Businessmirror february 25, 2017

Page 1

media partner of the year

United nations

2015 environmental Media Award leadership award 2008

BusinessMirror

www.businessmirror.com.ph

A broader look at today’s business n

Saturday, February 25, 2017 Vol. 12 No. 136

2016 ejap journalism awards

business news source of the year

P25.00 nationwide | 12 pages | 7 days a week

Sen. Leila M. de Lima is escorted to her detention a day after a warrant for her arrest was issued by a regional trial court on Friday in Pasay City. De Lima was arrested on drug charges but professed her innocence and vowed she would not be intimidated by a leader she called a “serial killer”. AP/Bullit Marquez

Drug war lands de Lima in jail

S

en. Leila M. de Lima, a vocal opposition senator and leading critic of President Duterte’s deadly antidrug crackdown, was arrested on Friday on drug charges, but professed her innocence and vowed she would not be intimidated by a leader she called a “serial killer”.

De Lima’s arrest came a day after the Regional Trial Court in Muntinlupa City issued the warrant for her arrest, along with other officials who have been charged by state prosecutors for allegedly receiving bribes from detained drug lords. De Lima has denied the charges, which, she said, were part of an attempt by Duterte to muzzle critics of his crackdown, which has left more than 7,000 drug suspects dead. She questioned why the court suddenly issued the arrest

order, when it was scheduled on Friday to hear her petition to void the three nonbailable charges. “If they think they can silence me, if they think I will no longer fight for my advocacies, especially on the truth on the daily killings and other intimidations of this Duterte regime, it’s my honor to be jailed for what I’ve been fighting for,” she said before policemen took her into custody at the Senate. Continued on A2

Justice Secretary Vitaliano N. Aguirre II (left) and National Bureau of Investigation Director Dante A. Gierran display nearly 1 metric ton of seized methamphetamine hydrochloride, or shabu, at a news conference in Manila on December 27, 2016. Aguirre said the 890 kilograms of shabu seized in the series of raids that started from December 1 to 26 has a street value of nearly P6 billion ($120 million), the biggest drug haul in the country so far. Ten people, including three Chinese nationals, were arrested during the raids. AP/Aaron Favila

Inflation spike may prompt BSP to adjust monetary-policy settings

A

By Bianca Cuaresma

fter years of keeping monetarypolicy settings unchanged, the Bangko Sentral ng Pilipinas (BSP) is likely to pull the trigger and start raising interest rates this year to abate rising pressures on the inflation front. PESO exchange rates n US 50.2320

For 19 consecutive times since September 2014—sans the operational adjustment in May last year for the shift to the Interest Rate Corridor (IRC) system—the Monetary Board (MB) has been maintaining rates on its overnight lending and overnight borrowing facilities, along with keeping other monetary-policy levers untouched, saying domestic conditions and inflation expectations remain within control. At present, the Central Bank’s

monetary-policy setting is at 3 percent for the main overnight reverserepurchase facility—with the ceiling of the corridor still at 3.5 percent and the floor at 2.5 percent. The reserve requirement ratio, meanwhile, is also still at 20 percent.

Rosy outlook

However, in the Standard and Poor’s (S&P) Global Ratings’s latest assessment of Asia-Pacific economic dynamics, the international credit

watcher said the Central Bank is likely to start raising its rates this year while the growth outlook for the economy remains rosy. “GDP growth of 6 percent to 6.5 percent is easily achievable for the Philippines. A growing middle class continues to support domestic demand. The weak peso will also contribute via a boost to remittances. Inflation is likely to rise significantly this year, and we expect See “Inflation,” A2

‘G

DP growth of 6 percent to 6.5 percent is easily achievable for the Philippines…. Inflation is likely to rise significantly this year, and we expect the BSP to begin raising interest rates in response.”—S&P

n japan 0.4456 n UK 63.0512 n HK 6.4733 n CHINA 7.3081 n singapore 35.7091 n australia 38.7389 n EU 53.1706 n SAUDI arabia 13.3956

Source: BSP (24 February 2017 )


Turn static files into dynamic content formats.

Create a flipbook
Issuu converts static files into: digital portfolios, online yearbooks, online catalogs, digital photo albums and more. Sign up and create your flipbook.