‘CloseMarcos borders, cutto Omicron exposure risk’ wants ‘reintroduce’ Philippines THE AP INTERVIEW
By By Cai Cai U. U. Ordinario Ordinario
for for government government to to be be proactive proactive in in Marcos, Marcos, 65, 65, sat satthem. for for aa wide-ranging wide-ranging interinterimposing imposing them. The The Associated Associated Press Press want already drawing drawing distinctions distinctions both both subtle view view in in New New York York on on the the sidelines sidelineswhen of of the thethe UN UN usually usually want to to relax relax in inalready tropical tropical “It “It is is better better that that we wesubtle do do protective protective Previous Previous instances instances when the and andobvious obvious between himself himself and andhis hisvoluble voluble General Generalcountry Assembly’s Assembly’s annual annual leaders’ leaders’ to meetmeetLOSING LOSINGthe thecountry’s country’sborders borders countries countries like like the the Philippines. Philippines. This This between preventive preventive measures measures than than get get exexcountry had had the the opportunity opportunity to imimEW EW YORK—Looking YORK—Looking to to “reintro“reintropredecessor, predecessor, Rodrigo Duterte, who who alienated alienated ing. ing. Three Three months months into his his administration, administration, is is one one of of the the most most immediate immediate year’s year’s influx influx of of OFWs OFWs is is expected expected to to Rodrigo posed posedDuterte, again. again. We We have have aa lot lot to to lose,” lose,” pose pose travel travel into restrictions restrictions did did not not prepreduce duce the the Philippines” Philippines” to to the the world, world, many many international international partners partners with with his his vioviohe he seemed seemed energetic energetic and and enthusiastic—and enthusiastic—and courses courses of of action action the the governgovernbe be heavier heavier since since many many of of them them were were Oplas Oplas said. said. “We “We should should do do itit now now so so vent ventthe thespread spreadof ofCovid-19. Covid-19.That Thatwas was new new President Ferdinand Ferdinand Marcos Marcos Jr. Jr.for lent lent approach approach to to fighting fighting drug trafficking eager eager to tomainly project projectbecause his his vision vision for the the nation nation bebement ment must must take take to to prevent prevent the thePresident latlatunable unableto tocome come home home forthe the holidays holidays that that we we can candrug open opentrafficking just just before before ChristChristmainly because the thefor decision decision was was not not has has ambitious ambitious plans plans for for his his nation nation on on the the ininand and the the coarse coarse rhetoric rhetoric he he used used to to galvanize galvanize yond yond its its borders. borders. est estCovid-19 Covid-19variant, variant,Omicron, Omicron,from from in in December December 2020. 2020. mas. mas.If Ifititgets getscontained, contained,we wecan canopen open made made immediately, immediately, he he said. said. ternational ternational stage stage and and at at home—if, home—if, that that is, is, is supporters. On On Thursday, Thursday, he met met with with US US President President reaching reaching Philippine Philippine shores, shores, accordaccord“My “Myrecommendation recommendation issupporters. to toprotect protect itit again.” again.” “Kung “Kung he papatay papatay patay patay [If [If we’re we’re the the twin twin specters specters of of pandemic pandemic and and climate climate Asked Asked if if Duterte Duterte went went too too far far with with his his Joe Joe Biden Biden in in a a bid bid to to strengthen strengthen the the somesomeing ing to to local local economists. economists. the theborders. borders.Do Donot notallow allowpeople peoplewith with Ateneo Ateneo Center Center for for Economic Economic ReReslow] slow] and and we we get get caught caught flat-footflat-footchange change be beovercome overcomeaaor or at atleast least managed. lethal lethalwith drug drug crackdown, crackdown, Marcos Marcos redirected redirected times times complicated complicated ties that that have have ebbed ebbed and TThe he new new var variant iant is is acan acan threat, threat, history history of ofmanaged. travel travel to to countries countries with search search and and Development Development (ACERD) (ACERD) ed, ed, [that’s [that’s ties risky] risky] We We were were too tooand rereAnd if if he he can surmount the thecases legacies legacies of of Oplas the the criticism criticism toward those thoseDirector who who carried carried out flowed flowed active between between the the two two nations nations since since the the eessppeecciiaallllyy w wit ithh ttAnd he he hol hol id idcan ay ayss surmount positive positive cases to to enter,” enter,” Oplas said. said. toward Associate Associate Director Ser Serout Percival Percival active instead instead of of proactive proactive before. before. two two people: people: his his predecessor, predecessor, and and his his father. the the plan. plan. Philippines Philippines spent spent four four decades decades as as an an AmeriAmericoming coming up up and and more more foreigners foreigners “We “We should should be befather. more more restrictive. restrictive. [We [We K. K. Peña-Reyes Peña-Reyes said said closing closing the the We We should should learn learn from from that,” that,” PeñaPeñaHe He also also wants wants to to strengthen strengthen ties ties with with “His “His people people went went too too far far sometimes,” sometimes,” can can colony colony in in the the early early 20th 20th century. century. being being aallowed llowed to to travel travel to to the the have have to to be] be] more more protective protective in in terms terms country’s country’s borders borders would would be be effeceffecReyes Reyessaid. said.“It’s “It’saadelicate delicatebalancing balancing both both the United States Statesand and China—a China—a delicate delicate Marcos Marcos told told The Thetive Associated Associated Press Press on on Friday. Friday. “There have been bits and and pieces pieces where where Philippines, Philippines, De De La La Sa Sathe lle lle United UniverUniverof of our our measures.” measures.” tive but but should should still still adhere adhere to to the the “There act. act.have We We been need needbits to to push push testing testing and and balancing balancing act act for for the the Southeast Southeast Asian Asian nation nation “We “We have have seen seen many many cases cases where where policemen, policemen, they they were were not not perhaps perhaps ideal,” ideal,” Marcos Marcos said. said. sit sityy economist economist Mar Maria ia Ella Ella Oplas Oplas Oplas Oplas said said that that while while this this will will be be standards standards set set by by the the World World Health Health tracing tracing to to be be properly properly informed informed —and, —and, like like many many of of his hisaafellow fellow leaders leaders at at the theindustries, other otherthis operatives, operatives, some somewere werejust just shady shadycharchar“But “But in in of the theour end, end, that that overall overall trajectory trajectory has has told told BusinessMirror. BusinessMirror. setback setback to to some some industries, this Organization Organization (WHO). (WHO). of our decisions. decisions. Blanket/shotgun Blanket/shotgun United United Nations Nations this this week, week, called called on on the the councounacters acters that that we we didn’t didn’t quite quite know know where where they they been been to to strengthen strengthen and and strengthen strengthen and and The The holidays holidays usually usually bring bring in in is is aa fair fair measure measure considering considering that that What What is is needed, needed, Peña-Reyes Peña-Reyes told told approaches approaches could could have have dire dire conseconsePRESIDENT 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 itsanother effects. effects.strict But But now now we’ve we’ve gone gone after them.” New NewYork. York.AP who who are are eager eager to to spend spend Christmas Christmas country country in in another strict lockdown, lockdown, tions tionsafter to to be bethem.” put put in in place place swiftly swiftly and and See See “Omicron,” “Omicron,” A2 @caiordinario @caiordinario
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with with their their loved loved ones, ones, while while forfor-
which, which, she she said, said, the the economy economy can can no no
By By Ted Ted Anthony Anthony Marcos, Marcos, swept swept into intoafford. office office this this spring, spring, is is eigners eigners living living in in temperate temperate regions regions longer longer afford.
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BusinessMirror A broader look at today’s business
Monday, 29,2022 2021Vol.Vol.1817No.No.52 Friday,November October 28, 16 Tuesday, September 27, 2022 Vol. 17 No. 354
‘PHL GROWTH WILL SLOW NATL GOVT BORROWINGS FITCH THINK TANK SEES ON RISKS, BSP RATE HIKES’ 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 By Bernadette Bernadette D. D. Nicolas Nicolas Cai U. Ordinario By By Bianca Bianca Cuaresma Cuaresma @BNicolasBM @BNicolasBM @caiordinario
T T
Omicron risk OFFICE MARKET STILL BUOYANT ‘Karding’ cuts spurs revival DESPITE POGO EXODUS—STUDY big damage, of quarantine but casualty rules in PHL count limited
@BcuaresmaBM @BcuaresmaBM
HE national HE HE Bangko government’s Sentral ng country’s gross Pilipinas economic borrowings as of (BSP) is expected growth will slow end-October shrank to continue raising by almost 6 percent monetary policy due to global year-on-year to rates this year,and even headwinds as the country’s P2.75 trillion. the Bangko Central Bank has already let out Sentral ng Latest Latestdata data from from the theBureau Bureauof ofthe the aggressive Treasury Treasury showed showedhikes that that the thein governgovernPilipinas’ ment’s ment’slast gross grossthree borrowings borrowings during during the the the months 10-month 10-month period period fell fell by by 5.99 5.99 percent percent (BSP) stance to —as thetrillion economy from from P2.92 P2.92 trillion aa year year ago. ago. With With only only two two raising months months left left for for continue battles rising prices this thisyear, year,the thelatest latestfigure figureis isalready already and currency policy rates in ofof itsits equivalent equivalent to to 89.6 89.6 percent percent depreciation, anprogram. P3.07-trillion P3.07-trillionborrowing borrowing program. 2023, according Broken Broken down, down, gross gross domestic domestic borborinternational think rowings rowings from from January January to to October October to credit watcher tank said. settled settled at at P2.23 P2.23 trillion, trillion, down down by by 5.08 5.08 percent percent from from P2.35 P2.35 trillion trillion Fitch Ratings. in in 2020. 2020.
In In its itsbulk assessment assessment of of local local ecoecoThe The bulk of of the the amount amount was was nomic nomic dynamics, dynamics, research research firm firm sourced sourced from from Fixed Fixed Rate Rate Treasury Treasury Fitch Fitch Solutions said saidFitch on onfollowed Monday Monday it it Bonds Bonds (P1.19 (P1.19 trillion), trillion), followed by by OnSolutions Thursday, Ratings now now expects expects the the BSP BSP to to raise raise interintershort-term short-term borrowings borrowings from from BangBangsaid these were the reasons for afest est rates ratesthe by by 75 more more basis basis points ko koSentral Sentral ng ng75 Pilipinas Pilipinas or or BSP BSPpoints (P540 (P540 firming country’s Long-Term before before the the year year ends, ends, effectively effectively billion), billion),Retail RetailTreasury Treasury Bonds/PreBonds/PreForeign-Currency Issuer Default putting putting the thebenchmark benchmark at at55percent percent myo myo Bonds Bonds (P463.3 (P463.3 billion), billion), Retail Rating (IDR) at ‘BBB’ with a Retail negaby by the the end end of of 2022. 2022. Onshore Onshore Dollar Dollar Bonds Bonds (P80.84 (P80.84 bilbiltive outlook. This This is isthe aamore more aggressive aggressive outlook outlook lion). lion). In Incountry’s the same same period, period,there there was was The full-year growth compared compared to their earlier forecast forecast also also aa net net to redemption redemption of of Treasury Treasury is expected totheir slowearlier to 5.5 percent of of a a 4.5-percent 4.5-percent benchmark benchmark rate rateby by Bills Bills amounting amounting to to P43.94 P43.94 billion. billion. next year after posting a growth the the end end of of the the year. year. Net Net debt debt redemption redemption means means of 6.8 percent this year and before “Inflation “Inflation is debts likely likely to toin remain remain there there were were more more debts repaid repaid comcomrecovering to is 6.2 percent 2024. elevated elevated relative relative to to the the BSP’s BSP’s tartarpared pared to toNegative the theamount amount borrowed borrowed durdur“The Outlook reflects get get range range of of 2 2 percent percent to to 4 4 percent percent ing ing the the period. risks to period. the Philippines’ mediumand andMeanwhile, we we expect expectprospects, the the central central bank bank to to Meanwhile, gross gross foreign foreign borborterm growth fiscal adtighten tighten monetary monetary policy policy further further to to rowings rowings in in the theand same same period period bufalso also justment path external anchor anchor inflation inflation expectations,” expectations,” contracted contracted by by 9.7 9.7 percent percent to tohigher P518.7 P518.7 fers in an environment of Fitch Fitch Solutions said. said. billion billionSolutions from from last lastyear’s year’s P574.4 P574.4 billion. billion. interest rates, weaker external “The “The Philippine Philippine peso peso has hasglobal also also This This was was raised raised through through global demand and higher commodity come come under under significant significant pressure pressure bonds bonds (P146.17 (P146.17 billion), billion), program program prices,” Fitch Ratings said. as as aa“ result result of of tightening tightening credit credit conconloans loans (P139.98 (P139.98 billion), billion), euro-deeuro-deThe “BBB” rating balances ditions ditions globally. globally. With With the the US US Fed Fed nominated nominated bonds bonds (P121.97 (P121.97 billion), billion), strong growth, external finances likely likely to to hike hike by by a a further further 75 75 bps bps aa project project loan loan (P86.41 (P86.41 billion), billion), and and and a credible economic policy before before end-2022, end-2022, this this will will likely likely yen-denominated yen-denominated samurai samurai bonds bonds prompt prompt the BSP BSP to to hike hike in tandem tandem See “PHL,” A2 in (P24.19 (P24.19the billion). billion). to tosafeguard safeguard external external stability,” stability,” the the See See “Borrowings,” “Borrowings,” A2 A2 think think tank tank added. added. Just Just last last week, week, the the Monetary Monetaryn Board Board decided decided to to raise raise its its interest interest rates rates by by 50 50 basis basis points. points. This This is is the the third third consecutive consecutive month month that that the the BSP BSP hiked hiked its its benchmark benchmark rates: rates: in in an an off-cycle off-cycle hike hike in in July July of of 75 75 basis basis points points and and another another in in August August of of 50 50 basis basis points. points. The TheBSP BSPalso alsosaid saidits itsaverage averageinflainflation tion forecast forecast is is now now closer closer to to 66 perpercent cent for for this this year year from from last last month’s month’s 5.4 5.4 percent percent average average to to 5.6 5.6 percent. percent.
PESO exchange rates
PESO EXCHANGE RATES
See See “Fitch,” “Fitch,” A2 A2
P25.00 P25.00nationwide nationwide| |22sections sections28 20pages pages| |7 days a week P25.00 nationwide | 2 sections 18 pages |
By Roderick L. Abad
As what the company previously reported, “a large chunk” of them have moved By By Samuel Samuelto P. P. Medenilla Medenilla HE office market their operations other @sam_medenilla should let go of the destinations@sam_medenilla abroad. By By Samuel Samuel Medenilla Medenilla online gambling “I think half ofP.P.them have @sam_medenilla @sam_medenilla NTER NTER NATIONA LL he concerns concerns firm tenants that operalready left NATIONA the country,” && Rene Rene Acosta over over the the possible possible spread of the the ate in the country even if bared, referring toAcosta the spread call of @reneacostaBM @reneacostaBM more more infectious infectious Omicron Omicron CoComost of them have fled the of some legislators to ban vid-19 vid-19 variant variant prompted prompted the govgovcountry, a top executive of their operations since socialthe RESIDENT RESIDENT Ferdinand Ferdinand R. R. ernment ernment to to reimpose reimpose mandatory mandatory Colliers Philippines said on costs outweigh the financial Marcos Marcos Jr. Jr. on on Monday Monday ininfacility-based facility-based quarantine quarantine for for all all Thursday. benefits the country derives spected spected from from the the air airthe the masmasarriving arriving passengers passengers in inthe the country. country. “Let’s move on from POfrom them. “The current sive sive devastation devastation caused caused by by SuperSuperActing Acting Presidential Presidential spokesperspokesperGOs [Philippine offshore contribution of POGO space typhoon “Karding” “Karding” (international (international son son Karlo Karlo B. B.stocks Nograles Nograles announced announced gaming operators] already,” totyphoon total office is just name: Noru) Noru) across Luzon, firing on on Sunday Sunday that the theisLuzon, Inter-Agency Inter-Agency Kevin Jara, associate direc5name: percent. So that ifacross there like firing off off directives directives to to ensure ensure a a return return to to Task Force Forceban, for for the the impact Management Management tor for tenant representaaTask full POGO normalcy normalcy for for thousands thousands it it affected. affected. of Emerging Emerging Infectious Diseases tion at Colliers Philippines, isof only 5 percentInfectious additionalDiseases At At the the same same time, time, however, however, he he was was (IATF) (IATF) suspended suspended the the implemenimplemensaid at their online Third vacancy.” pleased pleased by by reports reports of of minimal minimal cacatation tation of of its its Resolution Resolution No. No. 150150Quarter Property Market sualties, sualties, something something attributed attributed to to See “Office,” A2 BALIKBAYAN BOXES Customs Commissioner Yogi Filemon Ruiz inspects the numerous unpaid and abandoned balikbayan boxes of overseas Filipino workers AA (s.2021), (s.2021), effectively effectively imposing imposing briefing. the the timely timely preemptive preemptive evacuation evacuation (OFWs) at the Port Net logistics warehouse in Santa Ana, Manila, on Thursday, October 27, 2022. He ordered the immediate release of the shipments to the families stricter stricter protocols protocols for for all all inbound inbound by by local local government government units. units. of OFWs in time for the Christmas season. NONIE REYES travelers. travelers. Over Over the the weekend, weekend, around around To To note, note, IATF IATF Resolution Resolution 15015075,000 75,000 people people in in Luzon Luzon were were evacuevacuAA had had allowed allowed fully fully vaccinated vaccinated PEOPLE PEOPLEwalk walkpast pastthe themural muralof ofGat GatAndres AndresBonifacio Bonifacioat atManila ManilaCity CityHall HallUnderpass. Underpass. ated, ated, and andtravelers power power and and communicacommunicanon-visa non-visa travelers from from Green GreenList List The 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 withwithROYDOMINGO DOMINGO hero heroGat GatAndres AndresBonifacio Bonifacioon onTuesday, Tuesday,November November30. 30. ROY disrupted. disrupted. As As of of p.m. p.m. Monday, Monday, out out the the need need for for33 facility-based facility-based however however affected affected customers customers of ofMaMaquarantine quarantine as as long long as as they they secure secure nila nila Electric Electric Company Company were were down down negative negative Reverse Reverse TranscriptionTranscriptionto to 32,816. 32,816. Chain Polymerase Polymerase Chain Reaction Reaction (RT(RTThe Thetest National National Grid Grid Corporation PCR) PCR) test within within 72 72 Corporation hours hours prior prior of of the the Philippines Philippines also NGCP NGCP rereto to their their departure. departure.also By Samuel P. Medenilla “We look forward to building The construction of the 3.98-kistored stored the the vital vital Concepcion-CaConcepcion-CaBy By Jasper Jasper@sam_medenilla 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 “Except for for countries countries classified classified upon the directions that your Presilometer bridge, which will connect miling miling 69kV Line. Line. and @jearcalas @jearcalas enactment enactmentPresident of of the the Coconut Coconut FarmFarmwho whoare are listed listedand in inthe the registry registry and and ifif is is expected expected to to sign sign the the industry industry as as‘Red,’ ‘Red,’69kV the thetesting testing andquarantine quarantine dent—that Xi Jinping Samal Island Davao City, will ers ers and and Industry Industry Trust Trust Fund Fund law. law. farmer farmer doesn’t doesn’t see seehis hisaname name then he he development development plan plan in in early early 2022. 2022. protocols protocols for for all all inbound inbound internainternaRESIDENT Ferdinand “Bonghas given to the People’s Republic be funded through loanthen agreeTHIS THISisisthe the view—a view—a seemingly seemingly endless endless expanse expanse ofinundated inundated towns towns and farmlands—that farmlands—that greeted President Marcos Marcos as ashe he flew flewwith on onMonday Monday over over the the typhoon-hit typhoon-hitRosales provinces provincesof of Bulacan, Bulacan, Nueva Ecija and Farm ORE ORE than than 33said million million Rosales Rosales explained explained that that about about shall shall coordinate coordinate with the theor PCA PCA imimRosales said said the the Nueva PCA PCA Ecija will willand not not tional tionaldamage travelers travelersin inall allports portsof ofentry entry bong” R. Marcos, Jr. the of of China in and partnership withgreeted the President ment worth $350 million P18.67 INITIAL INITIAL damage damage to to testing farms farms was was Tarlac, Tarlac,among among those those hard hardhit hitby by Supertyphoon Supertyphoon Karding at atthe theweekend. weekend. Despite Despite the devastation, devastation, Marcosbillion noted noted that that preparations preparations made made by by government, government, especially especially timely timelypreemptive preemptive evacuation, evacuation, coconut coconut farmers farmers and andKarding 500,000 500,000 coconut coconut farmers farmers and and mediately,” mediately,” he heexplained explained at atthe athe arecent recent stop stop updating updating its its list list of of coconut coconut shall shall comply comply with with the the testing and and country will strengthen its Philippines. We lookthe forward toMarcos entered into between the PHOTO PHOTOCOURTESY COURTESYOF OFMALACAÑANG MALACAÑANGPALACE PALACE placed placed at at P114 P114 million, million, a a number number mitigated mitigated Karding’s Karding’s impact. impact. Stories Stories at at left left and and in in Nation, Nation, page page A3. A3. workers workers areasnow now regisregis- continuing workers workers were were added added to to the the PCA’s PCA’s dialogue dialogue with with coconut coconut farmers. farmers farmersand andenjoined enjoinedthem themto toregregquarantine quarantine protocols protocols for for ‘Yellow’ ‘Yellow’ close ties with Chinaare it now to strengthen and to Philippines and China.farmers. sure sure to toclimb climbgiven given the themassive massive devdevtered teredtowith with the the government’s government’s regreg- bring 2018 2018closer list listthat that had hadtwo about about 2.5 2.5million million “On “On the the 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 pushes undergo “modernizaour countries,” “This is other not the only project astation astation on on farms farms that that were were ready ready istry, istry, which which serves serves as as of the the basis basis Marcos coconut coconut farmers farmersand andfarm farmworkers. workers. would would see names names on on the theupon, 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 tion” under the leadership newsaid. that wesee have depended the for for harvest. Story on on page page A3. A3. for for the the number number of people people to to be The PCA’s PCA’ssecured next next step step isunprecto to conconthey they think think they they are not coconut coconut levy levyfund. fund.“We “Wewill willnot notstop stopat at3.1 3.1 No. No.harvest. 151-A. 151-A. Story ly-reelected Chineseof President Xibe XiThe Jinping anis concessional loansare andnot even grants “Karding,” “Karding,” which which packed packed winds winds covered covered by by the the utilization utilization of of the the edented duct duct an an exclusion-inclusion exclusion-inclusion proprofarmers farmers or their their details detailsofare are incorincormillion. million. We We hope hope that that more more indiindiHe He noted noted Hong Hong Kong, Kong, which which has has Jinping. third term during the 20th from theor government the Peoof 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 viduals will will register register in in our our coconut coconut confirmed confirmed a a case case of of the the Omicron Omicron During his speech at the groundNational Congress of the Commuple’s Republic of China, and it is By By Cai Cai U. U. Ordinario Ordinario the the region regionregistry contracted contracted 0.8 0.8 percent, percent, to to close once once more. more. Ukraine Ukraine that impacted impacted countries countries left left communities communities in inunder Luzon Luzon inuninunPhilippine Philippine Coconut Coconut Authority farmers’ farmers’ registry public, public, providprovidfor forclose immediate immediate action,” action,” he he added. added. farmers farmersthat registry,” registry,” he he said. said. variant, variant, will willalso alsofall fall under the the YelYelbreaking ceremony of theAuthority Chinanist Party Conference (CPC) last clear to see the benefits that those @caiordinario @caiordinario the the sharpest sharpest decline decline in in regional regional Asakawa Asakawa said 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 Deputy Administrator Administrator Roel Roel week. ing ing everyone everyone the the opportunity opportunity to to The The PCA PCA official official noted notedto that that The The updating updating of of the the coconut coconut low low list list countries. countries. funded Samal Island-Davao City projects bring to our people, our GDP GDP growth growth in in 60 60 years. years. In 2021, 2021, invasion invasion of of Ukraine Ukraine is is 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 Rosales said saidProject about about3.11 3.11 million million check check the the veracity veracity of of the the list, list, RoRothe the completion completion of the the 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 Connector (SIDC) on ThursMarcos lauded China forIn its coneconomy, and toof the Philippines,” 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 farmers and farm farm workworksales sales added. added. of ofcoconut coconut farmers 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 day,coconut Marcosfarmers said he and is looking totinuous support to the country’s Marcos said. economy, economy, aa lethal lethal CovCovgrowth growth and this this year year ititis isincluding expected 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 infrastructure “The “Theand list listwill will be 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 ward more similar joint initiatives projects id-19 id-19 variant, variant, the the war warupin in the to to post postwhere aa growth growth of of 4.3 4.3 percent. tightening tightening of of “Ties,” monetary monetary policy policy terms terms of of trade, trade, Asakawa Asakawa said said imtyphoon-hit typhoon-hit provinces provinces of Bulacan, Bulacan, A2 See See “3-M “3-M farmers,” farmers,” A2 A2 imgovernment since since it it started started upspaces spaces where people people can canpercent. easily easily see see rollout rollout of of See coconut coconut levy-funded levy-funded December December 15, 15, 2021. 2021. of withgovernment the Chinese government. SIDC. 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 the four fourbiggest biggest risks to the revery uneven uneven among 8.the the economarkets” markets” in the region. region. 38.0632 n EU their their import import bills bills to to0.0415 balloon. balloon. He He said said affected affected areas, areas, parUS 58.6310 n japan 0.4006risks n to UKthe 68.re1585 n very HK 7.4694 n among CHINA 1762econon singapore 41.7243in nthe australia 59.1235 n KOREA n SAUDI arabia 15.6017 Source: BSP (October 27, 2022) parn 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 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 Cyclone Cyclone Wind Wind Signal Signal No. No. 55 last last 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 Sunday—will Sunday—willget getimmediate immediaterelief relief 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 from from the the government. government. “Well, “Well, we we are—presently are—presently what what said said these these four four factors factors are are the the economy economy is is being being driven driven by by what what ited itedin inthe theregion regionexcept exceptfor forCentral Central in in terms terms of of raising raising interest interest rates rates to to we we are are organizing organizing is is the the airlift airlift for for dark dark clouds clouds hanging hanging over over the the Asakawa Asakawa said said was was aa “very “very strinstrinAsia, Asia,Caucasus Caucasusand andMongolia Mongoliawhich which cool coolinflation. inflation.(https://business(https://businessfood food materials, materials, food food packs, packs, water water sustained sustained recovery recovery of of the the region region gent gent zero-Covid zero-Covid policy” policy” while while have haveclose closetrade tradeand andeconomic economicties ties mirror.com.ph/2022/09/15/ mirror.com.ph/2022/09/15/ into intoPolillo Polillobecause becausethey theysaid saidit itwas was from from the the economic economic downturn downturn there there remains remains aa possibility possibility that that with with the the Russian Russian Federation. Federation. bsp-most-aggressive-in-hikingbsp-most-aggressive-in-hikingthe the first first area area to to be be hit hit [by [by SuperSupercaused caused by by the the pandemic. pandemic. aa more more lethal lethal variant variant of of Covid-19 Covid-19 There There were were both both direct direct and and policy-rates/) policy-rates/) typhoon typhoon Karding],” Karding],” Marcos Marcos said. said. Asakawa Asakawa noted noted that that in in 2020, 2020, could couldspread spreadand andcause causeeconomies economies indirect indirect effects effects of of the the war war in in See See “ADB,” “ADB,” A2 A2
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Ties with a China ‘modernizing’ under Xi will be boosted: PBBM
OVER 3-M FARMERS LISTED FOR P75-B COCO LEVY FUND
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ADB TAGS 4 BIGGEST RISKS TO ASIAN ECONOMY
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See See “Karding,” “Karding,” A2 A2
PESO EXCHANGE RATES nn US 58.4060 58.4060 n n JAPAN 0.4104 0.4104 n n UK 65.7418 65.7418 n n HK 7.4413 7.4413 n n CHINA 8.2506 8.2506 n n SINGAPORE 41. 41.11861 861 n n AUSTRALIA 38.7933 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)