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’22 BOP DEFICIT AT $7.26B, WIDEST GAP IN 52 YEARS T www.businessmirror.com.ph
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Friday, January 20, 2023 Vol. 18 No. 97
P25.00 nationwide | 2 sections 24 pages | 7 days a week
By Cai U. Ordinario
Ukraine war, climate, China reopening to keep prices up
@caiordinario
HE Philippines ended 2022 with its widest overall balance of payments (BOP) deficit in over five decades, according to data released by the Bangko Sentral ng Pilipinas (BSP). On Thursday, the BSP said the country’s BOP deficit reached $7.263 billion, the widest since 1970. Prior to 2022, the highest BOP deficit in the past 52 years was recorded at $3.363 billion in 1997. Last year’s BOP deficit was also a reversal from the $1.345-billion surplus recorded in 2021. The last time the country had a full-year BOP deficit was in 2018, when it reached $2.306 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 explained. In December, the country’s overall BOP position posted a surplus of $612 million in December 2022—lower than the $991-million surplus recorded in the same month in 2021. See “BOP,” A2
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President Ferdinand Marcos Jr. attends a session at the World Economic Forum (WEF) in Davos, Switzerland, on Wednesday, January 18, 2023. Earlier, Marcos Jr. said his administration has stepped up efforts to establish a cybersecurity system, as he touted digitalization initiatives and improvements in bureaucratic efficiency. In its latest Global Cybersecurity Outlook 2023, the WEF warned that geopolitical instability could pave the way for a “catastrophic cyberattack” in two years. Story on A16, “Govt, banks need to invest more to fight cyber attacks.” AP/MARKUS SCHREIBER
HE war in Ukraine, China’s reopening and climate change will continue making commodities expensive this year, according to London-based think tank the Economist Intelligence Unit (EIU) Limited. The EIU said that while its weighted price indexes are expected to trade downward this year, prices such as those of food, feedstuffs, and beverages will remain elevated because of the war in Ukraine. See “Ukraine,” A2
Prices of construction items grew most in 14 yrs–PSA
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#LuckyYearOfTheRabbitAtSM—As the Year of the Water Rabbit predicts hope this 2023, SM Supermalls wishes their shoppers longevity, peace, and prosperity this Chinese New Year. So, hop on luck and enjoy all these CNY-themed activities safely and conveniently at your favorite SM Mall. CONTRIBUTED PHOTO
PESO exchange rates n US 54.8300
ETRO Mani la last year saw the highest increase in construction material retail prices in 14 years, according to data released by the Philippine Statistics Authority (PSA). PSA said the Construction Mater ia ls Reta i l Pr ice Inde x (CMRPI) in the National Capital Region (NCR) posted an average growth of 5.8 percent in 2022. This was the highest since the 9.3 percent posted in 2008, the year of the Global Financial Crisis (GFC). In December 2022, the CMRPI grew 5.6 percent which is also
the highest December growth since the GFC when the index rose 8.6 percent in December 2008. “Relative to their annual average rates in 2021, year-on-year changes were higher in the indices of all the commodity groups in 2022,” the PSA said. In 2022, miscellaneous construction materials posted the fastest growth at 8.9 percent. These materials include Basic Ferrous Metals such as Iron and Steel, which have a weight of 15.78 percent in the index. See “Prices,” A2
n japan 0.4254 n UK 67.7151 n HK 7.0074 n CHINA 8.1085 n singapore 41.5253 n australia 38.0575 n EU 59.1945 n KOREA 0.0443 n SAUDI arabia 14.6101 Source: BSP (January 19, 2023)