LIST: Bus, jeepney routes in PITX dry run | ABS-CBN
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LIST: Bus, jeepney routes in PITX dry run
LIST: Bus, jeepney routes in PITX dry run
ABS-CBN News
Published Nov 12, 2018 09:59 AM PHT
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Updated Nov 12, 2018 06:47 PM PHT
MANILA -- The Parañaque Integrated Terminal Exchange released its initial list of available routes on Monday, as it continued dry run operations.
MANILA -- The Parañaque Integrated Terminal Exchange released its initial list of available routes on Monday, as it continued dry run operations.
Built like an airport, the PITX offers an easier commute for those traveling between Metro Manila and southern provinces.
Built like an airport, the PITX offers an easier commute for those traveling between Metro Manila and southern provinces.
Its builder and operator, Megawide unit MWM Terminals Inc, said it was working closely with the Department of Transportation to ensure the readiness of public transport in using the PITX.
Its builder and operator, Megawide unit MWM Terminals Inc, said it was working closely with the Department of Transportation to ensure the readiness of public transport in using the PITX.
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BRICS currency: Is Trump's tariff threat justified?
BRICS currency: Is Trump's tariff threat justified?
Deutsche Welle,
Nik Martin
Published Feb 01, 2025 03:07 PM PHT
US President Donald Trump has repeated a threat to BRICS member states that he would slap a 100% tariff on their imports to the United States if they continued with efforts to create a reserve currency to rival the US dollar.
US President Donald Trump has repeated a threat to BRICS member states that he would slap a 100% tariff on their imports to the United States if they continued with efforts to create a reserve currency to rival the US dollar.
The renewed warning was published on Trump's Truth Social platform on Thursday and followed a similar statement he made right after winning the November 2024 election.
The renewed warning was published on Trump's Truth Social platform on Thursday and followed a similar statement he made right after winning the November 2024 election.
Trump now said there was "no chance" that BRICS would replace the US dollar in international trade, adding that "any country that tries should say hello to tariffs, and goodbye to America!"
Trump now said there was "no chance" that BRICS would replace the US dollar in international trade, adding that "any country that tries should say hello to tariffs, and goodbye to America!"
Why does BRICS want to challenge the US dollar?
The BRICS nations — named after original members Brazil, Russia, India, China and South Africa — are among the fast-growing economies in the 21st century. They are keen to reduce their dependence on the US dollar, the world's reserve currency, used for nearly 80% of global trade.
The BRICS nations — named after original members Brazil, Russia, India, China and South Africa — are among the fast-growing economies in the 21st century. They are keen to reduce their dependence on the US dollar, the world's reserve currency, used for nearly 80% of global trade.
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Most economists agree that the dollar-dominated financial system gives the United States major economic advantages, including lower borrowing costs, the ability to sustain larger fiscal deficits and exchange-rate stability, among others.
Most economists agree that the dollar-dominated financial system gives the United States major economic advantages, including lower borrowing costs, the ability to sustain larger fiscal deficits and exchange-rate stability, among others.
The dollar is the main currency used to price commodities like oil and gold, and its stability means investors often flock to the dollar during uncertain times.
The dollar is the main currency used to price commodities like oil and gold, and its stability means investors often flock to the dollar during uncertain times.
Washington also benefits from enormous geopolitical influence from so-called dollarization, including the ability to impose sanctions on other nations and restrict their access to trade and capital.
Washington also benefits from enormous geopolitical influence from so-called dollarization, including the ability to impose sanctions on other nations and restrict their access to trade and capital.
BRICS nations, which expanded in 2024 to include Iran, Egypt, Ethiopia and the United Arab Emirates, have accused Washington of "weaponizing" the dollar, leveraging the currency so that rivals must operate within a framework defined by US interests.
BRICS nations, which expanded in 2024 to include Iran, Egypt, Ethiopia and the United Arab Emirates, have accused Washington of "weaponizing" the dollar, leveraging the currency so that rivals must operate within a framework defined by US interests.
Discussions about a new joint currency gained traction after the US and European Union imposed sanctions on Russia over its 2022 full-scale invasion of Ukraine, amid concerns other BRICS nations could be targeted if they fell out with the West.
Discussions about a new joint currency gained traction after the US and European Union imposed sanctions on Russia over its 2022 full-scale invasion of Ukraine, amid concerns other BRICS nations could be targeted if they fell out with the West.
How has the BRICS currency plan developed?
The creation of a BRICS currency was first mooted shortly after the 2008/9 financial crisis, when a US real estate boom and poor regulations nearly collapsed the entire global banking system.
The creation of a BRICS currency was first mooted shortly after the 2008/9 financial crisis, when a US real estate boom and poor regulations nearly collapsed the entire global banking system.
At the 2023 BRICS summit in South Africa, the bloc agreed to study the possibility of creating a common currency to minimize exposure to dollar-related risks, although BRICS leaders noted it would likely take many years to come to fruition.
At the 2023 BRICS summit in South Africa, the bloc agreed to study the possibility of creating a common currency to minimize exposure to dollar-related risks, although BRICS leaders noted it would likely take many years to come to fruition.
Russian President Vladimir Putin went further during a BRICS summit in Kasan in October 2024, proposing a blockchain-based international payments system, designed to circumvent Western sanctions.
Russian President Vladimir Putin went further during a BRICS summit in Kasan in October 2024, proposing a blockchain-based international payments system, designed to circumvent Western sanctions.
There was little enthusiasm for Putin's plan, but BRICS leaders did agree to facilitate more trade in local currencies, cutting their reliance on the dollar.
There was little enthusiasm for Putin's plan, but BRICS leaders did agree to facilitate more trade in local currencies, cutting their reliance on the dollar.
Putin and his Brazilian counterpart Luiz Inacio Lula da Silva are the strongest proponents of the new currency. While China has not explicitly expressed a view, Beijing has supported initiatives to reduce reliance on the dollar. India, meanwhile, is a lot more cautious about the idea.
Putin and his Brazilian counterpart Luiz Inacio Lula da Silva are the strongest proponents of the new currency. While China has not explicitly expressed a view, Beijing has supported initiatives to reduce reliance on the dollar. India, meanwhile, is a lot more cautious about the idea.
How feasible is a common currency?
A new joint currency would be a huge undertaking for BRICS nations, fraught with many complexities due to the differing political and economic systems within the nine current members.
A new joint currency would be a huge undertaking for BRICS nations, fraught with many complexities due to the differing political and economic systems within the nine current members.
The BRICS states are at varied stages of economic development and have vastly different growth rates.
The BRICS states are at varied stages of economic development and have vastly different growth rates.
China, for example, is an authoritarian state but is responsible for about 70% of the bloc's total gross domestic product (GDP) at $17.8 trillion.
China, for example, is an authoritarian state but is responsible for about 70% of the bloc's total gross domestic product (GDP) at $17.8 trillion.
China runs a trade surplus and maintains a large holding of dollars to support its competitiveness as a major exporter.
China runs a trade surplus and maintains a large holding of dollars to support its competitiveness as a major exporter.
India, on the other hand, runs a trade deficit, is the world's largest democracy and its economy is worth $3.7 trillion.
India, on the other hand, runs a trade deficit, is the world's largest democracy and its economy is worth $3.7 trillion.
China's dominance in BRICS would create a huge imbalance that would make it tricky for New Dehli to agree on a framework for the new currency that wouldn't overshadow its national interests. Disparities between other BRICS members are also likely to spur resistance to a shared currency.
China's dominance in BRICS would create a huge imbalance that would make it tricky for New Dehli to agree on a framework for the new currency that wouldn't overshadow its national interests. Disparities between other BRICS members are also likely to spur resistance to a shared currency.
It's also unlikely that the BRICS members want to eventually move toward a fully-traded currency, like the dollar or euro. The euro took more than 40 years to come into being, from when it was first mooted in 1959 until 2002, when its notes and coins became legal currency in 12 EU countries, now 20 states.
It's also unlikely that the BRICS members want to eventually move toward a fully-traded currency, like the dollar or euro. The euro took more than 40 years to come into being, from when it was first mooted in 1959 until 2002, when its notes and coins became legal currency in 12 EU countries, now 20 states.
The most likely option would be the creation of a joint currency used purely for trade, valued based on a basket of currencies and/or commodities like gold or oil.
The most likely option would be the creation of a joint currency used purely for trade, valued based on a basket of currencies and/or commodities like gold or oil.
The BRICS currency could work in a similar way to the International Monetary Fund's Special Drawing Rights (SDR). The SDR is an international financial asset, valued on the daily exchange rates of the dollar, euro, yuan, yen and pound. Some proponents have suggested a BRICS alternative could be a digital currency.
The BRICS currency could work in a similar way to the International Monetary Fund's Special Drawing Rights (SDR). The SDR is an international financial asset, valued on the daily exchange rates of the dollar, euro, yuan, yen and pound. Some proponents have suggested a BRICS alternative could be a digital currency.
Is Trump's 100% tariff threat premature?
As Trump stated last year, he's seeking a "commitment" from BRICS countries that they "neither create a new BRICS Currency nor back any other Currency to replace the mighty US Dollar."
As Trump stated last year, he's seeking a "commitment" from BRICS countries that they "neither create a new BRICS Currency nor back any other Currency to replace the mighty US Dollar."
The US president could, however, be jumping the gun somewhat because the currency proposal has made little progress, despite the rhetoric from BRICS leaders.
The US president could, however, be jumping the gun somewhat because the currency proposal has made little progress, despite the rhetoric from BRICS leaders.
Following his initial threats, the South African government in December insisted there were no plans to create a BRICS currency, blaming "recent misreporting" for spreading a false narrative. Chrispin Phiri, the foreign ministry spokesperson, said in a statement posted on X (formerly Twitter) that discussions have until now focused on boosting trade within the bloc using national currencies.
Following his initial threats, the South African government in December insisted there were no plans to create a BRICS currency, blaming "recent misreporting" for spreading a false narrative. Chrispin Phiri, the foreign ministry spokesperson, said in a statement posted on X (formerly Twitter) that discussions have until now focused on boosting trade within the bloc using national currencies.
Recent misreporting has led to the incorrect narrative that BRICS is planning to create a new currency. This is not the case. The discussions within BRICS focus on trading among member countries using their own national currencies.
Recent misreporting has led to the incorrect narrative that BRICS is planning to create a new currency. This is not the case. The discussions within BRICS focus on trading among member countries using their own national currencies.
Russian government spokesman Dmitry Peskov, however, said at the time that a trend was gathering pace against the dollar as a reserve currency, as "more and more countries are switching to the use of national currencies in their trade and foreign economic activities."
Russian government spokesman Dmitry Peskov, however, said at the time that a trend was gathering pace against the dollar as a reserve currency, as "more and more countries are switching to the use of national currencies in their trade and foreign economic activities."
Trump's threat could now strain ties with the world's fastest-growing economies, which are some of the US' key trading partners. It could also spark the threat of retaliatory measures.
Trump's threat could now strain ties with the world's fastest-growing economies, which are some of the US' key trading partners. It could also spark the threat of retaliatory measures.
Added to Trump's existing threats to levy additional tariffs on America's rivals, including China, any move by his administration could further spike inflation both globally and domestically, potentially slowing economic growth.
Added to Trump's existing threats to levy additional tariffs on America's rivals, including China, any move by his administration could further spike inflation both globally and domestically, potentially slowing economic growth.
This article was first published on December 3, 2024, and updated on January 31, 2025 to include latest developments.
Edited by: Uwe Hessler
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