DTI: of cut basic goods remain stable ‘ClosePrices borders, Omicron exposure risk’ ByBy Tyrone C. Piad Cai U.Jasper Ordinario
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@Tyronepiad @caiordinario
HE Department of borders Trade LOSING the country’s and Industry (DTI) assured is one of the most immediate that no of manufacturers have courses action the governasked yet to increase suggested rement must take to prevent the lattail prices (SRP) for basic goods and est Covid-19 variant, Omicron, from commodities amid shores, the fuelaccordprice reaching Philippine hike induced by escalating tension ing to local economists. between Ukraine and Russia. T he new var iant is a threat, e s pTrade e c i a lUndersecretary l y w it h t he Ruth hol idCasay s telo said in over the weekcoming upa briefing and more foreigners end thata llowed the consumers will not yet being to travel to the see higher price tags when they do Philippines, De La Sa lle Univertheir grocery shopping. sit y economist Mar ia Ella Oplas “SoBusinessMirror. hindi natin pa agad mararamtold daman and kung tumaasbring naman, Theiyan holidays usually in can rest assured na lahat po ng manuOverseas Filipino Workers (OFWs) factured sa who are food eagerproducts to spenddumadaan Christmas
w w
pag-aaral ng DTI (We will not feelforthe with their loved ones, while price increases immediately; and if eigners living in temperate regions the prices increase, you can rest asusually want to relax in tropical sured thatlike thethe manufactured countries Philippines. food This products willof undergo DTI review),” year’s influx OFWs is expected to she said. since many of them were be heavier In its review, said unable toprice come home forCastelo the holidays the DTI “validates” the price hike in December 2020. and“My negotiates with manufacturers recommendation is to protect if the increase is too much of a with burthe borders. Do not allow people den for the consumers. a history of travel to countries with For now the said positive cases to trade enter,”official Oplas said. the price increases[We on “Weimpact shouldof beoil more restrictive. the cost of production averages 3.5 have to be] more protective in terms percent, which is deemed minimal of our measures.” that the manufacturers Oplas said that whileshoulder this willthe be additional expenses. a setback to some industries, this avert potential price hikes, is aTofair measure considering that Castelo said the DTI is providing asthis could help prevent placing the sistance to another manufacturers to assure country in strict lockdown,
Monday, February29, 28,2021 2022Vol.Vol.1717No.52 No. 143 Monday, November
the stable of basic goods which, shesupply said, the economy canand no commodities. longer afford. Trade Secretary M. Lopez “It is better thatRamon we do protective has directedmeasures the provision of aspreventive than get exsistance to manufacturers to lose,” keep posed again. We have a lot to production running, she This Oplas said. “We should dosaid. it now so way, if ever prices increase along that we can open just before Christwith demand, the we additional mas. Ifthe it gets contained, can open cost will not reflect on retail prices, it again.” Castelo added. Ateneo Center for Economic ReShould fuel prices continue to rise, search and Development (ACERD) however, notedSer thatPercival the Tax AssociateCastelo Director Reform for Acceleration and IncluK. Peña-Reyes said closing the sion (TRAIN) could mitigate country’s borders would be this. effecUnder the TRAIN the schedtive but should stilllaw, adhere to the uled increases in excise tax be standards set by the World may Health suspended when the average price of Organization (WHO). Dubai crude oil based on the Mean What is needed, Peña-Reyes told of Platts Singapore reaches least $80 this newspaper, is for travel restricper barrel. tions to be put in place swiftly and
uncertainties can affor“The government to be that proactive in fect the major economies, their imposing them. production, inf lation and Previous instances whentrade the will eventually impact partners country had the opportunity to imlike Lopez told reporters poseus,” travel restrictions did notover prethe weekend. vent the spread of Covid-19. That was “It isbecause important the conflict mainly thethat decision was not does not escalate further. Peace and made immediately, he said. development is still patay the best “Kung papatay [Ifpolicy.” we’re Other commodities that can poslow] and we get caught flat-foottentially be risky] affected the current ed, [that’s Webywere too resituation in Eastern Europe are active instead of proactive before. wheat, aluminum, platinum, We should learn from that,” nickel Peñaand copper, he enumerated. Reyes said. “It’s a delicate balancing Last month, thepush DTI released the act. We need to testing and updated SRP list for basic necessities tracing to be properly informed and prime commodities for 216 shelf of our decisions. Blanket/shotgun keeping units (SKUs), 73 of consewhich approaches could have dire saw an increase. quences on the economy.” See “DTI,” A2 A2 See “Omicron,”
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NATL BORROWINGS ‘WAR GOVT TO MAKE NOODLES, FOR 10 MOS DIP TO P2.75T BREAD MORE EXPENSIVE’ n n
By Bernadette D. Nicolas By Cai@BNicolasBM U. Ordinario
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Omicron risk Govt to go spurs revival local for of quarantine rules in PHL critical supplies
@caiordinario
HE national IMPLER government’s birthdays and gross even smaller borrowings as of pan de sal may greet end-October shrank Filipino consumers by the almost percent in next6few year-on-year to weeks as wheat P2.75 trillion. prices continue to soar due to the war Latest data from the Bureau of the in Ukraine, one Treasury showed that the governof the country’s ment’s gross borrowings during the 10-month period fell by percent top sources of5.99 the from P2.92 trillion a year ago. commodity. With only two months left for this year, the latest figure is already equivalent to 89.6 percent of its Economistsborrowing said theseprogram. are just P3.07-trillion some of the adjustments that could Broken down, gross domestic borhappen the Ukraine-Russian crirowingsasfrom January to October sis enters its first week. With hostilsettled at P2.23 trillion, down by ities net food importers 5.08increasing, percent from P2.35 trillion like the Philippines are bracing for in 2020. theThe impact of a war that is happenbulk of the amount was ing thousands of miles from sourced from Fixed Rateaway Treasury them. Bonds (P1.19 trillion), followed by Former Ateneo Center forBangEcoshort-term borrowings from nomic Research and Development ko Sentral ng Pilipinas or BSP (P540 (ACERD) Director AlvinBonds/PreP. Ang told billion), Retail Treasury BusinessMirror of another grim myo Bonds (P463.3 billion), Retail expectation: that people earning Onshore Dollar Bonds (P80.84 billess need to adjust the mostwas in lion).will In the same period, there terms of reducing consumption or also a net redemption of Treasury looking for alternatives. Bills amounting to P43.94 billion. “It’s by the] globalmeans supply Net [caused debt redemption crunch aggravated by the Ukraine there were more debts repaid comcrisis. This could lead to reduced pared to the amount borrowed durconsumption ing the period.of certain products,” AngMeanwhile, said. “This gross is not new but borthis foreign is the rational behavior [when] rowings in the same period also adjusting contractedtobysituations.” 9.7 percent to P518.7 Data from the International billion from last year’s P574.4 billion. Monetary Fund (IMF) showed that This was raised through global international prices have bonds (P146.17wheat billion), program increased by 80 billion), percent between loans (P139.98 euro-deApril 2020 and 2021, nominated bonds December (P121.97 billion), long before the crisis in Ukraine a project loan (P86.41 billion), and escalated. yen-denominated samurai bonds Contnued on A2 (P24.19 billion).
By Samuel P. Medenilla @sam_medenilla
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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 NINEGat of 10 presidential candidates areNovember seen onstage at the CNN Philippines presidential debates on Sunday (February 27). From left, Ernesto Abella, Leody de Guzman, Isko Moreno Domagoso, Norberto DOMINGO hero Andres Bonifacio on Tuesday, 30. ROY Gonzales, Ping Lacson, CNN PHL anchors Pia Hontiveros and Pinky Webb, Faisal Mangondato, Jose Montemayor Jr., Manny Pacquiao and Leni Robredo. The presidential debates, and the VP debates the day before it, were mounted with the University of Santo Tomas and in cooperation with Microsoft Philippines and BusinessMirror. NONIE REYES
OVERSHARE 3-M FARMERS LISTED FOR P75-B FUND BETS HOW THEY READIED FORCOCO CNNLEVY DEBATES By Jasper Emmanuel Y. Arcalas @jearcalas
By Jasper Emmanuel Y. Arcalas
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@jearcalas ORE than 3 million coconut farmers and PRESIDENTIAL candidate workers are now regisforgot his shoes. Another tered with the government’s regforgot to ask how coldbasis the istry, which serves as the venue felt. for the number of people to be Most by of the seekcovered the candidates utilization of the ing the highest post levy of the land P75-billion coconut fund. saidPhilippine preparingCoconut for a debate came Authority natural. (PCA) Deputy Administrator Roel saidsaid he has been preparing M.One Rosales about 3.11 million throughout his life. Another said coconut farmers and farm workhe will speak from the heart. ers have been registered with the
government since it started up-
dating its registry following the enactment of the Coconut Farmthe battle of wits on live ersBefore and Industry Trust Fund law. television, the BusinessMirror Rosales explained that about talked to most of thefarmers presidential 500,000 coconut and candidates at the CNN Philipworkers were added to the PCA’s pines presidential debate about 2018 list that had about 2.5 million how they prepared for the debate, coconut farmers and farm workers. howThe their day looked likeisand the PCA’s next step to constories behind their attires. duct an exclusion-inclusion procedure by making the updated Natural, farmers’ spiritual registry public, providFOR most of the theopportunity presidential ing everyone to candidates interviewed by the check the veracity of the list, RoBusinessMirror, sales added. preparing for the #CNNPHPresidentialDebate was “The list will be posted in public spaces where people can easily see
them. This allows everyone to see who are listed in the registry and if afarmer piece of cake:see it comes natural. doesn’t his name then he “I have been preparing all my shall coordinate with the PCA imlife. I am accustomed andat aware of mediately,” he explained a recent the topics, subjects, and problems dialogue with coconut farmers. of our country,” Democratic Party “On the other hand, if people ofwould the Philippines presidential see names on the list bet and Jose Montemayor Jr. not shared. they think they are coconut Montemayor one the farmers or their said details areofincorkey he it did rect,preparations they can report to for the the PCA debate was to pray. for immediate action,” he added. “IThe seePCA to itofficial that mynoted relation that with the Lord Jesus is okay.list I the completion of the initial prayed on my own and asked my of coconut farmers registry would family forexpected God to be justtoinpray timeforformethe rollout of coconut levy-funded
programs as President Duterte is expected to sign the industry give me wisdom… Lord to development planfor inthe early 2022. empower mesaid withthe HisPCA spirit Rosales willand not tostop giveupdating me the its choice of coconut words list of that I will spill out during farmers and enjoined them tothe regdebate,” said Montemayor, whose ister in order to reap the benefits “spiritual” family joined at of the decades-long idled him coconut the venue. levy fund. “We will not stop at 3.1 Katipunan ng Kamalayang Kamillion. We hope that more indiyumanggi presidential betcoconut Faisal viduals will register in our Mangondato said hehedid nothing farmers registry,” said. special to prepare for the debates, The updating of the coconut noting that it wasisjust anotherby farmers registry mandated “normal day.” Republic Act (RA) 11524 or the A10Fund Act. CoconutContinued Industryon Trust See “3-M farmers,” A2
NTER NATIONA L concerns over the possible spread of the By Samuel P. Medenilla more infectious Omicron Co@sam_medenilla vid-19 variant prompted the government to reimpose mandatory HE government is considfacility-based quarantine for all ering a new policy will arriving passengers in thethat country. prioritize local manufacturActing Presidential spokesperers theB.state’s procurement son for Karlo Nograles announced of critical products during public on Sunday that the Inter-Agency health emergencies, according to Task Force for the Management the Department of Labor and Emof Emerging Infectious Diseases ployment (DOLE). the implemen(IATF) suspended In itsofupdated JobsFit:No. Road to tation its Resolution 150Recovery report, DOLE said the NaA (s.2021), effectively imposing tional Employment Recovery Stratstricter protocols for all inbound egy (NERS) Task Force is studying travelers. theTo measure to prevent labor 150disnote, IATF Resolution placement during a crisis. A had allowed fully vaccinated The proposal is also expected to non-visa travelers from Green List ensure that such critical products areas to enter the country withwill locally for govoutremain the need foravailable facility-based ernment stockpiling requirements. quarantine as long as they secure “This isReverse part of the efforts of the negative TranscriptionNERS Task Force to stimulate the Polymerase Chain Reaction (RTeconomy by creating more demand PCR) test within 72 hours prior for locally manufactured goods; to our their departure. thus creating jobs inclassified the pro“Except formore countries cess,” the report read. as ‘Red,’ the testing and quarantine In a Viber message, Labor Asprotocols for all inbound internasistant Secretary Dominique R. tional travelers in all ports of entry Tutay told the BusinessMirror shall comply with the testing and the NERS Taskforce quarantine protocols isforcurrently ‘Yellow’ consolidating the products that list countries,” Nograles said, citing may be covered by the so-called the provision of IATF Resolution “Go No. Lokal” 151-A. initiative. “We are trying bestwhich efforthas to He noted Hongour Kong, come out with Orconfirmed a the caseEO of[Executive the Omicron der] for this remaining variant, willwithin also fallthe under the Yelmonths of the current administralow list countries. tion. Otherwise we can stillrules pursue The suspension of the for this in the next administration/ “Green List” countries will be in Congress,” said. 28, 2021 to effect fromTutay November December See 15,“Govt,” 2021. A2
See “Borrowings,” A2
PESO EXCHANGE RATES n US 51.2710 PESO EXCHANGE RATES n US 50.4600
Continued on A2
n JAPAN 0.4460 n UK 69.4517 n HK 6.5691 n CHINA 8.1199 n SINGAPORE 38.0829 n AUSTRALIA 37.0843 n EU 58.0029 n SAUDI ARABIA 13.6661 n JAPAN 0.4374 n UK 67.2329 n HK 6.4722 n CHINA 7.9013 n SINGAPORE 36.8968 n AUSTRALIA 36.2807 n EU 56.5758 n SAUDI ARABIA 13.4531
Source: BSP (February 24, 2021) Source: BSP (November 26, 2021)