Local trade volume shrinks 20.1% in ’22–PSA
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HE volume of domestic trade contracted 20.1 percent in 2022, according to the Philippine Statistics Authority (PSA). The data showed the quantity of domestic trade declined to 18.63 million tons in 2022 from 23.31 million tons recorded in 2021. The total value of domestic trade in 2022, meanwhile, amounted to P845.5 billion. This indicated an increase of 13.3 percent from the P746.36 billion value of domestic trade in 2021. “Domestic trade value refers to the outflow value of commodities transported from the region/province of origin to another region/ province of destination,” the PSA said. By commodity, the PSA said
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food and live animals led in terms of quantity of domestic trade in 2022 with 4.16 million tons, or a share of 22.3 percent to the total domestic trade. This was followed by mineral fuels, lubricants and related materials with 3.6 million tons or 19.3 percent and manufactured goods classified chief ly by material with 3.14 million tons or 16.9 percent. By region, Central Visayas registered the highest quantity of traded commodities with 3.93 million tons or 21.1 percent share to the total domestic trade in 2022. This was followed by Central Luzon with a quantity of 3.69 million tons or 19.8 percent and the National Capital Region (NCR)
w ith 3.3 mi l lion tons or 17.7 percent. In terms of value, PSA data showed machinery and transport equipment topped in terms of value of traded commodities with P265.06 billion or 31.3 percent share to the total domestic trade value in 2022. This was followed by food and live animals valued at P188.97 billion or 22.4 percent of the total and manufactured goods classified chiefly by material, which amounted to P149.23 billion value of traded commodities or 17.7 percent. Among the regions, NCR topped with P215.96 billion value of traded commodities or 25.5 percent of the total value of traded commodities in 2022.
This was followed by Central Visayas with traded commodities amounting to P156.35 billion or 18.5 percent of the total, followed by Western Visayas with P136.46 billion or 16.1 percent. Meanwhile, PSA said that by region, Central Visayas posted the highest inflow value of domestic trade at P193.16 billion or 22.8 percent share to the total inflow of domestic trade in 2022. This was followed by Caraga with an inflow value of P137.8 billion or 16.3 percent and Western Visayas with P135.63 billion, or 16 percent of the total. The data also showed Cagayan Valley recorded the lowest inflow value, which amounted to P0.01 billion in 2022. Cai U. Ordinario
BusinessMirror Monday, April 24, 2023 Vol. 18 No. 189
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GROWTH MAY EXCEED 7% IN Q1–THINK TANK w
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By Cai U. Ordinari
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P25.00 nationwide | 2 sections 18 pages |
@caiordinario
Offshore miners laud approval of tariff pledges under RCEP
HE country’s GDP growth may exceed 7 percent in the first quarter if the global economy does not weaken further and inflation is kept at bay, according to a local think tank. In its latest Market Call report, the First Metro Investment Corporation-University of Asia and the Pacific (FMIC-UA&P) Capital Market Research said GDP growth may reach 7.1 percent in the first three months of the year. T his, the local think tank said, will be driven by recent employment gains; robust consumption fueled by tax cuts and slower inf lation; manufacturing growth; and the increase in national government spending. “We expect a more robust economy in Q1-2023 than most analysts
with a GDP growth of 7.1 percent YoY, albeit with a little downside risk. The income tax cut and the downward trend in inflation should provide support although the recent crude oil price surge—due to huge OPEC production cut—would clip that partially,” FMIC-UA&P Capital Market Research said. The OPEC decision to reduce production caused the recent spike in oil prices. The think tank said because of this, it expects the Bangko Sentral ng Pilipinas (BSP) to raise interest rates by 25 basis points in May 2023. See “Growth,” A2
By Jonathan L. Mayuga @jonlmayuga
& Andrea E. San Juan
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NOTHING BEATS GREEN As the saying goes, when aiming for greatness, choose the green path. The trend for 2023 is ecotourism, featuring vacation homes nestled among lush greenery. There's no better choice than nature, exemplified by this resort in Caliraya, Laguna, which invites one to immerse the self in its breathtaking beauty. NONIE REYES
MISS U ‘22 AT PHL INDEPENDENCE PARADE By Troi Santos
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EXPLAINER »B4
WHAT ARE CHINA’S ALLEGED ‘SECRET OVERSEAS POLICE STATIONS’?
E W YOR K C I T Y— Miss Universe 2022 R’Bonney Nola Gabriel will participate in the 125th Philippine Independence Day Parade on Sunday, June 4, 2023, along Madison Ave, New York, NY. The parade’s theme this year is “Honoring Our Cultural Heritage: Inspiring Diversity and Inclusion”. Gabriel is the ninth delegate from the United States to win the title and made history as the first Filipino-American to win the Miss Universe title. Born in
Houston, Texas, to a Filipino father, Remigio Bonzon “R. Bon” Gabriel, and American mother, Dana Walker, she competed in and won both Miss Texas USA and Miss USA in 2022. As part of her Miss Universe platform, Gabriel advocates for environmental sustainability and fighting pollution in the fashion industry. “Fashion can be a force for good,” said Gabriel, “and my Filipino heritage has taught me that it’s very important for us all to come together and play our part in creating change.” See “Miss U,” A2
FFSHORE mining stakeholders on Sunday welcomed President Ferdinand R. Marcos Jr.’s decision to affirm the country’s commitments under the Regional Comprehensive Economic Partnership (RCEP) of ASEAN Plus nations. A free trade agreement (FTA) between the 10-member states of the Association of Southeast Asian Nations (ASEAN) and its five FTA partners: Australia, China, Japan, New Zealand, and the Republic of Korea, RCEP is expected to benefit the Philippines because of the increased trade it would bring to different member economies. The Offshore Mining Chamber of the Philippines, Inc. (OMCPI) and its member companies seek to mine the country’s crucial mineral resources found in the deep seabed in various locations. The group said these minerals like palladium, manganese, iron, nickel, platinum, copper, silver, gold, lithium, and the elusive rare earth elements (REE) are waiting to be tapped. “The clean and green mining industry and the various companies under our new blue economy sector (beyond just fishing) may benefit from preferential tariff reductions for our imported industrial goods and equipment from abroad,” OMCPI Chairman Dr. Michael Raymond Aragon said in a statement. Continued on A2
PESO EXCHANGE RATES n US 56.0800 n JAPAN 0.4166 n UK 69.7691 n HK 7.1449 n CHINA 8.1451 n SINGAPORE 42.0295 n AUSTRALIA 37.6465 n EU 61.4525 n KOREA 0.0422 n SAUDI ARABIA 14.9538 Source: BSP (April 14, 2023)