EU degraded-forest ban favors PHL coco By Andrea E. San Juan @andreasanjuan
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COUNTDOWN TO CHRISTMAS HAS BEGUN! SM Supermalls kicked off the 100
Days of Christmas celebration last September 16, and the holiday magic is already lighting up the malls. Visit your nearest SM mall to experience the dazzling 100 Days illumination and join in the excitement as they celebrate the most wonderful time of the year! SM SUPERMALLS
HILIPPINE coconut oil exports can capture a larger share of the European Union (EU) market amid the 27-member bloc’s move to impose a ban on imported agricultural goods linked to forest degradation, according to the Department of Trade and Industry (DTI). “We are seeing an opportunity for our coconut oil exports to get a larger share of the EU market since our palm oil competitors will be affected by the EU Deforestation Regulation,” DTI- Export Marketing Bureau (DTI-EMB) Director Bianca Pearl R. Sykimte told the
BusinessMirror in a Viber message on Tuesday. The EUDR, a measure that would require entities to demonstrate that their products are not linked to forest degradation, covers coffee, cocoa, soy, palm oil, wood, rubber and cattle. Sykimte said these are not included in the top Philippine export products to the 27-member bloc. In 2023, EU emerged as the fifth largest export market of the Philippines, she noted. “The top Philippine exports to the EU were: electronics, semiconductors, coconut oil and tuna,” Sykimte also told this paper. She pointed out that these products contributed more than
70 percent to total Philippine exports to the EU, amounting to $8.37 billion. Based on the data processed by DTI-EMB and obtained by this paper, coconut oil ranked third among the Philippines’s export products to the 27-member bloc, amounting to $547.15 million in 2023. It is also worth noting that Philippine coconut oil exports posted a 56.8-percent growth rate in the January to July 2024 period, reaching $1.11 billion, data from the Philippine Statistics Authority (PSA) showed. This commodity posted the second fastest growth rate among the Philippines’s goods exports,
as it trailed behind copper concentrates. Nonetheless, Sykimte said that from the end of DTI’s export marketing arm, they have been “closely following developments on this so we can prepare our exporters.” For her part. De La Salle University (DLSU) economist Maria Ella Oplas told this paper, “We are not that affected. I suggest we be silent.” Oplas also pointed out that while “greening the supply chain is noble, it will be hard to execute, especially that economics can be primary over being green.” In contrast, Ateneo De Manila See “Coco,” A2
A broader look at today’s business n Wednesday, September 18, 2024 Vol. 19 No. 337
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SOVEREIGN GUARANTEE FOR NEW HOMES PITCHED By Jovee Marie N. dela Cruz @joveemarie
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LAWMAKER on Tuesday defended the need for sovereign guarantees until 2028 to support the construction of new housing units, arguing that these guarantees are crucial for the National Housing Authority (NHA) and the Social Housing Finance Corporation (SHFC) to secure necessary funding. See “Sovereign,” A2
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INVESTORS ARE PUTTING UP HOTELS, BUT WHERE’S INFRA? By Ma. Stella F. Arnaldo
@akosistellaBM Special to the BusinessMirror
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OVERNMENT needs to catch up with infrastructure needs of tourism destinations, which will host more hotels and resorts in the country. “Now that the projects are in the pipeline, the government agencies must step in. If it hasn’t been or done yet, the infrastructure hast to catch up,” said Benito C. Bengzon Jr., executive director of the Philippine Hotel Owners Association
Inc. (PHOA), after the group presented on Tuesday, its first Philippine Accommodation Pipeline 2024 Report in partnership with Leechiu Property Consultants (LPC). “They know where the investments and where the developments will be in the next four to five years, so again, infrastructure has to be in place. We have to accelerate it so what we’re able to maximize the investments that are coming from the hotel owners,” he stressed. See “Infra,” A2
Magbanua returns to Puerto Princesa, Palawan, on Sunday, September 15, 2024, after a five-month deployment at Escoda Shoal in the disputed South China Sea. The vessel, named after the “Visayan Joan of Arc” Teresa Magbanua—who bravely led Filipino troops against Spanish, American and Japanese forces— sustained damage after being rammed by a Chinese vessel. Despite this, it completed its mission and returned for repairs. Following its return, President Marcos ordered a continued “strategic presence” at the shoal, with a new ship and Air Force surveillance monitoring Chinese activities. PHILIPPINE COAST GUARD VIA AP
No immediate reassignments at Naia as NNIC takes over By Lorenz S. Marasigan @lorenzmarasigan
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HE New Naia Infrastructure Corp. (NNIC) on Tuesday assured the public that the status quo at Ninoy Aquino International Airport (Naia) will remain in place following its recent takeover of airport operations, with no immediate changes to terminal assignments. According to NNIC General Manager Angelito Alvarez, any future adjustments will be introduced “gradually and strategically,” ensuring smooth operations as new management takes charge. “ These adjustments will be aligned with ongoing infrastruc-
tural and technical upgrades at the airport, ensuring a seamless experience for passengers,” he said. Alvarez emphasized that the terminal reassignments will not be rolled out all at once. Instead, they will be phased over time to minimize disruptions for passengers. “NNIC is committed to keeping the public informed, and any changes to terminal assignments will be communicated in advance to ensure a smooth and efficient transition as part of broader modernization efforts,” the corporation said.
See “NNIC,” A2
PESO EXCHANGE RATES n US 55.8880 n JAPAN 0.3974 n UK 73.8895 n HK 7.1718 n CHINA 7.8524 n SINGAPORE 43.1534 n AUSTRALIA 37.7244 n EU 62.2201 n KOREA 0.0424 n SAUDI ARABIA 14.8916 Source:
BSP (17 September 2024)