Subsidies to GOCCs ‘Close borders, cut Omicron exposure risk’
C.H.I.L.D. Haus or the Center for Health Improvement and Life Development Haus celebrated its 20th anniversary with an exhibit, honoring of the donors and a birthday celebration for Hans T. Sy at the Music Hall of SM Mall of Asia. Through the years, CHILD Haus, through the initiative of philanthropist Ricky Reyes, was able to help children with cancer from all over the Philippines who are in need of financial support for their treatments and a home to stay in. Shown in photo are philanthropist and CHILD Haus founder Mother Ricky Reyes with CHILD Haus ardent supporter Hans T. Sy and Carol Sy, and SM Supermalls President Steven Tan. With them are some of the supporters and donors of CHILD Haus and the amazing kids with cancer survivors. CONTRIBUTED PHOTO
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 17, 2022 Vol. 18 No. 5
down by 64% in Aug
which, she said, the economy can no for government to be proactive in longer afford. imposing them. By Jasper Emmanuel Y. Arcalas @jearcalas “It is better that we do protective Previous instances when the preventive measures than get excountry had the opportunity to imUBSIDIES extended to state-run firms by the national posed again. We have a lot to lose,” pose travel restrictions did not pregovernment (NG) in August plunged 64 percent year-onOplas said. “We should do it now so vent the spread of Covid-19. That was year to P15.536 billion, the latest Bureau of the Treasury that we can open just before Christmainly because the decision was not (BTr) data showed. mas. If it gets contained, we can open made immediately, he said. Treasury data showed that total subsidies released to govit again.” “Kung papatay patay [If we’re ernment-owned and -controlled corporations (GOCCs) during Ateneo Center for Economic Reslow] and we get caught flat-footthe month was P26.818 billion lower than the P42.354 billion search and Development (ACERD) ed, [that’s risky] We were too rerecorded in August of last year. Associate Director Ser Percival active instead of proactive before. The Philippine Health Insurance Corp. (PhilHealth) K. Peña-Reyes said closing the We should learn from that,” Peñatopped the list of GOCCs as it accounted for two-thirds country’s borders would be effecReyes said. “It’s a delicate balancing of the total subsidy during the reference period or about tive but should still adhere to the act. We need to push testing and P11.231 billion. standards set by the World Health tracing to be properly informed The national government provides subsidies to state-run Organization (WHO). of our decisions. Blanket/shotgun firms to fund operations not covered by corporate revenues What is needed, Peña-Reyes told approaches could have dire conseor to finance specific programs or projects. this newspaper, is for travel restricquences on the economy.” See “Subsidies,” A2 tions to be put in place swiftly and See “Omicron,” A2
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NATL GOVT BORROWINGS PEZA APPROVES P40-B FOR 10 MOS DIP TO P2.75T INVESTMENTS IN 9 MOS w w
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By Bernadette D. Nicolas
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Omicron risk spurs revival of quarantine rules in PHL
@BNicolasBM
By Andrea E. San Juan
HE national government’s HE Philippine Economic gross Zone Authority (PEZA) said borrowings as of the country end-October shrank has attracted nearly P40 billion in investments for by almost 6 percent 148 new andtoexpansion projects in year-on-year P2.75 trillion. January to September.
Latest data from the Bureau of the PEZA Officer-in-Charge Tereso Treasury showed that the governO. Panga said in a statement that ment’s gross borrowings during the the agency approved investments 10-month period fell by 5.99 percent amounting to P39.631 billion durfrom P2.92 trillion a year ago. ing the nine-month period. With only two months left for However, data from the PEZA this year, the latest figure is already showed that the amount of investequivalent to 89.6 percent of its ments greenlighted by the investment P3.07-trillion borrowing program. promotion agency was 22.6 percent Broken down, gross domestic borlower than the P51.202 billion it aprowings from January to October proved last year. The number of projsettled at P2.23 trillion, down by ects was also lower this year compared 5.08 percent from P2.35 trillion to the 189 recorded in 2021. in 2020. However, PEZA data indicated The bulk of the amount was that direct employment from apsourced 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 bilHE Semiconductor and Eleclion). In the same period, there tronics Industries inwas the Foundation, Inc. also a netPhilippines redemption of Treasury remains optimistic about Bills(SEIPI) amounting to P43.94 billion. growth prospects this year despite Net debt redemption means decline the demand oftherethe were moreindebts repaid for comfice equipment. pared to“This the amount borrowed durAugust we clocked $3.98 ing the period. billion in exports and year-toMeanwhile, foreign date, $30.49gross billion. Year to bordate, rowings in the same period also that’s about 1.6 percent higher than the goal,” SEIPItoPresident contracted by 9.7 percent P518.7 Danilo said inbillion. a telebillion from C. lastLachica year’s P574.4 vised interview Friday.global This was raised on through The SEIPI chief said although “it’s bonds (P146.17 billion), program gonna be a stretch,” the industry is loans (P139.98 billion), euro-destill sticking to its 10-percent growth nominated bonds target for this (P121.97 year. “But billion), we’re not a project loan revising our(P86.41 goal, webillion), ‘re going and to be yen-denominated samurai bonds (P24.19 billion).
P25.00 nationwide | 2 sections 20 pages | P25.00 nationwide | 3 sections 26 pages |
By Samuel P. Medenilla @sam_medenilla
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NTER NATIONA L concerns over the possible spread of the more infectious Omicron Covid-19 variant prompted the government to reimpose mandatory proved investments went up by 6.53 facility-based quarantine for all percent to 1,798,152 in January to arriving passengers in the country. September from 1,687,938 a year ago. Acting Presidential spokesperThe PEZA said it was also able son Karlo B. Nograles announced to register and approve 20 bigon Sunday that the Inter-Agency ticket projects with a minimum Task Force for the Management capital of P1 billion per project of Emerging Infectious Diseases during the period. The attached (IATF) suspended the implemenagency of the Department of tation of its Resolution No. 150Trade and Industry said these A (s.2021), effectively imposing big-ticket projects are expected stricter protocols for all inbound to bring P24.758 billion worth of travelers. investments, $654.338 million of To note, IATF Resolution 150exports and 9,649 direct jobs. A had allowed fully vaccinated See PEOPLE walk past the“PEZA,” mural ofA2Gat Andres Bonifacio at Manila City Hall Underpass. non-visa travelers from Green List The country will celebrate the 158th birth anniversary of Filipino revolutionary areas to enter the country withhero Gat Andres Bonifacio on Tuesday, November 30. ROY DOMINGO out the need for facility-based quarantine as long as they secure A FISHERMAN ventures into the open sea at the break of dawn in General Luna off Siargao Island in Surigao del Norte, October 14, 2022. Named the Best Islandnegative in Asia by Condé Nast Traveler magazine in Reverse TranscriptionNONIE REYES 2019, the surfers’ haven is still recovering from the devastation brought by Super Typhoon Odette in December 2021. Story on Siargao's surfing competition on A3 and B8. Polymerase Chain Reaction (RTPCR) test within 72 hours prior assessing that in Q4. So it’s a positive to their departure. growth for this year.” Lachica said the year-to-date “Except for countries classified By Jasper Emmanuel Y. Arcalas dating its registry following the them. This allows everyone to see programs as President Duterte growth posted @jearcalas in August was as ‘Red,’ the testing and quarantine enactment of the Coconut Farmwho are listed in the registry and if is expected to sign the industry “driven primarily by automotive protocols for all inbound internaers and Industry Trust Fund law. farmer doesn’t see his name then he development plan in early 2022. By Cai U. Ordinario Medalla said the impact of food flation-at-6-9-bsp-vows-policyas vying for food security, were electronics.” ORE than 3 million tional travelers in all ports of entry Rosales explained that about shall coordinate with the PCA imRosales said the PCA will not “In August that (automotive @caiordinario security efforts would not be moves/). identified by Medalla as part of shall comply with the testing and coconut farmers and 500,000 coconut farmers and mediately,” he explained at a recent stop updating its list of coconut electronics) grew by about 27 perimmediately felt. “We tell the government, imthe administration’s “expanded quarantine protocols for ‘Yellow’ workers aregrew nowbyregisworkers were added to the PCA’s dialogue with coconut farmers. farmers and enjoined them to regcent; consumer electronics HE supply-side constraints Medalla said efforts to boost port food that you can’t produce. toolkit” to bring down inflation to list countries,” Nograles said, citing tered with the 2018 list that had about 2.5 million “On the other hand, if people ister in order to reap the benefits about 20 percent; andgovernment’s electronic data regbeing experienced by the food security is one of the ways Because no matter how good the a “target-consistent path.” the provision of IATF Resolution istry, which serves as the basis coconut farmers and farm workers. would see names on the list and of the decades-long idled coconut processing, storage drives, and that country when it comes to the government is trying to adPresident is as Secretary of AgriThe list of measures also include kind electronic products grew byto be No. 151-A. forof the number of people The PCA’s next step is to conthey think they are not coconut levy fund. “We will not stop at 3.1 farm products may last for another dress the rise in commodity prices. culture, the thing about plants [is adjusting interest rates, allowing the 18 covered percent,” the SEIPIutilization chief said. of the He noted Hong Kong, which has by the duct an exclusion-inclusion profarmers or their details are incormillion. We hope that more indiyear, according to the governor of In September, the Philippine Stathat] they need time, right? The peso to serve as a “shock absorber,” However, Lachica said there confirmed a case of the Omicron P75-billion coconut levy fund. cedure by making the updated rect, they can report it to the PCA viduals will register in our coconut the Bangko Sentral ng Pilipinas tistics Authority (PSA) reported effects of the president’s actions and selling the country’s reserves. has been an “erosion” in the devariant, will also fall under the YelPhilippine Coconut Authority farmers’ registry public, providfor immediate action,” he added. farmers registry,” he said. (BSP). that inflation reached 6.9 percent will take a year or even a year and Apart from these measures to mand for office equipment alonglow list countries. (PCA) Deputy Administrator Roel ing everyone the opportunity to The PCA official noted that The updating of the coconut side telecommunications and raIn a recent briefing at the Philon the back of expensive food a half. Right now, there’s a shortcontain inflation, Medalla also The suspension of the rules for Rosales said about 3.11 million check the veracity of the list, Rothe completion of the initial list farmers registry is mandated by darM. products. ippine Embassy in Washington and fuel items (Full story here: age,” Medalla said. shared updates on the strength of “Green List” countries will be in coconut farmers and farm worksales added. of coconut farmers registry would Republic Act (RA) 11524 or the See “Electronics,” A2 D.C., Bangko Sentral ng Pilipihttps://businessmirror.com. Non-monetary measures implethe Philippine banking system. effect from November 28, 2021 to 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. See “Food security,” A2 nas (BSP) Governor Felipe M. ph/2022/10/06/september-inmented by the government such December 15, 2021. government since it started upspaces where people can easily see rollout of coconut levy-funded See “3-M farmers,” A2
ELECTRONICS EXPORTERS STILL BULLISH ON GROWTH THIS YEAR
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See “Borrowings,” A2
OVER 3-M FARMERS LISTED FOR P75-B COCO LEVY FUND Food security efforts key to fighting inflation—BSP
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Continued on A2
PESO EXCHANGE RATES n US 58.9500 n JAPAN 0.4005 n UK 66.8080 n HK 7.5101 n CHINA 8.2216 n SINGAPORE 41.1806 n AUSTRALIA 37.1208 n EU 57.6413 n KOREA 0.0412 n SAUDI ARABIA 15.6928 Source: BSP (October 14, 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)