Narrow focus on GDP fueling biodiversity losses
‘Close borders, cut Omicron exposure risk’
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AJOR biodiversity losses in the past few years are “by-products” of the By Cai U. Ordinario world’s economic growth, accord@caiordinario ing to an expert from the Asian Development Bank (ADB). LOSING the country’s borders In an Asian Development Blog, is one of the most immediate Francesco Ricciardi, a Senior Encourses of action the governvironment Specialist, Sustainable ment must take to prevent the latDevelopment and Climate Change est Covid-19 variant, Omicron, from Department at the Manila-based reaching Philippine shores, accordmultilateral development bank, said ing to local economists. moving away from using GDP as the T he new var iant is a threat, main yardstick for economic growth e s p e c i a l l y w it h t he hol id ay s could help reverse this trend. coming up and more foreigners Ricciardi said the increased being a llowed to travel to the polluting emissions in water, air THE WORLD ›› A12 Philippines, De La Sa lle Univerand soil, land-use change, climate sit y economist Mar ia Ella Oplas change and the spread of invasive NORTH, SOUTH KOREA EXCHANGE WARNING told BusinessMirror. species are considered the major The holidays usually bring in SHOTS ALONG DISPUTED SEA BOUNDARY drivers of biodiversity loss. Overseas Filipino Workers (OFWs) “Economic growth is needed to who are eager to spend Christmas
overcome poverty and achieve prosperity targets. That same growth is responsible for potentially irrepawith their loved ones, while forrable damage to biodiversity and eigners living in temperate regions to the ‘ecosystem services’ [such as usually want to relax in tropical pollination for crops, or pest control countries like the Philippines. This for example] it provides to humanity. year’s influx of OFWs is expected to These are indispensable ingredients be heavier since many of them were for economic growth,” Ricciardi said. unable to come home for the holidays “There is no complete solution in December 2020. to this dilemma. The right pathway “My recommendation is to protect may be rethinking our global sociothe borders. Do not allow people with economic model, and this will take a history of travel to countries with time, effort, and sacrifice,” he added. positive cases to enter,” Oplas said. The ADB expert said if business “We should be more restrictive. [We as usual happens and no intervenhave to be] more protective in terms tions are made, the global economy of our measures.” may continue to grow but only up Oplas said that while this will be to a “tipping point” which will force a setback to some industries, this biodiversity to collapse. If the planet is a fair measure considering that dies, he stressed, there will be no this could help prevent placing the economy to speak of. country in another strict lockdown,
Monday, November 29, 2021 Vol. 17 No.52 n Tuesday, October 25, 2022 Vol. 18 No. 13
“As we are witnessing almost daily, the climate and biodiversity crises are inextricably linked and which, she said, the economy can no affect all of us, especially the most longer afford. vulnerable. There is no time left to “It is better that we do protective debate whether saving our planet is preventive measures than get extoo expensive, or to keep promotposed again. We have a lot to lose,” ing socioeconomic models that are Oplas said. “We should do it now so clearly not working,” Ricciardi said. that we can open just before Christmas. If it gets contained, we can open Some urgent steps it again.” RICCIARDI said there are a few urAteneo Center for Economic Regent steps in the right direction. This search and Development (ACERD) includes rethinking how wealth and Associate Director Ser Percival economic growth are measured. K. Peña-Reyes said closing the He said economists and media country’s borders would be effecprofessionals should promote other tive but should still adhere to the indices of wealth, including natural standards set by the World Health and social capital to not only focus Organization (WHO). on GDP growth. What is needed, Peña-Reyes told Some of these are the Green this newspaper, is for travel restricGDP, the Human Development Intions to be put in place swiftly and
dex (HDI), the Index of Sustainable Economic Welfare (ISEW) and the Genuine Progress Indicator (GPI). for government to be proactive in “There is a general global conimposing them. sensus that focusing on GDP is not Previous instances when the adequate to bring the world out of country had the opportunity to imthe climate and biodiversity crisis, pose travel restrictions did not prebut this index is still mainstreamed vent the spread of Covid-19. That was in press articles, political promises, mainly because the decision was not and non-specialist public percepmade immediately, he said. tion,” the expert said. “Kung papatay patay [If we’re Ricciardi said there is also a need slow] and we get caught flat-footto take into account the impact of ed, [that’s risky] We were too regrowth on biodiversity and introactive instead of proactive before. duce taxation and subsidies for the We should learn from that,” Peñaenvironment. Reyes said. “It’s a delicate balancing There is also a need, the ADB act. We need to push testing and expert said, increasing protected tracing to be properly informed areas and making nature-positive of our decisions. Blanket/shotgun investments as a means to improve approaches could have dire consea country or region’s natural capital. quences on the economy.” Cai U. Ordinario
See “Omicron,” A2
NATL GOVT BORROWINGS BSP CHIEF: RATE HIKE FOR 10 MOS DIP TO P2.75T TO MATCH FED’S MOVE w w
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P25.00 nationwide nationwide || 22 sections sections 24 20 pages pages || P25.00
By Bernadette D. Nicolas
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Omicron risk spurs revival PHL may of quarantine tap rulesIMF in PHL
@BNicolasBM
By Cai U. Ordinario @caiordinario
HE national HE Bangko government’s Sentral gross ng Pilipinas (BSP) borrowings as of could raise interest end-October shrank rates by another 100 by almost 6 percent basis points (bps) year-on-year to this year, P2.75depending trillion. on
repo setup for funds By Samuel P. Medenilla @sam_medenilla
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the interest rate hike to be implemented Latest data from the Bureau of the by the US Federal Treasury showed that the governReserve. ment’s gross borrowings during the
NTER NATIONA L concerns over the possible spread of the HE Philippine government is more infectious Omicron Coopen to tapping a repurchase vid-19 variant prompted the govagreement with the Internaernment to reimpose mandatory tional Monetary Fund (IMF) should facility-based quarantine for all the country need additional funds, arriving passengers in the country. according to the Bangko Sentral ng Acting Presidential spokesperPilipinas (BSP). son Karlo B. Nograles announced On the sidelines of a business on Sunday that the Inter-Agency forum on Monday, Central Bank Task Force for the Management Governor Felipe M. Medalla told of Emerging Infectious Diseases reporters the IMF’s facility will be (IATF) suspended the implemenmade available within the year. It tation of its Resolution No. 150is also projected to cost the govA (s.2021), effectively imposing ernment 10 to 15 basis points on stricter protocols for all inbound top of the US Federal Reserve’s travelers. overnight rates. To note, IATF Resolution 150If Manila taps the agreement, A had allowed fully vaccinated this will mark the first time in non-visa travelers from Green List the country’s history that it will areas to enter the country withseek IMF assistance. The Philipout the need for facility-based pines graduated as a recipient quarantine as long as they secure of IMF loans under the adminnegative Reverse Transcriptionistration of the late Benigno S. Polymerase Chain Reaction (RTAquino. PCR) test within 72 hours prior “We borrow effectively from to their departure. them, a repo. Because remember, “Except for countries classified we have lots of securities in the US. as ‘Red,’ the testing and quarantine Remember, 60-70 percent of our protocols for all inbound internareserves are US dollar securities. tional travelers in all ports of entry See “IMF repo,” A2 shall comply with the testing and quarantine protocols for ‘Yellow’ list countries,” Nograles said, citing the provision of IATF Resolution No. 151-A. He noted Hong Kong, which has confirmed a case of the Omicron variant, will also fall under the Yellow list countries. The suspension of the rules for “Green List” countries will be in effect from November 28, 2021 to December 15, 2021.
10-month period fell by 5.99 percent from P2.92 trillion a year ago. On the sidelines of a business With only two months left for forum on Monday, Central Bank this year, the latest figure is already Governor Felipe M. Medalla told equivalent to 89.6 percent of its reporters that if the US Federal ReP3.07-trillion borrowing program. serve raises interest rates by 75 bps, Broken down, gross domestic borthe Philippines should match it. rowings from January to October Medalla said the Fed could raise settled at P2.23 trillion, down by interest rates by 75 bps in Novem5.08 percent from P2.35 trillion ber and another 75 bps before the in 2020. year ends. He said this could merit The bulk of the amount was the same response from the BSP. PEOPLE walk past the mural of Gat Andres Bonifacio at Manila City Hall Underpass. sourced from Fixed Rate Treasury “Eh, kung dalawang 75 [bps] ang The country will celebrate the 158th birth anniversary of Filipino revolutionary Bonds (P1.19 trillion), followed by US, alangan namang dalawang 50 hero Gat Andres Bonifacio on Tuesday, November 30. ROY DOMINGO short-term borrowings from Bang[bps] lang tayo [If the US raises ko Sentral ng Pilipinas or BSP (P540 interest rates by 75 bps, it does billion), Retail Treasury Bonds/Prenot make sense for us to only raise myo Bonds (P463.3 billion), Retail interest rates by 50 bps],” Medalla Onshore Dollar Bonds (P80.84 bilsaid. “One scenario is there will lion). In the same period, there was be two 75s this year; [the] 75 also a net redemption of Treasury By Jasper Emmanuel Y. Arcalas dating its registry following the them. This allows everyone to see programs as President Duterte this November [is] almost sure, Bills amounting to P43.94 billion. @jearcalas enactment of the Coconut Farmwho are listed in the registry and if is expected to sign the industry for the Fed,” he added, partly in Net debt redemption means ers and Industry Trust Fund law. farmer doesn’t see his name then he development plan in early 2022. Filipino. A MAN walks beside a damaged Korean Air plane after it overshot the runway at the Mactan-Cebu International Airport in Cebu, early Monday (October 24, 2022). The Korean Air plane overshot the there were more debts repaid comORE than 3 million Rosales explained that about shall coordinate with the PCA imRosales said the PCA will not See “BSP,” A2 runway while landing in bad weather in the central Philippines late Sunday, but authorities said all 173 people on board were safe. AP PHOTO/JUAN CARLO DE VELA pared to the amount borrowed durcoconut farmers and 500,000 coconut farmers and mediately,” he explained at a recent stop updating its list of coconut ing the period. workers are now regisworkers were added to the PCA’s dialogue with coconut farmers. farmers and enjoined them to regMeanwhile, gross foreign bortered 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 rowings in the same period also istry, which serves as the basis coconut farmers and farm workers. would see names on the list and of the decades-long idled coconut contracted by 9.7 percent to P518.7 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 billion from last year’s billion. coveredWe by are thethe utilization of the duct pro-is farmers their details are incormillion. We hope that more indiBy Jovee MarieP574.4 N. dela Cruz by someoraccounts, cheaper than ciallyan forexclusion-inclusion feed additives. So, there export. world’s best in This was raised through global P75-billion coconutSo levy cedure by making theour updated rect, they can report viduals will register in our coconut @joveemarie feed-grade palm oil.”it to the PCA an opportunity to boost export coconut production. thisfund. is a subonds (P146.17 billion), program Coconut Authority farmers’ registry for With immediate added. farmers registry,” he said. sales from coconutpublic, oil, if providwe can per Philippine crop for us. And the opportunity this, action,” Salceda he called on loans (P139.98 billion), euro-de- on (PCA) Deputyitself,” Administrator Roel ing everyone the opportunity official that The updating of the coconut N economist-lawmaker market this right,” he added. to is presenting Salceda said. theThe PCAPCA to find waysnoted to market nominatedMonday bonds (P121.97 billion), M.According Rosales said about 3.11 million check the veracity of the list, Rothe completion of the initial list farmers registry is mandated by called on the PhilPhilippine coconut oil “as a viable to Salceda, January The lawmaker said coconut ippine Coconut Authority a project loan (P86.41 billion), and to coconutprices farmers worksales added. of coconut farmers registry would Republic Act (RA) 11524 or the alternative to palm oil as futures futures of and palmfarm oil are alfarm-gate prices are down 10.15 “seize on the opportunity” to boost prices to help yen-denominated samurai bonds ers have registered withthis the “Theyear list will be posted in public be justcontinue in time to forrise, theand expected Coconut Industry Trust Fund Act. ready up been around 20 percent percent on year, although priccoconut oil production and marketour coconut farmerslevy-funded get into the month, while since the typical dropupin es are going month-on-month. (P24.19 billion). government it started spaces whereup people can easily see rollout of coconut See “3-M farmers,” A2 ing See as global spot prices export trade, or at least benefit output during the rainy season Salceda said relatively-cheap “Borrowings,” A2 of palm oil Continued on A2 are seen to go upward. from it.” is expected to be even sharper in copra prices are an opportunity to House Committee on Ways and Malaysia and Indonesia this year boost the country’s export sales of “The first step is for the PCA 50.4600 JAPAN 0.4374 n UK 67.2329 n HKoil.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) Means Chairman Joey Sarte Sal-n USdue to La n Niña. coconut to use whatever resources can be ceda, who also sits as Vice Chair sourced from the Coconut Industry Inventories in Indonesia are also “Coconut oil, at CIF, is already of the House Committee on AgDevelopment Trust Fund, or the down, to 4.04 million tons by the at USD 1,100.00, while palm oil is riculture and Food, said that as Coco Levy funds, to implement exend of August, compared to 5.91 at 1,065. If palm oil prices tick up palm oil prices rise, the country’s port development and marketing million tons a month earlier and faster, coconut oil could become a coconut oil could become a viable programs to seize on this window 6.69 million tons at end-June, he more viable substitute,” he said. “substitute good,” and could thus of opportunity,” he said. said, citing estimates by the InSalceda also sees an opportusee increased demand globally, if donesian Palm Oil Association nity to “reduce palm oil smuggling “It could be just a six-month (GAPKI) through the use of domestic crude marketed well. window, so time is of the essence coconut oil, especially as it is now, here,” Salceda added. “Coconut is the country’s top agri “Coconut oil is a substitute espe-
OVER 3-M FARMERS LISTED FOR P75-B COCO LEVY FUND
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‘TIME TO BOOST PHL COCO OIL YIELD, MARKETING’
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PESO EXCHANGE RATES
PESO EXCHANGE RATES n US 58.8300
n JAPAN 0.3973 n UK 67.0427 n HK 7.4951 n CHINA 8.1432 n SINGAPORE 41.5701 n AUSTRALIA 37.6394 n EU 58.1652 n KOREA 0.0412 n SAUDI ARABIA 15.6546
Source: BSP (October 24, 2022)