Category: Business Mirror

AN analyst warned that there could be a lag effect in the war-driven bad loans ratio which could only be evident in the late-2026 or 2027 data.

Leonardo A. Lanzona Jr., an economist at Ateneo De Manila University (ADMU), explained this to the BusinessMirror after a report recently published by the Bangko Sentral ng Pilipinas (BSP) pointed out that the Philippine banking system’s bad loans ratio in June, at 3.3 percent, was the highest relative to its peers within the Asean-5 bloc.

‘Loan quality improved. The Philippine banking system’s gross non-performing loans [GNPL] ratio remained steady at 3.3 percent as of end-June 2026 relative to the previous quarter,’ the central bank’s Q2 2026 Report on Economic and Financial Developments noted.

‘Compared to its regional counterparts, the Philippine banking system’s GNPL ratio was higher than those of Thailand, Indonesia, Malaysia, and South Korea,’ the report also noted.

NPLs, also known as ‘bad’ or ‘soured’ loans, are credit accommodations that have not been paid for 90 days or more after the due date. The NPL ratio measures the proportion of bad loans to total loans.

‘Level gap, not fresh deterioration’

Lanzona said, however, that this only points to a ‘level gap, not a fresh deterioration’ as banks are not seeing a new wave of defaults.

Instead, he said: ‘They’re just carrying more legacy soured debt than peers.’

Lanzona said this is mostly structural as the Philippine economy has ‘heavier SME, micro-lending, and agri exposure, weaker collateral and credit-bureau infrastructure than Malaysia or South Korea.’

He also pointed to ‘pandemic-era restructurings that never fully cleared the books.’

Further, Lanzona explained to this paper that some of the gap is also ‘definitional’ since NPL classification is not ‘perfectly harmonized’ across the region.

‘Practically, it means Philippine banks price credit more conservatively and hold higher provisioning, which mildly constrains credit growth to riskier segments without signaling a brewing crisis,’ he also noted.

Lag effect

However, Lanzona emphasized that the 3.3-percent bad loans ratio in June 2026 does not yet reflect the loans stressed by the conflict-driven energy and inflation spike.

‘NPLs are a lagging indicator, so today’s 3.3 percent mostly reflect loans stressed before the Iran-conflict-driven energy spike and the BSP’s hikes to 5 percent,’ Lanzona said.

‘The transmission channel is plausible-squeezed real incomes and higher debt-service costs from rate hikes could pressure repayment capacity, and peso weakness adds risk for dollar-linked borrowers,’ he added.

But, he pointed out, that effect would more likely surface in late-2026 or 2027 data.

‘For now, treat it as a forward risk rather than something already visible in the numbers,’ Lanzona told this newspaper.

Michael L. Ricafort, chief economist at Rizal Commercial Banking Corporation (RCBC), explained that the highest NPL ratio in the Asean-5 region ‘could reflect relatively higher interest rates, hinged on relatively higher inflation as the country imports almost all of its oil.’

‘The relatively higher interest rates and relatively higher inflation fundamentally reduce the purchasing power of various borrowers, as well as the ability to pay their debts, on top of slower global and economic growth as a result of the said war that led to lower sales and earnings that also reduce the ability of some browsers to pay their debt,’ added the chief economist of RCBC.

Earlier, Jonathan L. Ravelas, senior adviser at Reyes Tacandong and Co., explained that for policymakers, NPLs are an important ‘financial stability’ signal.

‘Ideally, you want NPLs within the 2 to 3 percent range, so we’re slightly above comfort levels-but still manageable,’ he said.

In a commentary published early-September, SandP Global Ratings said it expects NPLs to climb for the Philippines in ‘riskier segments.’

‘Lower-income households and small and midsize enterprises (SMEs) are grappling with rising living costs and unemployment,’ the credit rating agency noted.

Further, it pointed out that auto loans are seeing a ‘sustained increase’ in NPLs and past due loans, reflecting the ‘squeeze’ in household incomes centered on mass market consumers.

‘The lack of broader fuel subsidies has resulted in a massive jump in fuel prices. As a result, auto loans have seen a sharp slowdown in growth,’ added SandP Global Ratings.

Toilet paper, a product that is used for a few seconds before being disposed of forever, is typically made with trees, energy-intensive manufacturing processes and chemicals that can pollute the environment.

Experts say more consumers are seeking toilet paper made from recycled content or sustainable materials, but it can be hard to know what to look for.

Sustainable toilet paper often costs more, but can have significant environmental benefits. According to the Environmental Paper Network, a coalition of nonprofits, more than 1 billion gallons (3.8 billion liters) of water and 1.6 million trees could be saved if every American used one roll of toilet paper made from recycled content instead of a roll made from forest fibers.

Here are some recommendations for buying sustainable toilet paper or reducing overall toilet paper use:

n Toilet paper made from recycled fibers. North American toilet paper has traditionally been made from fibers from trees in Canada and eucalyptus plantations in Brazil. Pulp made from the trees is bleached to create a bright white color, but the chlorine that’s often used can hurt the environment. Large amounts of electricity and heat are used to remove moisture and form square sheets.

Increasingly, manufacturers are making toilet paper from recycled paper products, which avoids material from freshly cut trees, and are using chlorine-free bleaching techniques. Once used, toilet paper itself is flushed and not recycled.

Looking for recycled content is a good place for environmentally-conscious consumers to start, said Gary Bull, professor emeritus of forest economics at the University of British Columbia. Preconsumer materials include scrap materials from manufacturing or unsold paper. Postconsumer materials come from paper products that have already been used. Making toilet paper from postconsumer recycled fibers improves its sustainability because paper is ‘one of the easiest materials on the planet to recycle,’ Bull said.

n Evaluating sustainability claims. The best way for a scientist to evaluate the carbon footprint of an item is doing a life cycle assessment, which calculates the environmental impacts from when a tree is a seedling to when its fibers are converted into toilet paper and flushed down the drain, Bull said. But that method isn’t within reach of consumers, so advocates have undertaken third-party assessments.

Some companies add those labels to packaging to show that their processes have been vetted. Bull said labels on bath tissue from the Forest Stewardship Council or the Sustainable Forestry Initiative indicate the company is making scientifically-proven efforts to be sustainable. Both groups’ standards include conserving water, wildlife, and biodiversity as well as compliance with applicable forestry laws to keep ecosystems healthy.

Sustainable toilet paper brands typically cost more per square foot than conventional products. But Russel said prices will likely drop if consumers continue buying it and manufacturers expand production.

n Bamboo, alternative materials and energy. Alternative materials such as fast-growing bamboo are often billed as more sustainable than toilet paper made from trees, but consumers should focus on toilet paper made with recycled materials instead, said Ronalds Gonzalez, an associate professor at North Carolina State University and expert on fibers used in the hygiene industry.

Gonzalez said pollution from manufacturing processes can reduce the benefits of using bamboo. Gonzalez recently co-authored a study that found bamboo toilet paper made in China that is available in the US had a higher environmental impact than toilet paper made in the US with imported forest fibers, largely because Chinese manufacturers use electricity generated by coal. The study found the bamboo toilet paper’s environmental impacts could be reduced when it was produced in regions that use renewable energy.

n Bidets can remove the need for toilet paper. Bidets are devices that allow people to rinse after using the bathroom so they can reduce or avoid wiping. They’re another way people can reduce their toilet paper use.

Bidets, which are popular in Europe, can be a separate wash basin or a device added to toilets that generate a stream of water. Some people still use a small amount of toilet paper to dry off. Bidets that can be attached to your toilet and don’t use electricity can cost around $30, while toilet seats with fancy options such as heated water and air dryers can exceed $600. Some bidets require a plumber or contractor to install.

Bidets are a sustainable alternative to conventional toilet paper because ‘you’re not using any sort of logging, it’s water that’s already coming to your household and it’s very little water,’ Russel said.

THE Department of Energy (DOE) believes that the decline in world market oil prices will be sustained through Friday, paving the way for a price rollback next week.

‘In the past three trading days, the decline was almost $17 for diesel. This Monday, our estimate is around P8 per liter rollback if this will continue up to Friday,’ said Director Rino Abad of the DOE’s Oil Management Bureau during an online news briefing.

Oil companies raised pump prices this week by P4.88 per liter for gasoline, P8.82 per liter for diesel, and P6.47 per liter for kerosene. Oil companies adust their prices weekly to reflect movements in the world oil market.

Abad said based on the latest report monitored by the DOE, Saudi Arabia is now loading 14 million barrels of crude oil ready for export back through the Strait of Hormuz. ‘It sends the message that they will continue to supply their buyers. That will really drastically change the price trend; instead of going up, it’s going down. We just hope that more will be added,’ Abad said.

Energy Secretary Sharon Garin, meanwhile, reiterated that the Philippines cannot control global fuel prices because the country is an importer, and the ongoing conflict in the Middle East suggests the situation will not be resolved immediately.

Garin said that while the country must remain pragmatic but optimistic, Filipinos are urged to be mindful and control their fuel and electricity consumption.

The DOE said it is implementing various programs, and the nation currently holds a stable national average supply of approximately 53 days of inventory, which is well above the legally required 15 to 30 days.

‘You might ask, ‘How long will this continue?’ We cannot dictate what will happen. While all this is unfolding, the Philippines has no control over the global market, as we are an importer. I certainly do not wish to constantly deliver bad news.

‘We simply need to remain optimistic about the situation, yet proceed with caution; we must be pragmatic while maintaining optimism. We hope and pray for this to end, but we must be prepared. Given the developments in the Middle East, it is likely that this will not be resolved immediately. We cannot control prices, but we can control how we use fuel and electricity,’ Garin said.

The upcoming initial public offering of Mynt Inc., the parent company of GCash, is being tracked by independent Asia-Pacific equity-capital-markets research firm Aequitas Research, placing the PSE-approved listing among significant regional equity-market transactions being watched by investors.

Aequitas Research specializes in independent research on initial public offerings and share placements across the Asia-Pacific region, providing an investor perspective separate from investment banks directly involved in an IPO.

The research firm’s monitoring is significant because the Mynt offering is expected to be one of the largest equity transactions in Philippine market history, with up to 8.03 billion shares to be offered at a maximum price of ?10 apiece.

The Philippine Stock Exchange has approved Mynt’s listing application, with the final offer price scheduled to be determined on October 1 following the book-building process, the public offer set for October 6 to 12, and the tentative listing scheduled for October 20 under the ticker symbol GCASH.

In simple terms, the significance of Aequitas’ attention to the transaction is that the GCash IPO is being viewed not only as a large Philippine corporate fundraising exercise but also as an equity-market event with relevance to investors beyond the country.

For the Philippine capital market, however, one of the most important questions is not only how much money Mynt can raise but how many Filipinos the IPO can bring into the stock market as actual shareholders.

PSE President and Chief Executive Officer Ramon Monzon has said the availability of IPO subscription through GStocks in the GCash app could result in a significant increase in new retail investors.

This is important because retail investors are reportedly ordinary individuals who buy shares using their own money, rather than large institutions such as investment funds, banks or insurance companies.

In layman’s terms, the GCash IPO could make the stock market more accessible to people who already use the GCash app for everyday financial transactions but have never owned shares in a publicly listed company.

The Securities and Exchange Commission has similarly said the size and reach of Mynt’s offering could help deepen retail participation and bring more Filipinos into the capital market as investors and shareholders, rather than remaining only users of financial services.

This potential is particularly relevant because GCash already has a large consumer base, while its GStocks service has introduced stock-market investing to users through a digital platform.

The importance of the IPO to the broader capital market, therefore, may ultimately extend beyond the performance of Mynt shares after listing.

If more first-time investors become familiar with buying and owning shares, the transaction could help expand the country’s pool of retail investors and make equity ownership a more familiar form of long-term investment.

At the same time, greater retail participation also requires stronger investor education and consumer protection, particularly because first-time investors may be unfamiliar with IPO procedures and could become targets of fraudulent offers and online scams.

The Cybercrime Investigation and Coordinating Center has already raised concerns about possible fake IPO websites, fraudulent social-media accounts, bogus agents, phishing messages and other schemes targeting people who may be buying stocks for the first time.

For the Philippine capital market, the Mynt IPO therefore represents two related opportunities: the ability of the local exchange to accommodate a large technology-company offering and the possibility of bringing a much wider segment of the public into formal equity investing.

The PSE has said the listing could also encourage more fintech and digital-economy companies to consider raising capital through the equities market.

The ultimate measure of the IPO’s broader market impact, however, will depend on actual investor participation, the final offer price, trading performance after listing and whether new investors remain active in the market beyond the Mynt offering.

For now, the Aequitas Research attention adds another indication that the GCash IPO is being viewed in the context of the wider Asia-Pacific equity-capital market, while Philippine regulators and the PSE are looking at its potential to broaden participation in the country’s own capital market.

THE Philippines has exported its first-ever commercial shipment of fresh Carabao mangoes to Vancouver, Canada, further expanding access to new markets.

The 1-metric-ton (MT) shipment, comprising 250 cartons, left the Naia Complex in Parañaque City on September 18, bound for Vancouver.

Fresh Makers Ltd., a Vancouver-based distributor serving supermarkets and institutional buyers, is importing the mangoes, with Air Canada handling the air transport and Airspeed Cargo providing logistics support.

Agriculture Secretary Francisco Tiu Laurel Jr. said the shipment forms part of the government’s broader strategy to open new markets for Philippine farm products and raise agricultural export earnings.

‘Opening new markets means opening new opportunities for our farmers. When we can sell more Philippine agricultural products abroad, we create opportunities to increase farm incomes, encourage more investment in agriculture, and bring greater economic activity to the countryside,’ Tiu Laurel said.

He added that stronger farm exports could generate opportunities across the farm-to-market value chain, from production and consolidation to logistics, processing, and distribution.

The sendoff was made possible by a partnership between Mensch FilAm Corp. and the Department of Trade and Industry’s Export Marketing Bureau (DTI-EMB) under its Outbound Business Matching Mission program.

FilAm President and CEO Racquel Simon stressed the role of public-private partnerships (PPP) in bringing local farm products to international consumers.

‘This shipment represents not only the pride of Filipino farmers but also the strength of public-private partnerships in bringing our agricultural products to the global stage,’ Simon said.

For its part, the Department of Agriculture (DA) said it has been ramping up its efforts to bolster the domestic mango industry’s capacity to meet export requirements and sustain access to international markets.

The agency added that over 40 mango growers’ groups have been consolidated into a single federation to improve industry coordination, supply consolidation, and market access.

The Bureau of Plant Industry (BPI), an attached agency of the DA, is also tackling disease concerns affecting mango production and strengthening plant health measures needed to meet export market requirements.

BPI and Mitsui and Co. also forged an agreement to support the development of the Philippine mango industry, further enhancing efforts to expand opportunities for local mango growers and exporters.

‘For mango growers, the real test begins after the ceremonial send-off. Sustained orders, competitive freight costs, consistent quality, and reliable supply will determine whether Canada becomes a durable market for Carabao mangoes, rather than simply another destination on the export map.’

MAKATI Medical Center (MakatiMed, www.makatimed.net.ph) has been certified as a Category D Newborn Hearing Diagnostic, Intervention, Surgical and Rehabilitation Center, the highest classification under the Newborn Hearing Screening Reference Center.

MakatiMed is only the second hospital in the Philippines to receive the distinction. The certification is significant as Category D Centers go beyond newborn hearing screening.

They have the capability to provide a full range of care for children identified with hearing concerns, including confirmatory hearing tests, hearing aid fitting, ear surgery such as cochlear implantation, and speech rehabilitation.

This means that a newborn who requires further assessment after screening can access the next stages of evaluation and treatment through a coordinated team within the same institution. Rather than treating hearing concerns as a single diagnostic issue, the Category D classification recognizes the need for care that may extend from diagnosis to medical or surgical intervention and rehabilitation.

The certification follows a collaborative effort among MakatiMed’s Department of Otorhinolaryngology-Head and Neck Surgery, Department of Pediatrics-Section of Developmental Pediatrics, and Speech Language Pathologists of the Department of Physical Medicine and Rehabilitation.

Their combined expertise covers the medical, developmental, surgical, and communication needs that may arise in children with hearing difficulties.

For families, the designation means access to a broader range of specialized services as their children’s needs become clearer. For MakatiMed, it adds another level of capability to its Pediatric and ENT services and strengthens its role in the early identification and management of childhood hearing concerns.

CHINESE companies will continue to honor existing energy contracts in the Philippines despite concerns triggered by reports that Beijing may scale back its economic engagements with Manila, a Department of Energy (DOE) official said on Tuesday.

‘We were concerned that our contracts with China might be in danger because of pronouncements in some Chinese newspapers or media groups that they would no longer honor their agreements,’ DOE Undersecretary Felix William Fuentebella said at a panel discussion at the Asean-EU Business Summit.

‘When we talked to the embassy, that was not true,’ he added.

Speaking to reporters after the forum, Fuentebella clarified that Chinese firms are expected to refrain from entering into new energy agreements, but existing contracts remain enforceable.

‘Ang hindi nila papasukan ay mga bagong kontrata. [They won’t enter into new contracts],’ he said.

‘But for the old contracts, they will honor,’ he added.

Fuentebella said concerns among Philippine businesses arose from media reports in China suggesting a possible halt in cooperation amid ongoing tensions between Manila and Beijing.

Several Chinese companies maintain energy-related agreements with Philippine firms, including contracts involving the supply of refined petroleum products and renewable energy equipment.

China remains the Philippines’s largest trading partner, with bilateral merchandise trade reaching $47.75 billion in 2025. Imports from China totaled $38.44 billion, resulting in a Philippine trade deficit of $29.13 billion.

The energy sector has become an increasingly significant component of bilateral trade as the Philippines expands renewable energy capacity and seeks to address rising power demand.

China continues to dominate the Philippine solar supply chain.

In 2025, the Philippines imported around $483 million worth of solar panels, of which 98 percent came from China. Imports accelerated further in early 2026, with solar panel shipments reaching $407 million from March to May alone.

Beyond equipment trade, Chinese firms remain involved in major Philippine energy infrastructure projects.

State Grid Corporation of China holds a 40-percent stake in the National Grid Corporation of the Philippines (NGCP), while Chinese contractors have participated in the construction of dams, transmission facilities, and renewable energy projects.

However, Philippine officials have acknowledged that geopolitical tensions in the West Philippine Sea have dampened investor sentiment and complicated broader energy cooperation between the two countries.

THE Cybercrime Investigation and Coordinating Center (CICC) has given Reddit and Discord 24 hours to establish a presence in the Philippines, warning that the two platforms could face restrictions or have their access blocked if they fail to comply.

In separate letters dated September 21, the CICC ordered the platforms to immediately designate, from receipt of the letters, a resident agent or local representative who can facilitate Philippine jurisdiction and improve coordination with local authorities.

The agency warned that failure or refusal to comply within the period could prompt it, in coordination with appropriate Philippine authorities, to restrict the platforms’ operations or prohibit users in the country from accessing them.

‘We are not asking platforms to police the internet for the government but to be reachable, accountable, and responsive when activities on their platforms put Filipino children and communities at risk,’ the CICC executive director, Undersecretary Renato Paraiso, said.

‘When an online threat spills over into the real world, there has to be clear channel for authorities to act,’ Paraiso added.

The ultimatum follows the September 18 shooting at Banga National High School in South Cotabato, the third school shooting in the country in just a few months, amid mounting concern over the use of online platforms to spread violent extremist content and exploit minors.

The CICC also directed Reddit and Discord to submit written explanations of their existing arrangements, along with concrete implementation plans for stronger safety standards, rapid response mechanisms, and age-verification or age-assurance measures.

The agency also asked the platforms to join a cooperative framework addressing the digital exploitation of minors, which it said has shifted from isolated online interactions to activities that fuel real-world violence and physical harm.

The proposed framework would cover networks involved in the creation, solicitation, possession, distribution, exchange, promotion, or monetization of online sexual abuse and exploitation of children (Osaec) and child sexual abuse or exploitation materials (Csaem), as well as nihilistic violence extremism (NVE) occurring on the platforms.

The CICC has also formally asked the Department of Foreign Affairs to convene a coordination meeting and facilitate the participation of Meta, Discord, Reddit, and other social media platforms in discussions with the government on measures against online threats linked to violence and child exploitation.

Earlier this month, the government met with representatives of Meta and Roblox to form a technical working group that will implement stricter child safety measures, faster content takedowns, and secure age-verification mechanisms.

Reddit is a discussion platform organized into topic-based communities, while Discord is a messaging and community platform built on private messages and invitation-based servers. According to the agency, these features can create fertile ground for the grooming, recruitment, and radicalization of minors.

The agency said recent investigations have raised alarm over the online grooming and recruitment of minors, including links to NVE-associated communities. These concerns have been heightened by the school shooting in Tacloban City in June, the August 18 shooting at Ateneo de Zamboanga University, and the Banga National High School shooting.

THE government is moving forward with a proposed P2.48-billion project to upgrade and operate the digital infrastructure supporting the country’s National ID system, with the Philippine Statistics Authority (PSA) eyeing a public-private partnership (PPP) for its implementation.

Approved earlier this month by the Investment Coordination Committee-Cabinet Committee (ICC-CC), the Philippine Digital National Identity (PDNI) Project will cover the upgrading, operation, and maintenance of key National ID systems.

These include registration and card production, identity authentication, as well as the technical integration of banks, businesses, and other private entities that use the National ID to verify customers.

The PSA said the project is expected to make National ID registration more accessible and improve the efficiency of identity authentication services.

‘This is a huge win for the PSA. Through this partnership, we can harness the expertise and resources of the private sector while ensuring that the National ID remains firmly anchored in its public purpose-to provide Filipinos with a trusted and convenient means of proof of identity to access critical services,’ National Statistician Claire Dennis S. Mapa said in a recent statement.

The ICC-CC approval allows the proposed PPP to proceed to the procurement stage, where other private companies will be invited to submit competing proposals.

As the original proponent, Unisys Public Sector Services Corp. will have the opportunity to match or improve the best competing offer under the comparative challenge process.

The P2.48-billion project will be implemented under a Build-Transfer-Operate (BTO) arrangement, with a six-month transition period followed by a 20-year concession.

Earlier, the PSA said around 97 million Filipinos had been registered for the National ID, leaving about 17 million still unregistered.

A significant portion of those yet to be registered are children aged 0 to 4 and overseas Filipinos.

‘The bulk of those who remain unregistered are overseas Filipinos. Before we always go to the Middle East, as a lot of Filipinos there are not registered. But because of the current security concern the PSA was not able to go there,’ Mapa said at the Department of Economy, Planning, and Development (DepDev) budget briefing on Monday.

Mapa said P26.21 billion had been provided for the National ID system from 2018 through 2026, with about P24 billion already obligated.

The average cost of registering an individual is around P250 to P260, he added.

THE Climate Change Commission (CCC) has given 33 vice governors and provincial legislative staff members instruction on how to help local governments (LGU) develop risk-informed proposals for the People’s Survival Fund (PSF).

CCC Deputy Executive Director Romell Antonio O. Cuenca briefed the provincial officials and employees during the Legislative Excellence and Development (LEAD) Program of the League of Vice Governors of the Philippines.

The LEAD Program, administered by the Development Academy of the Philippines, is a 14-session legislative capacity-building program running from August to November.

The CCC session emphasized the work LGUs must undertake before preparing a PSF concept note or full proposal-including identifying their actual climate risks, determining which communities and sectors are most exposed, and establishing a credible basis for the proposed intervention.

‘Accessing the People’s Survival Fund begins well before an LGU writes its proposal. It begins with understanding the specific climate risks confronting its communities and identifying the intervention that can reduce those risks,’ Cuenca said.

The presentation covered the PSF submission, evaluation, appraisal and Board approval processes. Participants were also provided with 16 links to climate and geospatial information sources that their technical teams can use to strengthen the data and analysis supporting their proposals.

Participants’ questions centered on the application process and the preparations required of LGUs. The recorded session will be uploaded to the program’s online learning platform for officials and staff who were unable to participate live.

CCC Vice Chairperson and Executive Director Robert E.A. Borje said provincial legislative bodies can play an important role in helping translate local climate priorities into properly designed and supported adaptation investments.

‘Local access to climate finance is not merely a question of completing forms. A sound proposal must connect the risk identified, the people and systems exposed, the intervention proposed and the resilience result expected,’ Borje said.

‘Vice governors and provincial boards can help create the enabling conditions for this work by supporting climate-risk assessments, strengthening local plans and investment programs, allocating resources for proposal development, and encouraging coordination among provincial, city and municipal governments,’ he added.

Established under Republic Act 10174, the PSF provides long-term financing for adaptation programs and projects of LGUs and accredited local and community organizations. It supplements annual government appropriations for climate change programs and supports measures responding to climate-related risks and vulnerabilities.

The CCC continues to provide policy guidance, technical assistance and capacity development to help LGUs formulate science- and risk-based adaptation programs aligned with the National Climate Change Action Plan and the National Adaptation Plan 2023-2050.