PBBM off to US for UNGA, PPPs By Samuel P. Medenilla @sam_medenilla
& Jovee Marie N. dela Cruz
ment in general,” Marcos said. “ I will be joined in these meetings by key private sector representatives who have been and will continue to be our partners in this endeavor. More vibrant PPPs will allow us to achieve the better we allcan aspire which, shenormal said, thethat economy no for,”afford. he added. longer Cabinet officials to “It Among is betterthe that we do protective accompany Marcosthan during US preventive measures gethisextripagain. are Foreign Affairs posed We have a lot Secretary to lose,” Enrique A. Manalo, Finance Oplas said. “We should do it nowSecso retary Benjamin E. Diokno, Pubthat we can open just before ChristlicIfWorks Secretarywe Manuel M. mas. it gets contained, can open Bonoan, Trade Secretary Alfredo it again.” Pascual, Tourism SecretaryReMa. Ateneo Center for Economic Esperanza G. Frasco, Transportasearch and Development (ACERD) tion Secretary Jaime Bautista, Associate Director SerJ.Percival Secretary PanK. Budget Peña-Reyes saidAmenah closingF. the gandaman, Energy Secretary Racountry’s borders would be effecphael M. Lotilla, Information and tive but should still adhere to the Communications Secstandards set by theTechnology World Health retary Ivan (WHO). E. Uy, Migrant WorkOrganization ers Secretary Susan Ople, SocioWhat is needed, Peña-Reyes told Secretar thiseconomic newspaper,Planning is for travel restric- y tions to be put in place swiftly and
Arsenio M. Balisacan and Press Secretary Beatrix “Trixie” CruzAngeles. Last Friday, Malacañang announced Marcos will be joined by a business delegation to hold an economic briefing in the US to help draw more foreign investments to for government to be proactive in the country. imposing them. The President will meet Previous instances when with the the UShad Chamber of Commerce country the opportunity to imandtravel the US-ASEAN pose restrictions(Association did not preof Southeast Asian Nation) vent the spread of Covid-19. ThatBusiwas ness Council for possible business mainly because the decision was not deals. made immediately, he said. Marcos will bepatay in the[If US we’re from “Kung papatay September 24 to attend the slow] and we18 gettocaught flat-footUNGA together withwere more ed, [that’s risky] We toothan re150 other heads of state. before. active instead of proactive He is scheduled deliver on We should learn fromtothat,” PeñaTuesday speech where he will Reyes said.his “It’s a delicate balancing “outline” his to expectations in and the act. We need push testing UN as well as the role the country tracing to be properly informed in strengthening the “inofwill ourplay decisions. Blanket/shotgun ternationalcould system.” approaches have dire conseContinued on A8 quences on the economy.”
‘Close borders, cut Omicron exposure risk’ @joveemarie
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RESIDENT Ferdinand “Bongbong” R. Marcos, Jr. is eyeing forge more By Cai U. Ordinario with theirtoloved ones, public-private while forpartnerships (PPP) to help in the @caiordinario eigners living in temperate regions country’s recovery durusually want pandemic to relax in tropical ing hislike trip the UnitedThis States LOSING the country’s borders countries thetoPhilippines. (US) thisof week for is the 77th Session is one of the most immediate year’s influx OFWs expected to of the United Nations General courses of action the governbe heavier since many of them wereAssembly (UNGA). ment must take to prevent the latunable to come home for the holidays In his pre-departure speech at est Covid-19 variant, Omicron, from in December 2020. therecommendation Ninoy Aquino International reaching Philippine shores, accord“My is to protect AirportDo (NAIA) Terminal 2 Suning to local economists. the borders. not allow people with day morning, T he new var iant is a threat, a history of travel toMarcos countriessaid withthe localcases business leaders accompae s p e c i a l l y w it h t he hol id ay s positive to enter,” Oplas said. will help attract[We addicoming up and more foreigners “Wenying shouldhim be more restrictive. 100 DAYS OF HAPPINESS To kickstart the Christmas countdown, SM Supermalls began itsbeing 100 Days of Happiness to on September 16, aiming sector investors a llowed travel to the havetional to be] private more protective in terms to to create a circle of happiness with 76 participating malls, shoppers, the marginalized communities of women, persons of liberty, artisans, of our themeasures.” country. Philippines, Dedeprived La Sa lle Univercause-oriented organizations, and select local government units. Through the campaign, SM Supermalls encourages Filipinos to support the “I will that also while participate in be busisit y economist Mar ia Ella Oplas Oplas said this will advocacies of individuals and organizations that provide opportunities and create livelihood for their For this year, SM partnered with a setback ness activities forge morethis parttoldcommunities. BusinessMirror. to some to industries, bag designer Zarah Juan, Spark PH, the Girl Scouts of the Philippines (GSP), the Association of Foot andThe Mouthholidays Artists of theusually Philippines, UNICEF,inand to advance our national bring is a nerships fair measure considering that the Quezon City LGU for its Vote to Tote initiative, among others. CONTRIBUTED PHOTO and sustainable developOverseas Filipino Workers (OFWs) this economic could help prevent placing the who are eager to spend Christmas country in another strict lockdown,
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Monday, November 29, 2021 Vol. 17 No.52 Monday, September 19, 2022 Vol. 17 No. 346
See “Omicron,” A2
NATL GOVT BORROWINGS EXPERTS: FILIPINOS FACE FOR 10 MOS DIP TO P2.75T HIGHER INFLATION AHEAD T F w w
n n
By Bernadette D. Nicolas By Cai U. Ordinario @BNicolasBM
@caiordinario
ILIPINOS HE nationalshould brace for even government’s higher inflation in the coming gross months as the recent increase borrowings as of in fares and the holiday season will end-October shrank cause commodity by almost 6 percent prices to soar, according year-on-yearto tolocal economists.
P25.00 nationwide | 2 sections 20 pages | P25.00 nationwide | 2 sections 20 pages |
NO FISH SHORTAGE Fisherfolk dock their motorized bancas along Coastal Road in Las Piñas City at the weekend. Partly because of high fuel costs, many of them said they have not ventured as far out or as long as they used to do. However, the Association of Fresh Fish Traders of the Philippines said in a statement that there is as yet no shortage of fish supply and there was no need to import more fish. NONIE REYES
Omicron risk spurs revival of quarantine rules in PHL By Samuel P. Medenilla @sam_medenilla
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NTER NATIONA L concerns over the possible spread of the The economists told Business“It (increase in prices) might be more infectious Omicron CoMirror that the decision of the significant. That is why we’ve been vid-19 variant prompted the govLand Transportation Franchising saying that part of the limited budget Latest data from the Bureau of the ernment to reimpose mandatory and Regulatory Board should be used as subsidies targeted Treasury showed that the(LTFRB) governfacility-based quarantine for all to raisegross faresborrowings will be inflationary to transport and logistics so that we ment’s during the arriving passengers in the country. and could period trigger slew price can forestall price increases in other 10-month fella by 5.99ofpercent Acting Presidential spokesperincreases and calls afor wage goods and services. Transport and from P2.92 trillion year ago.hikes. son Karlo B. Nograles announced Last logistics have wide linkages with the Withweek, only the two LTFRB monthsapproved left for on Sunday that the Inter-Agency athis P1 year, fare the increase jeepney fares rest of the economy,” Ateneo Center latestfor figure is already Task Force for the Management and Modern to Public Jeepneys for Economic Research and Develequivalent 89.6Utility percent of its of Emerging Infectious Diseases (MPUJs) for theborrowing first four kilometers; opment (ACERD) Associate DirecP3.07-trillion program. (IATF) suspended the implemenP2 increase for bus faresdomestic for the firstborfive tor Ser Percival K. Peña-Reyes told Broken down, gross tation of its Resolution No. 150kilometers; P5 increase in the taxi and BusinessMirror. rowings from January to October A (s.2021), effectively imposing TNVS flagdown rate, amongdown others.by Continued on A8 settled at P2.23 trillion, stricter protocols for all inbound 5.08 percent from P2.35 trillion travelers. in 2020. To note, IATF Resolution 150The bulk of the amount was A had allowed fully vaccinated PEOPLE walk past the mural of Gat Andres Bonifacio at Manila City Hall Underpass. sourced from Fixed Rate Treasury non-visa travelers from Green List 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 MPLOYERS pay for (IRR) of Republic Act No. 1165 billion), Retail Treasuryshould Bonds/Prenegative Reverse Transcriptionfacilities, equipment or otherwise known as the By Jovee Marie N. dela Cruz target is to get approval of the 2023 scrutinize the budget and ensure expenditure program] will(RTbe myo Bondsthe (P463.3 billion), Retail Polymerase Chain Reaction and supplies necessary for “Telecommuting Act.” @joveemarie national budget at the committee that it is responsive to the needs adequately reviewed and scrutiOnshore Dollar Bonds (P80.84 bilPCR) test within 72 hours prior workers to engage in was teleAmong the new provisions of level on Monday (today). of the people and compliant with nized todeparture. ensure that the best into their lion).their In the same period, there according to a new the By updated is its Section O ensure swiftfollowing approvalthe of “TheThis committee approval [of the spending requirements of the terest of our is protected. Jasper IRR Emmanuel Y. Arcalas dating its registry them. allows everyone to see programs as President Duterte “Except forpeople countries classified also commuting, a net redemption of Treasury of the Department 9, which directly@jearcalas stipulates fathe government’s national the national administration. We will the nottesting allow any manipulaenactment of the Coconut Farmwho2023 are listed in thebudget registrywill andbe] if isMarcos expected to sign the industry Billsissuance amounting to P43.94 billion.of as ‘Red,’ and quarantine Labor andredemption Employment (DOLE). cilities, equipment and supplies spending program for 2023, tomorrow (Monday) and then plenary Dalipe also assured the public tion by any orinternaby any ers and Industry Trust Fund law. farmer doesn’t see his name he development plan in early 2022. Net debt means protocols forsyndicate all inbound Labor anddebts Employment Secnecessary toORE implement of explained Representatives will debates begin on Tuesday am that the national budget group to favor in certain groups or than a3 telemillion the House Rosales that about shall coordinate with the PCA9imRosales said the PCA willand notall there were more repaid comtional travelers all ports of entry retary E. Laguesma commuting coconut program in an “al- and start this week plenary debatesand on with DBCC he [Development of itsupdating provisions are transparent, individuals,” he said. farmers 500,000 coconut farmers mediately,” explained at a Budget recent stop its list of coconut pared to theBienvenido amount borrowed durshall comply with the testing and on period. Friday issued Department ternative workplace” should P5.268-trillion national Coordination Quimbo above-board and are designed “We will scrutinize the ‘Yellow’ budget workers are nowberegis- the workers were added to thebudget PCA’s dialogue withCommittee,” coconut farmers. farmers and enjoined them to reg- to ing the quarantine protocols for Order (DO) No. 237, series of considered as “necessary cost” for next year. told BusinessMirror on Sunday. uplift the lives of the Filipino [at the plenary] and ensure jutered 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,the citing 2022,inwhich revised the Impleof istry, the employer. House farmers Committee on workers. ApproHouse Leader Manuel dicious allocation and Resolution use of our which serves as the basis coconut and farm would seeMajority names on the list and ofpeople. the decades-long idled coconut rowings the same period also the provision of IATF menting and Regulation “DOLE,” of A2 people to be priations Seniornext Vicestep Chairperson Jose said are thatnot thecoconut budget leadership connational budget,” Dalipe added. for theSee number The PCA’s is to conthey Dalipe think they levy“The fund.House “We will not stop atis3.1 contracted by Rules 9.7 percent to P518.7 No. 151-A. Quimbo confirmed prothe panel worked atdetails a record fident We thathope thethat NEP [national Continued on A8which has covered by the utilization of the Stella ductLuz an exclusion-inclusion farmers or their arepace incor-to million. more indibillion from last year’s P574.4 billion. He noted Hong Kong, P75-billion coconut levy 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 This was raised through global Philippine Coconut Authority farmers’ registry public, providfor immediate action,” he added. farmers registry,” he said. variant, will also fall under the Yelbonds (P146.17 billion), program n US 57.0730 n JAPAN 0.3978 n UK 65.4570 ning HKeveryone 7.2720 n the CHINA 8.1566 n SINGAPOREThe 40.5319 n AUSTRALIA 38.2218 n EU The 57.0673updating n KOREA 0.0408 n SAUDI ARABIA 15.1931 Source: BSP (September 16, 2022) (PCA) Deputy Administrator Roel opportunity to PCA official noted that of the coconut loans (P139.98 billion), euro-delow list countries. 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 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 ers 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 government since it started upSee “3-M farmers,” A2 spaces where people can easily see rollout of coconut levy-funded (P24.19 billion). December 15, 2021.
P2.75 trillion.
DOLE ISSUES NEW RULES FOR FIRMS WITH TELECOMMUTERS
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House plenary debates on budget start Sept. 20
OVER 3-M FARMERS LISTED FOR P75-B COCO LEVY FUND
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T
PESO EXCHANGE RATES
See “Borrowings,” A2
PESO EXCHANGE RATES n US 50.4600
Continued on A2
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)