‘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 Tuesday, October 18, 2022 Vol. 18 No. 6
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 OFW REMITTANCES RISE FOR 10 MOS DIP TO P2.75T 4.3% TO $2.72B IN AUGUST T F 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 BOC spursseizes revival ₧228-M sugar of quarantine smuggled rules in PHL
@BNicolasBM
By Cai U. Ordinario @caiordinario
HE national government’s ILIPINOS gross abroad borrowings as of sent $2.72 end-October shrank billion in 6cash by almost percent remittances in year-on-year to August, according P2.75 trillion.
from Thailand By Samuel P. Medenilla
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to the latest data from the Latest data fromBangko the Bureau of the Treasury showed that the governSentral ng ment’s gross borrowings during the 10-month period fell by 5.99 percent Pilipinas (BSP). from P2.92 trillion a year ago.
With only two months left for The Central Bank said is this repthis year, the latest figure already resented an increase of 4.3 percent equivalent to 89.6 percent of its from the $2.61borrowing billion posted in the P3.07-trillion program. same period last year. Broken down, gross domestic borCash remittances reached $20.99 rowings from January to October billion in the January to August settled at P2.23 trillion, down by 2022 a 3-percent 5.08 period, percentwhich fromwas P2.35 trillion increase from $20.38 billion recordin 2020. ed in thebulk sameofperiod last year. was The the amount “The expansion in cash remitsourced from Fixed Rate Treasury tances in August 2022 followed was due to Bonds (P1.19 trillion), by the growth borrowings in receipts from landshort-term from Bangbased and sea-based workers,” BSP ko Sentral ng Pilipinas or BSP (P540 said. billion), Retail Treasury Bonds/PreExecutive Director Jeremaiah myo Bonds (P463.3 billion), Retail Opiniano of the Institute for MigraOnshore Dollar Bonds (P80.84 biltion Development Issues lion).and In the same period, theretold was BusinessMirror that itofisTreasury possible also a net redemption that saw to anP43.94 opportunity to BillsFilipinos amounting billion. send more dollars to benefitmeans from Net debt redemption the peso depreciation. there were more 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
@sam_medenilla
HE Bu reau of Customs (BOC) on Monday seized 76 NTER NATIONA L concerns containers of refined sugar over the possible spread of the worth P228 million from more infectious OmicronThaiColand after the consignee to vid-19 variant prompted failed the govpresent clearance from ernmentantoimport reimpose mandatory the Sugar Regulatory Administrafacility-based quarantine for all tion (SRA). arriving passengers in the country. Customs Commissioner Yogi Acting Presidential spokesperFilemon Ruiz led BOC agents in son Karlo B. Nograles announced inspecting the containers after the on Sunday that the Inter-Agency Customs Intelligence and InvesTask Force for the Management tigation Service-Manila Internaof Emerging Infectious Diseases tional Port (IATF)Container suspended the(CIIS-MICP) implemensought theits issuance of an No. Alert150Ortation of Resolution der on October 4. A (s.2021), effectively imposing Basedprotocols on intelligence reports, stricter for all inbound the BOC said the shipment, which travelers. arrived at the MICP on September To note, IATF Resolution 15024, contained and A had allowed“misdeclared fully vaccinated undeclared” items. non-visa travelers from Green List As to a result, thecountry BOC issued areas enter the withtwo and Deout Warrants the need of forSeizure facility-based tention against theas shipment for quarantine as long they secure violating Sections 117 and 1113 negative Reverse Transcriptionof the Customs Polymerase ChainModernization Reaction (RTand Tariff Act. PCR) test within 72 hours prior Ruiz said the BOC is determined to their departure. to “Except preventfor trade activities that countries classified would jeopardize market prices and as ‘Red,’ the testing and quarantine local production and hurt internaFilipino protocols for all inbound workers and consumers. 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. CUSTOMS Commissioner Felimon Ruiz shows smuggledRosales sugar—a total of 1,906 metric fromcoordinate Thailand withwith no documents, 76 containersRosales arriving atsaid the Manila International ORE Yogi than 3 million explained that tons—that about came shall the PCAon imthe PCA will not See “OFW,” A2 ROY DOMINGO See with “BOC,”the A2 testing and Container Port. The Bureau of Customs said each container van contained 500 sacks worth a total 228 million. coconut farmers and 500,000 coconut farmers and mediately,” he explained at a recent stop updating its list of coconut pared to the amount borrowed 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 HEraised country could become 1,000 Visa users nationwide. cent areby expected favor digital varrothey explained. P75-billion coconut levy fund. cedure makingtothe updated rect, can report it to the PCA viduals will register in our coconut This was through global a confirmed a case of the Omicron cashless societyprogram earlier than “Covid has accelerated the tranpayments betweenpublic, 2021 and 2025 said the majority Philippine Coconut Authority farmers’ registry providfor Navarro immediate action,” he added.of farmers registry,” he said. bonds (P146.17 billion), variant, will also fall under the Yelexpected because of the insition of the Philippines to a cashas well as another 27 percent beFilipino consumers have attempt(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. crease in the use of digital payment less society said by atabout least three years,” tween 2026 and 2030. ed tocompletion go cashless.ofSome 84 percent M. Rosales 3.11 million check the veracity of the list, Rothe the initial list farmers registry is mandated by nominated bonds (P121.97 billion), The suspension of the rules for schemes thebillion), pandemic, Navarro said. “With and Another have triedfarmers to go cashless while 16 coconut farmers and digital farm worksales added.9 percent are expected of coconut registry would Republic Act (RA) 11524 or the a project loanduring (P86.41 and ac“Green List” countries will be in cording to the latest study of Visa contactless payments to go cashless and percent an expected attempt. ers have been registeredbecoming with the “The list willbetween be posted2031 in public be just innever timemade for the Coconut Industry Trust Fund Act. yen-denominated samurai bonds effect from November 28, 2021 to Philippines. more of a norm for many people, 2035 while 12 percent are proHe noted the intention of going 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. In presentationA2 at the 42nd Visa continues to work hard and jected to go cashless beyond 2035. cashless cuts across generations Seea“Borrowings,” Continued on A2 Anniversary of the Credit Card work with each of you and with Only 7 percent are expected to from Boomers to GenZ. It also cuts Association of the Philippines the organization CCAP to increase never go cashless. across socioeconomic classes as 50.4600 and n JAPAN 0.4374 n UK 67.2329 “The n HKmain 6.4722benefits n CHINA 36.8968 n AUSTRALIA 36.2807 n EU 56.5758 n SAUDI ARABIA 13.4531 Source: BSP (November 26, 2021) (CCAP), Visa Philippines Coun-n USadoption usage in its various that7.9013 con- n SINGAPORE both mass and affluent Filipinos try Manager Jeffrey Navarro said forms and methods towards our sumers see towards going cashless have tried going cashless. 7 out of 10 Filipinos now expect shared cashless society.” are as follows: first it’s really about Navarro also said 47 percent of the country to become a cashless Navarro said the median year hygiene and this is to prevent the those who have tried going cashless society in a decade. when most Filipinos are expected spread of infection. The second were able to do so for as short as a Navarro noted that this is higher to go cashless is in 2027, three one is all about convenience beweek to as long as over a month. than the 6 out of 10 of respondents years ahead of expectations. cause cashless has no hassle and Some 36 percent were able to go in the results of its previous conIn Navarro’s presentation, lastly it’s about quality which is the cashless for a few days and 17 persumer payment attitudes survey. some 7 percent of Filipinos are ability to track financial records cent went cashless for a day. The study’s respondents included already cashless. But some 38 pereasily so that is the forecast,” NaSee “CCAP,” A2 @jearcalas
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CCAP: PHL COULD BE A CASHLESS SOCIETY EARLIER
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PESO EXCHANGE RATES
PESO EXCHANGE RATES n US 58.9310
n JAPAN 0.3970 n UK 66.1500 n HK 7.5076 n CHINA 8.1934 n SINGAPORE 41.3348 n AUSTRALIA 36.5549 n EU 57.3222 n KOREA 0.0409 n SAUDI ARABIA 15.6877
Source: BSP (October 17, 2022)