Day: August 2, 2024

MANILA: The Philippine economy likely grew at 6 percent in the second quarter of the year, an economist said on Friday. In a Viber message, Rizal Commercial Banking Corporation chief economist Michael Ricafort said drivers of growth include the higher consumer and government spending. “Faster consumer spending, which accounts for at least 70 percent of the economy, as many businesses and industries recover further with no more Covid restrictions for more than a year already or since June 22, 2023, especially those hit hard by the pandemic, going back or even exceeding [their] pre-pandemic levels,” he said. He said the

CATBALOGAN CITY: The Tandaya trail in Samar province has expanded, adding more sites for tourists to explore. Samar provincial tourism officer Marvin Piczon said in a press briefing Friday that the Barobaybay River Cruise and Mangrove Tour in Barobaybay village in Calbiga, Samar, will be the new offerings this year. Operated by the Barobaybay Mangrove and Marine Conservationist Association, the site for the cruise is within 216 hectares of mangrove and nipa area that stretches along the Calbiga River way up to Maqueda Bay. The tour, which is set to launch in September, will give tourists an experience of the

MANILA: The Department of Energy (DOE) is set to restart the reserve market early this month. In a statement Friday, the agency said it directed the Independent Electricity Market Operator of the Philippines (IEMOP) to coordinate with the Energy Regulatory Commission (ERC) and the National Grid Corporation of the Philippines (NGCP) to make necessary adjustments to the Wholesale Electricity Spot Market (WESM) systems. “The ERC’s action to lift the suspension of Section 8 of the billing and settlement of the PDM (Price Determination Methodology) will lead to the resumption of the reserve market which is eagerly awaited by both the

MANILA: The Department of Transportation (DOTr) has coordinated with electric utility provider Manila Electric Company (Meralco) to relocate power lines and other facilities that will be affected by the ongoing construction of several rail projects. To date, Meralco has completed 47 percent of almost 700 relocation work orders. DOTr Secretary Jaime Bautista said they are grateful to Meralco for acting swiftly on the work orders. ‘We are here to collaborate with Meralco to ensure smooth implementation of our rail projects by coordinating the relocation of power facilities to be affected by the subsequent phases of these railway constructions,’ Bautista said

MANILA: A fire razed a five-story building in a commercial district in Binondo, Manila on Friday morning, killing 11. Investigators from the Bureau of Fire Protection (BFP) said the fire started at around 7:28 a.m.at the ground floor of the Pingco Building, a mixed residential and commercial building in Carvajal St., Barangay 289. The fire reached the second alarm at 8:14 a.m. and was declared out at 10:03 a.m. The cost of damage was placed at PHP100,000 while the cause of the fire was still under investigation. In a radio interview, village councilor Nelson Ty confirmed that firefighters found 11