Bloomberg A News C Bloomberg News
PP
HILIPPINES’S incoming economic planning secretary HILIPPINES’S incoming Arecosenio Balisacan to bol-Arnomic planningplans secretary ster thesenio economy’s weak spots Balisacan plans to as bolhester targets least 6-percent the ateconomy’s weak annual spots as growth throughout term of Preshe targets at leastthe 6-percent annual ident-elect Ferdinand the Marcos growth throughout termJr. of PresThe next Ferdinand administration ident-elect Marcosmust Jr. boostTh investment in agriculture and e next administration must manufacturing and build infrastrucboost investment in agriculture and ture to grow the and economy between manufacturing build infrastruc6-8 percent annually to 2028,between Baliture to grow the economy sacan in an interview Wednes6-8 said percent annually to 2028, Baliday. sacan said in an interview WednesFarm and industry output curday. rentlyFarm account less than 40 perandfor industry output curcent of gross domestic product, rently account for less than while 40 percent of gross domestic product, while
ROTARY CLUB OF MANILA JOURNALISM AWARDS
points“Ias the priority of the adminiswould like to see those weakest tration,” said 64-year-old, who’s points as thethe priority of the adminiscurrently of the nation’s tration,”chairman said the 64-year-old, who’s antitrust commission. currently chairman of the nation’s Consistently growing at the rate antitrust commission. of 6 percent for sixgrowing years will make Consistently at the rate Philippines a for half-a-trillion dollar of 6 percent six years will make economy, according to Bloomberg Philippines a half-a-trillion dollar calculations. economy, according to Bloomberg The nation’s first-quarter expancalculations. sion of percentfiis already among Th8.3 e nation’s rst-quarter expanAsia’s thanks istoalready the reopensionfastest, of 8.3 percent among ingAsia’s fromfastest, the pandemic. Marthanks toStill, the reopencos’s ingteam fromfaces the immediate pandemic. challengStill, Mares:cos’s inflation is at its fastest inchallengthree team faces immediate years, budget has widened es: infl ation isdefi at cit its fastest in three and the global outlook dimmed. years, budget deficithashas widened Still, said the and theBalisacan global outlook haseconomy dimmed. can expand by at leastsaid 7 percent this Still, Balisacan the economy can expand by at least 7 percent this
record in 2020 from due tothe mate,contraction riding the recovery therecord pandemic. He saidinhe2020 will push contraction due to forthe more targeted He support measures pandemic. said he will push tofor easemore inflation’s burden on the poor targeted support measures while ensuring “tight” government to ease inflation’s burden on the poor finances are managed properly. while ensuring “tight” government canare achieve moreproperly. with less,” fi“We nances managed he said, that more a review “We adding can achieve withand less,” streamlining of benefi he said, adding that aciaries revieware and needed. The nation cannot streamlining of also benefi ciaries af-are ford removal certain needed. The of nation also taxes cannotonafgoods proposed some sectors, ford asremoval of by certain taxes on hegoods said. as proposed by some sectors, he said.
Experienced economist BALISACAN willeconomist draw from his exExperienced
perience in crafting a newfrom economic BALISACAN will draw his exdevelopment plan. Before taking perience in crafting a new economic helm of the antitrust he served development plan.body, Before taking helm of the antitrust body, he served
from 2016. Benigno Aquino the2012 late to president To sustain from 2012 toeconomic 2016. growth of at least To 6 percent, next administrasustain the economic growth of at tion must address red tape administraand build least 6 percent, the next infrastructure needed attract intion must address redtotape and build vestment in manufacturing and aginfrastructure needed to attract inriculture, said who holds vestment inBalisacan, manufacturing and aagPhD in Economics from the Univerriculture, said Balisacan, who holds a sity of Hawaii. PhD in Economics from the UniverGiven a budget deficit inflated sity of Hawaii. by pandemic-era support Given a budget defiprograms, cit inflated companies and multilateral develby pandemic-era support programs, opment agencies be tappeddevelto companies and may multilateral finance roads, rail and heto opment agencies mayirrigation, be tapped said. Balisacan thehe finance roads, helped rail andmanage irrigation, Aquino administration’s flagshipthe said. Balisacan helped manage public-private partnership fl infraAquino administration’s agship public-private partnership infra-
BusinessMirror
2006 National Newspaper of the Year CLUBNewspaper OF MANILA JOURNALISM AWARDS 2011 ROTARY National of the Year National Newspaper the Year 2013 2006 Business Newspaper of theofYear National Newspaper the Year 2017 2011 Business Newspaper of theofYear Business Newspaper the Year 2019 2013 Business Newspaper of theofYear Business Newspaper of the Year 20212017 Pro Patria Award 20192018 Business Newspaper of the Year PHILIPPINE STATISTICS AUTHORITY Data Champion 2021 Pro Patria Award PHILIPPINE STATISTICS AUTHORITY 2018 Data Champion
AAbroader look at today’s business look at today’s business A■broader broader look at today’s business Thursday, June 2, 2022 Vol. 17 No. 237
S “PHL,” A S “PHL,” A
EJAP JOURNALISM AWARDS
BUSINESS NEWS EJAP JOURNALISM AWARDS SOURCE OF THE YEAR BUSINESS (2017, 2018, 2019,NEWS 2020) SOURCE OF THE YEAR
DEPARTMENT OF SCIENCE AND TECHNOLOGY
2019, 2020) 2018 BANTOG(2017, MEDIA2018, AWARDS
DEPARTMENT OF SCIENCE AND TECHNOLOGY
2018 BANTOG MEDIA AWARDS
‘PHL’S RESTS UNEMPLOYMENT SLOWS, ‘PHL’S H2 H2 GROWTH GROWTH RESTS ON NEW ECONOMIC TEAM’ ON NEW ECONOMIC TEAM’ BUT JOBS CREATION WEAK D www.businessmirror.com.ph www.businessmirror.com.ph www.businessmirror.com.ph
P. P25.00 nationwide| |2 sections 24 pages| |77DAYS daysAaWEEK week P. | | 7 DAYS A WEEK
Friday, September 2022 Vol. 17 No. 336 Thursday, June 2, 9, 2022 Vol. 17 No. 237
n ■
By Cai U. Ordinario @caiordinario
ESPITE the low unemployment rate, local economists said the figures failed to impress as underemployment increased in July and manufacturing, where decent jobs can be generated, saw a decline in employment generation.
On Thursday, the Philippine Statistics Authority (PSA) said the country’s unemployment rate slowed to 5.2 percent in July, the slowest since October 2019 when the jobless rate was at 4.5 percent. The National Economic and Development Authority (Neda) also said this was the lowest unemployment rate for all July rounds of the Labor Force Survey since 2005. (Full story: https://businessmirror. com.ph/2022/09/08/phls-july-unemployment-rate-at-5-2-lowest-since-prepandemic-levels/) Based on PSA data, the number of underemployed Filipinos reached 6.54 million, a 2.23-million decline from the 8.77 million in July 2021, but an increase of 144,000 compared to the 6.4 million recorded in April 2022 and 655,000 more
than the 5.88 million in June 2022. “A lot of the jobs seem to be generated in the informal sector as underemployment is up by 1.2 percentage points. July is also harvesting season so jobs are expected to be plentiful during this month,” Ateneo Eagle Watch Senior Fellow Leonardo A. Lanzona Jr. told the BusinessMirror. “My sense is that people were willing to work—which led to the higher labor force participation rate—and were amenable to do so even at low compensation—which resulted in the high underemployment,” he added. De La Salle University economist Maria Ella Oplas said that while the employment data show good signs
‘LAGING HANDA’ Teachers and students of Pinyahan Elementary School in Quezon City participate in an earthquake drill Thursday, September 8, 2022, held simultaneously nationwide in other schools and establishments. It aims “to intensify local communities’ earthquake preparedness and increase the commitment of local government units in building safe communities,” according to the Office of Civil Defense, See “Unemployment,” A2 which spearheaded the event. NONOY LACZA THE BRP Melchora Aquino, the second of two multi-role response vessels procured by the Philippine government from Japan, is welcomed by the Philippine Coast Guard at the Port Area in Manila on Wednesday, June 1, 2022, completing its maiden voyage from Japan. Constructed by Mitsubishi Shipbuilding Co. in Japan, the ship, named after Sora, the Grand thevessels Spanish colonialbyperiod, is part ofgovernment the Maritimefrom Safety Capability Improvement Project ofCoast the Coast DOMINGO THETandang BRP Melchora Aquino, theWoman secondofofthe twoRevolution multi-roleduring response procured the Philippine Japan, is welcomed by the Philippine GuardGuard. at theROY Port Area in Manila on Wednesday, June 1, 2022, completing its maiden voyage from Japan. Constructed by Mitsubishi Shipbuilding Co. in Japan, the ship, named after Tandang Sora, the Grand Woman of the Revolution during the Spanish colonial period, is part of the Maritime Safety Capability Improvement Project of the Coast Guard. ROY DOMINGO B C U. O @caiordinario B C U. O @caiordinario
PHL SEEKS SINGAPORE’S HELP performance ofCYBERCRIME the Philippine BETTER TOHE FIGHT HE performance of thehalf Philippine economy in the second
T TT
ity to deal with cyberthreats. the second half @lorenzmarasigan “We signed a memorandum ofeconomy the year in will rest squarely of understanding with the ICT of the year will rest squarely on the shoulders ofand the incoming HE Phi l ippines ministry of Singapore, where on the Singapore shoulders of the weincoming haveeconomic signed will be conducting skills administration’s team, a memorandum of unand upgrading of our digital readministration’s economic team, according local thinksponse tank. derstandingto forathe conduct capability to deal with according toinitiatives a localtothink tank. of skills sharing different areas which relates By Lorenz S. Marasigan
upgrade the capacity of the government to combat cyberIn itsthreats, latest Marketespecially Call report, First Metro now that Investment University of Asia and the In mobile itsCorp. latestand Market Call report, First Metro scams are becoming Pacifi c (FMIC-UA&P) Capital Markets Research Investment Corp. and University of Asia and the more and more rampant. saidPacifi thecgrowth momentum which gave rise to (FMIC-UA&P) Capital Markets Research During ainSenate committee thesaid 8.3-percent growth the fiwhich rst quarter the growth momentum gave will rise to hearing, Department of Inforspillthe over to the second quarter. 8.3-percent growth in the first quarter will mation and Communications However, of the economy in spill over tothe theperformance second quarter. Technology (DICT) Secretary the third and fourth quarters will of bethe determined However, the performance economy in Ivan lawmakers the govby the the third policies tofourth betold implemented the new andUy quarters will by be determined economic team. will thenew isuncertainty beefing upgreet itsthe capacby theernment policiesMuch to be implemented by
to cybercrime, cybersecurity, and cyberthreats analysis,” cabinet handle the emerging scenario,” the he can said. report stated. cabinet can handle the emerging scenario,” Uy admitted that the gov- the One of the major risks that post the most report stated. ernment is ill prepared for cyuncertainty is the Russia-Ukraine One to of the the economy major risks that post the most ber sought waruncertainty whichattacks, willtomark itsand first thus 100 days. The war the economy is the Russia-Ukraine the assistance of allies to upbegan in February 24 this year and will reachwar war which will mark its first 100 days. The grade its cyber security 100began days on 3. FMIC-UA&P Capital Markets in June February 24 this year andcapawill reach bility. Research saidoncommodity prices, particularly oil 100 days June 3. FMIC-UA&P Capital Markets
prices, could remain elevated until the particularly war in East- oil Research said commodity prices, See “PHL,” A2 ernprices, Europecould is resolved. This uncertainty lead remain elevated until the will war in Eastto an ation of above 5 percent in economic managers as the pandemicwill continues ernaverage Europe infl is resolved. This uncertainty willthelead economic team. Much uncertainty greet the country year. inflation of above 5 percent in the andeconomic commodity prices remain to anthis average managers as theelevated. pandemic continues In April, “Thecommodity robustness in the economic country thisthe year.Philippine Statistics Authority and prices remain elevated.recovery, (PSA) reported that ation nationwide founded“The heavily on employment gains, should n US 57.2160 n japan 0.3981 n UKincreased 66.0215 In April, theinflPhilippine Statistics Authority robustness in the economic recovery, to 4.9 percent in April Thenationwide average inflincreased ation spillfounded over intoheavily Q2 [theonsecond quarter].gains, And while (PSA) reported that 2022. inflation employment should for tothe4.9first four months of theThe yearaverage stood at a tighter fiscal andsecond inflation pose And serious percent in April 2022. infl3.7 ation spill over intospace Q2 [the quarter]. while headwinds anation economic for the first four months of the year stood at 3.7 a tighterinfiH2 scal[second space half], and infl poseteam serious S “H,” A of high-quality the new President’s headwinds intechnocrats H2 [secondinhalf], an economic team S “H,” A of high-quality technocrats in the new President’s
PESO exchange rates
PBBM: 2 ‘fruitful’ visits Sotto closes ‘productive’ Sotto closes ‘productive’ PANDEMIC CHALLENGE yield ₧804-B deals for PHL PANDEMIC CHALLENGE
session; Zubiri next SP? MARKS 18TH CONGRESS session; Zubiri next SP? MARKS 18TH CONGRESS By Samuel P. Medenilla
[them] all together, value US$14.36 billion or P804.78 billion. This will B J M N. D C andsupport strengthened our political and reour country’s economic governmental institutions. B RESIDENT J@joveemarie MFerdinand N. D C and strengthened our political “Bongcovery efforts and create moreand jobs “Despite the here many @joveemarie governmental institutions. bong” R. Marcos, Jr. said he for Filipinos in challenges our country,” HE House of Representatives happened during tenure “Despite manymychallenges was able to reap over P804 that Marcos said.the onHEWednesday ended the asthat your happened Speaker, we have risen and House of Representatives during my billion worth of business deals The investments weretenure on re18th highlighting ourselves to be One Conon Congress, Wednesday ended the proven as your Speaker, we have risen andeduring his “fruitful and engaging” newable energy, data centers, its 3-year achievements, including gress, ready to servetoour people,” 18th Congress, highlighting proven ourselves be One Confour-day Visits innavigate Indonesia Velasco commerce, technology, laws to helpState the country hisbroadband colleagues. its 3-year achievements, including gress, told ready to serve our people,” and Singapore. startups, government housing through emerge strongernavigate from “One Congress, ready to scruti-and laws toand help the country Velasco told his colleagues. In his arrival speech at the agriculture. the Covid-19 pandemic. the national budget, pass through and emerge stronger from nize “One Congress, ready to scrutiNinoy Aquino International Air- laws, said hebudget, will to give a deIn Covid-19 his valedictory speech, tothe conduct hearings, the pandemic. nizeMarcos national topropass port tailed breakdown of the investSpeaker Lord Allan Velascoevening, said vide oversight on the implementaIn (Naia) his Wednesday valedictory speech, laws, to conduct hearings, to proMarcos said visitVelasco 10 tion ments in the days, which the 18th Congress was a yielded key and of oversight laws, and coming to generally make Speaker Lordthe Allan said vide on the implementaletters of intent (LOA) and 12 he hopes will be realized leadsteady partner of President easier theand next the 18th Congress was aDuterte key and it tion offor laws, to Congress generally and make of understanding ing to the creation of more inmemorandum passing laws that promoted its leadership, to continue the legsteady partner of President Duterte it easier for the next Congress local and (MOU) from 22 investors in both islative jobs. economic development, work for the sake of our in passing laws thatstrengthpromoted its leadership, to continue thekalegened the administration justice countries. babayans,” he added. economic development,ofstrengthislative work for the sake of our kaSee “PBBM,” forced A2 and the ruleadministration of law, enhanced theput He said the pandemic the “These investments, if we ened the of justice babayans,” he added. protection of labor and social welHouse leadership to be and the rule of law, enhanced the He said the pandemicdynamic, forced the fare, improved of and and proactive. protection of the laborquality and social wel- innovative House leadership to be dynamic, nincreased HK 7.2892 n CHINA 8.2146 n singapore 40.7405 n 38.7238 n access to “Despite the lingering threat fare, improved theeducation quality ofand and innovative andaustralia proactive. information, enhanced our health increased access to education and “Despite the lingering threat C A and emergencyenhanced response our system, information, health C A and emergency response system,
P TT
@sam_medenilla
O O
UTGOING Senate PresiDrilon moved to elect Majority dent Vicente Senate Sotto PresiIII Leader Juanmoved MigueltoZubiri as the UTGOING Drilon elect Majority declared at 7:41 Sotto pm ofIII acting Senate Pro Temdent Vicente Leader Juan President Miguel Zubiri as the Wednesday as adjourned sinepm dieof pore fromSenate noon President of June 30 declared at 7:41 acting Prountil Temthe third regular session of thedie July 25,from when the of 19th Congress Wednesday as adjourned sine pore noon June 30 until 18th on thesession part ofofthe convenes. the Congress third regular the first July 25, when the 19th Congress Senate, capping on what Minority in the day, colleagues 18th Congress the part of the fiEarlier rst convenes. Leader Franklin Drilon thatinZubiri had colleagues secured Senate, capping whatdescribed Minority signaled Earlier the day, asLeader “one of Franklin the most Drilon productive sesthe “votes” that of majority senators described signaled Zubiri of had secured sions” of the chamber, a feat made sit in 19th Senate, a as “one of the most productive ses- who thewill “votes” ofthe majority of senators remarkable by chamber, the fact that much confisit rmed by Drilon. sions” of the a feat made matter who will in the 19th Senate, a ofremarkable it was in a pandemic. Zubiri confi appears to be the by the fact that much matter rmednow by Drilon. peers heaped praise on only Zubiri likely candidate to stand ofHis it was in a pandemic. appears now to befor the SottoHis for his leadership, laud-on election as the next Senate Presi-for peers heaped and praise only likely candidate to stand edSotto and thanked as well theand seven after as Sen. Cynthia Villar, earfor his leadership, laud- dent, election the next Senate Presiother “graduating” members of seven the lier touted a strong contender, ed and thanked as well the dent, afterasSen. Cynthia Villar, earchamber, including two other of pilwithdrawing other “graduating” members the announced lier toutedshe as awas strong contender, lars—Drilon and Senate the race. she was withdrawing chamber, including twoPresident other pil- from announced Pro Tempore Ralph “Walathe nang [There is no] SP race,” lars—Drilon and Recto. Senate President from race. As Tempore his “last Ralph officialRecto. act,” Drilon she told reporters, Pro “Wala nang [Thadding, ere is no]“ISPwant race,” introduced a“last resolution meant to a she simple life” and explained As his offi cial act,” Drilon told reporters, adding, “I8,she want EU 57.2789 n KOREA 0.0415 n SAUDI arabia 15.2271 Source: BSP (September 2022) prevent a month-long leadership to “take of my adintroduced a resolution meant to just a wanted simple life” andcare explained she gap in the aSenate, as the terms of vocacy, agriculture,” heradprevent month-long leadership just wanted to “takesignaling care of my Sotto and endasatthenoon ofof desire to keep her chairmanship gap in theRecto Senate, terms vocacy, agriculture,” signaling of her Butch Fernandez June 30. and Recto end at noon of that committee. Sotto desire to keep her chairmanship of June 30. that committee. Butch Fernandez
PESO EXCHANGE RATES ■ US 52.4120 ■ JAPAN 0.4073 ■ UK 66.0496 ■ HK 6.6799 ■ SINGAPORE 38.2625 ■ AUSTRALIA 37.6004 ■ SAUDI ARABIA 13.9750 ■ EU 56.2643 ■ CHINA 7.8555 Source: BSP (June 1, 2022) PESO EXCHANGE RATES ■ US 52.4120 ■ JAPAN 0.4073 ■ UK 66.0496 ■ HK 6.6799 ■ SINGAPORE 38.2625 ■ AUSTRALIA 37.6004 ■ SAUDI ARABIA 13.9750 ■ EU 56.2643 ■ CHINA 7.8555 Source: BSP (June 1, 2022)