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Saturday, December 30, 2017 Vol. 13 No. 80
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No to firecrackers, yes to pyrotechnics C By Rizal Raoul Reyes
ELEBRATING the dawning of a new year with a bang often becomes tragic for some Filipinos because of the use of traditional noisemakers commonly known as bawang, piccolo and Judas’s belt, among others. The Department of Health (DOH) has already called for the banning of such firecrackers to minimize the yearly incidents of people losing a body part or, worse, their lives in an event supposed to welcome a new beginning. Many local governments followed suit.
Nevertheless, Jovenson Ong of Dragon Fireworks Inc. (DFI) said businessmen like him consider a sweeping ban on firecracker use unfair because there is an alternative way of observing the New Year that is cleaner and safer—using pyrotechnics. “The lesser evil is to use pyrotechnics. If you want a smoke-free celebration, a ban on all forms must be imposed,” noted Ong, DFI managing director. “However, studies in the past have shown that a total ban was not effective. As a result, people will resort to using firecrackers.” Ong said the best option is to regulate the trade and use of fireworks and allow pyrotechnics. He added there are also reports in mainstream media that are inaccurate, which has created confusion among people. They couldn’t properly distinguish the difference between firecrackers (paputok) and pyrotechnics, he Continued on A2
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Workers make government-regulated fireworks ahead of the New Year celebrations, which have resulted in fireworks-related injuries and deaths in the past, on December 27, 2017, in Bulacan. AP/Bullit Marquez
Current account will bleed more dollars next year. Should we worry?
T
By Bianca Cuaresma
HE country’s current account— the major component of the economy’s balance of payments (BOP) position—has been for years a pillar of strength for the local economy in times of global financial distress. PESO exchange rates n US 49.9230
However, after 13 years of registering a surplus, the country’s current account slumped to the deficit territory in 2016. It is expected to hit a wider deficit for next year, owing to large-scale importation come 2018. Latest data from the Bangko Sentral ng Pilipinas (BSP) showed the current account still registered a surplus in the first nine months of 2017 at $554 million. This is a reversal from the $30-million defi-
cit recorded in the third quarter of 2016. The BSP attributed this positive outcome mainly from the higher net receipts in the trade-inservices and primary and secondary income accounts, which more than compensated for the widening trade-in-goods deficit. For next year, however, the BSP announced its expectation of the current account slumping into the deficit territory to $700 million
in the reds. The Central Bank said this projection is due mainly to the expected faster rate of growth in imports of goods as compared to the exports for next year. In particular, shipments of imported goods are expected to continue to grow by 10 percent in 2018, as propelled by higher Philippine growth prospects for next year. This double-digit growth expectation outpaces the expected
9-percent export growth for 2018, as the government takes into account the assessment that the pace of Chinese economic growth could moderate progressively in 2018. “Nonetheless, exports are seen to continue receiving a boost from broad-based economic recovery in both advanced and emerging market economies,” the BSP said. As of the third quarter of this year, China is among the top destiContinued on A2
n japan 0.4423 n UK 67.1165 n HK 6.3882 n CHINA 7.6413 n singapore 37.3228 n australia 38.9050 n EU 59.6131 n SAUDI arabia 13.3121
Source: BSP (29 December 2017 )
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