Businessmirror March 30, 2019

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DEPARTMENT OF SCIENCE & TECHNOLOGY

PHILIPPINE STATISTICS AUTHORITY

2018 BANTOG DATA MEDIA AWARDS CHAMPION

BusinessMirror

www.businessmirror.com.ph

A broader look at today’s business n

Saturday, March 30, 2019 Vol. 14 No. 171

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AN effigy of British Prime Minister Theresa May is wheeled through Trafalgar Square during a People’s Vote anti-Brexit march in London, March 23, 2019. AP/TIM IRELAND

STANDOFF OVER BREXIT

Stalemate deepens as UK fails to agree on a way forward By Robert Hutton, Alex Morales & Tim Ross

B

Bloomberg

RITAIN’S political standoff over Brexit escalated further, with even Theresa May’s announcement that she’ll quit as prime minister doing nothing to move closer to a resolution. It leaves the country entering another critical 48 hours after Parliament signaled it’s more willing to back a softer departure from the European Union or even another referendum than

the deal struck by May after two years of negotiations. But those options also don’t command majority support. The UK has two weeks to go to the EU with a plan for its next

IN this November 15, 2018, file photo, Britain’s Prime Minister Theresa May reacts during a press conference inside 10 Downing Street in London. May told lawmakers Wednesday she is prepared to step down “earlier than I intended” in order to win passage of her Brexit divorce deal from the European Union. AP/MATT DUNHAM

steps or face the prospect of leaving without a deal, something Parliament also opposes. The likeliest outcome is that May will ask for a longer delay to Brexit, but she will have to convince European leaders that Britain is on a path to solving its apparently intractable problems. Hours after May promised her Conservative members of Parliament on Wednesday that she’d step down if they back her Brexit deal, she still looked short of having the numbers needed to win. It’s already been overwhelmingly defeated twice. Meanwhile, votes in the House of Commons intended to break the deadlock by finding a consensus also saw every proposal rejected. The pound fell.

May must decide on Thursday if she is going to bring her deal back for another vote and meet the EU’s Friday deadline for getting it passed. The government declared that it was still the only option in play. Yet it too appears to be doomed despite the capitulation of some Brexit hard liners. Liz Truss, a member of Theresa May’s cabinet, told ITV television that Wednesday’s votes show there are no other “serious options” than the one already negotiated with the EU, and that has “focused minds.” “There has been a significant shift now of people recognizing the reality of the options,” she said. “What we have seen today is Parliament does not have an Continued on A2

Data gaps imperil PHL’s reputation as one of top banana growers

T

By Jasper Emmanuel Y. Arcalas

Rolando T. Dy told the BusinessMirror there have been “excessive discrepancies” between the country’s trade statistics and data reported by its trade-partners to the United Nations International Trade Centre. Dy, University of Asia and the Pacific’s Center for Food and Agri Business (CFA) executive director, said the discrepancies were evi-

dent from 2013 to 2017. UN Trade Map data crunched and analyzed by the CFA showed the Philippines’s figures on its cavendish exports to its top 5 markets were significantly higher than what the import-countries reported in the years 2013, 2014 and 2017. Furthermore, data reported by the Philippines in the years 2015

PESO EXCHANGE RATES n US 52.7820

DANIEL KAESLER | DREAMSTIME.COM

HE government should review its data on banana production, including the volume being exported, as inaccurate figures could hurt the Philippines’s reputation as one of the world’s top producers of the fruit, according to an economist.

and 2016 were way below what was reported by its top 5 cavendish banana trade-partners. The country’s top 5 destinations for cavendish exports are Japan, China, South Korea, Iran and the United Arab Emirates. “A look at the volume of exports to the five markets versus their reported imports from the Philippines showed excessive discrepancies in the trade statistics. Understandably, asymmetries in international trade statistics are inevitable because of factors not limited to time period reckoning and the manner by which recording was made [either based on National Accounts data, or directly from customs or tax records],” Dy said in an analysis given to the BusinessMirror. “However, the discrepancy remains excessive: the unexplained trade difference in 2017 between Philippines and UAE was highest at 63 percent of the reported exports, Continued on A2

n JAPAN 0.4771 n UK 68.8541 n HK 6.7241 n CHINA 7.8314 n SINGAPORE 38.9190 n AUSTRALIA 37.3433 n EU 59.2425 n SAUDI ARABIA 14.0756

Source: BSP (March 29, 2019 )


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