PNOC-EC invites JV partners for SC 57 ‘Close borders, cut Omicron exposure risk’ By Lenie Lectura @llectura
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By Cai U. Ordinario
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Russia hits new Covid-19 ReCoRd; 10 times moRe than a month ago
HE Philippine National Oil @caiordinario Company-Exploration Corp. (PNOC-EC) has commenced LOSING the country’s borders the farm-in process for Service is one of the most immediate Contract (SC) 57, which is touted courses of action the governto have the most potential among ment must take to prevent the latall its SCs to generate indigenous est Covid-19 variant, Omicron, from gas and oil for the country. reaching Philippine shores, accordAn invite to farm-in released by ing to local economists. the subsidiary of state-run PNOC T he new var iant is a threat, said, “PNOC-EC is in search of e s p e c i a l l y w it h t he hol id ay sjoint venture partners pursue the excoming up and moretoforeigners ploration program in being a llowed to travelSCto57.” the In particular, PNOC-EC is lookPhilippines, De La Sa lle Univering for a joint venture operator sit y economist Mar ia Ella Oplas who will take in a 40-percent partold BusinessMirror. ticipating in bring SC 57. inAlso, The holidaysinterest usually a 30-percent participating interest Overseas Filipino Workers (OFWs) in the same contract is open who are eager to spend Christmasto be
PNOC-EC’s joint venture partner. The submission of letter of intent from interested until with their loved ones, parties while is forFebruary 17, while the deadline eigners living in temperate regionsfor submission proposals is on April usually want toof relax in tropical 4 at 12 noon. countries like the Philippines. This “PNOCofEC reserves the right year’s influx OFWs is expected to to accept or reject any proposals be heavier since many of them wereand to annul farm-out process at unable to comethe home for the holidays any time prior to contract award, in December 2020. without thereby incurring any li“My recommendation is to protect ability to the affected third party the borders. Do not allow people with participants,” the notice stated. a history of travel to countries with positivePNOC-EC cases to holds enter,”100-percent Oplas said.interest in the SC, which was awarded “We should be more restrictive. [We by the Department of Energy have to be] more protective in terms on September 15, 2005. of our measures.” SC 57 covers 7,120 Oplas said that while thissquare will bekilometers in offshore Northwest a setback to some industries, this about 50 kilometers is a Palawan, fair measure considering that of Busuanga Island. this could help prevent placing the Rozzano countryPNOC-EC in anotherPresident strict lockdown,
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 and Development (ACERD) Associate Director Ser Percival K. Peña-Reyes said closing the country’s borders would be effective but should still adhere to the standards set by the World Health Briguez earlier said that SC 57 Organization (WHO). is about two-thirds the size What is needed, Peña-Reyes toldof Malampaya at 1.8 trillion cubic this newspaper, is for travel restricfeet. tions to be put in place swiftly and
It can be recalled that PNOC-EC entered into a farm-in agreement with China National offshore Oil for government to be proactive in Co. (CNOOC), 51 percent and Jadeimposing them. stone (21 percent), in 2006. Previous instances when the The farm-in agreement has country had the opportunity tobeen imsubmitted for approval to Malacapose travel restrictions did not preñang was of hampered towas the vent thebut spread Covid-19.due That issuance of Executive Order (EO) mainly because the decision was not 556 in the same year. made immediately, he said. Section 1 of thepatay EO states that “Kung papatay [If we’re there shall be no “farm in” or “farm slow] and we get caught flat-footout” contracts awarded by any ed, [that’s risky] We were toogovreernment agency. active instead of proactive before. Moreover, Section statesPeña“any We should learn from 7that,” and all negotiations or arrangeReyes said. “It’s a delicate balancing ments by testing any governact. We entered need tointo push and ment agency, including PNOC, tracing to be properly the informed violate thisBlanket/shotgun Executive Order, ofwhich our decisions. shall be immediately approaches could havediscontinued dire conseor canceled.” quences on the economy.” See “PNOC-EC,” A2 See “Omicron,” A2
NATL GOVTTOLD: BORROWINGS BIR, BOC BOOST CYBERSECURITY SYSTEMS FOR 10 MOS DIP TO P2.75T w w
Tuesday, February29,8, 2021 2022 Vol. Vol.17 17 No.52 No. 123 Monday, November
5 agencies leadOmicron accord forrisk crafting local EODB report spurs revival
By Bernadette D. Nicolas
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@BNicolasBM
HE national government’s gross borrowings as of end-October shrank by almost 6 percent year-on-year to P2.75 trillion.
By Tyrone Jasper C. Piad @Tyronepiad
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Latest data from the Bureau of the Treasury showed that the government’s gross borrowings during the 10-month period fell by 5.99 percent from P2.92 trillion a year ago. With only two months left for this year, the latest figure is already equivalent to 89.6 percent of its P3.07-trillion borrowing program. Broken down, gross domestic borrowings from January to October settled at P2.23 trillion, down by 5.08 percent from P2.35 trillion in 2020. The bulk of the amount was PEOPLE walk past the mural of Gat Andres Bonifacio at Manila City Hall Underpass. sourced from Fixed Rate Treasury The country will celebrate the 158th birth anniversary of Filipino revolutionary (P1.19 trillion), followed by Covid-19 ABonds CHILD who has just been vaccinated against poses with Bonifacio on Tuesday, November 30. ROY DOMINGO Gat Andres short-term borrowings from Bang- Centerhero costumed entertainers at the SM Convention in Taguig City, ko Sentral ng Pilipinas orfor BSP (P540 of minors aged 5 to during the government rollout vaccination billion), Retail Treasury Bonds/Pre11, on Monday, February 7, 2022. The city recorded 9,915 minors who myopre-registered Bonds (P463.3 billion),NONIE Retail REYES have for vaccination. Onshore Dollar Bonds (P80.84 billion). In the same period, there was By Cai U. Ordinario @caiordinario By Jasper Emmanuel Y. Arcalas dating its registry following the them. This allows everyone to see also a net redemption of Treasury @jearcalas enactment of the Coconut Farmwho are listed in the registry and if Bills amounting to P43.94 billion. ers and Industry Trust Fund law. farmer doesn’t see his name then he Net debt redemption means ORE than 3 million Rosales explained that about shall coordinate with the PCA imthere were more debts repaid comcoconut farmers and 500,000 coconut farmers and mediately,” he explained at a recent pared to the amount borrowed durBy Malou Talosig-Bartolome to Taiwan.with After the RT-PCR test workers are now regisworkers were added to the PCA’s dialogue coconut farmers. ing the period. result, they must undergo quartered with the government’s reg2018 list that had about 2.5 million “On the other hand, if people Meanwhile, gross foreign borhasfarm finally alantine. Upon arrival, workers istry, which serves as the basis coconutAIWAN farmers and workers. would see names on the list and rowings in the same period also lowed the entry of Filipino are also required to complete for the number of people to be The PCA’s next step is to conthey think they are not coconut contracted by 9.7 percent to P518.7 Vietnamese workers quarantine at a hotel and covered by the utilization of the duct anand exclusion-inclusion profarmers or their details areselfincorbillion from last year’s P574.4 billion. after an eight-month ban on all management for 21 days. P75-billion coconut levy fund. cedure by making the updated rect, they can report it to the PCA This was raised through global foreign nationals, including miforeign workers and Philippine Coconut Authority farmers’ registry public, providfor“Both immediate action,” he added. bonds (P146.17 billion), program grant workers, in the island due employers must abide by related (PCA) Deputy Administrator Roel ing everyone the opportunity to The PCA official noted that loans (P139.98 billion), euro-deto thethe spike of Covid-19 cases epidemic prevention andlist M. Rosales said about 3.11 million check veracity of the list, Rothe completion of therules initial nominated bonds (P121.97 billion), Finance Secretary Carlos G. tee (Execom) meeting. in 2021. guidelines,” the Taiwan CDC said. coconut farmers and farm worksales added. of coconut farmers registry would a project loan (P86.41 billion), and Dominguez III said the recent Dominguez recentwith comIn anlist advisory online, of ers have beensaid registered the “The will be posted posted in public beAida just Gerodias, in time forpresident the expected yen-denominated samurai bonds hacking incident involving BDO plaints of several teachers about the Taiwan Centers for Disease the Pilipino Manpower Agencies government since it started upspaces where people can easily see rollout of coconut levy-funded (P24.19 billion). Unibank and the Union Bank losing money from their accounts Control has announced Monday Accredited to Taiwan (PILMAT), See “Borrowings,” A2 of the Philippines (UnionBank) in the Land Bank of the Philippines that beginning February 15, said the lifting of the ban is a should serve as a warning to Bu(LandBank) amid the rise in cyber 2022, employers in Taiwan may great relief for 15,000 OFWs who US 50.4600 n JAPAN n UK 67.2329 n bring HK 6.4722 n CHINA 7.9013 n are SINGAPORE 36.8968 AUSTRALIA reau of Internal Revenue (BIR) n attacks also serves as an0.4374 important now in foreign workers now waiting to be n deployed and the Bureau of Customs (BOC) lesson. from the Philippines, Vietnam, to Taiwan anytime. to beef up their cybersecurity LandBank has already issued Indonesia, and Thailand who Most of these OFWs are facmeasures. a statement saying that its sysare fully vaccinated against Cotory workers and caregivers. A “Please make sure that your tems remain secure against any vid-19. factory worker in Taiwan earns cybersecurity measures are up form of hacking, and that its iniAside from the vaccination about NT$25,250 (P45,420) a to date and effective against tial investigation showed the requirement, Filipino workers month, while a caregiver’s salall sorts of threats,” Dominguez teachers were the v ictims of need to be tested for Covid-19 at ary is NT$17,000 (P30,600). See “Relief,” A2 told the two agencies during a phishing. least 72 hours before their flight recent DOF Executive CommitSee “Cybersecurity,” A2
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P25.00 P25.00 nationwide nationwide || 22 sections sections 20 20 pages pages ||
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HE localized ease of doing business (EODB) report should cover the business sustainability aspect and the impact of streamlining the government transaction processes, the Department of Trade and Industry (DTI) said. On Monday, the joint memorandum circular (JMC) on the establishment of the Philippine Ease Of Doing Business and Efficient Government Service Delivery Reporting System was launched and signed by the DTI, Anti-Red Tape Authority (Arta), Department of Finance, Department of Information and Communications Technology and the Department of the Interior and Local Government, among others. “By having a system in place for regulatory review, assessment and monitoring, the quality and effectiveness of government reforms that affect business operations can be evaluated more accurately,” Trade Secretary Ramon Lopez said during the event. With this, Lopez advised the development of a framework for an indicator system, which shall programs as President Duterte factor in the Sustainable Business is expected to sign the industry Policy Index.plan in early 2022. development
OVER 3-M FARMERS LISTED FOR P75-B COCO LEVY FUND
HE recent spate of cybersecurity breaches has prompted the Department of Finance (DOF) to ensure that online defenses of the government’s revenue-generating agencies are up to date.
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PESO EXCHANGE RATES
PESO EXCHANGE RATES n US 51.0290
RELIEF FOR STRANDED OFWS: TAIWAN LIFTS BAN ON MIGRANTS
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Rosales said the PCA will not stop updating its list of coconut farmers and enjoined them to register in order to reap the benefits of the decades-long idled coconut levy fund. “We will not stop at 3.1 million. We hope that more individuals will register in our coconut farmers registry,” he said. The updating of the coconut farmers registry is mandated by Republic Act (RA) 11524 or the Coconut Industry Trust Fund Act. See “3-M farmers,” A2
of quarantine rules in PHL By Samuel P. Medenilla @sam_medenilla
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NTER NATIONA L concerns over the possible spread of the more infectious Omicron Covid-19 variant prompted the government to reimpose mandatory facility-based quarantine for all “Beyond measuring steps, processing time arriving passengers in the country. and cost, the reporting system may include Acting Presidential spokesperimpact indicators . . For starting a business son Karlo B. Nograles announced ...indicators on the increase in the number of on Sunday that the Inter-Agency business registrations because of reforms may Task Force for the Management be included.”—Trade Secretary Ramon Lopez of Emerging Infectious Diseases (IATF) suspended the implemenThe of indicator, he said, tation its Resolution No. shall 150highlight the social and environA (s.2021), effectively imposing mental stricter sustainability protocols for allmeasures inbound by the subjects. travelers. Lopez cited the Resolution need to measure To note, IATF 150the impact of the EODB reforms as A had allowed fully vaccinated well. non-visa travelers from Green List “Beyond measuring steps,withproareas to enter the country cessing time and cost, the reporting out the need for facility-based system may include quarantine as long impact as they indicasecure tors,” he said. negative Reverse Transcription“For starting a business, for(RTinPolymerase Chain Reaction stance, indicators on the increase PCR) test within 72 hours prior in of business registo the theirnumber departure. trations because of reforms may be “Except for countries classified included.” as ‘Red,’ the testing and quarantine See “EODB report,” A2 protocols for all inbound international travelers in all ports of entry shall comply with the testing and quarantine protocols for ‘Yellow’ list countries,” Nograles said, citing the provision of IATF Resolution No. 151-A. He noted Hong Kong, which has confirmed a case of the Omicron variant, will also fall under the Yellow list countries. The suspension of the rules for “Green List” countries will be in effect from November 28, 2021 to December 15, 2021. Continued on A2
36.2807 n EU 56.5758 n SAUDI ARABIA 13.4531
n JAPAN 0.4429 n UK 69.1239 n HK 6.5522 n CHINA 8.0222 n SINGAPORE 37.9341 n AUSTRALIA 36.0979 n EU 58.5150 n SAUDI ARABIA 13.6030
Source: BSP (November 26, 2021)
Source: BSP (February 7, 2022)