‘Close borders, cut Omicron exposure risk’ By Cai U. Ordinario @caiordinario
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LOSING the country’s borders is one of the most immediate courses of action the government must take to prevent the latest Covid-19 variant, Omicron, from reaching Philippine shores, according to local economists. T he new var iant is a threat, e s p e c i a l l y w it h t he hol id ay s coming up and more foreigners being a llowed to travel to the Philippines, De La Sa lle Universit y economist Mar ia Ella Oplas told BusinessMirror. The holidays usually bring in Overseas Filipino Workers (OFWs) who are eager to spend Christmas
with their loved ones, while foreigners living in temperate regions usually want to relax in tropical countries like the Philippines. This year’s influx of OFWs is expected to be heavier since many of them were unable to come home for the holidays in December 2020. “My recommendation is to protect the borders. Do not allow people with a history of travel to countries with positive cases to enter,” Oplas said. “We should be more restrictive. [We have to be] more protective in terms of our measures.” Oplas said that while this will be a setback to some industries, this is a fair measure considering that this could help prevent placing the country in another strict lockdown,
which, she said, the economy can no longer afford. “It is better that we do protective preventive measures than get exposed again. We have a lot to lose,” Oplas said. “We should do it now so that we can open just before Christmas. If it gets contained, we can open it again.” Ateneo Center for Economic Research and Development (ACERD) Associate Director Ser Percival K. Peña-Reyes said closing the country’s borders would be effective but should still adhere to the standards set by the World Health Organization (WHO). What is needed, Peña-Reyes told this newspaper, is for travel restrictions to be put in place swiftly and
for government to be proactive in imposing them. Previous instances when the country had the opportunity to impose travel restrictions did not prevent the spread of Covid-19. That was mainly because the decision was not made immediately, he said. “Kung papatay patay [If we’re slow] and we get caught flat-footed, [that’s risky] We were too reactive instead of proactive before. We should learn from that,” PeñaReyes said. “It’s a delicate balancing act. We need to push testing and tracing to be properly informed of our decisions. Blanket/shotgun approaches could have dire consequences on the economy.” See “Omicron,” A2
EXTERNAL RISKS PULL NATL GOVT BORROWINGS DOWN FDISDIP INTO MARCH FOR 10 MOS P2.75T w w
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n Tuesday, June 14, 249 Monday, November 29,2022 2021Vol.Vol.1717No.No.52
By Bernadette D. Nicolas
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P25.00 P25.00 nationwide nationwide || 22 sections sections 22 20 pages pages ||
WTO has key role to playrisk Omicron spurs revival in fighting pandemics–DTI of quarantine rules in PHL
@BNicolasBM
HE national government’s gross borrowings as of end-October shrank by almost 6 percent year-on-year to P2.75 trillion.
By Andrea E. San Juan
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HE Department of Trade and Industry (DTI) said the World Trade Organization (WTO) has a significant role to play in ensuring the smooth supply of essential goods that will help the world fight future pandemics. In his speech at the multilateral body’s ongoing 12th Ministerial Conference (MC12) in Geneva, Switzerland, outgoing Trade chief Ramon M. Lopez also underscored the importance of solidarity in addressing the ill effects of the pandemic. “The WTO pandemic response must continue to build on the core principles under pinning the smooth supply of essential goods, such as transparency, facilitation, technology transfer and the exercise of restraint,” said Lopez. As countries remain vigilant against new variants and the emergence of future pandemics, Lopez urged WTO member-countries to “look to the future.” He said the world needs a “credible and forward-looking” WTO response to the Covid-19 pandemic. In a draft ministerial declaraprograms as President Duterte tion on Friday, the WTO said the ispandemic expectedrevealed to sign the industry the significant development in early 2022. role that theplan multilateral trading Rosales saidinthe willagainst not system plays thePCA fight stop updating its list of coconut Covid-19. farmers enjoined them to reg“Theand pandemic has highlighted ister in order to reap the benefits of the decades-long idled coconut levy fund. “We will not stop at 3.1 million. We hope that more individuals will register in our coconut farmers registry,” he said. The updating of the coconut farmers registry is mandated by Republic Act (RA) 11524 or the Coconut Industry Trust Fund Act.
the importance of working towards enhancing timely, equitable and global access to safe, affordable and effective Covid-19 vaccines, By Samuel P. Medenilla therapeutics, diagnostics and other @sam_medenilla essential medical goods,” the declaration read. NTER NATIONA L concerns Moreover, the WTO said the over the possible spread the multilateral trading systemofsupmore infectious Omicron Coports the expansion and diversivid-19 variant prompted the govfication of essential goods and ernment to reimpose mandatory related services needed to combat facility-based quarantine for all Covid-19 and future pandemics. arriving passengers in the country. The WTO also underscored “the Acting Presidential spokesperimportance of a stable and predictson Karlo B. environment Nograles announced able trading for the on Sunday that the Inter-Agency provision of goods and services in Task Force with for the accordance theManagement multilateral of Emerging Infectious Diseases body’s rules to facilitate manufac(IATF) suspended the implementuring, and supply and distributationofofCovid-19 its Resolution No.thera150tion, vaccines, A (s.2021), effectivelyand imposing peutics, diagnostics, other stricter protocols for allincluding inbound essential medical goods, travelers. their inputs.” To fact, note,aIATF Resolution 150In separate draft minA had allowed fully vaccinated isterial decision by the Tradenon-visa Aspects travelers of from Green List Related Intellectual areas to enter the country withProperty Rights (TRIPS) Council out the need for facility-based enables an eligible member of quarantine long as they the WTO toas authorize the secure use of negative Covid-19 Reverse Transcriptionfinished vaccine prodPolymerase Chainand Reaction (RTucts, ingredients processes PCR) test within 72 hours prior necessary for the manufacture to the theirCovid-19 departure. of vaccine without “Except classified the consentfor ofcountries the right holder to as ‘Red,’ the testing and quarantine the extent necessary to address protocols for all inbound internathe pandemic. tional in all ports of entry Itemtravelers 3(b) of the ministerial deshall comply with the testing and cision by the TRIPS Council reads: quarantineSee protocols “WTO,” A2for ‘Yellow’ list countries,” Nograles said, citing the provision of IATF Resolution No. 151-A. He noted Hong Kong, which has confirmed a case of the Omicron variant, will also fall under the Yellow list countries. The suspension of the rules for “Green List” countries will be in effect from November 28, 2021 to December 15, 2021.
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Latest data from the Bureau of the Treasury showed that the government’s gross borrowings during the 10-month period fell by 5.99 percent from P2.92 trillion a year ago. With only two months left for this year, the latest figure is already equivalent to 89.6 percent of its P3.07-trillion borrowing program. Broken down, gross domestic borrowings from January to October settled at P2.23 trillion, down by 5.08 percent from P2.35 trillion in 2020. The bulk of the amount was PEOPLE walk past the mural of Gat Andres Bonifacio at Manila City Hall Underpass. sourced from Fixed Rate Treasury The country will celebrate the 158th birth anniversary of Filipino revolutionary Bonds (P1.19 trillion), followed by hero Gat Andres Bonifacio on Tuesday, November 30. ROY DOMINGO short-term borrowings from PORTS FERMENT Container vansBangpile up at the North Harbor in Manila on Monday, June 13, 2022. There is a restive air at the ports these days, as shippers decry what they deem the Philippine Port ko Sentral“unnecessary” ng Pilipinasport or charges BSP (P540 Authority’s amid soaring inflation. During the pandemic, the group said, the PPA had increased port charges in various ports, putting a strain on shipping lines’ overhead, billion), Bonds/Preand forcingRetail them toTreasury pass on part of the burden to consumers. Story in Economy, A4. NONIE REYES myo Bonds (P463.3 billion), Retail Onshore Dollar Bonds (P80.84 bilBy Bianca Cuaresma @BcuaresmaBM lion). In the same period, there was By Jasper Emmanuel Y. Arcalas dating its registry following the them. This allows everyone to see also a net redemption of Treasury @jearcalas enactment of the Coconut Farmwho are listed in the registry and if Bills amounting to P43.94 billion. ers and Industry Trust Fund law. farmer doesn’t see his name then he Net debt redemption means ORE than 3 million Rosales explained that about shall coordinate with the PCA imthere were more debts repaid comcoconut farmers and 500,000 farmers and mediately,” at aoutrecent pared to the amount borrowed durBy Jaspercoconut Emmanuel Y. Arcalas Despite he theexplained lukewarm workers are now regisworkers were added to the PCA’s dialogue with coconut farmers. ing the period. @jearcalas look on the Philippines’s pig tered with the government’s reg2018 list that had about 2.5 million “On the otherFAO hand, if people Meanwhile, gross foreign borherd recovery, projected istry, which serves as the basis coconut farmers and farm workers. would see names on the and rowings in the same period also HE Philippines’s pork that the country’s local piglist profor the number of people to be The PCA’s next step is to conthey think they are not coconut contracted by 9.7 percent to P518.7 imports this year may duction would grow slightly this covered by the utilization of the duct an ex exclusion-inclusion profarmers theirmillion details are incorbillion from last year’s P574.4 billion. pand by 2.71 peryear to or 1.192 metric P75-billion coconut levy fund. cedure by making the updated rect, they can report it to the PCA This was raised through global cent year-on-year to a record tons (MMT) from 1.118 MMT Philippine Coconut Authority farmers’ providfor immediate action,” he added. bonds (P146.17 billion), program 341,000registry metric public, tons (MT) to last year. (PCA) Deputy Administrator Roel ing everyone the opportunity to The PCA official noted that loans (P139.98 billion), euro-deplug the shortfall in domestic Total pig utilization in the M. Rosales said about 3.11 million check the veracity of the list, Rothe completion of the initial nominated bonds (P121.97 billion), supply created by African swine Philippines is estimated to growlist coconut farmers and farm worksales added. of coconut farmers registry a project loan (P86.41 billion), and fever (ASF), a United Nations slightly to 1.531 MMT fromwould last ers have been registered with the “The list will be posted in public be just in time for the expected yen-denominated samurai bonds agency said. year’s 1.518 MMT. sinceeffect it started upspaces people can see rollout coconut levy-funded See “3-M farmers,” A2 (P24.19 billion).that foreign direct Data showed andgovernment have a multiplier on the Inwhere its biannual foodeasily outlook FAO of said the Philippines See “Borrowings,” A2 Continued on A2 investments (FDI) to the Philipeconomy. report, the UN Food and Agwould be the world’s seventh largpines hit $727 million in March The nearly 10-percent decline riculture Organization (FAO) est pork importer. China remains this year, $79 million lower than n in during month brought the 6.4722 Philippines may 7.9013 hike n as the world’s36.8968 biggest n buyer of USFDIs 50.4600 n the JAPAN 0.4374 n UK 67.2329said n HK n CHINA SINGAPORE AUSTRALIA 36.2807 n EU 56.5758 n SAUDI ARABIA 13.4531 Source: BSP (November 26, 2021) the $806 million investments that the total first quarter FDI level of its purchases of pork abroad due imported pork at 3.854 MMT. flowed into the country in the same the country to $2.44 billion. This is to the “slow” restocking of pig It also projected that the month last year. still up by 2 percent from the $2.39 farms in the aftermath of ASF. country’s total meat imports FDIs are investments that are billion seen in the same period in “Imports by the Philippines this year could grow by 1.4 made by foreign players to the Phil2021. are forecast to increase by percent to 948,000 MT from ippines in the hopes of long-term The BSP blamed the decrease around 3 percent to 341,000 935,000 MT last year. The Philreturn. in foreign investments during the tons, given the slower-thanippines’s local meat production Since these are in the country month to external factors, addanticipated recovery of the dothis year, meanwhile, may exfor a longer-term compared to their ing that the local economy remain mestic pig herd from the ASF pand by 1.32 percent year-onshort-term counterpart, the foreign sound and attractive for market virus,” the FAO said in its report year to 2.823 MMT. portfolio investments (FPIs), FDIs players. published recently. See “Pork,” A2 See “External risks,” A2 usually create jobs for Filipinos
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OVER 3-M FARMERS LISTED FOR P75-B COCO LEVY FUND PHL PORK IMPORTS TO HIT RECORD
OREIGN investors’ long-term investments to the Philippines dipped in March from its level a year ago, and registered its lowest volume for the year, the Bangko Sentral ng Pilipinas (BSP) reported on Monday.
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AS FARMS STRUGGLE TO RECOVER
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PESO EXCHANGE RATES
PESO EXCHANGE RATES n US 52.9510
n JAPAN 0.3940 n UK 65.2515 n HK 6.7459 n CHINA 7.8936 n SINGAPORE 38.1546 n AUSTRALIA 37.2351 n EU 55.6833 n SAUDI ARABIA 14.1154 Source: BSP (June 13, 2022)