PRESIDENT PRESIDENTFerdinand FerdinandMarcos MarcosJr. Jr.speaks speaksduring duringan aninterview interviewwith withThe TheAssociated AssociatedPress, Press,Friday, Friday,September September 23, 23,2022, 2022, in in tries tries that thathave have caused causedglobal global warming warming to toprevent help help placing came came from from andthis who whonewspaper, they they were were working working for. for.restricstrengthen strengthen our our relationship.” relationship.” Overseas Overseas Filipino Filipino Workers Workers (OFWs) (OFWs) this this could could help help prevent placing the the and this newspaper, is is for for travel travel restricquences quences on on the the economy.” economy.” Continued Continued on on A5 A5 A2 APPHOTO/JULIA PHOTO/JULIANIKHINSON NIKHINSON less less wealthy wealthy nations nations counteract counteract its its effects. effects. But But now now we’ve we’ve gone gone after after them.” them.” New NewYork. York.AP who who are are eager eager to to spend spend Christmas Christmas country country in in another another strict strict lockdown, lockdown, tions tions to to be be put put in in place place swiftly swiftly and and See See “Omicron,” “Omicron,” A2
BusinessMirror A broader look at today’s business
BSP: TIGHTENING MOVES NATL GOVT BORROWINGS FITCH THINK TANK SEES FOR 10 MOS DIP TO P2.75T WON’T STIFLE GROWTH RATES HITTING 5% IN ‘22 www.businessmirror.com.ph w w
Monday, November 29,2022 2021Vol.Vol.1817No.No.52 Friday, October 14, 2 Tuesday, September 27, 2022 Vol. 17 No. 354
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DOF backs Omicron risk ‘Karding’ cuts spurs revival extending big damage, of quarantine lower tariff but casualty rules in PHL on rice, pork count limited
By ByBy Bernadette Bernadette D. D. Nicolas Nicolas Cai U. Ordinario By By Bianca Bianca Cuaresma Cuaresma @BNicolasBM @BNicolasBM @caiordinario @BcuaresmaBM @BcuaresmaBM
T D
HE national ESPITE HE Bangko government’s Sentral ng raising gross Pilipinas interest borrowings as of (BSP) is expected rates by 225 end-October shrank to continue raising by almost 6 percent basis points monetary policy year-on-year rates this year,to even (bps), the as the country’s P2.75 trillion. Bangko Sentral Central Bank has ng Pilipinas already let out Latest Latestdata data from from the theBureau Bureauof ofthe the (BSP) remains aggressive Treasury Treasury showed showedhikes that that the thein governgovernment’s ment’slast gross grossthree borrowings borrowings during during the the months confident itsthe 10-month 10-monthperiod periodfell fellthat by by5.99 5.99percent percent —as thetrillion economy from from P2.92 P2.92 trillion aa year year ago. ago. efforts to tighten With With only only two two months months left left for for battles rising prices this thisyear, year,the thelatest latestfigure figure is isalready already monetary policy and currency equivalent equivalent to to 89.6 89.6 percent percent of of its its will not stifle depreciation, anprogram. P3.07-trillion P3.07-trillion borrowing borrowing program. Broken Broken down, down, gross gross domestic domestic borborinternational think the country’s rowings rowings from from January January to to October October tank said. settled settled at at P2.23 P2.23 trillion, trillion, down down by by economic 5.08 5.08 percent percent from from P2.35 P2.35 trillion trillion
in in 2020. 2020. growth. In In its its assessment assessment of of local local ecoeco-
The The bulk bulk of of the the amount amount was was nomic nomic dynamics, research firm firm sourced sourceddynamics, from from Fixed Fixedresearch Rate Rate Treasury Treasury Fitch Fitch Solutions Solutions said said on onfollowed Monday Mondayby it it Bonds Bonds (P1.19 (P1.19speech, trillion), trillion), followed by Inexpects a recent Central Bank now now expects the the BSP BSP to to raise raise interintershort-term short-term borrowings borrowings from fromBangBangGovernor Felipe M. Medalla said est est rates rates by by 75 75 more more basis basis points points ko ko Sentral Sentral ng ng Pilipinas Pilipinas or or BSP BSP (P540 (P540 the ”ongoing policy normalizabefore before the the year year ends, ends, effectively effectively billion), billion), Retail RetailTreasury Treasury Bonds/PreBonds/Pretion” has affectedat counputting putting the thenot benchmark benchmark atthe 55percent percent myo myo Bonds Bonds (P463.3 (P463.3 billion), billion), Retail Retail try’s growth since real policy rates by by the the end end of of 2022. 2022. Onshore Onshore Dollar Dollar Bonds Bonds (P80.84 (P80.84 bilbilremained “quite low.” This This is isthe aamore more aggressive aggressive outlook outlook lion). lion). In In the same same period, period, there there was was Medallato said the aim of being compared compared to their their earlier earlier forecast forecast also also aa net net redemption redemption of ofnot Treasury Treasury “target consistent” does mean of of aa4.5-percent 4.5-percent benchmark benchmark rate rate by by Bills Bills amounting amounting to to P43.94 P43.94 billion. billion. keeping inflation below 4 percent the theNet end end of of the the year. year. Net debt debtHe redemption redemption means means at all times. gave “Inflation “Inflation is is debts likely likelyassurances, to to remain remain there there were were more more debts repaid repaid comcomhowever, that their will alelevated elevated relative relative to toefforts the the BSP’s BSP’s tartarpared pared to tothe the amount amount borrowed borrowed durdurlow inflation to go back to the midget get range range of of 2 2 percent percent to to 4 4 percent percent ing ing the the period. period. point ofexpect the government's targets. and andMeanwhile, we we expect the the central central bank bank to to Meanwhile, gross gross foreign foreign borbor“Respectable growth is still postighten tighten monetary monetary policy policy further further to to rowings rowings in in the the same same period period also sible under these terms, but also for anchor anchor inflation inflation expectations,” expectations,” contracted contracted byprice 9.7 9.7 percent percent to to P518.7 P518.7 the BSP, ourby stability pillar, Fitch Fitch Solutions Solutions said. said. billion billion from from last last year’s year’s P574.4 P574.4 billion. billion. of course, is the primary “The “The Philippine Philippine peso pesoconcern,” has hasglobal also also This This was was raised raised through through global Medalla said. come come under under significant significant pressure pressure bonds bonds (P146.17 (P146.17 billion), billion), program program the higher interas as aMedalla a result result of ofsaid tightening tightening credit credit conconloans loans (P139.98 (P139.98 billion), billion), euro-deeuro-deest rates have a 6to 18-month lag ditions ditions globally. globally. With With the the US US Fed Fed nominated nominated bonds bonds(P121.97 (P121.97billion), billion), time. This means inflation for the likely likely to to hike hike by by aa further further 75 75 bps bps aa project project loan loan (P86.41 billion), billion), and and second half of(P86.41 2023 will be closer before before end-2022, end-2022, this this will will likely likely yen-denominated yen-denominated samurai samurai bonds bonds but not yet at 3 percent. prompt prompt the the BSP BSP to to hike hike in in tandem tandem (P24.19 (P24.19 billion). billion). By next year, full-year inflato tosafeguard safeguard external external stability,” stability,” the the See See “Borrowings,” “Borrowings,” A2 A2slightly tion is expected to remain think think tank tank added. added. above target 4.1 percent. MedalJust Just last last at week, week, the the Monetary Monetary la said decided high inflation in Board Board decided to to raise raiseexpected its its interest interest the first semester of 2023 will rates rates by by 50 50 basis basis points. points. This This is isnot the the be offset by inflation in thethat second third third consecutive consecutive month month that the the half of the year. BSP BSP hiked hiked its its benchmark benchmark rates: rates: in in might miss the an an“We off-cycle off-cycle hike hikeslightly in in July July of of 75 75 basis basis upper of our target at 4of perpoints pointsband and and another another in in August August of 50 50 cent,” Medalla said. “Then, inflabasis basis points. points. tionThe will come down to within 3 The BSP BSP also alsosaid said its itsaverage average inflainflapercent by 2024.” tion tion forecast forecast is is now now closer closer to to 66 perper-
By By Samuel Samuel P. P. Medenilla Medenilla @sam_medenilla @sam_medenilla
cent cent for for this this year year from from last last month’s month’s
Part of theSee cause of high See “Fitch,” “Fitch,” A2 A2 inflation is the depreciation of the peso. On Wednesday, the peso closed at P58.965 to the US dollar. Medalla’s data showed that the Philippines depreciated by 13.56 percent between December 13, 2021 and October 3, 2022. This is the largest depreciation by any ASEAN-5 currency.
PESO EXCHANGE RATES
See “BSP,” A2
I T P
NTER NTERNATIONA NATIONA LL concerns concerns @jearcalas && Rene Rene Acosta Acosta over over the the possible possible spread spread of of the the @reneacostaBM @reneacostaBM more more infectious infectious Omicron Omicron CoCoHE Department of Finance vid-19 vid-19 (DOF) variant variant prompted the govgovis prompted backing thethe extenRESIDENT RESIDENT Ferdinand Ferdinand R. R. ernment ernment to to reimpose reimpose mandatory mandatory sion of Jr. lower tariff rates Marcos Marcos Jr. on on Monday Monday ininfacility-based facility-based quarantine quarantineincludfor for all all on various commodities, spected spected from fromthe the air airthe the masmasarriving arriving passengers passengers in in the the country. country. ing rice and pork, to temper the sive sive devastation devastation caused caused by by SuperSuperActing Acting Presidential Presidential spokesperspokesperincrease in domestic food prices typhoon typhoon “Karding” “Karding” (international (international son son Karlo Karlo B. B.woes. Nograles Nograles announced announced amid supply name: name: Noru) Noru) across across Luzon, Luzon, firing firing on onFinance Sunday Sunday that that the the Inter-Agency Inter-Agency Secretary Benjamin E. off off directives directives to to ensure ensure a a return return to to Task Task Force Force for for DOF the the Management Management Diokno said the raised at the normalcy normalcy for for thousands thousands it it affected. affected. of of Emerging Emerging Infectious Infectious Diseases Diseases last Cabinet meeting the extension At At the the same same time, time, however, however, he he was was (IATF) (IATF) suspended suspended the the implemenimplemenof Executive Order of (EO) 171 that pleased pleased by by reports reports of minimal minimal cacatation tationprolong of of its its Resolution Resolution No. No. 150150would the implementation sualties, sualties, something something attributed attributed to to AA reduced (s.2021), (s.2021),tariffs effectively effectively imposing imposing of on corn, coal, the the timely timely preemptive preemptive evacuation evacuation stricter stricter protocols protocols for for all all inbound inbound rice and government pork. by by local local government units. units. travelers. travelers. EO 171, issued by formeraround PresiOver Over the the weekend, weekend, around To ToDuterte note, note, IATF IATF Resolution Resolution 150150dent in May, reduced tar75,000 75,000 people people in inLuzon Luzon were were evacuevacuA A had had allowed allowed fully fully vaccinated vaccinated iffs on pork, corn, rice and coal PEOPLE PEOPLEwalk walkpast pastthe themural muralof ofGat GatAndres AndresBonifacio Bonifacioat atManila ManilaCity CityHall HallUnderpass. Underpass. ated, ated, and andtravelers power power and and communicacommunicanon-visa non-visa travelers from Green GreenList List until the end of thefrom year. The Thecountry countrywill willcelebrate celebratethe the158th 158thbirth birthanniversary anniversaryof ofFilipino Filipinorevolutionary revolutionary tion tion lines lines in in some some provinces provinces were were areas areas to to enter enter the the country country withwith“Economic reROYDOMINGO DOMINGO hero heroGat GatAndres AndresBonifacio Bonifacioon onTuesday, Tuesday,November November30. 30. ROY disrupted. disrupted. As Asmanagers of of 33 facility-based p.m. p.m. have Monday, Monday, out out the the raised need need for for facility-based peatedly the needed meahowever however affected affected customers customers of ofMaMaquarantine quarantine as as long long asinflation. they they secure secure sures to address foodas In nila nila Electric Electric Company Company were were down down negative negative Reverse Reverse TranscriptionTranscriptionLET’S DRINK TO THAT Michelle Pador, Nestlé Philippines VP for Corporate Communications; Atty. Olive Misa, VP for Government & Industry Affairs; Ruth Novales, Corporate Affairs Executive; and Donnel Tiedra, the last Cabinet meeting a compreto to 32,816. 32,816. Polymerase Polymerase Chain Reaction Reaction (RT(RTGovernment & Industry Affairs Executive, raise their coffee mugs in the middle of the three-hectare Nestlé Lipa Integrated Coffee Center, a production and training facility for coffee farmers planted to 1,300 coffee hensive set ofChain measures including The Thetest National National Grid Grid Corporation Corporation PCR) PCR) test within within 72 72 hours hours prior prior trees in Lipa City, Batangas, on Thursday October 13, 2022. The coffee center is equipped with a mother plant garden, a plantlet nursery, composting and vermi-composting facilities, an experimental and demo farm, the extension of EOalso 171 NGCP has been of of the the Philippines Philippines also NGCP rereto to their their departure. departure. and intercropping models. BERNARD TESTA put forward by DOF, with inputs stored stored the the vital vital Concepcion-CaConcepcion-CaBy By Jasper Jasper Emmanuel Emmanuel Y. Y. Arcalas Arcalas dating dating its its registry registry following following the the them. them. This This allows allows everyone everyone to to see see programs programs as as President President Duterte Duterte “Except “Except for for countries countries classified from across the Cabinet,”classified Diokno miling miling 69kV 69kV Line. Line. @jearcalas @jearcalas enactment enactment of of the the Coconut Coconut FarmFarmwho whoare arelisted listedin inthe theregistry registryand andifif is is expected expected to to sign sign the the industry industry as as ‘Red,’ ‘Red,’ the the testing testing and and quarantine quarantine told reporters. ers ers and and Industry Industry Trust Trust Fund Fund law. law. farmer farmerdoesn’t doesn’tsee seehis hisname namethen thenhe he development development plan plan in in early early 2022. 2022. protocols protocols for for all all inbound inbound internainterna“Hopefully, the guidance from THIS THISisisthe theview—a view—a seemingly seemingly endless expanse expanseof ofinundated inundated towns townsand and farmlands—that farmlands—that greeted President Marcos Marcos as ashe heflew flewwith on onMonday Monday over overthe the typhoon-hit typhoon-hitRosales provinces provincesof of Bulacan, Bulacan, Nueva Ecija and Farm ORE ORE than thanendless 33 million million Rosales Rosales explained explained that that greeted about about President shall shall coordinate coordinate with the the PCA PCA imimRosales said said the the Nueva PCA PCA Ecija will willand not not tional tionaldamage travelers travelers in inall allports portsMarcos of ofentry entry [President Ferdinand INITIAL INITIAL damage damage to to farms farms was was Tarlac, Tarlac,among amongthose those hard hard hit hit by by Supertyphoon Supertyphoon Karding Karding at at the the weekend. weekend. Despite Despite the the devastation, devastation, Marcos Marcos noted noted that that preparations preparations made made by by the the government, government, especially especially timely timely preemptive preemptive evacuation, evacuation, coconut coconut farmers farmers and and 500,000 500,000 coconut coconut farmers farmers and and mediately,” mediately,”he heexplained explainedat ataarecent recent stop stop updating updating its its list list of of coconut coconut shall shallduring comply comply that with with the the testing testingwill and and Jr.] meeting PHOTO PHOTOCOURTESY COURTESYOF OFMALACAÑANG MALACAÑANGPALACE PALACE placed placed at at P114 P114 million, million, a a number number mitigated mitigatedKarding’s Karding’s impact. impact. Stories Stories at at left left and and in in Nation, Nation, page page A3. A3. workers workers are are now now regisregisworkers workers were were added added to to the the PCA’s PCA’s dialogue dialogue with with coconut coconut farmers. farmers. farmers farmers and and enjoined enjoined them them to to regregquarantine quarantine protocols protocols for for ‘Yellow’ ‘Yellow’ By Ma. Stella F. Arnaldo source market for tourists, 10 this year, from just 6,651 tive of improving the enabling translate to given EOs,the circulars and sure sure to toclimb climb given the massive massive devdevtered tered with with the the government’s government’s regreg2018 2018list listthat thathad hadabout about2.5 2.5million million “On “On the the other other hand, hand, if if people people mechanisms ister ister in in order order to reap reap the the benefits list listcountries,” countries,” Nograles Nograles said, said, citing citing @akosistellaBM pre-pandemic. arrivals in the entire 2021. forto tourism inbenefits the [administrative orders] soon,” astation astation on on farms farms that that were were ready ready istry, istry,Special which which serves serves as as the the basis basis coconut coconut farmers and andfarm farm workers. workers. would would see see names names on on the the list list and and country, of of the the decades-long decades-long idled idled coconut coconut the the provision provision of of IATF IATF Resolution Resolution to the BusinessMirror Thisfarmers developed as data In a news statement, Tourwe look forward with Diokno added. for for harvest. harvest. Story Story on on page page A3. A3. for for the the number number of of people people to to be be The The PCA’s PCA’s next next step step is is to to conconthey they think think they they are are not not coconut coconut levy levy fund. fund. “We “We will will not not stop stop at at 3.1 3.1 No. No. 151-A. 151-A. from the Department of ism Secretary Christina Garcia optimism to the resumption The financewhich chief packed said thewinds eco“Karding,” “Karding,” which packed winds covered covered by by the utilization utilizationwill of of the the duct duct an an exclusion-inclusion exclusion-inclusion profarmers farmers or or their their details details are are incorincor- of million. million. We We hope hopetravel that that more more indiHe He noted noted Hong Hong Kong, Kong,soon which which has has HEthe Philippines Tourism (DOT) showed a proFrasco said, “As the DepartChinese leisure to ourindinomic managers would issue of of 120 120 miles miles per per hour hour at at Omicron its its peak, peak, P75-billion P75-billion coconut coconuttolevy levy fund. fund. cedure cedure by by making making the the updated updated rect, rect, they they can can report report it it to to the the PCA PCA viduals viduals will will register register in in our our coconut coconut confirmed confirmed a a case case of of the the Omicron continue pursue 254-percent increase arment of Tourism continues to Philippine destinations.” aleft joint memorandum EO By By Cai Cai U. U. Ordinario Ordinario the the region regionregistry contracted contracted 0.8 0.8inpercent, percent, to to close once once more. more. Ukraine Ukraine that impacted impacted countries countries left communities communities in inregarding Luzon Luzon inuninunPhilippine Philippine Coconut Coconut Authority farmers’ farmers’ registry public, public, providprovidfor forclose immediate immediate action,” action,” he added. added. farmers farmersthat registry,” registry,” he he said. said. variant, variant, will willalso alsofall fall under under the the YelYelarrivals fromAuthority China, rivals from China atin 23,482, work on supporting the he Mar171 “to prompting highlight” their latest food @caiordinario @caiordinario the the sharpest sharpest decline decline in regional regional Asakawa Asakawa said said the the Russian Russian in in the the region region to to varying varying degrees. degrees. dated, dated, prompting the the government government (PCA) (PCA) Deputy Deputy Administrator Administrator Roel ing ing everyone everyone the the10opportunity opportunity to to The Theadministration’s PCA PCA official official noted noted that that The The updating updating of of the the coconut coconut low low list list countries. countries. which was the second topRoel from February to October cos Jr. objecsupply and demand assessment. “Tourist,” A2 of GDP GDP growth in in 60 60 years. years. In 2021, 2021, invasion invasion of of Ukraine Ukraine is one one list of of The TheSee direct direct impact impact of the the war war to to deploy deploy rescue rescue and and relief operaoperaM. M.Rosales Rosalessaid saidabout about3.11 3.11million million check checkgrowth the the veracity veracity of of the theIn list, list, RoRothe the completion completion of of the theis initial initial list farmers farmers registry registry is is mandated mandated by by The The suspension suspension of of relief the the rules rules for for HE HE weakening weakening Chinese Chinese this this rebounded rebounded to to a a 6.9-percent 6.9-percent the the main main reasons reasons for for commodicommodiis is through through trade trade as as well well as as remitremittions. tions. coconut coconut farmers farmers and and farm farm workworksales sales added. added. of ofcoconut coconutfarmers farmersregistry registrywould would Republic Republic Act Act (RA) (RA) 11524 11524 or or the the “Green “Green List” List” countries countries will will be be in in See “DOF,” A2 economy, economy, aa lethal lethal CovCovgrowth growth and this thisbe year year ititis isexpected expected ties ties to to see see high prices, while the the tances tances coming coming from from Russia. Russia. In In President President Marcos Marcos flew flew over the ers ers have have been been registered registered with with the the “The “Theand list listwill will be posted posted in inpublic public be be just just in in high time timeprices, for for the thewhile expected expected Coconut Coconut Industry Industry Trust Trust Fund FundAct. Act. effect effect from from November November 28, 28,over 2021 2021the to to id-19 id-19 variant, variant, the the war warupin in to to post postwhere aa growth growth of of 4.3 4.3 percent. tightening tightening of of monetary monetary policy policy terms terms of of trade, trade, Asakawa Asakawa said said imtyphoon-hit typhoon-hit provinces provinces of Bulacan, Bulacan, government government since since it it started started upSee See “3-M “3-M farmers,” farmers,” A2 A2 imspaces spaces where people people can canpercent. easily easily see see rollout rollout of of coconut coconut levy-funded levy-funded December December 15, 15, 2021. 2021. of Ukraine, Ukraine, and and the the tightening tightening of of “The “The pace pace of of recovery recovery in in the the in in advanced advanced economies economies is is causcausporters portersof offood foodand andenergy energywill willbe be Nueva Nueva Ecija, Ecija, and and Tarlac, Tarlac, and saw saw Continued Continued on on A2 A2 and monetary monetary policy policy in in rich rich nations nations various various economies economies remains remains very, very, ing ing “instability “instability in in the the financial financial significantly significantlyaffected affectedand andcausing causing inundated inundated towns towns and and farmlands. farmlands. are arethe thefour fourbiggest biggestrisks risksto tothe thererevery very uneven uneven among among the the econoeconomarkets” markets” in in the the region. region. their their import import bills bills to to balloon. balloon. He He said said affected affected areas, areas, parparn US gion’s 50.4600economy, n JAPAN 0.4374 to n UK 67.2329 n So HKwe nbear CHINA 7.9013 n SINGAPORE n AUSTRALIA 36.2807 n EU 56.5758 SAUDI 13.4531 Source: Source: BSP BSPin (November (November 26, 26,Island 2021) 2021) of gion’s economy, according according to the the mies. mies. So we6.4722 have have to to bear in in mind, mind, However, However,of of36.8968 these theserisks, risks, AsakaAsakaThe The inflation inflation pressure pressuren that that this this ARABIAticularly ticularly those those in Polillo Polillo Island of Asian Asian Development Development Bank Bank (ADB). (ADB). [there [thereare] are]four fourpossible possibledownside downside wa wasaid saidthe theRussia-Ukraine Russia-Ukraineconflict conflict creates creates leads leads countries countries to to tighten tighten Quezon—placed Quezon—placed under under Tropical Tropical Cyclone Cyclone Wind Wind Signal Signal No. No. 55 last last In Inaacurtain curtainraiser raiserfor forthe theADB ADB risks risks to to the the economic economic outlook outlook of of poses poses the the most most significant significant risk risk to to monetary monetarypolicy. policy.The TheADB ADBrecently recently Sunday—will Sunday—willget getimmediate immediaterelief relief Annual AnnualMeeting Meetingon onMonday, Monday,ADB ADB this this region,” region,” Asakawa Asakawa said. said. the the region. region. Still, Still, Asakawa Asakawa said said the the said saidthe theBangko BangkoSentral Sentralng ngPilipinas Pilipinas By LorenzMasatsugu S. Marasigan Agency measures to meet the from from the the government. government. President President Masatsugu Asakawa Asakawa Maritime The The Safety slowdow slowdow nn of of (EMSA) China’s China’s impact impact of of remittances remittances will willinternabe be limlim(BSP) (BSP) is is now now the the most most aggressive aggressive @lorenzmarasigan raised on the Philippine maritime tional standards. This “Well, “Well, we we are—presently are—presently what what said said these these four four factors factors are are the the economy economy is is being being driven driven by by what what ited itedin inthe theregion regionexcept exceptfor forincludes Central Central in in terms terms of of raising raising interest interest rates rates to to measures to improve education, we we are are organizing organizing is is the the airlift airlift for for dark dark clouds clouds hanging hanging over over the the industry. Asakawa Asakawa said said was was aa “very “very strinstrinAsia, Asia,Caucasus Caucasus and andMongolia Mongolia which which cool coolinflation. inflation.(https://business(https://businessHE government “Our zero-Covid plan is to have a regusystem processes, and procedures food food materials, materials, food food packs, packs, water water sustained sustained recovery recoveryis of ofconductthe the region region gent gent zero-Covid policy” policy” while while have haveclose close trade tradeand and economic economic ties ties mirror.com.ph/2022/09/15/ mirror.com.ph/2022/09/15/ ingthe a “regular diplomatic diplomatic which I within the agency. into intoPolillo Polillobecause becausethey theysaid saidit itwas was from from the economic economic downturn downturn larthere there remains remainsbriefing, aa possibility possibility that that with with the the Russian Russian Federation. Federation. bsp-most-aggressive-in-hikingbsp-most-aggressive-in-hikingbriefing” with envoys from already he said. “I will About seafarers exthe the first first area area to to be be hit hit [by [by SuperSupercaused caused by by the the pandemic. pandemic. aa more morestarted,” lethal lethal variant variant of of Covid-19 Covid-19 There There 50,000 were were both both direct directare and and policy-rates/) policy-rates/) different European nations to 2020, assome other to pected to effects be affected should the typhoon typhoon Karding],” Karding],” Marcos Marcos said. said. Asakawa Asakawa noted noted that that in in 2020, meet could could spread spread and andambassadors cause causeeconomies economies indirect indirect effects of of the the war war in in See See “ADB,” “ADB,” A2 A2 sure them that the Philippine govassure them that the government Philippines fail in EMSA’s review See See “Karding,” “Karding,” A2 A2 ernment is “committed” to comply is committed to comply with the set for November. with the International Convention requirements of the STCW as far Bautista explained that the on 58.4060 Standards of Training, are concerned.” department is with the n n n US 58.4060 n n JAPAN 0.4104 0.4104 Certifin n UK 65.7418 65.7418asn nstandards HK 7.4413 7.4413 n n CHINA 8.2506 8.2506 n n SINGAPORE 41. 41.11861 861 n n working AUSTRALIA 38.7933 38.7933 n EU 57.4657 57.4657 n n KOREA KOREA 0.0415 0.0415 n n SAUDI ARABIA 15.5273 15.5273 Source: Source:BSP BSP(September (September23, 23,2022) 2022) cation, and Watchkeeping (STCW). To recall, EMSA in 2020 said Commission on Higher EducaTransportation Secretary Jaithere were 13 major findings, three tion (CHED), the Department of me J. Bautista said he has already minor findings, and 48 specific Migrant Workers, and local marimet with the ambassadors of Norfindings to the country’s complitime institutions to “solve this way and France and plans to meet ance with the STCW. problem.” the other envoys soon, noting that The Maritime Industry AuthorMajority of the issues pertain the government is already adity (Marina) has since said it has to the training and education of dressing the issues that European been implementing corrective Filipino seafarers.
PESO EXCHANGE RATES
The peso average 5.4 5.4 percent percent average to to 5.6 5.6 percent. percent.
By By Samuel Samuel P. P. Medenilla Medenilla By Jasper Emmanuel Y. Arcalas @sam_medenilla @sam_medenilla
OVER 3-M FARMERS LISTED FOR P75-B COCO LEVY FUND TOURIST ARRIVALS FROM CHINA UP 254% THIS YEAR; PHL STILL BULLISH
M
ADB TAGS 4 BIGGEST RISKS TO ASIAN ECONOMY
T T PHL briefing European diplomats regularly on EMSA issues–DOTr
T
PESO exchange rates n US 58.9620
n japan 0.4015 n UK 65.4655 n HK 7.5115 n CHINA 8.2121 n singapore 41.1085 n australia 36.9987 n EU 57.2285 n KOREA 0.0414 n SAUDI arabia 15.6939 Source: BSP (October 13, 2022)