Panel eyes faster farm imports unloading By Reine Juvierre S. Alberto
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O manage high commodity prices in the country, the government is looking to expedite the unloading of imported agricultural products, fast-tracking the release of subsidies to various sectors and addressing exporting delays. The Department of Finance (DOF) said on Sunday the Economic Development Group (EDG) and the InterAgency Committee on Inflation and Market Outlook (IAC-IMO) convened on June 28 to discuss updates on proposed measures to combat inflation.
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The Bureau of Customs (BOC) was urged by the National Economic and Development Authority (Neda) to ensure accurate valuation and imposition of tariffs on rice imports. Tariff revenue loss due to rice undervaluation, or failure to disclose in full the price actually paid or payable, amounted to P7.2 billion in 2023, according to the Federation of Free Farmers. The Neda Board, led by President Ferdinand R. Marcos Jr., approved the rice tariff reduction to 15 percent from 35 percent until 2028 to lower rice prices to P29.00 per kilo at least for the poor.
The BOC was also instructed by Neda to accelerate and prioritize unloading of imported agricultural products in accordance with Administrative Order No. 20. This directive aims to simplify administrative processes and eliminate non-tariff barriers to facilitate better processing. The Department of Agriculture (DA) will also import 200,000 metric tons of refined sugar, which will arrive no later than October 2024, to address production shortfall and replenish stocks for the second half of the year, according to the DOF. To address non-food inflation, the
DOF called on the DA, Department of Trade and Industry (DTI), Department of the Interior and Local Government (DILG), Land Transportation Franchising and Regulatory Board (LTFRB) and Department of Information and Communications Technology (DICT) to speed up the implementation and disbursement of targeted subsidies to vulnerable sectors. Moreover, the government is looking into using the Philippine Identification System (PhilSys) as a registration and validation system to distribute subsidies efficiently. See “Panel,” A2
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5-MO GOVT BORROWINGS
UP 16.2% TO P1.422T–BTR T
By Reine Juvierre S. Alberto
BCDA eyes P200B in investment pledges
HE national government’s borrowings reached P1.422 trillion in the first five months of the year as it continued to tap more into the debt market to bankroll its projects and programs.
Latest data from the Bureau of the Treasury (BTr) showed the state’s gross borrowings from January to May rose by 16.18 percent to P1.422 trillion from the P1.224 trillion recorded in the same period in 2023. The bulk, or 82.28 percent, of the total gross borrowings of the five-month period went to domestic borrowings, reaching P1.170 trillion. The five-month domestic gross borrowings are higher by 24.71 percent or P289.095 billion than the P880.905 billion posted in the same period a year ago. The lion’s share of the government’s gross domestic borrowings came from the Retail Treasury
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Bonds at P584.861 billion, followed by the Fixed Rate Treasury Bonds (T-bonds) at P498.979 billion, and Treasury Bills (T-bills) at P86.822 billion so far. Foreign borrowings, meanwhile, went down by 26.80 percent to P251.712 billion in January to May from the P343.874 billion recorded in 2023. Project loans amounted to P41.030 billion while program loans stood at P95.435 billion as of end-May. For the month of May, domestic financing amounted to P131.721 billion, which is almost the same as its P131.792-billion debt in the same month in 2023. See “Borrowings,” A2
SM GROUP TO HELP FILL UP NCR SHORTFALL FOR MICE VENUES By Ma. Stella F. Arnaldo
@akosistellaBM Special to the BusinessMirror
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HE Meetings, Incentives, Conventions, and Exhibitions (MICE) sector in the country has rebounded, necessitating more convention space, which the SM Group is willing to help fill up especially in Metro Manila. MICE organizer and PEPTarsus Corp. President Joel Pascual said, “It took our company just one year to reach 2019 revenue levels. The [Covid-19] pandemic proved a point that virtual meetings can never replace face-toface as the most effective way of doing business. We were really overbooked.” He cited SMX Convention Center Manila and the World Trade Center in Pasay, as having even unable to accept his events because they were booked solid. “So as the paranoia of Covid eased, we’re now back in business with a vengeance,” he said during the Hotel Sales and Marketing Association’s 2nd Sales and Mar-
keting Summit on Friday. As this developed, SM Hotels and Conventions Corp. (SMHCC) Vice President-Commercial Agnes Caparas Pacis announced the expansion of the SMX Manila at the same summit. “In the last quarter of next year, or early 2026, we’re adding 18,000 square meters of convention space—it’s going to be called SMX-MOA Extension.” In comparison, the ground floor trade halls of SMX Manila spans 9,000 sqm, but the total leasable space in the building is 17,000 sqm for two floors, and can accommodate up to 18,000 participants. The clearance of SMX Manila is 7.5 meters, and for the extension building, it will be 12 meters “It really hurts us to be turning down [events], and that’s the absolute truth; we’ve been turning down a lot of business. For MICE events, whether it’s small, medium, or large, [organizers] want to be in a convention center,” she explaining, citing the reason for the SMX expansion. See “SM,” A2
FAREWELL, SOFITEL The gloomy atmosphere and dimmed lights of Hotel Sofitel’s lobby lingered like a fading memory, as employees snapped their final selfies and clients solemnly carried their bags to check out. The melancholic sound of the orchestra echoed, accompanying the last lunch at the renowned Spiral restaurant. This poignant scene marked the hotel’s final day of operation, a curtain call of farewell for its guests and employees. NONIE REYES
TATE-RUN Bases Conversion and Development Authority (BCDA) said it is targeting to secure P200 billion in investment pledges, particularly in the areas of pharmaceutical industrial development, logistics, tourism and data centers, among others. BCDA President and CEO Joshua M. Bingcang said P90 billion worth of investments generated by the state-run firm are already being poured into BCDA’s projects. “Since I’ve assumed office for a year now, the investment that we already have gained from our partnerships is close to P90 billion as the committed investment that is already being poured right now,” Bingcang said in a televised interview over the weekend. “And of course these new ones will further add that investment into the economy and also create more jobs, so we target at least P200 billion—because the partnership that we had with Maharlika will entail around $2 to $3 billion of partnership,” Bingcang also noted. Bingcang unveiled BCDA’s investment pledge target as he illustrated how the second half of the year will unfold in relation to the state-run firm’s investment missions. For one, Bingcang said the BCDA group will fly to India and Taiwan, among others, to bag more investments. “So we will be having a roadshow abroad that BCDA will be participating in. We will be targeting not just pharmaceutical industrial development, but also logistics and also data centers,” said Bingcang. In terms of the Clark airport development, which BCDA is the lessor together with Changi Airport-led Consortium, Bingcang said the state-run firm will be joining the national government’s “air talks” in India. “So in August, we will be joining that delegation to attract investments, tourism and more flights too that will not just consider the entire country but also for Clark,” the BCDA president said. See “BCDA,” A2
PESO EXCHANGE RATES n US 58.8680 n JAPAN 0.3662 n UK 74.4268 n HK 7.5385 n CHINA 8.0987 n SINGAPORE 43.3650 n AUSTRALIA 39.1237 n EU 63.0241 n KOREA 0.0425 n SAUDI ARABIA 15.6923 Source: BSP (June 28, 2024)