BSP reports 12% growth in bank lending in July ‘Close borders, cut Omicron exposure risk’
C THE WORLD ›› A11
TAIWAN FORCES FIRE AT DRONES FLYING OVER ISLAND NEAR CHINA
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ENDING activity in the country contindomestic demand. to residents accelerated to 14.7 percent in July ued to be strong in July amid high prices, “Looking ahead, the BSP will continue to the revised 10.9 percentto in be June due to in By Cai U. Ordinario with their loved ones, while forwhich, she said, the economyfrom can no for government proactive as the Bangko Sentral ng Pilipinas (BSP) ensure that liquidity and credit dynamics rethe year-on-year increase in credit card loans, @caiordinario eigners living in temperate regions longer afford. imposing them. reported a double-digit growth in loan expanmain in line with the BSP’s price and financial motor vehicle loans, and salary-based general usually want to relax in tropical “It is better that we do protective Previous instances when the sion during the month. stability objectives,” the Central Bank said inthan purpose loans. LOSING the country’s borders countries like the Philippines. This preventive measures get ex- consumption country had the opportunity to imThe BSP said on Wednesday that outa statement. At the same time, the said outstanding is one of the most immediate year’s influx of OFWs is expected to posed again. We have a lot to lose,” pose travel BSP restrictions did not prestanding loans of universal and commerBroken down, outstanding loans to resiloans to non-residents grew by 14.6 percent inwas 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 cial banks expanded by 12 percent yeardents rose by 11.9 percent in July followJuly after a 16.4-percent uptick in the previment must take to prevent the latunable to come home for the holidays that we can open just before Christmainly because the decision was not on-year inOmicron, July, thefrom same rate of growth2020. ing the same expansion the contained, previous we can ousopen month. made immediately, he said. est Covid-19 variant, in December mas. Ifinit gets as in June.shores, accordmonth. In a separate“Kung report,papatay the BSP patay also said reaching Philippine “My recommendation is to protect it again.” [Ifdowe’re Bank lending first collapsed into contracOutstanding loans for production activimestic liquidity—measured as M3—grew by ing to local economists. the borders. Do not allow people with Ateneo Center for Economic Reslow] and we get caught flat-foottionvar territory by 0.7 percent in December ties increased by 11.6search percent inDevelopment July after (ACERD) 7 percent to ed, P15.4 trillion in July from too the reT he new iant is a threat, a history2020, of travel to countries with and [that’s risky] We were as the restrictions forced by the pandemic afgrowing by 12 percent in June, driven mainly revised 7.2-percent growth in June. 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. fected localforeigners banking industry. the rise in[We lendingK. forPeña-Reyes real estate activiwith the withdrawal coming up andthe more “We should be moreby restrictive. said closing “As thethe BSP Weproceeds should learn from that,” PeñaIn comparison, bank lending grew 13.6 perties (14.6 percent); manufacturing (16.2 of monetary accommodation, it will continue 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 cent De before thelle onslaught global health percent); informationtive andbut communication domestic liquidity conditions Philippines, La Sa Univer-of theof our measures.” should still adheretotoensure the that act. We need to push testing and crisis inMar March 2020. (29.3this percent); wholesale set and to sustaining the economsit y economist ia Ella Oplas Oplas said that while will be and standards byretail the World remain Health conducive tracing to be properly informed The BSP said the sustained growth in trade, repair of motor vehicles and motoric recovery, in line with the BSP’s price and told BusinessMirror. a setback to some industries, this Organization (WHO). of our decisions. Blanket/shotgun bank lending liquidity will support cycles (9.3 percent). financial objectives,” the dire Central The holidays usuallyand bring in is a fair measure considering that What is needed, Peña-Reyes told stability approaches could have consethe recover y of economic activity and Similarly, the expansion in consumer loans Bank said. Bianca Cuaresma Overseas Filipino Workers (OFWs) this could help prevent placing the this newspaper, is for travel restricquences on the economy.” who are eager to spend Christmas
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country in another strict lockdown,
Thursday, September 2022Vol.Vol.1717No.52 No. 328 Monday, November 29,1,2021
tions to be put in place swiftly and
See “Omicron,” A2
P25.00 P25.00 nationwide nationwide || 22 sections sections 22 20 pages pages ||
NATL GOVT BORROWINGS BSP PROJECTS AUGUST FOR 10 MOS DIP TO P2.75T INFLATION AT 5.9-6.7% nn
By Bernadette D. Nicolas
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Omicron risk spurs revival of quarantine rules in PHL
@BNicolasBM
HE national government’s gross borrowings as of end-October shrank by almost 6 percent year-on-year to P2.75 trillion.
By Samuel P. Medenilla @sam_medenilla
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NTER NATIONA L concerns over the possible spread of the more infectious Omicron Covid-19 variant prompted the govLatest data from the Bureau of the ernment to reimpose mandatory Treasury showed that the governfacility-based quarantine for all ment’s gross borrowings during the arriving passengers in the country. 10-month period fell by 5.99 percent Acting Presidential spokesperfrom P2.92 trillion a year ago. son Karlo B. Nograles announced With only two months left for on Sunday that the Inter-Agency this year, the latest figure is already Task Force for the Management equivalent to 89.6 percent of its of Emerging Infectious Diseases P3.07-trillion borrowing program. (IATF) suspended the implemenBroken down, gross domestic bortation of its Resolution No. 150rowings from January to October A (s.2021), effectively imposing settled at P2.23 trillion, down by stricter protocols for all inbound 5.08 percent from P2.35 trillion travelers. in 2020. To note, IATF Resolution 150A had allowed fully vaccinated The bulk of the amount was PEOPLE walk past the mural of Gat Andres Bonifacio at Manila City Hall Underpass. non-visa travelers from Green List sourced from Fixed Rate Treasury The country will celebrate the 158th birth anniversary of Filipino revolutionary Bonds (P1.19 trillion), followed by areas to enter the country withhero Gat Andres Bonifacio on Tuesday, November 30. ROY DOMINGO short-term borrowings from Bangout the need for facility-based ko Sentral ng Pilipinas or BSP (P540 quarantine as long as they secure billion), Retail Treasury Bonds/Prenegative Reverse Transcriptionmyo Bonds (P463.3 billion), Retail Polymerase Chain Reaction (RTOnshore Dollar Bonds (P80.84 bilPCR) test within 72 hours prior lion). In the same period, there was to their departure. FOCUS these days is once again on the dying salt industry in the Philippines, a “shameful” situation for an archipelagic country with one of the longest coastlines. From the few remaining salt beds of Barangay Santa Isabel in Kawit, Cavite and a repacking store in Parañaque City, rock salt makes its journey By Jasper Emmanuel Y. Arcalas dating its registry following the them. This allows everyone to see programs as President Duterte also a net redemption of Treasury “Except for countries classified to consumers’ tables. Press Secretary Beatrix Cruz-Angeles said the Bureau of Fisheries and Aquatic Resources is coordinating with other agencies to conduct R&D programs to increase the production of marginal and artisanal salt makers. This would augment the implementation of BFAR’s P100-million @jearcalas enactment of the Coconut Farmwho are listed in the registry and if is expected to sign the industry Bills amounting to P43.94 billion. as ‘Red,’ the testing and quarantine Development of the Salt Industry Project for salt makers in Regions 1, 6 and 9. NONIE REYES ers and Industry Trust Fund law. farmer doesn’t see his name then he development plan in early 2022. protocols for all inbound internaNet debt redemption means ORE than 3 million Rosales explained that about shall coordinate with the PCA imRosales said the PCA will not tional travelers in all ports of entry there were more debts repaid comBy Bianca Cuaresma @BcuaresmaBM coconut farmers and 500,000 coconut farmers and mediately,” he explained at a recent stop updating its list of coconut pared to the amount borrowed durshall comply with the testing and workers are now regisworkers were added to the PCA’s dialogue with coconut farmers. farmers and enjoined them to reging the period. quarantine protocols for ‘Yellow’ tered with the government’s reg2018 list that had about 2.5 million “On the other hand, if people ister in order to reap the benefits Meanwhile, gross foreign borlist countries,” Nograles said, citing istry, which serves as the basis coconut farmers and farm workers. would see names on the list and of the decades-long idled coconut rowings in the same period also the provision of IATF Resolution for the number of people to be The PCA’s next step is to conthey think they are not coconut levy fund. “We will not stop at 3.1 contracted by 9.7 percent to P518.7 No. 151-A. covered by the utilization of the duct an exclusion-inclusion profarmers or their details are incormillion. We hope that more indibillion from last year’s P574.4 billion. He noted Hong Kong, which has P75-billion coconut levy fund. cedure by making the updated rect, they can report it to the PCA viduals will register in our coconut This was raised through global confirmed a case of the Omicron Philippine Coconut Authority farmers’ registry public, providfor immediate action,” he added. farmers registry,” he said. bonds (P146.17 billion), program variant, will also fall under the YelBy Andrea E. San Juan and 8 to 10 percent in terms (PCA) Deputy Administrator Roel ing everyone the opportunity to The PCA official noted that The updating of the coconut loans (P139.98 billion), euro-delow list countries. of revenue by the end of the M. Rosales said about 3.11 million check the veracity of the list, Rothe completion of the initial list farmers registry is mandated by nominated bonds (P121.97 billion), The suspension of the rules for year.” HE Philippine IT and coconut farmers and farm worksales added. of coconut farmers registry would Republic Act (RA) 11524 or the a project loan (P86.41 billion), and “Green List” countries will be in In addition, with the foreBusiness Process Maners have been registered with the “The list will be posted in public be just in time for the expected Coconut Industry Trust Fund Act. yen-denominated samurai bonds effect from November 28, 2021 to casted growth for 2022, the secagement (IT-BPM) indusgovernment since it started upspaces where people can easily see rollout of coconut levy-funded See “3-M farmers,” A2 (P24.19 billion). December 15, 2021. tor is poised to fulfill Roadmap try is seen to grow by 8 to 10 See “Borrowings,” A2 Continued on A2 2028’s vision of generating 1.1 percent in terms of revenue by In its month-ahead inflation meat and fish prices, and appreciamillion new jobs in six years. the end of 2022, according to IT forecast, the BSP said inflation tion of the peso. In fact, IBPAP President and 50.4600 ahead, n JAPAN 0.4374 n UK 67.2329and n Business HK 6.4722Process 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) Associacould have settled between 5.9 and n US“Looking the BSP will conCEO Jack Madrid said at a virtution of the Philippines (IBPAP). 6.7 percent during the month. In tinue to closely monitor emerging al press conference on WednesAfter achieving record-high July, inflation already hit a 4-year price developments to enable timely day that foremost among the growth in 2021, IBPAP said in a high at 6.4 percent. intervention that could prevent growth drivers for the industry statement on Wednesday that The BSP said inflation for Aufurther broadening of price presover the next six years will be the country’s IT-BPM industry gust was driven by the continued sures, consistent with BSP’s manthe “criticality of a digital-ready “is projected to increase beincrease in key food prices. This date of price stability conducive to talent workforce.” tween 7 to 8 percent in terms could, however, be offset in part by sustainable economic growth,” the the decline in global oil prices, the BSP said in its statement. See “IT-BPM,” A2 of full-time employees [FTEs] reduction in electricity rates, lower Continued on A2
OVER 3-M FARMERS LISTED FOR P75-B COCO LEVY FUND
M HE growth of consumer prices IT-BPM REVENUE SEEN likely remained elevated in
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August this year, the Bangko Sentral ng Pilipinas (BSP) said in a statement Wednesday afternoon.
TO GROW 8-10% IN ‘22
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PESO EXCHANGE RATES
PESO EXCHANGE RATES n US 56.2430
n JAPAN 0.4053 n UK 65.5793 n HK 7.1659 n CHINA 8.1393 n SINGAPORE 40.2253 n AUSTRALIA 38.5377 n EU 56.3499 n KOREA 0.0417 n SAUDI ARABIA 14.9762 Source: BSP (August 31, 2022)