PHL rejects unilateralism, protectionism By Cai U. Ordinario
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ISRAEL LAUNCHES AIRSTRIKES ON HOUTHI TARGETS IN YEMEN FOLLOWING MISSILE ATTACK ON AIRPORT
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ILAN, Italy—Despite the “potential unintended spillovers and spillbacks” from tensions that have disrupted global trade, the Philippines reiterated its commitment to multilateralism at the Asian Development Bank (ADB) Annual Meeting. In a statement during the ADB Board of Governor’s Business Session, Temporary Alternate Governor and Finance Undersecretary Joven Z. Balbosa also said there is a need to strengthen regional cooperation and diversify markets to create growth opportunities. While the Philippines was bur-
dened by “overlapping global challenges,” Balbosa said it has been able to weather these storms and managed to post a 5.7 percent GDP growth in 2024. He said, however, that more needs to be done. “We recognize the importance of international cooperation and multilateralism, especially in the context of a hyper globalized world. The interconnected nature of global trade requires us to carefully consider potential unintended spillovers and spillbacks from trade measures,” Balbosa said. “We remain committed to an open and rules-based trading system, and in preserving the integrity of regional and global value chains,” he added. In this light, the Philippines called
on the ADB to deepen its development agenda and move toward addressing global challenges such as climate change and heightened geopolitical and trade tensions. Balbosa said one way is for ADB to ensure the availability and concessionality of financing for climate resilience. While the country is on the path to become an upper middle-income country, it remains one of the most vulnerable to floods, strong typhoons, and rising sea levels, among others. “Even as the Philippines progresses towards becoming an upper-middle income country, we remain among those most vulnerable to the impacts of climate change, and we urgently
require sustained support from our development partners for a united and cohesive response,” Balbosa said. Apart from climate change, the Philippines also encouraged ADB to scale up its support for digital innovation, particularly access to technology. The Philippines said ADB’s support for financing infrastructure; providing social services; improving connectivity; and empowering small businesses through greater private sector engagement are welcome. ADB recently announced that it is raising its support for food and nutrition to $40 billion by 2030. (See: https://businessmirror.com. ph/2025/05/05/adb-hiking-foodSee “PHL,” A2
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Wednesday, May 7, 2025 Vol. 20 No. 206
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By Reine Juvierre S. Alberto & Bless Ogerio
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ITH inflation easing further in April, the Bangko Sentral ng Pilipinas (BSP) signaled a “more accommodative” monetary policy stance as global headwinds are threatening to dampen domestic economic activity. Inflation eased to 1.4 percent in April from the 1.8 percent recorded in March and the 3.8 percent recorded in April 2024. It was also the lowest inflation rate since November 2019’s 1.2 percent. (See: https://businessmirror.com. ph/2025/05/06/psa-inflation-hitsnear-6-year-low-in-april/). “The more manageable inflation outlook and the downside risks to growth allow for a shift toward a more accommodative monetary policy stance,” the BSP said in a statement. The BSP said the risks to the inflation outlook continue to be broadly balanced for 2025 to 2027, with upside pressures from possible increases in transport charges, meat prices and utility rates. See “Tamer,” A2
IN FAIR TRADE WE TRUST? Container vans used for the import and export of various
goods are stacked at a port in Manila on Monday, May 5, 2025. This comes as Philippine officials express optimism about securing a more equitable trade arrangement with the United States following what they described as “very positive” discussions with the US Trade Representative on May 2. The talks focused on addressing the additional 17-percent tariffs imposed on Philippine exports to the US, with the Philippine delegation emphasizing the need to protect local industries while exploring opportunities to diversify export markets. NONIE REYES
LUZON AMONG TOP CHOICES NFA, household stocks expand rice inventory OF TRIPADVISOR TRAVELERS By Ada Pelonia
By Ma. Stella F. Arnaldo Special to the BusinessMirror
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UZON Island was heralded among the top trending destinations in the world by online travel review platform, Tripadvisor. In this year’s edition of Tripadvisor’s Traveler’s Choice Awards Best of the Best Destinations, Luzon was ranked 13th among the 25 top trending destinations in the world. Osaka placed first in the category. “From on-theup cities to off-road escapes, these destinations are the ones
to watch. Travelers think they’re worth the hype,” said Tripadvisor about the category. Luzon also placed 23rd among the Best of the Best Destinations in Asia. The category was dominated by destinations in Vietnam, with three entries placing among the top 10: Hanoi (second place), Hoi An (fourth), Ho Chi Minh (10th). Other countries like Thailand, India, and Indonesia, also had three destination each in the category. According to Tripadvisor, “The biggest island in the Philippines, See “Luzon,” A2
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HE country’s rice stockpile jumped by nearly 500,000 metric tons (MT) in April as the National Food Authority (NFA) and households posted bigger inventories. Data from the Philippine Statistics Authority (PSA) showed that rice stocks grew by 26.2 percent or 485,670 MT to 2.34 million metric tons (MMT) as of April 1 from the previous year’s 1.86 MMT. “This month’s rice stocks inventories registered annual increases from the NFA
depositories by 733.6 percent and from the households by 25.2 percent. On the other hand, an annual decrease was noted from the households by 6.4 percent,” the PSA report read. The state statistics agency also noted that that last month’s stock inventory was 45.3 percent higher than the 1.61 MMT recorded in March. The agency said 50.2 percent or 1.17 MMT was stored by households, while 35.1 percent or some 820,840 MT of rice was held by commercial entities, based on PSA data. It added that rice stocks in the NFA warehouses as of April 1 reached 346,450 MT,
accounting for 14.8 percent of total inventory during the reference period. “In comparison to the March 2025 rice stocks levels, increments were noted from the commercial sector by 55.5 percent, from the households by 49.8 percent, and from the NFA depositories by 15.5 percent.” Meanwhile, the state statistics agency said the total corn inventory as of April 1 dipped by 3.1 percent to 583,610 MT from 602,140 MT last year. Despite this, the corn stockpile in April surged by 58.4 percent from the 368,510 MT recorded in the previous month.
PSA data showed that the corn inventory in commercial entities reached 458,680 MT, while corn stocks in households were at 124,930 MT. “From the same month of the previous year’s level, corn stocks inventory from the commercial sector recorded an annual decrease of 10.1 percent. On the other hand, an annual increase of 36.1 percent was noted from the households.” “Relative to the inventory level in March 2025 the volume of corn stocks from the decreased from the households by 136.2 percent and from the commercial sector by 45.3 percent.”
PESO EXCHANGE RATES n US 55.5440 n JAPAN 0.3865 n UK 73.8569 n HK 7.1670 n CHINA 7.6386 n SINGAPORE 43.0908 n AUSTRALIA 35.9036 n EU 62.8703 n KOREA 0.0404 n SAUDI ARABIA 14.8101 Source: BSP (May 6, 2025)