‘Close borders, cut Omicron exposure risk’ ‘Track oil prices despite easing inflation’ By Cai U. Ordinario By Tyrone Jasper C. Piadwith their loved ones, while for-
which, will she said, the economy can no lead to more expensive basic eigners living in temperate regions longer afford. goods that can adversely impact usually want to relax in tropical “It isconsumers, better thatespecially we do protective those from LOSING the country’s borders countries like the Philippines. This preventive measures than get exESPITE the easing of the vulnerable sectors. is one of the most immediate year’s posed again. have lotgovernment to lose,” inflation in January, a influx of OFWs is expected to “WeWe call on athe courses of action the governbe on heavier since many of them were Oplas said. “We should do itdespite now so the consumer group called to remain vigilant ment must take to prevent the latunable to come home for the holidays that we can open just before Christthe government to keep a close lower inflation in January and est Covid-19 variant, from in December 2020. mas. If it gets contained, we can open watch Omicron, on oil price movements implement measures such as reaching Philippine shores, accord“My recommendation is to protect it again.” and to put in place measures to temporary reduction of taxes on ing to local economists. the borders. Do not allow people with Ateneo for and Economic Re-contemper their inflationary impact fuelCenter products approve T he new var iant is a threat, a history of travel to countries with search and Development (ACERD) on commodities. tracts to mitigate the impact of “Power generation costs are set to e s p e c i a l l y w itThe h t he hol id ay s according positive cases to as enter,” Oplassummer. said. This is Associate Director Serof Percival government, consumer prices higher fuel increase we approach coming up and more Konsyumer foreigners Inc. (LKI) “We shouldnot beonly more [Webut alsoK. Peña-Reyes closing the to Laban and powersaid prices in the coming due restrictive. to higher fuel costs being a llowed to travel to the Mario have more protective in terms borders would be effecPresident Victorio A. to be]due months,” Dimagiba said. to the precarious supply situation.” country’s Philippines, Dimagiba, De La Sa lle Univerour measures.” still adhere the needs to “remainof vigiLast year, the LKItoofficial —Victorio Mario Dimagiba, LKI presidenttive but should sit y economist Mar ia Ella Oplas Oplas said that while this will be standards set by the World Health lant” even after inflation slowed noted that the net increase for a setback to He some industries, JUST in time for the Love Month, SM Supermalls offers enhanced malling and romantic dining dealstold at SMBusinessMirror. Malls down to 3 percent in January, explained thatthis high fuelOrganization gasoline(WHO). was P17.65 per liter (L); The holidays usually bring in is a fair measure considering that What is needed, told from 3.7 percent year-on-year prices can put pressure on the diesel, P14.30Peña-Reyes per L; and kerosene all month long. They urged people not to miss out “on these exciting deals, activities, and surprises while Overseas Filipino Workers (OFWs) this could help prevent placing the this newspaper, is for travel restricand 3.2 percent the month before. consumer price index, which P11.45 per liter. The hikes so far #SafeMallingAtSM with your loved ones.” CONTRIBUTED PHOTO who are eager to spend Christmas country in another strict lockdown, tions to be put in place swiftly and @caiordinario @Tyronepiad
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Monday, February29, 14,2021 2022Vol.Vol.1717No.52 No. 129 Monday, November
for for government to be proactive in the current year are P5.70, imposing them. P7.95 and P7.20 per L, respecPrevious instances when the tively, he added. country had the opportunity to imHe said that fuel prices are poseexpected travel restrictions not preto increase did further this ventyear the as spread ofcrude—benchmark Covid-19. That was Dubai mainly because the for fuel prices indecision Asia—iswas seennot to made immediately, he said. rise by 6.5 percent. “Kung papatay patay [Ifare we’re “Diesel and kerosene soslow] and we get caught flat-footcially sensitive products and ed, naturally [that’s risky] Wepocket were too rehurt the of poor active instead of proactive before. consumers,” Dimagiba stressed. We should learn from that,” PeñaAs such, Dimagiba suggested Reyes “It’s a delicate balancing thesaid. reinstatement of the oil staact.bilization We needfund to push testing and and regulation of tracing to be properly informed the oil industry, in addition to of our thedecisions. promotionBlanket/shotgun of shift or use of approaches could have direothers. conseelectric vehicles, among quences onSee the“Oil economy.” prices,” A2 See “Omicron,” A2
NATL GOVT BORROWINGS ‘COMPREHENSIVE’ PHL, FOR MOS DIP TO P2.75T UAE10 IPPA ACCORD DONE n n
P25.00 P25.00 nationwide nationwide || 22 sections sections 20 20 pages pages ||
By D. Nicolas ByBernadette Tyrone Jasper C. Piad
T T
Omicron risk BIR collects spurs revival ₧1.2B from of quarantine POGOs in rules in PHL Oct-Dec ’21
@BNicolasBM @Tyronepiad
HEPhilippines national HE and United Arab government’s Emirates gross (UAE) have concluded borrowings astalks of on their investment end-October shrank promotion and by almostagreement 6 percent protection year-on-year to (IPPA) after earlier P2.75 trillion. expressing an intent to pursue a potential trade Latestdeal. data from the Bureau of the Treasury showed that the government’s gross borrowings during the Trade Secretary Ramon Lopez 10-month period fell by 5.99 percent told the BusinessMirror that from P2.92 trillion year ago. the both parties havea finalized With only two months left for agreement, but the actual signing this year, the latest figure is already is yet to be scheduled. equivalent of its He hopestoto89.6 signpercent the IPPA by P3.07-trillion borrowing program. March. During the Expo 2020 Broken down, grossNational domestic borDubai: Philippine Day rowings from January to October Celebration Official Ceremony last settledLopez at P2.23 trillion,the down by week, highlighted impor5.08 percent from P2.35 trillion tance of IPPA as both countries seek in develop 2020. deeper economic ties. to Thenoted bulkthat of the the “very amount was He compresourced from Fixed Rate Treasury hensive” agreement includes the Bonds (P1.19 trillion), followed by national treatment, most favored short-term borrowings from Bangnation treatment, freedom from exko Sentral ngtransfers Pilipinas and or BSP (P540 propriation, access to billion), Retail Treasury investor-state dispute Bonds/Presettlement myo Bonds (P463.3 mechanism, among billion), others. Retail Onshore Dollar Bonds (P80.84time bil“It is even a more opportune lion). In the same period, there was now for UAE investors to invest in alsoPhilippines a net redemption ofeconomic Treasury the as recent Bills amounting to P43.94 billion. and regulatory reforms are now set Net debt redemption means in place, such as the liberalization there wereservices more debts comof public act, repaid retail trade pared toforeign the amount borrowed and the investment actdurand ing the period.in the tax and incenimprovement Meanwhile, foreign bortives regime ofgross the Philippines,” rowings in the same period also Lopez said. contracted by 9.7 percent to P518.7 The IPPA seeks to boost UAE billion from last year’s P574.4 billion. investors’ engagement in the PhilThis was raised throughenergy global ippines in agribusiness, bonds (P146.17 billion), program efficiency technologies and reloans (P139.98 euro-denewable energy,billion), infrastructure, nominated bonds (P121.97 billion), information technology-business a project loan (P86.41 billion), process management, oil and and gas yen-denominated samurai bonds and tourism. (P24.19 Seebillion). “Comprehensive,” A2
By Samuel P. Medenilla
@sam_medenilla By Bernadette D. Nicolas
IT
PEOPLE walk past the mural of Gat Andres Bonifacio at Manila City Hall Underpass. The country will celebrate the 158th birth anniversary of Filipino revolutionary hero Gat Andres Bonifacio on Tuesday, November 30. ROY DOMINGO
OVER 3-M FARMERS LISTED FOR P75-B COCO LEVY FUND
ESSENTIALS such as household and food items make their way into flower arrangements as sellers at the Dangwa Flower Market in Sampaloc, Manila, get creative with their offerings for Valentine’s Day. ROY DOMINGO By Jasper Emmanuel Y. Arcalas
dating its registry following the enactment of the Coconut Farmers and Industry Trust Fund law. Rosales explained that about 500,000 coconut farmers and workers were to the PCA’s Mirror from added the PSA showed 2018 list that had about 2.5 million that 17.428 million women were coconut farmers farm not in the laborand force asworkers. of DeThe PCA’s next step is to concember 2021. This accounted for ductpercent an exclusion-inclusion pro65.9 of the total number cedure by who making updated of Filipinos chosethe to stay out farmers’ registry public, providof the country’s pool of workers. ingThe everyone the opportunity to country’s labor force is check the veracity of the list, Roonly composed of persons aged sales added. 15 years old and over who are ei“The list willorbeunemployed, posted in public ther employed in spaces where people can easily see
them. This allows everyone to see who are listed in the registry and if farmer doesn’t see his name then he shall coordinate with the PCA immediately,” he explained at a recent dialogue with coconut farmers. accordance with the definitions “On the other hand, if people described below. would see names on the and “(Persons not in the list labor they think they are not coconut force) refer to persons 15 years farmers their details incorold and or over who are are neither rect, they can report it to the PCA employed nor unemployed. Also for immediate action,” added. included are persons whoheare not The PCA official noted that available and are not looking for the completion of the initial list work,” the PSA explained. ofThe coconut registry would datafarmers showed a total of be just in time for the expected 26.577 million Filipinos were not rollout of coconut levy-funded
programs as President Duterte is expected to sign the industry development plan in early 2022. Rosales said the PCA will not stop updating its list of coconut farmers andlabor enjoined regpart of the forcethem as oftoDeister in order to reap the benefits cember. Apart from the women, of the decades-long coconut the number includesidled 9.148 millevy fund. “We will not stop at 3.1 lion men who are also not workmillion. We hope that more indiing, looking for work, or available viduals will register in our coconut for work. farmers he said. A totalregistry,” of 12,730 men and The who updating of part the coconut women are not of the farmers is mandated labor forceregistry are between the agesby Actyears (RA)old. 11524 or the ofRepublic 15 and 24 Coconut TrustA2Fund Act. SeeIndustry “17-m pinays,”
WHAT’S KEEPING 17-M PINAYS OUT OF LABOR FORCE? @jearcalas
M S
ORE than 3 million coconut farmers and workers are now regisBy Cai U. Ordinario tered with the government’s reg@caiordinario istry, which serves as the basis for the number ofdomestic people todube CHOOLING, covered by the utilization of the ties, and retirement and P75-billion coconut fund. disability were levy among the Philippine Authority reasons that Coconut kept millions of (PCA) Deputy Administrator Roel Filipinas out of the labor force, M. Rosalesto said about 3.11 million according data from the Philcoconut farmers and farm workippine Statistics Authority (PSA). ersData have obtained been registered with the by Businessgovernment since it started up-
See “Borrowings,” A2
PESO EXCHANGE EXCHANGE RATES RATES nn US US 50.4600 51.2670 PESO
See “3-M farmers,” A2
@BNicolasBM
NTER NATIONA L concerns over possible spread ofRevthe HEthe Bureau of Internal more infectious Omicron Coenue (BIR) collected P1.22 vid-19billion variant govin prompted taxes fromthe Philipernment to reimpose mandatory pine Offshore Gaming Operations facility-based for up all (POGOs) since quarantine the law setting country. aarriving clearer passengers tax regime in forthe the sector Acting spokespertook effectPresidential in October last year. sonDespite Karlo B. Nograles announced the pandemic, the BIR on Sunday that the Inter-Agency said that from October 9 to DecemTask Force for the Management ber 31, 2021 it was able to collect of Emerging Infectious the amount from OffshoreDiseases Gaming (IATF) suspended the implemenLicensees, their Service Providers, tation of employees. its Resolution No. 150and their A Moving (s.2021),forward, effectively the imposing BIR also stricter protocols forthat allmore inbound expressed confidence revtravelers. enues will be collected from POGOs To note, Resolution following theIATF enactment of the150law. A “As had we allowed fully vaccinated already have rules and non-visa travelers Green List regulations in placefrom for the POGO areas to enter the country withindustry, we expect POGO operaout the need for tions to continue andfacility-based we foresee an quarantine as long asarising they secure increase in revenues from negative Reverse Transcriptionsaid activities,” the BIR said in a draft Polymerase Chain Reaction (RTdocument shared with reporters. PCR) test within 72 hours prior Broken down, BIR data showed to their the bulk departure. of the amount collected “Except countries during thefor period was classified sourced as ‘Red,’ the testing and quarantine from withholding taxes amounting protocols all inbound internato P709.39for million. This was foltional by travelers all ports of entry lowed tax oningaming revenues shall comply with the testing and at P409.94 million. quarantine protocols ‘Yellow’ The rest of the amountfor came from list countries,” Nograles said, citing income tax (P89.67 million), valuethe provision of IATF added tax/percentage tax Resolution (P5.33 milNo. 151-A. lion), other taxes (P4.97 million), and He noted Hong Kong, whichmilhas documentary stamps tax (P3.34 confirmed a case of the Omicron lion). Under Republic Act No. 11590 or variant, will also fallsigned underby the Yelthe law taxing POGOs Presilow list countries. dent Duterte, offshore gaming licensof the rules for ees The shallsuspension be slapped with a 5-percent “Green List” countries will be in gaming tax and a 25-percent income effect from November 28, 2021 tax on their non-gaming revenues. to December 15, See 2021. “BIR,” A2 Continued on A2
n n UK UK 67.2329 69.5078 n n HK HK 6.4722 6.5770 n n CHINA CHINA 7.9013 8.0702 n n SINGAPORE SINGAPORE 36.8968 38.1337 n n AUSTRALIA AUSTRALIA 36.2807 36.7328 n Source:BSP BSP(November (February 11, n JAPAN JAPAN 0.4420 0.4374 n n EU EU 58.5879 56.5758 n n SAUDI SAUDI ARABIA ARABIA 13.6654 13.4531 Source: 26,2021) 2021)