LOCSIN SEES PHL BEING AN O.D.A. DONOR A By Cai U. Ordinario
S the Philippine economy grows, its dependence on official development assistance (ODA) is expected to decrease as the country transitions into a donor nation, according to the Department of Foreign Affairs (DFA). In his speech at the recent Mission: PHL Envoys&Expats Awards, Foreign Affairs Secretary Teodoro L. Locsin Jr. said the Philippines will eventually turn the page to a new chapter of helping other countries in their quest for growth and development. The Philippines has been an ODA recipient since after the second world war. In the past 40 years alone, the country has been a major borrower from multilateral development banks and bilateral donor agencies. “The story of development should soon be coming to its end here as we cross over into a developed nation. And then another story will begin of the Philippines as a
RECOGNITION for outstanding development cooperation was bestowed by Mission:PHL, the BusinessMirror Envoys&Expats Awards on two institutions and one project in the finale of the culminating rites: the Australian Embassy, represented by Australian Ambassador to the Philippines Steven James Robinson (center); the Japan International Cooperation Agency, for Development Partner of the Year, represented by Jica Chief Representative Yoshio Wada (right); and project of the year, the European Union’s Establishment of Model Recovery Clinics (Voluntary Outpatient-based Medical Treatment Facilities for Drug Users). EU Ambassador Franz Jessen received the last award at the ceremonies held at SM Aura in Taguig City. NONIE REYES
DEPT. OF SCIENCE AND TECHNOLOGY
PHILIPPINE STATISTICS AUTHORITY
2018 BANTOG DATA MEDIA AWARDS CHAMPION
@caiordinario
LOCSIN
major donor nation. For there is no return on investment, no recompense for good deeds done, that is so satisfying as that which comes of giving with no thought of return,” Locsin said. The foreign affairs secretary said this is the reason recognizing the development cooperation between the Philippines and its key partner—as Mission: PHL has done, as the country’s first and only recognition awards for the country’s best partner nations and
aid agencies, and best projects—is timely. “If this initiative had been done, say, two or three decades ago, it would not have made so much sense, nor created much of an impact, for the story of development cooperation and the Philippines was still a work in progress and it still is. And it was marked by hard but crucial lessons for all concerned,” Locsin said. The Philippines recently tested the waters of being a donor nation when the government extended a $1-billion loan to the International Monetary Fund (IMF) to help debt-stricken European countries, including Spain which colonized the country for 333 years. The government, through the Bangko Sentral ng Pilipinas (BSP), assured Filipino taxpayers that the funds will be returned plus interest. Former BSP Governor Amando M. Tetangco Jr., said the country was able to do this given that it has fully paid its loans to the IMF in December 2006. See “PHL,” A12
BusinessMirror A broader look at today’s business
www.businessmirror.com.ph
n Monday, April 8, 2019 Vol. 14 No. 180
Duterte eyeing another agency on reclamation
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By Bernadette D. Nicolas
@BNicolasBM
RESIDENT Duterte may constitute another agency on reclamation, which he said would be managed by people with unquestionable character. He made the announcement in a speech on Saturday night at the 25th National Federation of the Motorcycle Clubs of the Philippines
(NFMCP) Annual Convention at the Iloilo Convention Center. The President had signed in February an executive order (EO)
placing the Philippine Reclamation Authority (PRA) under his office in a bid to fast-track the landreclamation process.
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Number of reclamation projects lined up for Manila Bay, covering 32,000 hectares “Ang kinuha ko lang ’yung Reclamation Authority kasi matagal at nag-i-squabble ’yan sila diyan sa pera. Tinanggal ko. Nilagay ko sa opisina pero hindi gumagalaw. Wala akong [I only got the Reclamation Authority because it was Continued on A2
NFA to keep palay buying price at ₧20.70 a kilo, says DA chief By Jasper Emmanuel Y. Arcalas
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@jearcalas
HE National Food Authority (NFA) will maintain its present buying price for palay at P20.70 per kilogram and continue to sell its stocks at P27 per kilogram as ordered by President Duterte under the new rice trade regime, the BusinessMirror learned. Agriculture Secretary Emmanuel F. Piñol said the NFA will not remove the current P3-per-kilogram buffer stocking incentive (BSI) being offered by the grains agency to farmers selling their produce to the government. Furthermore, the government will continue to subsidize the sale of NFA rice in the domestic market to keep the staple more affordable to Filipino consum-
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PESO EXCHANGE RATES n US 52.1050
ers, he added. “Also, PRRD [President Rodrigo R. Duterte] has directed me to ensure that the P27-per-kilogram NFA rice is available in the market,” the agriculture chief said in an interview on Sunday. Under the implementing rules and regulations (IR R) of Republic Act 11203, the NFA may dispose of its stock before its qua lit y “ deter iorates/ become unacceptable/unsafe” for human consumption. The National Economic and Development Authority (Neda) interpreted this provision of the IRR to mean that the NFA could sell its stock to the domestic market “at the prevailing market price or even at a slightly lower rate as long as this would cover storage Continued on A2
‘New BSP law to pave way for RRR cut’
(Excerpts of President Rodrigo Roa Duterte’s speech on April 4, 2019, at the 31st Annual Convention of the Prosecutors’ League of the Philippines, Asturias Hotel, Puerto Princesa City, Palawan)
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REGAINING PEOPLE’S TRUST IN OUR JUSTICE SYSTEM
XECUTIVE Secretary Salvador Medialdea and the other members of the Cabinet; Executive Officers, Board of Directors and Members of the Prosecutors’ League of the Philippines led by its President Irwin Malaya; Palawan Provincial Governor Jose Alvarez; Prosecutor General [Anthony] Fadullon; I think I saw the city mayor, but I don’t know if he’s here; the other distinguished members of the League; ladies and gentlemen. I am happy once again to join my fellow prosecutors and other key officials of the Department of Justice in this annual gathering that seeks to unite and strengthen the National Prosecution Service. Halfway through my term, I am proud to have served our nation with you, the hardworking men and women of the Prosecutors’ League. In the past three years, you have shown your unwavering commitment and wholehearted support for this administration, especially in our campaign against criminality, illegal drugs and corruption. As a former prosecutor, I understand the very important role that you play in the administration of justice, which unfortunately involves antagonizing lawless elements, hardened criminals and their powerful backers. The assassination of prosecutors across the country had lighted the danger that prosecutors and their respective families that they endure. Rest assured that with the help of all our law enforcement agencies, we are expediting the investigation of these assassination cases. Paano? I was once a prosecutor. In Davao City, I would not want to pull my own chair in front of you, pare-pareho lang naman tayo. But I was assigned to investigate police and military officers during martial law, and high-profile ranking rebel leaders.
2017 EJAP JOURNALISM AWARDS
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mism those numbers will improve this year, with the full reopening of Boracay, famous the world over for its expansive white beach. The second phase of the island resort’s reopening will be on April 26, coinciding with the first anniversary of its closure. The DOT official said a series of celebratory events will be held on the island starting that date until Labor Day, May 1. “It will no
HE New Central Bank Act will give the Bangko Sentral ng Pilipinas (BSP) more leeway to cut its reserve requirement rates (RRR) further this year, a private economist said. Bank of the Philippine Islands (BPI) economist Emilio Neri Jr. gave this assessment in his recent research note on the Philippine economic dynamics. “We note that the new BSP charter gives the Central Bank the opportunity to reduce the RRR by more than 2 percent this year,” Neri said. Earlier in February, President Duterte signed into law Republic Act 11211, or “An Act Amending Republic Act 7653, otherwise Known as the ‘New Central Bank Act,’ and for Other Purposes.” Among the new provisions in the amended legislation is the restoration of the Central Bank’s authority to issue debt papers as part of its regular operation. “The RRR has been kept high for two main reasons. First, the BSP did not have the power to issue its own debt which would have provided
Continued on A6
Continued on A2
FAMILIES spend the weekend frolicking in the waters of Manila Bay in Baseco area, Tondo, Manila. The area has been free from garbage since last week, although the DENR still warns people against swimming in the still-polluted water. A new reclamation body may be set up soon, but critics are wary, given the dozens of reclamation projects covering thousands of hectares of the bay. ROY DOMINGO
Boracay closure pulls down W. Visayas arrivals, tourism receipts By Ma. Stella F. Arnaldo
@akosistellaBM Special to the BusinessMirror
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OURIST arrivals in Western Visayas dropped by 15.33 percent to some 4.96 million in 2018, largely due to the closure of Boracay Island for six months. Tourism receipts likewise declined by 18.6 percent to some P105 billion in 2018, from P129 billion
recorded by the region in 2017. Dat a f rom Depa r t ment of Tourism (DOT) Region 6 made available to the BusinessMirror showed a 50.32-percent fall in arrivals in the province of Aklan, where Boracay is located, to 1.1 million in 2018. Similarly, visitor receipts in the province slipped by about 48 percent to P31.5 billion. DOT Regional Director Helen Catalbas, however, expressed opti-
n JAPAN 0.4667 n UK 68.1481 n HK 6.6385 n CHINA 7.7661 n SINGAPORE 38.4567 n AUSTRALIA 37.0519 n EU 58.4722 n SAUDI ARABIA 13.8939 Source: BSP (5 April 2019 )