Most AsPac countries, PHL, trailing in SDGs ‘Close borders, cutincluding Omicron exposure risk’ By Cai U. Ordinario @caiordinario
By Cai U. Ordinario
T C THE WORLD ›› A11
BIDEN SAYS RUSSIA’S UKRAINE ABUSES ‘SHOULD MAKE YOUR BLOOD RUN COLD’
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HE country is on track to meet only one DevelLOSING theSustainable country’s borders based is opment one of theGoal most(SDG), immediate on latest data from the Philippine courses of action the governStatistics Authority (PSA).the latment must take to prevent In a forum of the Economic Jourest Covid-19 variant, Omicron, from nalists Association of the Philipreaching Philippine shores, accord(EJAP) and the Aboitiz Group ingpines to local economists. of Companies, T he new varPSA iantChief is a Statistical threat, Specialist Bernadette Balamban e s p e c i a l l y w it h t he B.hol id ay s said the wasforeigners on track to coming upcountry and more meet aGoal 14 on Below being llowed toLife travel toWater. the Based on the 247 indicators that Philippines, De La Sa lle Univerthe country is monitoring locally, sit y economist Mar ia Ella Oplas thisBusinessMirror. goal only has one indicator. told However, the country is also on track The holidays usually bring in to attain another indicator under Overseas Filipino Workers (OFWs) Goal on Partnerships, but this who are17eager to spend Christmas
is not enough to make the country on track meet the entire SDG 17. with theirtoloved ones, while for“Many of the indicators that we eigners living in temperate regions have—based on the data we received usually want to relax in tropical in April— many them are regresscountries like theofPhilippines. This ing, many weisreally needtoto year’s influxof ofthem OFWs expected our many efforts. arewere only beaccelerate heavier since of We them on track for Goal 14 but we are only unable to come home for the holidays one indicator inusing December 2020. for that, so it will be“My difficult to really sayisthat we will recommendation to protect be able to achieve our goals for Life the borders. Do not allow people with Under Water,” Balamban said in a history of travel to countries witha panel discussion. positive cases to enter,” Oplas said. thinkbeitmore will be very challeng“We “I should restrictive. [We ing to really say which goals can have to be] more protective in [we terms meet] but it will depend on how our of our measures.” government will guide us so that we Oplas said that while this will be will be back on track and be able a setback to some industries, thisto the effects of the pandemic. issurpass a fair measure considering that Hopefully, in our next reporting, this could help prevent placing next the year, things will be strict better,” she added. country in another lockdown,
Friday, November September29, 23, 2021 2022 Vol. Vol.17 17 No.52 No. 350 Monday,
In order to track the country’s SDG theeconomy PSA used which,progress, she said, the can the no Current Status Index to determine longer afford. how progress made “It much is better that wehas do been protective by the Philippines since 2000 preventive measures than getwhen exthe country signed thetoMillenposed again. first We have a lot lose,” niumsaid. Declaration. Oplas “We should do it now so Balamban said index meathat we can open justthe before Christsures the country’s progress at the mas. If it gets contained, we can open goal level and that it required two it again.” data points since 2000 and the 2030 Ateneo Center for Economic Renumerical target. search and Development (ACERD) The index is represented by Associate Director Ser Percival a bar with the length indicating K. Peña-Reyes said closing the the progress of the country since country’s borders would be effec2000. If the bar reaches or crosstive but should still adhere to the es the 2022 the bar, the standards set mark by thein World Health country has made the expected Organization (WHO). progress the goal. What is on needed, Peña-Reyes told Based on the of the estithis newspaper, isresults for travel restricmation, only Goal 14 had a score of tions to be put in place swiftly and
10 out of 10, while SDG 17 had a score of 8.3 on accounttoofbe theproactive progress of for government in being on track to meeting just one imposing them. outPrevious of 13 indicators under the goal. instances when the Data needed to monitor Goal country had the opportunity17 towas imalso insufficient. pose travel restrictions did not preworst of performance of was the ventThe the spread Covid-19. That country was in SDG 9 on Industry, mainly because the decision was not Innovation and Infrastructure, made immediately, he said. where the country been[If regress“Kung papatay has patay we’re ing in meeting the indicators with slow] and we get caught flat-footan index score of minus 10. Data ed, [that’s risky] We were too reavailability for of theproactive indicatorsbefore. under active instead thisshould goal islearn lacking. We from that,” PeñaIn said. terms“It’s of athe goalsbalancing with the Reyes delicate worst performance but with act. We need to push testingcomand plete data, 13 on Climate Actracing to SDG be properly informed tion was cited. The country scored of our decisions. Blanket/shotgun minus 4.6 incould the index, indicating approaches have dire consethe country was regressing quences on the economy.” in this goal. See “Omicron,” A2
P25.00 P25.00 nationwide nationwide || 22 sections sections 22 20 pages pages ||
NATL GOVT BORROWINGS BSP RAISES RATES FOR FOR MOS DIP TO P2.75T 3RD 10 MONTH, NOW 4.25% T By Bernadette D. Nicolas By Bianca Cuaresma @BNicolasBM
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Omicron risk spurs revival of quarantine rules in PHL
@BcuaresmaBM
HEnational Bangko Sentral ng Pilipinas HE (BSP) hiked its rates for the government’s gross third consecutive month on borrowings in as an of effort to anchor the Thursday, end-October shrank rise of consumer prices and inflation by almost 6 percent expectations. year-on-year to P2.75 trillion. BSP Deputy Governor Francisco Dakila Jr. announced on Thursday that the Monetary decided to Latest data fromBoard the Bureau of the raise its interest rates by 50 basis Treasury showed that the governpoints to 4.25 percent,during effective ment’s gross borrowings the Friday, September 23. Accordingly, 10-month period fell by 5.99 percent the rates on the overnight frominterest P2.92 trillion a year ago. deposit and lending facilities With only two months leftwere for raised to 3.75 percent andis 4.75 perthis year, the latest figure already cent, respectively. equivalent to 89.6 percent of its This is theborrowing third consecutive P3.07-trillion program. month that the BSP its benchBroken down, grosshiked domestic bormark rates: firstJanuary in an off-cycle hike rowings from to October in July of basis points,down and ansettled at 75 P2.23 trillion, by other one in August, 50 basis points. 5.08 percent from P2.35 trillion
in 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/PreBy Jovee Mariebillion), N. dela Cruz myo Bonds (P463.3 Retail @joveemarie Onshore Dollar Bonds (P80.84 billion). In the same period, there was N international advocacy also a net redemption of Treasury organization on ThursBills amounting to P43.94 billion. day urged President FerNet debt redemption means dinand Marcos Jr.repaid to consider there were more debts comimplementing three major durpolipared to the amount borrowed cies to attain food security, paring the period. ticularly self-sufficiency in fish Meanwhile, gross foreign borand marine products. rowings in the same period also Atty.by Gloria Estenzo contracted 9.7 percent toRamos, P518.7 Oceana Philippines vice presibillion from last year’s P574.4 billion. dent, made the statement amid This was raised through global declining national fish supply bonds (P146.17 billion), program and(P139.98 production, and aeuro-delooming loans billion), global food crisis. nominated bonds (P121.97 billion), Ramos particularly asked a project loan (P86.41 billion), and P resident Ma rcos to stop yen-denominated samurai bonds (P24.19 billion).
Dakila said in deciding to raise the policy rate anew, the Monetary Board considered that price pressures continue to broaden, noting that the rise in core inflation indicates “emerging demand-side pressures” on inflation. Moreover, the deputy governor said, second-round effects continue to manifest, with inflation expectations remaining elevated in September following the approved minimum wage and transport fare increases. See “BSP,” A2
‘SELF-SUFFICIENCY IN MARINE PRODUCTS KEY TO SECURITY’
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See “Borrowings,” A2
By Samuel P. Medenilla @sam_medenilla
I ENERGY World Corp. owner Graham Elliott (in orange vest) tours investors around the liquified natural gas (LNG) plant site in Ibabang Polo, Pagbilao, Quezon, on Wednesday, September 21, 2022. Luzon should expect to get some respite from the power crunch with a 650-megawatt entry to the grid of the LNG plant by the first quarter of next year, Elliot said. Story below. MANUEL CAYON
650-MW addition to Luzon grid seen to fill power gap
PEOPLE walk past the mural of Gat Andres Bonifacio at Manila City Hall Underpass. The country will celebrate the 158th birth anniversary of Filipino revolutionary hero Gat Andres Bonifacio on Tuesday, November 30. ROY DOMINGO
OVER 3-M FARMERS LISTED FOR P75-B COCO LEVY FUND
fish importation; implement an inclusive, science-based fisheries management plan, and By prosecute commercia l Jasper Emmanuel Y. Arcalas fishers encroaching in mu@jearcalas nicipal water. “We are already feeling ORE than 3 the million pinch of a global food crisis, in- and coconut farmers cluding decreasing national workers are now regisfishtered stock. Thethe country’s aqua- regwith government’s culture and marine resources istry, which serves as the basis should be prioritized a majorto be for the number ofaspeople source of food and nutrition forof the covered by the utilization Filipinos, but these continue to P75-billion coconut levy fund. degrade because ofCoconut lack of politiPhilippine Authority cal (PCA) will toDeputy fully and vigorously Roel Administrator implement fishery laws, M. Rosales said aboutpolicies 3.11 million andcoconut regulations,” said Ramos. farmers and farm work-
M
Continued on A2 ers have been registered with the government since it started up-
By Manuel T. Cayon @awimailbox Mindanao Bureau Chief
P
dating its registry following the AGBIL AO, enactment of theQuezon—Luzon Coconut Farmshould expect to getFund somelaw. relief ers and Industry Trust from a serious powerthat crunch with Rosales explained about a 650-megawatt entry to the grid but 500,000 coconut farmers and this would come later by the first quarworkers were added to the PCA’s ter2018 of next theabout owner2.5 of million the longlist year, that had delayed Pagbilao liquefied natural gascoconut farmers and farm workers. fired The power station said on Wednesday. PCA’s next step is to conGraham Elliott, owner and executive duct an exclusion-inclusion prodirector of Energy World Corp., said its cedure by making the updated 650-MW power station in Barangay farmers’ registry public, provid-Ibabang Polo, 27 kilometers south of this ing everyone the opportunity to town center of Pagbilao, is expected check the veracity of the list, Ro-to operate by April next year. sales added. The commissioning work would come “The list will be posted in public after it completes this year the final phase spaces where people can easily see
in the construction of its two gas turbines, each with a capacity of 200 MW. “We are looking at initial commissioning works in April next year,” he told programs as President Duterte them.ofThis allows everyone to see reporters here after touring investors who are listed in the registry and if is expected to sign the industry around the plant sitename in Ibabang Polo. development plan in early 2022. farmer doesn’t see his then he from the its two Rosales said the PCA will not shallAside coordinate with400 theMW PCAon imgas turbines, the Pagbilao LNG mediately,” he explained at a recentpower stop updating its list of coconut stationwith has coconut anotherfarmers. 250 MW on its farmers and enjoined them to regdialogue turbines, “making our with ef- ister in order to reap the benefits “On the other hand, ifplant people fective 650 MW of power.” would see names on the list and of the decades-long idled coconut EWC project wascoconut supposed be levy fund. “We will not stop at 3.1 theyThe think they are not onstream withdetails the Luzon grid much million. We hope that more indifarmers or their are incorearlier, but it grounded to a halt in viduals will register in our coconut rect, they can report it to the PCA 2018 when theaction,” transmission company farmers registry,” he said. for immediate he added. National Corp.noted of the Philip- The updating of the coconut The PCAGrid official that pines failed to meet its initial the completion of the initial listtarget farmers registry is mandated by of itsregistry substation project Republic Act (RA) 11524 or the ofcompletion coconut farmers would by April-August 2018. be just in time for the expected Coconut Industry Trust Fund Act. See “650-MW,” A2 rollout of coconut levy-funded
See “3-M farmers,” A2
NTER NATIONA L concerns over the possible spread of the more infectious Omicron Covid-19 variant prompted the government to reimpose mandatory facility-based quarantine for all arriving passengers in the country. Acting Presidential spokesperson Karlo B. Nograles announced on Sunday that the Inter-Agency Task Force for the Management of Emerging Infectious Diseases (IATF) suspended the implementation of its Resolution No. 150A (s.2021), effectively imposing stricter protocols for all inbound travelers. To note, IATF Resolution 150A had allowed fully vaccinated non-visa travelers from Green List areas to enter the country without the need for facility-based quarantine as long as they secure negative Reverse TranscriptionPolymerase Chain Reaction (RTPCR) test within 72 hours prior to their departure. “Except for countries classified as ‘Red,’ the testing and quarantine protocols for all inbound international travelers in all ports of entry shall comply with the testing and quarantine protocols for ‘Yellow’ list countries,” Nograles said, citing the provision of IATF Resolution No. 151-A. He noted Hong Kong, which has confirmed a case of the Omicron variant, will also fall under the Yellow list countries. The suspension of the rules for “Green List” countries will be in effect from November 28, 2021 to December 15, 2021. Continued on A2
PESO EXCHANGE RATES n US 57.8900 n JAPAN 0.4018 n UK 65.2826 n HK 7.3749 n CHINA 8.2140 n SINGAPORE 40.8511 n AUSTRALIA 38.3811 n EU 56.9753 n KOREA 0.0414 n SAUDI ARABIA 15.3901 Source: BSP (September 22, 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)