BusinessMirror December 20, 2019

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By Bianca Cuaresma

@BcuaresmaBM

Friday, December 20, 2019 Vol. 15 No. 71

11-month BOP surplus rises to $6.27B–BSP

T

HE local economy posted dollar earnings in endNovember this year, reversing the deficit seen in the same 11-month period in 2018.

On Thursday, the Bangko Sentral ng Pilipinas (BSP) reported a balance of payments (BOP) surplus of $6.27 billion in January to November 2019. This is a turnaround from the $4.75-billion BOP deficit recorded in the first 11 months of 2018. The BOP is an economic indica-

tor that records the total transactions of the Philippines with the rest of the world. According to the Central Bank, the 11-month surplus may be attributed partly to lower trade in goods account deficit, higher net receipts in the trade in services account and personal remittance

inflows from overseas Filipinos. The BSP said net inflows of foreign direct investments and foreign portfolio investments also helped push the surplus during the period. The surplus for the month, however, declined in November compared to its volume in November last year.

$4.75B The BOP deficit recorded in the first 11 months of 2018

The BOP surplus for November alone hit $541 million, lower than the $847-million BOP surplus recorded in the same month last year. “Inflows in November 2019 reflected the BSP’s foreign-exchange operations, increase in the national government’s [NG] net foreigncurrency deposits and BSP’s income from its investments abroad,” the BSP said in a statement. “These inf lows were offset, however, by outflows representing payments made by the NG on its foreign-exchange obligations See “BOP,” A2

Boracay’s stakeholders hope to boost ‘20 bookings

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PESO EXCHANGE RATES n

JAC of All trAdes

RICE RETAIL PRICE DIPS TO 3-YR LOW OF P36.67

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By Jasper Emmanuel Y. Arcalas

@jearcalas

HE average retail price of rice in the fourth week of November has sunk to its lowest level in three years to as much as P36.67 per kilogram since the government eased rules on importation, Philippine Statistics Authority (PSA) data showed. In its weekly monitoring report, the PSA said the average retail price of well-milled rice (WMR) during the reference period declined by 10 percent to P41.56 per kg from last year’s P46.05per-kg level. This is the lowest average retail price for WMR since the recorded P41.42 per kg in the fourth week of April 2016, historical PSA data showed. “At the wholesale trade, the average price of well-milled rice dipped to P37.30 per kg or by 0.1 percent this week from its previous week’s level of P37.33 per kg,” the PSA said in the report, which was published recently. “Similarly, it declined at an annual rate of 12.3 percent from its level of P42.53 per kg in the same week of the previous year,” it added.

Farm output could have expanded in 4th quarter

@akosistellaBM Special to the BusinessMirror

See “Boracay,” A2

Motoring » E2-E3

See “Rice retail,” A2

By Ma. Stella F. Arnaldo

TAKEHOLDERS in Boracay Island will be preparing a marketing plan, with the help of the Department of Tourism (DOT), to help promote the island to key markets abroad. Their pitch could get some boost from this latest development: Condé Nast Traveler has just included Boracay in its list of “30 Best Winter Vacations to Take This Season.” The prestigious travel publication noted: “[This] ittybitty speck [just under 4 square miles] in the Western Philippines

P25.00 nationwide | 5 sections 50 pages |

T GUILTY! In this November 24, 2009, file photo, a police officer uses banana leaves to cover bodies recovered from a hillside grave in Datu Ampatuan, Maguindanao province. The Quezon City Regional Trial Court on Thursday convicted scions of the powerful Ampatuan political clan and their gunmen in the slaughter of 57 people, including 32 media workers, in an act of impunity that horrified the world. The prosecution had filed for 58 counts of murder, but the court only included 57 because the body of the 58th victim, a journalist, has not been found. Stories and photos on pages A4 and A12. AP FILE PHOTO/AARON FAVILA

HE country’s farm output in the fourth quarter could have expanded by as much as 3 percent on the back of favorable planting conditions and intensified government interventions, the Department of Agriculture (DA) said. The DA said that it expects agriculture to grow by 2.5 percent to 3 percent in the last quarter of the year “considering all factors” in improving the “levels of productivity and income,” such as interventions to rice farmers who suffered from low palay prices. The DA also pointed to a notice-

able slowdown “to some degrees” in the impact of typhoons, floods and earthquakes on agricultural output. “We are hopeful that this favorable condition will be sustained into the fourth quarter of the year to allow us to attain full-year growth target— pending the release of the full-year data from PSA,” Agriculture Secretary William D. Dar said. “It will be between 2.5 percent and 3 percent,” Dar added, referring to his estimates of the expansion of farm output during the October-toDecember period. See “Farm output,” A2

US 50.5970 n JAPAN 0.4618 n UK 66.2163 n HK 6.4964 n CHINA 7.2225 n SINGAPORE 37.3409 n AUSTRALIA 34.6741 n EU 56.2689 n SAUDI ARABIA 13.4907

Source: BSP (19 December 2019 )


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BusinessMirror December 20, 2019 by BusinessMirror - Issuu