Gov’t conomic managers raise ‘23 inflation outlook AboitizPower deals from Japan visit of Marcos gaining ground

AboitizPower president and chief executive officer Manny Rubio said on Monday the business partnerships the company forged during the official visit of President Ferdinand R. Marcos Jr. to Japan in February are making progress.

In a virtual media briefing, Rubio said JERA Co., Inc. targets to begin its ammonia co-fired power plant by 2030.

“JERA has made a commitment that by end of 2030, they will be firing 30 percent ammonia and then coal. And then (by) 2040, 2050, full ammonia firing,” he said.

During the official trip of Marcos in Japan last February, AboitizPower and JERA signed a memorandum of understanding (MOU) to explore “greener fuel”, such as the use of ammonia and hydrogen in power generation.

AboitizPower and JERA will be undertaking feasibility studies for this technology.

The power firm also inked deal with Kawasaki Heavy Industries Ltd., IKS Co., Ltd. and Amber Kinetics that will innovate the renewable energy sector.

Economicmanagers have revised the government’s inflation assumption for this year as prices of basic goods, energy and transport rates remain on the rise given the same direction for oil prices.

“On the other hand, the one with Kawasaki, we’ve already stated that the parties will leverage their respective new generation technologies and expertise to optimize the use of renewable energy and the development of the renewable energy in the Philippines,” Rubio said.

He said Kawasaki has developed inverter control technology virtual synchronous generator (VSG), which mimics the operation characteristics of traditional condenser.

“The energy storage actually comes in much quicker than any conventional synchronous condenser to make sure that the lines of the grid remain stable,” he added.

These partnerships will help the company achieve its energy transition program and support the country’s renewable energy goals. (PNA)

In a briefing on Monday, Budget and Management Secretary Amenah Pangandaman, also head of the inter-agency Development Budget Coordination Committee (DBCC), said the latest inflation assumption for this year has been hiked to a range of 5 to 7 percent from 2.5 to 4.5 percent.

“Nevertheless, the government, through the Inter-Agency Committee on Inflation and Market Outlook (IAC-IMO), is committed to pursuing an all-of-government approach to continuously implement immediate and medium-term strategies to alleviate inflation, ensure food and energy security, and return to the target range of 2-4 percent between 2024 and 2028,” she said.

The rate of price increases in the country slowed for the third consecutive month last March to 7.6 percent from 8.6 percent the previous month, and the 14-year high of 8.7 percent last January.

The average inflation in the first quarter this year stood at 8.3 percent, way above the government’s 2 to 4 percent target band until 2024.

Monetary authorities expect inflation to return to within-target levels in the last quarter of this year, with the average inflation forecast for this year at

6 percent.

The DBCC lowered its assumption for Dubai crude oil for this year to USD70-USD90 per barrel from USD80-USD100 per barrel which, Pangandaman said, was made in line with the latest easing of prices of oil in the international market.

“The latest forecasts suggest that global crude oil prices will continue to decline in 2024 before stabilizing at USD60-80 per barrel between 2025 and 2028 as the latest forecasts suggest falling global crude oil prices over the medium term,” she said.

Pangandaman said the assumption for the exchange rate for the Philippine peso and the US dollar this year was changed to 53 to 57 from 55 to 59, and this range is “expected to be maintained at the same level until 2028.”

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Netflix to invest $2.5 billion in South Korean content

Netflix will invest $2.5 billion in South Korean content over the next four years, the streaming giant’s CEO Ted Sarandos announced after meeting with the country’s President Yoon Suk Yeol in Washington.

South Korea has cemented its status as a global cultural powerhouse in recent years, thanks in part to the explosive success of the Oscar-winning film “Parasite” and the hit Netflix series “Squid

Game”.

“Netflix is delighted to confirm that we will invest USD 2.5 billion in Korea including the creation of Korean series, films, and unscripted shows over the next four years,” Sarandos said in a statement.

“This investment plan is twice the total amount Netflix has invested in the Korean market since we started our service in Korea in 2016.”

Sarandos said that Netflix had “great confidence” that South Korea’s creative industry would continue to tell great stories, pointing to the recent success of global hits such as “The Glory” and the reality show “Physical 100”.

“It is incredible that the love towards Korean shows has led to a wider interest in Korea, thanks to the Korean creators’ compelling stories. Their stories are now