With 20-M poor Pinoys, 9% poverty goal stays ‘Close borders, cut Omicron exposure risk’ By Cai U. Ordinario
@caiordinario By Cai U. Ordinario
D C THE WORLD ›› A9
US CONGRESS MEMBERS MEET TAIWAN PRESIDENT TSAI AMID CHINA’S ANGER
@caiordinario
ESPITE rising commodity prices and the borders continuing LOSING the country’s threat posed by the panis one of the most immediate demic, the current administracourses of action the governthat it can menttion mustremains take toconfident prevent the latachieve its overall target of a 9-perest Covid-19 variant, Omicron, from centPhilippine poverty incidence by 2028. reaching shores, accordOn Monday, the Philippine Staing to local economists. tistics disclosed T he new Authority var iant is(PSA) a threat, million e s p e that c i a l lthere y w itwere h t 19.99 he hol id ay sFilipinos who were considered poor. coming up and more foreigners This translated to a poverty being a llowed to travel to theincidence rate 18.1 percent. Philippines, DeofLa Sa lle UniverIn a briefing, sit y economist Mar ia Socioeconomic Ella Oplas Planning Secretary Arsenio M. told BusinessMirror. Balisacan said the government The holidays usually bring in will endeavor to pare down (OFWs) the poverty Overseas Filipino Workers incidence in 2021 by 5 percentage who are eager to spend Christmas
points by 2025 and another 4 perpointsones, by 2028. withcentage their loved while for“We can reduce poverty incieigners living in temperate regions dencewant by 5topercentage points at usually relax in tropical midterm, 4 percentage countries likeand theanother Philippines. This points by 2028. We aim to reduce year’s influx of OFWs is expected to povertysince incidence be heavier many among of themFilipinos were to to 9 percent by for 2028,” Balisacan unable come home the holidays said. in December 2020. Covid-19 pandemic may “My“This recommendation is to protect have disrupted our growth mothe borders. Do not allow people with mentum but we are determined. a history of travel to countries with We remain to said. deliver positive cases tocommitted enter,” Oplas adequate, prudent and timely poli“We should be more restrictive. [We cies to achieve our collective aspirahave to be] more protective in terms tion where no Filipino is poor,” he of our measures.” explained. Oplas said that while this will be Balisacan saidindustries, in order to achieve a setback to some this this target, the government is a fair measure considering will thatuse 2021 poverty dataplacing as the adminthisthe could help prevent the istration’s baseline as it pushes to country in another strict lockdown,
undo the damage inflicted by the pandemic on the the economy Philippine econwhich, she said, can no omy. longer afford. National and De“It The is better that Economic we do protective velopment Authority (Neda) preventive measures than get chief exsaidagain. its efforts to achieve tarposed We have a lot tothe lose,” get include resuming face-to-face Oplas said. “We should do it now so classes and greater vaccine access that we can open just before Christfor children and adults. mas. If it gets contained, we can open “We will continue to provide it again.” guidance on minimum public Ateneo Center for Economic Rehealth standards and health risk search and Development (ACERD) assessments. We urge all schools Associate Director Ser Percivalto up with innovative solutions K. come Peña-Reyes said closing the to make studying in school as safe country’s borders would be effecasbut possible,” added. tive shouldBalisacan still adhere to the On top of these efforts, Balistandards set by the World Health sacan said the government will Organization (WHO). provide training opportunities for What is needed, Peña-Reyes told Filipinos to improve theirrestricchances this newspaper, is for travel of securing employment. tions to be putquality in place swiftly and
The country’s Chief Economist also said the government aims to for government to be proactive in reduce the cost of doing business imposing them. inPrevious the country and provide greater instances when the support for research and developcountry had the opportunity to imment as well as innovation. pose travel restrictions did not preBalisacan also said theThat governvent the spread of Covid-19. was ment will enhance inter-industry mainly because the decision was not linkages and be more in made immediately, he aggressive said. promoting the country as a key in“Kung papatay patay [If we’re vestment destination in the region. slow] and we get caught flat-footed, [that’s risky] We were too rePoverty data of proactive before. active instead MEANWHILE, of We should learn the fromproportion that,” PeñaFilipino families with incomes that Reyes said. “It’s a delicate balancing are We not sufficient to buytesting their miniact. need to push and mum basic food and non-food needs tracing to be properly informed thedecisions. poverty Blanket/shotgun incidence among oforour families in 2021 at approaches could was haveestimated dire conse13.2 percent. quences on the economy.” See “Poor,” A2A2 See “Omicron,”
JUNEGOVT REMITTANCES HIT NATL BORROWINGS FOR 10 MOS DIP TO P2.75T $2.755B, HIGHEST IN ‘22 w w
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n Tuesday, August 16, 312 Monday, November 29, 2022 2021 Vol. 17 No. No.52
P25.00 P25.00 nationwide nationwide || 22 sections sections 20 20 pages pages ||
By Bianca Cuaresma By Bernadette D. Nicolas @BcuaresmaBM
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France, PHLrisk Omicron spurs revival eyeing more of quarantine green energy, rules in PHL agri projects
@BNicolasBM
OLLAR remitHE national tances to the government’s Philippines hit gross their highest level for borrowings of 2022 in June, as as Overseas end-October Filipinos increasedshrank their “padala” (money sent by almost 6 percent home) to finance the year-on-year to higher of household P2.75prices trillion. goods and commodities in the country.
Latest data from the Bureau of the Treasury showed that the governDatagross fromborrowings the Bangko Sentral ment’s during the ng Pilipinas (BSP) showed that cash 10-month period fell by 5.99 percent remittances that coursed through from P2.92 trillion a year ago. banks from different parts of the With only two months left for world to the Philippines hit $2.755 this year, the latest figure is already billion in June. This percent is the highest equivalent to 89.6 of its volume of monthly remittances for P3.07-trillion borrowing program. 2022. Broken down, gross domestic borThe June volume of remittances rowings from January to October is also 4.4 percent higher settled at P2.23 trillion,compared down by to thepercent $2.638 from billion seentrillion in the 5.08 P2.35 same month last year. This is also in 2020. theThe highest monthly growth bulk of the amount rate was for the year. sourced from Fixed Rate Treasury In the viewtrillion), of Rizalfollowed CommerBonds (P1.19 by cial Banking Corporation (RCBC) short-term borrowings from Bangchief economist Michael Ricafort, ko Sentral ng Pilipinas or BSP (P540 one of the main reasons overseas billion), Retail Treasury Bonds/PreFilipinos were prompted toRetail send myo Bonds (P463.3 billion), more money during the month— Onshore Dollar Bonds (P80.84 bilapart from return to normalcy lion). In thethe same period, there was of the global economy—is concern also a net redemption of Treasury over rising prices of goods and Bills the amounting to P43.94 billion. commodities. Net debt redemption means In June, localdebts inflation hitcom6.1 there were more repaid percent as the majority of compared to the amount borrowed durmodity groups registered inflaing the period. tionMeanwhile, rates. Food andforeign energy-regross borlated items were the key drivers, rowings in the same period also while transport inf lation also contracted by 9.7 percent to P518.7 continued to higher billion fromto lastrise year’sdue P574.4 billion. fuelThis prices jeepney fare global hikes wasand raised through in select regions. bonds (P146.17 billion), program The(P139.98 June remittance increase loans billion), euro-deresulted in the growth of the cumunominated bonds (P121.97 billion), lative cash remittances by 2.9 a project loan (P86.41 billion),perand cent to $15.347 billion in thebonds first yen-denominated samurai half of 2022, from $14.918 billion (P24.19 billion). recordedSee in“Borrowings,” the comparable A2 period in 2021. In terms of country sources, the BSP said the growth in cash remittances from the United States (US), Saudi Arabia, Japan, Qatar, and Singapore contributed largely to the increase in remittances in the first half of 2022. According to Ricafort, remittances during the month could have been larger, if not partly offset by the weak peso during the month.
PESO EXCHANGE RATES
By Samuel P. Medenilla @sam_medenilla
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PEOPLE walk past the mural of Gat Andres Bonifacio at Manila City Hall Underpass. The country will celebrate the 158th birth anniversary of Filipino revolutionary hero Gat Andres Bonifacio on Tuesday, November 30. ROY DOMINGO
OVER 3-M FARMERS LISTED FOR P75-B COCO LEVY FUND
By Jasper Emmanuel Y. Arcalas dating its registry following the them. This allows everyone to see programs as President Duterte HOUSES of informal settlers line an estero on Recto Avenue area in Manila, as towering condominium are seen in the background. Monday, Philippine Statistics Authority reported @jearcalas enactment of the Coconut Farm- buildings who are listed in the registryOnand if theis expected to sign the (PSA) industry there were 19.99 million Filipinos who were considereders poor,and translating to a poverty incidence rate of 18.1 percent. The government, however, confident development it can achieve its overall target of a2022. 9-percent Industry Trust Fund law. farmer doesn’t see his name thenis he plan in early poverty incidenceORE by 2028.than Umbrella above. NONIE REYES Rosales explained that about 3 story million shall coordinate with the PCA imRosales said the PCA will not
M FULL-BLOWN PROBE OF SUGAR MESS IN CONGRESS
coconut farmers and 500,000 coconut farmers and mediately,” he explained at a recent workers are now regisworkers were added to the PCA’s dialogue with coconut farmers. tered with the government’s reg2018 list that had about 2.5 million “On the other hand, if people istry, which serves as the basis coconut farmers and farm workers. would see names on the list and for the number of people to be The PCA’s next step is to conthey think they are not coconut By Jovee N. dela Cruz tigation determine account“This recent fiasco hasare put a covered byMarie the utilization of the duct an to exclusion-inclusion profarmers or their details incor@joveemarie ability themaking SRA officials in the spotlight not on it the P75-billion coconut levy fund. cedureofby the updated rect, they canonly report to SRA’s the PCA & Philippine Jasper Emmanuel Y. Arcalas invalid issuance of the resolution. blatant disregardaction,” for the Coconut Authority farmers’ registry public, providfor immediate helocal added. @jearcalas “I would like to file a motion sugar industry, but also on its (PCA) Deputy Administrator Roel ing everyone the opportunity to The PCA official noted that that thethe committees this bald-faced attempts usurplist M. Rosales said about 3.11 million check veracity ofact theon list, Rothe completion of thetoinitial AWM AK ERand S moved to motu authority. I ask my colcoconut farmers farm worksalesproprio added. so that we can conof coconutThus, farmers registry would transform the briefing on tinue investigation on this matter leagues in the Senate, particuers have been registered with the “The list will be posted in public be just in time for the expected the unauthorized issuance on Thursday, especially this larly the Blue government since it started upspaces where people can on easily see rollout of Ribbon coconutCommittee, levy-funded of the Sugar Regulatory Board’s Sugar Order [SO] No. 4 and related to open an investigation and get Resolution No. 4 to be turned testimonies and investigation to to the bottom of this shameful into a full-blown investigation. determine what really happened incident, and see whether cases n US 50.4600 n JAPAN 0.4374 n UK 67.2329 n HK n CHINA nneed SINGAPORE In a motion during a briefing and who has6.4722 culpability, if any,7.9013 on to be filed36.8968 againstn theAUSTRALIA perbetween the House of Representhis issue,” Libanan said. sons involved. Let us investigate tatives and the Sugar Regulatory Meanwhile, Senate President this, and let us find ways to build Administration (SRA), Minority Juan Miguel “Migz” F. Zubiri, in a better, more responsive, and Leader Marcelino Libanan asked a privilege speech on Monday, more inclusive SRA,” Zubiri said. the House Committee on Good urged the Senate Blue Ribbon In the resolution posted on the Government and Public AccountCommittee to investigate alleged SRA website, Agriculture Underability and the Committee on Agirregularities at the SRA and secretary Leocadio S. Sebastian riculture and Food to convert the asked its high ranking officials signed on behalf of the President. briefing into a full-blown investo resign. See “Probe,” A2
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stop updating its list of coconut farmers and enjoined them to register in order to reap the benefits of the decades-long idled coconut levy fund. “We will not stop at 3.1 million. We hope that more individuals will register in our coconut farmers registry,” he said. The updating of the coconut farmers registry is mandated by Republic Act (RA) 11524 or the Coconut Industry Trust Fund Act. See “3-M farmers,” A2
By Bernadette D. Nicolas NTER NATIONA L concerns @BNicolasBM over the possible spread of the more infectious Omicron CoPhilippines andthe France vid-19HE variant prompted govare eyeing to boost developernment to reimpose mandatory ment cooperation in agriculfacility-based quarantine for all ture and green energy, among other arriving passengers in the country. areas, the Department of Finance Acting Presidential spokesper(DOF) said.B. Nograles announced son Karlo Finance Benjamin E. on Sunday Secretary that the Inter-Agency Diokno met on Monday with French Task Force for the Management Ambassador to the Philippines Miof Emerging Infectious Diseases chèle Boccoz. (IATF) suspended the implemenAt the callNo.meettation of itscourtesy Resolution 150ing, Diokno expressed interest A (s.2021), effectively imposing in two countries having more stricter protocols for all inbound cooperation projects in agricultravelers. ture. To note, IATF Resolution 150Ferdinand A President had allowed fully “Bongbong” vaccinated Marcos Jr. is concurrently the secnon-visa travelers from Green List retary of enter the Department of withAgriareas to the country culture. out the need for facility-based “We haveas many in the quarantine longprojects as they secure pipeline with France in the areas negative Reverse Transcriptionof infrastructure, maritime Polymerase Chain Reactionsecu(RTrity, risk 72 management, PCR)disaster test within hours prior agriculture, green energy, educato their departure. tion, and climate change,” Diokno “Except for countries classified said in a the tweet following his meetas ‘Red,’ testing and quarantine ing with the Ambassador. protocols forFrench all inbound internaSee “France,” A2 of entry tional travelers in all ports shall comply with the testing and quarantine protocols for ‘Yellow’ list countries,” Nograles said, citing the provision of IATF Resolution No. 151-A. He noted Hong Kong, which has confirmed a case of the Omicron variant, will also fall under the Yellow list countries. The suspension of the rules for “Green List” countries will be in effect from November 28, 2021 to December 15, 2021. Continued on A2
36.2807 n EU 56.5758 n SAUDI ARABIA 13.4531
Source: BSP (November 26, 2021)
See “Remittances,” A2
PESO EXCHANGE RATES n US 55.5320
n JAPAN 0.4161 n UK 67.3992 n HK 7.0870 n CHINA 8.2355 n SINGAPORE 40.4840 n AUSTRALIA 39.4944 n EU 56.9869 n KOREA 0.0426 n SAUDI ARABIA 14.7936 Source: BSP (August 15, 2022)