‘Close borders, cut Omicron risk’ A 5-peat for BM atexposure EJAP Awards By Cai U. Ordinario @caiordinario
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LOSING the country’s borders is one of the most immediate courses of action the government must take to prevent the latest Covid-19 variant, Omicron, from reaching Philippine shores, according to local economists. T he new var iant is a threat, e s p e c i a l l y w it h t he hol id ay s coming up and more foreigners being a llowed to travel to the Philippines, De La Sa lle Universit y economist Mar ia Ella Oplas told BusinessMirror. The holidays usually bring in Overseas Filipino Workers (OFWs) who are eager to spend Christmas
with their loved ones, while forwhich, she said, the economy can no for government to be proactive in eigners living in temperate regions longer afford. imposing them. usually want to relax in tropical “It is better that we do protective Previous instances when the countries like the Philippines. This preventive measures than get excountry had the opportunity to imyear’s influx of OFWs is expected to posed again. We have a lot to lose,” pose travel restrictions did not prebe heavier since many of them were Oplas said. “We should do it now so vent the spread of Covid-19. That was unable to come home for the holidays that we can open just before Christmainly because the decision was not in December 2020. mas. If it gets contained, we can open made immediately, he said. “My recommendation is to protect it again.” “Kung papatay patay [If we’re the borders. Do not allow people with Ateneo Center for Economic Reslow] and we get caught flat-footJasperand PiadDevelopment (ACERD) Lenie Lectura ed, [that’s risky] BiancaWe Cuaresma a history of BusinessMirror travel to countries with Tyrone search were too reof the Year Reporter of the Year Business Reporter of the Year Business Reporter of the Year positive Business casesNews to Source enter,” Oplas said. Business Associate Director Ser Percival active instead of proactive before. (Trade and Industry) (Energy) (Banking) “We should be more restrictive. [We K. Peña-Reyes said closing the We should learn from that,” PeñaStory of the borders Year have to be] more protective in termsFeaturecountry’s wouldOR bethe effecReyes said. “It’sBusinessMirror a delicate balancing fifth consecutive year, was “Villagetive people’sbut zest won’t let of our measures.” should still adhere to thethe “Business act. WeNews need Source to push adjudged of testing the Year”and Covid stop the music of business” at Friday Economic Journalists Oplas said that while this will be standards set by the World Healthnight’stracing to be properly Associainformed tion of the Philippinesof(EJAP) Awards for 2021. a setback to some industries, this Organization (WHO). our decisions. Blanket/shotgun is a fair measure considering that What is needed, Peña-Reyes told approaches could have dire conseContinued on A2 2017 2018 2019 2020 2021 this could help prevent placing the this newspaper, is for travel restricquences on the economy.” country in another strict lockdown, tions to be put in place swiftly and See “Omicron,” A2
Monday, Monday,November November29, 14,2021 2022Vol.Vol.1718No.52 No. 33
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NATL GOVT 9-MO DEBT BORROWINGS SERVICE DIPS, FOR SEPT 10 MOS DIP TO P2.75T BUT PAYMENTS SOAR T T w
ByNicolas Cai U. Ordinario By Bernadette D.
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@caiordinario
Omicron risk spurs revival of quarantine rules in PHL
@BNicolasBM
HE country’s debt service HE national continued to payments government’s decline based on the Januarygross September borrowings asdata of released by the Bureau of the Treasury (BTr). end-October shrank
by almost 6 percent The data showed government year-on-year debt service contractedto 7.67 percent to P889.85trillion. billion in the January P2.75
to September period from P963.78 billion in the same period last year. However, data debt Latest dataBTr from theshowed, Bureau of the service soared 280.16 Treasurypayments showed that the governpercent to P206.996 billion in Sepment’s gross borrowings during the tember 2022 from P54.45 billion in 10-month period fell by 5.99 percent September 2021. from P2.92 trillion a year ago. The themonths government’s Withbulk onlyoftwo left for debt service payments were acthis year, the latest figure is already counted for by amortizations which equivalent to 89.6 percent of its reached P489.87 billion in the JanuP3.07-trillion borrowing program. ary to September period. Broken down, gross domestic borBTr data showed this to representrowings from January October ed a decline of 21.55 percent from settled at P2.23 trillion, down by
5.08 percent from P2.35 trillion in 2020. The bulk of the amount was sourced from Fixed Rate Treasury Bonds (P1.19 trillion), followed by short-term borrowings from Bangthe year comes to an end, ko SentralSng Pilipinas or BSP (P540 the National Economic billion), Retail Treasury Bonds/Preand Development Authormyoity Bonds (P463.3 billion), Retail (Neda) expects government Onshore Dollar Bonds (P80.84 spending to continue to slowbilfor lion). Inrest the of same the the period, year. there was Private economists mixed also a net redemption ofhad Treasury reactions to this, with some saying Bills amounting to P43.94 billion. it is no cause for worry, while one Net debt redemption means expert deemed it a “grave concern,” there were more debtsthat repaid combecause it signals resources pared to the amount borrowed dur“have dwindled” considerably. ing theInperiod. a recent briefing, Socioeconomic Planning Secretary Meanwhile, gross foreignArsenborio M. Balisacan said frontloading rowings in the same period also of government resources due to contracted by 9.7 percent to P518.7 Covid-19 may have led Governbillion from last year’s P574.4 billion. ment Final Consumption ExpenThis was raisedtothrough global diture (GFCE) only grow 0.8 bonds (P146.17 billion), program percent in the third quarter. loans (P139.98 billion), euro-deThis is the lowest since the second quarter of(P121.97 2021 when GFCE nominated bonds billion), contracted 4.2 percent. For and the a project loan (P86.41 billion), first three quarters, GFCE growth yen-denominated samurai bonds (P24.19 billion).
20 pages | P25.00 nationwide | 2 sections 18
By Samuel P. Medenilla @sam_medenilla
the P624.43 billion posted in the same period last year. In September, amortizations soared to P147.099 billion in 2022, a 2,131.14-percent increase from the P6.59 billion posted in September 2021. Meanwhile, interest payments posted double-digit growth in the nine-month period ending in September and in the month of September this year. BTr data showed interest payments reached P399.98 billion in the January to September period this year, a 17.87-percent growth from the P399.35 billion in 2021.
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NTER NATIONA L concerns over the possible spread of the more infectious Omicron Covid-19 variant prompted the government to reimpose mandatory facility-based quarantine for all arriving passengers in the country. Acting Presidential spokesperson Karlo B. Nograles announced on Sunday that the Inter-Agency Task Force for the Management of Emerging Infectious Diseases (IATF) suspended the implementation of its Resolution No. 150A (s.2021), effectively imposing See “Debt Service,” A2 stricter protocols for all inbound travelers. To note, IATF Resolution 150A had allowed fully vaccinated PEOPLE walk past the mural of Gat Andres Bonifacio at Manila City Hall Underpass. non-visa travelers from Green List The country will celebrate the 158th birth anniversary of Filipino revolutionary areas to enter the country withhero Gat Andres Bonifacio on Tuesday, November 30. ROY THEDOMINGO Philippine Stock Exchange trading floor shows the exchange rates of foreign currencies. Foreign exchange-rate fluctuations boosted the earnings of the Bangko Sentral ng Pilipinas to P54.62 billion out the need for facility-based was at 5.5 percent, slower than the in the first half of the year, reports showed. The BSP has given assurances, amid the slide of the peso versus the dollar earlier this month, that its arsenal to intervene in the forex market, option it quarantine as long as an they secure 6.9 percent posted in the same peprudently employs, is much larger than the country’s reserves. NONIE REYES negative Reverse Transcriptionriod last year. Polymerase Chain Reaction (RT“It is also possible that in PCR) test within 72 hours prior response to Covid-19, [governto their departure. ment] downloaded its spending muchBy earlier the first half and “Except for countries classified JasperinEmmanuel Y. Arcalas dating its registry following the them. This allows everyone to see programs as President Duterte so that’s less resources already 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 available in the third quarter and Byand Jovee Marie N. delaFund Cruzlaw. growth of 7.6 percent in the third quarter of President Ferdinand get in a bid support vulnerable protocols fortoall inbound internaers Industry Trust farmer doesn’t see his name then he development plan in early 2022. that might be expected also for @joveemarie that about quarter, saying with the subsidy proMarcos Jr.’s administration. sectors amid surging commodity tional travelers in all ports of entry ORE than 3 million Rosales explained shall coordinate the PCA imRosales said the PCA will not the fourth quarter,” Balisacan grams will further boostatdomestic “At this point, the of best defense prices in a global inflation. shall comply with the testing and coconut farmers and 500,000 coconut farmers and mediately,” he explained a recent stop updating its list coconut said in the briefing. N economist-lawmaker on output and curb inflation. againstand inflation is them domestic outThe Department of for Social Welquarantine protocols ‘Yellow’ workers Balisacan are now regisworkers were added to the PCA’s dialogue with coconut farmers. farmers enjoined to regOver the weekend, expressed confi“We welcome these ifdevelopput in expansion. Thethe government fare and Development (DSWD) will toldtered BusinessMirror that the reglist countries,” Nograles said, citing with the government’s 2018Sunday list that had about 2.5 million “On the other hand, people ister order to reap benefits dence that the Marcos adments. Despite high inflation in has been providing fuel and ferget a big chunk of the budget, with timing of payouts of cash assisthe 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 ministration’s the quarter of 2022, we saw tilizer subsidies to stop boost agriP165.40 billion to be allocated for tance—with the ongoing vali-to be No. 151-A. for the number of people The PCA’s planned next stepexpansion is to contheythird think they are not coconut levy fund. “We will not at 3.1 dation of the beneficiaries of of “ayuda” or subsidy programs growth in output in the same quarcultural production. We should social assistance He noted Hongprograms. Kong, which has covered by the utilization of the duct an exclusion-inclusion profarmers or their details are incormillion. We hope that more indithe Modified Conditional Cash would hasten economic turnter. On thecan supply side, all sectors consider expanding thiscoconut program Other agencies theOmicron Departconfirmed a case like of the P75-billion coconut levy fund. cedure by making the updated rect, they report it to the PCA viduals will register in our Transfer (MCCT) Program of the around. grew. At the same time,hedomestic to better supporthe our producers,” ment of Health (DOH), Department variant, will also fall under the YelPhilippine Coconut Authority farmers’ registry public, providfor immediate action,” added. farmers registry,” said. Department of Social Welfare House Committee on Approdemand remained said she said. of Labor and Employment (DOLE), low list countries. Deputy Administrator ing everyone the opportunity to The PCA officialrobust,” noted that The updating of the coconut and(PCA) Development (DSWD) in Roel Senior ViceofChairperson Quimbo. The registry Marcos administration andThe Development of the Agriculture July—contributed to the3.11 slowsuspension of rules for M. Rosales said about million priations check the veracity the list, Rothe completion of the initial list farmers is mandated by is Stella Quimbo said this as she welThe 7.6 percent growth in gross eyeing the provision of P206.50(DA) will also get their down in GFCE. “Green List” countries slice will of bethe in coconut farmers and farm worksales added. of coconut farmers registry would Republic Act (RA) 11524 or the See “Govt,” A2 comed the Philippines’s remarkdomestic product (GDP) in the third billion subsidies and cash aid under “ayuda” pie. 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. gross domestic product (GDP) quarter was levy-funded the first full the proposed national budDecember See 15,“Ayuda,” 2021. A2 government since it started up- able spaces where people can easily see rollout of of 2022 coconut See “3-M2023 farmers,” A2
GOVT SPENDING SEEN TO SLOW; IMPLICATIONS DIVIDE EXPERTS
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See “Borrowings,” A2
OVER 3-M FARMERS LISTED FORinP75-B COCO LEVY ‘Bigger ayuda ’23 budget toFUND hasten recovery’
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PESO EXCHANGE RATES n US 58.1250 n JAPAN 0.4124 n UK 68.1051 n HK 7.4097 n CHINA 8.0904 n SINGAPORE 42.0616 n AUSTRALIA 38.4613 n EU 59.3456 n KOREA 0.0431 n SAUDI ARABIA 15.4629 Source: BSP (November 11, 2022) PESO EXCHANGE RATES n US 50.4600 n JAPAN 0.4374 n UK 67.2329 n HK 6.4722 n CHINA 7.9013 n SINGAPORE 36.8968 n AUSTRALIA 36.2807 n EU 56.5758 n SAUDI ARABIA 13.4531 Source: BSP (November 26, 2021)