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‘TIGHTEN NOW: SUPPLY SHOCK IS SPREADING’
www.businessmirror.com.ph
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Saturday, May 23, 2026 Vol. 21 No. 221
PBBM orders hike in pork meat MAV; solons worried
By Andrea E. San Juan
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UNAWAY inflation is already under way, an analyst warned. Jonathan L. Ravelas, economist and senior adviser at Reyes Tacandong & Co., explained to the BusinessMirror how monetary authorities, through “front-loaded” tightening, should control a supply shock which is already spreading into food, fertilizer, and broader prices. “Even if the impact [of rate hikes] isn’t immediate, frontloaded tightening is about staying credible and avoiding a much bigger problem down the line—because once inflation expectations become entrenched, it’s far more costly to bring them back under control,” Ravelas also told this newspaper.
MEAT vendor Manny Pareja prepares pork cuts for customers at a local market in Las Piñas City as retail prices remain elevated amid tight domestic supply. The government has raised the minimum access volume (MAV) for pork imports from 54,210 metric tons to 204,210 metric tons under Executive Order No. 116 to help stabilize prices and address a “substantial supply shortfall,” as inflation accelerated to 7.2 percent in April, driven largely by food costs. NONIE REYES
By Samuel P. Medenilla & Jovee Marie N. Dela Cruz
Continued on A2
7.2%
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O help stabilize inflation, President Ferdinand Marcos has ordered a significant hike in the minimum access volume (MAV) for pork meat this year allowing the increased importation of the food commodity. Under Executive Order (EO) No. 116, the chief executive raised the MAV of pork meat this year from 54,210 metric tons (MT) to 204,210 MT. This was based on the recommendation of the MAV Management Committee (MMC) to increase the MAV for pork by 150,000 MT annually for a period of two years to keep the food com-
Headline inflation in the Philippines reached 7.2% in April 2026, marking its highest level in over three years and signaling a renewed acceleration in consumer price increases. WHAT IS DRIVING IT
→Higher food prices, especially rice
→Rising fertilizer and farm input costs
→Broader spillover into other consumer goods
80 YEARS OF FRIENDSHIP, MATE! The Quezon Memorial Shrine at the Quezon Memorial Circle in Quezon City glows brightly on Friday, “Even if the impact isn’t immediate, frontloaded tightening is about staying credible and avoiding a much bigger problem down the line.”— Jonathan L. Ravelas, Economist and Senior Adviser, Reyes Tacandong & Co.
May 22, 2026, to honor Australia’s support for President Manuel L. Quezon during the Second World War. To mark Philippine-Australia Friendship Day, the shrine’s pylons were illuminated in Australia’s national colors of green and gold. This annual observance, established under Presidential Proclamation No. 1282, s. 2016, celebrates the enduring partnership between the two countries. The date also coincides with the 1946 opening of the Australian Consulate-General in Manila. During World War II, Australia welcomed President Quezon and the Philippine Commonwealth Government in Exile in March 1942, an act of solidarity now being celebrated on its 80th year. Gracing Friday’s lighting are (from left) Department of Foreign Affairs Undersecretary for Policy Leo Herrera-Lim, Quezon City Mayor Joy Belmonte, Australia’s Ambassador to the Philippines Marc Innes-Brown, National Historical Commission of the Philippines Executive Director Carminda Arevalo and Col. Travis Day, Australian Defense Attaché. NONOY LACZA
Banks may now set aside capital to back lending amid growing risks
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HE Bangko Sentral ng Pilipinas (BSP) has greenlighted a reform that enables banks to set aside capital to support lending amid heightened global risks. “The BSP has approved a reform that enables banks to maintain releasable capital, “This enhances our ability to known as the Positive respond swiftly to shocks without increasing the overall capital burden Neutral Countercycli- on banks.”— Eli M. Remolona Jr., cal Capital Buffer (PN- Central Bank Governor CCyB),” the central bank said in a statement on Friday. Unlike minimum capital requirements, which banks must maintain at all times, the PN-CCyB can be “built up during periods of strong credit growth and drawn down in times of stress to sustain lending,” the central bank explained According to BSP, this regulation applies to uniContinued on A2
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CITY IN BLOOM Street dancers burst into motion as the City of San Pedro, Laguna, officially opens its Sampaguita Festival celebrations from May 22 to 30 with a vibrant opening salvo showcasing the city’s cultural pride and heritage. Leading the festivities were Mayor Art Joseph Francisco, Vice Mayor Sheriliz Nina B. Almoro, San Pedro Rep. Maria Renee Ann G. Magtibag, NBI Director Melvin Matibag, City Administrator Atty. Henry Salazar, City Chief Information Officer Jhe-rico Sam Colina, along with city councilors and Laguna Provincial Board members. JUSTINE XYRAH GARCIA
modity affordable because of the prevailing “supply constraints and price pressures.” The Philippines Statistics Authority (PSA) reported inflation accelerated to 7.2 percent in April, which it said was largely driven by increases in the prices of food and non-alcoholic beverages. Marcos directed the MMC to ensure the fair allocation of the MAV adjustments for pork to the following sectors: 30,000 MT for processors, and 120,000 MT for the Food Terminal Inc. or the Kadiwa ng Pangulo Program. MMC was ordered to issue the implementation guidelines for EO 116 within 30 days from its effectivity after it is published in the Continued on A2
SWS POLL SHOWS FINANCIAL ACCOUNT OWNERSHIP RISING
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ORE than half of Filipino adults now own a formal financial account, the latest Social Weather Stations (SWS) survey showed. According to SWS, account ownership among adults aged 18 and above rose to 58 percent in the first quarter of 2026, from 48 percent as of the first quarter survey of SWS in 2025. A formal financial account is defined as any of the following: e-money account, bank account, account with a microfinance NGO, account with a cooperative, and account with a Non-Stock Savings and Loan Association. In a statement on Friday, the Bangko Sentral ng Pilipinas (BSP) cited the SWS survey, saying the increase in account ownership was observed across all geographic areas, income groups, and education levels. Among adults, 43 percent reported owning an e-money account. Meanwhile, 21 percent said they have a bank account. Among those without a financial account, the most common barriers cited were lack of money, unemployment, and limited knowledge of how to open an account, the central bank noted. Moving forward, BSP Gov-
58% More than half of Filipinos aged 18 and above are now financially included, as account ownership rose to 58% in Q1 2026, up from 48% in Q1 2025. WHAT COUNTS AS A ‘FORMAL FINANCIAL ACCOUNT’ →Bank account →E-money account →Microfinance NGO account →Cooperative account →Non-Stock Savings and Loan Association account
ernor Eli M. Remolona Jr. said the central bank “will continue to broaden access to financial services.” “This will enable more Filipinos to save, manage their expenses, and improve their overall financial health,” added Remolona. The central bank said it continues to “advance” financial inclusion through its various financial education initiatives Continued on A2
PESO EXCHANGE RATES n US 61.6160 n JAPAN 0.3876 n UK 82.7996 n HK 7.8653 n CHINA 9.0665 n SINGAPORE 48.2355 n AUSTRALIA 44.0493 n EU 71.5978 n KOREA 0.0409 n SAUDI ARABIA 16.4196 Source: BSP (May 22, 2026)