PBBM sees Paeng agri toll, now ₧1.3B, rising
‘Close borders, cut Omicron exposure risk’ By Samuel P. Medenilla @sam_medenilla
By Cai U. Ordinario & Jasper Emmanuel Y. Arcalas
CT THE WORLD ›› B7
LULA DA SILVA DEFEATS BOLSONARO TO AGAIN BECOME BRAZIL PRESIDENT
@caiordinario @jearcalas
LOSING the country’s borders HE Philippines’s agricultural is one of the most immediate damage and losses due to Tycourses of action the governphoon Paeng (international ment must take to prevent the latname Nalgae) have zoomed past est Covid-19 variant, Omicron, from P1.3 billion as authorities continue reaching Philippine shores, accordto validate reported figures from ing to local economists. the ground. T he new var iant is a threat, In its latest damage report, the e s p e c i a l l y w it h t he hol id ay s Department of Agriculture (DA) coming up and more foreigners said Paeng affected 64,607 hectbeing a llowed to travel to the ares of agricultural areas in the Philippines, De La Sa lle Univerregions of Cordillera Administrasit y economist Mar ia Ella Oplas tive Region, Central Luzon, Calatold BusinessMirror. barzon, Mimaropa, Bicol, Western The holidays usually bring in Visayas, Zamboanga Peninsula Overseas Filipino Workers (OFWs) and Soccsksargen. who are eager to spend Christmas
The DA, through its Disaster Risk and Reduction Management Operawith their loved ones, while fortions Center (DRRM OpCen), recordeigners living in temperate regions ed a total production loss of 66,963 usually want to relax in tropical metric tons (MT) with 53,849 farmcountries like the Philippines. This ers and fisherfolk incurring losses to year’s influx of OFWs is expected to the tune of P1.33 billion. be heavier since many of them were “Affected commodities include unable to come home for the holidays rice, corn, high value crops, livein December 2020. stock and poultry, and fisheries. “My recommendation is to protect Damage has also been incurred in the borders. Do not allow people with agricultural facilities. These vala history of travel to countries with ues are subject to validation,” the positive cases to enter,” Oplas said. DA-DRRM OpCen said in its fifth “We should be more restrictive. [We bulletin on Paeng issued Monday have to be] more protective in terms afternoon. of our measures.” The higher figure of P1.3 bilOplas said that while this will be lion bore out an earlier remark by a setback to some industries, this President Ferdinand “Bongbong” R. is a fair measure considering that Marcos Jr. that the damage caused this could help prevent placing the by Paeng to the agriculture sector country in another strict lockdown,
Monday, November 29, 2021 Vol. 17 No.52 n Tuesday, November 1, 2022 Vol. 18 No. 20
will exceed P260 million. Citing their latest damage rewhich, she said, the economy can no port, Marcos said the damage to longer afford. agriculture caused by the storm “It is better that we do protective had risen to P260 million from preventive measures than get exP54.97 million, which was reported posed again. We have a lot to lose,” by the National Disaster Risk ReOplas said. “We should do it now so duction and Management Council that we can open just before Christ(NDRRMC) during the weekend. mas. If it gets contained, we can open “I’m afraid t o say, this will grow it again.” higher as we get more reports to come Ateneo Center for Economic Rein,” Marcos said in a press conference search and Development (ACERD) in Noveleta, Cavite, on Monday. Associate Director Ser Percival “The estimated [damage to agriK. Peña-Reyes said closing the culture] is still tentative since the country’s borders would be effecDA [Department of Agriculture] is tive but should still adhere to the still making the rounds,” he added. standards set by the World Health Organization (WHO). Rice worst hit What is needed, Peña-Reyes told THE rice sector remained as the this newspaper, is for travel restricmost battered sector as damage and tions to be put in place swiftly and
losses climbed to P1.23 billion. The typhoon damaged 63,930 hectares for government to be proactive in of rice farms with an estimated volimposing them. ume loss of 64,951 MT, according Previous instances when the to the DA-DRRM OpCen. country had the opportunity to imThe OpCen report showed Paeng pose travel restrictions did not predamaged agricultural facilities, vent the spread of Covid-19. That was particularly a DA regional animal mainly because the decision was not disease diagnostic laboratory, a made immediately, he said. regional fruit nursery and an agri“Kung papatay patay [If we’re cultural research and experiment slow] and we get caught flat-footstation in Zamboanga City. The ed, [that’s risky] We were too redamage was estimated at P20.6 active instead of proactive before. million. We should learn from that,” PeñaLosses to fisheries have risen Reyes said. “It’s a delicate balancing to P16 million as the DA-DRRM act. We need to push testing and OpCen received reports of damtracing to be properly informed aged fish ponds and cages, seaweed of our decisions. Blanket/shotgun farms, non-motorized boats and approaches could have dire consemunicipal fishing boats. quences on the economy.” See “PBBM,” A2 See “Omicron,” A2
NATL GOVT BORROWINGS BSP: OCT INFLATION MAY FOR 10 MOS DIP TO P2.75T HIT 7.9%, TOOLS AT READY w w
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P25.00 nationwide nationwide || 22 sections sections 16 20 pages pages || P25.00
By Bernadette D. Nicolas By Cai U. Ordinario
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Omicron risk DTI warns spurs revival biz in storm of quarantine areas: rules inHeed PHL price caps
@BNicolasBM @caiordinario
HE HEnational increase government’s in fares, gross pumpas of borrowings prices, recentshrank end-October typhoons, the by almost 6and percent depreciation of year-on-year to the peso may have P2.75 trillion.
caused inflation toLatest reach asthehigh data from Bureau of the Treasury that the governas 7.9showed percent ment’s gross borrowings during the in October, 10-month period fell by 5.99 percent from P2.92 trillion to a year ago. according the With only two months left for Bangko Sentral ng this year, the latest figure is already equivalent to 89.6 percent of its Pilipinas (BSP). P3.07-trillion borrowing program.
Broken down, gross domestic borrowings from January to October In its month-ahead inflation settled at P2.23 trillion, down by forecast, BSP said October 2022 5.08 percent from P2.35 trillion inflation would settle within the in 2020. range of 7.1 to 7.9 percent. Inflation The bulk of the amount was was at 6.9 percent in September; sourced from Fixed Rate Treasury the October inflation print will be Bonds (P1.19 trillion), followed by released on Friday, November 4. short-term borrowings from Bang“Inf lation pressures for the ko Sentral ng Pilipinas or BSP (P540 month are expected to emanate billion), Retail Treasury Bonds/Prefrom transport fare hikes, elevated myo Bonds (P463.3 billion), Retail domestic petroleum prices, higher Onshore Dollar Bonds (P80.84 bilagricultural commodity prices due lion). In the same period, there was to recent typhoons, and the dealso a net redemption of Treasury preciation of the peso. This could Bills amounting to P43.94 billion. be offset in part by the reduction Net debt redemption means in electricity rates for Meralcothere were more debts repaid comserviced areas, lower LPG prices, pared to the amount borrowed durand reduction in prices of fish,” ing the period. BSP said. Meanwhile, gross foreign borHowever, BSP expects inflation rowings in the same period also to “gradually decelerate” in the contracted by 9.7 percent to P518.7 coming months once the inflation billion from last year’s P574.4 billion. impact of weather disturbances and This was raised through global fare adjustments wane. bonds (P146.17 billion), program “Looking ahead, the BSP will loans (P139.98 billion), euro-decontinue to closely monitor emergnominated bonds (P121.97 billion), ing price developments to enable a project loan (P86.41 billion), and timely intervention that could help yen-denominated samurai bonds prevent the further broadening of (P24.19 billion). price pressures, in accordance with See “Borrowings,” A2 the BSP’s price stability mandate,” BSP said.
PESO EXCHANGE RATES
Ready to use tools
MEANWHILE, Central Bank Governor Felipe M. Medalla said BSP is ready to use tools at its disposal to bring inflation back to target. He issued this statement in response to the recent action of Fitch Ratings to maintain the country’s BBB rating with a negative outlook.
By Samuel P. Medenilla
T I
@sam_medenilla
HE Department of Trade and NTER NATIONA L concerns Industry (DTI) is remindover the possible spread of the ing business establishments more infectious Omicron Coin areas under state of calamity, vid-19 variant prompted the govincluding Bangsamoro Autonoernment to reimpose mandatory mous Region in Muslim Mindanao facility-based quarantine for all (BARMM), to adhere to the price arriving passengers in the country. freeze on basic necessities. Acting Presidential spokesper“The DTI is closely coordinating son Karlo B. Nograles announced with the Office of the Civil Defense on Sunday that the Inter-Agency [OCD] on the declarations of State Task Force for the Management of Calamity. Automatic price freeze of Emerging Infectious Diseases shall apply to basic necessities. Es(IATF) suspended the implementablishments found violating the tation of its Resolution No. 150price freeze may be subjected to adA (s.2021), effectively imposing ministrative cases and fines,” Trade stricter protocols for all inbound Secretary Alfredo Pascual said in travelers. a statement after tropical storm To note, IATF Resolution 150Paeng (international name Nalgae) A had allowed fully vaccinated in the country wrought damage on PEOPLE walk past the mural of Gat Andres Bonifacio at Manila City Hall Underpass. non-visa travelers from Green List a wide area of the country. The country will celebrate the 158th birth anniversary of Filipino revolutionary areas to enter the country with“The DTI monitoring teams in hero Gat Andres Bonifacio on Tuesday, November 30. ROY DOMINGO out the need for facility-based the regions and provinces check the quarantine as long as they secure supermarkets and grocery stores negative Reverse Transcriptionto ensure availability of supply and Polymerase Chain Reaction (RTstability of prices. We also encourage PCR) test within 72 hours prior consumers to be vigilant and report to their departure. any violation or incident of overpric“Except for countries classified By Jasper Emmanuel Y. Arcalas dating its registry following the them. This allows everyone to see programs as President Duterte ing or hoarding,” Pascual added. as ‘Red,’ the testing and quarantine @jearcalas enactment of the Coconut Farmwho are listed in the registry and if is expected to sign the industry According to the Trade departprotocols for all inbound internaers and Industry Trust Fund law. farmer doesn’t see his name then he development plan in early 2022. ment, the price freeze shall autotional travelers in all ports of entry ORE than 3 million Rosales explained that about shall coordinate with the PCA imRosales said the PCA will not matically be adhered to following shall comply with the testing and coconut farmers and 500,000 coconut farmers and mediately,” he explained at a recent stop updating its list of coconut SAY ‘LOVE’ WITH FLOWERS Prices of flowers at the Dangwa Flower Market in Manila have gone up since demand rose two days before the observance of All Saints’ and Souls’ the onslaught of “Paeng,” which quarantine protocols for ‘Yellow’ workers are now regisworkers were added to the PCA’s dialogue with coconut farmers. farmers and enjoined them to regDays. While cemetery visits were set back by the rains and floods spawned by tropical storm “Paeng” at the weekend, millions were still expected to pay their respects to their ravaged Maguindanao province, list countries,” Nograles said, citing tered with the government’s reg2018 list that had about 2.5 million “On the other hand, if people ister in order to reap the benefits dearly departed on Monday and Tuesday. NONIE REYES among others, leaving about 40 the provision of IATF Resolution istry, which serves as the basis coconut farmers and farm workers. would see names on the list and of the decades-long idled coconut fatalities in the province, based No. 151-A. for the number of people to be The PCA’s next step is to conthey think they are not coconut levy fund. “We will not stop at 3.1 on the National Disaster Risk ReHe noted Hong Kong, which has covered by the utilization of the duct an exclusion-inclusion profarmers or their details are incormillion. We hope that more indiduction and Management Council confirmed a case of the Omicron P75-billion coconut levy fund. cedure by making the updated rect, they can report it to the PCA viduals will register in our coconut (NDRRMC)’s report. variant, will also fall under the YelPhilippine Coconut Authority farmers’ registry public, providfor immediate action,” he added. farmers registry,” he said. HILE the digital econo“The strict quarantine rerier services, the total transacrespectively. Under Republic Act No. 7581, or low list countries. (PCA) Deputy Administrator Roel ing everyone the opportunity to The PCA official noted that The updating of the coconut my grew 7.8 percent in strictions during the pandemic tions contracted 31.4 percent in In 2020, there were 5.01 milthe Price Act, as amended, prices The suspension of the rules for M. Rosales said about 3.11 million check the veracity of the list, Rothe completion of the initial list farmers registry is mandated by 2021, its share in the in 2020 and 2021 highly affected 2020, mainly due to decline in lion Filipinos employed in the of basic necessities (BN) are auto“Green List” countries will be in coconut farmers and farm worksales added. of coconut farmers registry would Republic Act (RA) 11524 or the country’s GDP continued to dethe e-commerce transactions online tourism-related activities. digital economy. matically frozen at their prevailing effect from November 28, 2021 to ers have been registered with the “The list will be posted in public be just in time for the expected Coconut Industry Trust Fund Act. cline, according to the Philippine particularly in accommodation, Meanwhile, of the total digital This reached 5.59 million perprices for 60 days once a State of December 15, 2021. government since it started upspaces where people can easily see rollout of coconut levy-funded See “3-M farmers,” A2 Statistics Authority (PSA). transport, and other tourismtransactions in 2021, Digital-ensons in 2021, posting an increase Calamity (SOC) is declared in an Continued on A2 Data showed the value of the related activities,” PSA said. abling infrastructure shared the of 11.6 percent. area. The basic necessities the DTI digital economy increased to The digital economy is combulk with 79.6 percent or P1.49 Employment in Digital-enmonitors include canned fish, localn USP1.87 50.4600trillion n JAPAN 0.4374 higher n UK 67.2329 n HK 6.4722 ntransactions CHINA 7.9013 n trillion. SINGAPORE 36.8968 n AUSTRALIA abling 36.2807 infrastructure n EU 56.5758 recorded n SAUDI ARABIAly13.4531 Source: BSP (November 26, noodles, 2021) in 2021, posed of digital manufactured instant than the P1.73 trillion recorded covering Digital-enabling infra“This is higher by 7.6 percent the highest share in 2021 with bottled water, bread, processed in 2020. structure, e-commerce, and Digifrom the P1.38-trillion digital 76.9 percent, followed by e-commilk, coffee, candles, laundry soap, The digital economy in 2021 tal media/content. transactions in 2020,” PSA said. merce or 20.7 percent and Digital detergent, and salt. accounted for 9.6 percent of the E-commerce contributed 17.6 Under the Digital-enabling inmedia/content or 2.4 percent. Placed under a state of calamity country’s GDP. This was slower percent while Digital media/confrastructure, Telecommunication The new administration has so far are BARMM, the province of than the share in GDP growth tent shared 2.8 percent in 2021. services, and Professional and emphasized the importance of Albay, and Pigcawayan in Cotabato. in 2020 at 9.7 percent; 2019, 10 While e-commerce transacBusiness services had the highdigitalization to sustain the reHence, DTI said a price freeze on percent; and 2018 at 10.1 percent tions were noted to increase for est shares to the digital economy covery of the Philippine econobasic necessities in these areas is of GDP. online selling, delivery, and couof 31.5 percent and 27.1 percent, my. Cai U. Ordinario in effect.
OVER 3-M FARMERS LISTED FOR P75-B COCO LEVY FUND
M
DIGITAL ECONOMY GROWS, BUT SHARE IN GDP SHRINKS
W
See “BSP,” A2
PESO EXCHANGE RATES n US 58.2880
See “DTI,” A2
n JAPAN 0.3984 n UK 67.4450 n HK 7.4260 n CHINA 8.0686 n SINGAPORE 41.3566 n AUSTRALIA 37.6132 n EU 58.1073 n KOREA 0.0410 n SAUDI ARABIA 15.5207
Source: BSP (October 28, 2022)