w
n
Wednesday, February 26, 2020 Vol. 15 No. 139
‘Curbs on POGO, new ecozones to cut growth’ HE slowdown in the global economy and domestic risks such as restrictions on Philippine Offshore Gaming Operators (POGOs) and a ban on new economic zones in Metro Manila could shave off at least 0.5 percentage points from the country’s growth this year, according to the Asean+3 Macroeconomic Research Office (Amro).
[The] impact is not contained within the property market, considering its backward and forward linkages to the rest of the economy.... Policy restrictions on POGOs and setting up of economic zones will not only affect the NCR.” —Amro
government’s full-year target of 6.5 to 7.5 percent. Amro said the US-China trade tensions, global policy uncertainties and business sentiments will weigh on investment spending
Amro’s assessment of the risk factors facing the Philippine economy, particularly the uncertainties from the external environment.
T
In its Annual Consultation Report released on Tuesday, Amro said, however, that higher government expenditure will allow the economy to grow by 6.4 percent this year. This is below the
By Cai U. Ordinario
@caiordinario
while domestic risks involving POGOs and economic zones in the National Capital Region (NCR) could dampen the growth of the property market. “The authorities concur with
Continued on A2
@alyasjah
T
HE country’s trade chief is eyeing to craft a policy that requires all manufacturers to localize at least 50 percent of their products to support the purchase from domestic suppliers. In mandating the whole manufacturing sector to make their products at least 50 percent local, Trade Secretary Ramon M. Lopez aims to have manufacturers support the domestic supply chain and, in turn, generate opportunities for many Filipinos. Lopez explained the policy could also cover infrastructure projects, which means constructors will be tasked to source half of their material requirements from local producers. “If you are a locally funded ‘Build, Build, Build’ project or you
T
@sam_medenilla
O
PESO exchange rates n
By Elijah Felice E. Rosales
By Jasper Emmanuel Y. Arcalas
By Samuel P. Medenilla
See “OFWs,” A2
50% LOCALLY SOURCED INPUTS TO BE REQUIRED OF MANUFACTURERS are enjoying incentives from the BOI [Board of Investments], Peza [Philippine Economic Zone Authority] or others, you should be required to increase the local content of your materials,” Lopez told reporters recently.“You buy locally made materials.” He added: “If the cement, steel, pipes, metal sheets are locally made and up to standard, prefer the local. That’s the campaign we will be pushing on a broader scale: buy Philippine made [products]. We will revive awareness to buy locally made.” Purchasing locally, he pointed out, has a multiplier effect on various industries, as it augments not only production but job demand, as well. Further, he said increasing the local content of goods manufactured here improves the country’st industrialization efforts. See “Manufacturers,” A2
PHL meat imports nearly flat on higher global prices
‘Fewer OFWs leaving PHL for Hong Kong, Taiwan, Macau’ VERSEAS Filipino workers (OFWs) continue to arrive in trickles in Hong Kong, Macau and Taiwan even after Manila’s lifting of the travel ban imposed on these areas due to the outbreak of the coronavirus disease 2019 (COVID-19). The Department of Labor and Employment (DOLE) said only a few OFWs have left for Hong Kong, Macau, and Taiwan since the InterAgency Task Force for Emerging Infectious Diseases (IATF-EID) allowed them to return these areas earlier this month. “They [OFWs] are taking precautionary [measures]. Once they hear
P25.00 nationwide | 5 sections 26 pages |
In this photo released by the Department of Foreign Affairs, officials of the DFA and Philippine Embassy in Tokyo, with a Department of Health team, wear protective suits as they prepare for the disembarkation of Filipino crew members on board the Diamond Princess cruise ship at Yokohama Port on Tuesday (February 25). About 400 Filipino crew members were repatriated to the Philippines on two chartered flights. Story on page A2. DFA VIA AP
@jearcalas
HE country’s meat imports last year remained nearly f lat, at around 845,000 metric tons (MT), as the spread of the dreaded African swine fever (ASF) in exporting countries put pressure on the global meat supply. Local traders have projected that total imports in 2019 would settle at the same figure recorded in 2018 due mainly to the jump in international meat prices, particularly pork. Bureau of Animal Industry (BAI) data showed that the country imported 844,971.338 metric tons of meat products last year, just a tad lower than the 848,660.358 MT recorded in 2018. The 18-percent hike in chicken meat imports, which reached a record-high 340,332.312 MT, was enough to offset the 14-percent decline in pork purchases. BAI data
indicated that pork imports last year reached 335,786.89 MT. Historical data from the BAI, an attached agency of the Department of Agriculture, revealed that this was the first time that chicken imports overtook the country’s purchases of imported pork. “[It was] a struggle for pork [imports as] prices [were] too high. Beef [imports] were likely flat, pork [imports] decreased, poultry [imports] likely went up, [total meat imports] may be flat,” Meat Importers and Traders Association President Jesus C. Cham told the BusinessMirror in an interview last month. The United States was the country’s top source of imported meat last year, accounting for 17.29 percent of total purchases, or 146,121.931 MT. However, purchases from the US fell by nearly 8 percent from the 155,931.041 MT recorded in 2018.
US 50.7670 n japan 0.4562 n UK 65.7382 n HK 6.5194 n CHINA 7.2251 n singapore 36.2389 n australia 33.4199 n EU 54.9248 n SAUDI ARABIA 13.5343
See “Meat,” A2
Source: BSP (24 February 2020)