Local, foreign biz groups push for RCEP okay By Andrea E. San Juan
W SCOTT MCGILL| DREAMSTIME.COM
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EXPLAINER »A8
WHY BALLOONS ARE NOW IN PUBLIC EYE–AND MILITARY CROSSHAIRS
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AYING the country cannot afford to be left behind much further, local and foreign business chambers have expressed support anew for Senate ratification of the Regional Comprehensive Economic Partnership (RCEP), which top Senate leaders endorsed in plenary last week. Sergio Ortiz-Luis, president of the Employers Confederation of the Philippines or ECOP, said that “among our ASEAN neighbors, we are at the tail end.” He said ratification by the Senate, which was reported to have set the voting on Tuesday, “will bring us
competitive with others, at least to a certain degree. We can’t afford not to have trade agreements and, at the same time, to not be part of it,” he said. “Everyone has joined already,” he added. The Philippines is the only one among the 10 member-states of the Association of Southeast Asian Nations or ASEAN and its five free trade agreement (FTA) partners, namely Australia, China, Japan, New Zealand and South Korea, which has not ratified the agreement. Relatedly, the Philippine Chamber of Commerce and Industry (PCCI) called on the Senate anew to ratify the RCEP Agreement, which it said will play a “key role” in sus-
taining the Philippines’s “growth trajectory.” In a letter to Senate President Juan Miguel Zubiri, PCCI President George T. Barcelon said, “RCEP will play a key role in sustaining the Philippines growth trajectory, provide unparalleled opportunities for Philippine businesses and prime the country for further economic growth and development.” The PCCI head also cited the consequences of not participating in the regional trade deal, including putting the country’s exports at a disadvantage considering RCEP’s “growing area.” “We cannot afford to miss out on the RCEP. Non-joining will disad-
vantage our exports in the world’s fastest growing area. Furthermore, it is detrimental to our goal to bring in foreign investments as investors would rather look at an RCEP signatory country to obtain preferential treatments among the RCEP countries,” Barcelon stressed. However, he added, the country must also be able to provide safeguards so that concerns, especially of the agriculture sector, are properly addressed. Besides the economic advantages, Barcelon highlighted that the Philippine business can “fully” enjoy the opportunities offered by the trade agreement. See “Local,” A2
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FOOD CRUNCH TO FUEL INFLATION, BSP WARNS w
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Monday, February 20, 2023 Vol. 18 No. 128
P25.00 nationwide | 2 sections 20 pages |
By Jasper Emmanuel Y. Arcalas
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DTI: Access to BNPCs assured amid global spikes
@jearcalas
HE Bangko Sentral ng Pilipinas (BSP) warned that various food supply problems, including potatoes and fish, could exacerbate the country’s accelerating inflation.
In its February economic outlook, the BSP listed the various key commodities seeing elevated prices because of supply constraints that will “further add to the upside risks to inflation.” These are: livestock, poultry, fish, onions and even potatoes. This, as Finance Secretary Benjamin E. Diokno said other Executive departments and even local government units must be more “aggressive” and focused so the government can temper the country’s accelerating inflation. Diokno pointed out that monetary authorities such as the BSP have already done their part in tempering the country’s inflation, adding that resolving higher costs of goods and services is an “all-of- government campaign.” “In the fight against inflation, monetary policy is not the only game in town. The main sources of inflation remain on the supply side, which should be the responsibility of fiscal authorities,” he said in a statement at the weekend. “W hile evidence of secondround effects is increasing, the previous direct actions by government agencies have yet to work through its way,” he added.
High prices till end-year
THE high prices of the commodities it listed may persist until the end of the year if the national government will not address the constraints, the BSP said. See “Food,” A2
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‘TURNING JAPANESE’ Mall-goers try on traditional Japanese garments at the Japan Fiesta 2023 showcase at the Glorietta mall in Makati City on Sunday, February 19, 2023. With exhibits set up by the local tourism board, private companies, airlines, travel agencies and the Japan Fiesta Council, the event, according to organizers, is ideal for those who want to learn more about Japanese culture and get exclusive information on exploring Japan. Organized not just for Filipinos but also for expats in the Philippines, the event showcases the vibrant culture of Japan with the help of both Japanese and local exhibitors, and special guests to talk about the “Land of the Rising Sun.” BERNARD TESTA
15 HOTELS, SPAS IN METRO MANILA WIN FORBES’ STAR AWARDS By Ma. Stella F. Arnaldo
@akosistellaBM Special to the BusinessMirror
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IFTEEN hotel and spa properties in Metro Manila landed on the prestigious Forbes Travel Guide (FTG) Star Award Winners list for 2023. Seven of those properties received the highest rating at Five Stars: the Marco Polo Ortigas Manila, Nüwa Manila and Nüwa Spa at the City of Dreams Manila, Okada Manila and its Retreat Spa, the Peninsula Manila, and the Sky Tower at Solaire Resort
and Casino. It was the first time for The Retreat Spa at the Okada Manila to win a Star Award. Those that received a Four-Star rating were: Fairmont Makati, Hyatt Regency Manila and Nobu Hotel at the City of Dreams, Raffles Makati, Shangri-La at The Fort, and Sofitel Philippine Plaza. Two properties, Conrad Manila and the now shuttered Makati Shangri-La, received a “Recommended” rating. The 65th annual list features 360 Five-Star, 585 Four-Star and 433 Recommended hotels; 79 Five-Star, 113 Four-Star and 67
Recommended restaurants; and 119 Five-Star and 195 Four-Star spas worldwide. FTG reviewers inspect properties around the world anonymously. “Travel is in an incredible position for continued growth, as people prioritize authentic, in-person experiences,” said Amanda Frasier, FTG’s President of Ratings in a news statement. “The hotels, ocean cruises, restaurants and spas on our 2023 Star Rating list demonstrate an impressive commitment to creating memorable environments that nurture connection, joy and
sense of place as we experience the world to its fullest.”
Occupancy, ADR
MEANWHILE, domestic tourism is pushing local hotel occupancy levels higher than pre-pandemic levels. “For the month of January, hotels [were] hitting already 80-percent occupancy; pre-pandemic it was 60 percent to 70 percent. So it’s far better now,” said said Loleth So, president of the Hotel Sales and Marketing Association (HSMA). “Domestic tourism [is] very strong right now. See “15 Hotels,” A2
HE Department of Trade and Industry (DTI) assured consumers at the weekend they will have access to affordable basic necessities and prime commodities (BNPCs) amid the global inflation. “We, in DTI, would like to ensure that consumers will have access to affordable basic necessities and prime commodities (BNPCs) amidst the global inflation,” Trade Secretary Alfredo E. Pascual said in a statement on Saturday. The Trade chief said they are mobi l i zi ng t hei r mon itor i ng teams from the Consumer Protection Group (CPG) to “regularly” conduct price monitoring on these BNPCs. Pascual underscored the agency’s monitoring mandate, which he said is designed to prevent profiteering and hoarding. The Trade chief said the remarks after the Trade department ’s con su mer protec t ion arm, led by DTI Assistant Secretary Ann Claire C. Cabochan and Fair Trade Enforcement Bureau (FTEB) Officer-in-Charge Assistant Director Joseph Manuel P. Pamittan, conducted the price monitor ing and enforcement operations as they inspected retail firms within Manila following the release of the Suggested Retail Price (SRP) bulletin on February 8. “Through the tight price watch, the monitoring teams affirmed the compliance of the two supermarkets inspected in Manila with the latest SRP bulletin as well as the requirement of appropriate price tags on products,” DTI said in a statement. Continued on A4
PESO EXCHANGE RATES n US 55.2170 n JAPAN 0.4123 n UK 66.2604 n HK 7.0351 n CHINA 8.0550 n SINGAPORE 41.3301 n AUSTRALIA 37.9672 n EU 58.9276 n KOREA 0.0428 n SAUDI ARABIA 14.7222 Source: BSP (February 17, 2023)