‘Close borders, cut Omicron exposure risk’ Marcos wants to ‘reintroduce’ Philippines Biz groups: DOE move to amend RE law’s IRR a right step THE AP INTERVIEW
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 Andrea E. San Juan Department Circular No. 2022the Philippines. We look forward tions Implementing Republic Act and 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@andreasanjuan 11-0034 toOFWs amend provisions to Duterte, seeing the rules finalized so Three No. 9513.into EW EW YORK—Looking YORK—Looking to to “reintro“reintropredecessor, predecessor, Rodrigo Duterte, who who alienated alienated ing. ing. Three months months into his his administration, administration, is is one one of of the the most most immediate immediate year’s year’s influx influx of of OFWs is is expected expected to to of Rodrigo posed posed again. again. We We have have aa lot lot to to lose,” lose,” pose pose travel travel restrictions restrictions did did not not prepretheto said law to allow more companies can explore “Because ofof limitedThat generaduce duce the the Philippines” Philippines” to the the world, world, many manyforeign international international partners partners with his hisdo vioviohe he seemed seemed energetic energetic and and enthusiastic—and enthusiastic—and courses courses of of action action the the governgovernbe be heavier heavier since since many many of of more them them were were Oplas Oplas said. said. “We “Wewith should should do itit now nowthis so so vent vent the thespread spread ofour Covid-19. Covid-19. That was was USINESS groups have welplayers to participate in the local sector’s large potential for cooption capacity, investments in not RE 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 comed the Department of renewable energy sector. eration and energy generation,” will make us leapfrog to a power has has ambitious ambitious plans plans for for his his nation nation on on the the ininand and the the coarse coarse rhetoric rhetoric he he used used to to galvanize galvanize yond yond its its borders. borders. est estCovid-19 Covid-19variant, variant,Omicron, Omicron,from from in in December December 2020. 2020. mas. mas.If Ifititgets getscontained, contained,we wecan canopen open made made immediately, immediately, he he said. said. Energyternational (DOE)’s to at renewable sector itit again.” Zimmer added. mix thathe is met lower-cost, for ternational stage stage and and at home—if, home—if, that that is, is, energy supporters. On On Thursday, Thursday, he met with with US USbetter President President reaching reaching Philippine Philippine shores, shores, decision accordaccord“My “My“The recommendation recommendation is issupporters. to toprotect protect again.” “Kung “Kung papatay papatay patay patay [If [If we’re we’re amend provisions of Renewable has always been an interest for In a separate statement, the the environment, and even win 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-footEnergy Act of allow aaor many German investors when Makati Business Club (MBC) us [that’s a slice ties of the industry,” MBC change change be beto overcome overcome or at at least least managed. lethal lethalwith drug drug crackdown, crackdown, Marcos Marcos redirected redirected times times complicated complicated ties that that have have ebbed ebbed and and TThe he new new (RE) var variant iant is is 2008 acan acan threat, threat, history history of ofmanaged. travel travel to to countries countries with search search and and Development Development (ACERD) (ACERD) ed, ed, [that’s risky] risky] We We were were too too reremore foreign players to particithey consider doing business also lauded DOE Secretary RaExecutive Director Francisco AlAnd 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. pateup inand the Philippine renewable thehis Philippines,” said GPCCI P.M. Lotilla his team cuaz Jr. four said infrom a statement on two two people: people: his his predecessor, predecessor, and and his father. the the plan. plan. Philippines Philippines spent spent four decades decades as as an an AmeriAmericoming coming up and more more foreigners foreigners “We “Wein should should be befather. more more restrictive. restrictive. [We [We K. K. phael Peña-Reyes Peña-Reyes said said and closing closing the the We We should should learn learn from that,” that,” PeñaPeñaenergy sector. Executive Director Christopher at the DOE for the promulgation Thursday. He 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 WORLD | A9 In a statement on Thursday, Zimmer. ofbut Department Circular No.“There The localbits business groupwhere also both both the United United States Statesand and China—a China—a delicate delicate Marcos Marcos told told The Thetive Associated Associated Press Press on on Friday. Friday. “There have been bits and and pieces pieces where Philippines, Philippines, De De La La Sa Sathe lle lle UniverUniverof of our our measures.” measures.” tive but should should still still adhere adhere(DC) to to the the act. act.have We We been need need to to push push testing testing and and the German-Philippine Chamber “Germany has a strong RE in2022-11-0034, which prescribes said the reform is opportune amid balancing balancing act act for for the the Southeast Southeast Asian Asian nation nation “We “We have have seen seen many many cases cases where where policemen, policemen, they they were were not not perhaps perhaps ideal,” ideal,” Marcos Marcos said. said. sit sityy economist economist Mar Maria ia Ella Ella Oplas Oplas Oplas Oplas said said that that while while this this will will be be standards standards set set by by the the World World Health Health tracing tracing to to be be properly properly informed informed of Commerce—and, and Industry dustry a industries, lot ofother know-how the amendment to charSection of in the volatile oil market. —and, like like many manyInc. of of his hisaafellow fellow leaders leaders at at the the other operatives, operatives, some some were werejust just shady shady char- 19“But “But in of the the end, end, that that overall overall trajectory trajectory has has told told BusinessMirror. BusinessMirror. setback setback to towith some some industries, this this Organization Organization (WHO). (WHO). of our our decisions. decisions. Blanket/shotgun Blanket/shotgun (GPCCI) said it commends the Enand experience that could conDepartment Circular 2009-05United 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 conseconseergy department’s decision underglobal to to the energyplacing transition 0008 Rules and RegulaSeethe “Biz,” A2 PRESIDENT PRESIDENTFerdinand FerdinandMarcos MarcosJr. Jr.speaks speaksduring duringan aninterview interviewwith withThe TheAssociated AssociatedPress, Press,Friday, Friday,September September 23, 23,2022, 2022, in in tries tries that that have have caused caused global warming warming toprevent help help came came from from andthis who who they theytitled were were working working for. for.restricstrengthen strengthen our our relationship.” relationship.” Overseas Overseas Filipino Filipino Workers Workers (OFWs) (OFWs) this thistribute could could help help prevent placing the the ofand this newspaper, newspaper, is is for for travel travel restricquences 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.
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Russian strikes hit Ukraine’s Odesa region, city of Dnipro
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INFLATION RISKS SPUR NATL GOVT BORROWINGS FITCH THINK TANK SEES FOR 10 MOS DIP TO P2.75T RECORD-HIGH RATE HIKE RATES HITTING 5% IN ‘22 www.businessmirror.com.ph w w
Monday, Friday,November November29,18,2021 2022Vol.Vol.1718No.52 No. 37 Tuesday, September 27, 2022 Vol. 17 No. 354
n n n n n
By By Bernadette Bernadette D. D. Nicolas Nicolas By By Bianca Bianca Cuaresma Cuaresma @BNicolasBM @BNicolasBM By Cai U. Ordinario @BcuaresmaBM @BcuaresmaBM
Omicroncuts risk ‘Karding’ spurs revival PSA: PHL PRODUCED ONLY 81.5% big damage, of quarantine OF ITS TOTAL RICEbut SUPPLY IN ‘21 casualty rules in PHL count limited
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@caiordinario
HEBangko national HE government’s ITH Sentral ng gross Pilipinas expecborrowings as of (BSP) is expected tations end-October shrank to continue raising that inflation by almost 6 percent monetary policy would higher year-on-year to rates thisbeyear, even as the P2.75 trillion. in thecountry’s coming Central Bank has months, the already let out Latest Latestdata data from from the theBureau Bureauof ofthe the Monetary Board aggressive Treasury Treasury showed showedhikes that that the thein governgovernment’s ment’slast gross grossthree borrowings borrowings during during the the on Thursday the months 10-month 10-monthperiod periodfell fellby by5.99 5.99percent percent —as thetrillion economy raised interest from from P2.92 P2.92 trillion aa year year ago. ago. With With only only two two months months left left for for battles rising prices rates to its highest this thisyear, year,the the latest latest figure figure is isalready already and currency equivalent equivalent to 89.6 89.6 percent percent of of its its level into13 years. depreciation, anprogram. P3.07-trillion P3.07-trillionborrowing borrowing program. Broken Broken down, down, gross gross domestic domestic borborinternational think rowings rowings from from January January to to October October In a at press briefing tank said. settled settled at P2.23 P2.23 trillion, trillion,after down downits by by
P25.00 P25.00nationwide nationwide| |22sections sections30 20pages pages| |7 days a week P25.00 nationwide | 2 sections 18 pages |
By Jasper Emmanuel Y. Arcalas
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LOSS AND DAMAGE Vanessa Nakate, of Uganda, Mitzi Jonelle Tan, of the Philippines, Precious Kalombwana, of Zambia, and Dominika Lasota, of Poland, hold signs that read “Show us the money” at the US Center at the COP27 UN Climate Summit, November 11, 2022, in Sharm el-Sheikh, Egypt. The issue of polluting
@jearcalas
E S PI T E a r e c o r d high domestic output, the Philippines was only able to produce 81.5 percent of its total rice supply last year, lower than the 85 percent rate recorded in 2020, latest official statistics showed. In its annual report on food availability, the Philippine Statistics Authority (PSA) revealed that the country’s rice self-sufficiency ratio (SSR), which measures the volume of commodity supply that is locally produced, declined last year due to higher import volume.
PS A d at a showed t h at milledBy rice production last By Samuel Samuel P. P. Medenilla Medenilla year rose by @sam_medenilla 3.44 percent year@sam_medenilla on-year to 13.054 million By By Samuel Samuel P. P. Medenilla Medenilla metric tons (MMT), a @sam_medenilla @sam_medenilla NTER NTERNATIONA NATIONALLquite concerns concerns laggard compared to the 33.71 & & Rene Rene Acosta Acosta over over the the possible possible spread spread of of the the percent inOmicron import Co@reneacostaBM @reneacostaBM more moreincrease infectious infectious Omicron Covolume. vid-19 vid-19 variant variant prompted prompted the the govgovTheRESIDENT Philippines posted a R. RESIDENT Ferdinand Ferdinand R. ernment ernment to to reimpose reimpose mandatory mandatory record palay output of 19.96 Marcos Marcos Jr. Jr. on on Monday Monday ininfacility-based facility-based quarantine quarantine for for all all MMT last year, based onmasspected spected from fromthe the air airthe the masarriving arriving passengers passengers in inthe the country. country. PSA data. sive sive devastation devastation caused causedspokesperby by SuperSuperActing Acting Presidential Presidential spokesperRice imports last year rose typhoon typhoon “Karding” “Karding” (international (international son son Karlo Karlo B. B. Nograles Nograles announced announced to 3 MMT from 2.219 name: name: Noru) Noru) across across Luzon, Luzon, firing firing on onnearly Sunday Sunday that that the the Inter-Agency Inter-Agency MMT recorded volume in off off directives directives to to ensure ensure a a return return to to Task Task Force Force for for the the Management Management 2020, pushing the country’s normalcy normalcy for for thousands thousands it it affected. affected. of of Emerging Emerging Infectious Infectious Diseases Diseases import dependency ratio to At At the the same same time, time, however, however, he he was was (IATF) (IATF) suspended suspended the the implemenimplemen18.5 percent from 15 percent, pleased pleased by by reports reports of of minimal minimal cacatation tation of of its its Resolution Resolution No. No. 150150based on PSA data. 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 See “PSA,” A2 units. by by local local 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
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policy rate setting, Bangko Sennations paying vulnerable countries is handed over to women, who got the issue on the agenda after 30 years. Whether this year’s United Nations climate talks 5.08 5.08 percent percent from from P2.35 P2.35 trillion trillion tral ng Pilipinas (BSP) Governor in Egypt succeed or fail mostly will come down to the issue called loss and damage in international negotiations, officials and experts say. It’s an issue that in in 2020. 2020. andIn Monetary Board In its itsbulk assessment assessment of of local local ecoecointertwines equity and economics, balancing the needs of those hurt and those who would pay. AP/PETER DEJONG The The bulk of of the the Chairperson amount amount was was Felipe Medalla said Treasury thefirm MB PEOPLE PEOPLEwalk walkpast pastthe themural muralof ofGat GatAndres AndresBonifacio Bonifacioat atManila ManilaCity CityHall HallUnderpass. Underpass. nomic nomic dynamics, dynamics, research firm sourced sourcedM. from from Fixed Fixedresearch Rate Rate Treasury raised interest rates on the BSP’s 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 overnight repurchase facility by ROYDOMINGO DOMINGO hero heroGat GatAndres AndresBonifacio Bonifacioon onTuesday, Tuesday,November November30. 30. ROY now now expects expects the the BSP BSP to to raise raise intershort-term short-term borrowings borrowings from frominterBangBang75 basis points (bps) to 5 percent est est rates rates by by 75 75 more more basis basis points points ko koSentral Sentralng ngPilipinas Pilipinasor orBSP BSP(P540 (P540 from 4.25 percent. before before the the year year ends, ends, Bonds/Preeffectively effectively billion), billion), Retail Retail Treasury Treasury Bonds/PreThis is the highest putting putting the the benchmark benchmark at atovernight 55percent percent myo myo Bonds Bonds (P463.3 (P463.3 billion), billion), Retail Retail repurchase facility interest by by the the end end of of 2022. 2022. Onshore Onshore Dollar Dollar Bonds Bonds (P80.84 (P80.84rate bilbillevel since February 2009 when This This isthe aamore more aggressive aggressive outlook outlook lion). lion). In Inis the same same period, period, there there was was it was also attheir 5 percent. was compared compared to 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 to redemption redemption of ofThis Treasury Treasury during the Global Financial Criof of a a 4.5-percent 4.5-percent benchmark benchmark rate rate by by @jearcalas @jearcalas enactment enactment of of the the Coconut Coconut FarmFarmwho whoare arelisted listedin inthe theregistry registryand andifif is is expected expected to to sign sign the the industry industry Bills Bills amounting amounting to to P43.94 P43.94 billion. billion. sis (GFC). By Samuel P. Medenilla Thailand expressed interest in appropriate thename Philippines,” the theNet end end of of the theredemption year. year. ers ers and and Industry Industry Trust Trust Fund Fund law. law. farmer farmer doesn’t doesn’tfor see seehis his name then thenhe he development development plan plan in in early early 2022. 2022. Net debt debt redemption means means protocols protocols for for all all inbound inbound internainterna“The BSP’s latest baseline fore@sam_medenilla increasing their investment in said Marcos addressing CP “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 overthe the the typhoon-hit typhoon-hit 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 PCA imimRosales Rosales 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 cast indicates a high growth the country’s agriculture sector, Group elevated elevated relative relative to to the the BSP’s BSP’spath tartarINITIAL INITIAL damage damage to to testing farms farms was was Tarlac, Tarlac,among amongthose those hard hardhit hitby by Supertyphoon Supertyphoon Karding at atthe the weekend. weekend. Despite Despite the the devastation, devastation, Marcosnoted noted that thatofficials. preparations 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 durdurshall shall comply comply with with the the testing and and over the policy horizon, with averETERMINED to secure adparticularly on the production The President, who is also the get get range range of of 2 2 percent percent to to 4 4 percent percent PHOTO PHOTOCOURTESY COURTESY OF OFMALACAÑANG MALACAÑANG PALACE PALACE of 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’ age inflation thebank upper investments from rice, corn well asmillion aquaconcurrent agriculture and andMeanwhile, we we expect expectreaching the the central central bank to to sure sure to toclimb climbgiven given the themassive massive devdevtered teredditional with with the the government’s government’s regreg- swine, 2018 2018list list that that had hadas about about 2.5 2.5 million “On “On the the other other hand, hand, if ifsecretary, people people ister ister in in order order to to reap reap the the benefits benefits Meanwhile, gross gross foreign foreign borborlist listcountries,” countries,” Nograles Nograles said, said,citing citing end of the 2 to 4 percent target the Thai conglomerate CP culture. welcomed the possible additiontighten 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 range ininflation both and group, Ferdinand “BongCP Group al CPthink Group investments in the levy anchor anchor inflation expectations,” expectations,” for for harvest. Story on on page page A3. A3. for forPresident the the number number of of people people to to be be The The PCA’s PCA’scurrently next next step stephas is is to toUS$2 conconthey they think they they are are not not coconut coconut levyfund. fund.“We “Wewill willnot notstop stopat at3.1 3.1 contracted contracted by by 9.7 9.72022 percent percent to to2023,” P518.7 P518.7 No. No.harvest. 151-A. 151-A. Story Medalla said in his statement bong” R. Marcos, Jr. said he will billion worth of investments in country, particularly on aquaculFitch 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 during the briefing. be deploying agriculture officials the country. ture since it will help the country “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 Based on BSP’s forecast, inflato initiate exploratory talks with “The Department of percent, Agriculachieve foodmore. security. come come under under significant significant pressure pressure By By Cai Cai U. U. Ordinario Ordinario the the region region contracted contracted 0.8 0.8 percent, to to close close once once more. Ukraine Ukraine that impacted impacted countries countries left left communities communities in inunder Luzon Luzon inuninunPhilippine Philippine Coconut Coconut Authority Authority farmers’ farmers’ registry 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 bonds (P146.17 (P146.17 billion), billion), program program tion is now expected to average 5.8 the said company. ture of the Philippines will go to “[Aquaculture] is an area where 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. percent in bonds 2022 With from thebillion), initial Marcos made remark duryour Philippine and we will the completion Philippines do well…So ditions ditions globally. globally. With the the US US Fed Fed GDP GDP growth growth in inoffices 60 60 years. years. In In 2021, 2021, invasion invasion of of Ukraine Ukraine 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 saidthe about about 3.11 3.11million million check check the the veracity veracity of of the the list, list, RoRothe the completion of ofcan the theis initial initial list list farmers farmers registry registry is is mandated mandated by by nominated nominated bonds (P121.97 (P121.97 billion), The The suspension suspension of of relief the the rules rules for for forecast of 5.4 percent and 4.3 ing his dinner meeting with CP begin by that, and maybe we will that’s something that we are not is 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 percent in 2023 from the Groups officials onaaWednesday a“The timeand when team Filipinos doing ain and I really feel that tances before before end-2022, end-2022, this this will willinitial likely likely economy, economy, lethal lethal CovCovgrowth growth and this thisabe year year ititof is isexpected expected ties ties to to see see high high prices, prices, while the the tances coming coming from from Russia. Russia. In In President President Marcos Marcos flew flew over the ers ers have have been been registered registered with with the the set “The list list will will be posted posted in inpublic public be be just just inlot, time time for for the thewhile expected expected Coconut Coconut Industry Industry Trust Trust Fund FundAct. Act. yen-denominated yen-denominated samurai samurai bonds bonds effect effect from from November November 28, 28,over 2021 2021the to to estimate ofBSP 4 percent. in Thailand. can come to Thailand. Then we we are of missing anlevy-funded opportunity prompt prompt the BSP to to hike hike in in tandem tandem id-19 id-19 variant, variant, the the war warupin in to to post post aa growth growth of of 4.3 4.3 percent. tightening tightening of of 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 where people people can canpercent. easily easily see see rollout rollout of coconut coconut 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 In the meeting, executives of can see what are the opportunito 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 “Marcos,” A2 Seeadded. “Inflation,” A2 the monetary largest private company in ties that economies you feel are going very, to be think think tank tank added. monetary policy policy in in rich rich nations nations various various economies remains remains very, ing ing “instability “instability in in the the 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 japan 0.4116 n UK(ADB). 68.4178 n HK 7.3413 CHINA 8.0897 n singapore 41.9333 australia 38.7119 59.7105 leads n KOREA 0.0430to SAUDI arabiaQuezon—placed 15.2829 Source: BSP (November 2022) rates rates by by 50 50 basis basis points. points. This This is is the then US 57.4360 Asian Asian Development Development Bank Bank (ADB). [there [there are] are]n four four possible possible downside downside wa wasaid saidthe then Russia-Ukraine Russia-Ukraine conflict conflictn EUcreates creates leads countries countries to n tighten tighten Quezon—placed under under17,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
Marcos leads courtship of Thai OVER 3-M LISTED FOR P75-B COCO LEVY FUND giant for FARMERS agriculture investments
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ADB TAGS 4 BIGGEST RISKS TO ASIAN ECONOMY
T
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)