‘Close borders, cut Omicron exposure risk’ By Cai U. Ordinario @caiordinario
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LOSING the country’s borders is one of the most immediate courses of action the government must take to prevent the latest Covid-19 variant, Omicron, from reaching Philippine shores, according to local economists. T he new var iant is a threat, e s p e c i a l l y w it h t he hol id ay s coming up and more foreigners being a llowed to travel to the Philippines, De La Sa lle Universit y economist Mar ia Ella Oplas told BusinessMirror. The holidays usually bring in Overseas Filipino Workers (OFWs) who are eager to spend Christmas
with their loved ones, while foreigners living in temperate regions usually want to relax in tropical countries like the Philippines. This year’s influx of OFWs is expected to be heavier since many of them were unable to come home for the holidays in December 2020. “My recommendation is to protect the borders. Do not allow people with a history of travel to countries with positive cases to enter,” Oplas said. “We should be more restrictive. [We have to be] more protective in terms of our measures.” Oplas said that while this will be a setback to some industries, this is a fair measure considering that this could help prevent placing the country in another strict lockdown,
which, she said, the economy can no longer afford. “It is better that we do protective preventive measures than get exposed again. We have a lot to lose,” Oplas said. “We should do it now so that we can open just before Christmas. If it gets contained, we can open it again.” Ateneo Center for Economic Research and Development (ACERD) Associate Director Ser Percival K. Peña-Reyes said closing the country’s borders would be effective but should still adhere to the standards set by the World Health Organization (WHO). What is needed, Peña-Reyes told this newspaper, is for travel restrictions to be put in place swiftly and
for government to be proactive in imposing them. Previous instances when the country had the opportunity to impose travel restrictions did not prevent the spread of Covid-19. That was mainly because the decision was not made immediately, he said. “Kung papatay patay [If we’re slow] and we get caught flat-footed, [that’s risky] We were too reactive instead of proactive before. We should learn from that,” PeñaReyes said. “It’s a delicate balancing act. We need to push testing and tracing to be properly informed of our decisions. Blanket/shotgun approaches could have dire consequences on the economy.” See “Omicron,” A2
NATL BORROWINGS DOE,GOVT ERC REVIEW CSP FOR MOSRATE DIP TO P2.75T RULE10 AMID HIKE BID w w
By Lenie Lectura By Bernadette D. Nicolas
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@BNicolasBM
is carefully reviewing the DOE’s mandate, and so as the ERC’s. Latest from the Bureau of the “We aredata looking at what is really Treasury showed the governfully covered by thethat mandate of the ment’s grossagency, borrowings the regulatory ERC, during and what 10-month period fell by 5.99 percent is really the policy which is covered from trillion a yearSo, ago. by theP2.92 DOE’s mandate. we will With only two months leftthis for be issuing clarifications on this year, the latest figure is already particular point in order to guide equivalent to private 89.6 percent its the public and sector,”ofsaid P3.07-trillion borrowing program. Lotilla. Broken down, gross domestic The review, he added, mightborinrowings from January to October settled at P2.23 trillion, down by 5.08 percent from P2.35 trillion in 2020. The bulk of the amount was sourced from Fixed Rate Treasury Bonds (P1.19 trillion), followed by short-term borrowings from BangOCIAL protection meako Sentralsures ng Pilipinas or (P540 must be BSP expanded billion), Retail Treasury Bonds/Preacross Asian countries to myoinclude Bonds (P463.3 billion), Retail the impact of climate Onshore Dollar Bonds to (P80.84 bilchange, according an expert lion). In the same period, there was from the Asian Development alsoBank a net(ADB). redemption of Treasury Bills amounting to P43.94 billion. In an Asian Development Net means Blog,debt ADBredemption Southeast Asia Dethere were more debts repaid partment Social Sector comSpepared to theAmir amount borrowed durcialist Jilani said this is ing the period. crucial for the region since six Meanwhile, gross foreign borof the 10 countries in the world rowings in the same period that are most affected byalso clicontracted by 9.7 are percent to P518.7 mate change in Asia. billion from last year’s P574.4 billion. On average, over 40,000 This wasinraised through people the region areglobal killed bonds (P146.17 billion),floods, program annually by storms, and loans (P139.98 other naturalbillion), disasters.euro-deWomen nominated bonds (P121.97 billion), and girls are also 14 times more a project loan (P86.41 billion), and yen-denominated samurai bonds (P24.19 billion).
P25.00 P25.00 nationwide nationwide || 22 sections sections 18 20 pages pages ||
CLARKSON WOWS TAGUIG Utah Jazz star player and Gilas Pilipinas frontliner Jordan
@llectura
HE Department of Energy (DOE) and HEEnergy national the Regulatory Commission (ERC) government’s are reviewing the competitive selection process gross (CSP) policy in order to address current and future concerns borrowings as of on unforeseen challenges that affect electricity prices. end-October shrank
by almost 6 percent As the policy-making year-on-year to body of the energy sector, Energy SecreP2.75 trillion. tary Raphael Lotilla said his office
Monday, November 29, 2022 2021 Vol. Vol.1717No. No.52 Monday, August 29, 325
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Omicron risk spurs revival of quarantine rules in PHL
Clarkson visited the famous Taguig Tenement basketball court in West Bicutan at the weekend. Together with Taguig City Mayor Lani Cayetano, he donated 50 pairs of Nike shoes, 50 basketballs and 50 Jordan Clarkson Jersey shirts to basketball fans. Asked how he felt being in the Tenement which had been graced by many other NBA stars, Clarkson said he was proud to be back not just as a visitor but as someone who is also Filipino. “This is kind of where it started at. We came here the first time I visited here, now I’m just continuing my visits. Every NBA player comes here. They’re not from here—I am,” said Clarkson, whose grandmother hails from Pampanga. BERNARD TESTA
By Samuel P. Medenilla @sam_medenilla
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clude additional guidelines the ERC can issue regarding the conduct of CSP. “I am confident that the ERC will come out with the proposed solutions in due time,” said the energy chief. The issue at hand is the temporary rate relief petitions jointly filed by the Manila Electric Company (Meralco) and SMC Global Power Holdings, Corp.’s (SMCGP) units-South Premiere Power Corp. (SPPC) and San Miguel Energy Corp. (SMEC). See “DOE,” A2
ADB: COVER CLIMATE CHANGE IMPACT IN SOCIAL PROTECTION
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See “Borrowings,” A2
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
likely to die in climate-related disasters than men. “Social protection measures are a necessary tool to build resilience and protect the most vulnerable following climate, By Jasper Y. Arcalas health, and Emmanuel socio-economic @jearcalas shocks,” Jilani said. “They can also play an imORE than 3role, million portant climate mitigation coconut farmers including through skills train- and workers ing and public works are thatnow pro-registered with the government’s mote sustainable use of natural registry, which serves as the basis resources,” he added. for the number of people to be Turning to “climate-smart” covered by the utilization social protection systems willof the P75-billion coconutoflevy fund. improve the resilience counPhilippine Coconut Authority tries. These social protection (PCA) Deputy Administrator measures include hock and Roel M. Rosales said about 3.11 million weather-indexed insurance coconut farmers and farm workSee “ADB,” A2 ers have been registered with the government since it started up-
OVER 3-M FARMERS LISTED FOR P75-B COCO LEVY FUND
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NTER NATIONA L concerns over the possible spread of the more infectious Omicron Covid-19 variant prompted the government to reimpose mandatory 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 implementation of its Resolution No. 150A (s.2021), effectively imposing stricter protocols for all inbound travelers. To note, IATF Resolution 150A had allowed fully vaccinated non-visa travelers from Green List areas to enter the country without the need for facility-based quarantine as long as they secure negative Reverse TranscriptionPolymerase Chain Reaction (RTPCR) test within 72 hours prior to their departure. “Except for countries classified as ‘Red,’ the testing and quarantine protocols for all inbound international travelers inof allthe ports of entry (PCSO) was part efforts to shall comply with the testing generate additional revenuesand to quarantine protocols fordebts ‘Yellow’ repay the government’s inlist countries,” Nograles said, curred during the pandemic.citing the“Pagcor’s provisionnew of IATF Resolution leadership will No. 151-A. have to make their own plans movnoted Hong which has ingHe forward. TheyKong, should resolve confirmed a case of the Omicron the seemingly conflicting roles as variant, willand alsoregulator,” fall under Diokno the Yelan operator low list countries. told reporters. The suspension of as the2016, rules the for However, as early “Green List” countries will be in Philippine Senate has raised the issue effect from November 28, 2021 to See “Pagcor,” A2 December 15, 2021.
‘Pagcor privatization to offset potential revenue loss’ dating its registry following the enactment of the Coconut Farmers and Industry Trust Fund law. Rosales that about By Caiexplained U. Ordinario 500,000 coconut farmers and @caiordinario workers were added to the PCA’s 2018HE listDepartment that had aboutof 2.5 million Finance coconut farmers and farm workers. (DOF) remains confident The PCA’s next step from is to conthat the proceeds the duct an exclusion-inclusion proprivatization of the Philippine cedure by making the updated Amusement and Gaming Corpofarmers’ registry public, providration (Pagcor) assets would offing everyone the opportunity to set potential revenue losses from check the veracity of the list, Rothe sale. sales added. Finance Secretary Benjamin E. “The list will be posted in public spaces where people can easily see
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them. This allows everyone to see who are listed in the registry and if farmer doesn’t see his name then he shall coordinate with the PCA imDiokno told reporters that efforts mediately,” he explained at a recent to address the conflicting roles of dialogue with be coconut farmers. Pagcor should prioritized by the “On the other hand, if people new leadership. would names the list and Lastsee week, theonPresident apthey think they are not coconut pointed businessman Alejandro farmersJr.orastheir details are incorTengco the new Pagcor Chairrect, they report it to the PCA person andcan CEO, replacing Andrea for immediate action,” he added. Domingo who led the agency in the PCA official noted that pastThe six years. the“In completion of the initialterm, list the short and medium of coconut farmers registry would there will be no revenue loss because be just in time for the expected rollout of coconut levy-funded
programs as President Duterte is expected to sign the industry development plan in early 2022. said the PCA willDiokno not ofRosales privatization proceeds,” stop updating its list of coconut said. “The new leadership should farmers and enjoined them to consider the worthiness ofregtheir ister in order to reap the benefits move appropriate to their role.” of the decades-long idled coconut The previous administration, levy fund. “We will not stop at 3.1 through former Finance Secretary million. We hope that more indiCarlos G. Dominguez III, supportviduals register in our coconut to ed the will Senate recommendation farmers registry,” he said. privatize the gaming industry. The updating of coconutopThe privatizationthe of gaming farmers registry is mandated by erations of Pagcor and the PhilipRepublic Act (RA) 11524 or the pine Charity Sweepstakes Office Coconut Industry Trust Fund Act. See “3-M farmers,” A2
Continued on A2
PESO EXCHANGE RATES n US 56.0080 n JAPAN 0.4104 n UK 66.3079 n HK 7.1379 n CHINA 8.1799 n SINGAPORE 40.3254 n AUSTRALIA 39.0880 n EU 55.8792 n KOREA 0.0419 n SAUDI ARABIA 14.9116 Source: BSP (August 26, 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)