ECCP pitches urgency of EU-PHL FTA talks
F WORLD » A10
Millions left with no aid as West Africa suffers worst hunger crisis in 10 years
ROTARY CLUB OF MANILA JOURNALISM AWARDS
2006 National Newspaper of the Year 2011 National Newspaper of the Year 2013 Business Newspaper of the Year 2017 Business Newspaper of the Year 2019 Business Newspaper of the Year 2021 Pro Patria Award PHILIPPINE STATISTICS AUTHORITY 2018 Data Champion
By Andrea E. San Juan @andreasanjuan
OLLOWING the European Commission’s proposal to extend the European Union Generalised Scheme of Preferences Plus (EU GSP+) for the Philippines, the European Chamber of Commerce of the Philippines (ECCP) has stressed the urgency anew of concluding the talks on a free-trade deal between the EU and the Philippines. This, it said, will increase market competitiveness, among others. In a statement on Thursday, the ECCP welcomed
the proposal of the European Commission (EC) to extend the EU GSP+ grant to the Philippines, saying the Philippines has “greatly” benefited from such a scheme. On July 4,2023, the EC announced through an Explanatory Memorandum that it is proposing to extend the validity of the current GSP regulation for an additional four years or until December 31,2027. The European Commission, an executive arm of the European Union, is responsible for drawing up proposals for new European legislation. The ball is now with
the European Parliament, the legislative arm of the EU, to decide on the proposal to extend the GSP+ scheme for the Philippines. (Full story here: https://businessmirror.com. ph/2023/07/06/ec-move-to-extend-eugsp-bodes-well-for-phl-says-dti/) Citing data from the Department of Trade and Industry (DTI), the ECCP said, “With a 77 percent utilization rate, €2.93 billion worth of Philippine products were exported to the EU using GSP+ last year,” adding that among the top exports to the EU include crude coconut oil, tuna, pineapple, other agricultural products,
among others. But besides the EU GSP+, the Chamber underscored the “urgency and importance of a timely and successful conclusion of the EU-Philippines FTA.” According to ECCP, the EU-PH FTA will lead to improved trade and investment opportunities, resulting in economic diversification, increased market competitiveness and openness, better employment prospects, and innovation and technological advancements.
BusinessMirror A broader look at today’s business
See “ECCP,” A2
EJAP JOURNALISM AWARDS
BUSINESS NEWS SOURCE OF THE YEAR
(2017, 2018, 2019, 2020, 2021) DEPARTMENT OF SCIENCE AND TECHNOLOGY
2018 BANTOG MEDIA AWARDS
NEXT RATE TWEAK RESTS ON MANY FACTORS–BSP www.businessmirror.com.ph
D
n
Friday, July 7, 2023 Vol. 18 No. 263
HONEY ON HO-HO Manila Mayor Honey Lacuna (left), together with Tourism
By Cai U. Ordinario
Secretary Christina Frasco, spearheaded the inauguration of the “Hop-On Hop-Off Tourism Bus Tour” organized by the Department of Tourism at the Kartilya ng Katipunan (Bonifacio Shrine) in Manila on July 6, 2023. The Hop-On Hop-Off program is meant to offer tourists a convenient and flexible way to explore various destinations, facilitated by a streamlined, contactless transportation and tour booking system. ROY DOMINGO
@caiordinario
ESPITE the recent low inflation print, the Bangko Sentral ng Pilipinas (BSP) said this may not be enough reason to consider another pause or a rate cut in the next policy rate setting. BSP Governor Eli M. Remolona Jr. told reporters late Wednesday that apart from inflation, the Monetary Board will also consider the country’s GDP growth rate as well as the next move of the US Federal Reserve. Remolona stressed that the decision of the Federal Open Market Committee (FOMC) will be considered on the basis that it also provides data for the Monetary Board. “You know, 5.4 [percent] is just one number so it’s not a trend, necessarily. So we’ll see. We’ll look at the data,” Remolona told reporters. “[Other factors?] well, output
P25.00 nationwide | 2 sections 32 pages | 7 days a week
growth [and to a certain extent] we’ll look at what the FOMC does, because that’s data as well but we look at a lot of data.” One important consideration in looking at the decisions of the FOMC, Remolona said, is the US Federal Reserve's difference from the BSP. “Yes, the data suggests that (extended pause) but you know that the BSP is an inflation-targeting central bank. That means it's structurally hawkish when it comes to inflation,”Remolona said. See “Next,” A2
‘SET 2-KM LIGHTNING RADIUS TO REDUCE FLIGHT DELAYS’ By Ma. Stella F. Arnaldo
@akosistellaBM Special to the BusinessMirror
C
L I M AT E c h a n ge i s the main culprit in the frequent Lightning Red alerts being issued by the Manila International Airport Authority (MIA A) to guide airlines and staff on the ground. Transportation Secretary Jaime J. Bautista told the BusinessMirror the MIAA is just “following international standards,” which dictates that a red alert is issued when lighting occurs within a 5-kilometer radius around the aerodrome. “It even used to be 9 km,” he said, “but I told them to lower it to 5 km, which is the international standard.” Interviewed on the sidelines of the recent public unveiling
of the new tourism slogan, “Love the Philippines,” Bautista recalled how Philippine Airlines (PAL), which he used to head, was able to fly in and out of airports even during thunderstorms. “But it’s really climate change,” he explained, which has given rise to more severe thunderstorms and the frequent Lightning Red alerts. “These alerts are meant to protect the people on the ground, including passengers,” he stressed, underscoring that MIAA has to “prioritize everyone’s safety.” For his part, PAL president Capt. Stanley Ng suggested the reduction of the safety radius around the airport to minimize flight disruptions. “Maybe we can reduce it pa to 2 km like in other countries.” See “Set,” A2
New anti-laundering strategy to fill gaps
A
S part of government efforts to remove the country from the “grey list” of the Financial Action Task Force (FATF), President Ferdinand R. Marcos Jr. has ordered the creation of the National Anti-Money Laundering, Counter-Terrorism Financing, and Counter Proliferation Financing Strategy (NACS) 2023-2027. The new NACS will replace the National Anti-Money Laundering and Counter-Terrorism Financing strategy 2018-2022. Under his Executive Order (EO) No. 33 dated July 4, 2023, Marcos said NACS 2023-2027 aims to ad-
dress the gaps raised by the FATF, a global financing watchdog, on the country’s measures against money laundering and terrorist financing. “The adoption of NACS 20232027 will enable the Philippines to address the International Cooperation Review Group [IGRG] Action Plans, ensure that the country exits the Financial Action Task Force Grey List, and improve its anti-money laundering, counter terrorism financing, and counter proliferation financing [AML/CTF/CPF] regime,” See “New,” A2
PESO exchange rates n US 55.3930 n japan 0.3832 n UK 70.3823 n HK 7.0822 n CHINA 7.6383 n singapore 40.9409 n australia 36.8640 n EU 60.1402 n KOREA 0.0425 n SAUDI arabia 14.7683 Source: BSP (July 6, 2023)