gap maycut widen to $6B in August–Moody’s arm ‘CloseTrade borders, Omicron exposure risk’ By Cai U. Ordinario
while, are expected to keep would be impossible for Filipimonetary policy in Asia and nossaid, to see “zero response” By Cai U. Ordinario their loved ones, while forwhich, she the economy can from no the Pacific tight, according to monetary authorities. @caiordinario eigners living in temperate regions longer afford. HE country’s trade def- want Moody’s On that the sidelines of the reusually to relaxAnalytics. in tropical “It is better we do protective icit is expectedcountries to wid- like theThe latest inflation centmeasures Bankers than Night,getCentral LOSING the country’s borders Philippines. This print preventive exen further as prices of the Philippines BankWe Governor is one of the most immediate year’s influx ofinOFWs is expectedstood to at 6.9 posed again. have aFelipe lot to Medalla lose,” commodities continue in- since percent told“We reporters courses of action the governbe to heavier manyinofSeptember them werefrom the Oplas said. should that do itone nowlikely so crease and currencies depre6.3 percent in August. scenario is for the US Federal ment must take to prevent the latunable to come home for the holidays that we can open just before Christaccording “These prints, alongside to increase est Covid-19 variant,ciate, Omicron, from to Moody’s in December 2020. mas. If itReserve gets contained, we caninterest open Analytics. weakening currencies, suprates twice by 75 basis points reaching Philippine shores, accord“My recommendation is to protect it again.” In a brief, Moody’sthe Analytthe people case with for centra l Ateneo (bps) and once by 50 bps. ing to local economists. borders. Dopor nott allow Center for Economic Reics projected the trade deficit of travel banks the region to remain said the response T he new var iant is a threat, a history toin countries with search andMedalla Development (ACERD) widening further to $6 bil- caseshawkish,” Moody’s Analytics of monetary will e s p e c i a l l y w it h as t he hol id ay s positive to enter,” Oplas said. Associate Director authorities Ser Percival lion in August from the $5.93 said. “We expect the Bangko be based on the available data. coming up and more foreigners “We should be more restrictive. [We K. Peña-Reyes said closing the in July have 2022.to be] more Sentral ng Pilipinas to One thing would for certain, howbeing a llowed tobillion travelposted to the protective in terms[BSP] country’s borders be effecThe latest external trade also continue with monetary ever, is that there will be Philippines, De La Sa lle Univerof our measures.” tive but should still adhere to theno data will be released by the policy tightening.” off-cycle interest hikes sit y economist Mar ia Ella Oplas Oplas said that while this will be standards set by the Worldrate Health Philippine Statistics AuthorEarlier, the BSP said that for the rest of the year. told BusinessMirror. a setback to some industries, this Organization (WHO). ity (PSA) on Tuesday. with considering the US Federal also told reporters The holidays usually bring in is a fair measure that Reserve What is Medalla needed, Peña-Reyes told Commodity meanpoised to raise interest it newspaper, that while interest have Overseas Filipino Workers (OFWs)prices,this could help prevent placing the rates,this is for travelrates restric-
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@caiordinariowith
who are eager to spend Christmas
country in another strict lockdown,
Monday, November 29, 2021 Vol. 17 No.52 n Tuesday, October 11, 2022 Vol. 17 No. 368
tions to be put in place swiftly and
increased, it was important to themtorelative to in- in forconsider government be proactive flation. He said interest rates imposing them. have been lower relative to in-the Previous instances when flation, and, real terms, are country had theinopportunity to imnot yet that high. pose travel restrictions did not preThespread Monetary Board re-was vent the of Covid-19. That cently decided to raise its in-not mainly because the decision was terest rates by 50 basis points made immediately, he said. to 4.25papatay percent patay which[If took “Kung we’re effect on September 23. Acslow] and we get caught flat-footthe interest ed,cordingly, [that’s risky] We wererates too reon the overnight deposit before. and active instead of proactive lending facilities were raised We should learn from that,” Peñato 3.75 and 4.75 perReyes said.percent “It’s a delicate balancing cent, respectively. (Full stoact. We need to push testing and ry: https://businessmirtracing to be properly informed of ror.com.ph/2022/09/23/ our decisions. Blanket/shotgun bsp-raises-rates-for-3rdapproaches could have dire consemonth-now-4-25 quences on the economy.” See “Omicron,” A2
NATL GOVT BORROWINGS JULY FDI DOWN 64.45% FOR 10 MOS DIP TO P2.75T TO $460M, BSP REPORTS T T w w
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P25.00 nationwide | 2 sections 20 pages | P25.00 nationwide | 2 sections 24 pages |
By Bernadette D. Nicolas
Omicron risk spurs revival With SIM of quarantine Registration rules in PHL
@BNicolasBM
By Cai U. Ordinario @caiordinario
HE national government’s HE Bangko gross Sentral ng borrowings as of Pilipinas end-October shrank (BSP) reported by almost 6 percent year-on-year to on Monday that P2.75 trillion. foreign direct
law, drive vs scams gains By Samuel P. Medenilla @sam_medenilla
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investments (FDI) Latest data from the Bureau of the to theshowed country Treasury that the government’s gross borrowings during the declined by more 10-month period fell by 5.99 percent from P2.92 trillion a year ago. than 60 percent With only two months left for in July year. this year, the this latest figure is already equivalent to 89.6 percent of its P3.07-trillion borrowing program. Data down, from gross the Central Broken domesticBank borshowed that long-term rowings from Januaryinvestments to October made byat foreign $460 settled P2.23investors trillion, hit down by million in July this year, lower by 5.08 percent from P2.35 trillion 64.4 percent from the July 2021 in 2020. level of billion. The $1.29 bulk of the amount was BSP also said FDI net inflow consourced from Fixed Rate Treasury tracted 12 percent to $5.1 billion Bonds (P1.19 trillion), followed by in the January to July 2022 short-term borrowings fromperiod Bangfrom the $5.8 billion posted the ko Sentral ng Pilipinas or BSPin (P540 same period last year. billion), Retail Treasury Bonds/Pre“FDI net (P463.3 inflows billion), decreased due myo Bonds Retail largely to the lower non-residents’ Onshore Dollar Bonds (P80.84 bilnet investments inperiod, debt instruments lion). In the same there was of their local affiliates. decrease also a net redemptionThis of Treasury more offset the growth in their Bills than amounting to P43.94 billion. netNet investments in equity capital,” debt redemption means BSP said in more a statement. there were debts repaid com-
PEOPLE walk past the mural of Gat Andres Bonifacio at Manila City Hall Underpass. The country will celebrate the 158th birth anniversary of Filipino revolutionary hero Gat Andres Bonifacio on Tuesday, November 30. ROY DOMINGO
OVER 3-M FARMERS LISTED FOR P75-B COCO LEVY FUND By Jasper Emmanuel Y. Arcalas
NTER NATIONA L concerns over the possible spread of the By Samuel P. Medenilla more infectious Omicron Co@sam_medenilla vid-19 variant prompted the government to reimpose mandatory HE government crackdown facility-based quarantine for all on spam text messages arriving passengers in the country. and Presidential scams is expected to Acting spokespermake significant headway after son Karlo B. Nograles announced President Ferdinand R. on Sunday that the“Bongbong” Inter-Agency Marcos Jr. finally signed Republic Task Force for the Management Act 11934 or the Subscriber Idenof Emerging Infectious Diseases tity Module (SIM) the CardimplemenRegistra(IATF) suspended tion ActofonitsMonday. tation Resolution No. 150RA 11934effectively is the first law signed A (s.2021), imposing under the Marcos administration. stricter protocols for all inbound It was signed two days after Marcos travelers. marked his first days in office To note, IATF100 Resolution 150on October 8. A had allowed fully vaccinated Under travelers the new law, end users of non-visa from Green List SIM cards must register and present areas to enter the country withidentification to Public out the needdocuments for facility-based Telecommunication Entities (PTE) quarantine as long as they secure or direct sellers of SIM to validate negative Reverse Transcriptiontheir identities. Polymerase Chain Reaction (RTThe PTEs will 72 then comeprior out PCR) test within hours with SIM Card Registry consolito their departure. dating the data of their subscribers “Except for countries classified as well as verified of their as ‘Red,’ thethe testing andlist quarantine authorized dealers and agents naprotocols for all inbound internationwide, which they will submit to tional travelers in all ports of entry
dating its registry following the them. This allows everyone to see programs as President Duterte enactment of the Coconut Farmwho are listed in the registry and if is expected to sign the industry ers and Industry Trust Fund law. farmer doesn’t see his name then he development plan in early 2022. LEGACY MURAL Senate President Juan Miguel “Migz” Zubiri leads other senators, past and present, in unveiling the New Legacy Mural featuring the images of members of the 19th Congress, at ORE than 3 million Rosales explained that about shall coordinate with the PCA imRosales said the PCA will not the Senate building on Monday in celebration of its 106th anniversary. ROY DOMINGO “FDI,” borrowed A2 See with “SIM,”the A2 testing and coconut farmers and 500,000 coconut farmers and mediately,” he explained at a recent stop updating its list of coconut pared to theSee amount durshall comply workers are now regisworkers were added to the PCA’s dialogue with coconut farmers. farmers and enjoined them to reging the period. quarantine protocols for ‘Yellow’ 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 borlist countries,” Nograles said, citing istry, 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 the provision of IATF Resolution 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 No. 151-A. 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. He noted Hong Kong, which has By Lorenz Marasigan backbone runs the between Maand they then can we report need to extend the P75-billion coconut levy fund. cedure bythat making updated rect, it to the PCA viduals will register in our coconut This was raised S. through global confirmed a case of the Omicron @lorenzmarasigan nila and Laoag. The otherprovidphases connectivity thehe backbone Philippine Coconut Authority farmers’ registry public, for immediatefrom action,” added. farmers registry,” he said. bonds (P146.17 billion), program variant, will also fall under the Yelwill follow suit. to the provinces and municipali(PCA) Deputy Administrator Roel ing everyone the opportunity to The PCA official noted that The updating of the coconut loans (P139.98 billion), euro-delow list countries. Department of Infor“Wethe hope to complete ties,” he said. of the initial list M. Rosales said about 3.11 million check veracity of thethe list,backRothe completion farmers registry is mandated by nominatedHE bonds (P121.97 billion), The suspension of the rules for mation andbillion), Communicabone by 2025 if the budget will Thus, PPP, he said, is awould viable coconut farmers and farm worksales added. of coconut farmers registry Republic Act (RA) 11524 or the a project loan (P86.41 and “Green List” countries will be in tions Technology (DICT) be “The givenlist towill us,”beheposted said, in explainoption to ers have been registered with the public be just to in provide time forconnectivity the expected Coconut Industry Trust Fund Act. yen-denominated samurai bonds effect from November 28, 2021 to needs P3 billion to deploy Internet ing that the NBP will run across provincial areas. government since it started upspaces where people can easily see rollout of coconut levy-funded See “3-M farmers,” A2 (P24.19 billion). December 15, 2021. connectivity in 5,000 the islands of Luzon, Visayas and “We would like to partner See “Borrowings,” A2 locations Continued on A2 nationwide under the National Mindanao. with these organizations so that Broadband Plan (NBP). Varilla added that the governit can be easier and we can fast n plans HK 6.4722 n CHINA 7.9013 36.8968 n AUSTRALIA 36.2807 n EU 56.5758 n SAUDI ARABIA 13.4531 Source: BSP (November 26, 2021) At the Economic Journalistsn US 50.4600 n JAPAN 0.4374 n UK 67.2329 ment to coordinate with n SINGAPORE track the implementation of Association of the Philippines the Public-Private Partnership broadband connectivity. For the (EJAP) Infra Forum with the MVP (PPP) Center to develop packpartnership, the beneficiaries Group, ICT Assistant Secretary ages either with the national would be communities, basically Philip A. Varilla said the agency or local governments to “expeprovinces and municipalities. It’s is now at the tail end of the first dite connectivity projects in the going to be the middle mile first DICT Assistant Secretary Philip A. Varilla phase of the NBP, which is exprovinces.” and then last mile—so that’s presents the department’s connectivity pected to be “completed by mid “Connecting the whole counthe reason why it’s going to be plans and fund requirements before of next year.” try—just the backbone side—we provinces then municipalities,” attendees at the EJAP Forum. PHOTO FROM EJAP The first phase refers to the would need additional P3 billion Varilla explained. @jearcalas
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DICT NEEDS P3B FOR CONNECTIVITY IN NATL PLAN
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PESO EXCHANGE RATES
PESO EXCHANGE RATES n US 58.8780
n JAPAN 0.4050 n UK 65.3310 n HK 7.5009 n CHINA 8.2681 n SINGAPORE 41.0557 n AUSTRALIA 37.4758 n EU 57.3413 n KOREA 0.0416 n SAUDI ARABIA 15.6674
Source: BSP (October 10 , 2022)