BusinessMirror February 12, 2020

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A ‘VIRAL’ WINDOW: PLANT MORE MUNGGO, PEANUTS TO EARN MORE, FARMERS URGED By Jasper Emmanuel Y. Arcalas @jearcalas

T THE popular calamansi is being touted as temporary substitute for lemons, which the Philippines imports in great quantity from China. BUSINESSMIRROR FILE PHOTO

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HE supply disruptions in China caused by the spreading coronavirus could be an opportunity for local farmers to increase incomes by producing more crops that the country imports from the East Asian country. Economist Pablito M. Villegas said the possible slowdown in imports of farm products from China due to hampered trade movement within China, as it seeks to control the 2019 novel coronavirus (2019-nCoV), could have a positive flipside for local farmers.

With the possible uptick in prices of local commodities, Filipino planters may be encouraged to plant more of those crops that are heavily imported from China, such as munggo, garlic and peanuts, he explained. “It will trigger supply improvements for local agricultural products since there is loss of supply from China; then someone has to fill in that gap, and that could be in favor of local production,” he told the BusinessMirror in a recent phone interview.

Rice and munggo

Munggo is one of those crops where local output could be hiked since it is easy to plant.

Wednesday, February 12, 2020 Vol. 15 No. 125

Reforms spur ‘positive’ Fitch outlook for PHL

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NTERNATIONAL credit watcher Fitch Ratings on Tuesday revised the Philippine government’s rating from stable to positive, citing the positive effect of recent reforms on the country’s economy.

The Philippines’s Long Term Issuer Default Rating was also affirmed by Fitch at “BBB.” “The Outlook revision reflects

Fitch’s expectations of continued adherence to a sound macroeconomic policy framework that will support high growth rates with

moderate inflation, progress on fiscal reforms that should keep government debt within manageable levels and continued resilience

35.7%

Rice farmers may consider venturing into munggo production after the summer harvest to utilize the residual fertilizer in their land, he said. However, Villegas said the government should be quick to respond and provide planters with high-quality munggo seeds so they can capitalize on the loss of Chinese supply. China is the country’s third biggest source of munggo. The country has imported 3.34 million kilograms of munggo worth $2.576 million from China from January to November period of 2019. See “Viral window,” A12

P25.00 nationwide | 5 sections 50 pages |

‘VIRUS MAY PREVENT EXPORTS RECOVERY’ By Cai U. Ordinario

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@caiordinario

HE 2019 novel coronavirus (nCoV) is the only threat that stands

in the way of the recovery of the country’s exports performance, the National Economic and Development Authority (Neda) said on Tuesday.

in its external finances,” the credit watcher said. “Recent reforms to strengthen institutional effectiveness, human capital and the

The Neda made the pronouncement after the Philippine Statistics Authority (PSA) released the latest trade data which showed the country’s exports grew 1.5 percent, while import payments contracted 4.8 percent last year. The country’s exports performance has been lackluster for most of 2019 but the 21.4-percent surge in earnings in December helped pull up export figures last year. “If the virus persists longer, then it will also weaken global economic growth. It will affect exports. Our exports to China will be curtailed,” Socioeconomic Planning Secretary Ernesto M. Pernia told reporters on the sidelines of a hearing on the proposed Neda Act at the House of Representatives on Tuesday. Pernia said the spread of nCoV could dampen demand and affect the country’s export earnings. Neda said the government needs to remain vigilant against the risks posed by the outbreak of nCoV. In the near term, Neda said the production of health and hygiene products should be encouraged.

See “Fitch,” A2

See “Virus,” A2

Fitch’s expectation, under baseline assumptions, of the Philippines’s general government debt-to-GDP ratio by 2021, a decline from an estimated 36.5 percent in 2019

Money-laundering Isuzu Gencars bags major honors at 2019 Isuzu Dealer of the Year Awards Night risk high for POGO I industry–AMLC By Samuel P. Medenilla

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@sam_medenilla

HE Anti-Money Laundering Council (AMLC) on Tuesday said it has flagged the Philippine Offshore Gaming Operators (POGO) industry for being a “high risk” for money laundering. At a Senate Labor committee hearing, AMLC Executive Director Georgie B. Racela revealed this was the outcome of their risk assessment on the industry, which was done in December 2019. “We conducted our risk assessment and the risk assessment discovered that there is low level awareness to [government] regulations among POGOs. There is also an increasing level of threat in money laundering,” Racela told the Senate panel, chaired by Sen. Joel Villanueva. The assessment covered the bank transactions of POGOs from 2015 to 2019. In an ambush interview, Racela told the BusinessMirror they got “intelligence leads” indicating some POGO-related firms may be involved in irregular operations. He cited their experience with two POGO-related companies which they learned, after inspection, were not found in their declared office addresses. “In such case, we recommend proper action,” he said. See “Pogo,” A2

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SUZU Gencars Sta. Rosa won 2nd Runner Up in Isuzu Philippines Corporation’s Dealer of the Year Award 2019. Gencars President and Chief Executive Officer D. Edgard A. Cabangon together with Lerma Nacnac, executive vice president; Rosabel Dimacuha, vice president for South Luzon operations and manager of Isuzu Sta. Rosa; Evangeline Garcia, manager of Isuzu Gencars San Pablo; Sharon Tan; Giannina Cabangon and other Isuzu Gencars officials received the recognition from IPC President Hajime Koso along with IPC Executive Vice President Shojiro Sakoda, VP-Aftersales Sumitaka Morita and VP-Sales Yasuhiko Oyama during the awarding ceremony held last February 7, 2020, at the Hilton Manila, New Port Boulevard, Pasay City. Besides being second runner-up as Dealer of the Year 2019, Isuzu Gencars Sta. Rosa won first place in Service Operations category and second place in Parts Operation category. Isuzu Gencars Sto. Tomas Batangas branch, on the other hand, won second place in the Customer Service Operation category. Mr. Jerin Guevara-assistant manager of Isuzu Gencars Sto. Tomas received the award, while Isuzu Gencars Makati got the Most Improved Dealer Award.

US 50.7820 n japan 0.4627 n UK 65.5951 n HK 6.5394 n CHINA 7.2676 n singapore 36.5496 n australia 33.9528 n EU 55.4184 n SAUDI ARABIA 13.5397

Source: BSP (11 February 2020)


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