SC issues ‘kalikasan’ writ on GM rice, eggplant B J R. S J @jrsanjuan1573
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HE Supreme Court has issued writ of kalikasan enjoining the commercial release of genetically modified rice and eggplant products. This was announced by the SCPublic Information Office (PIO) in a statement released Wednesday in connection with the petition for the writ of kalikasan filed by Magsasaka at Siyentipiko Para sa Pag-Unlad ng Agrikultura (Masipag). The petition sought to stop the government from commercially releasing the products, insisting that Golden Rice and Bacillus
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thuringiensis Eggplant (Bt Eggplant) are genetically modified organisms, a cause for environmental concern. The writ of kalikasan was issued during the regular en banc session of the SC on April 18. In 2015, the SC permanently enjoined the government from further conducting field trials, propagation and commercialization, and from importing GMOs being used on plants due to risks it these supposedly pose to human health and the environment. The SC affirmed the Court of Appeals decision in 2013, granting the petition of Greenpeace and copetitioners Magsasaka at
Siyentipiko sa Pagpapaunlad ng Agrikultura (Masipag) and several other individuals for the issuance of a writ of kalikasan against the field testing of BT talong. The groups argued that the conduct of BT talong field trials has violated the constitutional right of the people to a balanced and healthful ecology. During its regular en banc session last April 18, the Court also required the respondents— Secretaries of the Department of Agriculture, of the Department of Environment and Natural Resources, of the Department of Health; the Director of the Bureau of Plant Industry of the Department of Agriculture, the
Philippine Rice Research Institute, and University of the PhilippinesLos Baños (UPLB)—to file a verified return within 10 days from service. The group filed last October 12, 2022 the petition for writ of kalikasan and continuing mandamus (With Prayer for Issuance of Temporary Environmental Protection Order) before the SC, seeking the issuance of a temporary environmental protection order (TEPO). The petition sought to direct the respondent DA to refrain from commercially propagating Golden C A
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BOP SURPLUS EXPANDS TO $1.3B IN MARCH–BSP www.businessmirror.com.ph
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Thursday, April 20, 2023 Vol. 18 No. 185
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HE country’s overall balance of payments (BOP) has posted a surplus of $1.3 billion in March 2023, higher than the $754-million surplus recorded in the same month last year, data from the central bank showed on Wednesday. Data showed the BOP surplus in March 2023 reflected inflows arising mainly from the national government’s (NG) net foreign currency loans, which were deposited with the Bangko Sentral ng Pilipinas (BSP), and net income from the BSP’s investments abroad. The BSP said the surplus in March brought the current yearto-date BOP level to $3.5-billion surplus, markedly higher than the $495-million surplus recorded in the same period a year ago. “The cumulative BOP surplus reflected inflows that stemmed mainly from personal remittances, net foreign borrowings by the NG, and foreign direct investments,” the BSP reported. Moreover, the BSP data also showed the gross international reserves (GIR) level has increased to $101.5 billion as of end-March 2023 from $98.2 billion as of endFebruary 2023. “The latest GIR level represents a more-than-adequate external liquidity buffer equivalent to 7.6 months’ worth of imports of goods and payments of services and primary income,” the central bank said. “Moreover, it is also about 6.1 times the country’s short-term external debt based on original maturity and 4.2 times based on residual maturity,” it added. For his part, Michael Ricafort, chief economist of Rizal Commercial Banking Corp. said that “the latest BOP and GIR data could have also been supported by the continued growth in the country’s C A
FINANCE Secretary Benjamin Diokno delivers his message as the guest of honor and speaker during the forum organized by the Chinese Filipino Business Club Inc. with the theme “Strengthening Economic Resilience and Sustainability: Charting the Path Towards Inclusive Growth” held at Century Park Hotel in Malate, Manila, on Wednesday, April 19, 2023. Story at bottom right. ROY DOMINGO
LEECHIU: HOME MARKET PRICES TO GO UP Diokno to Fil-Chinese biz: B VG C @villygc
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HE residential market may soften this year as companies adjust prices upwards to factor in the rise in rates since last year, according to Leechiu Property Consultants. Roy Amado Golez, the company’s director for research and consultancy, said developers now are hard pressed to raise prices in order to lessen the difficulty brought by the Covid-19 pandemic and the high consumer prices that started last year. “The interest rates will require them to start adjusting prices, which might impact their selling prices. We might see a softening
of the market on that end,” he said during the company’s briefing. At the same time, he said banks have also started to stretch out their lending terms to borrowers, offering terms of 20 years instead of the usual 15 years for long-term lending, in a move to help mitigate for buyers the higher pricing. “Now we’re seeing banks bring that up to a term of 20 years, and this has helped mitigate the cashflow from the buyers perspective,” the company said. For the first quarter of the year, a total of 12,037 condominium units were sold, more than double from last year. Eleven new towers were launched for the period, equivalent to 4,931 units in the supply pipe-
line in the first quarter. “Residential sales are back, developers likely to pull back lenient buyer screening and payment terms to also address cancellation concerns,” the company said. David Leechiu, the company’s president, remains hopeful of a resurgent take-up of space by the Philippine offshore gaming operators (POGO) in the office segment as the sector sees the Philippines “as a land of opportunity.” “And just like what Senator Chiz Escudero was saying, that the plus side about the POGO sector is that it addresses the gambling sector without tapping into the local market. Unlike the local casinos where S “M,” A
Now’s best time to invest B J M N. D C @joveemarie
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INANCE Secretary Benjamin Diokno on Wednesday encouraged members of the Chinese Filipino Business Club to do more business in the country as the Philippines is now in a “very good shape” for investments. Speaking at the monthly meeting of the Chinese-Filipino Business Club at the Kachina Lounge of Century Park Hotel in Manila, which organized a forum on “Strengthening Economic Resilience and Sustainability: Charting the Path Towards Inclusive Growth,” Diokno said the economic liberalization measures the Philip-
pine government has enacted have opened up key high-growth sectors to international participation. “As business leaders, I invite you to work with the Philippine government in building a dynamic and thriving economy that our people deserve,” he added. “We are in a very good shape than many developed countries. Before the crisis, our debt-to-GDP ratio was only 39 percent. It went up to around 64 percent because of the pandemic, we borrowed money to buy vaccines, invest in more hospitals, and provide ayudas due to a very long lockdown. But that’s not bad, other countries have 150 to C A
PESO EXCHANGE RATES US 56.0940 ■ JAPAN 0.4184 ■ UK 69.7192 ■ HK 7.1464 ■ SINGAPORE 42.0968 ■ AUSTRALIA 37.7288 ■ SAUDI ARABIA 14.9664 ■ EU 61.5632 ■ KOREA 0.0426 ■ CHINA 8.1572 Source: BSP (April 19, 2023)