S.R.P. SET FOR METRO MARKETS By Jasper Emmanuel Y. Arcalas
T
@jearcalas
HE Department of Agriculture (DA) has come up with the suggested retail price (SRP) on rice for Metro Manila markets after industry stakeholders approved the price matrix set for implementation on October 23. Agriculture Secretary Emmanuel F. Piñol said starting in the last week of October rice sold in the retail market would be priced the lowest at P37 per kilogram and highest at P47 per kilogram. Piñol said the following SRPs were agreed upon by rice industry stakeholders at their Thursday meeting: P37 per kilogram or lower for imported regular-milled rice (RMR) with 25 percent brokens; and P40 per kilogram or lower for imported rice with 5 percent brokens.
DEPT. OF SCIENCE AND TECHNOLOGY
PHILIPPINE STATISTICS AUTHORITY
2018 BANTOG DATA MEDIA AWARDS CHAMPION
Continued on A2
BusinessMirror A broader look at today’s business
www.businessmirror.com.ph
n Friday, October 19, 2018 Vol. 14 No. 9
BOI-listed investments for 9 months up 19.3%
I
By Elijah Felice E. Rosales
@alyasjah
NVESTMENTS registered with the Board of Investments (BOI) rebounded heavily in September, and the agency is now back on track to hit its P680-billion target this year. The BOI on Thursday reported a 19.3-percent increase on investment pledges after three quarters. Commitments to the BOI now amount to P454.8 billion, from P381.2 billion during the same period last year.
Power projects topped registration performance at P168 billion from January to September, followed by manufacturing at P104 billion, and transport and logistics at P102 billion. The latter registered a whopping 569-percent
growth from P15 billion during the same stretch last year. Trade Undersecretary and BOI Managing Head Ceferino S. Rodolfo Jr. said the agency is confident it will hit its P680-billion objective this year. He explained the BOI
“The agency is still pretty confident of hitting its investment target of P680 billion for this year. As of September, we are already surpassing expectations with already two-thirds of our year-end target and the rest of the year should be pretty exciting and challenging due to the deluge of big projects in the pipeline.”—Rodolfo
is just exercising due diligence to ensure that projects comply with necessary requirements. “After the record-breaking investment approval figures, of P617 billion in 2017, the agency is still pretty confident of hitting its Continued on A2
Neda wants to review bid to suspend oil excise tax
I
N light of the recent slowdown in the increase in international oil prices, the National Economic and Development Authority (Neda) is reconsidering its recommendation to halt the increase in oil excise taxes next year. At the sidelines of the Philippine Business Conference held in Manila on Thursday, Socioeconomic Planning Secretary Ernesto M. Pernia told reporters that the economic team will meet to discuss the suspension of the hike in oil excise taxes.
The five-coach prototype Hybrid Electric Train of the Department of Science and Technology, entirely locally made, makes a demo run from Dela Rosa Street in Makati City to Edsa in Pasay City in this file photo. The DOST aims, with its monorail project, to maximize the capabilities of local industries in metals and engineering, enabling the country to generate its own technology to address transportation needs. The DOST said it will be dismantling another monorail it built at the University of the Philippines before the year ends, and will transfer the monorail to another university next year. Story on A4. NONIE REYES
PESO EXCHANGE RATES n US 53.8910
BUSINESS NEWS SOURCE OF THE YEAR
Are political dynasties permanent fixtures in PHL politics? Dr. Jesus Lim Arranza
Make Sense
I
T’S interesting, if not amusing, times again. The October 11 to 17 window for the filing of certificate of candidacy for those vying for elective posts in the 2019 midterm election saw familiar faces filing their respective certificate of candidacy once again. A usual scenario everytime Philippine elections are held. Continued on A10
PHL seals $34-M oil exploration deal with Israeli firm in Palawan
R
@cuo_bm
2017 EJAP JOURNALISM AWARDS
P25.00 nationwide | 5 sections 28 pages | 7 DAYS A WEEK
By Bernadette D. Nicolas
By Cai U. Ordinario
See “Neda,” A2
As for locally produced rice, they would have an SRP of P39 per kilogram or lower for RMR and P44 per kilogram or lower for WMR. The SRP for premium rice will be set by the National Food Authority Council on Tuesday. However, the recommended price has been set at P47 per kilogram. “Special Rice, which includes Cordillera Heirloom Rice, Dinorado, Malido, Hinumay, Milagrosa, Organic Brown, Red and Black Rice and Malagkit will be exempt from the SRP,” he said. The NFA will also require rice retailers to properly label their rice sold in the market accordingly: imported or locally produced only, according to Piñol. Imported rice sold in the market must have a label showing its source country, he added.
@BNicolasBM
ACING against time to find newer energy sources when the Malampaya gas field runs out in a decade and amid rising oil prices, the Philippines has finally sealed a $34.35-million oil exploration deal with an Israeli firm to look for petroleum in the East Palawan Basin. President Duterte signed on Wednesday an initial seven-year Petroleum Service Contract (PSC) for Area 4 (East Palawan Basin) of the Fifth Philippine Energy Contracting Round (PECR 5) with Itay Raphael Tabibzada, president and chief executive officer of Ratio Petroleum Ltd. This was the first petroleum service contract signed under the Duterte administration, according to Presidential Spokesman and Chief Presidential Legal Counsel Salvador S. Panelo.
“If you remember, the President made statements that our country needs to attain energy security and sustainability at the soonest possible time,” Panelo said. “Our problem is we don’t have oil, so that’s why it’s very difficult for us if we are compared to other countries that have oil. We’ve been dependent on oil-producing countries for oil so we need to boost the exploration and development of our own energy resources.” Panelo confirmed to the BusinessMirror that the Israeli firm will shoulder the projected minimum total expenditure of $34.35 million for exploring an area of 416,000 hectares across East Palawan Basin for potential oil and gas resources. The amount will be derived from studies, data gathering and drilling activities. “So, hopefully, we could look for oil and it will definitely help our country,” he said.
n JAPAN 0.4784 n UK 70.6888 n HK 6.8747 n CHINA 7.7838 n SINGAPORE 39.1081 n AUSTRALIA 38.3057 n EU 61.9908 n SAUDI ARABIA 14.3652
Continued on A2
Source: BSP (18 October 2018 )