‘With RCEP, agri needs fund boost’ By Andrea E. San Juan
regional trade deal. “In joining the RCEP, we have to work hard to maximize our gains from it,” PCCI President George T. Barcelon said in his speech at the Department of Trade and Industry’s (DTI) International Trade Forum recently. In line with maximizing the gains in the mega trade deal, he said, “We have to improve our competitiveness by streamlining regulatory compliance and ensuring that government business services are in step with these streamlined procedures.” For one, the PCCI chief said, inputs to production like transport, logistics and power must be lowered to a “competitive” level to be on a par with the Philippines’s neighbors in the Association of Southeast Asian Nations (Asean) region. In addition, he said, telecommunications and internet connectivity must be made available nationwide.
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ITH the Regional Comprehensive Economic Partnership (RCEP)’s recent entry into force, the Philippine Chamber of Commerce and Industry (PCCI) is calling on the government to allocate a higher budget for agriculture, noting that lowering of tariffs in the mega trade deal could “disadvantage” this sector. In a statement on Sunday, the major business group stressed that while the RCEP commitments could open more opportunities for Filipinos to generate income, “there is still much to be done to make full use of the trade agreement.” Among the sectors to pay attention to, the PCCI said, are the agriculture and manufacturing industries. Meanwhile, the business group said the government should also factor in the country’s competitiveness in terms of transport and power costs, among others, to utilize the
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See “RCEP,” A2
SM “adopts” Baguio City in National Resilience Council’s Resilient Local Government Unit Program through the Adopt-A-City initiative and joins Manila, Bataan, Naga, Ormoc, Iloilo, Cagayan de Oro, Iligan, and Tiwi. From left, seated: ARISE-Philippines Co-chair Alexander P. Pama, SM SVP for Operations Engr. Bien C. Mateo, SM Prime Holdings Inc. President Jeffrey C. Lim, Baguio City Mayor Benjamin B. Magalong, NRC Executive Director Silvestre Barrameda Jr., Carlos P. Romulo Foundation for Peace and Development Board of Trustee Liana Elena M. Romulo, Zuellig Family Foundation President Austere Panadero and Baguio City’s Assistant Department Head Antonette Anaban. Also in the photo are: (standing) SM Prime’s Chairman of the Executive Committee, Hans T. Sy (third from right) with (from left) Deputy DRM Officer Louie Glenn Lardizabal, Baguio’s CDRRM Officer Stephanie Trinidad, SM Prime’s Board of Director Jorge Mendiola, DENR’s Undersecretary Marilou Erni, Baguio City Councilor Hon. Maximo Edwin Jr., and Vice President for Corporate Compliance Group for SM Supermalls Engr. Liza Silerio. SM SUPERMALLS
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END-MARCH EXTERNAL DEBT UP 6.8% TO $119B w
By Cai U. Ordinario
n
Monday, June 19, 2023 Vol. 18 No. 245
P25.00 nationwide | 2 sections 20 pages |
@caiordinario
THE national government’s borrowings to augment its financing requirements for pandemic response and infrastructure programs, among others, increased the country’s external debt as of March 2023, according to the Bangko Sentral ng Pilipinas (BSP). In a statement, the BSP said the country’s external debt increased to $118.8 billion as of the end of March 2023. This was $7.5 billion or 6.8 percent higher from the $111.3 billion posted in the same period of 2022. With a population of 111.57 million as of July 2022, this means every Filipino owes foreign creditors $1,064.89 or P59,484.67 at
an exchange rate of P55.86 to the greenback. “Borrowings by the public sector for the National Government’s [NG] general financing requirements, funding of pandemic recovery measures, and other infrastructure programs, among others, also contributed to the growth in the debt stock,” BSP said. See “end-march,” A2
REMOTE WORK CAN HELP PLUG BRAIN DRAIN–H.R. PLATFORM By Rizal Raoul S. Reyes @brownindio
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EMOTE work can help reverse the brain drain in the Philippines by allowing highly skilled professionals to work for global companies while at the same time contributing to the country’s economy and development, according to a human resource global platform. Remote workers could contribute to the local economy by spending money on things like food, accommodation, shopping, and entertainment, which helps support local businesses. “International remote workers who stay longer also pay taxes to the govern-
ment, which helps fund important services,” Chris McNamara, Chief Revenue Officer at Remote, told the BusinessMirror in an email interview. As remote work becomes more popular and job requirements become more flexible around the world, McNamara said people will now have more freedom to choose where they want to settle down. He said the trend will benefit businesses as it presents an opportunity to attract a wider pool of top talent. “Moreover, remote work also contributes to better employee engagement and retention, countering the phenomenon of quiet quitting,” McNamara said. See “Remote,” A2
PROTECTING MIGRANT WORKERS Tristan Burnett, Chief of Mission for International Organization for Migration; Gustavo Gonzalez, Resident Coordinator for United Nations Philippines; Assistant Secretary Venecio Legaspi of the Department of Migrant Workers; Diana Ople San Jose, Executive Director of Blas F. Ople Policy Center and Training Institute; Bangladesh Ambassador to Manila Borhan Uddin; Belgian Ambassador Michel Parys; and Khalid Hassan, International Labor Organization Country Office director, gather at the Marco Polo Hotel in Ortigas to mark the culmination of the United Nations-Philippines partnership, aiming to strengthen policies protecting Overseas Filipino Workers (OFWs) throughout their migration journey. This collaborative effort, or Bridging Recruitment to Reintegration in Migration Governance: Philippines (BRIDGE), bolsters the Philippines’ commitment to the Global Compact on Safe, Orderly and Regular Migration. NONOY LACZA
More ASF cases swelled 5-mo meat imports–expert By Raadee S. Sausa
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HE country’s meat importation from January to May has increased because of African swine fever (ASF), an economist said over the weekend. “The generally rising trend on
meat imports as seen in recent months may be partly attributed to the ASF spreading to more provinces especially in Southern Philippines in recent months, thereby reducing pork/meat production in those areas, thereby increasing pork/meat imports as seen over the past three
to four years because of the ASF,” Michael Ricafort, chief economist of Rizal Commercial Banking Corp. told BusinessMirror. “The one-year extension of the tariff reductions on pork/meat, rice, corn, among others in an effort to increase local supplies and
help bring down prices and overall inflation also led to pick up in pork/ meat imports in recent months,” he added. Ricafort is citing the Bureau of Animal Industry (BAI) data report that said the country imported See “ASF,” A2
PESO EXCHANGE RATES n US 56.0420 n JAPAN 0.3995 n UK 71.6497 n HK 7.1652 n CHINA 7.8683 n SINGAPORE 41.9413 n AUSTRALIA 38.5513 n EU 61.3436 n KOREA 0.0442 n SAUDI ARABIA 14.9429 Source: BSP (June 16, 2023)