BusinessMirror December 20, 2018

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DEPT. OF SCIENCE AND TECHNOLOGY

PHILIPPINE STATISTICS AUTHORITY

2018 BANTOG DATA MEDIA AWARDS CHAMPION

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Thursday, December 20, 2018 Vol. 14 No. 71

‘Safeguard duty on cement imports may stall public infra’

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By Elijah Felice E. Rosales

@alyasjah

LAPPING additional duties on cement imports to safeguard local manufacturers could lead to shortage and the eventual delay of the government’s infrastructure projects, importers argued on Wednesday. The Philippine Cement Importers Association Inc. said there is no need for the Department of Trade and Industry (DTI) to impose safeguard duty on cement imports. Napoleon Co, the group’s president, argued the local industry is in a good position and can withstand competition. The “Build, Build, Build” pro-

gram, cement importers said in a statement, faces delays due to severe cement shortage. Sales of cement is now being rationed or allocated in several parts of the country, as cement manufacturing and importation cannot cope with the increased demand. The country has seen growth in construction after President

Duterte’s election in 2016. Cement demand expanded to 28.5 million tons last year, and is expected to reach 30 million tons this year. Cement importers added the government encouraged the importation of cement to fill in the shortage of 2.5 million tons in 2016 and almost 3 million tons last year. Cement producers Holcim, Repub-

3M tons

The total shortage of cement in 2017, which importations had to fill lic and Apo are some of the biggest importers. Co is dumbfounded as to why Trade Secretary Ramon M. Lopez initiated a motu proprio investigation on the influx of cement imports when the imports were reportedly made to fill in the supply gap. He added the local industry can withstand the entry of imports, as it maintained robust growth in spite of the influx of its foreign counterparts. Cement manufacturers posted total sales of P109 billion and industry earnings of P14.7 billion last year, according to Co. See “Cement imports,” A2

Nov BOP at surplus of $847M

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@BcuaresmaBM

Continued on A2

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@BNicolasBM

OTAL disbursements will be reduced by P44 billion if the budget will be reenacted for the first quarter next year, Budget Secretary Benjamin E. Diokno said on Wednesday. Diokno told reporters in a Pal-

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TECHPRENEURS EYE ASIA-PACIFIC AS SAFE HAVEN AMID U.S.-CHINA TRADE TENSIONS

Taming the robots and AIs Rene E. Ofreneo

LABOREM EXERCENS

‘W

HOEVER becomes the ruler of AI will become the ruler of the world,” quipped Vladimir Putin in September 2017. Russia is bent on intensifying efforts to master artificial intelligence (AI), robotics, 3D manufacturing and other technologies under the Fourth Industrial Revolution (FIR)—digital, physical and biological—to regain the eroded global power it once had during the Soviet era.

Continued on A7

PHL urges US: Take the lead in free trade

BACK HOME Miss Universe Catriona Gray mingles with fans after flying in aboard a private jet at a hangar in Pasay City on Wednesday, two days after winning the title at glittering rites in Bangkok. She is still uncertain if she will be able to spend Christmas in the Philippines, but expressed a wish to be with her Team Catriona—her fashion designer Mak Tumang, shoe designer Jojo Bragais, mentor Carlos Buendia Jr., casting director Harley Tan and stylists Ton Lao and Brent Sales. NONIE REYES

Diokno sees disbursements cut by ₧44B in Q1 By Bernadette D. Nicolas

BUSINESS NEWS SOURCE OF THE YEAR

However, the United States remains the global leader in AI and other FIR technologies. Donald Trump and his “America First” followers are adamant in keeping vital technological breakthroughs from falling into the hands of China.

By Bianca Cuaresma

HE Philippines’s dollar earnings registered a surplus in November this year, owing largely to strong economic conditions and a stronger local currency against the US dollar. The Bangko Sentral ng Pilipinas (BSP) on Wednesday reported the country’s balance of payments (BOP) position for November, indicating an overall surplus of $847 million for the month. The BOP is the summary of the country’s dollar transactions with the rest of the world; a surplus in this economic indicator means the

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ace briefing he expects the budget to take effect by March after its enactment by mid-February. “We estimate that in total, a reenacted budget for the first quarter of 2019 will reduce total disbursements by an estimated 44 billion [pesos] for one quarter—if it is delayed by one quarter. However, if it’s not passed at all...on a full-year

PESO EXCHANGE RATES n US 52.9730

₧219.8 billion

Total of disbursement cuts projected for full year of 2019 if the reenacted budget is not replaced by a new GAA after the first quarter

basis it will reach 219.8 billion or 220 billion [pesos],” he added. He noted that the Senate promised to reconvene on January 14 to finish scrutinizing the budget bill, so he estimates it will be approved before end of January. However, he said it will still have to go to the printing press for about a week. See “Disbursements cut,” A2

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HE Philippines took a swipe at the United States at the World Trade Organization (WTO), as it urged the world’s largest economy to take the lead in restoring the multilateral trading system back to order. At Washington’s 14th trade policy review at the WTO, Manila highlighted the long-standing trade history of the two economies. It emphasized the importance of the US as one of the world’s largest exporters and importer of goods and services. “The Philippines and the US have long-standing bilateral economic relations based on our strong historical and cultural ties. In 2017 the US became the Philippines’s third-largest trading partner and fifth major source of

foreign direct investments,” the Philippines said. “The Philippines-US Trade and Investment Framework Agreement serves as a valuable mechanism for the expansion of trade and investment flow between our two countries where regular discussions are held to strengthen the economic partnership between our two economies,” it added. Manila noted that since the 2016 review of the US’s trade policies, the superpower has shifted to adopting rules intended to “support its national security and strengthen its economy.” These policies, it added, are in line with US President Donald J. Trump’s trade agenda focused on renegotiating trade deals, enforcing See “Free trade,” A2

n JAPAN 0.4706 n UK 66.9579 n HK 6.7751 n CHINA 7.6818 n SINGAPORE 38.6608 n AUSTRALIA 38.0346 n EU 60.2038 n SAUDI ARABIA 14.1235

Source: BSP (19 December 2018 )


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