00:00Meanwhile, the country's unemployment rate could further decline to around 3.3% to 3.8%
00:07by the end of February this year, according to one economist.
00:11These and other stories in tonight's Business Wrap from the Philippine News Agency.
00:20A look at business headlines,
00:21Malacanang supports the Department of Agriculture's decision
00:24to increase the monthly rice allocation for vulnerable sectors
00:28under the Marcos administration's Php 29 rice program.
00:33In a statement, Palace Press Officer and Presidential Communications Undersecretary Claire Castro
00:39says increasing rice allocation from 10 to 30 kilos will ease the burden on vulnerable groups
00:45and will allow the National Food Authority or NFA to buy more rice from farmers.
00:50Senior citizens, PWDs, solo parents, and indigents
00:54can purchase up to 30 kilos of rice at Php 29 per kilo each month.
01:00Meanwhile, the Philippines' unemployment rate could decline further to about 3.3% to 3.8%
01:05by the end of February this year.
01:07According to the ZAL Commercial Banking Corporation's chief economist, Michael Rickafort,
01:12this is driven by the improved weather conditions in early 2025
01:15that contribute to employment in agriculture and many other industries.
01:19As of January, unemployment rate dropped to 4.3% from 4.5% in the same month last year.
01:27Meanwhile, Rickafort anticipates an increase in production and inventory building
01:31in preparation for the Holy Week and midterm elections.
01:34Rickafort says midterm elections are expected to demand additional jobs
01:39for candidates and industries catering to election-related services.
01:45In other news, Alter Energy Holdings Corporation received a Certificate of Authority
01:50from the Department of Energy to establish a new onshore wind power project in the province of Albay.
01:56According to Alter Energy, their unit, Alter Energy Wind Holdings Corporation has the exclusive authority
02:04to conduct exploration and assessment of wind resources for the Albay Wind Power Project.
02:09AWHC President Nude Hedegger said Energy Secretary Rafael Lotilla introduced the COA Framework
02:17that aims to support developers to mitigate project risks and enhance overall project viability.
02:24About 6,318 hectares covered by the project area can produce at least 150 megawatts of clean energy.
02:32The project would be part of its next pipeline, potentially exceeding its 500-megawatt target by 2026.
02:42That's a wrap for this week's Business Stories.
02:45Happy weekend everyone!
02:46From the Philippine News Agency, I'm Bench Bondoc for Balitang Pambansa.
