BusinessMirror April 18, 2022

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PHLborders, region’scut biggest OECD beneficiary ‘Close Omicron exposure risk’

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HE Philippines received the

“At the beginning of the pan-

@caiordinario Assistance (ODA) from Organisation for Economic Co-operLOSING country’s borders ation and the Development (OECD) in is one the most Far EastofAsia at theimmediate height of the courses of action the governCovid-19 pandemic. ment must take to prevent the latOECD Development Assistance est Covid-19 variant, Omicron, Committee (DAC) data from showed reaching Philippine shores, accordthe Philippines received ODA dising tobursements local economists. worth $1.38 billion T he new var iant is a threat, from OECD countries in 2020, a e s p e 63.77-percent c i a l l y w it h tgrowth he hol id ay s the from coming up and more foreigners $840.14 million it received in 2019. being aThis llowed to travel the to the is considered highest Philippines, De Lawhich Sa llereceived Univer-a toin the region, sit y economist ia Ella Oplas tal of $4.77Mar billion in 2020. Indotold BusinessMirror. nesia received the second highest The holidays usually in disbursements worthbring $1.3 billion Overseas Filipino Workers (OFWs) during the period. who are eager to spend Christmas

eigners living to in temperate regions to strive protect ODA. They usually want to relax in tropical continue to live up to this comcountries like the Philippines. mitment, despite facing This tough year’s influx of OFWs is expected to fiscal and economic pressures, be heavier sincemuch manyworse of them werewar now made by the unable to come home forChair the holidays in Ukraine,” DAC Susanna in December 2020. Moorehead said. “My“Multiple recommendation is to protect crises mean multiple the borders. Do not allow people with demands on ODA. ODA must supa history of travel to countries with port people in need in all partner positive cases to enter,”forced Oplas said. countries—those to flee “Webecause should be restrictive. [Weare of more conflict, those who havehungry to be] more protective in terms and those who are particuof our measures.” larly poor and vulnerable, especially Oplas saidand thatchildren while this willsuffer be women who a setback to some industries, this most,” she added. is a fair measure considering that The ODA received by the Philthisippines could help prevent placing the in from OECD members country in another strict lockdown,

By Cai U. Ordinario their DAC lovedmembers ones, while formost Official Development withdemic, committed

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n Monday, April 18, 190 Monday, November 29,2022 2021Vol.Vol.1717No.No.52

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 Development (ACERD) “OECDand countries have once again shown Associate that even inDirector times of crisis,Ser theyPercival will step K. upPeña-Reyes saidto more closing the and provide support vulnerable country’s borders countries and people.”would be effective but should still adhere the —OECD Secretary-General Mathiasto Cormann standards set by the World Health Organization 2020 was the(WHO). highest between 2011 What is needed, Peña-Reyes and 2020. The lowest was in told 2011 this newspaper, is for travel when disbursements to therestriccountry tions to be put in place swiftly and

contracted by $123.23 million. for government be provided proactive by in Meanwhile, to ODA imposing them. members of the OECD DAC in 2021 Previous instances when the included $6.3 billion spent on procountry had the opportunity imviding Covid-19 vaccines to to develpose travel restrictions did not oping countries, equivalent topre3.5 vent the spread of Covid-19. That was percent of total ODA. mainly becauseODA the decision was not Excluding for donated Comade immediately, he saw said. vid-19 vaccines, ODA a 0.6-per“Kung papatay patay [If we’re cent increase in real terms from slow] and we get caught flat-foot2020, according to OECD. ed, [that’s We Covid-19 were toovacreODA forrisky] donated active instead to of nearly proactive cines equated 857 before. million We should from that,” Peñadoses for learn developing countries. Reyes said. a delicatetotal, balancing Within the“It’s $6.3-billion some act. needorto1.3 push testing and $2.3We billion percent of total tracing to be properly informed ODA covered donated doses left ofover our decisions. Blanket/shotgun from domestic supplies or approaches have dire consenearly 357 could million doses. quences on the economy.” See “PHL,” A2 See “Omicron,” A2

P25.00 P25.00 nationwide nationwide || 22 sections sections 20 20 pages pages ||

NATL GOVT BORROWINGS ‘FISCAL PRUDENCE, NOT FOR MOS BEST DIP TO P2.75T NEW10 TAXES, OPTION’ By Bernadette D. Nicolas By Cai U. Ordinario

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@BNicolasBM @caiordinario

HE HEnext national administration government’s would not have to gross raise taxes if it will use borrowings as of its resources efficiently end-October in order to ushershrank in a sustainable inclusive by almost and 6 percent economic recovery year-on-year to postpandemic, according to P2.75 trillion. local economists.

Latest data from the Bureau the Former Ateneo Center forofEcoTreasury showedand thatDevelopment the governnomic Research ment’s gross borrowings during the (ACERD) Director Alvin P. Ang said 10-month fell by 5.99 percent managingperiod expenditures would be from P2.92 trillion year ago. crucial for the next aadministration, With two fiscal months left for given theonly country’s challenges. thisAng year, the latest figure is already said the main issue for the equivalent to 89.6 percent of its next administration is the use of P3.07-trillion borrowing program. resources, especially in light of the Broken down, gross domestic borcountry’s challenges with higher rowings from January tothe October oil prices, Covid-19, and weak settled at P2.23 trillion, down by global economy. 5.08 percent from P2.35 trillion “[The] new administration should in 2020. have a battle plan for all of these [chalThe They bulk cannot of theadopt amount was lenges]. a populist sourced from Fixed Rate Treasury approach [especially] if there’s no Bonds (P1.19 flow,” trillion), by sure revenue Angfollowed told Busishort-term borrowings nessMirror on Sunday.from Bangko Sentral ng Pilipinas or BSP Ang said currently, the (P540 main billion), Retailfrom Treasury Bonds/Prethreats come the global econmyo (P463.3 billion), Retail omy’sBonds problems which impact the Onshore Dollar Bonds bilPhilippines. This will(P80.84 also place lion). In the there was pressure onsame the period, country’s ability also a net redemption of Treasury to borrow funding. Bills amounting to P43.94 According to Ang, one waybillion. to raise Net debt redemption means revenues is through investments. there were more repaid (FDI) comBut Foreign Directdebts Investment pared to the amount borrowed durwill only reach Philippine shores if ing the the nextperiod. administration has a solid Meanwhile, gross foreign borplan for economic recovery. rowings in the same This plan, Ang said,period shouldalso incontracted by 9.7 percent to P518.7 clude efforts to standardize the billion from lastCovid-19 year’s P574.4 billion. government’s response. This Eagle was raised global Ateneo Watchthrough Senior Fellow bonds (P146.17 billion),Jr.program Leonardo A. Lanzona agreed, loans (P139.98 billion), euro-deand said addressing the health sitnominated bonds (P121.97 billion), uation is something that the next aadministration project loan (P86.41 and shouldbillion), prioritize. yen-denominated samurai bonds See “Fiscal prudence,” A2 (P24.19 billion). See “Borrowings,” A2

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Omicron risk Permanently spurs revival displaced of quarantine workers rules in PHL fewer by 30%

EASTER RITES A traditional “Salubong”—a predawn ritual that reenacts the Risen Christ's meeting with His mother—is held at the National Shrine of Saint Padre Pio in Sto. Tomas, Batangas on Easter Sunday (April 17, 2022). The “salubong” is performed in the churchyard under a specially prepared arch where the veiled image of the Virgin Mary is placed. A child dressed as an angel is lowered by ropes from a high platform to lift the mourning veil of the grieving Mother. Church bells are rung, and images of Christ and His mother are displayed in a procession that ends up inside the church. ROY DOMINGO

By Samuel P. Medenilla

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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

3-M FARMERS LISTED FOR LEVY FUND 6OVER REGIONAL WAGE BOARDS TOP75-B WRAPCOCO UP HEARINGS By Jasper Emmanuel Y. Arcalas @jearcalas By Samuel P. Medenilla

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@sam_medenilla

ORE than 3 million coconut farmerswage and T least six regional workers are set now boards are now to regiscomtered with government’s regpletethe their public hearing istry, which serves as the basis for a possible minimum wage for the of peopletotothe be hike thisnumber month, according covered by the utilization of the National Wages and Productivity P75-billion coconut levy fund. Commission (NWPC). Philippine Coconut Authority In its website, NWPC posted (PCA) Deputy Administrator Roel the list of Regional Tripartite M. Rosales about 3.11Boards million Wages andsaid Productivity coconut farmers and farm work(RTWPB) which have scheduled ers have been registered with the government since it started up-

dating its registry following the enactment of the Coconut Farmtheir public hearing for minimum ers and Trust Fund law. wage rateIndustry review purposes before explained the Rosales end of the month. that about 500,000 coconut are farmers and These RTWPBs from the workers were added to the PCA’s Cordillera Administrative Region 2018 list 2.5Region million (April 19that to had 28),about Ilocos coconut farmers and farm workers. (April 20), Bicol Region (April PCA’s nextRegion step is to con26 The to 28), Davao (April duct an exclusion-inclusion pro19), Soccsksargen (April 26), and cedure (April by making the updated Caraga 25 to 29). farmers’ registryinpublic, providThe RTWPB Western Viing everyone the opportunity to sayas earlier completed its public check thefrom veracity list, Rohearings Aprilof8the to 12. sales added. wage boards exMeanwhile, “The list will be posted in public spaces where people can easily see

them. This allows everyone to see who areto listed in the registry and if pected continue conducting farmerhearings doesn’t see hisnext namemonth then he public until shall coordinate with theCagayan PCA iminclude those from the mediately,” explained at a recent Valley regionhe(May 5), Central Ludialogue farmers. zon (Aprilwith 20 tococonut May 12), Mimathe27 other hand, people ropa“On (April to May 18), if Central would see names on the list and Visayas (April 12 to May 6), Eastthey think they are not coconut ern Visayas (April 22 to May 23), farmers or theirPeninsula details are(April incorand Zamboanga rect, 25 to they May can 4). report it to the PCA forInimmediate he added. the case action,” of the National TheRegion PCA official noted that Capital (NCR), its RTWPB the completion of the initialwill list announced its public hearing ofheld coconut farmers registry would be on May 5, but it has yet to be just in time for the expected rollout of coconut levy-funded

programs as President Duterte is expected to sign the industry publish the entire schedule. development early 2022. The NWPC plan also in released the Rosales the PCA willfor not schedule of said a public hearing stop updating list of coconut the review of theits minimum wage andworkers. enjoined them to regoffarmers domestic ister in order to concluded reap the benefits Those to be this of the decades-long coconut month are from theidled Cordillera levy fund. “WeRegion will not(April stop at 3.1 Administrative 28), million. We hope that more indiIlocos Region (April 20), Bicol Reviduals will26 register our coconut gion (April to 28),in Western Vifarmers registry,” he said. sayas (April 11), Central Visayas The12), updating of the Region coconut (April and Davao farmers (April 19).registry is mandated by Republic Act (RA) 11524 See “Wage boards,” A2 or the Coconut Industry Trust Fund Act. See “3-M farmers,” A2

@sam_medenilla

HE labor market has started NTER NATIONA showing signs Lof concerns recovery over themonth possible of the last as spread the number more infectious Omicron Coof permanently displaced workers vid-19 variant prompted the govdropped by 30 percent compared to ernment to reimpose mandatory last February, according to a new facility-based for all Department of quarantine Labor and Employarriving passengers ment (DOLE) report.in the country. Acting Presidential spokesperIn its preliminary Jobs Displaceson Karlo B. Nograles announced ment Monitoring report obtained on BusinessMirror, Sunday that the Inter-Agency by DOLE was TasktoForce for38,446 the Management able register workers who of Emerging Infectious lost their jobs in March. Diseases (IATF) suspended Of these, 32,881the wereimplemendue to retation of its Resolution No. trenchments implemented by150910 A (s.2021), imposing firms, while effectively the remaining 5,565 stricter protocols for all inbound were affected by the permanent travelers. closure of 126 establishments. To note, Resolution 150The latestIATF displacement figures A had allowed fully vaccinated were much lower compared to that non-visa travelers from Green List of last February (52,206), and Januareas to enter the country withary (56,286). outLabor the Assistant need forSecretary facility-based Domiquarantine asattributed long as they nique R. Tutay thesecure trend negative Reverse Transcriptionto the implementation of the Alert Polymerase Chain Reaction (RTLevel 1 in Metro Manila and other PCR) of test hours prior parts thewithin country,72 which allowed to their departure. 100-percent operational capacity forand countries classified for “Except businesses public transporas ‘Red,’ the testing and quarantine tation. protocols all inbound interna“We arefor hoping that it will contional to travelers in all entry tinue decrease inports the of coming shall comply theatesting and months as wewith expect better emquarantinesituation,” protocolsTutay for ‘Yellow’ ployment said in countries,” Nograles said, citing alist Viber message. theThe provision of IATF Resolution latest displacement figures No. 151-A. of DOLE bring the total number of He notedjobless Hong Kong, which has additional workers for the confirmed of the Omicron first quarteraofcase the year to 146,938. variant, will of also fall under the YelThe bulk these permanently low list countries. displaced workers are from the conThe suspension of the rules for struction sector (38,022) and the “Greenservice List” activities countries (24,186). will be in other effect from NovemberA228, 2021 to See “Workers,” December 15, 2021. Continued on A2

PESO EXCHANGE RATES n US 52.1750 n JAPAN 0.4161 n UK 67.8536 n HK 6.6577 n CHINA 8.1955 n SINGAPORE 38.2599 n AUSTRALIA 38.8912 n EU 56.5055 n SAUDI ARABIA 13.9134 Source: BSP (April 13, 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)


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