ISUZU GENCARS BREAKS borders, cut Omicron exposure risk’ GROUND IN SAN‘Close PABLO
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SUZU Gencars celebrated the groundbreaking of the new location of Isuzu San Pablo in a ceremony on Monday (October 3) at Km. 85 Maharlika Highway, Barangay San Ignacio, San Pablo City, Laguna. Gencars Chairman and Chief Executive Officer D. Edgard A. Cabangon led Gencars executives in welcoming the delegation from Isuzu Philippines Corporation, headed by its president, Noboru Murakami. In his special remarks, C aba ngon e x pressed t he company’s optimism and excitement over the transfer of
By Cai U. Ordinario
Isuzu San Pablo to a better help of RDB Tecson and As@caiordinario location. “This development sociates, an ISO-Certified firm is a step towards the realizawhich was also responsible for LOSING the country’s borders tion of our promise to adapt the transformation of Isuzu is one of the most immediate the Isuzu Outlet Standard Makati into an IOS dealership. courses of action the govern[IOS] throughout the Gencars Shown in photo are (from ment must take to prevent the latnetwork of dealerships,” he left) Arch. Rafael Tecson of est Covid-19 variant, Omicron, from said, explaining that when RDB Tecson and Associates, reaching Philippine shores, accordit opens, the new Isuzu San Isuzu Philippines Corporaing to local economists. Pablo “will feature a beautiful tion (IPC) Executive Vice T he new var iant is a threat, façade, an elegant showroom, President Shojiro Sakoda, e s p e c i a l l y w it h t he hol id ay s and a cozy customer lounge, Gencars Chairman and Chief coming up and more foreigners which are all in line with the Executive Officer D. Edgard being a llowed to travel to the IOS design philosophy.” A. Cabangon, IPC President Philippines, De La Sa lle UniverThe new Isuzu San Pablo Noboru Murakami, Gencars sit y economist Mar ia Ella Oplas will occupy 7,220.23 square President Lerma O. Nacnac, told BusinessMirror. meters of the 1-hectare propand Special Assistant to the The holidays usually bring in erty purchased by Gencars. It President Giannina Eunice Overseas Filipino Workers (OFWs) will be constructed with the A. Cabangon. who are eager to spend Christmas
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with their loved ones, while foreigners living in temperate regions usually want to relax in tropical countries like the Philippines. This year’s influx of OFWs is expected to be heavier since many of them were unable to come home for the holidays in December 2020. “My recommendation is to protect the borders. Do not allow people with a history of travel to countries with positive cases to enter,” Oplas said. “We should be more restrictive. [We have to be] more protective in terms of our measures.” Oplas said that while this will be a setback to some industries, this is a fair measure considering that this could help prevent placing the country in another strict lockdown,
Monday, November 29, 2021 Vol. 17 No.52 n Tuesday, October 4, 2022 Vol. 17 No. 361
which, she said, the economy can no longer afford. “It is better that we do protective preventive measures than get exposed again. We have a lot to lose,” Oplas said. “We should do it now so that we can open just before Christmas. If it gets contained, we can open it again.” Ateneo Center for Economic Research and Development (ACERD) Associate Director Ser Percival K. Peña-Reyes said closing the country’s borders would be effective but should still adhere to the standards set by the World Health Organization (WHO). What is needed, Peña-Reyes told this newspaper, is for travel restrictions to be put in place swiftly and
for government to be proactive in imposing them. Previous instances when the country had the opportunity to impose travel restrictions did not prevent the spread of Covid-19. That was mainly because the decision was not made immediately, he said. “Kung papatay patay [If we’re slow] and we get caught flat-footed, [that’s risky] We were too reactive instead of proactive before. We should learn from that,” PeñaReyes said. “It’s a delicate balancing act. We need to push testing and tracing to be properly informed of our decisions. Blanket/shotgun approaches could have dire consequences on the economy.” See “Omicron,” A2
NATL GOVT BORROWINGS NEDA: POGO CLOSURES FOR 10 MOS DIP TO P2.75T WON’T STALL RECOVERY w w
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P25.00 nationwide | 2 sections 20 pages | P25.00 nationwide | 3 sections 32 pages |
By Bernadette D. Nicolas By Cai U. Ordinario
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Omicron PBBM eyesrisk spurs revival ‘ambitious’ of quarantine infra rulesafter in PHL Metro subway
@BNicolasBM @caiordinario
HE national F the government government’s decides to ban gross Philippine borrowings as of Offshore Gaming end-October shrank Operators (POGOs) bythe almost 6 percent in country, the economy has year-on-year to enough strength to P2.75 trillion. sustain its recovery inLatest the data coming years, from the Bureau of the according the Treasury showedto that the government’s gross borrowings during the National Economic 10-month period fell by 5.99 percent and Development from P2.92 trillion a year ago. With only two months left for Authority (Neda).
By Samuel P. Medenilla @sam_medenilla
By Samuel P. Medenilla
IW
@sam_medenilla
NTER NATIONA L concerns over the possible spread of the ITH the construction of more infectious Omicron Cotwo stations of the first vid-19 variant prompted the govever subway line in the ernment to reimpose mandatory country set to begin soon, President facility-based quarantine for all Ferdinand “Bongbong” R. Marcos arriving passengers in the country. Jr. said his administration is now Acting Presidential spokespereyeing the construction of more son Karlo B. Nograles announced “ambitious” infrastructure. on Sunday that the Inter-Agency Speaking at the groundbreaking Task Force for the Management for the said stations of the Metro of Emerging Infectious Diseases Manila Subway Project (MMSP) in (IATF) suspended the implemenPasig City on Monday, Marcos said tation of its Resolution No. 150the project serves as a signal to the A (s.2021), effectively imposing international community that his stricter protocols for all inbound administration will continue the travelers. mass infrastructure projects of the To note, IATF Resolution 150previous administration. A had allowed fully vaccinated “Let the breaking ground of this non-visa travelers from Green List subway system signal our intention areas to enter the country withto the world to pursue even grander out the need for facility-based dreams and more ambitious enquarantine as long as they secure deavors that will bring comfort and negative Reverse Transcriptionprogress to our people all over the Polymerase Chain Reaction (RTcountry,” Marcos said. PCR) test within 72 hours prior “Be assured that this administo their departure. tration will take the lead in identi“Except for countries classified fying, pursuing, and implementing as ‘Red,’ the testing and quarantine projects as part of the Build Better protocols for all inbound internaSee “PBBM,” A2 tional travelers in all ports of entry shall comply with the testing and quarantine protocols for ‘Yellow’ list countries,” Nograles said, citing the provision of IATF Resolution No. 151-A. He noted Hong Kong, which has confirmed a case of the Omicron variant, will also fall under the Yellow list countries. The suspension of the rules for “Green List” countries will be in effect from November 28, 2021 to December 15, 2021.
this year, the latest figure is already equivalent to 89.6 percent of its P3.07-trillion borrowing program. At the sidelines of the joint Broken down, gross domestic borNational Statistics Month (NSM) rowings from January to October and National Convention on Stasettled at P2.23 trillion, down by tistics (NCS) opening ceremonies 5.08 percent from P2.35 trillion on Monday, Neda Undersecretary in 2020. Rosemarie G. Edillon told reporters The bulk of the amount was that while the exact contribution of PEOPLE walk past the mural of Gat Andres Bonifacio at Manila City Hall Underpass. sourced from Fixed Rate Treasury POGOs to the economy still needs The country will celebrate the 158th birth anniversary of Filipino revolutionary Bonds (P1.19 trillion), followed by to be estimated, there are signs hero Gat Andres Bonifacio on Tuesday, November 30. ROY DOMINGO short-term borrowings from Bangthat the recovery in several sectors ko Sentral ng Pilipinas or BSP (P540 of the economy is expected to take billion), Retail Treasury Bonds/Preup the slack. myo Bonds (P463.3 billion), Retail The Neda’s positive outlook of Onshore Dollar Bonds (P80.84 bila POGO-less Philippines is in conlion). In thereof was trast to the thesame direperiod, projection a By Jasper Emmanuel Y. Arcalas dating its registry following the them. This allows everyone to see programs as President Duterte also a net redemption of Treasury leading property sector think tank, @jearcalas enactment of the Coconut Farmwho are listed in the registry and if is expected to sign the industry Bills amounting to P43.94 billion. which warned senators of serious PRESIDENT Ferdinand R. Marcos Jr. leads the groundbreaking for the Ortigas and Shaw Boulevard stations of the Metro Manila Subway Project, at the Metrowalk Commercial Compound in Pasig City on ers and Industry Trust Fund law. farmer doesn’t see his name then he development plan in early 2022. Net debt redemption means See “Neda,” A2 Monday, October 3, 2022. FACEBOOK.COM/BONGBONGMARCOS ORE than 3 million Rosales explained that about shall coordinate with the PCA imRosales said the PCA will not there were more debts repaid comcoconut farmers and 500,000 coconut farmers and mediately,” he explained at a recent stop updating its list of coconut pared to the amount borrowed durworkers are now regisworkers were added to the PCA’s dialogue with coconut farmers. farmers and enjoined them to reging the period. tered with the government’s reg2018 list that had about 2.5 million “On the other hand, if people ister in order to reap the benefits Meanwhile, gross foreign boristry, which serves as the basis coconut farmers and farm workers. would see names on the list and of the decades-long idled coconut 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 levy fund. “We will not stop at 3.1 contracted by 9.7 percent to P518.7 IGH inflation and tightes, along with more costly interthe anticipated effects of a tight“synchronized slowdown” that is covered by the utilization of the duct an exclusion-inclusion profarmers or their details are incormillion. We hope that more indibillion from last year’s P574.4 billion. ening monetary policy national financing conditions, ening in domestic monetary raising alarm bells for many deP75-billion coconut levy fund. cedure by making the updated rect, they can report it to the PCA viduals will register in our coconut This was raised through global will weigh down growth is dampening activity,” Unctad, policy, as the region’s historic veloping countries where growth Philippine Coconut Authority farmers’ registry public, providfor immediate action,” he added. farmers registry,” he said. bonds (P146.17 billion), program in Southeast Asian economies however, said in a statement. vulnerability to financial and is expected to slow to below 3 per(PCA) Deputy Administrator Roel ing everyone the opportunity to The PCA official noted that The updating of the coconut loans (P139.98 billion), euro-dethis year and next year, accordThe data also showed that avexchange rate instability weighs cent. M. Rosales said about 3.11 million check the veracity of the list, Rothe completion of the initial list farmers registry is mandated by nominated bonds (P121.97 billion), ing to the United Nations Confererage growth in Southeast Asia on policymakers’ minds,” UncThis, Unctad said, is a concern coconut farmers and farm worksales added. of coconut farmers registry would Republic Act (RA) 11524 or the a project loan (P86.41 billion), and ence on Trade and Development is expected to slow to 3.8 pertad said in a statement. as this growth rate is not enough 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. yen-denominated samurai bonds (Unctad). cent next year. This is one of the Globa l ly, Unctad ex pects for sustainable development and government since it started upspaces where people can easily see See “3-M farmers,” A2 rollout of coconut levy-funded (P24.19 billion). Based on the Trade and Deslowest average growth rates in growth to average 2.5 percent will further squeeze public and priSee “Borrowings,” A2 Continued on A2 velopment Report 2022, Unctad the region. in 2022 and further slow to 2.2 vate finances as well as damage the said growth in Southeast Asian Between 2015 and 2019, averpercent next year. Unctad said country’s employment prospects. 50.4600 0.4374 n UK 67.2329 n HK 6.4722 n CHINA 7.9013 n SINGAPORE 36.8968 36.2807 n EU 56.5758 n SAUDI ARABIA 13.4531 Source: BSP (November 26, 2021) countries is expected to average n USage growthninJAPAN the region reached this will leave real GDP to remain “There’s still time n to AUSTRALIA step 4.1 percent this year. 4.9 percent; from 2009 to 2019, below its pre-pandemic trend by back from the edge of recesThe growth forecast for South5.1 percent; from 2000 to 2009, the end of next year. sion,” Unctad Secretary-General east Asia this year was raised by 0.7 5.4 percent; and from 1991 to Unctad estimated that this Rebeca Grynspan said, however. percentage points from Unctad’s 1999, 5.3 percent. represented a cumulative short“We have the tools to calm inMarch estimate of 3.4 percent. “The region’s growth rate [is fall of more than $17 trillion or flation and support all vulnerable “Growing inflationary presexpected] to decelerate to 3.8 close to 20 percent of the world’s groups. This is a matter of policy sures and a subsequent tightenpercent in the context of slugincome. choices and political will.” ing of domestic monetary stancgish growth of global trade and The UN agency said there is a See “Inflation,” A2
OVER 3-M FARMERS LISTED FOR P75-B COCO LEVY FUND
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INFLATION, TIGHT POLICY A DRAG ON SEA GROWTH
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PESO EXCHANGE RATES
PESO EXCHANGE RATES n US 58.6460
n JAPAN 0.4053 n UK 65.6425 n HK 7.4712 n CHINA 8.2357 n SINGAPORE 40.8455 n AUSTRALIA 37.5158 n EU 57.4672 n KOREA 0.0408 n SAUDI ARABIA 15.6098
Source: BSP (October 3, 2022)