. Services accounted for 46.3 percent of the region’s total economy in 2022. This was followed by industry with 42.5 percent and agriculture, forestry and fishing with 11.2 percent. Services accelerated to 8.9 percent in 2022 from 5.8 percent in 2022. The top contributors to the services growth were accommodation and food service activities with 29.6 percent, professional and business services with 8.6 percent and wholesale and retail trade, repair of motor vehicles and motorcycles with 8.0 percent. Of the 7.6 percent economic growth in the country, Central Luzon was the third largest contributor to the increase with 0.9 percentage points, accounting for 11.0 percent of the total Gross Domestic Product in 2022. Likewise, Central Luzon’s household final consumption expenditure accelerated at 7.7 percent in 2022 from 1.1 percent in 2021. Meanwhile, gross capital formation slowed down to 12.5 percent from 42.6 percent in 2021. Government spending also decelerated by 4.2 percent from 9.0 percent in 2021.

Source: Philippines News Agency

United Kingdom Prime Minister’s trade envoy to ASEAN Richard Graham has renewed Britain’s support to the Philippines’ energy transition and acceleration of renewables, the UK Embassy in Manila said Thursday. The commitment was made during Graham’s four-day working visit to the Philippines from April 24 to 27. The UK Embassy said the envoy also personally relayed his support during a reception hosted for key interlocutors in the Philippines’ offshore wind agenda, including Department of Energy Undersecretary Rowena Guevara this week. “At the event, Mr. Graham reaffirmed the UK’s support to the Philippines’ energy transition shift and acceleration of renewables. The UK has been providing strong government and industry support to the Philippine energy sector including the recent successful offshore wind study visit in the UK last February attended by key Philippines government officials,” it said. Graham cited trade and investment opportunities in the country and renewed commitment to build on ongoing collaboration in the areas of offshore wind development as well as cyber and Al where the UK is keen to explore and do more in the country. Graham also called on Philippine Space Agency Director General Joel Marciano, Trade Secretary Alfredo Pascual, Transportation Secretary Jaime Bautista, senior officials from the Department of Agriculture, and the private sector. Against the backdrop of the recent launch of the UK’s International Tech Strategy in March, Graham likewise engaged with the Philippine delegation joining this year’s London Tech Week, a global celebration of technology, innovative thinkers, and pursuit of technology. The International Tech Strategy aims to strengthen tech partnerships and support development with focus on critical technologies of tomorrow including Al, quantum, semiconductors, telecoms and engineering biology. Speaking at the end of his visit, Graham said: “As always, it is a great pleasure to visit the Philippines even more so with the growing and stronger trade relationship, with bilateral trade up more than 30 percent in the last year to 2.3 billion pounds.” “I look forward to working with many of those that I have met this week to continue to ensure that the UK-Philippines trade and investment relation ship continues to go from strength to strength,” he added. The Embassy said this visit is a “strong demonstration” of the UK’s intent to further bolster trade relations with countries in the Indo-Pacific, including the Philippines.

Source: Philippines News Agency

Russian banks’ net profit will exceed 2 trillion rubles (US$24.4 bln) in 2023 unless there are new macroeconomic shocks, and it may even hit a record high registered two years ago, rising to 2.4-2.6 trillion rubles (US$29.3-31.7 bln), according to Russia’s National Credit Ratings’ (NCR) forecast.

“In its base-case scenario the NCR expects net profit of the banking sector to total 2.4-2.6 trillion rubles in 2023 and hit 2021 high (2.37 trillion rubles). Return on the sector’s capital will get back to the level of 2020-2021 and amount to 16-18% by the end of the year,” the rating agency said.

In the first quarter of this year Russian banks already earned a total of 881 bln rubles (US$10.7 bln) worth of net profit, which means return on capital equaled 32%, analysts said, adding that the combined profit of the country’s top ten lenders might approach a record 2 trillion rubles (US$24.4 bln) by the end of 2023.

Source: Lao News Agency

Ticket prices for the 2025 World Exposition in Osaka, western Japan, may see a hike of more than 30 percent from 6,000 yen to 8,000 yen (US$60) due to inflation and higher labour costs associated with tighter security measures, sources familiar with the matter said Thursday.

The Japan Association for the 2025 World Exposition is considering raising the adult ticket price mainly to cover the event’s operational costs, including for security, which are likely to balloon from an initial estimate of 80.9 billion yen, the sources said.

The association planned last year to charge 6,000 yen for admissions per adult. The decision for admission prices will be finalized in a meeting in mid-June, with the approval of the government.

Tickets are slated to go on sale on Nov. 30, 500 days before the expo opens April 13.

The expo will run until Oct. 13 on Yumeshima, an artificial island in Osaka Bay, under the central theme of “Designing Future Society for Our Lives.”

As of the end of March, at least 153 countries and regions plan to participate, according to the Japanese government.

While same-day tickets are to be offered at a basic price, early tickets or those purchased during the beginning of the event will be discounted to level out the congestion of visitor turnout, according to the sources.

The measure will be taken on the basis that visitors are more likely to come during the second-half of the exhibition period.

The association is also considering group tickets for schools on excursions as well as tickets for summer holidays that will enable guests to enter the venue multiple times, the sources said.

Visitors will likely be able to purchase electronic tickets, in principle, from six months before their arrival. The association expects about 28.2 million people to come, including around 3.5 million from abroad.

Source: Lao News Agency