‘Import curbs from NTBs also feed inflation’
D THE WORLD ›› A11
COVID DEATH TOLL IN CHINA’S CAPITAL SHOWS FURTHER RISE
IFFICULTIES in importing food as a result of nontariff barriers (NTBs) have contributed to rising inflation in the country, according to the National Economic and Development Authority (Neda). Socioeconomic Planning Secretary Arsenio M. Balisacan recently told reporters that if “inflexibilities” in importation persist, there would be more pressure on the Bangko Sentral ng Pilipinas (BSP) to raise interest rates.
Balisacan said these supply side issues should be addressed to contribute to efforts to cool inflation. Some of these examples are sanitary and phytosanitary measures that are turned into NTBs. “If you address those supply side issues, there will be less pressure for BSP to use interest rate as a cure for inflation. In fact, a big part of that inflation is coming from the supply side,” Balisacan explained. Balisacan cited other supply issues that affect inflation: typhoons
and diseases such as African Swine Fever and Bird Flu. These will affect the level of supply of these products, he said. In order to cushion the impact on supply, Balisacan said the country needs to import products that would be affected. However, due to what he termed as “inflexibilities” in terms of importation which includes the lobby of associations from the private sector, it becomes difficult to import and this increases commodity prices.
There are also times when SPS measures prevent importers from being able to bring in products that could reduce prices of goods that are in short supply. “Kung nagkaron tayo ng mga ganung [if we encounter those] shortfalls, it’s so difficult to bring in the imports. The importer needs to secure [many] permits to bring in the [products],” Balisacan also said. See “NTBs,” A2
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Wednesday, December 21, 2022 Vol. 18 No. 70
DEBT PAYMENTS SWELL 11-MO BOP GAP TO $7.9B T n
P25.00 nationwide | 2 sections 22 pages | 7 DAYS A WEEK
By Cai U. Ordinario @caiordinario
HE country posted its highest Balance of Payments (BOP) deficit on record in the January to November period in 2022, according to data released by the Bangko Sentral ng Pilipinas (BSP), which traced the November 2022 outflows to debt payments and net foreign exchange operations. The BOP deficit in November brought the cur rent year-todate BOP level to a $7.9-billion deficit, a reversal from the $353-million sur plus recorded in the same period a year ago. Prior to the January to November 2022 BOP deficit, the highest on record was in the January to October 2018 period when the deficit reached $5.594 billion.
“Based on preliminary data, this cumulative BOP deficit was due to the widening trade in goods deficit as goods imports continued to surpass goods exports on the back of the increase in international commodity prices and resumption in domestic economic activities,” BSP said in a statement on Tuesday. See “Debt,” A2
Mla in talks on G2G deal to get cheaper fertilizers By Jasper Emmanuel Y. Arcalas @jearcalas
M
ANILA is eyeing to seal a government-to-government (G2G) fertilizer deal next month and take advantage of the falling prices of the commodity to supply local farmers with cheaper planting inputs. Agriculture Assistant Secretary Arnel V. De Mesa said the current leadership of the Department of Agriculture (DA) wants to conclude its G2G negotiations on fertilizer supply next month. De Mesa pointed out that se-
curing a G2G deal that provides cheaper fertilizer to Filipino farmers is one of the marching orders of President Marcos Jr. to agriculture officials. Marcos is concurrently the countr y’s agriculture chief. “There are on-going discussions together with possible sources in time for our budget next year. We are looking at all countries because the instruction of the President is to secure the cheapest supply,” he told reporters in a recent interview.
FILIPINO FAMILY’S SOUL Children from Camangaan West in Tarlac province admire the Barangay Hall with its Belen entry made from indigenous materials. Barangay Camangaan West is one of the winners in this year’s Belenismo 2022 municipal/barangay category. Belenismo in Tarlac is not just a contest, according to Dra. Isa Suntay Cojuangco, who co-chairs Tarlac Heritage Foundation; it is considered a cultural preservation of what Filipinos family represent. BERNARD TESTA
SATELLITE MAPPING FOR PHL RESOURCES EYED
P
RESIDENT Ferdinand R. Marcos Jr. is eyeing to use satellite mapping data to create a comprehensive inventory of the country’s natural resources and to attract more investors. At Monday’s inaugural meeting of the Philippine Space Council (PSC) which he chairs, Marcos highlighted the practical applications of satellite data for government initiatives particularly for food production. He noted the ongoing government efforts to “quantify” the country’s bio assets in fisheries and agriculture.
The data, the President said, can also draw in firms that are interested in offsetting their carbon emissions by developing “bio-diverse” areas. “The first step of that will be to map [the bio-diverse areas],” Marcos said. The PSC will be signing a Memorandum of Understanding (MOU) for the satellite mapping measure. Marcos urged the PSC to enter into more of such agreements with the different agencies in other countries, which See “Satellite,” A2
See “G2G,” A2
PESO EXCHANGE RATES n US 55.4390 n JAPAN 0.4050 n UK 67.3750 n HK 7.1246 n CHINA 7.9405 n SINGAPORE 40.8661 n AUSTRALIA 37.1386 n EU 58.8152 n KOREA 0.0426 n SAUDI ARABIA 14.7444 Source:
BSP (20 December 2022)