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Friday, April 14, 2023 Vol. 18 No. 179
P25.00 nationwide | 2 sections 28 pages | 7 days a week
ON 6-MO LOW INFLATION By Cai U. Ordinario @caiordinario
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HE Bangko Sentral ng Pilipinas (BSP) may reduce interest rates after six consecutive months of low inflation, similar to the recent month-onmonth decline recorded in DUCKING ‘AMANG’ Fishermen dock their boats in Las Piñas City as they cancel their daily chores due to the rains brought about by Typhoon Amang March. on Thursday. Amang has weakened into a low pressure area and may dissipate in the next 24 hours. NONIE REYES
In the Philippine Economic Briefing (PEB) in Washington on the sidelines of the World Bank-International Monetary Fund (IMF) Spring meetings, BSP Governor Felipe M. Medalla also said the Monetary Board may find good reason to pause if April continues the March inflation trend. Based on his presentation, Medalla said, inflation month-on-month has been encouraging, especially in February when there was a slowdown by 0.3 percent as opposed to January, which saw a 1-percent increase in month-on-month inflation. “You need more good data points for cuts. For a pause you need one more because we already have two good data points,” Medalla said in a press briefing. “[Cutting rate?] if we get six straight month-on-month below 0.2, why not?”
Neda: Fight vs inflation vital in cutting poverty incidence
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HE fight against rising prices is a crucial ingredient in the country's efforts to see poverty incidence slow to single-digit levels by the time the President steps down from office in 2028, according to the National Economic and Development Authority (Neda). In the Philippine Economic Briefing (PEB) in Washington on the sidelines of the World BankInternational Monetary Fund (IMF) Spring meetings, Neda Secretary Arsenio M. Balisacan said the recent spike in inflation is “anti-poor” since it is driven by food prices. Based on data from the Philippine Statistics Authority (PSA), the weight of food in the Consumer Price Index (CPI) for all households is 34.72 percent while for
“The high inflation...that we have seen in the last couple of months, that’s very antipoor, especially that it’s coming from food.” –Neda chief Arsenio Balisacan
the Bottom 30 percent, the weight is heavier at 51.38 percent, making the poorest Filipinos more vulnerable to expensive food prices. See “Neda,” A2
INDUSTRY GRP HAILS E.C. MOVE ON PHL SEAFARERS By Andrea E. San Juan
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@andreasanjuan
HE European Maritime Group lauded the decision of the European Commission to continue recognizing Filipino Seafarers’ Certificates, which the group said will ensure the stability of employment for Filipino seafarers. “The decision of the European Commission to continue recognizing Filipino seafarer certificates presents a very positive development in the Philippine Maritime Industry,” Tore Henriksen, Chairperson of the Joint Maritime Committee said
in a statement on Thursday. It is “commendable,” added Henriksen, that Philippine authorities have taken necessary steps toward complying with the International Convention on Standards of Training, Certification and Watchkeeping for Seafarers (STCW), and demonstrated their commitment to ensuring the safety and well-being of Filipino seafarers who, he said, contribute “significantly” to the global shipping industry. The Joint Maritime Committee is represented by the Dutch Chamber of Commerce in the Philippines, the German-Philippine Chamber of Commerce,
the Nordic Chamber of Commerce in the Philippines and the Philippines-Norway Business Council. The Joint Maritime Committee together represents the interests of a “large segment” of the maritime private sector community of Europe. L a st Ma rc h 31, a f ter a 15-month review, the European Commission decided to continue recognizing certificates for seafarers issued by the Philippines, which it said is one of the world’s largest maritime labor supply countries. See “Industry,” A2
See “BSP,” A2
PESO exchange rates n US 55.1010 n japan 0.4140 n UK 68.8046 n HK 7.0206 n CHINA 8.0181 n singapore 41.4979 n australia 36.8736 n EU 60.5780 n KOREA 0.0417 n SAUDI arabia 14.6905 Source: BSP (April 13, 2023)