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N.G. BORROWINGS FOR JAN-NOV DIP TO P2.1T w
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Monday, January 9, 2023
P25.00 nationwide | 2 sections 20 pages |
Vol. 18 No. 86
Agri...
Continued from A1
OR THE NAZARENE Thousands of Catholic devotees participate in the weekend “Walk of Faith” procession in lieu of the traditional Traslación, an event drawing millions of people, which remains suspended for the third consecutive year due to the Covid-19 pandemic. More than 80,000 devotees joined this year’s procession, which started at the Quirino Grandstand in Ermita, Manila, where a duplicate of the image of the Black Nazarene was placed for the pagpupugay (to pay tribute), an alternative to the pahalik (to kiss). The walk ended at the Minor Basilica of the Black Nazarene in Quiapo, Manila. The January 9 procession reenacts the image’s “solemn transfer” in 1787 to the minor basilica from its original shrine in Intramuros, an event that draws millions of devotees trying to touch the image and lasting 22 hours at most. NONIE REYES/NONOY LACZA/ROY DOMINGO
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By Jasper Emmanuel Y. Arcalas
@jearcalas
HE national government’s total gross borrowings from January to November last year contracted by almost a fifth on an annual basis to P2.104 trillion, the latest Bureau of the Treasury (BTr) data showed.
The end-November 2022 total borrowings was P671.882 billion lower than the P2.775 trillion recorded in the same period of 2021. The 11-month gross borrowings last year was 95 percent of the P2.2-trillion total borrowing target set by the national government for 2022. The decline in gross borrowings was due to contractions in both domestic and foreign borrowings by
the national government last year. Treasury data showed the bulk of the amount borrowed by the national government as of end-November last year consisted of gross domestic borrowings that reached P1.61 trillion. The amount was 28.314 percent lower than the P2.246 trillion recorded during the 11-month period of 2021. See “N.G. borrowings,” A2
PESO EXCHANGE RATES n US 55.8980
DISRUPTIONS KEEPING FERTILIZER EXPENSIVE By Cai U. Ordinario @caiordinario
F
ERTILIZER prices have already eased from the peak levels recorded in 2022 but prices remain high due to disruptions and restrictions that make it more expensive, according to World Bank economists. In a blog, World Bank Development Economics Prospects Group Senior Agriculture Economist John Baffes and Centre for Strategic and Policy Studies Brunei Darussalam Researcher Wee Chian Koh said the production crunch in Europe; trade disruptions caused by the Ukraine-Russia war; and export restrictions in China continue to affect fertilizer prices. These developments are a cause for concern for countries
like the Philippines which are heavily reliant on imported farm inputs like fertilizer. “Fertilizer prices have eased from their early 2022 peaks but they remain at historically elevated levels. The price easing partly reflects weak demand as farmers cut back fertilizer field applications due to affordability and availability issues,” the economists said. “The industry is also affected by supply-side issues, including a production crunch in Europe, disruptions due to sanctions on Russia and Belarus, and trade restrictions in China,” they added. Baffes and Koh said the rise in natural gas prices in Europe has caused a 70- percent reduction in the production of ammonia, a key ingredient in the production of nitrogen fertilizers. Continued on A4
Experts cite tool kit to bust inflation, stimulate economy
L
OCAL economists are proposing a number of measures, including going after smugglers and hoarders as well as raising real wages, to rein in inflation and stimulate the economy this year. In an email to BusinessMirror, former Dean of the University of the Philippines School of Labor and Industrial Relations (Solair) Rene Ofreneo said the recent spike in inflation can be contained if the government more proactively runs after smugglers and hoarders. Ofreneo said disruptions caused by the Russia-Ukraine war are expected to continue, as well as the US-China trade tensions, albeit at a lesser degree. These are among the factors that will make trade an important area for the government to focus on this year.
“Nobody can confidently say inflation has peaked. It is well if we were not so import-dependent on many things, especially basic goods. To stop inflation, the government should take seriously the campaign against smugglers, hoarders, etc.,” Ofreneo said, partly in Filipino. Inflation is not the only concern, however. Former Socioeconomic Planning Secretary Dante B. Canlas said real wages have been declining and workers are due for an increase to cope with high prices. Canlas said the government can start with adjustments in the wages of teachers, doctors and allied medical workers in public schools and hospitals. These workers can help the government address education and health gaps. See “Experts,” A2
n JAPAN 0.4190 n UK 66.5745 n HK 7.1537 n CHINA 8.1224 n SINGAPORE 41.5537 n AUSTRALIA 37.7256 n EU 58.8271 n KOREA 0.0439 n SAUDI ARABIA 14.8744
Source: BSP (January 6, 2023)