Demand for OFWs high amid Omicron–POEA By Samuel P. Medenilla
there were countries that implemented additional restrictions for incoming travelers like requiring them to be fully vaccinated against Covid-19. He noted some traditional destination countries for OFWs even decided to temporarily close their borders. “The surge in Covid-19 cases due to the Omicron [cases] has created a lot of repercussions in our deployment,” Olalia said. Fortunately, he said, some countries like Israel and the United Kingdom continue to hire OFWs, particularly Filipino
sam_medenilla
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ESPITE tougher protocols imposed by some countries for migrant workers due to the surge in worldwide cases of the Omicron variant of Covid-19, demand for overseas Filipino workers (OFW) abroad continue to recover this year, according to the Philippine Overseas Employment Administration (POEA). In a virtual press briefing on Wednesday, POEA Administrator Bernard P. Olalia disclosed
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health care workers (HCW) even with the surge of the Covidcausing Omicron variant. “Our health care workers are continually being accepted by foreign employers during the time of pandemic,” Olalia said. Due to the high demand for HCWs abroad, POEA opted to maintain its 7,000 deployment cap for the sector this year to make sure the country will have a sufficient workforce in its health care facilities for its Covid-19 response. The high demand for Filipino HCWs as well as seafarers
contributed to the growth in the country’s deployment figure last year, which reached 675,500 as of November 2021. This was slightly higher compared to the 560,000 in 2020 during the onset of the Covid-19 pandemic. “We hope this 2022, two years after the pandemic occurred, there will be recovery in our deployment levels,” Olalia said. To note, prior to the pandemic, POEA usually deployed an average of 2 million OFWs per year.
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BSP FLAGS INFLATION RISKS FROM TYPHOON T www.businessmirror.com.ph
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Thursday, January 6, 2022 Vol. 17 No. 90
P25.00 nationwide | 2 sections 24 pages | 7 DAYS A WEEK
PHL Covid log nearly doubles to 10K cases
By Bianca Cuaresma @BcuaresmaBM
HE Bangko Sentral ng Pilipinas (BSP) welcomed inflation’s deceleration back to below 4 percent in December, but warned of a potential “temporary” uptick due to the recent typhoon that ravaged the Visayas.
By Claudeth Mocon-Ciriaco
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A TAXI driver who has just dropped off a patient at the Manila Covid Facility in Manila is disinfected and advised to go home by health workers. The government has called for the nationwide implementation of the prohibition on unvaccinated people from going to public places amid the rising Covid-19 cases and the emergence of the Omicron variant. NONIE REYES
“The BSP will incorporate the typhoon’s impact into its projections once firm estimates become available.” – BSP Gov. Benjamin Diokno
In a statement on Wednesday, BSP Governor Benjamin Diokno said with the 3.6 percent print in December, inflation is on its way to ease close to the midpoint of the target range in 2022 and 2023. This is in contrast to the 2021 situation, where inflation averaged at 4.5 percent for the year, breaching the 2 to 4 percent target range of the government. The 2 to 4 percent target range is maintained up until 2024. Although widely expected by the market, the BSP is still mandated by law to write an open letter to the President explaining the breach in target. In his statement on Wednesday, Diokno also warned that the supply disruptions and agricultural damage from typhoon Odette will likely result in a “temporary uptick in the prices of
‘HIGHER-THAN-TARGET 2021 INFLATION EXPECTED’ By Tyrone Jasper C. Piad @Tyronepiad
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HE Philippines missing its full-year inflation target was not surprising because of higher pork prices, continued supply chain constraints and fourth-quarter spending surge, according to economists. Average consumer prices for 2021 settled at 4.5 percent, the Philippine Statistics Authority (PSA) reported on Wednesday, which is above the 2-4 percent government target. This is also higher compared to 2.6 percent in 2020. The major commodity groups that saw higher annual average inflation rates last year are food and non-alcoholic beverages, 5.2 percent; housing, water, electricity, gas, and other fuels, 2.6 percent; health, 3 percent; transport, 9.7 percent; and restaurant and miscellaneous goods and services, 3.6 percent.
In the National Capital Region (NCR), full-year inflation increased to 3.5 percent from 2.2 percent year-on-year. Meanwhile, areas outside NCR (AONCR) saw inflation climbing to 4.7 percent from 2.7 percent in the same period. “Considering other economies even outside Southeast Asia, price levels were expected to rise more than what was expected. Locally, we had the ‘pork situation’ that contributed much of the uptick in 2021 inflation and supply has been a major challenge,” Unionbank Chief Economist Ruben Carlo Asuncion told the BusinessMirror, citing the concerns with the African Swine Fever that greatly impacted affected pork supply. National Statistician Claire Dennis S. Mapa, in a press briefing, also stressed that pork prices have exacerbated the meat inflation. He said the average monthly
retail price of pork per kilogram (kg) in NCR rose to P348 in December from P332 the previous month. It is also much higher compared to the December 2020 price of P305 per kg. For AONCR, the average monthly retail price of pork was at P296 per kg last month, higher than P291 in November and P246 in December 2020.
Supply, prices watched
“WITH the NCR and the neighboring provinces of Cavite, Rizal, and Bulacan now under Alert Level 3, it is important to ensure affordable food prices and the continued delivery of goods and services. To temper inflation in meat, especially pork, the government is working to increase local supply and ensure regular unloading of stocks from cold storages,” Socioeconomic Planning Secretary Karl Kendrick T. Chua said in a statement on Wednesday.
Chua said that pork imports through increased utilization of the pork minimum access volume (MAV) plus under lowered tariffs under Executive Order (EO) 133 and 134 can boost the local supply, noting that only around 46 percent or 60,000 MT out of 130,000 MT of the MAV plus with import certificates was utilized as of Dec. 27, 2021. The National Economic and Development Authority, as such, stressed its proposal to extend EO 133's validity until December this year to stabilize the supply and arrest the price hikes. Chua also raised the need to distribute more imported pork in AONCR given that meat is among the inflation drivers in most regions.
Supply chain
MEANWHILE, Asuncion cited See “Inflation,” A2
See “BSP,” A2
PESO EXCHANGE RATES n US 51.2460
HE number of fresh Covid-19 infections in the Philippines nearly doubled on Wednesday to 10,775, bringing the total number of infections to 2,871,745, the Department of Health (DOH) reported. This prompted the DOH and the World Health Organization (WHO) to enjoin devotees of the Black Nazarene to safely observe the Traslacion and its related activities by attending virtual events at home instead of going to unsafe gatherings as Covid-19 cases rose rapidly. The DOH noted that Covid-19 cases have been increasing in the last 10 days, from 97 cases last December 26 to 5,434 cases on January 4, 2022. The spike resulted from the increase in movement and social mixing over the holiday period. The DOH also earlier attributed the increase to the possibility of the local spread of the Omicron variant. Along with Wednesday’s new case log that breached 10,000, there were also 605 recoveries and 58 deaths. This year’s Traslacion—the procession which draws more than a million devotees to Quiapo Church and surrounding areas in Manila—has been suspended due to the pandemic. See related story on the Traslacion on A3. The National Task Force on Covid-19 also issued a resolution for Quiapo Church to be closed from 7 to 9 January 2022, and for holy masses by the church to instead be aired online. Virtual versions of the usual activities during the Feast of the Black Nazarene—vigil, “pahalik” and procession—have also been organized. Law enforcers are also expected to limit foot traffic around the Quiapo area during the celebration. See “PHL,” A2
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JAPAN 0.4412
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UK 69.3666
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HK 6.5756
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CHINA 8.0424
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SINGAPORE 37.8032
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AUSTRALIA 37.0919
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EU 57.8516
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SAUDI ARABIA 13.6481
Source: BSP (January 5, 2022)