‘CloseMarcos borders, cutto Omicron exposure risk’ wants ‘reintroduce’ Philippines THE AP INTERVIEW
By Cai U. Ordinario
for government to be proactive in Marcos, 65, satthem. for a wide-ranging interimposing The Associated Press already drawing distinctions both subtle view in New York on sidelineswhen of the the UN usually want to relax in tropical “It is better that we do protective Previous the instances and obvious himself and his voluble Generalcountry Assembly’s annual leaders’ to meetLOSING the country’s borders countries like the Philippines. This between preventive measures than get exhad the opportunity imEW YORK—Looking to “reintropredecessor, who alienated ing. Three months his administration, is one of the most immediate year’s influx of OFWs is expected to Rodrigo posedDuterte, again. We have a lot to lose,” pose travel into restrictions did not preduce the Philippines” to the world, many international partners with his viohe seemed energetic and courses of action the governbe heavier since many of them were Oplas said. “We should do it now so vent the spread ofenthusiastic—and Covid-19. That was Ferdinand Marcos Jr.for thelent approach to fighting eager tomainly projectbecause his vision the nation bement must take to preventnew thePresident latunable to come home holidays that we can drug open trafficking just before Christthefor decision was not has ambitious plans for his nation on the inand the coarse rhetoric he used to galvanize yond its borders. est Covid-19 variant, Omicron, from in December 2020. mas. If it gets contained, we can open made immediately, he said. ternational stage and at home—if, that is, On Thursday, met with US President reaching Philippine shores, accord“My recommendation issupporters. to protect it again.” “Kung he papatay patay [If we’re the twin specters of pandemic and climate Asked if Duterte went too far with his Joe Biden in a bid to strengthen someing to local economists. the borders. Do not allow people with Ateneo Center for Economic Reslow] and we get caught the flat-footchange can be overcome or at least managed. lethal drug crackdown, Marcos redirected times complicated ties that have ebbed T he new var iant is a threat, a history of travel to countries with search and Development (ACERD) ed, [that’s risky] We were too and reif he thecases legacies of the criticism toward those Director who carried flowed active between the two nations since the e s p e c i a l l y w it h t And he hol id can ay s surmount positive to enter,” Oplas said. Associate SeroutPercival instead of proactive before. two people: his predecessor, and his the plan. Philippines spent four decades as an Americoming up and more foreigners “We should befather. more restrictive. [We K. Peña-Reyes said closing the We should learn from that,” PeñaHe also wants to strengthen ties with “His people went too far sometimes,” can colony in the early 20th century. being a llowed to travel to the have to be] more protective in terms country’s borders would be effecReyes said. “It’s a delicate balancing both States and China—a delicate Marcos told Thetive Associated Press on Friday. and pieces where Philippines, De La Sathe lle United Univerof our measures.” but should still adhere to the “There act.have We been need bits to push testing and balancing act for the Southeast Asian nation “We have seen many cases where policemen, they were not perhaps ideal,” Marcos said. sit y economist Mar ia Ella Oplas Oplas said that while this will be standards set by the World Health tracing to be properly informed —and, like many of hisafellow leaders at theindustries, other this operatives, some were just shady char“But in of theour end, that overall trajectory has told BusinessMirror. setback to some Organization (WHO). decisions. Blanket/shotgun United Nations this week, called on the counacters that we didn’t quite know where they been to strengthen and strengthen and The holidays usually bring in is a fair measure considering that What is needed, Peña-Reyes told approaches could have dire consePRESIDENT Ferdinand Marcos Jr. speaks during an interview with The Associated Press, Friday, September 23, 2022, in tries that have caused global warming to help came from and who they were working for. strengthen our relationship.” Overseas Filipino Workers (OFWs) this could help prevent placing the this newspaper, is for travel restricquences on the economy.” less wealthy nations counteract itsanother effects. strict lockdown, But now we’ve gone Continued on A5 A2 New York. AP PHOTO/JULIA NIKHINSON who are eager to spend Christmas country in tionsafter to bethem.” put in place swiftly and See “Omicron,” @caiordinario
C
with their loved ones, while for-
which, she said, the economy can no
By Ted Anthony Marcos, swept intoafford. office this spring, is eigners living in temperate regions longer
N
Monday, November 29, 2021 Vol. 17 No.52 Tuesday, September 27, 2022 Vol. 17 No. 354
NATL GOVT BORROWINGS FITCH THINK TANK SEES FOR 10 MOS DIP TO P2.75T RATES HITTING 5% IN ‘22 w w
n n
P25.00 nationwide | 2 sections 20 pages | P25.00 nationwide | 2 sections 18 pages |
By Bernadette D. Nicolas By Bianca Cuaresma @BNicolasBM
T
Omicroncuts risk ‘Karding’ spurs revival big damage, of quarantine but casualty rules in PHL count limited
@BcuaresmaBM
HEBangko national HE government’s Sentral ng gross Pilipinas borrowings as of (BSP) is expected end-October shrank to continue raising by almostpolicy 6 percent monetary year-on-year rates this year,to even as the country’s P2.75 trillion. Central Bank has already let out Latest data from the Bureau of the aggressive Treasury showedhikes that thein government’s gross borrowings during the the last three months 10-month period fell by 5.99 percent —as thetrillion economy from P2.92 a year ago. With only two months left for battles rising prices this year, the latest figure is already and currency equivalent to 89.6 percent of its depreciation, anprogram. P3.07-trillion borrowing Broken down, gross domestic international think borrowings from January to October tank said. settled at P2.23 trillion, down by
5.08 percent from P2.35 trillion in 2020. In assessment of local ecoTheitsbulk of the amount was nomic dynamics, research firm sourced from Fixed Rate Treasury Fitch said onfollowed Monday by it BondsSolutions (P1.19 trillion), now expectsborrowings the BSP to raise short-term from interBangest rates by more basis ko Sentral ng75 Pilipinas or BSPpoints (P540 before the year ends, effectively billion), Retail Treasury Bonds/Preputting the benchmark at 5 percent myo Bonds (P463.3 billion), Retail by the end of 2022. Onshore Dollar Bonds (P80.84 bilThis a more outlook lion). Inisthe sameaggressive period, there was compared to their earlier forecast also a net redemption of Treasury of a 4.5-percent rate by Bills amountingbenchmark to P43.94 billion. theNet end of theredemption year. debt means “Inflation is debts likely repaid to remain there were more comelevated relative to the BSP’s durtarpared to the amount borrowed get range of 2 percent to 4 percent ing the period. andMeanwhile, we expect the central bankborto gross foreign tighten monetary policy further to rowings in the same period also anchor inflation expectations,” contracted by 9.7 percent to P518.7 Fitch Solutions said. billion from last year’s P574.4 billion. “The Philippine peso hasglobal also This was raised through come significant bondsunder (P146.17 billion), pressure program as a result of tightening credit conloans (P139.98 billion), euro-deditions globally. With the US Fed nominated bonds (P121.97 billion), likely to hike by a further 75 a project loan (P86.41 billion), bps and before end-2022, this will bonds likely yen-denominated samurai prompt BSP to hike in tandem (P24.19the billion). to safeguard external stability,” the See “Borrowings,” A2 think tank added. Just last week, the Monetary Board decided to raise its interest rates by 50 basis points. This is the third consecutive month that the BSP hiked its benchmark rates: in an off-cycle hike in July of 75 basis points and another in August of 50 basis points. The BSP also said its average inflation forecast is now closer to 6 percent for this year from last month’s 5.4 percent average to 5.6 percent.
PESO EXCHANGE RATES
By Samuel P. Medenilla @sam_medenilla
By Samuel P. Medenilla
I P
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 By Jasper Emmanuel Y. Arcalas
@sam_medenilla NTER NATIONA L concerns & Acosta over theRene possible spread of the @reneacostaBM more infectious Omicron Covid-19 variant prompted the govRESIDENT Ferdinand R. ernment to reimpose mandatory Marcos Jr. on Monday facility-based quarantine for inall spected from the air the masarriving passengers in the country. siveActing devastation caused by SuperPresidential spokespertyphoon (international son Karlo“Karding” B. Nograles announced name: Noru) across firing on Sunday that the Luzon, Inter-Agency off directives to ensure a return to Task Force for the Management normalcy for thousands it affected. of Emerging Infectious Diseases At the same time, however, he was (IATF) suspended the implemenpleased reports of minimal catation ofbyits Resolution No. 150sualties, something attributed to A (s.2021), effectively imposing the timely preemptive evacuation stricter protocols for all inbound by local government units. travelers. Over the weekend, around To note, IATF Resolution 15075,000 people in Luzon were evacuA had allowed fully vaccinated ated, andtravelers power and communicanon-visa from Green List tion lines in some provinces were areas to enter the country withdisrupted. As of p.m. Monday, out the need for3 facility-based however affected customers of Maquarantine as long as they secure nila Electric Company were down negative Reverse Transcriptionto 32,816. Polymerase Chain Reaction (RTThetest National PCR) withinGrid 72 Corporation hours prior of the Philippines to their departure.also NGCP restored thefor vital Concepcion-Ca“Except countries classified miling 69kV Line. as ‘Red,’ the testing and quarantine
dating its registry following the them. This allows everyone to see programs as President Duterte enactment of the Coconut Farmwho are listed in the registry and if is expected to sign the industry ers and Industry Trust Fund law. farmer doesn’t see his name then he development plan in early 2022. protocols for all inbound internaTHIS is the view—a seemingly expanse of inundated towns and farmlands—that Marcos as he flewwith on Monday over the provinces of Bulacan, Farm ORE thanendless 3 million Rosales explained that greeted about President shall coordinate the PCA im-typhoon-hit Rosales said the Nueva PCA Ecija willand not tionaldamage travelers in all ports of entry INITIAL damage to testing farms was Tarlac, among those hard hit by Supertyphoon Karding at the weekend. Despite the devastation, Marcos noted that preparations made by the government, especially timely preemptive evacuation, coconut farmers and 500,000 coconut farmers and mediately,” he explained at a recent stop updating its list of coconut shall comply with the and PHOTO COURTESY OF MALACAÑANG PALACE placed at P114 million, mitigated Karding’s impact. Stories at left and in Nation, page A3. workers are now regisworkers were added to the PCA’s dialogue with coconut farmers. farmers and enjoined them to regquarantine protocols fora number ‘Yellow’ sure to climb given the massive devtered 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 list countries,” Nograles said, citing astation on farms that were ready istry, which 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 for for 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.harvest. 151-A. Story on page A3. “Karding,” which packed winds covered by the utilization of the duct an exclusion-inclusion profarmers or their details are incormillion. We hope that more indiHe noted Hong Kong, which has of 120 miles per hour at Omicron its peak, 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 By Cai U. Ordinario the regionregistry contracted 0.8 percent, to once more. Ukraine impacted countries left communities inunder Luzonthe inunPhilippine Coconut Authority farmers’ public, providforclose immediate action,” he added. farmersthat registry,” he said. variant, will also fall Yel@caiordinario the sharpest decline in regional Asakawa said the Russian in the region to varying degrees. dated, prompting the government (PCA) Deputy Administrator Roel ing everyone the opportunity to The PCA official noted that The updating of the coconut low list countries. GDP in 60 years. 2021, invasion of Ukraine one list of The direct impact of the warby to deploy rescue and operaM. Rosales said about 3.11 million checkgrowth the veracity of theIn list, Rothe completion of the is initial farmers registry is mandated The suspension of relief the rules for HE weakening Chinese this rebounded to a 6.9-percent the main reasons for commodiis through trade as well as remittions. coconut farmers and farm worksales added. of coconut farmers registry would Republic Act (RA) 11524 or the “Green List” countries will be in economy, a lethal growth thisbe year it is expected ties to see the tances coming from Russia. In President Marcos flew ers have been registered withCovthe “Theand list will posted in public be just in high time prices, for thewhile expected Coconut Industry Trust Fund Act. effect from November 28,over 2021the to id-19 variant, the war in to post a growth of 4.3 percent. tightening of monetary policy terms of trade, Asakawa said imtyphoon-hit provinces of Bulacan, government since it started upspaces where people can easily see rollout of coconut levy-funded See “3-M farmers,” A2 December 15, 2021. Ukraine, and the tightening of “The pace of recovery in the in advanced economies is causporters of food and energy will be Nueva Ecija, and Tarlac, Continued on A2 and saw monetary policy in rich nations various economies remains very, ing “instability in the financial significantly affected and causing inundated towns and farmlands. are the four biggest risks to the revery uneven among the economarkets” in the region. their import bills to balloon. He said affected areas, parn US gion’s 50.4600economy, n JAPAN 0.4374 to n the UK 67.2329 n So HKwe6.4722 nbear CHINA 7.9013 n SINGAPORE n AUSTRALIA 36.2807 n EU 56.5758 SAUDI 13.4531 Source: 2021) of according mies. have to in mind, However, of36.8968 these risks, AsakaThe inflation pressuren that this ARABIAticularly thoseBSPin(November Polillo26,Island Asian Development Bank (ADB). [there are] four possible downside wa said the Russia-Ukraine conflict creates leads countries to tighten Quezon—placed under Tropical In a curtain raiser for the ADB risks to the economic outlook of poses the most significant risk to monetary policy. The ADB recently Cyclone Wind Signal No. 5 last Annual Meeting on Monday, ADB this region,” Asakawa said. the region. Still, Asakawa said the said the Bangko Sentral ng Pilipinas Sunday—will get immediate relief President Masatsugu Asakawa The slowdow n of China’s impact of remittances will be lim(BSP) is now the most aggressive from the government. said these four factors are the economy is being driven by what ited in the region except for Central in terms of raising interest rates to “Well, we are—presently what dark clouds hanging over the Asakawa said was a “very strinAsia, Caucasus and Mongolia which cool inflation. (https://businesswe are organizing is the airlift for sustained recovery of the region gent zero-Covid policy” while have close trade and economic ties mirror.com.ph/2022/09/15/ food materials, food packs, water from the economic downturn there remains a possibility that with the Russian Federation. bsp-most-aggressive-in-hikinginto Polillo because they said it was caused by the pandemic. a more lethal variant of Covid-19 There were both direct and policy-rates/) the first area to be hit [by SuperAsakawa noted that in 2020, could spread and cause economies indirect effects of the war in See “ADB,” A2 typhoon Karding],” Marcos said. @jearcalas
M
ADB TAGS 4 BIGGEST RISKS TO ASIAN ECONOMY
T
See “Fitch,” A2
PESO EXCHANGE RATES n US 58.4060
See “Karding,” A2
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)