‘Services trade, PHL’s shield in tariffs war’ T
Bangko Sentral ng Pilipinas Governor Eli M. Remolona, Jr. addresses the Rotary Club of Manila at its 18th Weekly Membership Meeting at the Manila Polo Club in Makati City on Thursday, January 9, 2025. NONOY LACZA
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HE country’s export earnings may not completely suffer from the higher tariffs that could be imposed by the Trump administration, according to the Bangko Sentral ng Pilipinas (BSP). In a speech delivered at the Rotary Club of Manila on Thursday, BSP Governor Eli M. Remolona Jr. said while there may be “some concern” regarding the country’s goods exports, service exports may be less affected by Trump tariffs. The higher tariffs promised by Trump on the campaign trail represent one of the challenges that the Philippine economy faces this year. Remolona said the country’s export earnings will be fueled by earnings from services trade.
“With regard to tariffs, I would say we’re in better shape than many other countries because in our trade, a big chunk of our trade is services trade, BPO and remittances. And that’s not so easy to impose tariffs on. And so hopefully, our services trade will remain intact,” Remolona said. Remolona said much of the uncertainty this year hinges on the incoming Trump administration, which is expected to not only raise tariffs but also deport millions of migrants from the United States. He said these policies will have a significant impact on the labor market of the United States and also affect the Philippine economy, given the number of Filipinos residing in the US.
“The challenges, I would say, have to do with the uncertainty about what Mr. Trump may do. So he has threatened tariffs. He has threatened to deport millions of people from the United States. There is likely to be some retaliation to the tariffs. There is likely to be a significant impact on the labor force in the United States, and it will also affect our own economy,” Remolona said.
PSA: 11-month export earnings cut Meanwhile, on Thursday, the Philippine Statistics Authority (PSA) reported that the country's total merchandise export earnings contracted in January to November 2024. The PSA reported that the year-
to-date annual total value of exports, that is from January to November 2024, amounted to $67.55 billion, a 0.4-percent decline from the yearto-date annual total export value of $67.83 billion in January to November 2023. In November 2024, total export sales in November 2024 amounted to $5.69 billion, a contraction of 8.7 percent from the $6.23-billion total export sales in the same month of the previous year. The PSA noted that in October 2024 and November 2023, the total export sales registered annual declines of 5 percent and 13 percent, respectively. See “Services,” A2
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Friday, January 10, 2025 Vol. 20 No. 90
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UNCERTAINTY’ FOR PHL By Cai U. Ordinario @caiordinario
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HE Philippines should brace for “very unusual kind of uncertainty” even as the economy is now on firmer footing, according to the Governor of the Bangko Sentral ng Pilipinas (BSP). In a Rotary Club of Manila forum on Thursday, BSP Governor and Chairman of the Monetary Board Eli M. Remolona Jr. said the challenges revolve around the uncertainty caused by the policies of the incoming administration of President-elect Donald Trump in the United States. This includes restrictive trade policies that could impact inflation and economic growth worldwide as well as migration policies that could also affect Filipino households here and abroad. Remolona also said financial inclusion remains a challenge despite digitalization. “I would say that we’ve done the hard work. And as a result of that, we are what I would call [on] firmer footing in the economy. But I think it’s still too soon to declare victory. We still have work to do,” Remolona said. “We’re facing new kinds of challenges, very unusual kind of uncertainty. And so we have to be a little more cautious than before,” he added. Remolona said in the third quarter, the economy “stalled” given the growth of only 5.2 percent. However, he said, this did not prevent the economy from posting a growth of 5.8 percent in the first three quarters of the year. See “Very,” A2
Despite design changes to make it difficult for overzealous devotees to swarm the “Andas,” or the carriage that bears the Black Nazarene’s image during its nearly 6-km procession in Manila, the sea of humanity (center photo) proceeds with the January 9 Traslacion for the Feast of Jesus Nazareno with the same fervor as before—this, in a time when fears of a new virus have sparked alarm over large crowds. Photos by BusinessMirror (clockwise, starting from bottom left) reflect the unstoppable tide of faith, hope, trust trying to turn back the sense of despair in a time of great challenge everywhere. For this one day, Quiapo in Manila holds like a cup the heart and soul of the faithful everywhere. Story below, right. PHOTOS BY ROY DOMINGO, NONIE REYES, BERNARD TESTA, JOEL PAREDES
Nazareno devotion should be DOTR: CONSULTATIONS ON Advincula: rooted in trust, obedience to Christ LRT FARE HIKE OVER BY Q2
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H E D e p a r t m e nt o f Transportation (DOTr) is targeting to complete its consultations on the proposed fare hike for the Light Rail Transit Line 1 (LRT-1) by the second quarter of the year. In a television interview with state-run PTV, DOTr Secretary Jaime J. Bautista said DOTr-R ail Regulator y Unit (RRU) started its hearing on the petition from the Light Rail Manila Corp. (LRMC) to increase its fees by around P2. He said the petition was al-
ready approved by the Light Rail Transit Authority (LRTA). “It needs to go through the Rail Regulatory Unit and then they will create a recommendation for DOTr to approve or disapprove. If there will be an increase, it will start in the second quarter or around April at the earliest,” Bautista said. LRMC is seeking to raise its boarding fare to P18.15 and distance fare to P1.65 for every kilometer. See “DOTr,” A2
By Justine Xyrah Garcia
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S millions of Catholic Filipinos celebrated the Feast of Jesus Nazareno on Thursday, Manila Archbishop Jose Cardinal Advincula delivered a powerful reminder about the singular source of hope that never fails: the Jesus Nazareno. “Iisa lamang ang tunay na maaasahan; iisa lamang ang nagdudulot ng pag-asang hindi bumibigo: ang Mahal na Poong Hesus Nazareno [Only one deserves our full trust, only one provides hope that never fails: our beloved Hesus Nazareno],” Advincula said, urging the faithful to entrust their lives fully to Christ.
The cardinal emphasized that true devotion requires living in obedience to Christ’s teachings and warned against misplaced priorities. “Kung naghahandog tayo sa Señor, pero sumusunod naman tayo sa pera, ibig sabihin, pera talaga ang inaasahan natin. [If we make offerings to Senor, but we follow the dictates of money, that means, money is our master],” he said. He also cautioned that relying on worldly pursuits such as politics and vices leads only to disappointment. Instead, he called on devotees to align their lives with Christ, the one true source of enduring hope. “Kaya’t siya ang sundin natin. Ang
mga utos niya ang isabuhay natin. Ang mga aral niya ang isapuso natin. Ang halimbawa niya ang tularan natin. [So, let us follow Him. Let us live out His teachings. Let us commit to heart his examples],” he urged. This year’s feast, centered on the theme “Mas mabuti ang pagsunod kaysa paghahandog sa mga umaasa kay Hesus” [Obedience is better than sacrifice for those who hope in Jesus], served as a call for devotees to reflect deeply on the authenticity of their faith. Advincula closed with an invitation for people to renew their commitment to Christ. See “Advincula,” A2
PESO exchange rates n US 58.3700 n japan 0.3686 n UK 72.1628 n HK 7.5044 n CHINA 7.9613 n singapore 42.6775 n australia 36.2770 n EU 60.2378 n KOREA 0.0400 n SAUDI arabia 15.5496 Source: BSP ( January 9, 2025 )