Issuu

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

Monday, 29,2022 2021Vol.Vol.1817No.No.52 Friday,November October 21, 9 Tuesday, September 27, 2022 Vol. 17 No. 354

REVIEW NUMBER CODING, NATL GOVT BORROWINGS FITCH THINK TANK SEES TRUCK BAN, GOVT TOLD FOR 10 MOS DIP TO P2.75T RATES HITTING 5% IN ‘22 www.businessmirror.com.ph w w

n n n n n

By By Bernadette Bernadette D. D. Nicolas Nicolas By E. San Juan By ByAndrea Bianca Bianca Cuaresma Cuaresma @BNicolasBM @BNicolasBM

Omicron risk DOF scored ‘Karding’ cuts spurs revival for analysis big damage, of quarantine on POGO but casualty rules in PHL operations count limited

@andreasanjuan @BcuaresmaBM @BcuaresmaBM

T T

HE national HE heBangko govgovernment’s Sentral ng ernment gross Pilipinas borrowings as of (BSP) is should expected revisit the raising truck end-October shrank to continue by almost 6 percent monetary policy ban and the year-on-year to rates this year, even number coding as the country’s P2.75 trillion. scheme as these Central Bank has measures increase already let out Latest Latestdata data from from the theBureau Bureauof ofthe the aggressive the cost ofhikes doing Treasury Treasury showed showed that that the thein governgovernment’s ment’slast gross grossthree borrowings borrowings during during the the the months business food 10-month 10-monthperiod periodand fell fellby by5.99 5.99 percent percent —as thetrillion economy from from P2.92 P2.92 trillion aa year year ago. ago. prices, according With With only only two two months months left left for for battles rising prices this this year, year, the the latest latest figure figure is is already already to the chief of of itsits and currency equivalent equivalent to to 89.6 89.6 percent percent of depreciation, anprogram. logistics solutions P3.07-trillion P3.07-trillionborrowing borrowing program. Broken Broken down, down, gross gross domestic domestic borborinternational think company Air21 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

Holdings Inc. 5.08 5.08 percent percent from from P2.35 P2.35 trillion trillion

in in 2020. 2020. In In its itsbulk assessment assessment of of local local ecoecoThe The bulk ofplenary the the amount amount was was During theof session of nomic nomic dynamics, dynamics, research research firm firm sourced sourced from from Fixed Fixed Rate Rate Treasury Treasury the 48th Philippine Business ConFitch Fitch Solutions said said on onfollowed Monday Mondayby it it Bonds BondsSolutions (P1.19 (P1.19 trillion), trillion), followed by ference and the Expo [PBC&E] organow now expects expects the BSP BSP to to raise raise interintershort-term short-term borrowings borrowings from from BangBangnized by the Philippine Chamber 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 of Commerce andends, Industry [PCCI], before before the the year year ends, effectively effectively billion), billion), Retail Retail Treasury Treasury Bonds/PreBonds/PreAir21 Chairman Alberto D. Lina putting putting the the benchmark benchmark at at 5 5 percent percent myo myothe Bonds Bonds (P463.3 (P463.3 billion), billion), Retail Retail said number coding scheme and by by the the end end of of 2022. 2022. Onshore Onshore Dollar Dollar Bonds Bonds (P80.84 (P80.84 bilbilthe truck ban contribute to the cost This This is isthe aamore more aggressive aggressive outlook outlook lion). lion). In In the same same period, period, there there was was of logistics.to compared compared to their their earlier earlier forecast forecast also also aa net net redemption redemption of of Treasury Treasury “We hope [ourbenchmark government offiof of a a 4.5-percent 4.5-percent benchmark rate rate by by Bills Bills amounting amounting to to P43.94 P43.94 billion. billion. cials] would listen to us. We appeal the theNet end end of of the the year. year. Net to debt debt redemption redemption means means to them review the truck and “Inflation “Inflation is is debts likely likely to to ban remain remain there there were were more more debts repaid repaid comcomthe number coding scheme. Please elevated elevated relative relative to to the the BSP’s BSP’s tartarpared paredto tothe theamount amount borrowed borrowed durdurreview them,” Lina said on Thursday. get get range range of of 2 2 percent percent to to 4 4 percent percent ing ingHe the the period. period. thethe experience of his and and we wecited expect expect the central central bank bank to to Meanwhile, Meanwhile, gross gross foreign foreign borborown logistics company which has to tighten tighten monetary monetary policy policy further further to to rowings rowings in in the theonsame same period period also park its trucks certain daysalso beanchor anchor inflation inflation expectations,” expectations,” contracted contracted by 9.7 9.7 percent percent to P518.7 P518.7 cause of the by number codingto scheme. Fitch Fitch Solutions Solutions said. said. billion billion from from last last year’s year’s P574.4 P574.4 billion. billion. “For instance, onpeso Mondays, 20 “The “The Philippine Philippine peso has hasglobal also also This Thiswith was was raised raised through through global trucks license plates ending come come under under significant significant pressure pressure bonds bonds (P146.17 (P146.17 billion), billion), program program in 1aa and 2 cannot transport goods. as as result result of of tightening tightening credit credit conconloans loans (P139.98 (P139.98 billion), billion), euro-deeuro-deHaving a backup [plan] is imperaditions ditions globally. globally. With With the the US US Fed Fed nominated nominated bonds bonds (P121.97 (P121.97 billion), billion), tive forto ushike so that we can operate likely likely to hike by by a a further further 75 75 bps bps aa project project loan loan (P86.41 (P86.41 billion), billion), and and at 100 percent capacity,” Linalikely said before before end-2022, end-2022, this this will will likely yen-denominated yen-denominated samurai samurai bonds bonds in a mix the of English and Filipino. prompt prompt the BSP BSP to to hike hike in in tandem tandem (P24.19 (P24.19 billion). billion). Another pain point for businessto tosafeguard safeguard external external stability,” stability,” the the See See “Borrowings,” “Borrowings,” A2 A2 as this es, he said, the truck ban think think tank tankis added. added. leads to “double-booking.” Just Just last last week, week, the the Monetary Monetary “Fordecided example, a Board Board decided to tobecause raise raise its itsthere’s interest interest ban on six-wheeler trucks and up on rates rates by by 50 50 basis basis points. points. This This is is the the certain hours, businesses forced third third consecutive consecutive month monthare that that the the to also bookits four-wheeler BSP BSP hiked hiked its benchmark benchmarktrucks rates: rates:[to in in transport their goods],” Lina said. an an off-cycle off-cycle hike hike in in July July of of 75 75 basis basis Higher cost, he of said, points points and andlogistics another another in in August August of 50 50 would have an adverse impact on basis basis points. points. theThe country’s efforts to achieve The BSP BSPalso alsosaid saidits itsaverage average inflainflafood security.is He the tion tion forecast forecast is now nownoted closer closerthat to to 66 perperhigh cost of transporting goods cent cent for for this this year year from from last last month’s month’s has caused the prices of food 5.4 5.4 percent percent average average to to 5.6 5.6basic percent. percent. items to rise. See See “Fitch,” “Fitch,” A2 A2 “Paki-tingnan lang natin ito [Transport Secretary Jaime Bautista] ang pagtaas ng cost ng logistics especially its impact on our food security. Bakit mataas ang sugar? Bakit mataas ang bigas? Mataas ang gulay? E kasi kami ang nagdadala ng gulay mula Bambang, Nueva Vizcaya,” Lina said.

By By Samuel Samuel P. P. Medenilla Medenilla @sam_medenilla @sam_medenilla

By By Samuel Samuel P. P. Medenilla Medenilla By Jovee Marie N. dela Cruz @sam_medenilla @sam_medenilla

I T P

NTER NTERNATIONA NATIONA LL concerns concerns @joveemarie && 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 chairman of the House vid-19 vid-19 Committee variant variant prompted prompted the the and govgovon Ways RESIDENT RESIDENT Ferdinand Ferdinand R. R. ernment ernment to to reimpose reimpose mandatory mandatory Means scored the DepartMarcos Marcos Jr. Jr. on on Monday Monday ininfacility-based facility-based quarantine quarantine for for all all ment of Finance forthe itsair “shallow” spected spected from from the air the the masmasarriving arriving passengers passengers in in the the country. country. analysis linking alleged POGO-resive sive devastation devastation caused causedspokesperby by SuperSuperActing Acting Presidential Presidential spokesperlated crimes to investor confidence. typhoon typhoon “Karding” “Karding” (international (international son son Karlo B. B. Nograles Nograles announced announced AtKarlo the recent House Committee name: name: Noru) Noru) across across Luzon, Luzon, firing firing on on Sunday Sunday that that the the Inter-Agency Inter-Agency on Labor andto Employment conoff off directives directives to ensure ensure a a return return to to Task Task Force Force for for the the Management Management sultation on POGOs conducted, normalcy normalcy for for thousands thousands it it affected. affected. of of Emerging Emerging Infectious Infectious Diseases Committee on Ways andDiseases Means At At the the same same time, time, however, however, he he was was (IATF) (IATF) suspended suspended the the implemenimplemenChairperson Rep. Joey Salceda pleased pleased by by reports reports of of minimal minimal cacatation tation of oflinking its its Resolution Resolution No. No. 150150said that kidnapping and sualties, sualties, something something attributed attributed to to AA (s.2021), (s.2021), effectively effectively imposing imposing foreign direct investment was “a the the timely timely preemptive preemptive evacuation evacuation stricter stricter protocols protocols for for all all inbound inbound facile approach” to the ongoing by by local local government government units. units. travelers. travelers. POGO issue. Over Over the the weekend, weekend, around around To To note, note, IATF IATF Resolution Resolution 150150According toLuzon Salceda “there 75,000 75,000 people people in in Luzon were were evacuevacuA A had had allowed allowed fully fully vaccinated vaccinated are farand more factors that affect PEOPLE PEOPLEwalk walkpast pastthe themural muralof ofGat GatAndres AndresBonifacio Bonifacioat atManila ManilaCity CityHall HallUnderpass. Underpass. ated, ated, and power power and and communicacommunicanon-visa non-visa travelers travelers from from Green Green List List the flow of foreign direct investThe 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 withwithments” as he ease doing ROYDOMINGO DOMINGO hero heroGat GatAndres AndresBonifacio Bonifacioon onTuesday, Tuesday,November November30. 30. ROY disrupted. disrupted. As Ascited of of p.m. p.m. of Monday, Monday, out out the the need need for for33 facility-based facility-based business and power costs as far however however affected affected customers customers of ofMaMaquarantine quarantine as as long long as as they theyfor secure secure more significant concerns ponila nila Electric Electric Company Company were were down down negative negative Reverse Reverse TranscriptionTranscriptiontential investors. to to 32,816. 32,816. Polymerase Polymerase Chain Chain Reaction Reaction (RT(RTFESTIVE lights welcome mallgoers at the quarter-mile-long Sky Garden at the SM City The lawmaker emphasized The Thetest National National Grid Grid Corporation Corporation PCR) PCR) test within within 72 72 hours hours prior prior North Edsa shopping mall in Quezon City, Thursday, October 20, 2022. NONOY LACZA that “with respect toalso theNGCP crimes... of of the the Philippines Philippines also NGCP rereto to their their departure. departure. the supposed crimes attributed 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 “Exceptthere for for countries countries classified classified to POGO, are enough laws.” miling miling 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 asSalceda ‘Red,’ ‘Red,’69kV the theargued testing testing and and quarantine quarantine that if the jusers 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 for all all inbound inbound internainternatification shutting down POTHIS 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 damage 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 tional travelers travelers in inall allports ports of ofcrime entry entry GOs were the incidents of 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 shall comply comply with withPOGO the the testing testing and and attributed to the industry, 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 farmersand andenjoined enjoinedthem themto toregregquarantine quarantine protocols protocols for for ‘Yellow’ ‘Yellow’ then other industries that attract he Department of During the plenary session streamlined or improved. management to see to it that sure sure to to climb climb given given the themassive 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 ister ister in in order order to to reap reap the the benefits benefits list listcountries,” countries,” Nograles Nograles said, said,citing citing illegal activity should likewise be Transportation (DOTr) of the 48th Philippine BusiBautista also noted that we don’t implement any [addiastation astation on on farms farms that that were were ready ready istry, istry, which which serves serves as as the the basis basis coconut coconutfarmers farmersand andfarm farmworkers. workers. would would see see names names on on the the list list and and of of the the decades-long decades-long idled idled coconut coconut the the provision provision of of IATF IATF Resolution Resolution shut down. said it has set its sights ness Conference and Expo port charges in the Philiptional] port charges any more 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 levyfund. fund.“We “Wewill willnot notstop stopat at3.1 3.1 No. No. 151-A. 151-A. “Will I closewhich all thepacked PEZA winds [Philon making port operations (PBC&E), Transportation Secpines are “quite high” and exso there is this program to “Karding,” “Karding,” which packed winds covered covered by by the the utilization utilization of of the the duct duct an an exclusion-inclusion exclusion-inclusion proprofarmers farmers or or their their details details are are incorincormillion. million. We We hope hope that that more more indiindiHe He noted noted Hong HongZone Kong, Kong, which which has has ippine Economic Authority] more efficient so that the govretary Jaime Bautista said his pensive. just freeze the existing chargof of 120 120 miles miles per per hour hour at at its its peak, peak, P75-billion P75-billion coconut coconut levy 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 vidualswill willregister registerin inour ourcoconut coconut confirmed confirmed a a case case of of the the Omicron Omicron because there’s a lot smuggling ernment would not have to inagency is evaluating processes “During mymore. first board es,” he said onimpacted Thursday. By By Cai Cai U. U. Ordinario Ordinario the the region region contracted contracted 0.8 0.8 percent, percent, to to close once once more. Ukraine Ukraine that impacted countries countries left left communities communities in inof Luzon Luzon inuninunPhilippine Philippine Coconut Coconut Authority Authority farmers’ farmers’ registry registry public, public, providprovidfor forclose immediate immediate action,” action,” he he added. added. farmers farmersthat registry,” registry,” he he said. said. variant, variant, will will also alsofall fall under under the the YelYelhappening there? No!” explained crease fees @caiordinario and charges, which and determining areas where meeting with said the Philippine @caiordinario the the sharpest sharpest decline decline in in regional regional Asakawa Asakawa said the the Russian Russian in in the the region region to to varying varying degrees. degrees. dated, dated, prompting prompting the the government government (PCA) (PCA)Deputy DeputyAdministrator AdministratorRoel Roel ing ing everyone everyone the the opportunity opportunity to to The The PCA PCA official official noted noted that that The The See updating updating of of the the coconut coconut low low list list countries. countries. “DOTR,” A2 the legislator. would burden businesses. port operations beIn 2021, Ports Authority [PPA], is I told GDP GDP growth in in 60 60could years. years. 2021, invasion invasion of of Ukraine Ukraine one one list of of The The direct direct impact impact of 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 the is 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 from from the the government. government. President President Masatsugu Masatsugu Asakawa Asakawa The The slowdow slowdownn of of China’s China’s impact impact of of remittances remittances will will be be limlim(BSP) (BSP) is is now now the the most most aggressive aggressive Leniefour Lectura said,is not substantial to SPUG areasfor was based “Well, “Well, we we are—presently are—presently what what said said By these these four factors factors are are the the nonas economy economy isisbeing being driven driven by by what what ited itedin inmissionary the theregion regionexcept except for Central Central in in terms terms of of raising raising interest interest rates rates to to @llectura the firm’s full-year operaon a price assumption of P37.99 we we are are organizing organizing is is the the airlift airlift for for dark dark clouds clouds hanging hanging over over the the cover Asakawa Asakawa said said was was aa “very “very strinstrinAsia, Asia, Caucasus Caucasus and andMongolia Mongolia which which cool coolinflation. inflation.(https://business(https://businessrequirements for per liter diesel fuel price. Beginfood food materials, materials, food food packs, packs, water water sustained sustained recovery recovery of of the the region region tion gent gent zero-Covid zero-Covid intended policy” policy” while while have have close close trade tradeand andeconomic economic ties ties mirror.com.ph/2022/09/15/ mirror.com.ph/2022/09/15/ hethe National Power Corp. SPUG plants andaabarges, as well ning lastRussian June,Federation. however, fuel into intoPolillo Polillobecause becausethey theysaid saidit itwas was from from the economic economic downturn downturn there there remains remains possibility possibility that that with with the the Russian Federation. bsp-most-aggressive-in-hikingbsp-most-aggressive-in-hiking(NPC) saidpandemic. a 30-percent as aaits New Power Providers and prices abruptly increased the the first first area area to to be be hit hit [by [by SuperSupercaused caused by by the the pandemic. more more lethal lethal variant variant of of Covid-19 Covid-19 There There were were both both direct direct to and andas policy-rates/) policy-rates/) budget cut for that nextin Third Party (NPP-QTP) high as P79.66 typhoon typhoon Karding],” Karding],” Marcos Marcos said. said. Asakawa Asakawa noted noted that inyear 2020, 2020, Qualified could couldspread spread and and cause cause economies economies indirect indirect effects effectsper of of liter. the the war war in in See See “ADB,” “ADB,” A2 A2 would result in power outage in subsidy requirements. The fuel price hike was one of See See “Karding,” “Karding,” A2 A2 the so-called “missionary areas” “If the price of fuel continues the reasons why SPUG generacovered by Small Power Utility to increase, this will become an tion companies have racked up Groups she said. substantial n n US 58.4060 58.4060(SPUG). n n JAPAN 0.4104 0.4104 n n UK 65.7418 65.7418even n n HKbigger 7.4413 7.4413 dilemma,” n n CHINA 8.2506 8.2506 n n SINGAPORE 41. 41.11861 861 outstanding n n AUSTRALIAobliga38.7933 38.7933 n 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) The state firm proposed a budDuring a recent Senate heartions to fuel suppliers. Given the get of P44.749 billion for 2023, ing, NPC estimated that approxivolatility of prices and the slow but the Department of Budget mately 278 existing diesel plants release of funds from the NPC, and Management (DBM) slashed would likely be closed in the wake many f uel suppliers are now this to P32.212 billion. The reof its P12.537-billion budget cut. reportedly reluctant to deliver duced amount, NPC Department Based on the GA A (General Apmore fuel on credit. Manager for Financial Planning propriations Act), the approved See “Budget,” A2 and Budget Jenalyn Aurea S. Tifuel budget of P6.385 billion for

OVER 3-M FARMERS LISTED FOR P75-B COCO LEVY FUND DOTR: EFFICIENT PORT OPERATIONS TO PREVENT FEE HIKES

M T ADB TAGS 4 BIGGEST RISKS TO ASIAN ECONOMY T

Budget cut would lead to outages PESO EXCHANGE RATES in SPUG missionary areas–NPC

PESO EXCHANGE RATES

See “Review,” A2

PESO exchange rates n US 58.8870

n japan 0.3930 n UK 66.0712 n HK 7.5019 n CHINA 8.1472 n singapore 41.3329 n australia 36.9221 n EU 57.5679 n KOREA 0.0410 n SAUDI arabia 15.6718 Source: BSP (October 20, 2022)