BusinessMirror January 14, 2022

Page 1

PHL seen to stay as 2nd top buyer of rice in ’22 By Jasper Emmanuel Y. Arcalas

T

HE Philippines is projected to remain as the world ’s second-big gest buyer of rice in 2022 for the third consecutive year with import volume reaching 2.5 million metric tons (MMT), the United States Department of Agriculture (USDA) said. In its monthly global grain report, the USDA revised upward its rice import forecast for the Philippines both for 2021 and 2022. The USDA explained that the country’s rice imports reached

ROTARY CLUB OF MANILA JOURNALISM AWARDS ROTARY CLUB OF MANILA JOURNALISM AWARDS

2006 National Newspaper of the Year 2006 National Newspaper of the Year 2011 National Newspaper of the Year 2011 National Newspaper of the Year 2013 Business Newspaper of the Year 2013 Business Newspaper of the Year 2017 Business Newspaper of the Year 2017 Business Newspaper of the Year 2019 Business Newspaper of the Year 2019 Business Newspaper of the Year 2021 Patria Award 2021 ProPro Patria Award PHILIPPINE STATISTICS AUTHORITY 2018 Data Champion PHILIPPINE STATISTICS AUTHORITY 2018 Data Champion

2.8 MMT from an earlier projection of 2.6 MMT, driven by “ fast import pace” from Vietnam, the country’s top supplier of the staple. For this year, the USDA hiked its rice import forecast to 2.5 MMT from the 2.4 MMT estimate last month due to “expected strong buying from Vietnam.” Despite the 300,000 MT yearon-year decline in expected rice imports this year, the Philippines will remain as the world ’s second-largest buyer of the staple for the third straight year, based on USDA data.

@jearcalas

This BusinessMirror file photo shows different varieties of rice being sold at a local market in Manila.

See “PHL,” A2

BusinessMirror

www.businessmirror.com.ph www.businessmirror.com.ph www.businessmirror.com.ph

Abroader broaderlook lookat attoday’s today’sbusiness business A broader look at today’s business A

Sunday, December 2021Vol. Vol.1717No. No.58 Friday,December January 14, 2022 9858 Sunday, 5,5,2021

EJAP JOURNALISM AWARDS EJAP JOURNALISM AWARDS

BUSINESSNEWS NEWS BUSINESS SOURCEOFOFTHE THEYEAR YEAR SOURCE

(2017, 2018, 2019, 2020) (2017, 2018, 2019, 2020)

DEPARTMENT SCIENCE AND TECHNOLOGY DEPARTMENT OF OF SCIENCE AND TECHNOLOGY

2018 BANTOG MEDIA AWARDS 2018 BANTOG MEDIA AWARDS

P25.00nationwide nationwide|||222sections sections12 12pages pages|||777DAYS DAYSAaAWEEK WEEK P25.00 nationwide sections 20 pages days week P25.00

GIR RISES TO $108.89B AS OF END-DEC, A 12-MO HIGH nnn

MAP pushes policy reforms for recovery, human devt

By Bianca Cuaresma @BcuaresmaBM

T

HE country’s dollar reserves hit a 12-month high in December, after growing by more than a billion in the last month of the year, the Bangko Sentral ng Pilipinas (BSP) reported on Thursday.

By Tyrone Jasper C. Piad

T

‘DIGITAL DIASPORA’

Latest BSP data showed that the country’s gross internationPASSENGERS wearing face masks to protect themselves against Covid-19 board a jeepney at a terminal on Visayas Avenue in Quezon City on Thursday, Janual reserves (GIR) rose by $1.17 ary 13, 2022. Transportation Secretary Arthur Tugade announced a “no vaccination, no ride” policy, starting Monday, January 17, banning unvaccinated resibillion to $108.89 billion as of dents of the National Capital Region and surrounding districts from public transport amid a surge of infections due to the Omicron variant. NONOY LACZA end-December 2021. This is the highest GIR level of the country for 2021. The country’s GIR is the level of foreign exchange holdings that is being managed by the Central Bank during a given period. The GIR is a crucial compoBy Cai U. Ordinario largely unable to capitalize on the ame said since vaccinations began, nent of the economy as it is often @caiordinario global recovery,” the economists said. their study revealed there were two used to manage the country’s Higher vaccination rates allows recovery tracks. foreign exchange rate against OUNTRIES with higher vaccountries to reduce the severity The first track was observed in excess volatility. cination rates are likely to of disease, preventing deaths and countries like China, the Republic ByManuel Manuel Cayon consumers become more discernThe BSP said the latest GIR By T.T.Cayon consumers become more discernexperience faster economic hospitalization. This also helps govof Korea and Singapore which saw ingand and connected, werecovery areseeing seeing level represents a “more than ing connected, we are growth, according to economists ernments ease restrictions, allowthem benefit from the in incredibleinnovations innovations happening incredible happening adequate external liquidity buffrom the Asian Development Bank ing for greater economic activities. international trade, and high vacinthe theretail retail sectorthat thatcompletely completely in sector fer” equivalent to 10.3 months’ (ADB). “Where vaccination coverage cinations allowed them to contain reimagine shopping experiexperireimagine shopping worth of imports of goods and In an Asian Development Blog, is relatively low, governments are the spread the ofthe Covid-19. ence,” Gunjan Soni, chief executive ence,” Gunjan Soni, executive payments of services and priADB Economic Research and Reforced to tighten restrictions if Co“Slow progress onchief vaccination or officer of the Zalora Group, told an officer of the Zalora Group, told an gional Cooperation Department vid-19 cases rise. As well as imposineffective containment are the commary income. online presentation itsby Trender online presentation ofofits Trender economist Irfan A. Qureshi and ing severe constraints on contactmon characteristics shared econoSee “GIR,” A2 Report 2021. Report 2021. Senior Economist Matteo Lanzafintensive activities, this results in mies lagging behind, which have been Shedescribed describedthe the“shoppers “shoppersofof She tomorrow”asas“digital “digitaland anddiverse diverse tomorrow” across Southeast Asia.” across Southeast Asia.” n US 51.1000 n japan 0.4458 n UK 70.0326 n HK 6.5589 n CHINA 8.0361 n singapore 37.9756 n australia “It’s a a digital digital diaspora,” diaspora,” she she “It’s said,citing citingGoogle Googletrend trendmonitormonitorsaid, ingthat thatshows shows40 40million millionnew newInIning ternetusers userscame cameonline onlineinin2021, 2021, ternet “bringingthe theinternet internetpenetration penetration “bringing SoutheastAsia Asiatoto75 75percent.” percent.” ininSoutheast “Infact, fact,eight eightout outofof10 10InterInter“In netusers usersininthe theregion regionare aredigidiginet talconsumers. consumers.Recognizing Recognizingthis this Internetand andelectronic electroniccommunicommunital Internet For one, one, the the Southeast Southeast Asia Asia shiftininadoption, adoption,brands brandsquickly quickly cationgadgets gadgetsbybytheir theirside. side.Google Google For shift cation Trender Report Report 2021 2021 byby Zalora Zalora expandedtheir theironline onlinepresence presencetoto trendshows showsMalaysian Malaysianshoppers shoppers Trender expanded trend showsthat that40 40million millionAsians Asiansmade made reachthese thesenew newdigital digitalconsumconsumspendclose closetoto99hours hoursonline onlineon on shows reach spend theirdebut debutininInternet Internetuse useand and70 70 ers,and andZalora Zalorareported reporteda a19-per19-peraverage,“and “andare arethe themost mostlikely likelytoto their ers, average, millionhave havemade madetheir theirfirst firstonline online centincrease increaseininnew newbrands brandsthat that value-driven.” million cent bebevalue-driven.” purchasewithin withinthe the2020 2020and and2021 2021 joinedthe theplatform platforminin2021,” 2021,”she she Singaporean shoppers shoppers are are purchase joined Singaporean period, many many ofof them them attracted attracted added. mostlikely likelytotoinvest investininluxury luxurypurpurperiod, added. most anddrawn drawninto intoactual actualpurchase purchasebyby Withmore moreSoutheast SoutheastAsians Asians chases, with with Google Google search search data data and With chases, productsales salespromotion promotionand anddisdisbrowsingnow nowand andgetting gettingthemthemshowinga a21-percent 21-percentyear-on-year year-on-year product browsing showing countofferings. offerings. selves more more online, online, the the average average increaseininSingaporeans’ Singaporeans’searches searches count selves increase

HE Ma n agement A s sociation of the Philippines (MAP) is pushing for more policy reforms for economic recovery, human development and well-being and shared prosperity and sustainability this year. Newly-installed MAP President Alfredo Pascual highlighted on Thursday the business group’s major thrusts this year during the 73rd MAP inaugural meeting and induction of MAP 2022 board of governors. “ We w i l l put toget her a n agenda of polic y imperatives and push for their adoption for sustained recovery and continuing progress, whether through executive or legislative action. In addition, we will advocate for good governance and the rule of law in the operation of and policy implementation by relevant public offices,” Pascual said. He stressed the need for an enabling business environment to attract more investments, raisdisruptions to manufacturing and ing the importance of addressother export-sensitive sectors—for ing energy security, resolving example, by causing labor shortages foreign ownership restrictions or factory shutdowns,” they added. and enhancing ease of doing Based on the study, China has alshowsofofproducts, products, withhosts hosts and business in the country, among shows with and ready administered 156.41 vaccine guestsproviding providingmore moredetails detailsand and others. guests doses per 100 persons and saw its giving testimonies, Zalora said. giving testimonies, Zalora said. Pascual said that more priManufacturing Purchasing Manwouldalso alsohelp helpbrands brands inwould vateItItsector participation in ininagers Index (PMI) increase to 50.2 novate on flexible sales promonovate on flexible sales promofrastructure development can while Korea administered 135.05 tions,such such giving discounts, tions, asasthe giving discounts, further help country given vaccine doses per 100 persons and and offering easier and attracand offering easier and its PMI improved to 51.2. its capital and expertise.attractivepayment paymentoptions optionssuch suchasasthe the tive buy-now-pay-later (BNPL) opopbuy-now-pay-later See “High,” A2 See “MAP,”(BNPL) A2 tion,which, which,ititsaid, said,emerged emergedasas tion, themost mostpopular popularoption optionamong among the Asian shoppers. Asian shoppers. 37.2212 n EU 58.4891 n SAUDI arabia 13.6154 Source: BSP (January 13, 2022) Indonesia, for for example, example, InIn Indonesia, Google saw saw a a “10x “10x increase increase inin Google searchesfor fore-wallet e-walletservices servicesand and searches 15xrise riseininBNPL BNPLservices servicesininthe the 15x lastfive fiveyears. years.Other Otherappealing appealing last payment options options like like monthly monthly payment installments,toto00percent percentinterinterinstallments, estfees feeson oncredit creditcards, cards,provide provide est access toto quality quality products products and and talsavviness savvinessand andtaste tastefor forluxury luxury access tal serviceswhile whilealso alsoimproving improvingfi-fiandsustainability. sustainability. services and nancialinclusion. inclusion. “Thereport reportisispositioned positionedasasa a nancial “The Zalora,for forinstance, instance,offers offers21 21 referencepoint pointthat thathelps helpsZalora’s Zalora’s Zalora, reference paymentmethods methodsacross acrossthe therere900brand brandpartners partnersnavigate navigatethe the payment 900 gion, including including cash-on-delivery cash-on-delivery region’sdiversity diversityand andevolving evolvingreregion, region’s andBNPL BNPLoptions optionsacross acrossthe themarmartaillandscape,” landscape,”Zalora’s Zalora’sCEO CEOGunGunand tail kets.ItItlaunched launchedits itsfirst firstco-brandco-brandjanSoni Sonisaid. said. kets. jan creditcard cardininpartnership partnershipwith with Aside from from digital digital partners partners ededcredit Aside RCBCand andMastercard Mastercardininthe thePhilPhillike Google, Google, Mastercard, Mastercard, H&M, H&M, RCBC like ippines,the thefirst-ever first-everfashion fashionand and Lush,Paula’s Paula’sChoice, Choice,HABIB, HABIB,AtAtippines, Lush, BANG OLAND | DREAMSTIME.COM BANG OLAND | DREAMSTIME.COM

D

AVAOCITY—A CITY—Aleading leading AVAO onlinebrand brandretailer retailerin inAsia Asia online seeingaasharp sharpbehavioral behavioral isisseeing shiftamong among consumers consumersand andbrand brand shift makersthat thatmay mayreinvent reinventand andinnovate innovate makers approaches, especially fromthe thelatter, latter, approaches, especially PESO exchange rates from asdata dataanalytics—since analytics—sincethe theonset onsetof ofthe the as pandemic—indicatethe theemergence emergenceof of pandemic—indicate morediscerning discerningconsumers consumersadaptive adaptiveto to more electronic,or oronline, online,shopping shoppingexperience. experience. electronic,

NMEDIA | DREAMSTIME.COM NMEDIA | DREAMSTIME.COM

‘High jab rates lead shift to faster growth’ Onlineshopping shopping platform noteslikely behavioral shift Online platform notes behavioral amongconsumers, consumers,brand brandmakers makersamid amidCovid Covid among C

@TyronePiad


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.