Marcos asks Washington to renew GSP scheme By Samuel P. Medenilla
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PHL FIRST GOLD IN CAMBODIA SEA GAMES Jenna Kaila Napolis wins the Philippines’ first gold medal at the 32nd Southeast Asian Games following her 2-0 shutout of hometown bet Jessa Chan in the final of women’s ne-waza GI 52 kgs before a shocked local crowd at the Chroy Changvar Convention Center in Phnom Penh on Thursday. Story in B7 Sports. ROY DOMINGO
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o boost the international competitiveness of Philippine -made products, President Ferdinand R. Marcos Jr. is seeking for the reauthorization of the Generalized System of Preferences (GSP) program of the United States. The GSP, which expired in 2020, grants Filipino exporters zero duty for 3,500 tariff lines in the US. During his speech at the forum organized by the US-Association of Southeast Asian Nation (ASEAN) Business Council
and US Chamber of Commerce in Washington D.C. last Wednesday, Marcos sought the support of the private sector for the authorization, which he said will benefit both Filipino and US firms. “We would like very much for the authorization to come about as this boosts trade, and to make US products that are made in the Philippines more competitive in the global market,” Marcos said. Last April, US Trade Represent at ive A mba ssador K at herine Tai announced when she v isited the countr y that she will support the renewal of the country’s US GSP.
Investment destination
The President promoted the country as a secure investment destination citing the country’s 7.6 percent GDP growth last year. He also assured US firms his administration will continue to “create an atmosphere that is attractive to potential investors and we continue that process.” “We will continue to listen to you and to all our other partners as to what else we can do to help the—to help transform our economy and in that way to be able to play a viable part in the security and defense issues that are the challenges of the day and of the
region,” Marcos said. Present in the forum were top American businessmen and Filipino tycoons including Jaime Zobel de Ayala, Enrique Razon, Tessie Sy Coson and Kevin Tan. Anticipating the transition of more countries towards decarbonization, Marcos said the Philippines is targeting to develop its manufacturing sector particularly those engaged in producing components for green technology such as electric vehicles as well as solar and photovoltaic-related products. See “Marcos,” A2
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Friday, May 5, 2023 Vol. 18 No. 200
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CORE INFLATION REMAINS HIGH ACROSS THE WORLD
IMF to BSP: Keep tight policy
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By Cai U. Ordinario
ADB allots funds for loans, grants
@caiordinario
ncheon, South Korea–The International Monetary Fund (IMF) said the Bangko Sentral ng Pilipinas (BSP) should not reduce interest rates or pause rate increases until core inflation slows. On the sidelines of the IMF press briefing here, IMF Asia and Pacific Department Director Krishna Srinivasan said given that inflation remains elevated across the region, central banks, including the BSP “should stay the course” and keep monetary policy tight. On Thursday, the United States Federal Open Market Committee (FOMC) again raised interest rates to 5.25 percent or by 25 basis points (bps). This, Srinivasan said, demonstrates the determination of the United States Federal Reserve to attain its 2-percent target. “The Philippines is one country where they’ve tightened interest rates quite a bit by about 400 bps so they have [been] tightening and they have been trying to get inflation under control and the last few readings have come out well,” Srinivasan told the BusinessMirror on Thursday.
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ncheon, South Korea— The Board of Governors of the Asian Development Bank (ADB) approved the bank’s 2022 financial statements and a $1.1-billion net income allocation from its ordinary capital resources (OCR). The bulk of the allocable net income will be for ADB’s ordinary reserve to support the bank’s capital growth and provide an earnings base to generate income worth $716.5 million. This was followed by the Asian Development Fund worth $292.4 million and the Technical Assistance Special Fund (TASF) worth $90 million.
REVIEWING TROOPS. President Ferdinand Romualdez Marcos Jr., escorted by Commander of Troops, Army Col. David Rowland, reviews the troops during a welcoming ceremony at the Pentagon, Wednesday, May 3, 2023, in Washington. AP/Andrew Harnik
See “ADB,” A2
DOLE: FEW QUALIFIED APPLICANTS FOR NICHE JOBS
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he pandemic and increasing awareness on climate change have led to the emergence of new niches in the labor market, where there are a growing number of vacancies, but still few qualified applicants, for now, according to a new report from the Department of Labor and Employment (DOLE). In its preliminary Jobs and Labor Market Forecast 20232025, DOLE’s Bureau of Local Employment (BLE) identified information technology and platform industry as among the industries with “emerg-
ing jobs.” These jobs include virtual assistant, cybersecurity specialist, social media marketer, application development analysts, delivery riders, fiber optic technician, and online tutor. BLE said the demand for such positions rose during the pandemic as more people used digital platforms, and both employers as well as workers grew accustomed to flexible work arrangements. “ The crisis has upended the traditional 9-5 working world and caused many blue-
and white-collar employees to pursue digital and gig work for additional—or even primary— income during these unprecedented times,” BLE said. Another emerging sector is the so-called green jobs industry, which covers occupations “that contribute to preserving or restoring the quality of the environment.” Such vacancies are becoming more in-demand amid the increasing number of companies adopting more environmentally sustainable practices. See “DOLE,” A2
See “IMF,” A2
PESO exchange rates n US 55.3320 n japan 0.4112 n UK 69.5523 n HK 7.0494 n CHINA 7.9984 n singapore 41.5999 n australia 36.9064 n EU 61.2193 n KOREA 0.0415 n SAUDI arabia 14.7646 Source: BSP (May 4, 2023)