‘CloseMarcos borders, cutto Omicron exposure risk’ wants ‘reintroduce’ Philippines THE AP INTERVIEW
PHL FDI decline by 19.2% to $797M in Aug–BSP By By Cai Cai U. U. Ordinario Ordinario
for for government government to to be be proactive proactive in in Marcos, Marcos, 65, 65, sat satthem. for for aa wide-ranging wide-ranging interinterimposing imposing them. The The Associated Associated Press Press want already drawing drawing distinctions distinctions both both subtle view view in in New New York York on on the the sidelines sidelineswhen of of the thethe UN UN usually usually want to to relax relax in inalready tropical tropical “It “It is is better better that that we wesubtle do do protective protective Previous Previous instances instances when the By Jasper Emmanuel Y. Arcalas contracted 13 percent to $5.9 lion; reinvestment of earnings, the United States with investand and obvious obvious between between himself himself and and his his voluble voluble General General Assembly’s Assembly’s annual annual leaders’ leaders’ meetmeetLOSING LOSINGthe thecountry’s country’sborders borders countries countries like like the the Philippines. Philippines. This This preventive preventive measures measures than than get get exexcountry country had had the the opportunity opportunity to to imim@jearcalas billion in January to August 16.4 percent tohave $166 and ments channeled largely to prethe EW EW YORK—Looking YORK—Looking to to “reintro“reintropredecessor, predecessor, Rodrigo Duterte, Duterte, who who alienated alienated ing. ing. Three Three months months into into his his administration, administration, is is one one of of the the most most immediate immediate year’s year’s influx influx of ofthe OFWs OFWs is is expected expected to to Rodrigo posed posed again. again. We We have aa million; lot lot to to lose,” lose,” pose pose travel travel restrictions restrictions did did not not pre2022 period fromof $6.8 bil- Oplas netpartners equity other than manufacturing, real estate duce duce the the Philippines” Philippines” to to the the world, world, many many international international partners with with his his vioviohe he seemed seemed energetic energetic and and enthusiastic—and courses courses of of action action the the governgovernbe be heavier heavier since since many many ofthe them them were were Oplas said. said. “We “We should should do do ititreinvestnow now so so vent vent the thespread spread of ofenthusiastic—and Covid-19. Covid-19. That Thatand was was HE country’s foreign dilion posted in the same period ment of earnings fell 60.7 percent information and communication new new President President Ferdinand Ferdinand Marcos Marcos Jr. Jr. lent lent approach approach to to fighting fighting drug drug trafficking trafficking eager eager to to project project his his vision vision for for the the nation nation bebement ment must must take take to to prevent prevent the the latlatunable unableto tocome comehome homefor forthe theholidays holidays that that we we can can open open just just before before ChristChristmainly mainly because because the the decision decision was was not not rect investment (FDI) last year. to If $31 million. industries. has has ambitious ambitious plans plansinfor forin his his nation nation on on2020. the theininand and the the coarse coarse rhetoric rhetoric he used used to to galvanize galvanize yond yond its itsmade borders. borders. est estCovid-19 Covid-19variant, variant, Omicron, Omicron, from from in December December 2020. mas. mas. If itithe gets gets contained, contained, we wecan canopen open made immediately, immediately, he he said. said. August declined by 19.2 August 2022,is FDI net in- itit again.” The data for January to AugustOn Top country FDIs in ternational ternational stage stage and and at at home—if, home—if, that that is, is, supporters. On Thursday, Thursday, he he met metsources with with US USof President President reaching reaching Philippine Philippine shores, shores, accordaccord“My “My“In recommendation recommendation issupporters. to toprotect protect again.” “Kung “Kung papatay papatay patay patay [If [If we’re we’re percent on an annual basis to $797 flows decreased as all major FDI also showed a similar trend. Net August were Japan and the United the the twin twin specters specters of of pandemic pandemic and and climate climate Asked Asked if if Duterte Duterte went went too too far far with with his his Joe Joe Biden Biden in in a a bid bid to to strengthen strengthen the the somesomeing ing to to local local economists. economists. the theborders. borders.Do Donot notallow allowpeople peoplewith with Ateneo Ateneo Center Center for for Economic Economic ReReslow] slow] and and we we get get caught caught flat-footflat-footmillion, theiant Central Bank said. aaor components lower net in-crackdown, equity other than reinvestment of complicated States while top sources in and the change change be beovercome overcome or at at least least managed. lethal lethalwith drug drug crackdown, Marcos Marcos redirected redirected times times complicated ties ties that that have have ebbed ebbed and TThe he new new var var iant is is acan acan threat, threat, history history of ofmanaged. travel travelposted to to countries countries with search search and and Development Development (ACERD) (ACERD) ed, ed, [that’s [that’s risky] risky] We We were were too too rereData released by the Bangko flows, particularly non-residents’ earnings contracted 17.1 percent eight-month period were Japan, And And if if he he can can surmount surmount the the legacies legacies of of the the criticism criticism toward toward those those who who carried carried out out flowed flowed between between the the two two nations nations since since the the eessppeecciiaallllyy w wit ithh tthe he hol holid iday ayss positive positive cases cases to to enter,” enter,” Oplas Oplas said. said. Associate Associate Director Director Ser Ser Percival Percival active active instead instead of of proactive proactive before. before. Sentral ng Pilipinas showed that “We investments in debt instru$907 million; netclosing debt instruUS,should Singapore, and two two people: people: his his predecessor, predecessor, and and his his father. the the plan. plan. Philippines Philippines spent spent four four decades decades as as an an AmeriAmericoming coming up up and and more more foreigners foreigners “Wenet should should be befather. more more restrictive. restrictive. [We [We K. K.toPeña-Reyes Peña-Reyes said said closing the the We We should learn learn from fromMalaysia. that,” that,” PeñaPeñalong-term investments made by ments of their local affiliates,” ments, 13 percent to $4.155 bilBSP said these FDIs were inHe He also also wants wants to to strengthen strengthen ties ties with with “His “His people people went went too too far far sometimes,” sometimes,” can can colony colony in in the the early early 20th 20th century. century. being being aallowed llowed to to travel travel to to the the have have to to be] be] more more protective protective in in terms terms country’s country’s borders borders would would be be effeceffecReyes Reyessaid. said.“It’s “It’saadelicate delicatebalancing balancing foreign investors in August was the BSP said in a statement on lion; and reinvestment of earnvested largely in manufacturing, both both the the United United States States and and China—a China—a delicate delicate Marcos Marcos told told The The Associated Associated Press Press on on Friday. Friday. “There “There have have been been bits bits and and pieces pieces where where Philippines, Philippines, De De La La Sa Salle lle UniverUniverof of our our measures.” measures.” tive tive but but should should still still adhere adhere to to the the act. act. We We need need to to push push testing testing and and $190 million lower than the Thursday. ings, 8 percent to World $836 real and information and balancing balancing act act for for$987 the the Southeast Southeast Asian Asian nation nation “We “We have have seenmany many cases cases where where policemen, they they were were not notestate, perhaps perhaps ideal,” ideal,” Marcos Marcos said. said. sit sityy economist economist Mar Mar ia ia Ella Ella Oplas Oplas Oplas Oplas said said that that while while this this will will be beseen standards standards set set by bypolicemen, the the Worldmillion. Health Health tracing tracing to to be be properly properly informed informed million recorded same In August, the dataother showed net Organization The BSP also noted eqcommunication industries. —and, —and, in like likethe many many of of his hisaafellow fellow leaders leaders at at the the other operatives, operatives, some some were were just just shady shady charchar-that “But “But in in of the the end, end, that that overall overall trajectory trajectory has has told told BusinessMirror. BusinessMirror. setback setback to to some some industries, industries, this this Organization (WHO). (WHO). of our our decisions. decisions. Blanket/shotgun Blanket/shotgun month last year. debt instruments contracted 15.3 uity capital infusions in August United United Nations Nations this this week, week, called called on on the the councounacters acters that that we we didn’t didn’t quite quite know know where where they they been been to to strengthen strengthen and and strengthen strengthen and and The The holidays holidays usually usually bring bring in in is is aa fair fair measure measure considering considering that that What What is is needed, needed, Peña-Reyes Peña-Reyes told told approaches approaches could could have have dire dire conseconsealso said FDI have net caused inflow year-on-year to $600 mil-and originated mainly Japan and Seethe “PHL,” A2 PRESIDENT PRESIDENTFerdinand FerdinandMarcos MarcosJr. Jr.speaks speaksduring duringan aninterview interviewwith withThe TheAssociated AssociatedPress, Press,Friday, Friday,September September 23, 23,BSP 2022, 2022, in in tries tries that that have causedglobal global warming warming to toprevent help help placing came came from from andthis who who they they were were working working for. for. strengthen strengthen our our relationship.” relationship.” Overseas Overseas Filipino Filipino Workers Workers (OFWs) (OFWs) this thispercent could could help help prevent placing the the this newspaper, newspaper, is is for forfrom travel travel restricrestricquences quences on on the economy.” economy.” Continued Continued on on A5 A5 A2 APPHOTO/JULIA PHOTO/JULIANIKHINSON NIKHINSON less less wealthy wealthy nations nations counteract counteract its itsanother effects. effects.strict But But now now we’ve we’ve gone gone after them.” New NewYork. York.AP who who are are eager eager to to spend spend Christmas Christmas country country in in another strict lockdown, lockdown, tions tionsafter to to be bethem.” put put in in place place swiftly swiftly and and See See “Omicron,” “Omicron,” A2 @caiordinario @caiordinario
with with their their loved loved ones, ones, while while forfor-
which, which, she she said, said, the the economy economy can can no no
By By Ted Ted Anthony Anthony Marcos, Marcos, swept swept into intoafford. office office this this spring, spring, is is eigners eigners living living in in temperate temperate regions regions longer longer afford.
C N T
BusinessMirror A broader look at today’s business
NATL GOVT BORROWINGS GROWTH GOAL FOR ‘22 FITCH THINK TANK SEES FOR 10 MOS DIP TO P2.75T WITHIN REACH—NEDA RATES HITTING 5% IN ‘22 www.businessmirror.com.ph w w
By By Bernadette Bernadette D. D. Nicolas Nicolas By By Bianca Bianca Cuaresma Cuaresma @BNicolasBM @BNicolasBM By Andrea E. San Juan @BcuaresmaBM @BcuaresmaBM
Monday, Friday,November November29,11,2021 2022Vol.Vol.1718No.52 No. 30 Tuesday, September 27, 2022 Vol. 17 No. 354
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Omicroncuts risk ‘Karding’ spurs revival IN ASEAN, MARCOS TOUTS PHL big damage, of quarantine PLUS FACTORS FOR INVESTORS but casualty rules in PHL count limited
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HEBangko national HE HE government’s Sentral ng National gross Pilipinas borrowings as of Economic (BSP) is expected end-October shrank to continue raising and Development by almostpolicy 6 percent monetary Authority year-on-year rates this year,to even (Neda) said the as the country’s P2.75 trillion. Central Bank has government already let out Latest Latest data data from from the theBureau Bureauof ofthe the is now within aggressive Treasury Treasury showed showedhikes that that the thein governgovernment’s ment’slast gross grossthree borrowings borrowings during during the the striking distance the months 10-month 10-monthperiod periodfell fellby by5.99 5.99percent percent —as the economy of GDP from fromits P2.92 P2.92 trillion trillion aagrowth year year ago. ago. With With only only two two months months left left for for battles rising prices target for 2022 this thisyear, year,the the latest latest figure figureis isalready already and currency equivalent equivalent to to 89.6 89.6 percent percent of of its its after the Philippine depreciation, anprogram. P3.07-trillion P3.07-trillionborrowing borrowing program. Broken Broken down, down, gross gross domestic domestic borborinternational think Statistics Authority rowings rowings from from January January to to October October tank said. settled settled at at P2.23 P2.23 trillion, trillion, down down by by (PSA) announced
By Samuel P. Medenilla
T
@sam_medenilla
HE cou nt r y ’s l a rge untapped market and promising economic growth were among the factors cited by President Ferdinand “Bongbong” R. Marcos Jr. to attract Cambodian businesses to invest in the country. D u r i ng h i s rou ndt able meet ing w it h Ca mbod ia n business leaders on Thursday, Marcos asserted that companies could access millions of local consumers by investing in underdeveloped niches in the domestic market. “A hundred and seven [mil-
lion] people is aP. Medenilla big market By By Samuel Samuel P. Medenilla and we have@sam_medenilla to develop that @sam_medenilla market. We have not develBy By Samuel Samuel P. P. Medenilla Medenilla opedNTER our own markets. I @sam_medenilla @sam_medenilla NTER NATIONA NATIONA LL And concerns concerns think that is another poten& & Rene Rene Acosta Acosta over over the the possible possible spread spread of of the the tial more that can exploit down Co@reneacostaBM @reneacostaBM morewe infectious infectious Omicron Omicron Cothe road,” Marcos said. the vid-19 vid-19 variant variant prompted prompted the govgovAmong the industries, he R. RESIDENT RESIDENT Ferdinand Ferdinand R. ernment ernment to to reimpose reimpose mandatory mandatory said, which will need addiMarcos Marcos Jr. Jr. on on Monday Monday ininfacility-based facility-based quarantine quarantine for for all all tional investments to spected spected from fromthe the air airthe the masmasarriving arriving passengers passengers in inexpand the the country. country. is manufacturing. sive sive devastation devastation caused causedspokesperby by SuperSuperActing Acting Presidential Presidential spokesper“We are trying to build up typhoon typhoon “Karding” “Karding” (international (international son son Karlo Karlo B. B. Nograles Nograles announced announced the manufacturing side of name: name: Noru) Noru) across across Luzon, firing firing on on Sunday Sunday that that the the Luzon, Inter-Agency Inter-Agency the economy and that is why off off directives directives to to ensure ensure a a return return to to Task Task Force Force for for the the Management Management capital-intensive investments normalcy normalcy for for thousands thousands it it affected. affected. of of Emerging Emerging Infectious Infectious Diseases Diseases will besame very, veryhowever, important At At the the same time, time, however, he he was was (IATF) (IATF) suspended suspended the the implemenimplemenfor us to be able to do that,” pleased pleased by by reports reports of of minimal minimal cacatation tation of of its its Resolution Resolution No. No. 150150Marcos said. sualties, sualties, something something attributed attributed to to AA (s.2021), (s.2021), effectively effectively imposing imposing the the timely timely preemptive preemptive evacuation evacuation stricter stricter protocols protocols for for all all inbound inbound “Asean,” A2units. by by local localSee government government units. travelers. travelers. Over Over the the weekend, weekend, around around To To note, note, IATF IATF Resolution Resolution 15015075,000 75,000 people people in in Luzon Luzon were were evacuevacuAA had had allowed allowed fully fully vaccinated vaccinated ated, ated, and andtravelers power power and and communicacommunicanon-visa non-visa travelers from from Green GreenList List tion tion lines lines in in some some provinces provinces were were areas areas to to enter enter the the country country withwithdisrupted. disrupted. As As of of p.m. p.m. Monday, Monday, out out the the need need for for33 facility-based facility-based however however affected affected customers customers of ofMaMaquarantine quarantine as as long long as as they they secure secure nila nila Electric Electric Company Company were were down down negative negative Reverse Reverse TranscriptionTranscriptionto to 32,816. 32,816. Chain Polymerase Polymerase Chain Reaction Reaction (RT(RTThe Thetest National National Grid Grid Corporation PCR) PCR) test within within 72 72 Corporation hours hours prior prior of of the the Philippines Philippines also NGCP NGCP rereto to their their departure. departure.also stored stored the the vital vital Concepcion-CaConcepcion-Ca“Except “Except for for countries countries classified classified miling miling 69kV Line. Line. and as as‘Red,’ ‘Red,’69kV the thetesting testing andquarantine quarantine
I P
DRILL, DRILL, DRILL In line with the National Disaster Risk Reduction and Management Council’s (NDRRMC) announcement 5.08 5.08 percent percent from from P2.35 P2.35 trillion trillion of the fourth-quarter National Earthquake Drill, San Juan City, led by Mayor Francis Zamora together with the Philippine Navy, in in 2020. 2020. conducted an earthquake drill on Thursday, November 10, 2022, at the San Juan City Hall Open Grounds. NONOY LACZA In In its its assessment assessment of of local local ecoecoThe The bulk bulk of of the the amount amount was was PEOPLE PEOPLEwalk walkpast pastthe themural muralof ofGat GatAndres AndresBonifacio Bonifacioat atManila ManilaCity CityHall HallUnderpass. Underpass. nomic nomic dynamics, dynamics, research research firm firm sourced sourced from from Fixed Fixed Rate Rate Treasury Treasury The Thecountry countrywill willcelebrate celebratethe the158th 158thbirth birthanniversary anniversaryof ofFilipino Filipinorevolutionary revolutionary Fitch Fitch Solutions Solutions said said on on Monday Monday it it Bonds Bonds (P1.19 (P1.19 trillion), trillion), followed followed by by ROYDOMINGO DOMINGO hero heroGat GatAndres AndresBonifacio Bonifacioon onTuesday, Tuesday,November November30. 30. ROY now now expects expectsborrowings the the BSP BSP to to raise raise intershort-term short-term borrowings from frominterBangBangest est rates rates by by 75 75 more more basis basis points points ko koSentral Sentralng ngPilipinas Pilipinasor orBSP BSP(P540 (P540 before before the year year ends, ends, Bonds/Preeffectively effectively billion), billion),the Retail Retail Treasury Treasury Bonds/Preputting putting the thebenchmark benchmark at at55percent percent myo myo Bonds Bonds (P463.3 (P463.3 billion), billion), Retail Retail On Thursday, the PSA reported by by the the end end of of 2022. 2022. Onshore Onshore Dollar Dollar Bonds Bonds (P80.84 (P80.84 bilbilthat the expanded by This This isthe aaeconomy more more aggressive aggressive outlook outlook lion). lion). In Inis the same same period, period, there there was was 7.6 percent in the third quarter. compared compared to to their their earlier earlier forecast forecast By By Jasper Jasper Emmanuel Emmanuel Y. Y. Arcalas Arcalas dating dating its its registry registry following following the the them. them. This This allows allows everyone everyone to to see see programs programs as as President President Duterte Duterte also also aa net net redemption redemption of of Treasury Treasury back to high-growth HE budget@jearcalas secretary and lawlarge part to faster in wholeeconomy This is faster than 7.5 percent of of aa4.5-percent 4.5-percent benchmark benchmark rate rateby by @jearcalas enactment enactment of of the thegrowth Coconut Coconut FarmFarmwho who are arelisted listed in inthe theits registry registry and andifif is is expected expected to to sign sign the the industry industry Bills Bills amounting amounting to tothe P43.94 P43.94 billion. billion. path indoesn’t the near-term,” she added. makers weighed in on Thurssale retail services, financial posted the of the the the end endin of of the thesecond year. year. quartermeans ers ersand and and Industry Industry Trust Trust Fund Fund law. law. farmer farmer doesn’t see seehis hisname name then then he he development development plan plan in in early early 2022. 2022. Net Net debt debt redemption redemption means protocols protocols for for all all inbound inbound internainternainsurance activities, and the day’s report of a robust GDP and year and the 7 percent recorded “Inflation “Inflation is is likely likely to to remain remain THIS THIS is is the the view—a view—a seemingly seemingly endless endless expanse expanse of of inundated inundated towns towns and and farmlands—that farmlands—that greeted greeted President President Marcos Marcos as as he he flew flew on on Monday Monday over over the typhoon-hit typhoon-hitRosales provinces provincesof of Bulacan, Bulacan, Nueva Ecija and Farm ORE ORE than than 33 million million Rosales Rosales explained explained that that about about shall shall coordinate coordinate with with the the PCA PCAthe imimRosales said said the the Nueva PCA PCA Ecija will willand not not there there were were more more debts debts repaid repaid comcomtional tionaldamage travelers travelersin inall allports portsof ofentry entry Senators hopeful in the third quarter, citing construction industry,” Pangandagrowth in same period last year. elevated elevated relative relative to to the the BSP’s BSP’s durtartarINITIAL INITIAL damage damage to to testing farms farms was was Tarlac, Tarlac,among among those those hard hardhit hit by by Supertyphoon Supertyphoon Karding at atthe theweekend. weekend. Despite Despitethe the devastation, devastation, Marcosnoted noted that thatpreparations preparations made madeby by government, government,stop especially especially timely timelypreemptive preemptive evacuation, evacuation, coconut coconut farmers farmers and andKarding 500,000 500,000 coconut coconut farmers farmers and andMarcos mediately,” mediately,” he heexplained explained at atthe athe arecent recent stop updating updating its its list list of of coconut coconut pared pared to tothe the amount amount borrowed borrowed durshall shall comply comply with with the the testing and and Senators, meanwhile, gave mixed man said. what they think make this possible. The latest GDP print brings the get get range range of of 2 2 percent percent to to 4 4 percent percent PHOTO PHOTOCOURTESY COURTESYOF OFMALACAÑANG MALACAÑANGPALACE PALACE placed placed at at P114 P114 million, million, a a number number mitigated mitigated Karding’s Karding’s impact. impact. Stories Stories at at left left and and in in Nation, Nation, page page A3. A3. workers workers are are now now regisregisworkers workers were were added added to to the the PCA’s PCA’s dialogue dialogue with with coconut coconut farmers. farmers. farmers farmersand andenjoined enjoinedthem themto toregreging ing the the period. period. quarantine quarantine protocols protocols for for ‘Yellow’ ‘Yellow’ the views whether or not ister Pangandaman Budget Secretary Amenah regF. average growththe in January to Sepand and we we expect expect the central central bank bank to to sure sure to toclimb climbgiven given the themassive massive devdevtered tered with with the the government’s government’s reg2018 2018 list listthat thathad hadsaid about about 2.5 2.57.6-permillion million “On “OnThursday the the other otheron hand, hand, if if people people ister in in order order to to reap reap the the benefits benefits Meanwhile, Meanwhile, gross gross foreign foreign borborlist listcountries,” countries,” Nograles Nograles said, said,citing citing cent economic expansion in the they see the Philippine economy tember to 7.7 percent. The governPangandaman said the economic tighten tighten monetary monetary policy policy further further to to astation astation on on farms farms that that were were ready ready istry, istry, which which serves serves as as the the basis basis coconut coconutfarmers farmersand andfarm farmworkers. workers. would would see see names names on on the the list list and and of of the the decades-long decades-long idled idled coconut coconut rowings rowings in in the the same same period period also also the the provision provision of of IATF IATF Resolution Resolution quPCA’s a r ternext ju mpst aisrto t s cont he sustaining third growth levy ment’s GDP target the managers the surprising anchor anchor inflation inflation expectations,” expectations,” for for harvest. Story on on page page A3. A3. for for the theattributed number number of of people people to to be be t h i rd The The PCA’s next step step is to conthey they think think the they they are arequarter not not coconut coconut levyfund. fund.“We “Wewill willnot notstop stopat at3.1 3.1 contracted contracted by bygrowth 9.7 9.7 percent percent to tofor P518.7 P518.7 No. No.harvest. 151-A. 151-A. Story is 6.5 percent to 7.5 percent. 24-quarter economic "recovery and till the yearend. year economic performance in the third Fitch Fitch Solutions Solutions said. said. “Karding,” “Karding,” which which packed packed winds winds covered covered by by the the utilization utilization of of the the duct duct an an exclusion-inclusion exclusion-inclusion proprofarmers farmers or or their their details details are are incorincormillion. million. We We hope hope that that more more indiindibillion billionfrom fromlast lastyear’s year’sP574.4 P574.4billion. billion. He He noted noted Hong Hong Kong, Kong, which which has has According to Socioeconomic transformation" under the Marcos Responding to the BusinessMirquarter to the “continuing efforts” “The “The Philippine Philippine peso peso has has also also of of 120 120 miles miles per per hour hour at at its its peak, peak, P75-billion P75-billion coconut coconut levy levy fund. fund. cedure cedure by by making making the the updated updated rect, rect, they they can can report report it it to to the the PCA PCA viduals vidualswill willregister registerin inour ourcoconut coconut confirmed confirmed aa case case of of the the Omicron Omicron This This was was raised raised through through global global Senator Chris- Ukraine ror, administration Planning Secretary Arsenio M. administration. to “push and open” the economy. come come under significant significant pressure pressure By By Cai Cai U. U. Ordinario Ordinario the region regionregistry contracted contracted 0.8 0.8percent, percent, to to close close once once more. more. Ukraine that impacted impacted countries countries left left communities communities in inunder Luzon Luzon inuninunPhilippine Philippine Coconut Coconut Authority Authority Jr.the farmers’ farmers’ registry public, public, providprovidfor for immediate immediate action,” action,” he he added. added. farmers farmersthat registry,” registry,” he he said. said. variant, variant, will willalso alsofall fall under the the YelYelbonds bondsunder (P146.17 (P146.17 billion), billion), program program topher Go aired hopes “we will susBalisacan, the third quarter GDP “The positive growth is consisThis includes the reopening of as as a a result result of of tightening tightening credit credit concon@caiordinario @caiordinario the the sharpest sharpest decline decline in in regional regional Asakawa Asakawa said said the the Russian Russian in in the the region region to to varying varying degrees. degrees. dated, dated, prompting prompting the the government government (PCA) (PCA)Deputy DeputyAdministrator AdministratorRoel Roel ing ing everyone everyone the the opportunity opportunity to to The The PCA PCA official official noted noted that that The The updating updating of of the the coconut coconut loans loans (P139.98 (P139.98 billion), billion), euro-deeuro-delow low list list countries. countries. with theveracity overall goal ofIn the curtaincompletion this of remarkably acceleraexceeded the “median face-to-face classes, faster vaccinaditions ditions globally. globally. With With the theanalyst US US Fed Fed GDP GDP growth growth in in 60 60 years. years. In 2021, 2021, invasion invasion of Ukraine Ukraine is is one one of of The The direct direct impact impact of of the the war war to to deploy deploy rescue rescue and and relief operaoperaM. M.Rosales Rosales said saidabout about 3.11 3.11 million million tent check check the the veracity of of the the list, list, RoRothe the completion of of the thefast initial initial list list farmers farmers registry registry is is mandated mandated by by nominated nominated bonds bonds (P121.97 (P121.97 billion), billion), The The suspension suspension of of relief the the rules rules for for tion rollout and various initiatives rent administration to reinvigorate tion of our economy, now the second is forecast of 6.3 percent” and made likely likely to to hike hike by by a a further further 75 75 bps bps HE HE weakening weakening Chinese Chinese this this rebounded rebounded to to a a 6.9-percent 6.9-percent the the main main reasons reasons for for commodicommodiisRepublic through throughAct trade trade as as well well as as remitremittions. tions. coconut coconut farmers farmers and and farm farm workworksales sales added. added. of ofcoconut coconutfarmers farmersregistry registrywould would Republic Act (RA) (RA) 11524 11524 or or the the aa project project loan loan (P86.41 (P86.41 billion), billion), and and “Green “Green List” List” countries countries will will be be in in poverty creation poverty reduction,” in Asia, especially to cut fastest the Philippines thethis second-fastest before before end-2022, end-2022, this will will bonds likely likely economy, economy, aaand lethal lethal CovCovgrowth growth and this this year year ititis is expected expected ties ties to to see see high high prices, while while the the tances tances coming coming from from Russia. Russia. In In President President Marcos Marcos flew flew over the ers ersunemployment have have been been registered registered with with the the job “The “Theand list listand will will be be posted posted in inpublic public be be just just in inSoutheast time timeprices, for for the the expected expected Coconut Coconut Industry Industry Trust Trust Fund FundAct. Act. yen-denominated yen-denominated samurai samurai bonds effect effect from from November November 28, 28,over 2021 2021the to to incidence in thevariant, country, Panganshe said. as we recover the pandemic.” growing economy in Asean. prompt prompt the BSP BSP to to hike hike in in tandem tandem id-19 id-19 variant, the the war warupin in to to post postwhere aa growth growth of of 4.3 4.3 percent. tightening tightening of of from monetary monetary policy policy terms terms of of trade, trade, Asakawa Asakawa said said imtyphoon-hit typhoon-hit provinces provinces of Bulacan, Bulacan, government government since since it it started started upspaces spaces where people people can canpercent. easily easily see see rollout rollout of of coconut coconut levy-funded levy-funded See See “3-M “3-M farmers,” farmers,” A2 A2 im(P24.19 (P24.19the billion). billion). December December 15, 15, 2021. 2021. of daman added. “The Q3 GDP and fiscal perto tosafeguard safeguard external external stability,” stability,” the the Ukraine, Ukraine, and and the the tightening tightening of of “The “The pace pace of of recovery recovery in in the the in in advanced advanced economies economies is is causcausporters porters of of food food and and energy energy will will be be Nueva Nueva Ecija, Ecija, and and Tarlac, Tarlac, and saw saw See See “Borrowings,” “Borrowings,” A2 A2 Continued Continued on on A2 A2 and See “What,” See “Growth,” A2 growthpolicy rate was also nations due in “The formance is expected to steer the think think tank tank added. added. monetary monetary policy in in rich rich nations various various economies economies remains remains very, very, ing ing “instability “instability in in the theA2 financial financial significantly significantlyaffected affectedand andcausing causing inundated inundated towns towns and and farmlands. farmlands. Just Just last last week, week, the the Monetary Monetary are arethe thefour fourbiggest biggestrisks risksto tothe thererevery very uneven uneven among among the the econoeconomarkets” markets” in in the the region. region. their their import import bills bills to to balloon. balloon. He He said said affected affected areas, areas, parpar50.4600economy, n JAPAN 0.4374 to n UK 67.2329 n So HKwe nbear CHINA 7.9013 n SINGAPORE n AUSTRALIA 36.2807 n EU 56.5758 SAUDI 13.4531 Source: Source: BSP BSPin (November (November 26, 26,Island 2021) 2021) of Board Board decided decided to to raise raise its its interest interest n US gion’s gion’s economy, according according to the the mies. mies. So we6.4722 have have to to bear in in mind, mind, However, However,of of36.8968 these theserisks, risks, AsakaAsakaThe The inflation inflation pressure pressuren that that this this ARABIAticularly ticularly those those in Polillo Polillo Island of n US 58.0770 n japan 0.3966 Bank n UK(ADB). 65.9813 n HK 7.3991 CHINA 8.0172 n singapore 41.4096 n australia conflict 37.3435 n EUcreates 58.1583leads n KOREA 0.0423 n SAUDI arabia 15.4460 Source: BSP (November 2022) rates rates by by 50 50 basis basis points. points. This This is is the the Asian Asian Development Development Bank (ADB). [there [there are] are]n four four possible possible downside downside wa wasaid said the theRussia-Ukraine Russia-Ukraine conflict creates leads countries countries to to tighten tighten Quezon—placed Quezon—placed under under10,Tropical Tropical third third consecutive consecutive month month that that the the In Inaacurtain curtainraiser raiserfor forthe theADB ADB risks risks to to the the economic economic outlook outlook of of poses poses the the most most significant significant risk risk to to monetary monetarypolicy. policy.The TheADB ADBrecently recently Cyclone Cyclone Wind Wind Signal Signal No. No. 55 last last BSP BSP hiked hiked its its benchmark benchmark rates: rates: in in Annual AnnualMeeting Meetingon onMonday, Monday,ADB ADB this this region,” region,” Asakawa Asakawa said. said. the the region. region. Still, Still, Asakawa Asakawa said said the the said saidthe theBangko BangkoSentral Sentralng ngPilipinas Pilipinas Sunday—will Sunday—willget getimmediate immediaterelief relief an an off-cycle off-cycle hike hike in in July July of of 75 75 basis basis President President Masatsugu Masatsugu Asakawa Asakawa The The slowdow slowdownn of of China’s China’s impact impact of of remittances remittances will will be be limlim(BSP) (BSP) is is now now the the most most aggressive aggressive from from the the government. government. points points and and another another in in August August of of 50 50 “Well, “Well, we we are—presently are—presently what what said said these these four four factors factors are are the the economy economy is is being being driven driven by by what what ited itedin inthe theregion regionexcept exceptfor forCentral Central in in terms terms of of raising raising interest interest rates rates to to basis basis points. points. we we are are organizing organizing is is the the airlift airlift for for dark dark clouds clouds hanging hanging over over the the Asakawa Asakawa said said was was aa “very “very strinstrinAsia, Asia,Caucasus Caucasusand andMongolia Mongoliawhich which cool coolinflation. inflation.(https://business(https://businessThe TheBSP BSPalso alsosaid saidits itsaverage averageinflainflafood food materials, materials, food food packs, packs, water water sustained sustained recovery recovery of of the the region region gent gent zero-Covid zero-Covid policy” policy” while while have haveclose closetrade tradeand andeconomic economicties ties mirror.com.ph/2022/09/15/ mirror.com.ph/2022/09/15/ tion tion forecast forecast is is now now closer closer to to 66 perperinto intoPolillo Polillobecause becausethey theysaid saidit itwas was from from the the economic economic downturn downturn there there remains remains aa possibility possibility that that with with the the Russian Russian Federation. Federation. bsp-most-aggressive-in-hikingbsp-most-aggressive-in-hikingcent cent for for this this year year from from last last month’s month’s the the first first area area to to be be hit hit [by [by SuperSupercaused caused by by the the pandemic. pandemic. aa more more lethal lethal variant variant of of Covid-19 Covid-19 There There were were both both direct direct and and policy-rates/) policy-rates/) 5.4 5.4 percent percent average average to to 5.6 5.6 percent. percent. typhoon typhoon Karding],” Karding],” Marcos Marcos said. said. Asakawa Asakawa noted noted that that in in 2020, 2020, could couldspread spreadand andcause causeeconomies economies indirect indirect effects effects of of the the war war in in See See “ADB,” “ADB,” A2 A2
that the economy grew faster in the third quarter.
What it took to attain robust Q3 data: lawmakers weigh OVERDBM, 3-M FARMERS LISTED FOR P75-Bin COCO LEVY FUND
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ADB TAGS 4 BIGGEST RISKS TO ASIAN ECONOMY
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PESO EXCHANGE RATES
PESO exchange rates
See See “Fitch,” “Fitch,” A2 A2
See See “Karding,” “Karding,” A2 A2
PESO EXCHANGE RATES nn US 58.4060 58.4060 n n JAPAN 0.4104 0.4104 n n UK 65.7418 65.7418 n n HK 7.4413 7.4413 n n CHINA 8.2506 8.2506 n n SINGAPORE 41. 41.11861 861 n n AUSTRALIA 38.7933 38.7933 n n EU 57.4657 57.4657 n n KOREA KOREA 0.0415 0.0415 n n SAUDI ARABIA 15.5273 15.5273 Source: Source:BSP BSP(September (September23, 23,2022) 2022)