labor cost, ₧125/hr prepandemic–PSA ‘ClosePHL borders, cut Omicron exposure risk’ By Cai U. Ordinario By Cai U. Ordinario with their loved ones, while for-
worked, gratuwhich, she said, thebonuses economyand can no ities,” the PSA explained. @caiordinario eigners living in temperate regions longer afford. “[Itthat alsoweincludes] the cost usually want to relax in tropical “It is better do protective HE average cost of labor of food, drinks and other LOSING the country’s borders countries like the Philippines. This preventive measures than get ex- paythe country shouldered ments kind, costtooflose,” workers’ is one of the most in immediate year’s influx of OFWs is expected to posed again. Weinhave a lot by employers was only housing borne by employers, courses of action the governbe heavier since many of them were Oplas said. “We should do it now so a hundred pesos employers’ ment must take toslightly preventover the latunable to come home for the holidays that we can open justsocial beforesecurity Christ- exper hour before the pandemic, penditures, cost to the employer est Covid-19 variant, Omicron, from in December 2020. mas. If it gets contained, we can open ”The LCS [labor cost statistics] intends according to the latest data for vocational training, welfare reaching Philippine shores, accord“My recommendation is that to protect to provide data would address it again.” services and miscellaneous from the Philippine Statistics ing to local economists. the borders. Dothe not allow people with Center for Economic Regap in wage statistics, specifically Ateneo Authority (PSA). items, such as (ACERD) transport of T he new var iant is a threat, a history of travel to countries with search and Development on the evolution of labor cost and its Based on the PSA’s Module on workers, work clothes and ree s p e c i a l l y w it h t he hol id ay s positive cases various to enter,” Oplas said. Associate Director Ser Percival components.” Laborforeigners Cost of Employees (LCE) cruitment, together with taxes coming up and more “We should be more—Philippine restrictive. [We K. Peña-Reyes said closing the Statistics Authority for 2019, the labor cost was esregarded as labor cost,” it added. being a llowed to travel to the have to be] more protective in terms country’s borders would be effectimated at P125.17 per hour. employment of labor in a speciBy industry, PSA said estabPhilippines, De La Sa lle Univerof our measures.” tive but should still adhere to the The average annual labor cost fied reference period. The stalishments engaged in financial sit y economist Mar ia Ella Oplas Oplas said that while this will be standards set by the World Health per employee was estimated at to some tisticalindustries, concept of labor cost and insurance told BusinessMirror. a setback this Organization (WHO). activities posted P304,691 in 2019. as consisting of remuneration the highest labor cost attold P347.49 The holidays usually bring in is a fair measure considering that What is needed, Peña-Reyes “[Labor cost is the] cost infor work performed, payments per hour. Overseas Filipino Workers (OFWs) this could help prevent placing the this newspaper, is for travel restriccurredChristmas by the employer in thein another in respect time paid but tions not to be put Thisin was followed by electricity, who are eager to spend country strictof lockdown, place swiftly and @caiordinario
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DONALD TRUMP ‘TOOK THE FIFTH! WHAT DOES IT ACTUALLY MEAN?
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Monday, August 15, 311 Monday, November 29, 2022 2021 Vol. Vol.1717No. No.52
gas, steam and for government to air be conditioning proactive in supply at P225.93 and water imposing them. supply; sewerage waste managePrevious instances when the ment and remediation activities country had the opportunity to imP192.2 per hour.did not preposeat travel restrictions As a share of total cost, labor vent the spread of Covid-19. That was cost accounted for 26.9 percent mainly because the decision was not average. The madeonimmediately, he share said. varies per industry with professional, “Kung papatay patay [If we’re andcaught technical activislow]scientific and we get flat-footties having the highest percent ed, [that’s risky] We were too reshare of labor cost relative to active instead of proactive before. their total cost at 31.8 percent. We should learn from that,” PeñaThis“It’s was followed bybalancing TransporReyes said. a delicate tation and storage with labor cost act. We need to push testing and accounting for 30.8 percent; Educatracing to be properly informed tion except public education, 29.6 of our decisions. Blanket/shotgun percent; and accommodation and approaches could have dire consefood services, 29.3 percent. quences on the economy.” See PHL,” A2 See “Omicron,” A2
P25.00 P25.00 nationwide nationwide || 22 sections sections 18 20 pages pages ||
NATL BORROWINGS NG’S GOVT H1 DEBT PAYMENTS FOR 10 40.8% MOS DIP P2.75T DOWN TOTO P458.36B By Bernadette D. Nicolas By Bernadette D. Nicolas @BNicolasBM
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Omicron risk spurs revival of quarantine rules in PHL
@BNicolasBM
HE national national government spent HE P458.36 billion to repay its debts government’s during the first half of this gross year, way less borrowings as than of the amount it shelled end-October shrank out a year ago. by almost 6 percent year-on-year toBureau of Latest data from the Almost half of the total debt paythe Treasury showed government’s ments in the first semester this year P2.75 trillion. debt payments from January to June plunged by 40.8 percent this year fromdata P773.7 billion in the of same Latest from the Bureau the period last year. Treasury showed that the govern-
ment’s gross borrowings during the 10-month period fell by 5.99 percent from P2.92 trillion a year ago. With only two months left for this year, the latest figure is already equivalent to 89.6 percent of its P3.07-trillion borrowing program. Ma. Stella F. Arnaldo BrokenBy down, gross domestic borrowings from @akosistellaBM January to October to the BusinessMirror settledSpecial at P2.23 trillion, down by 5.08 percent from P2.35 trillion in 2020. HE Philippines received 1.18ofmillion foreign tourThe bulk the amount was ists from February 10 to sourced from Fixed Rate Treasury August 7, trillion), four months earlier Bonds (P1.19 followed by than what was projected by short-term borrowings from Bangprivatengtourism stakeholders. ko Sentral Pilipinas or BSP (P540 latest arrivals data billion),The Retail Treasury Bonds/Prewas revealed on Thursday by myo Bonds (P463.3 billion), Retail Tourism Secretary-designate Onshore Dollar Bonds (P80.84 bilChristina Garcia Frasco lion). In the same period, there in wasa speech before the Cebu Chamalso a net redemption of Treasury of Commerce and Industry. Billsber amounting to P43.94 billion. She also revealed, “The DOT Net debt redemption means (Department of Tourism) is there were more debts repaid comalso working on new regional pared to the amount borrowed durtourism circuits that will highing the period. light nature-based tourism, Meanwhile, gross foreign borMICE (Meetings, Incentives, rowings in the same period also Conventions and Exhibitions) contracted by 9.7 percent to P518.7 tourism, food andP574.4 gastronomy, billion from last year’s billion. heritage and culture, farm and This was raised through global agri-tourism, health and wellbonds (P146.17 billion), program ness, arts, and more. All these loans (P139.98 billion), euro-detourism dimensions will get nominated bonds (P121.97 billion), equal promotion, attention, a project loan (P86.41 billion), and and support samurai as we expand yen-denominated bonds (P24.19 billion).
By Samuel P. Medenilla @sam_medenilla
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NTER NATIONA L concerns over the possible spread of the were used for amortization costs, more infectious Omicron Cowhich hit P201.1 billion, a 64.4-percent vid-19 variant prompted the govdrop from P565.2 billion a year ago. ernment to reimpose mandatory See “Debt,” A4 facility-based quarantine for all arriving passengers in the country. Acting Presidential spokesperson Karlo B. Nograles announced on Sunday that the Inter-Agency Task Force for the Management of Emerging Infectious Diseases (IATF) suspended the implemenourselves from the traditional tation of its Resolution No. 150portfolio and explore multidiA (s.2021), effectively imposing mensional tourism.” stricter protocols for all inbound The event was CCCI’s Go travelers. Explore Cebu: A Tourism SumTo note, IATF Resolution 150mit held at the Sky Hall Seaside A had allowed fully vaccinated PEOPLE walk pastConvention the mural of Gat Andres Bonifacio at Manila City Hall Underpass. Cebu-SMX Center, non-visa travelers from Green List The country willattended celebrate the 158th birth of Filipino revolutionary which was by some 200anniversarySUGAR NOT SWEET A vendor at the Las Piñas Public Market arranges rows of sugar packs of different varieties. Prices of refined sugar continue to increase, according to reports, but Malacañang areas to enter the country withDOMINGO hero Gat Andres Bonifacio on Tuesday, November 30. ROY stakeholders from the tourism Palace said President Ferdinand R. Marcos Jr., concurrent agriculture secretary, continues to lead efforts to ensure stable supply and affordable prices, after rejecting the proposal to import 300,000 out the need for facility-based industry, representatives from metric tons of sugar. See “Agri” page, A5, for updates on the sugar importation controversy. NONIE REYES quarantine as long as they secure the local government units, and negative Reverse Transcriptionthe businesses community. Polymerase Chain Reaction (RTPCR) test within 72 hours prior Top markets to their departure. DATA from Emmanuel the DOTY. Arcalas a lso By Jasper dating its registry following the them. This allows everyone to see programs as President Duterte “Except for countries classified showed, of the @jearcalas total arrivals enactment of the Coconut Farmwho are listed in the registry and if is expected to sign the industry as ‘Red,’ the testing and quarantine for the period, some 66 percent By Jasper Emmanuel Y. Arcalas MT from an earlier of he 3.1 percent to 2.325 MMT by BPI in for June. ers and Industry Trust Fund law. farmer doesn’t see hisestimate name then development plan in earlyfrom 2022.last protocols all inbound internaor 778,746 were @jearcalas MMT. year’s 1.432 MMT, basedwill on not latest Thetravelers USDA kept local rice OREforeign than 3tourmillion Rosales explained that about shall coordinate with the PCA imRosales said the PCA tional in all its ports of entry ists, while the rest, at 400,007, Based on its latest projections, data released by the Bureau of Plant production projection for the coconut farmers and 500,000 coconut farmers and mediately,” he explained at a recent stop updating its list of coconut shall comply with the testing and were overseas Filipinos. TourHE Philippines, the world’s the USDA said the Philippines’s Industry (BPI). Philippines at 12.6 MMT, or 1.44 workers are now regisworkers were added to the PCA’s dialogue with coconut farmers. farmers and enjoined them to regquarantine protocols for ‘Yellow’ iststered fromwith the United States still regbuyer rice, total rice imports this year would data showed 81.72 perpercent higher than last the government’s 2018second-biggest list that had about 2.5 of million “On the other hand, if people isterBPI in order to reap that the benefits list countries,” Nograles said,year’s citing dominated the arrivals markets may import a record 3.2 milbe 8.47 percent higher than last cent or about 1.9 MMT of the rice 12.42 MMT. istry, which serves as the basis coconut farmers and farm workers. would see names on the list and of the decades-long idled coconut the provision of IATF Resolution at 227,732 (or 19.3 of percent tonsnext (MMT) year’s 2.95 MMT recorded import imported during USDA data, total area plantfor the number peopleofto be lion metric The PCA’s stepthis is toyear, conthey think they are not coconut levy fund. “We willthe not 7-month stop at 3.1peNo.Per 151-A. total); followed by South Korea driven by higher-than-expected volume. riod came from Vietnam. ed with rice Hong this year would reach covered by the utilization of the duct an exclusion-inclusion profarmers or their details are incormillion. We hope that more indiHe noted Kong, which has at 127,833 (10.84 percent); Auspurchases abroad, the United The USDA explained that it reBPI data also showed that it 4.8 million hectares, slightly higher P75-billion coconut levy fund. cedure by making the updated rect, they can report it to the PCA viduals will register in our coconut confirmed a case of the Omicron tralia Philippine at 128,833Coconut (4.4 percent); Department of Agriculture vised upwards its rice import proissued 448 sanitary and phytosthan lastwill year’s million Authority States farmers’ registry public, providfor immediate action,” he added. farmers registry,” he said. variant, also4.76 fall under thehectYelCanada at 47,772 (4.05 percent); (USDA) said. jection for the Philippines because anitary import clearances (SPSares. The Philippines’s average rice (PCA) Deputy Administrator Roel ing everyone the opportunity to The PCA official noted that The updating of the coconut low list countries. andM.the United at In itsthe monthly grains of the “strong” pace of imports this ICs) to registry 47 eligible rice importyield is projected toof inch to 4.17 Rosales said Kingdom about 3.11 million check veracity global of the list, Rothe completion of the initial list farmers is mandated by The suspension theup rules for 46,282 (3.93 percent). situation report, the USDA revised year. ers with a total corresponding MT per hectare from 4.14 MT coconut farmers and farm worksales added. of coconut farmers registry would Republic Act (RA) 11524 or the “Green List” countries will beper in itslist rice import forecast for riceexpected imports import Industry volume of 625,743.6 MT. hectare, based on USDA28, data. See “Tourist,” A4 ers have been registered with the upward “The will be posted in public beThe just Philippines’s in time for the Coconut Trust Fund Act. effect from November 2021 to Philippines in 2022can by easily 100,000 from January to July rose by 62 The 448 SPS-ICs were all issued See “Import record,” A2 government since it started up- the spaces where people see rollout of coconut levy-funded See “3-M farmers,” A2 December 15, 2021.
TOURIST ARRIVALS IN PHL BREACH 1-M MARK IN 6 MOS
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OVER 3-M FARMERS LISTEDtoFOR P75-Brecord COCO LEVY FUND rice in ’22 PHL seen import 3.2-MMT
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PESO EXCHANGE RATES n US 55.4740 n JAPAN 0.4171 n UK 67.6838 n HK 7.0725 n CHINA 8.2245 n SINGAPORE 40.4949 n AUSTRALIA 39.4032 n EU 57.2769 n KOREA 0.0425 n SAUDI ARABIA 14.7695 Source: BSP (August 12, 2022) PESO EXCHANGE RATES n US 50.4600 n JAPAN 0.4374 n UK 67.2329 n HK 6.4722 n CHINA 7.9013 n SINGAPORE 36.8968 n AUSTRALIA 36.2807 n EU 56.5758 n SAUDI ARABIA 13.4531 Source: BSP (November 26, 2021)