w
n
Tuesday, November 26, 2019 Vol. 15 No. 47
BAI: Spread of ASF in Luzon farms slows
T
By Jasper Emmanuel Y. Arcalas
@jearcalas
HE spread of African swine fever (ASF) in Luzon may have slowed as fewer samples tested positive for the dreaded hog disease in recent weeks, the country’s chief veterinarian said on Monday.
Bureau of Animal Industry (BAI) OIC-Director Ronnie D. Domingo said ASF-related reports received by his agency have been “dwindling” in the past month, indicating fewer
outbreaks. Domingo said this development may be due to the strategies implemented by the Department of Agriculture and other con-
cerned agencies to manage the crisis that struck Luzon farms starting July. “There’s an indirect relationship between the samples and the ASF
“Our trend is unique to our country because in mainland Asia the trend is just upward. Since we are an archipelago we have natural barriers for the spread of the virus unlike other Asian countries.” —Domingo
outbreaks. If there’s an outbreak in one area, then that area would submit samples. If there are more outbreaks, then more samples will be submitted,” he told reporters after a hearing on ASF at the House of Representatives on Monday. Despite this, Domingo said the government will further intensify See “ASF,” A2
DOT, Manila ink pacts to boost city tourism
T
HE Department of Tourism (DOT) has swung open the doors of significant tourist sites in Manila, allowing the latter’s more than 1.5 million residents to visit these for free. It signed a memorandum of agreement with the Manila City Hall on Saturday to launch the Educational and Cultural Awareness Program that will ensure free access to sites in Intramuros, Rizal Park and Paco Park. The MOA was signed by Tourism Secretary Bernadette Romulo Puyat and Manila Mayor Francisco “Isko” Moreno Domagoso at the latter’s office. Romulo Puyat said the agreement will benefit over a million residents in Manila, including officials of its 897 barangays, senior citizens and the families enrolled in the “Pantawid Pamilyang Pilipino Program,” dubbed “4Ps.” “Tourism is about generating an experience. And to let our visitors understand and appreciate this, we ourselves must experience this as well. The people of the City of Manila should be the main advocates and spokespersons of its tourism heritage, culture and history. As it is said, one should not be stranger in his own country,” she underscored. Int ra mu ros Ad m inist rator Guiller Asido told the BusinessMirror, “We are preparing a program to teach them the history of Manila and Intramuros. Our longterm plan is to train them as local community tour guides.” He added, this is the first time the IA has a program like this with
P25.00 nationwide | 4 sections 34 pages |
LOCAL BANKERS BLAME FREEZE ON FEES FOR POOR ATM PRESENCE By Bianca Cuaresma @BcuaresmaBM
W
HY are there fewer automated teller machines in the Philippines compared to other Southeast Asian countries? Local bankers said it is because of the regulatory hindrance to raise ATM transaction fees accordingly. In a statement on Monday, the Bankers Association of the Philippines (BAP) said the moratorium on ATM transaction fees since 2013 has held back banks’ optimal performance in servicing and expanding their reach. “The number of cardholders has been increasing for the past six years. Banks need to keep up with the maintenance and innovation of ATMs, as well as expansion of ATM network to accommodate the surge of ATM usage,” BAP Managing Director Benjamin
U
Continued on A8
PESO exchange rates n
World Bank CAT bonds to cover PHL disaster losses By Cai U. Ordinario @caiordinario
T
HE World Bank issued two tranches of catastrophe-linked bonds (CAT bonds) to raise $225 million to cover for the Philippines’s losses in recent earthquakes and tropical cyclones. The Washington-based lender issued a CAT bond worth $150 million
to cover losses for tropical cyclones experienced by the country in the past three years and another $75 million worth of bonds to cover earthquakerelated losses. “Through the intermediation of the World Bank, these CAT bonds allow the Philippines to transfer natural disaster risks to the capital markets while enabling the authorities to respond quickly to the needs of citizens
when calamities strike,” Mara K. Warwick, said World Bank country director for Brunei Darussalam , Malaysia, the Philippines and Thailand. The bonds, World Bank said, were issued under IBRD’s “capital at risk” notes program, which can be used to transfer risks related to natural disasters to capital markets. Payouts are triggered when an See “CAT bonds,” A2
See “ATM,” A2
Poll: Japanese firms want to keep current incentives By Elijah Felice E. Rosales
The renovated Jones Bridge, its neoclassic lamp posts restored, is now a popular tourist spot, offering a 360-degree view of the Pasig River and downtown Manila. Manila Mayor Isko Moreno and Tourism Secretary Bernadette Romulo Puyat have signed an agreement promoting Manila’s historic and touristic spots. PHOTO COURTESY OF INTRAMUROS ADMINISTRATION
Castillo said. The bankers’ group estimates that only 21,000 ATMs service 58 million cardholders nationwide, which is equivalent to 20 ATMs per capita of 100,000 cardholders. Meanwhile, Thailand has 94, Singapore has 49, Malaysia has 45, and Indonesia has 40 ATMs per capita of 100,000 cardholders, respectively. In 2013, the Bangko Sentral ng Pilipinas (BSP) implemented a ban on increasing ATM fees on local banks. Earlier this year, however, the Central Bank lifted the moratorium. Annual growth rate in ATM deployments averaged at 13 percent prior to 2013 but since then declined to 6.4 percent, while ATM transaction volume continued to increase from 2014 up to the present, the BAP said.
@alyasjah
NCERTAINTIES brought about by the government’s plan to rationalize fiscal incentives will keep on hounding the country’s business climate, as firms from Japan—one of the country’s largest sources of foreign capital—are seeking a status quo for their tax perks. In a survey by the Japan External Trade Organization (Jetro), Japanese firms in the Philippines said they appreciate the incentives they are receiving under the existing setup. Any changes in their tax perks as proposed under the Corporate Income Tax and Incentives Rationalization Act (Citira) bill will impact on their operations, they added. As such, the number of Japanese firms that listed the menu of incentives as an advantage for investing here declined to 33 percent, from 40 percent last year, the survey reported. “Like last year, many of Philippine respondents highly appreciate current tax incentives, while they are concerned about complicated taxation procedures. In fact, possible impacts of tax reform second package really matter to Japanese companies in the Philippines,” it read. On the other hand, 44 percent
of Japanese firms flagged complicated taxation procedures as a risk for operating here, though this is an improvement from last year’s 50 percent. Further, they lamented the lack of infrastructure, including roads, electricity, telecommunication and ports, in the Philippines, which, if sufficient, should offset the looming lifting of incentives. The survey reported 61 percent of Japanese firms identified insufficient infrastructure as a risk for investing here. In spite of these uncertainties and risks, over half of Japanese firms in the Philippines said they are eyeing to expand their business in a few years. According to the survey, 52 percent plan to expand operations between next year and 2021. On the other hand, about 45 percent will keep their present size. Japanese firms are expanding to raise added value of their products and strengthen their sales function, as they anticipate demand growth from the domestic market, the survey disclosed. These expansions will most likely generate additional jobs for the local labor force. Proof of this is that 44 percent of those surveyed committed to increase the number of their Filipino staff, while the remaining 46 percent will maintain their present count. See “Incentives,” A2
US 50.7800 n japan 0.4672 n UK 65.2980 n HK 6.4895 n CHINA 7.2125 n singapore 37.2315 n australia 34.4898 n EU 55.9596 n SAUDI arabia 13.5428
Source: BSP (25 November 2019 )