PHL slips to 13th in Hinrich-IMD sustainable trade index By Andrea E. San Juan @andreasanjuan
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HILE the Philippines slipped a notch to the 13th spot in the global ranking of economies engaging in sustainable trade best practices, it was included among the countries that rank highly in the environmental pillar due to its “strong” environmental regulations and commitments to international environmental agreements. The Philippines placed 13th among the 30 economies in the 2024 Hinrich-IMD Sustainable Trade Index (STI).
The country, however, was one of the five countries cited as ranking “highly” in the environmental pillar of the global index. “ T he env ironmenta l pi l lar underscores the importance of sustainability within the trade framework. Countries that rank highly in this area, such as New Zealand, the United Kingdom, the Philippines, Mexico, and Australia, are distinguished by their strong environmental regulations and commitments to international environmental agreements.” “ T hese nations ef fectively manage carbon emissions, maintain low pollution levels, and pri-
oritize renewable energy sources,” the report also noted. The Sustainable Trade Index covers three pillars: the economic pillar, societal pillar, and environmental pillar. The economic pillar, the STI report noted, reveals that “topper for m i ng” cou nt r ies e xce l through strong technological infrastructure, innovation, and efficient trade policies, including low tariff and non-tariff barriers to enhance trade competitiveness and attract foreign investment. The 2024 STI noted that countries like Hong Kong SAR, the United States, South Korea, China
and the United Kingdom lead in this pillar. In the societal pillar, countries that prioritize labor rights, political stability and social mobility tend to perform best, the study noted. On the economic pillar, the Philippines’s ranking fell to the 19th spot, with a score of 56. Under the societal pillar, the country slipped by 5 notches to place 19th, with a score of 37.4. The Philippines climbed a notch to the 3rd spot in the environmental pillar, with a score of 93.
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Wednesday, October 23, 2024 Vol. 20 No. 14
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‘CHEAPER RICE BOOSTS CONSUMPTION BETTER’
EMPOWERING BUSINESS
Leaders in business are joined by guest of honor Vice President Sara Z. Duterte as they celebrate 50 years of Philippine business excellence on the first day of the 50th Philippine Business Conference and Expo (PBCE) on Tuesday (October 22, 2024). Leading this year’s celebration is Raymund Jude Aguilar, 50th PBCE chairman and PCCI President, Consul Enunina V. Mangio. In photo from left: Bernardo Benedicto III, assistant treasurer; Atty. Pablo Gancayco, corporate secretary; Ruben J. Pascual, secretary general; Anthony Guerrero III, director for Labor; Dr. William Co, director for Agriculture; Edgardo G. Lacson, director for Education; Samie S. Lim, director for Tourism, Franchising, and Retail; Joseph Sy, director for Mining; Alegria S. Limjoco, Director for Regional Affairs; Consul Enunina V. Mangio, President; Jude G. Aguilar, Director for International Affairs and 50th PBC Chairperson; George T. Barcelon, Chairman; Ferdinand Ferrer, Executive Vice-President and Director for Innovation; Michael Tan, Director for Trade and Industry; Bryan Ang, Director for Trade Facilitation; and Elena U. Haw, Area Vice President for Mindanao. CONTRIBUTED PHOTO
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By Cai U. Ordinario
@caiordinario
ORE than holiday spending or rate cuts, cheaper rice prices will help boost the growth of household consumption in the last quarter of the year, according to a local economist. In a virtual briefing on Tuesday, Bank of the Philippine Islands (BPI) Senior Vice President and Lead Economist Emilio S. Neri Jr. told reporters that household final consumption expenditure (HFCE) is weak because rice prices are expensive and decreased the consumption for other products.
As the country’s food staple, rice, Neri explained, is a “giffen good ” that defies the standards of the law of demand. These nonluxury goods see an increase in demand even if their prices are high.
SARA: PINOYS CAN PRODUCE ‘NEXT ELON MUSK’ BUT ONLY IF...
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ILIPINOS can be “the next Elon Musk” only if the country addresses challenges on basic education such as power and connectivity issues, according to Vice President Sara Duterte. “I believe Filipinos can be the next Elon Musk. We are a powerhouse of geniuses. Hindi lang sa ating mga professionals, pati yung mga nasa loob ng mga [Not only among our professionals, but also those in our] colleges and universities. We just need to do that dream. We don’t want to be
a middle income. We want to be a superpower,” Durte said during the 50th Philippine Business Conference and Expo (PBC&E) organized by the Philippine Chamber of Commerce and Industry (PCCI). The Vice President said this can be attained if the country embraces the power of innovation to “foster inclusive growth and development while ensuring that its benefits reach all Filipinos across all segments of society.” Continued on A2
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PESO EXCHANGE RATES n US 57.4050 n JAPAN 0.3809 n UK 74.5748 n HK 7.3849 n CHINA 8.0614 n SINGAPORE 43.6241 n AUSTRALIA 38.2088 n EU 62.0950 n KOREA 0.0417 n SAUDI ARABIA 15.2856 Source: BSP (October 22, 2024)