Overseas Filipino Workers (OFWs) who are eager to spend Christmas
this could help prevent placing the country in another strict lockdown,
this newspaper, is for travel restrictions to be put in place swiftly and
Monday, November 29, 2021 Vol. 17 No.52 n Tuesday, November 22, 2022 Vol. 18 No. 41
quences on the economy.” See “Omicron,” A2
NATL GOVT BORROWINGS BOI TO MISS P1-T GOAL; FOR 10 MOS DIP TO P2.75T 11-MO PROJECTS AT P644B w w
n
P25.00 nationwide | 2 sections 20 pages | P25.00 nationwide | 2 sections 22 pages |
By Bernadette D. Nicolas
Omicron risk spurs revival of quarantine rules in PHL
@BNicolasBM (TOP photo) United States Vice President Kamala Harris meets with Philippine President Ferdinand Marcos Jr. at Malacañang in Manila, Monday, November 21, 2022. (Below) Harris meets with Vice President Sara Duterte at the Aguado House in Manila.
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HE national government’s gross HAIYUN JIANG/THE NEW YORK TIMES, POOL borrowings as of end-October shrank by almost 6 percent year-on-year to P2.75 trillion.
By Samuel P. Medenilla @sam_medenilla
Latest data from the Bureau of the Treasury showed that the government’s gross borrowings during the 10-month period fell by 5.99 percent from P2.92 trillion a year ago. With only two months left for this year, the latest figure is already equivalent to 89.6 percent of its P3.07-trillion borrowing program. Broken down, gross domestic borrowings from January to October settled at P2.23 trillion, down by 5.08 percent from P2.35 trillion in 2020. The bulk of the amount was PEOPLE walk past the mural of Gat Andres Bonifacio at Manila City Hall Underpass. sourced from Fixed Rate Treasury The country will celebrate the 158th birth anniversary of Filipino revolutionary Bonds (P1.19 trillion), followed by hero Gat Andres Bonifacio on Tuesday, November 30. ROY DOMINGO short-term borrowings from Bangko Sentral ng Pilipinas or BSP (P540 billion), Retail Treasury Bonds/Premyo Bonds (P463.3 billion), Retail By Andrea Onshore Dollar Bonds (P80.84 bil- E. San Juan lion). In the same period, there was By Jasper Emmanuel Y. Arcalas dating its registry following the them. This allows everyone to see also a net redemption of Treasury @jearcalas enactment of the Coconut Farmwho are listed in the registry and if Bills amounting to P43.94 billion. ers and Industry Trust Fund law. farmer doesn’t see his name then he Net debt redemption means ORE than 3 million Rosales explained that about shall coordinate with the PCA imthere were more debts repaid comcoconut farmers and 500,000 coconut farmers and mediately,” he explained at a recent pared to the amount borrowed durworkers are now regisworkers were added to the PCA’s dialogue with coconut farmers. ing the period. tered with the government’s reg2018 list that had about 2.5 million “On the other hand, if people Meanwhile, gross foreign boristry, which serves as the basis coconut farmers and farm workers. would see names on the list and rowings in the same period also for the number of people to be The PCA’s next step is to conthey think they are not coconut contracted by 9.7 percent to P518.7 In a from statement on P574.4 Monday, the Ascovered to the by breakdown of investthe utilization of the duct an exclusion-inclusion profarmers or their details are incorbillion last year’s billion. Department Tradethrough and Industry ments per sector, the levy attached P75-billion coconut fund. cedure by making the updated rect, they can report it to the PCA This wasof raised global said as of November 15,2022, the agency Philippine of the TradeCoconut department reAuthority farmers’ registry public, providfor immediate action,” he added. bonds (P146.17 billion), program BOI has(P139.98 approved billion), a total ofeuro-deP644.4 vealed thatDeputy the highest investment (PCA) Administrator Roel ing everyone the opportunity to The PCA official noted that loans billion, which it said was 73.51 perwas committed to the power sector M. Rosales said about 3.11 million check the veracity of the list, Rothe completion of the initial list nominated bonds (P121.97 billion), cent higherloan than the P371.4-billion at P343.8 billion. Thisand was followed coconut farmers farm worksales added. of coconut farmers registry would a project (P86.41 billion), and approved investments during the by Information and Communicaers have been registered with the “The list will be posted in public be just in time for the expected yen-denominated samurai bonds same period last year. tion government with P197 billion; sinceAdministrait started upspaces where people can easily see rollout of coconut levy-funded (P24.19 billion). Of the total amount, the BOI tive and Support Services activities See “Borrowings,” A2 said 81 percent or P518.3 billion acwith P26.8 billion; Transportation counted for domestic investments, and Storage with P25.2 billion; and nReal US Estate 50.4600 with n JAPAN 0.4374 n UK 67.2329 n HK 6.4722 n CHINA 7.9013 n SINGAPORE 36.8968 n AUSTRALIA while 19 percent or P126.1 billion P23.8 billion. By Samuel P. Medenilla ing commitment that we have came from foreign sources. See “BOI,” A2
I
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 stricter protocols for all inbound travelers. To note, IATF Resolution 150A had allowed fully vaccinated non-visa travelers from Green List areas to enter the country without the need for facility-based quarantine as long as they secure negative Reverse TranscriptionPolymerase Chain Reaction (RTPCR) test within 72 hours prior to their departure. programs as President Duterte “Except for countries classified is expected to sign the industry as ‘Red,’ the testing and quarantine development plan in early 2022. protocols for all inbound internaRosales said the PCA will not tional travelers in all ports of entry By Cai U.its Ordinario eradication, middlestop updating list of coconut shall complywhich with leaves the testing and @caiordinario class concerns such as farmers and enjoined them to regquarantine protocols forquality ‘Yellow’ education, stable and productive ister in order to reap the benefits list countries,” Nograles said, citing RO-POOR policies that are employment, social of the decades-long idled coconut the provision of IATFprotection Resolution [including being touted tostop achieve levy fund. “We will not at 3.1 a No. 151-A.health care, pension, unemployment] middle-class society may be million. We hope that more indiHe noted Hongunmentioned,” Kong, which has Tuaño said ina acase presentation. insufficient as the Philippine midviduals will register in our coconut confirmed of the Omicron dle class has significantly expanded “The result is the of sofarmers registry,” he said. variant, will also falldesign under the YelandThe their needs are different from cial and economic programs that updating of the coconut low list countries. those of registry the lowest income class, cannot therules needs farmers is mandated by Theadequately suspensionserve of the for according to local economists. of the differentiated groups in thein Republic Act (RA) 11524 or the “Green List” countries will be In theIndustry Stratbase Albert Del Rosociety, and take into account dif-to Coconut Trust Fund Act. effect from November 28, 2021 sario Institute’s Pilipinas Conferferential needs of different groups,” See “3-M farmers,” A2 December 15, 2021. ence on Monday, Ateneo School of he added. Continued on A2 Government Dean Philip Tuaño Tuaño and de Dios found that shared the findings of his study between 1997 and 2018, the middle 36.2807 EU 56.5758 n SAUDI 13.4531 Source: BSP 26, 2021) togethernwith former Dean of theARABIA class expanded to(November 33 percent of the University of the Philippines School population from 28 percent, while of Economics Emmanuel de Dios. the ratio of the poor have declined Tuaño said the main drivers of to only 3 percent from 15 percent. the expansion of the middle class The data, based on various years of were Overseas Filipino Worker the Family Income and Expenditure remittances and the growth of Survey (FIES) of the Philippine Stathe Business Process Outsourcing tistics Authority (PSA), showed the (BPO) industry. economically secure population also “[This] implies that the official increased to 39 percent from 29 peragenda towards the achievement of cent during the two-decade period. a ‘middle class society’ is poverty See “Middle class,” A2
Middle class needs not OVER 3-M FARMERS LISTED FOR P75-B COCO LEVY FUND MARCOS, HARRIS MEET, TACKLE HE Board of Investments (BOI) is
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confident that it can surpass last year’s investment approvals after it gave its nod to P644.4 billion worth of projects as of November 15.
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RENEWABLE ENERGY, DEFENSE
PESO EXCHANGE RATES
@sam_medenilla
Govt likely lost ₧.5B in tariff cuts on agri imports
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HE government may have lost over half a billion pesos in tariff collections due to Executive Order 171 which reduced tariffs on imports of various commodities, according to the Federation of Free Farmers (FFF). These losses, FFF said, should be enough reason for President Ferdinand Marcos Jr. to reject his economic managers’ proposal to retain lower tariffs on imported rice until the end of 2023. In terms of rice importation, FFF said, rice from Pakistan would have been competitive against those from Vietnam, the largest exporter to the Philippines, even if the former’s tariff had been retained at 50 percent. “Although imports from Pakistan and other countries outside ASEAN arrived at a cheaper price because of lower tariffs, ordinary consumers did not benefit because most of the imports were for premium grades of rice. If ever traders passed on any cost benefits to consumers, the beneficiaries were
the rich consumers of Indian Basmati rice, Japanese sticky rice, or exotic rice dishes in five-star restaurants,” said Raul Montemayor, FFF National Manager. Montemayor saw no additional benefit to the country in extending EO 171, since Pakistan is poised to curtail its rice exports in the coming months following massive floods that hit its rice production areas. Moreover, India, the only realistic alternative to Pakistan, imposed a 20-percent tax on its rice exports in order to preserve its own stocks following similar climatic disturbances. “Instead of looking outside ASEAN, the Philippines should reduce its dependence on Vietnam by developing supply arrangements with other ASEAN countries like Cambodia and Myanmar. This strategy will not require any tariff adjustment, will not incur any losses in customs duties, and will even improve our trade relationships with our ASEAN neighbors,” Montemayor said.
PESO EXCHANGE RATES n US 57.3470
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ENEWABLE energy and security issues were among the matters discussed by President Ferdinand “Bongbong” R. Marcos Jr. and United States (US) Vice President K amala Harris during their meeting in Malacañang on Monday. Harris talked about the potential investment deals which will help the country expand its use of renewable energy and its potential contribution to job generation. “We will talk more about what that means in terms of the opportunities that are presented through our mutual concern about the climate crisis and what we might do in terms of investments and renewable energy and thinking about clean power and the industries that will come about because of that commitment,” Harris said. She also gave assurances the US will continue to honor its defense agreement with the country amid its ongoing territorial dispute with China in the South China Sea. “An armed attack on the Philippines armed forces, public vessels, or aircraft in the South China Sea would invoke US Mutual Defense commitments. And that is an unwaver-
to the Philippines,” Harris said. “So again, I will reiterate that the alliance between the United States and the Philippines is a strong one and enduring one, and only under your leadership continues to be strengthened,” she added.
US always in PHL future
FOR his part, Marcos stressed the cou ntry continues to consider the US as its indispensable ally. “I do not see a future for the Philippines that does not include the United States. And that really has—that really has come from the very long relationship that we have had with the US,” Marcos said. However, Marcos reiterated his previous statement that the country’s relationship with the US must “evolve” with the “rapidly” changing global situations. “That is why it is very important that we continue to progress, that we continue to strengthen, and we—as we redefine those relationships,” the President said. Harris, who arrived in the country on Sunday, is scheduled to visit Palawan before leaving the country on Nov. 22, 2022. Her trip to Palawan, which is near the disputed territories in the South China Sea, aims to signal the US commitment to support the country in case its disagreement with China escalates.
met by pro-poor policies
P
See “Govt,” A2
n JAPAN 0.4086 n UK 68.2544 n HK 7.3320 n CHINA 8.0589 n SINGAPORE 41.6917 n AUSTRALIA 38.1874 n EU 59.1821 n KOREA 0.0428 n SAUDI ARABIA 15.2600
Source: BSP (November 21, 2022)