‘Close borders, cut Omicron exposure risk’ By Cai U. Ordinario @caiordinario
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LOSING the country’s borders is one of the most immediate courses of action the government must take to prevent the latest Covid-19 variant, Omicron, from reaching Philippine shores, according to local economists. T he new var iant is a threat, e s p e c i a l l y w it h t he hol id ay s coming up and more foreigners being a llowed to travel to the Philippines, De La Sa lle Universit y economist Mar ia Ella Oplas told BusinessMirror. The holidays usually bring in Overseas Filipino Workers (OFWs) who are eager to spend Christmas
with their loved ones, while foreigners living in temperate regions usually want to relax in tropical countries like the Philippines. This year’s influx of OFWs is expected to be heavier since many of them were unable to come home for the holidays in December 2020. “My recommendation is to protect the borders. Do not allow people with a history of travel to countries with positive cases to enter,” Oplas said. “We should be more restrictive. [We have to be] more protective in terms of our measures.” Oplas said that while this will be a setback to some industries, this is a fair measure considering that this could help prevent placing the country in another strict lockdown,
Monday, November 29, 2021 Vol. 17 No.52 Monday, September 26, 2022 Vol. 17 No. 353
which, she said, the economy can no longer afford. “It is better that we do protective preventive measures than get exposed again. We have a lot to lose,” Oplas said. “We should do it now so that we can open just before Christmas. If it gets contained, we can open it again.” Ateneo Center for Economic Research and Development (ACERD) Associate Director Ser Percival K. Peña-Reyes said closing the country’s borders would be effective but should still adhere to the standards set by the World Health Organization (WHO). What is needed, Peña-Reyes told this newspaper, is for travel restrictions to be put in place swiftly and
for government to be proactive in imposing them. Previous instances when the country had the opportunity to impose travel restrictions did not prevent the spread of Covid-19. That was mainly because the decision was not made immediately, he said. “Kung papatay patay [If we’re slow] and we get caught flat-footed, [that’s risky] We were too reactive instead of proactive before. We should learn from that,” PeñaReyes said. “It’s a delicate balancing act. We need to push testing and tracing to be properly informed of our decisions. Blanket/shotgun approaches could have dire consequences on the economy.” See “Omicron,” A2
NATL GOVT BORROWINGS ‘6.5% Q4 GROWTH LIKELY FOR 10 MOS DIP TO P2.75T DESPITE INFLATION RISK’ w w
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By Bernadette D. Nicolas By Cai U. Ordinario
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@BNicolasBM
P25.00 nationwide | 2 sections 20 pages | P25.00 nationwide | 2 sections 20 pages |
Omicron risk spurs revival of quarantine rules in PHL
@caiordinario
ESPITE expectations that inflation HE national will peak in September or October, government’s the Philippine economy’s growth gross will remain robust borrowings as of in the last quarter of the year on the back of strong consumer end-October shrank spending, by almost according 6 percent to a local think tank. year-on-year to In its latest Market Call report, OFW families, BPO workers, and P2.75 trillion. First Metro Investment Corporaexports and their suppliers,” FMICtion-University of Asia and the Pacific (FMIC-UA&P) Capital Market Latest data from the Bureau of the Research said inflation is expected Treasury showed that the governto peak at 6.7 percent either in Sepment’s gross borrowings during the tember or October this year. 10-month period fell by 5.99 percent However, the depreciation of the from P2.92 trillion a year ago. peso and holiday spending could With only two months left for boost consumption and allow the this year, the latest figure is already economy to post a growth of 6.5 perequivalent to 89.6 percent of its cent in the last quarter of the year. P3.07-trillion borrowing program. “While inflation above 6 percent Broken down, gross domestic bormay cut into consumer spending, rowings from January to October the significant peso depreciation settled at P2.23 trillion, down by puts more money in the hands of 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 By Andrea E. San Juan billion), Retail Treasury Bonds/Premyo Bonds (P463.3 billion), Retail HE government should Onshore Dollar Bonds (P80.84 bilrecalibrate the national lion). In the same period, there was development plan so that also a net redemption of Treasury the country will depend less on Bills amounting to P43.94 billion. agricultural imports, the head Net debt redemption means of the Philippine Chamber of there were more debts repaid comCommerce and Industry (PCCI) pared to the amount borrowed durhas asserted. ing the period. PCCI President George T. BarMeanwhile, gross foreign borcelon stressed the need to recalirowings in the same period also brate the national development contracted by 9.7 percent to P518.7 plan and focus on Agriculture billion from last year’s P574.4 billion. since a huge chunk of agricultural This was raised through global products relies on importation. bonds (P146.17 billion), program He also noted that with the loans (P139.98 billion), euro-dedevaluation of the Philippine nominated bonds (P121.97 billion), peso, which he described as a a project loan (P86.41 billion), and “bit of concern” for weakening yen-denominated samurai bonds (P24.19 billion).
By Samuel P. Medenilla @sam_medenilla
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UA&P Capital Market Research said. “This should blunt most of the negative impact of inflation and enable the economy to expand by 6.5 percent in the fourth quarter of 2022. Peak inflation may be at 6.7 percent by September or October this year,” it added. The think tank said the sharp surge of oil prices observed in the first semester of the year “have not completely played out.” See “Quarter growth,” A2
BRACING FOR KARDING Workers roll up tarpaulin signages on EDSA’s giant billboards ahead supertyphoon landfall on Sunday. PEOPLE walk past the mural of Gat Andres Bonifacio atofManila City HallKarding’s Underpass. What was billed as this year’s The country will celebrate the 158th birth anniversary of Filipino revolutionary strongest cyclone was expected DOMINGO to affect at least eight regions. Stories on hero Gat Andres Bonifacio on Tuesday, November 30. ROY pages A3 and A12. ROY DOMINGO
PCCI: NATL DEVT PLAN MUST CUT AGRI IMPORT RELIANCE
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See “Borrowings,” A2
by 6 percent in just the span of three months, the country should leverage its resources. “So this is the time wherein ang meron sa atin kayamanan By Jasper Emmanuel Y. Arcalas natin meron tayong lupa meron @jearcalas tayong tao [our wealth includes land and our people], ORE than 3 million and we should use those to our coconut farmers and advantage,” Barcelon said in a workers are now registelevised interview on Friday. tered with the government’s regThe “net gain,” he added, istry, which serves as the basis should not be limited to “just for the number of people to be because the exchange rate is high covered by the utilization of the that we cannot live with it,” the P75-billion coconut levy fund. PCCI chief added. He recalled Philippine Coconut Authority the events of 2005, when inter(PCA) Deputy Administrator Roel est rates were also high, but the M. Rosales said about 3.11 million country was able to recover. coconut farmers and farm workSee “PCCI,” A2 ers have been registered with the government since it started up-
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 Some of the companies gave as ‘Red,’ the testing and quarantine “candid and constructive comprotocols for all inbound internaments,” which Marcos said his adtional travelers in all ports of entry ministration will address and will shall comply with the testing and hopefully translate to business quarantine protocols for ‘Yellow’ agreements. list countries,” Nograles said, citing Among the issues raised by busithe provision of IATF Resolution nesses are documentation, regulaNo. 151-A. tory environment, and delays in He noted Hong Kong, which has the bureaucracy. “There will be, I confirmed a case of the Omicron believe, good news to share in the next variant, will also fall under the Yelfew months, particularly in terms of low list countries. their plans to expand and further The suspension of the rules for broaden their investment footprint “Green List” countries will be in in our country,” Marcos said. effect from November 28, 2021 to See “PBBM,” A2 December 15, 2021.
OVER 3-M FARMERS FOR P75-B COCO LEVYinvestments FUND PBBM:LISTED US firms upbeat, eyeing in PHL
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dating its registry following the By Samuel P. Medenilla enactment of the Coconut Farm@sam_medenilla ers and Industry Trust Fund law. Rosales explained that about RESIDENT Ferdinand “Bong500,000 coconut farmers and bong” R. Marcos, Jr. said workers were added to the PCA’s several companies from the 2018 list that had about 2.5 million United States are now considering coconut farmers and farm workers. establishing a presence in the counThe PCA’s next step is to contry due to their “optimism” on its duct an exclusion-inclusion proeconomic growth. cedure by making the updated Marcos made the announcefarmers’ registry public, providments after arriving at the Ninoy ing everyone the opportunity to Aquino International A ir port check the veracity of the list, Ro(NAIA) Sunday morning from his sales added. six-day trip in the US last week. “The list will be posted in public During the visit, he held four spaces where people can easily see
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them. This allows everyone to see roundtable discussions with Amerwho are listed in the registry and if ican businesses in a bid to bring in farmer doesn’t see his name then he more investments into the counshall coordinate with the PCA imtry, particularly in the sectors of mediately,” he explained at a recent information technology-business dialogue with coconut farmers. process management, digital in“On the other hand, if people frastructure, garments and apwould see names on the list and parel, as well as industry and inthey think they are not coconut frastructure. farmers or their details are incor“I was joined by the economrect, they can report it to the PCA ic managers and other Cabinet for immediate action,” he added. members in brainstorming with The PCA official noted that these US companies, some althe completion of the initial list ready present and others intendof coconut farmers registry would ing to be in the Philippines,” be just in time for the expected Marcos said in his arrival speech. rollout of coconut levy-funded
programs as President Duterte “We identified the opportuniis expected to sign the industry ties and challenges to achieving our development plan in early 2022. common objectives of growth and Rosales said the PCA will not development in various areas,” he stop updating its list of coconut added. farmers and enjoined them to register in order to reap the benefits Investment footprint of the decades-long idled coconut AMONG the companies which met levy fund. “We will not stop at 3.1 with Marcos are Boeing, NuScale million. We hope that more indiPower, WasteFuel, Cargill, Procter viduals will register in our coconut & Gamble, and Sutherland Global farmers registry,” he said. Services. The updating of the coconut The President also met with the farmers registry is mandated by US-Association of Southeast Asian Republic Act (RA) 11524 or the Nation Business Council and the US Coconut Industry Trust Fund Act. Chamber of Commerce. See “3-M farmers,” A2
Continued on A2
PESO EXCHANGE RATES n US 58.4060 n JAPAN 0.4104 n UK 65.7418 n HK 7.4413 n CHINA 8.2506 n SINGAPORE 41.1861 n AUSTRALIA 38.7933 n EU 57.4657 n KOREA 0.0415 n SAUDI ARABIA 15.5273 Source: BSP (September 23, 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)