‘Close borders, cut Omicron exposure risk’ 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 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 Monday, October 10, 2022 Vol. 17 No. 367
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 8-MO DEBT SERVICE DIPS FOR 10 MOS DIP TO P2.75T BY A FIFTH TO P682.85B T w w
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By Bernadette D. Nicolas By Jasper Emmanuel Y. Arcalas @BNicolasBM
P25.00 nationwide | 2 sections 20 pages | P25.00 nationwide | 2 sections 20 pages |
Omicron risk spurs revival of quarantine rules in PHL
@jearcalas
HEnational country’s debt service from HE January to August declined government’s gross by a fifth on an annual basis borrowings of to P682.85 as billion due to lower end-October shrank amortization payments, preliminary by almost 6 percent government data showed. year-on-year to P2.75 trillion. Latest Bureau of the Treasury Treasury data also showed that
(BTr) data showed that the national government’s debt service during Latest data from the Bureau of the the 8-month period was P226.475 Treasury showed that the governbillion lower than the P909.325 bilment’s gross borrowings during the lion total debt payment recorded in 10-month period fell by 5.99 percent the same period of last year. from P2.92 trillion a year ago. Of the total debt service by the With only two months left for national government during the refthis year, the latest figure is already erence period, $340.079 billion went equivalent to 89.6 percent of its to interest payments while P342.771 P3.07-trillion borrowing program. billion was used to pay amortization. Broken down, gross domestic borHistorical BTr data showed that rowings from January to October the national government’s interest settled at P2.23 trillion, down by payments from January to August 5.08 percent from P2.35 trillion was 17 percent higher than the in 2020. P291.491 billion it made in the The bulk of the amount was same period of last year. sourced from Fixed Rate Treasury Bonds (P1.19 trillion), followed by short-term borrowings from Bangko Sentral ng Pilipinas or BSP (P540 billion), Retail Treasury Bonds/Premyo Bonds (P463.3 billion), Retail Onshore Dollar Bonds (P80.84 billion). In the same period, there was By Andrea E. San Juan also a net redemption of Treasury Bills amounting to P43.94 billion. HE Semiconductor and Net debt redemption means Electronics Industries in there were more debts repaid comthe Philippines Foundapared to the amount borrowed durtion, Inc. (SEIPI) said the peso ing the period. depreciation is not ultimately Meanwhile, gross foreign borbenefiting makers of electronrowings in the same period also ics and semiconductors—as contracted by 9.7 percent to P518.7 conventional wisdom has it for billion from last year’s P574.4 billion. exporters—because production This was raised through global costs and government fees are bonds (P146.17 billion), program eating into their profits. loans (P139.98 billion), euro-de“Ironically, a devaluating nominated bonds (P121.97 billion), peso is good for exporters. a project loan (P86.41 billion), and However, that’s offset by high yen-denominated samurai bonds (P24.19 billion).
By Samuel P. Medenilla @sam_medenilla
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P258.495 billion of the total interest payments during the reference period was for domestic creditors while the remaining P81.584 billion went to foreign creditors. However, BTr data showed that the national government’s debt amortization during the 8-month period was down by 45 percent against the P617.834 billion it made last year. T he national government’s spending on domestic amortization reached P279.612 billion while external amortization reached P63.159 billion.
SUNDAY DRAMA Authorities went on heightened alert at Camp Crame early Sunday morning after three tried escape, and one of them held hostage See “Debt service,” PEOPLE walk past the mural of GatA2 Andres Bonifacio atdetainees Manila City HalltoUnderpass. the detained former senator Leila De Lima after stabbing The country will celebrate the 158th birth anniversary of Filipino revolutionary a police officer inside the PNP Custodial Facility. Story on hero Gat Andres Bonifacio on Tuesday, November 30. ROY DOMINGO page A12. NONOY LACZA
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. “Except for countries classified He said Vietnam’s tariffs are as ‘Red,’ the testing and quarantine continuously declining because of protocols for all inbound internathe Vietnam-South Korea FTA that tional travelers in all ports of entry it signed in 2015. shall comply with the testing and As for the Philippines, the Trade quarantine protocols for ‘Yellow’ undersecretary said without the list countries,” Nograles said, citing FTA, the country’s banana exports the provision of IATF Resolution “would be at 30 percent.” However, No. 151-A. Rodolfo noted that if the country He noted Hong Kong, which has can sign the FTA this 2022, “hopeconfirmed a case of the Omicron fully [it would] enter into force in variant, will also fall under the Yel2023 so within five years, 30 perlow list countries. cent [of our tariffs] would be deThe suspension of the rules for clining until [it reaches] zero on “Green List” countries will be in the fifth year.” effect from November 28, 2021 to See “FTA,” A2 December 15, 2021.
RISING COSTS, FEES CUT DOWN SEMICON PROFITS OVER FROM PESO FTA with SoKor spellsCOCO ₧150B-₧200B 3-M FARMERS LISTED FOR P75-B LEVY FUNDin FDI in 3 yrs
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See “Borrowings,” A2
power cost, high fuel cost, and By Jasper Emmanuel Y. Arcalas everything,” SEIPI President @jearcalas Danilo C. Lachica told reporters on Thursday on the sidelines of ORE than 3 million the launch of the World Bank’s coconut farmers and report, A New Dawn for Global workers are now regisValue Chain Participation in the tered with the government’s regPhilippines. istry, which serves as the basis The head of SEIPI cited diffor the number of people to be ferent pain points as the induscovered by the utilization of the try continues to grapple with P75-billion coconut levy fund. high operating costs. Philippine Coconut Authority In July, Lachica noted that (PCA) Deputy Administrator Roel leveling the playing field in M. Rosales said about 3.11 million operating cost is important coconut farmers and farm workContinued on A2 ers have been registered with the government since it started up-
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dating its registry following the By Andrea E. San Juan enactment of the Coconut Farmers and Industry Trust Fund law. HE Philippines could generRosales explained that about ate P150 billion to P200 bil500,000 coconut farmers and lion worth of foreign direct workers were added to the PCA’s investments (FDI) within three 2018 list that had about 2.5 million years from the free trade agreement coconut farmers and farm workers. (FTA) with South Korea, which is The PCA’s next step is to conexpected to be signed in Novemduct an exclusion-inclusion prober, according to the Department cedure by making the updated of Trade and Industry (DTI). farmers’ registry public, providCeferino Rodolfo, the Undering everyone the opportunity to secretary for Industry Developcheck the veracity of the list, Roment and Trade Policy Group of sales added. DTI, gave an estimate of “ be“The list will be posted in public tween P150 billion-P200 billion spaces where people can easily see
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them. This allows everyone to see in three years,...particularly from who are listed in the registry and if the electric vehicle value chain farmer doesn’t see his name then he [and perhaps] in agricultural shall coordinate with the PCA improcessing.” Under the EV value mediately,” he explained at a recent chain, Rodolfo said, wiring hardialogue with coconut farmers. ness is included. “On the other hand, if people T he Trade u ndersec ret a r y would see names on the list and told reporters at the sidelines of they think they are not coconut the launch of the World Bank’s farmers or their details are incorreport, A New Dawn for Global rect, they can report it to the PCA Value Chain Participation in the for immediate action,” he added. Philippines, that “hopefully” the The PCA official noted that FTA between the Philippines and the completion of the initial list South Korea will be signed in Noof coconut farmers registry would vember as they already moved be just in time for the expected past the “legal scrubbing.” rollout of coconut levy-funded
programs as President Duterte In fact, Rodolfo will be flying to is expected to sign the industry South Korea from October 14 to 17 development plan in early 2022. for a Joint Economic Cooperation Rosales said the PCA will not (JEC) which includes a meeting stop updating its list of coconut with his counterpart “for the FTA farmers and enjoined them to regto prepare for the signing.” ister in order to reap the benefits The Trade official also divulged, of the decades-long idled coconut “we’re happy that we were able to levy fund. “We will not stop at 3.1 secure…it would be bananas and million. We hope that more indiprocessed pineapple.” Rodolfo viduals will register in our coconut stressed that this will be very critifarmers registry,” he said. cal for the Philippines because in The updating of the coconut terms of trade value, this is huge farmers registry is mandated by and this is where the country is Republic Act (RA) 11524 or the “competitively disadvantaged” in Coconut Industry Trust Fund Act. relation to Vietnam. See “3-M farmers,” A2
Continued on A2
PESO EXCHANGE RATES n US 58.6240 n JAPAN 0.4040 n UK 65.5182 n HK 7.4683 n CHINA 8.2326 n SINGAPORE 41.0389 n AUSTRALIA 37.5956 n EU 57.4281 n KOREA 0.0416 n SAUDI ARABIA 15.5998 Source: BSP (October 7, 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)