‘Rice buffer stock must blend local, imported ones’ By Jovee Marie N. dela Cruz @joveemarie
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AWMAKERS on Monday called on the national government to boost the rice buffer stock of the National Food Authority (NFA) “in a mix of both domestic sources and imports” as the agency projects the country’s rice inventory will fall by yearend to 45 days’ worth of consumption, below its 90-day mandate. House Committee on Ways and Means Chairman Joey Sarte Salceda, however, clarified that he hopes the government will limit its imports to
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the lean months of July and August. “With El Niño, it’s always good to be prepared. Rice prices are actually declining globally, so it may be a good time to bolster our buffer stock,” Salceda said. For his part, Ang Probinsyano Rep. Alfred Delos Santos said the best way to ensure rice supply is to buy buffer stocks from local farmers. “What the National Food Authority can still do is maintain its own NFA buffer stocks. It should be in preparation for the lean months from late June to mid-September,” he said. “The NFA must source its buffer stocks primarily and directly from local rice farmers and cooperatives,” added
Delos Santos. Moreover, Salceda backed the NFA’s call for an expansion of the government’s rice-buying operations—subject to close coordination with the Department of Social Welfare and Development. Global rice prices have declined by 3.2 percent from February to March 2023. The House tax chair says he expects “global price levels for rice to be very close to pre-pandemic levels by July or August 2023,” he said. “The trend shows significant price reductions as the world fertilizer markets adjust better to the now-stagnant Ukraine situation. If a rice price downtrend affects local farmgate prices, al-
though I don’t think they will by much, the NFA can also undertake a highlytargeted buying program to support prices in certain areas,” Salceda added. To ensure, however, that the NFA’s buying program—which places a 2- to 3-peso premium on farmgate prices— does not accelerate inflation, the government may need to source its rice from imports during the lean season—but not for the rest of the year, Salceda said. “Incidentally, the rice lean season is also around July and August, so it might be a good time to buy externally just a bit earlier than that—when global prices are also declining,” Salceda said. See “Rice,” A2
BusinessMirror
Tuesday, April 18, 2023 Vol. 18 No. 183
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2.4% FEB REMITTANCE RISE SLOWEST IN 7 MOS n
TAX DEADLINE Taxpayers file their income tax returns on the last day of filing at the Bureau of Internal Revenue office in Intramuros, Manila, on Monday, April 17, 2023. The bureau said there would be no extension for the payment deadline. The lines were noticeably thinner, though, as a result of BIR’s “pay anywhere, file anywhere” policy, which allowed taxpayers to file their tax returns even in BIR offices outside of where their businesses were registered. ROY DOMINGO
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By Cai U. Ordinario
@caiordinario
ROWTH in remittances from Filipinos abroad slowed to 2.4 percent in February, the slowest in seven months, according to the latest data released by the Bangko Sentral ng Pilipinas (BSP). On Monday, BSP said the data showed this was the slowest since July 2022 when remittances posted a year-on-year growth of 2.3 percent. In the first two months of the year, cash remittances grew 3 percent. The level of cash remittances also reached P2.569 billion, the lowest level since May 2022 when remittances amounted to P2.425 billion. In the January to February period, remittances amounted to P5.331 billion. “The first two months were perhaps a window period as developed countries try to ward off threats of being in a recession,” Institute for Migration and Development Issues (IMDI) Executive Director Jeremaiah M. Opiniano told the BusinessMirror. “For as long as developed countries’ economic growth levels remain in positive territory, hopefully cash remittances will remain steady.” The slower growth of remittances, Opiniano said, could be seasonal similar to the prepandemic period.
Remittances would tend to post faster growth at the start of school years or during Christmas and tend to slow after these major expenses. Opiniano noted, however, that the latest data from the BSP’s Consumer Expectations Survey (CES) showed more OFWs and their families were saving. He said more households may have greater motivation to save following the negative impact of the pandemic. Some 43 percent or almost half of OFW households were able to use remittances to save in the first quarter of 2023. This was the highest since the first quarter of 2020 when it was at 44.7 percent. (full story: https://businessmirror.com.ph/2023/04/17/foodeducation-medicine-still-topexpenses-of-ofws/) “Since the third quarter of 2020 to the fourth quarter last year, CES survey data show that allotments to savings have reached at least 29 percent, or nearly a third,” Opiniano said.
COSTLY HEALTHCARE CAUSES PINOYS TO SEE SHORTER LIVES
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XPENSIVE healthcare has reduced the confidence of Filipinos that they will live longer and healthier lives, according to the latest study released by Manulife Philippines. Based on data from the Manulife Asia Care Survey 2023, Filipinos expect to live only three more years after retiring at around 59 years old. Of those surveyed, Filipino millennials aged 25 to 34 are the most pessimistic, believing they will only remain healthy until they are 55, below the average perceived health longevity. “Filipinos are realizing that personal health issues cannot be isolated from the financial implications of critical illness, along with wider economic uncertainties,” Rahul Hora, President and Chief Executive Officer, Manulife Philippines said. “While it is inevitable that our bodies change as we age and that the state of the global economy may be beyond our control, Filipinos can take proactive steps to strengthen their health and finances and have a more financially secure future,” he asserted.
High treatment costs
MANULIFE said financial risks
posed by poor health lies in the cost of medical treatment, a significant concern for many Filipinos. Nearly half or 49 percent of those surveyed said that the expense of treatment was their number one health management worry. Other concerns of those surveyed include loss of income or job because of illness (37 percent), and not knowing who will take care of them in the event of illness (26 percent). Almost all of those surveyed, Manulife said, are worried about at least one illness—with heart disease, diabetes and cancer being their top three main fears. The Manulife study also found that around a third of Filipinos sur veyed believe they currently enjoy excellent physical and mental health. With concerns about both their current health and health longevity, nearly all Filipinos surveyed claim that they are taking action to manage their well-being through exercise (65 percent), better diet (62 percent), regular body checks (52 percent), and closer selfmonitoring (50 percent).
₧120,000, tourists can now have KIG adventure By Malou Talosig-Bartolome
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HE Palawan government recently launched an ambitious project to promote the Kalayaan Island Group (KIG) in the West Philippine Sea as a destination for wildlife adventureseeking tourists. The maiden voyage occurred March 19, 2023 in five stops—Ulu-
gan Bay in Puerto Princesa, Lawak Island, Patag Island, Likas Island and Pagasa Island. In what was dubbed the “Great K a l aya a n Ex ped it ion,” tourists sailed on board Philippine Coast Guard vessel BRP Melchora Aquino (MRRV-9702), for seven days and six nights. The “unique” adventure includes experiencing See “P120,000,” A2
See “Healthcare,” A2
See “remittance,” A2
PESO EXCHANGE RATES n US 55.1530 n JAPAN 0.4122 n UK 68.5221 n HK 7.0269 n CHINA 8.0293 n SINGAPORE 41.4778 n AUSTRALIA 36.9635 n EU 60.6462 n KOREA 0.0423 n SAUDI ARABIA 14.7040 Source: BSP (April 17, 2023)