‘Close borders, cut Omicron exposure risk’ ‘Peso could still weaken on global devts’ By Cai U. Ordinario By Bianca Cuaresma @caiordinario
with their loved ones, while forwhich, she said, the economy can no arationinfor the expected increase longer week despite efforts to prop up eigners living temperate regions afford. @BcuaresmaBM in sales during the holiday season sentiment against theprotective US dollar. usually want to relax in tropical “It is better that we do in the fourth quarter (especially Data from the Bankers LOSING the country’s borders countries like the Philippines. This preventive measures than getAssoexlocal currency could US Thanksgiving in November; the Philippines (BAP) is one of theHE most immediate year’s influx of OFWs is expected to posedciation again.ofWe have a lot to lose,” still weaken in the coming Christmas/Yuletide in December that the local courses of action the governbe heavier since many of them were Oplasshowed said. “We should do itcurrency now so days as local and internauntil New Year celebrations) [is a closed at P56.77 to a dollar, down ment must take to prevent the latunable to come home for the holidays that we can open just before Christtional developments could play to catalyst],” Ricafort said. from the P56.42 in the previous est Covid-19 variant, Omicron, from in December 2020. mas. If it gets contained, we can open the strength of the dollar. “However, in the fourth quarter it again.” day’s trade. reaching Philippine shores, accord“My recommendation is to protect In an analysis published over the peso exchange rate could be supWhile the for weaker currency ing to local economists. the borders. Do not allow people with Ateneo Center Economic Re-is the weekend, Rizal Commercial ported by the expected seasonal ina threat to the country’s already T he new var iant is a threat, a history of travel to countries with search and Development (ACERD) (RCBC) chief in OFW remittances, export Associate high local inflation, is a boon e s p e c i a l l yBanking w it h Corporation t he hol id ay s positive crease cases to enter,” Oplas said. Director SeritPercival Ricafort cited salesbeproceeds that are converted for dollar earners such asthe micoming up economist and moreMichael foreigners “We should more restrictive. [We to K. Peña-Reyes said closing two main catalysts to the movepesos especially during the holiday grant workers and people from being a llowed to travel to the have to be] more protective in terms country’s borders would be effecEUROCYCLELOAN Major automotive player AUTOHUB Group signed an agreement with CSBank ment against the dollar season. These are based on consis- tive but the should Businessstill Process OutsourcPhilippines, Deof Lathe Sapeso lle Univerof our measures.” adhere to the (Citystate Savings Bank) for the financing of their European motorcycle lines that include Vespa, Aprilia for the remainder of the year. tent patterns seen in recent years/ ing (BPO) industry. sit y economist Mar ia Ella Oplas Oplas said that while this will be standards set by the World Health and Triumph through the EuroCycleLoan. CSBank developed the EuroCycleLoan exclusively for Autohub “The expected seasonal ain-setback decades,” heindustries, added. “Weaker local currencies tend told BusinessMirror. to some this Organization (WHO). to cater to its 2-wheel European motorcycle brands with a minimum down payment of 20 percent and crease in importation in third The peso has been on a weakto favor export-oriented The holidays usually bring in is a fair measure considering that What is needed, Peña-Reyes countold maximum term of 36 months. Shaking hands after the signing are Jaime Valentin L. Araneta, CSBank quarter (July-September), in prepening streak anew in the previous tries (such is asfor Japan, Overseas Filipino Workers (OFWs) this could help prevent placing the this newspaper, travelThailand, restricChief Operating Officer (right) and Autohub Chairman Willy Q. Tee Ten. Story on A12. CONTRIBUTED PHOTO who are eager to spend Christmas country in another strict lockdown, tions to be put in place swiftly and
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Monday,November September 2022Vol. Vol.1717No.52 No. 332 Monday, 29,5,2021
for government to be proactive in South Korea) imposing them. that make their exports more price competitive Previous instances when the in international markets andtoin-imcountry had the opportunity crease the restrictions local currency pose travel didequivanot prelent of their export revenues vent the spread of Covid-19. Thatin was US dollars,” Ricafort said. was not mainly because the decision “The new record high for the US made immediately, he said. dollar/peso exchange rate “Kung papatay patay [Ifironiwe’re cally increases peso flat-footequivaslow] and we getthe caught lent/proceeds of We the were US dollars ed, [that’s risky] too refrom foreign investors, active instead of proactiveOFWs, before. exporters, BPOs,from foreign tourists, We should learn that,” Peñaamong others,” he added. Reyes said. “It’s a delicate balancing the start of September act. Since We need to push testing and 2022, the peso already weaktracing to be properly informed ened vs. the US dollar for the 8th of our decisions. Blanket/shotgun straight month, by 0.625 or 1.1 approaches could have dire consepercent. quences on the economy.” See “Omicron,” A2
NATL BORROWINGS NG’SGOVT GOCC SUBSIDIES FOR 10 MOS DIP TOIN P2.75T SURGE TO P30.3B JULY By Bernadette D. Nicolas By Bernadette D. Nicolas @BNicolasBM
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Omicron risk spurs revival of quarantine rules in PHL
@BNicolasBM
UBSIDIES extended to state-run firms HE national bygovernment’s the Marcos administration during itsgross first month in office surged nearly five-fold to P30.3 billion, with the bulk of borrowings as of the amount going to the Philippine Health end-October shrank (PhilHealth). Insurance Corporation by almost 6 percent year-on-year toBureau of thority (P162 million). Latest data from the the Treasury showed total subsidies The national government proP2.75 trillion. released to government-owned and -controlled corporations (GOCCs) during the month by 398.8 Latest data fromspiked the Bureau of the percent from only P6.08 billion in Treasury showed that the governJuly last year. ment’s gross borrowings during the The state health insurer Phil10-month period fell by 5.99 percent Health topped the list of subsidy from P2.92 trillion a year ago. recipients during month it With only two the months leftasfor cornered P22.46 billion. this year, the latest figure is already Trailing to PhilHealth in theoftop equivalent 89.6 percent its five list are the National IrrigaP3.07-trillion borrowing program. tion Administration or NIA (P5.87 Broken down, gross domestic borbillion), PowertoCorporarowings National from January October tion (P400 million), Development settled at P2.23 trillion, down by Academy of the Philippines (P214 5.08 percent from P2.35 trillion million), and Light Rail Transit Auin 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 Cai Bonds U. Ordinario Onshore Dollar (P80.84 bil@caiordinario lion). In the same period, there was also a net redemption of Treasury OMEN, whobillion. value Bills amounting to P43.94 the f lexibility and Net debt redemption means freelancing opportuthere were more debts repaid comnities inamount digital borrowed jobs, facedurdispared to the crimination and lower wages ing the period. in platform gross work, foreign according to Meanwhile, borthe findings of a study released rowings in the same period also by the Philippine Institute for contracted by 9.7 percent to P518.7 Development Studies (PIDS). billion from last year’s P574.4 billion. wasglobal conThisThe wasPIDS raisedstudy through ducted by Paul John M. Peña, bonds (P146.17 billion), program Research Associate andeuro-deConsulloans (P139.98 billion), tant at the De La Salle Univernominated bonds (P121.97 billion), sity Angelo King Institute, and a project loan (P86.41 billion), and Master of Science in Economics yen-denominated samurai bonds (P24.19 billion).
P25.00 P25.00 nationwide nationwide || 22 sections sections 20 20 pages pages ||
By Samuel P. Medenilla @sam_medenilla
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NTER NATIONA L concerns over the possible spread of the vides subsidies to state-run firms more infectious Omicron Coto fund operations not covered by vid-19 variant prompted the govcorporate revenues or to finance ernment to reimpose mandatory specific programs or projects. facility-based quarantine for all PhilHealth, which has been arriving passengers in the country. the top recipient of government Acting Presidential spokespersubsidies since 2014, is set to reson Karlo B. Nograles announced ceive its P79.99-billion subsidy on Sunday that the Inter-Agency under this year’s P5.024-trillion Task Force for the Management national budget. Amid the Covof Emerging Infectious Diseases id-19 pandemic, PhilHealth had (IATF) suspended the implementhe biggest share of subsidies tation of its Resolution No. 150last year, with P80.98 billion or A (s.2021), effectively imposing 43.8 percent of the total amount stricter protocols for all inbound disbursed. travelers. See “GOCC,” 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 to enter the country withLONGEST CHRISTMAS The Philippines has for years been reputed to celebrate “the longest Christmas” season, starting in the so-called ‘Ber months onareas September 1. In Dapitan, Manila, some DOMINGO hero Gat Andres Bonifacio on Tuesday, November 30. ROY out the need for facility-based people have started buying their Christmas décor, saying they want to take advantage of lower prices, knowing that last-minute shopping always goes with surge pricing. NONIE REYES quarantine as long as they secure negative Reverse TranscriptionPolymerase Chain Reaction (RTstudent Vince Eisen C. Yao. PCR) test within 72 hours prior According to Peña and Yao, to their departure. while womenY. have Bymen Jasperand Emmanuel Arcalas dating its registry following the them. This allows everyone to see programs as President Duterte “Except for countries classified the same opportunities online, By Samuel P. Medenilla in Pasay City,in Marcos said one back with harvest business Lady Marie Araneta@jearcalas enactment of the Coconut Farmwho are listed the registry and ifof ising expected to asign the of industry as ‘Red,’ the Louise testing“Liza” and quarantine more women are enrolled in dig@sam_medenilla the primary goals of his travels in deals to be signed in my State Visits Marcos, son and Ilocos Rep. Sandro ers and Industry Trust Fund law. farmer doesn’t see his name then he development plan in early 2022. protocols for all inbound internaitaljobsPH courses. But cultural & Malou Indonesia and Singapore willimbe that will further Marcos, and Cabinet secretaries. ORE than 3 million RosalesTalosig-Bartolome explained that about shall coordinate with the PCA Rosales said the strengthen PCA will notour tional travelers in all ports of entry barriers restrict women to less and @maloutalosig to get new he investments economic ties its with both Indonesia Seventy percent thetesting 7,451 Filipicoconut farmers 500,000 coconut farmers and mediately,” explained atabroad. a recent stop updating list of coconut shall comply withofthe and complex andworkers low-paying jobs. “My State Visits to our ASEAN and Singapore,” he added. nos in Indonesia are managerial, techare now regisworkers were added to the PCA’s dialogue with coconut farmers. farmers and enjoined them to regquarantine protocols for ‘Yellow’ “Some perceptions about regFerdinand neighbors seekhand, to harness the nical or professional levelsaid, positions tered with the government’s 2018RESIDENT list that had about 2.5 “Bongmillion “On thewill other if people ister in order to reap the benefits list countries,” Nograles citing theistry, competencies and competibong” R. Marcos, Jr. on Sunpotentials of our vibrant trade and PBBM meets Filcom as company directors, engineers, acwhich serves as the basis coconut farmers and farm workers. would see names on the list and of the decades-long idled coconut the provision of IATF Resolution tivefor advantages of women platday flew to Indonesia for the investment relations. As such, an MARCOS Jr. met Filipino workers countants, supervisors and teachers. 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 No. 151-A. form workers attributedof the first legan of exclusion-inclusion the series of trips he will economic briefing, business and residents in Indonesia In 2021, remittances from Filipinos in covered bycan thebe utilization duct profarmers or their details are forums incormillion. We hope that more Sunday indiHe noted Hong Kong, which has to P75-billion traditionalcoconut genderlevy roles, be undertaking this week to secure and meetings have been organized afternoon, just a few hours after Indonesia reached US$17.5 million. fund. cedure by making the updated rect, they can report it to the PCA viduals will register in our coconut confirmed a case of the Omicron whichPhilippine a perceived genderAuthority pay new overseas partnerships help to attract landingregistry,” in Jakarta. Meanwhile, the of FiliCoconut farmers’ registry public, to providforproactively immediate create action,”and he added. farmers he said. variant, will also fallparents under the Yelgap(PCA) can only reinforce rather in the country’s post-pandemic more investments and buyers for Around 1,000 Filipinos attended pino domestic helper Mary Jane Deputy Administrator Roel ing everyone the opportunity to The PCA official noted that The updating of the coconut low list countries. than or mitigate,” recovery. our in order accelerate the meetregistry and greet event in a hotel Veloso to of Marcos to ask M.address Rosales said about 3.11the million economic check the veracity of the list, Rothe exports, completion of thetoinitial list farmers is mandated by The appealed suspension the rules for authors said. In his speech prior to his departhe post-pandemic growth of our in Jakarta, waving flaglets as they Indonesian President Joko Widodo coconut farmers and farm worksales added. of coconut farmers registry would Republic Act (RA) 11524 or the “Green List” countries will be in thelist Ninoy Aquino economy,” excitedly welcomed theFund President, for executive clemency.28, 2021 to See “Gender,” A2 ers have been registered with the ture at “The will be postedInternain public be just in Marcos time forsaid. the expected Coconut Industry Trust Act. effect from November tional Airport (NAIA) Terminal 2 “I expect that we will be comwho was joined onstage by First See “PBBM,” A2 government since it started upspaces where people can easily see rollout of coconut levy-funded See “3-M farmers,” A2 December 15, 2021.
GENDER BIAS: WOMEN DIGITAL WORKERS FACE LOWER WAGES
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See “Borrowings,” A2
OVER 3-M FARMERS FOR P75-B COCO PBBMLISTED flies to Jakarta, thenLEVY SG, FUND on first State Visit
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Continued on A2
PESO EXCHANGE RATES n US 56.3620 n JAPAN 0.4020 n UK 65.0587 n HK 7.1815 n CHINA 8.1606 n SINGAPORE 40.1925 n AUSTRALIA 38.2247 n EU 56.0633 n KOREA 0.0416 n SAUDI ARABIA 15.0038 Source: BSP (September 2, 2022) PESO EXCHANGE RATES n US 50.4600 n JAPAN 0.4374 n UK 67.2329 n HK 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)