PHL PHLto tofix fixweak weakspots spotsin inpath pathto to$500-B $500-Bdream dream B S A B A C S A Bloomberg A News C
PP
Bloomberg News
HILIPPINES’S incoming economic planning secretary HILIPPINES’S incoming Arecosenio Balisacan to bol-Arnomic planningplans secretary ster thesenio economy’s weak spots Balisacan plans to as bolhester targets least 6-percent the ateconomy’s weak annual spots as growth throughout term of Preshe targets at leastthe 6-percent annual ident-elect Ferdinand the Marcos growth throughout termJr. of PresThe next Ferdinand administration ident-elect Marcosmust Jr. boostTh investment in agriculture and e next administration must manufacturing and build infrastrucboost investment in agriculture and ture to grow the and economy between manufacturing build infrastruc6-8 percent annually to 2028,between Baliture to grow the economy sacan in an interview Wednes6-8 said percent annually to 2028, Baliday. sacan said in an interview WednesFarm and industry output curday. rentlyFarm account less than 40 perandfor industry output curcent of gross domestic product, rently account for less than while 40 percent of gross domestic product, while
ROTARY CLUB OF MANILA JOURNALISM AWARDS
services contributes the majority. “I wouldcontributes like to see those weakest services the majority. points“Ias the priority of the adminiswould like to see those weakest tration,” said 64-year-old, who’s points as thethe priority of the adminiscurrently of the nation’s tration,”chairman said the 64-year-old, who’s antitrust commission. currently chairman of the nation’s Consistently growing at the rate antitrust commission. of 6 percent for sixgrowing years will make Consistently at the rate Philippines a for half-a-trillion dollar of 6 percent six years will make economy, according to Bloomberg Philippines a half-a-trillion dollar calculations. economy, according to Bloomberg The nation’s first-quarter expancalculations. sion of percentfiis already among Th8.3 e nation’s rst-quarter expanAsia’s thanks istoalready the reopensionfastest, of 8.3 percent among ingAsia’s fromfastest, the pandemic. Marthanks toStill, the reopencos’s ingteam fromfaces the immediate pandemic. challengStill, Mares:cos’s inflation is at its fastest inchallengthree team faces immediate years, budget has widened es: infl ation isdefi at cit its fastest in three and the global outlook dimmed. years, budget deficithashas widened Still, said the and theBalisacan global outlook haseconomy dimmed. can expand by at leastsaid 7 percent this Still, Balisacan the economy can expand by at least 7 percent this
year, within the official growth estimate, from the year,riding withinthe therecovery official growth estirecord in 2020 from due tothe mate,contraction riding the recovery therecord pandemic. He saidinhe2020 will push contraction due to forthe more targeted He support measures pandemic. said he will push tofor easemore inflation’s burden on the poor targeted support measures while ensuring “tight” government to ease inflation’s burden on the poor finances are managed properly. while ensuring “tight” government canare achieve moreproperly. with less,” fi“We nances managed he said, that more a review “We adding can achieve withand less,” streamlining of benefi he said, adding that aciaries revieware and needed. The nation cannot streamlining of also benefi ciaries af-are ford removal certain needed. The of nation also taxes cannotonafgoods proposed some sectors, ford asremoval of by certain taxes on hegoods said. as proposed by some sectors, he said.
Experienced economist BALISACAN willeconomist draw from his exExperienced
perience in crafting a newfrom economic BALISACAN will draw his exdevelopment plan. Before taking perience in crafting a new economic helm of the antitrust he served development plan.body, Before taking helm of the antitrust body, he served
as economic planning secretary of theas late president Benigno Aquino of economic planning secretary from 2016. Benigno Aquino the2012 late to president To sustain from 2012 toeconomic 2016. growth of at least To 6 percent, next administrasustain the economic growth of at tion must addressthe rednext tape administraand build least 6 percent, infrastructure needed attract intion must address redtotape and build vestment in manufacturing and ag-ininfrastructure needed to attract riculture, said who holds vestment inBalisacan, manufacturing and aagPhD in Economics from thewho Univerriculture, said Balisacan, holds a sity of Hawaii. PhD in Economics from the UniverGiven a budget deficit inflated sity of Hawaii. by pandemic-era support Given a budget defiprograms, cit inflated companies and multilateral develby pandemic-era support programs, opment agencies be tappeddevelto companies and may multilateral finance roads, rail and heto opment agencies mayirrigation, be tapped said. Balisacan thehe finance roads, helped rail andmanage irrigation, Aquino administration’s flagshipthe said. Balisacan helped manage public-private partnership fl infraAquino administration’s agship public-private partnership infra-
BusinessMirror
2006 National Newspaper of the Year CLUBNewspaper OF MANILA JOURNALISM AWARDS 2011 ROTARY National of the Year National Newspaper the Year 2013 2006 Business Newspaper of theofYear National Newspaper the Year 2017 2011 Business Newspaper of theofYear Business Newspaper the Year 2019 2013 Business Newspaper of theofYear Business Newspaper of the Year 20212017 Pro Patria Award 20192018 Business Newspaper of the Year PHILIPPINE STATISTICS AUTHORITY Data Champion 2021 Pro Patria Award PHILIPPINE STATISTICS AUTHORITY 2018 Data Champion
AAbroader look at today’s business look at today’s business A■broader broader look at today’s business Thursday, June 2, 2022 Vol. 17 No. 237
S “PHL,” A S “PHL,” A
EJAP JOURNALISM AWARDS
BUSINESS NEWS EJAP JOURNALISM AWARDS SOURCE OF THE YEAR BUSINESS (2017, 2018, 2019,NEWS 2020) SOURCE OF THE YEAR
DEPARTMENT OF SCIENCE AND TECHNOLOGY
2019, 2020) 2018 BANTOG(2017, MEDIA2018, AWARDS
DEPARTMENT OF SCIENCE AND TECHNOLOGY
2018 BANTOG MEDIA AWARDS
‘PHL’S H2 GROWTH RESTS ‘PHL’S H2 GROWTH RESTS BIZ GROUPS ASSURED: www.businessmirror.com.ph www.businessmirror.com.ph www.businessmirror.com.ph
P. P25.00 nationwide| |2 sections 24 pages| |77DAYS daysAaWEEK week P. | | 7 DAYS A WEEK
Friday, August 17 No. 301 Thursday, June5,2,2022 2022Vol.Vol. 17 No. 237
n ■
ON NEW ECONOMIC TEAM’ ON NEW ECONOMIC TEAM’ PRIORITY BILLS TO PASS By Jovee Marie N. dela Cruz
T
FROM left: Malaysian Foreign Minister Saifuddin Abdullah, Philippines Foreign Affairs Acting Undersecretary Theresa Lazaro, Singapore Foreign Minister Vivian Balakrishnan, Thailand’s Foreign Minister Don Pramudwinai, Vietnam Foreign Minister But Thanh Son, Cambodia’s Prime Minister Hun Sen, Cambodia’s Foreign Minister Peak Sokhonn, Indonesia’s Foreign Minister Retno Marsudi, Brunei Second Minister of Foreign Affair Erywan Yusof, Laos Foreign Minister Saleumxay Kommasith, and SecretaryGeneral of Asean Lim Jock Hoi pose for a group photograph at the opening of the 55th Asean Foreign Ministers’ Meeting in Phnom Penh, Cambodia, Wednesday, August 3, 2022. The Asean is calling for calm in the Taiwan Strait, urging against any “provocative action” in the wake of a visit to Taipei by US House Speaker Nancy Pelosi that has infuriated Beijing.
@joveemarie
HE leadership of the House of Representatives on Thursday assured the Philippine Chamber of Commerce and Industry (PCCI) of the passage, before yearend, of priority bills that business groups have been pushing to boost the economy and hasten recovery from the pandemic.
In a statement following his speech at PCCI’s general membership meeting in Makati City, Speaker Martin G. Romualdez said majority of the priority measures spelled out by President Ferdinand Marcos Jr. in
his recent State of the Nation Address are principally authored by him, “so I expect my fellow legislators to act on these bills with dispatch.”
Story on page A12 and A16. See “Biz,” A2
SOLONS, ECONOMIC TEAM OK DEVT BLUEPRINT FOR 6 YEARS
AP/HENG SINITH
What would it take to shield PHL from supply chain woes? By Cai U. Ordinario
The increase in inflation has prompted the Bangko Sentral ng PiliEADERS of the House man Joey Sarte Salceda, the THE BRP Melchora Aquino, the second of two multi-role response vessels procured by the Philippine government from Japan, is welcomed by the Philippine Coast Guard at the Port Area in Manilato onraise Wednesday, June 1,rates 2022, completing its maiden voyage from Japan. Constructed by Mitsubishi Shipbuilding Co. in Japan, the ship, named pinas (BSP) interest by of Representatives and Appropriations panel’s chairafter Sora, the Grand Woman ofofthe Revolution during thevessels Spanish colonialbyperiod, is part ofgovernment the Maritimefrom Safety Capability Improvement Project ofCoast the Coast Guard. ROY DOMINGO THETandang BRP Melchora Aquino, the second two multi-role response procured the Philippine Japan, is welcomed by the Philippine Guard at the Port Area in Manila on Wednesday, June 1, 2022, completing its maiden voyage from Japan. Constructed by Mitsubishi Shipbuilding Co. in Japan, the ship, named NSULATING the Philippines 75 basis points in July and signal that economic managers on man Zaldy Co and senior vice after Tandang Sora, the Grand Woman of the Revolution during the Spanish colonial period, is part of the Maritime Safety Capability Improvement Project of the Coast Guard. ROY DOMINGO from supply chain disruptions another hike is possible this month. Thursday agreed the chairperson Stella Luz QuiB CtoU.keep O @caiordinario that could accelerate inflation “It’s [inflation] mostly supplymacroeconomyB stable and prombo, Deputy Speaker Ralph C U. O @caiordinario requires making the necessary indriven, that’s why it remains elvide Filipinos adequate social Recto, Majority Leader Manuel vestments to increase farm sector evated. [Unfortunately], we have services in the next six years. Dalipe. productivity and improve the counno control over global stresses. But Speaker Martin Romualdez Diokno was joined by Natry’s logistics network, according to we have to start preparing for [our] made a statement following a tional Economic and Developlocal economists. long-term response,” Ang told the meeting between House ofment Authority (Neda) DirecThe country’s inf lation woes BusinessMirror on Thursday. UTGOING Senate PresiDrilon moved to elect Majority ficials whom he led, and the tor-General Arsenio Balisacan, B J M N.mainly D C and strengthened our political and rehave been caused by supply Ang said these long-term dent Vicente Sotto III Leader Juanmoved MigueltoZubiri as the UTGOING Senate PresiDrilon elect Majority Executive’s economic team led and Department of Budget and institutions. Bdisruptions J@joveemarie M which N. Dare C and strengthened our political and chain bound governmental sponses would mean addressing declared at 7:41 Sotto pm ofIII acting Senate Pro Temdent Vicente Leader Juan President Miguel Zubiri as the by Finance Secretary Benjamin Management (DBM) Secretary “Despite theproductivity many challenges @joveemarie governmental institutions. to worsen as the Christmas season as adjourned sinepm dieof pore fromSenate noon President of June 30 agriculture concerns Wednesday declared at 7:41 acting Prountil TemDiokno. Amenah Pangandaman. HE House of according Representatives happened during mychallenges tenure “Despite many fast approaches, to Alvin that third regular session of thedie July 25,from when the of 19th Congress and makingthe strides toward achiev- the Wednesday as adjourned sine pore noon June 30 until With Romualdez were Ways onHEwho Wednesday ended the de asthat your Speaker, we have risen and House of Representatives happened during my tenure P. Ang, chairs the Ateneo 18th on thesession part ofofthe convenes. ing energy security. the Congress third regular the first July 25, when the 19th Congress and Means committee chairSee “Solons,” A2 18th Congress, highlighting proven ourselves to be One Conon Wednesday ended the as your Speaker, we have risen and Senate, capping on what Minority in the day, colleagues Manila University’s Department 18th Congress the part of the fiEarlier rst convenes. itsof3-year achievements, including gress, ready to people,” 18th Congress, highlighting proven ourselves toour beA2One Con- Leader Seeserve “What,” Franklin Drilon thatinZubiri had colleagues secured Economics. Senate, capping whatdescribed Minority signaled Earlier the day, laws to helpachievements, the country navigate histo colleagues. its 3-year including Velasco gress, told ready serve our people,” asLeader cabinet can handle the emerging scenario,” the In its latest Market Call report, First Metro “one of Franklin the most Drilon productive sesthe “votes” that of majority senators described signaled Zubiri of had secured through emerge strongernavigate from “One Congress, ready to scrutilaws toand help the country Velasco told his colleagues. report stated. Investment University of Asia First and the sions” of the chamber, a feat made sit in 19th Senate, a cabinet can handle the emerging scenario,” the In itsCorp. latestand Market Call report, Metro as “one of the most productive ses- who thewill “votes” ofthe majority of senators the Covid-19 pandemic. the national budget, pass and emerge stronger from nize “One Congress, ready to 38.6879 scrutiOne n of the major risks that post the 67.6328 most Pacifi c (FMIC-UA&P) Capital Markets Research remarkable by KOREA the fact0.0426 that much matter confi rmed by Drilon. report stated. Investment Corp. and University of Asia and sions” of the chamber, a feat made who will sit inSource: the 19th Senate, ntheUS 55.6740 japan 0.4160 n UK n through HK 7.0927 n CHINA 8.2362 n singapore 40.3201 n australia n EU 56.6260 n n SAUDI arabia 14.8077 BSP (August 4, 2022)a In Covid-19 his valedictory laws, conduct hearings, the pandemic. speech, nizetothe national budget,totopropass ofremarkable uncertainty is the Russia-Ukraine saidPacifi thecgrowth momentum which gave rise to One to of the the economy major risks that post the most (FMIC-UA&P) Capital Markets Research it was in a pandemic. Zubiri confi appears to be the by the fact that much matter rmednow by Drilon. Speaker Velascospeech, said vide oversight on the implementaIn Lord his Allan valedictory waruncertainty which willtomark its first 100 days. The war thesaid 8.3-percent growth in the fiwhich rst quarter laws, to conduct hearings, to prothe economy is the Russia-Ukraine the growth momentum gave will rise to peers heaped praise on only Zubiri likely candidate to stand ofHis it was in a pandemic. appears now to befor the the 18th Congress was Velasco a key and of oversight laws, and on to generally make Speaker Lord Allan said tion began February 24 this anddays. will The reachwar spillthe over to the second quarter. vide the implementawar in which will mark its fiyear rst 100 8.3-percent growth in the first quarter will SottoHis for his leadership, laud-on election as the next Senate Presi-for peers heaped and praise only likely candidate to stand steady partner of President easier theand next 100began days on 3. FMIC-UA&P Capital However, of the economy in the 18th Congress was aDuterte key and it tion offor laws, to Congress generally and make edSotto in June February 24 this year and Markets will reach spill over tothe theperformance second quarter. and thanked as well theand seven after as Sen. Cynthia Villar, earfor his leadership, laud- dent, election the next Senate Presiinsteady passing lawsof that promoted Research saidoncommodity prices, particularly oil the third and fourth quarters will of bethe determined to continue the legpartner President Duterte itsitleadership, easier for the next Congress and other 100 days June 3. FMIC-UA&P Capital Markets However, the performance economy in “graduating” members of seven the lier touted a strong contender, ed and thanked as well the dent, afterasSen. Cynthia Villar, earprices, could remain elevated until the particularly war in East- oil by the the third policies be implemented the new economic development, work for the sake of our in passing laws thatstrengthpromoted islative Research said commodity prices, andtofourth quarters will by be determined its leadership, to continue thekaleg- chamber, including two other of pilwithdrawing other “graduating” members the announced lier toutedshe as awas strong contender, ernprices, Europecould is resolved. This uncertainty lead economic will greet ened the administration justice babayans,” he added. remain elevated until the will war in Eastby the team. policiesMuch to beuncertainty implemented by thethenew economic development,ofstrengthislative work for the sake of our ka- lars—Drilon and Senate President from the race. she was withdrawing chamber, including two other pilannounced to an average infl ation of above 5 percent in the economic managers as the pandemicwill continues and thethe ruleadministration of law, enhanced the ern Europe is resolved. This uncertainty will lead economic team. Much uncertainty greet the He said the ened of justice babayans,” hepandemic added. forced the Pro Tempore Ralph “Walathe nang [There is no] SP race,” lars—Drilon and Recto. Senate President from race. country year. inflation of above 5 percent in the andeconomic commodity prices remain protection of labor andenhanced social welto anthis average managers as theelevated. pandemic continues to be dynamic, and the rule of law, the House Heleadership said the pandemic forced the As his “last offi cial act,” Drilon she told reporters, Pro Tempore Ralph Recto. “Wala nang [Thadding, ere is no]“ISPwant race,” In April, “Thecommodity robustness in the economic country thisthe year.Philippine Statistics Authority and prices remain elevated.recovery, fare, improved of and and proactive. protection of the laborquality and social wel- innovative House leadership to be dynamic, introduced a“last resolution meant to a she simple life” and explained she As his offi cial act,” Drilon told reporters, adding, “I want (PSA) reported that infl ation nationwide increased founded“The heavily on employment gains, should In April, the Philippine Statistics Authority robustness in the economic recovery, increased access to “Despite the lingering threat fare, improved theeducation quality ofand and innovative and proactive. prevent a month-long leadership just wanted to “take care of my adintroduced a resolution meant to a simple life” and explained she to 4.9 percent in April Thenationwide average inflincreased ation spillfounded over intoheavily Q2 [theonsecond quarter].gains, And while (PSA) reported that 2022. inflation employment should information, enhanced our health increased access to education and “Despite the lingering threat gap in the Senate, as the terms of vocacy, agriculture,” signaling her prevent a month-long leadership just wanted to “take care of my adfor tothe4.9first four months of theThe yearaverage stood at a tighter fiscal andsecond inflation pose And serious percent in April 2022. infl3.7 ation spill over intospace Q2 [the quarter]. while C A and emergencyenhanced response our system, information, health Sotto and Recto end at noon of desire to keep her chairmanship of gap in the Senate, as the terms of vocacy, agriculture,” signaling her headwinds in H2 [second half], an economic team for the first four months of the year stood at 3.7 a tighter fiscal space and inflation pose serious C A and emergency response system, S “H,” A Butch Fernandez June 30. and Recto end at noon of that committee. Sotto desire to keep her chairmanship of of high-quality the new President’s headwinds intechnocrats H2 [secondinhalf], an economic team S “H,” A Butch Fernandez June 30. that committee. of high-quality technocrats in the new President’s
L
T T
HE performance of the Philippine HE performance of thehalf Philippine economy in the second the second half ofeconomy the year in will rest squarely of the yearofwill squarely on the shoulders therest incoming on the shoulderseconomic of the incoming administration’s team, administration’s economic team, according to a local think tank. according to a local think tank.
I
@caiordinario
PANDEMIC CHALLENGE PANDEMIC CHALLENGE MARKS MARKS18TH 18THCONGRESS CONGRESS
TT
Sotto Sottocloses closes‘productive’ ‘productive’ session; session;Zubiri Zubirinext nextSP? SP?
O O
PESO exchange rates
PESO EXCHANGE RATES ■ US 52.4120 ■ JAPAN 0.4073 ■ UK 66.0496 ■ HK 6.6799 ■ SINGAPORE 38.2625 ■ AUSTRALIA 37.6004 ■ SAUDI ARABIA 13.9750 ■ EU 56.2643 ■ CHINA 7.8555 Source: BSP (June 1, 2022) PESO EXCHANGE RATES ■ US 52.4120 ■ JAPAN 0.4073 ■ UK 66.0496 ■ HK 6.6799 ■ SINGAPORE 38.2625 ■ AUSTRALIA 37.6004 ■ SAUDI ARABIA 13.9750 ■ EU 56.2643 ■ CHINA 7.8555 Source: BSP (June 1, 2022)
