More PHL-China engagements on WPS seen B S P. M @sam_medenilla
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EIJING—More engagements between the government and Beijing are now set to resolve the territorial disputes in the West Philippine Sea (WPS) following the meeting of President Ferdinand R. Marcos Jr. and the National Congress of the People’s Republic of China Chairman Li Zhanshu on Wednesday. In an interview with reporters, House Speaker Martin G. Romualdez said during the talk, it was discussed that the deployment of a Philippine Congressional delegation to China is now being discussed to help resolve the issue and further strengthen the country’s bilateral relations with Beijing. Romualdez was part of the Philippine delegates who accompanied Marcos during his
meeting with Li. “There could be further visits to thresh it out because it is a short visit,” Romualdez said. The first State Visit of Marcos in China only lasted from January 3 to 5. During the meeting, Romualdez said they are now considering resolving the WPS dispute with less third-party intervention. “We are open to that approach in the backdrop of a very very strong diplomatic relations that we already have established,” he added. As additional assurance to stabilize the country’s diplomatic relations with China, Romualdez said he was asked by Marcos to maintain an open personal communication with Li. “We have gotten each other’s contact already and we will start calling one another. Direct people-to-people, person-to-person relationship. I think it will go far in helping
these contentious issues that have seen to have plagued the overall good relations of the two countries,” Romualdez said. With the issue already being resolved, Marcos said he is now looking forward to more cooperation with China on trade and infrastructure. Marcos made the statement during his meeting with Chinese Premier Li Kequiang. “It is very important that these partnerships continue to be strong, continue to be encouraged. And I think that will be the way forward to the mutual benefit of our countries,” Marcos said. Marcos said they expect to secure aid from the Chinese government in the implementation of their “Build, Better, More” infrastructure projects including their Farm-to-Market Road (FMR) Network Master Plan.
“We have many, many, many areas that we continue to have cooperation in. And I think that they should be encouraged because they are in the precise areas that are necessary to develop so that we are strong financially as a country, we are strong in our society, and we are strong in our partnerships with our friends and allies around the world,” the President said. Aside from Romualdez, other members of the delegates, who accompanied Marcos in his meeting with Li are First Lady Louise AranetaMarcos, former President Gloria MacapagalArroyo, Senator Imee Marcos, Finance Secretary Benjamin Diokno, National Economic and Development Authority (NEDA) Secretary Arsenio Balisacan, Foreign Affairs Secretary Enrique Manalo, Trade Secretary Alfredo Pascual and Special Assistant to the President Secretary Anton Lagdameo.
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DA defends lower tariffs, as producers raise uproar
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ALARYBASED consumer loans continued to grow by double digits in November last year, according to data released by the Bangko Sentral ng Pilipinas (BSP). Data showed salary-based general purpose consumption loans jumped 67.2 percent to P124.045 billion as of November 2022 from P74.205 billion in November 2021. This accounted for 1.2 percent of the net of reverse repurchase (RRP) placements of universal and commercial banks (U/KBs) with the BSP which amounted to P10.639 trillion in November 2022. “Sustained growth in credit and domestic liquidity will continue to support economic activity and domestic demand. Looking ahead, the BSP will ensure that liquidity and lending dynamics remain consistent with its primary mandate of promoting price and financial stability,” BSP said. BSP data showed the outstanding loans of U/KBs, RRP placements with the BSP, grew by 13.7 percent year-on-year in November from 13.9 percent in October. On a month-on-month seasonally-adjusted basis, BSP said the outstanding universal and commercial bank loans, net of RRPs, rose by 0.3 percent. Of this amount, consumer loans to residents of P1.01 trillion rose by 24.1 percent in November from 22.6 percent in the previous month, mainly driven by the year-on-year increase in credit card loans which grew 26.5 percent to P539.246 billion; and motor vehicle loans which increased 8.7 percent to P325.892 billion. BSP data also showed outstanding loans to non-residents grew by 24.8 percent in November after expanding by 33 percent in the previous month. Meanwhile, outstanding loans to residents, net of RRPs, went up by 13.4 percent in November after increasing by 13.3 percent (revised) in the previous month. Outstanding loans for production activities grew by 12.4 percent in November from the same pace S “C,” A
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BLACK NAZARENE Buds Bona shows one of the stencil patterns he has been using for over 30 years in silkscreening shirts for the annual Feast of the Black Nazarene in Quiapo, Manila. Traslación, the traditional
procession of the Black Nazarene in the streets of Manila, has been suspended for the third year in a row due to the pandemic. Instead, Church officials are holding a “Walk of Faith” on January 8 at 1 am, where around 5 million devotees are expected to participate, the Manila Police District said on Wednesday. Using the route of the Traslación, the devotees will head to Quiapo Church from the Quirino Grandstand. NONIE REYES
HE Department of Agriculture (DA) stood pat on its stance to support the extension of lower tariffs on key commodities, arguing that the measure was “necessary” to stabilize prices in the market despite an uproar from agriculture stakeholders. The biggest agricultural coalition stressed there is no shortage of food supply, “only exploitation” by some quarters, and lamented Malacañang’s decision to heed solely the advice of economic managers. Agriculture Undersecretary Mercedita A. Sombilla said the issuance of Executive Order (EO) 10, which extended lower tariff rates on pork, rice, and corn until the end of the year, was “necessary” to address supply pressure that the country is facing. For example, Sombilla pointed out that the pace of recovery of local pork production could still not keep up with the country’s demand as hog farms reel from the consequences of African swine fever. Sombilla emphasized that it is not only food producers that are affected by skyrocketing prices but also consumers and processors. C A
PCCI: ’GOOD MIX OF SECTORS’ IN CHINA TALKS B A E. S J
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HILIPPINE Chamber of Commerce and Industry (PCCI) President George T. Barcelon said a “good mix of sectors” including the metal and agriculture sectors are set to participate in talks with Chinese firms to expand their market potential. “In Agriculture, we have companies here that are in the export of fruits and they want to see or expand their market potential here in China. We have a pretty good mix of sectors who are here,” Barcelon said in a televised interview on Wednesday. President Ferdinand “Bongbong” R. Marcos Jr. is in Beijing from January 3 to 5 for a state visit
which is expected, among others, to build on the growing trade and investment ties between Philippines and China. As to the proposed deals or investments secured, Barcelon said he heard mostly of the ongoing ones, noting that “There might be discussions on the refining of the nickel. The government has been towards that direction of not just exporting ores but refining it. I’ve heard from people in this sector that they are lining up some discussions.” The PCCI head also unveiled that the Department of Trade and Industry (DTI) has scheduled three roundtable discussions which will tackle agriculture, power, energy, and mining.
Other companies present at the state visit, Barcelon noted, are in the mining, energy, and waste management sectors. On the energy side, he said there’s a company that’s dealing with renewable energy, solar panel, solar energy, and wind energy. In a story published by BusinessMirror on Tuesday, Dario Divino, the designated focal person on industrial crops at the City Agriculturist Office in Davao City, said it has accredited three importers of durian from China, and “there is now a huge market for durian.” “It is really a big challenge because the market for durian is not only local. We also have China now. S “PCCI,” A
PESO EXCHANGE RATES ■ US 55.7460 ■ JAPAN 0.4256 ■ UK 66.7112 ■ HK 7.1349 ■ SINGAPORE 41.4561 ■ AUSTRALIA 37.5338 ■ SAUDI ARABIA 14.8288 ■ EU 58.8120 ■ KOREA 0.0436 ■ CHINA 8.0635 Source: BSP (January 4, 2023)