TIEZA sees bet­ter wa­ter ser­vices when Bo­ra­cay re­opens this Oct.

Panay News - - BUSINESS -

MANILA – The Tourism In­fra­struc­ture and En­ter­prise Zone Author­ity (TIEZA) said it ex­pects more com­pe­ti­tion be­tween the two wa­ter ser­vice providers in Bo­ra­cay af­ter TIEZA was rec­og­nized as the sole reg­u­la­tor for the ser­vice on the is­land.

T I E Z A s a i d i t c a n bench­mark op­er­a­tional data of the two ser­vice providers and pro­mote ef­fi­ciency with in­cen­tives, as well as im­pose penal­ties for fail­ure to meet com­mit­ments.

The De­part­ment of En­vi­ron­ment and Nat­u­ral Re­sources ( DENR) ear­lier said that TIEZA was the sole reg­u­la­tor of wa­ter util­i­ties on the re­sort is­land, al­low­ing the agency to di­vide the is­land be­tween the Ay­ala Group’s Bo­ra­cay Is­land Wa­ter Inc. and Lu­cio Tan’s Bo­ra­cay Tubi Sys­tems Inc.

Be­fore t he i s l a nd’s shut­down i n April, both TIEZA and the Na­tional Wa­ter Re­sources Board were claim­ing to be Bo­ra­cay’s wa­ter reg­u­la­tor.

TIEZA also said that even be­fore Pres­i­dent Ro­drigo Duterte or­dered the is­land’s re­ha­bil­i­ta­tion, the agency had al­ready al­lot­ted more than P1 bil­lion to im­prove Bo­ra­cay’s wa­ter and drainage sys­tems and had al­ready com­menced the project in De­cem­ber 2017.

Mean­while, in a video posted on Face­book, the DENR said Bo­ra­cay’s wa­ter re­quire­ment was 23 mil­lion l i ters per day, of which 18 mil­lion would be­come waste­water.

The DENR es­ti­mated that Bo­ra­cay’s car­ry­ing ca­pac­ity was only 19,215 tourists a day and the is­land could only ac­com­mo­date 6,405 tourist ar­rivals per day with the as­sump­tion that tourists will stay on the is­land for 3 days on av­er­age.

Bo­ra­cay is set to re­open on Oct. 26 af­ter a 6-month shut down. ( News)

ABS-CBN

MANILA – The World Bank has down­graded its eco­nomic growth fore­cast for the Philip­pines for this year, fol­low­ing the slower- than- ex­pected growth in the first six months of the year.

A c c o r d i n g t o t h e Philip­pines Eco­nomic Up­date (PEU) re­leased by the World Bank, eco­nomic growth is now pegged at 6.5 per­cent this year, lower than the ear­lier fore­cast of 6.7 per­cent.

The up­date came af­ter growth slowed to 6.0 per­cent in the sec­ond quar­ter of the year from the 6.7 per­cent in 2017, be­ing the year-to-date growth to 6.3 per­cent.

“Height­ened g l o bal un­cer­tainty and ri sing do­mes­tic in­fla­tion weighed on the Philip­pine econ­omy in the first half of 2018,” Rong Qian, se­nior econ­o­mist for the World Bank in the Philip­pines, said at a press con­fer­ence in Taguig City.

This is the third down­grade so far on the Philip­pine eco­nomic out­look af­ter the In­ter­na­tional Mon­e­tary Fund (IMF) last week re­vised lower its out­look to 6.5 per­cent from the 6.7 per­cent it ear­lier fore­cast.

Last month, the Asian De­vel­op­ment Bank (ADB) also down­graded its out­look to 6.4 per­cent from the ear­lier out­look of 6.8 per­cent.

Among the down­side risks cited by the World Bank are the ris­ing in­ter­est rates in the United States which could raise ex­ter­nal fi­nanc­ing costs and even­tu­ally weaken the lo­cal cur­rency.

“To man­age t h e s e r i s k s , m a i n t a i n i n g s t rong macroe­co­nomic fun­da­men­tals is key. At the same time, ac­cel­er­at­ing s t r uc­tural r e f orms t o i mprove i nvest­ments i n phys­i­cal in­fra­struc­ture and make bet­ter use of cap­i­tal, l abor, and tech­nol­ogy to in­crease pro­duc­tiv­ity re­mains a very im­por­tant agenda for the Philip­pines,” said Mara War­wick, World Bank Coun­try Di­rec­tor for the Philip­pines.

“I n t h e l o n g - t e r m, sus­tain­ing high pro­duc­tiv­ity growth is crit­i­cal for the c o un­try t o be­come a pros­per­ous so­ci­ety free of poverty,” War­wick.( News) added GMA

ABS-CBN NEWS

Lo­cal chil­dren are seen run­ning past the rock for­ma­tion land­marks along Sta­tion 1 of Bo­ra­cay Is­land as they en­joy the mostly va­cant beach­front.

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