Latest news with #ArsenioBalisacan
GMA Network
16-07-2025
- Business
- GMA Network
Marcos OKs privatization of North-South Commuter Railway ops
The government's plan to privatize the operations and maintenance (O&M) of the big-ticket North-South Commuter Railway (NSCR) project, which is now under construction, has been approved by the President Ferdinand 'Bongbong' Marcos Jr. The President-chaired Economic Development Council (formerly the National Economic and Development Authority Board) has approved, during its meeting on July 15, the O&M of NSCR under a public-private partnership (PPP) arrangement. In February 2023, the Department of Transportation (DOTr) announced it is intending to hand over the O&M of NSCR along with the Metro Manila Subway Project (MMSP) to the private sector through competitive bidding. The total estimated cost of the O&M contract is P229.32 billion, according to the Department of Economy, Planning and Development (DEPDev). The entire NSCR is a 147.26-kilometer elevated railway line aimed at easing travel across three regions in Luzon, namely Central Luzon, Metro Manila, and CALABARZON. The project is already in advanced stages of construction with pre-operations expected to begin in March 2026 until July 2027. The DEPDev said the concession period for partial operations of NSCR Phase 1 —from Clark International Airport (CIA) to Valenzuela involving 13 stations— is targeted to commence in December 2027 until September 2028. Meanwhile, the concession period for the partial operations of Phase 2 —from Nichols with additional segments from Alabang to Calamba involving 32 stations— will run from October 2028 until December 2031. Full operations are expected to begin in January 2032, it said. 1M commuters The railway project is expected to benefit as many as 800,000 passengers daily in its opening year, eventually serving up to one million commuters, the Economic Planning Department said. NSCR will feature 35 stations, including 31 elevated, three at-grade, and one underground. Its depots will be located in Clark, Valenzuela, and Calamba to support maintenance and operations. The railway project is planned to offer two types of train services —commuter trains, with 51 train-sets each capable of carrying 2,242 passengers and 'Limited Express' trains with seven train-sets accommodating 386 passengers each. The two train services are planned to have travel speeds of 120 to 130 kilometers per hour, reducing travel time from Clark to Calamba to around three hours via commuter service from four hours, while the limited express service will cut travel time from Clark to Alabang to around two hours. 'The North-South Commuter Railway Project is a major step toward faster, greener, and more connected transportation for Filipinos as the system will also be integrated with the Metro Manila Subway. At the same time, it will promote green and commercial development along its corridors,' said DEPDev Secretary and ED Council vice chairperson Arsenio Balisacan. The ED Council also tackled the midterm update of the Philippine Development Plan (PDP) 2023-2028. The midterm update of the PDP 2023-2028 refines and recalibrates the country's key policies, strategies, programs, and legislative priorities to ensure alignment with evolving economic conditions and development goals, according to the DEPDev. The DEPDev said it spearheads the updating process of the Plan at the midpoint of each administration to assess progress and make necessary adjustments to targets and interventions. 'We have learned a lot of lessons from our past experiences and many of these have been reflected in our recent efforts. We will continue to stay on our course to sustain our momentum for the second half of this administration,' said Balisacan. Following the discussions from the Council meeting, DEPDev will be receiving comments from various agencies to finalize the updated Plan, which will be released to the public by the end of July 2025. —VAL, GMA Integrated News
Filipino Times
08-07-2025
- Business
- Filipino Times
More Filipinos employed in May, but underemployment also rises
The number of employed Filipinos increased in May 2025, with 50.29 million people landing jobs—up from 48.87 million the previous year—bringing the unemployment rate down to 3.9%, according to the Philippine Statistics Authority (PSA). Key sectors that saw major employment gains include wholesale and retail trade, agriculture, administrative services, hospitality, and other service industries. However, underemployment—people working but seeking more hours or better pay—also rose to 13.1% (6.6 million people), up from 9.9% last year. PSA Chief Dennis Mapa explained that while labor force participation grew by 1.35 million and many were absorbed into jobs, a large portion only found part-time or insufficient work. Despite this, National Economic and Development Authority (NEDA) Secretary Arsenio Balisacan welcomed the development, saying that a growing workforce indicates a robust and competitive labor market, which can help fuel economic growth. He added that the government is focused on upskilling initiatives and attracting high-value industries like IT-BPM and AI-related sectors.
Filipino Times
03-07-2025
- Business
- Filipino Times
PH fails to reach upper-middle-income status
The Philippines fell just $26 short of achieving upper-middle-income status, according to the World Bank's latest income classification released for fiscal year 2026. Based on World Bank data, the country's gross national income (GNI) per capita rose from $4,320 in 2023 to $4,470 in 2024 — a sign of economic improvement. However, the threshold to become an upper-middle-income country (UMIC) was set at $4,496, leaving the Philippines just shy of the mark. The World Bank defines GNI per capita as the country's total income divided by its population. For the fiscal year, countries with GNI per capita between $1,136 and $4,495 are classified as lower-middle-income economies. Those between $4,496 and $13,935 qualify as upper-middle-income. Despite the lowered income requirement from last year's cutoff, the Philippines still remained in the lower-middle-income group, along with countries like Cambodia, India, Myanmar, Vietnam, Timor-Leste, and Papua New Guinea. In his first State of the Nation Address (SONA) in July 2022, President Ferdinand Marcos Jr. set a target for the country to achieve UMIC status by 2024, with a GNI per capita of at least $4,256. However, that goal has been repeatedly pushed back. Economic Planning Secretary Arsenio Balisacan is now hopeful the Philippines will reach the UMIC bracket by 2026, citing a projected 6% economic growth in 2025. At a Palace press briefing, Presidential Communications Office Undersecretary Claire Castro said the government remains committed to the goal and will 'double efforts' to elevate the country's income status.
GMA Network
03-07-2025
- Business
- GMA Network
Philippines missed upper-middle-income status by $26 –World Bank data
To be a UMIC for the current fiscal year, a country's GNI should stand at $4,496 to $13,935, lowered from the GNI per capita threshold of $4,516 to $14,005 in the previous fiscal year. The Philippines' bid to become an upper-middle-income country (UMIC) fell a few dollars short this year, even after its gross national income (GNI) per capita increased from 2023 to 2024, data from the World Bank showed. The country remained a lower-middle-income economy under the World Bank's latest classification for fiscal year 2026, as its GNI per capita in 2024 stood at $4,470, up from GNI per capita of $4,320 in 2023. The World Bank classifies as lower middle-income economy those countries with a GNI per capita of $1,136 to $4,495 last year, adjusted from $1,146 to $4,515. To be a UMIC for the current fiscal year, a country's GNI should stand at $4,496 to $13,935, lowered from the GNI per capita threshold of $4,516 to $14,005 in the previous fiscal year. Despite the lowered GNI per capita requirement, the Philippines still failed to move up to the UMIC bracket, just $26 short of the minimum. GNI per capita measures the country's total income divided by its population. The World Bank earlier said the country's elevation to UMIC status might take longer, possibly by 2027. In his very first State of the Nation Address (SONA) last July 2022, President Ferdinand Marcos Jr. revealed his administration's goal for the Philippines to hit a GNI per capita of $4,256 to attain UMIC status by 2024. The timeline to hit the UMIC status target has been repeatedly adjusted, with Economic Planning Secretary Arsenio Balisacan expressing confidence that the country would move up to the UMIC bracket by 2026, as he was optimistic that the economy would expand by 6% for the entire year 2025. At a Palace press briefing, Presidential Communications Office Undersecretary Claire Castro said the government will double efforts to achieve the UMIC goal. The Philippines joins some of its neighbors in the region in the lower middle-income bracket, such as Cambodia, India, Myanmar, Vietnam, Timor-Leste, and Papua New Guinea. –NB, GMA Integrated News
GMA Network
18-06-2025
- Business
- GMA Network
Economy council okays 10-year extension of Maynilad, Manila Water concession deals
The extension is expected to generate additional government revenues amounting to P50.3 billion, according to the Economic Planning Department. The Economy and Development (ED) Council, formerly known as the NEDA (National Economic and Development Authority) Board, has approved the 10-year extension of the concession agreements with Maynilad Water Services Inc. and Manila Water Company Inc. In a statement, the Department of Economy, Planning, and Development (DEPDev) said the ED Council, chaired by President Ferdinand "Bongbong" Marcos Jr., held its inaugural meeting on June 18. During its inaugural meeting, the ED Council approved the request of the Metropolitan Waterworks and Sewerage System (MWSS) to extend the Revised Concession Agreements of the two major water service providers. The move aims to ensure sustained access to safe, reliable, and affordable water for Metro Manila and surrounding provinces, according to the DEPDev. The CA extension —from July 31, 2037, to January 21, 2047—aligns the contracts with the legislative franchises of both concessionaires, as mandated by Republic Act (RA) Nos. 11600 and 11601. The DEPDev said the extension is expected to accelerate capital investments, minimize tariff pressures, and secure a long-term water supply. It is also projected to generate additional government revenues amounting to P50.3 billion, according to the Economic Planning Department. 'Ensuring water security is fundamental to fostering economic growth and improving the quality of life for our growing population," ED Council vice chairperson and Economics Secretary Arsenio Balisacan said. "By aligning the concession agreements with legislative franchises, we are promoting policy coherence and long-term investment planning in the water sector, which are essential for delivering clean, reliable, and affordable water services to millions of Filipinos,' he added. Apart from the extension of the water concession deals, the ED Council also approved two new infrastructure projects, which would be financed through Official Development Assistance (ODA). One of the approved projects is the P27.7-billion Farm-to-Market Bridges Development Program of the Department of Agriculture. Under the program, the DA aims to construct 300 climate-resilient modular steel bridges across 52 provinces in 15 regions. 'By improving physical connectivity in farming and fishing communities, the Farm-to-Market Bridges Development Program addresses persistent infrastructure gaps that limit market access, increase post-harvest losses, and hinder rural productivity," Balisacan said. "It also aims to uplift rural incomes and improve food logistics, particularly in geographically isolated and disadvantaged areas,' he added. The ED Council also approved the P5.1-billion Liloan Bridge Construction Project of the Department of Public Works and Highways (DPWH). The project involves constructing a four-lane, 721-meter bridge connecting Panaon Island to mainland Leyte, replacing the deteriorated existing structure. The bridge project is expected to improve mobility and access for residents and travelers in the municipalities of Liloan, San Francisco, Pintuyan, and San Ricardo, while stimulating local economic activity and job creation in the region. 'The inaugural meeting of the Economy and Development Council sets the tone for a more integrated and responsive approach to development planning and investment programming," Balisacan said. "By strengthening water resources, agricultural productivity, and infrastructure connectivity, we aim to unlock greater economic opportunities and foster inclusive growth for more communities across the country," he added. The ED Council was established following the enactment of RA No. 12145, also known as the Economy, Planning, and Development Act, which took effect on April 27. The newly reorganized council retained the original members of the NEDA Board and added the Secretaries of the Department of Health, Department of the Interior and Local Government, and Department of Labor and Employment as new members. RA No. 12145 reorganized the National Economic and Development Authority or NEDA into the Department of Economy, Planning, and Development. –NB, GMA Integrated News
