DA ban on UK meat not seen to raise beef prices By Ada Pelonia
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THE WORLD | A9 PARIS OLYMPICS’ TAHITI SURFING VENUE SPARKS CONTROVERSY: SUSTAINABILITY TRADE-OFFS IN THE NAME OF LOWER EMISSIONS
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HE detection of mad cow disease should not cause a spike in the price of imported beef, according to the Meat Importers and Traders Association (MITA). MITA President Emeritus Jesus Cham issued the statement after the Department of Agriculture (DA) slapped a temporary ban on live cattle and meat imports from the United Kingdom where the classical Bovine Spongiform Encephalopathy (BSE) was detected. BSE, commonly known as mad cow disease, was found in South Ayrshire, Scotland. “[The United Kingdom] supplies mid-range beef products
to the Philippines. The volume is less than 3 percent of total imports so the impact would be small,” Cham told the BusinessMirror via Viber. Figures from the Bureau of Animal Industry (BAI) showed that meat imports reached 273,640 metric tons (MT) from January to March this year, higher than the 265,517 MT recorded in the same period in 2023. Beef imports from the UK stood at 1,015 MT from the 35,319 MT total in the first quarter of the year, based on BAI data. Meanwhile, the DA said mad cow disease could lead to fatal nerve damage in cattle, and its possible spread in the country could “undermine the livestock
industry and compromise food safety.” “Given the potential risk to the consumers and to protect the local livestock industry which plays a significant role in the Philippine economy and was valued at P260 billion last year, Secretary Tiu Laurel has imposed a temporary import ban emphasizing the importance of precautionary measures to safeguard public health,” the DA said in a statement. The department added that the zoonotic disease could cause Creutzfeldt-Jakob disease in humans and manifest through brain shrinkage and deterioration. It said there are plans to implement more stringent inspections of all arrivals of meat and
meat by-products derived from cattle, including live animals and bovine processed animal proteins, at the ports of entry to ensure that only non-infected and safe commodities should enter the country. “Imported beef is staple fare in both fast-food and high-end restaurants, and a key ingredient in processed and canned food. Thus, in order to facilitate continuous trade while mitigating the possible risk of spread of BSE infection, all shipments coming from the United Kingdom that are already in transit, loaded or accepted unto port shall be allowed provided that the products were slaughtered or produced on or before 10 April 2024,” the DA said.
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PHL PMI SLOWS IN MAY, w
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Tuesday, June 4, 2024 Vol. 19 No. 231
P25.00 nationwide | 2 sections 38 pages |
FACTORIES SHED JOBS T
By Cai U. Ordinario
@caiordinario
HE country’s manufacturing sector shed jobs for the first time in five months as firms struggled to keep their profit margins amid rising costs, according to the results of the Purchasing Manager’s Idex (PMI) of S&P Global Market Intelligence. On Monday, S&P Global Market Intelligence said the country’s PMI score slowed to 51.9 in May from the 52.2 index score in April. While this indicated growth in manufacturing output, “companies struggled to raise their staffing levels.” Manufacturing jobs were lost for the first time since December 2023. S&P Global Market Intelligence also noted that the rate of decrease was the fastest in nine months. “Firms struggled to maintain their workforce numbers with job shedding noted for the first time in five months. Though with backlogs continuing to fall, goods producers still appear equipped to deal with tasks on hand,” S&P Global Market Intelligence economist Maryam
Baluch said. “Latest data also signaled a fall in input prices, with some companies attributing this to a switch to new suppliers. However, charges continued to rise, indicating that firms wished to maintain and build their margins,” she added. S&P Global Market Intelligence said in order to bring down costs, factories also decided to swich to “more competitively priced suppliers.” This allowed firms to see a decrease in their cost burdens for the first time since April 2020. However, the May increase in stocks of finished goods was the weakest in the current three-month sequence of expansion. See “PHL,” A2
FDI SOARS IN REGION, BUT PHL GETS LEAST NEW PROJECTS By Ma. Stella F. Arnaldo
@akosistellaBM Special to the BusinessMirror
F
OREIGN direct investments (FDI) in the AsiaPacific region soared in 2023, as pandemic restrictions were lifted that finally allowed massive inflows into greenfield projects and the establishment of new companies. The latest FDI Intelligence showed fore ig n i nvestors pumped in US$1.34 trillionworth of direct investments in 16,427 cross-border projects. This was a 4.4-percent i nc re a s e i n c a p it a l f ro m 2022, into projects that were 1.1-percent less, year-on-year
(yoy). Said FDI created 2.8 million jobs in 2023, up 16.4 percent from 2022. In prepandemic 2019, FDI in new (or green) projects numbered 17,078. The report was published by FDI Markets, a unit of the Financial Times. “Regionally, western Europe attracted the highest number of FDI projects in 2023 with more than 4,700 projects—up by 15.6 percent from a year earlier. However, Asia Pacific [APAC] was the leading destination for capital investment with the value increasing from $330 billion in 2022 to $450 billion in 2023,” said the report. See “FDI,” A2
ZELENSKYY IN MANILA Ukraine’s President Volodymyr Zelenskyy signs the guest book beside Philippine President Ferdinand Marcos Jr. at the Malacañang Palace in Manila on Monday, June 3, 2024. Zelenskyy’s rare Asian trip aimed to rally regional leaders for a Swiss-organized global peace summit on the war in Ukraine, which he accuses Russia of undermining with China’s assistance. He arrived unannounced and under heavy security in Manila late Sunday after speaking at the Shangri-La defense forum in Singapore and received a red-carpet welcome with military honors at the presidential palace before meeting with Marcos. JAM STA ROSA/POOL PHOTO VIA AP
Ukraine opening embassy, seeks firmer ties with PHL By Samuel P. Medenilla @sam_medenilla
U
KRAINE will finally open its embassy in Manila this year as it seeks to strengthen its diplomatic ties with the Philippines. Ukrainian President Volodymyr Zelenskyy made the announcement during his first ever face-to-face meeting with President Ferdinand Marcos Jr. in Malacañang on Monday. The brief bilateral meeting comes after both leaders attended the 21st edition of the International Institute for Strategic Studies (IISS) Shangri-la Dialogue in Singapore last week.
The two leaders wanted to talk in Singapore, but their meeting did not push through due to conflicts in their schedules. “We were unable to find the time while we were both in Singapore. But I’m happy that—we’re very honored that you found the time to pass by the Philippines,” Marcos said. “I know that the crisis in your country has occupied all of your attention and all of your time. And it is a great pleasure to meet with you to discuss some of the issues that are common to our two countries. And hopefully find ways forward for the both of us together,” he added. See “Ukraine,” A2
PESO EXCHANGE RATES n US 58.5240 n JAPAN 0.3723 n UK 74.5654 n HK 7.4837 n CHINA 8.0806 n SINGAPORE 43.3222 n AUSTRALIA 38.9126 n EU 63.5044 n KOREA 0.0424 n SAUDI ARABIA 15.6039 Source: BSP (June 3, 2024)