‘Close borders, cut Omicron exposure risk’ Q2 domestic trade volume shrinks 23.9%
T
C EXPLAINER »B4
SPARKLING FISH, MURKY METHODS: THE GLOBAL AQUARIUM TRADE
By Cai U. Ordinario
ed from the region/province of origin to modities were traded through water with their loved ones, while forwhich, she said, the economy can no for government to be proactive in @caiordinario another region/province of destination,” (coastwise), while the rest were traded @caiordinario eigners living in temperate regions longer afford. imposing them. PSA said. The contraction in the quantity through air, PSA said. usually want to relax in tropical “It is better that we do protective Previous instances when the HE country’s domestic trade volof domestic goods is the second consecuThe volume of tradeable domestic goods LOSING the country’s borders countries like the Philippines. This preventive measures than get excountry had the opportunity to imume contracted 23.9 percent in tive quarter of decline this year. was the highest in Central Visayas (Region is one of the most immediate year’s influx of OFWs is expected to posed again. We have a lot to lose,” pose travel restrictions did not prethe second quarter of 2022, acIn the first quarter of 2022, the anVII) which recorded the highest quantity of courses of action the governbe heavier since many of them were Oplas said. “We should do it now so vent the spread of Covid-19. That was cording to the Philippine Statistics Aunual decrease was 21.6 percent and in traded commodities with 1.19 million tons ment must take to prevent the latunable to come home for the holidays that we can open just before Christmainly because the decision was not thority (PSA). the second quarter of 2021, the annual or 30.7 percent share to the total domestic est Covid-19 variant, Omicron, from in December 2020. mas. If it gets contained, we can open made immediately, he said. The total quantity of domestic trade increase was recorded at 76.7 percent. trade in the second quarter of 2022. reaching Philippine shores, accord“My recommendation is to protect it again.” “Kung papatay patay [If we’re in the second quarter of 2022 was regisBy commodity sector, food and live This was followed by Western Visayas ing to local economists. the borders. Do not allow people with Ateneo Center for Economic Reslow] and we get caught flat-foottered at 3.87 million tons (MT), 1.21 MT animals led in terms of quantity of do(Region VI) with a quantity of 0.57 milT he new var iant is a threat, a history of travel to countries with search and Development (ACERD) ed, [that’s risky] We were too relower than the 5.08 MT recorded in the mestic trade in the second quarter of 2022 lion tons or 14.8 percent of the total and e s p e c i a l l y w it h t he hol id ay s positive cases to enter,” Oplas said. Associate Director Ser Percival active instead of proactive before. second quarter of 2021. with 0.91 million tons or a share of 23.6 National Capital Region (NCR) with 0.45 coming up and more foreigners “We should be more restrictive. [We K. Peña-Reyes said closing the We should learn from that,” PeñaWith this, domestic trade value in percent to the total domestic trade. million tons or an 11.7 percent share. being a llowed to travel to the have to be] more protective in terms country’s borders would be effecReyes said. “It’s a delicate balancing the second quarter of 2022 amounted to This was followed by manufactured In terms of value, almost all or 99.97 Philippines, De La Sa lle Univerof our measures.” tive but should still adhere to the act. We need to push testing and P190.09 billion—a contraction of 17.9 goods classified chiefly by material, with percent of the commodities that flowed sit y economist Mar ia Ella Oplas Oplas said that while this will be standards set by the World Health tracing to be properly informed percent from the P231.51- billion value of 0.82 MT or 21.1 per eng and machinery within the country were traded through told BusinessMirror. a setback to some industries, this Organization (WHO). of our decisions. Blanket/shotgun domestic trade in the same period of 2021. and transport equipment with 0.80 MT water, while the remaining were traded The holidays usually bring in is a fair measure considering that What is needed, Peña-Reyes told approaches could have dire conse“Domestic trade value refers to the or 20.8 percent of the total. through air. Overseas Filipino Workers (OFWs) this could help prevent placing the this newspaper, is for travel restricquences on the economy.” outflow value of commodities transport“Almost all (99.9 percent) of the comSee “Q2 domestic,” A2 who are eager to spend Christmas country in another strict lockdown, tions to be put in place swiftly and See “Omicron,” A2 By Cai U. Ordinario
Monday, November 29, 2021 Vol. 17 No.52 n Monday, October 24, 2022 Vol. 18 No. 12
NATL GOVT BORROWINGS ‘PENSION REFORMS MUST FOR 10 MOS DIP TO P2.75T BE ENACTED BEFORE 2028’ A T w w
n
By Bernadette D. Nicolas By Jovee Marie N. dela Cruz @BNicolasBM
P25.00 nationwide | 2 sections 20 pages | P25.00 nationwide | 2 sections 20 pages |
Omicron risk spurs revival of quarantine rules in PHL
@joveemarie
S the Philippines now has HE national among the world’s worst government’s retirement systems, the gross borrowings and as of the Legislative Executive end-October shrank branches were prodded to convene by almost 6 percent high-level task forces to study and year-on-year to reforms before 2028. enact pension P2.75 trillion.
According to House Committee on Ways and Means Chairman Latest data from the Bureau of the Joey Sarte Salceda, the government Treasury showed that the governshould enact pension reforms as the ment’s gross borrowings during the country’s pension system has been 10-month period fell by 5.99 percent steadily sliding. from P2.92 trillion a year ago. Salceda made a statement over With only two months left for the weekend following the Mercer this year, the latest figure is already CFA Global Pension Index report for equivalent to 89.6 percent of its 2022, which rated the Philippines as P3.07-trillion borrowing program. only second to the last to Thailand Broken down, gross domestic boramong 44 countries that account for rowings from January to October 65 percent of the world’s population. settled at P2.23 trillion, down by “Among the world’s most popu5.08 percent from P2.35 trillion lous economies, we have almost the in 2020. The bulk of the amount was sourced 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 By Samuel P. Medenilla Onshore Dollar Bonds (P80.84 bil@sam_medenilla lion). In the same period, there was also a net redemption of Treasury GRICULTURE modernBills amounting to P43.94 billion. ization, digitalization, Net debt redemption means and the impact of clithere were more debts repaid commate change on employment pared to the amount borrowed durare among the main issues on ing the period. the agenda of the 27th AssoMeanwhile, gross foreign borciation of Southeast Asian Narowings in the same period also tion (ASEAN) Labor Ministers contracted by 9.7 percent to P518.7 Meeting (ALMM) to be hosted billion from last year’s P574.4 billion. by the country this week, acThis was raised through global cording to the Department bonds (P146.17 billion), program of Labor and Employ ment loans (P139.98 billion), euro-de(DOLE). nominated bonds (P121.97 billion), Labor and Employment Seca project loan (P86.41 billion), and retary Bienvenido E. Laguesma yen-denominated samurai bonds will chair the ALMM, to be held (P24.19 billion).
By Samuel P. Medenilla @sam_medenilla
I
NTER NATIONA L concerns over the possible spread of the more infectious Omicron Coworst pension system. Decades of vid-19 variant prompted the govneglect, bad policies, special treaternment to reimpose mandatory ment for certain sectors, and a culfacility-based quarantine for all ture that is indisposed to saving arriving passengers in the country. for the future have all led to this Acting Presidential spokesperpredicament. But now that it has son Karlo B. Nograles announced surfaced within our lifetime, it is on Sunday that the Inter-Agency our duty to solve it,” Salceda said. Task Force for the Management The Philippines scored 42.0 in of Emerging Infectious Diseases the index, just slightly above Thai(IATF) suspended the implemenland, which scored 41.7. Countries tation of its Resolution No. 150were rated according to adequacy, A (s.2021), effectively imposing sustainability, and integrity of their stricter protocols for all inbound pension systems. travelers. See “Pension,” A2 To note, IATF Resolution 150A had allowed fully vaccinated PEOPLE walk past the mural of Gat 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 Reverse TranscriptionHAVEN, GROWTH DRIVER A tourist takes a dip in the crystal-clear waters off the Kauhagan Island in Siargao. President Ferdinand Marcos Jr. said nownegative is the best time to “revitalize” the tourism Polymerase Chain Reaction (RTat the Shangri-La Hotel in Boniindustry, a significant driver of the Philippines’s economic growth. This year’s Philippine Travel Exchange generated P172 million in travel bookings, a record high in business sales, the Department of PCR) test within 72 hours prior facio Global City from October Tourism said. NONIE REYES to their departure. 25 to 29. “Except for countries classified By Jasper Emmanuel Y. Arcalas dating its registry following the them. This allows everyone to see programs as President Duterte It will be the first face-toas ‘Red,’ the testing and quarantine @jearcalas enactment of the Coconut Farmwho are listed in the registry and if is expected to sign the industry face ALMM since the onset of protocols for all inbound internaers and Industry Trust Fund law. farmer doesn’t see his name then he development plan in early 2022. the pandemic in 2020. tional travelers in all ports of entry ORE than 3 million Rosales explained that about shall coordinate with the PCA imRosales said the PCA will not Also a first in the event, 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 Laguesma said agricultural By Andrea E. San Juan and Aboitiz Equity Ventures believe and consistent policies and rules, (PBC&E) organized by the Philipquarantine protocols for ‘Yellow’ workers are now regisworkers were added to the PCA’s dialogue with coconut farmers. farmers and enjoined them to regmodernization and food secuthe country should prove today that consistent and predictable, reduce pine Chamber of Commerce and list countries,” Nograles said, citing 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 rity are included among the top OME of the country’s conit is “planting the seeds” to prove the bureaucracy, the red-tape, to Industry (PCCI). 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 priorities in the meeting. glomerates said the Philipthat the country is a viable investprepare for all of these investRomulo made the remarks after No. 151-A. 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 “This is a good development pines should zero in on “plantment destination. ments that will come in, make it SM Investments Corp. Vice Chair He noted Hong Kong, which has covered by the utilization of the duct an exclusion-inclusion profarmers or their details are incormillion. We hope that more indifor the Philippines as it is fully ing seeds” by reducing bureaucracy “It’s (investments) not going easier for them to come in and to Teresita Sy-Coson said the country 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 aligned with the strategic priand harnessing the micro, small, to immediately come in now but I show the rest of the world that is not drawing attention in terms variant, will also fall under the YelPhilippine Coconut Authority farmers’ registry public, providfor immediate action,” he added. farmers registry,” he said. orities of President Ferdinand and medium enterprises (MSMEs), think we should take stock right we are the destination to invest of attracting investments because low list countries. (PCA) Deputy Administrator Roel ing everyone the opportunity to The PCA official noted that The updating of the coconut R. Marcos Jr.’s socioeconomic among others, as the country atnow, assist the government in in,” Raoul Eduardo C. Romulo, of the global economic challenges The suspension of the rules for M. Rosales said about 3.11 million check the veracity of the list, Rothe completion of the initial list farmers registry is mandated by agenda,” Laguesma said in a tracts more foreign direct investstreamlining our processes, imChief Finance Officer, San Miguel such as the strong US dollar and “Green List” countries will be in coconut farmers and farm worksales added. of coconut farmers registry would Republic Act (RA) 11524 or the press statement on Sunday. ments (FDI). proving our processes, making Holdings Corp., said at the recent geopolitical factors like the war 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 “Agri,” A2 Officials from SM Investments sure that we encourage the govCEO Forum at the 48th Philippine between Russia and Ukraine. December 15, 2021. government since it started upspaces where people can easily see rollout of coconut levy-funded See “3-M farmers,” A2 Corp., San Miguel Holdings Corp., ernment to have a more inclusive Business Conference and Expo See “bureaucracy,” A2
AGRI MODERNIZATION, CLIMATE RISKS TOP ASEAN LABOR AGENDA
A
See “Borrowings,” A2
OVER 3-M FARMERS LISTED FOR P75-B COCO LEVY FUND
M
Reduce bureaucracy, harness MSMEs: big guns’ pitch
S
Continued on A2
PESOEXCHANGE EXCHANGE RATES JAPAN 0.3930 66.3062 n HK 7.51526.4722 n CHINA 8.1743 7.9013 n SINGAPORE 41.4460 36.8968 n AUSTRALIA 37.0432 n36.2807 EU 57.7296 n 56.5758 KOREA 0.0412 n SAUDI ARABIA 15.7045 Source: BSP (October26, 21,2021) 2022) PESO RATESnnUSUS58.9860 50.4600nn JAPAN 0.4374n UK n UK 67.2329 n HK n CHINA n SINGAPORE n AUSTRALIA n EU n SAUDI ARABIA 13.4531 Source: BSP (November