Another rate cut ‘possible’ in Dec–BSP By Reine Juvierre S. Alberto
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NOTHER reduction in the country’s key policy rate is “possible” in the December rate-setting meeting of the Monetary Board, according to its Chairman Eli M. Remolona Jr. On the sidelines of the BSP’s 2025 FinEd Congress on Tuesday, BSP Governor Eli M. Remolona Jr. said the Monetary Board, the highest policy-making body of the BSP, could deliver a rate cut on December 11. “I would say it’s possible. Pwede naman,” Remolona told reporters, when asked if a rate cut is likely considering the slower-than-ex-
pected economic expansion in the third quarter of the year. In terms of how big the Monetary Board’s cut on the key policy rate could be, Remolona said it could only be up to 25 basis points. “This is not a hard-landing scenario.” Should the Monetary Board cut interest rates, this will bring down the total number of rate cuts to 200 basis points since the easing cycle began in August 2024. The key policy rate currently stands at 4.75 percent, after the Monetary Board reduced the policy rate by 25 basis points last October 2025. After the economy grew by 4 percent in the third quarter, its
slowest pace in four years, the Monetary Board is now expected to lower interest rates to cushion the slowdown and support economic recovery. “We have to figure out whether the slowdown is from the demand side or the supply side. If it’s the supply side, we won’t be able to do anything,” Remolona said. Meanwhile, the BSP is also assessing if the large banks’ reserve ratio requirement (RRR) could be reduced. “We’re still thinking about it. It’s still 5 percent,” Remolona said. “We are still adjusting the liquidity in the system—whether it’s sufficient or excessive. Because if you
lower the reserve requirement, liquidity will increase.” Earlier, Remolona said that the RRR remains high at 5 percent and expressed his vote to bring it down to zero, similar to the United States. The BSP reduced the RRR for universal and commercial banks, as well as non-bank financial institutions with quasi-banking functions, by 200 basis points to 5 percent effective March 28, 2025. Furthermore, Remolona said the BSP is “not worried” about the peso touching the P59 level recently, as it intervenes in the foreign exchange market “just a little” to keep things orderly.
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PHL AGRI EXPORTS GET NEW TARIFF EXEMPTIONS www.businessmirror.com.ph
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Wednesday, November 19, 2025 Vol. 21 No. 42
P25.00 nationwide | 2 sections 20 pages | 7 DAYS A WEEK
By Malou Talosig-Bartolome
HE United States has approved new tariff exemptions for agricultural exports, including coconuts, pineapples, and tropical fruits from the Philippines—protecting over USD 1 billion in shipments and delivering crucial relief to Filipino farmers and exporters. On November 14, 2025, US President Donald Trump signed an Executive Order expanding exemptions under reciprocal tariffs. The measure applies to agricultural products not locally produced in the US, benefiting countries like the Philippines that rely heavily on export-driven rural economies. “This is a significant win for the Philippines,” said Frederick D. Go, Special Assistant to the President for Investment and Economic Affairs. “We’ve been working to ease the impact of the 19 percent tariff imposed
earlier this year.”
What PHL products are now tariff-free
THE latest exemptions cover a wide range of high-value agricultural goods: • Copra oil, coconut water, and desiccated coconuts • Processed pineapples and fruit juices • Processed bananas and dried tropical fruits • Dried guavas, mangoes, and mangosteen • Rice wafer products See “Exports,” A2
DAMAGE FROM ‘TINO, ‘UWAN’ NOW OVER P4B, DA REPORTED By Ada Pelonia
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HE estimated overall damage from typhoons Tino and Uwan surged to over P4 billion, the Department of Agriculture (DA) said Tuesday. In a statement, the DA said its latest estimates showed the storms caused farm damage worth P4.13 billion and wiped out around 19.2 million metric tons (MMT) of production across 43,882 hectares. This affected crops, coconut farms, livestock and poultry, fisheries, agricultural infrastructure, and machinery. As such, the DA said over 65,000 farmers across 14 regions are set to receive indemnification checks worth P571 million from the Philippine Crop Insurance Corp. (PCIC) as compensation for farm damage brought by typhoons Tino and Uwan.
PCIC President Jovy Bernabe said that about 65,176 insured farmers from 14 regions were affected by the two typhoons as of November 11. Most of the farmers cultivate rice, corn, and high-value crops. Agriculture Secretary Francisco Tiu Laurel Jr. said this forms part of the government’s assistance package to help producers recover swiftly. He added that wider crop insurance coverage is becoming increasingly critical as climate change intensifies the frequency and severity of extreme weather events. “Hopefully, more of our agricultural stakeholders can be covered by the PCIC so the sector can better cope with disasters,” Tiu Laurel said. The DA said initial assessments indicate losses of around P147.3 million for rice, P55.6 million for corn, and P224.3 million for high-value crops. See “Damage,” A2
STATION FRUSTRATION Long queues build up at the EDSA Carousel Nepa Q-Mart Station in Quezon City on Tuesday, November 18, 2025, after the Metro Rail Transit Line 3 (MRT-3) temporarily
halted southbound trips from the Santolan and Ortigas stations due to a technical problem. MRT-3 management said operations have been limited to five trains shuttling between the Shaw Boulevard and Taft Avenue stations, in both directions, while the issue is being fixed. NONOY LACZA
Tieza eyes 7 tourism sites for privatization By Ma. Stella F. Arnaldo Special to the BusinessMirror
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HE Tourism Infrastructure and Enterprise Zone Authority (Tieza) is open to fully privatizating seven of its properties, among which is the once-popular Paoay Golf Course and Mt. Data Hotel. In a news conference on Tuesday, Tieza Chief Operating Officer Dr. Mark T. Lapid said, “For the properties that we own, that are titled to us, we are definitely open to outright sale, not only for joint venture. But for those that are not
titled to us, joint venture is one of our modes [of public-private partnership].” Other properties that are available for outright sale include: the Balacad Property in Laoag, Ilocos Norte (123,387 square meters); Kang Irag Golf Course in Cebu (945,413 sqm); Agoo Aplaya Hotel in La Union (35,000 sq m); San Fabian Bagong Lipunan Lodge in Pangasinan (57,935 sq m); and a Baguio lot. No further information was available for the latter. The Paoay Golf Course is a 77-hectare property in Ilocos Norte, with an 18-hole golf
course. Tourists from Japan, South Korea, and mainland China used to golf there, but since chartered flights to the Laoag International Airport were halted, visitors have dwindled. The golf course is currently being rehabilitated by Tieza. The 22-room Mt. Data Hotel (77,060 sq m) is located in Bauko, Mountain Province and is of historic importance, having been the venue of the signing of the peace agreement in September 1986 between the first Aquino administraiton and the Cordillera People’s Liberation Army.
Tieza is a government corporation tasked to build tourism infrastructure and ecozone. Chaired by the tourism secretary, Tieza is also now the primary investment body from which tourism businesses can avail of tax incentives for their projects.
Boracay drainage project
AS this developed, Tieza will be retaking control of the Boracay drainage project after the Department of Public Works and Highways (DPWH) failed to complete its portion due to cost overruns. See “Tieza,” A2
PESO EXCHANGE RATES n US 59.0860 n JAPAN 0.3806 n UK 77.7335 n HK 7.6000 n CHINA 8.3132 n SINGAPORE 45.3496 n AUSTRALIA 38.3586 n EU 68.4984 n KOREA 0.0404 n SAUDI ARABIA 15.7559 Source: BSP (November 18, 2025)