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JoyRide set to reach 10,000 bikers next month

MOTORCYCLE ride-hailing service JoyRide expects to hire more bikers and reach the 10,000 cap by February after an inter-agency technical working group imposed the limit on motorcycle taxis, including the more established Angkas.

In a press conference on Thursday, officials of We Move Things Philippines, Inc., the corporate name of JoyRide, said they had not hired bikers who previously worked at Angkas, or DBDOYC, Inc.

“We’ve never gotten riders from Angkas,” said JoyRide Vice-President for Corporate Affairs Jose Emmanuel “Noli” M. Eala.

His disclaimer comes as Angkas is required to displace around 17,000 bikers to comply with the cap set equally among operating motorcycle taxi companies.

“Kung meron gusto sumama sa amin (If any of their riders want to join us), [they are] all welcome provided they have to go through our process again,” he said.

At present, JoyRide has 1,493 JoyRide bikers on Metro Manila roads, with 5,414 going through the on-boarding process. The process includes two days of seminars and test drives.

Last week, the Philippine Competition Commission’s Johannes Benjamin R. Bernabe last week cautioned against the cap, as it removes a bulk of the rider-base Angkas built up.

Mr. Eala later in the press conference noted that JoyRide does not check biker affiliations.

“We do not differentiate. We do not even ask if they have any affiliations with any other riders because they have to go through the same process anyway. It doesn’t matter to us kung kayo ay dati nang tumakbo (if you have worked) as Angkas or colorum. Basta ang importante po ay dumaan uli sila sa isang proseso. (What matters is that they go through a process).”

JoyRide also denied claims that government officials have business interests in their company, attributing ownership to entrepreneurs Ralph Nubla Jr. and Bea Chua.

JoyRide admitted to asking Senator Aquilino Martin D. Pimentel III to transmit a letter to the Department of Transportation. Mr. Eala described the lawmaker as a family friend of the owners. JoyRide denied allegations that the Pimentel family has a stake in the company.

The technical working group for motorcycle taxis extended the pilot program for the three companies Angkas, JoyRide, and MoveIt up to March 23, 2020, with no plans of further extensions. — Jenina P. Ibañez

Award-winning writer Sylvia Mayuga, 77

AWARD-WINNING writer Sylvia L. Mayuga passed away on Dec. 31, 2019 her friends and relatives announced through posts on social media. She was 77.

She was also a journalist, poet, and documentary filmmaker at various times in her life.

Ms. Mayuga was perhaps best known as a member of Women Writers in Media Now (WOMEN), a group of women writers who wrote about pressing issues of the country during Ferdinand Marcos’ Martial Law.

Through the years she contributed to various publications including the Manila Bulletin, Rappler, the Philippine STAR, the Philippine Daily Inquirer, and GMA News Online. She served for a time as desk editor for INQUIRER.net.

Three of her books won National Book Awards: Spy In My Own Country (1981); Earth, Fire, And Air (1992); and Huling Ptyk: The Art and Life of Nonoy Marcelo (2005).

In a statement, WOMAN announced her passing and wrote: “A writer, Sylvia remembered first scribbling a script for a cartoon strip when she was eight years old… Consistently, she wove biography and autobiography with threads of the larger histories of her country and the world, revealing a visionary strain as she wanders Between the Centuries (the title of her last book of essays).”

Born in 1943, Ms. Mayuga studied at St. Scholastica’s College and St. Theresa’s College in Manila, and earned a degree in comparative journalism from Columbia University in New York where she graduated magna cum laude.

Journalist Inday Espina-Verona wrote on Facebook: “Never goodbye, Mader Sylvia Mayuga! So glad we managed that leisurely lunch date last Oct. 27 when you had a brief spurt of energy. Though you gave a scare by almost toppling over while trying to open your front door after stubbornly brushing off efforts to help. Even while talking of great challenges, your humor shone so that a times it seemed it was a wild, impish, fey flower child across the table, instead of someone who intimated ‘this may be goodbye.’ As we parted, you said, ‘remember me this way, with laughter.’ And we did have a good laugh poring over these old FB photos I took of you and the changing context of the times. Godspeed, you wild morningstar. Give HIM some trouble up there, will you?”

Ms. Mayuga is lying in state at the Sampaloc Chapel at La Funeraria Paz in Manila Memorial Park in Sucat, Parañaque City until Jan. 4. The cremation and inurment will likely be on Sunday to allow her sister Cristie to fly home to catch the final rites, said fellow writer and friend Joel Pablo Salud in a Facebook post.

Ms. Mayuga is survived by her son Aya, two sisters, and two brothers. — MAPS

Sustaining growth in the 2020s

As we welcome the start of a new decade, it is heartening to know that the Philippines will remain among the fastest-growing economies in the world, based on a recent report from the UK-based Economist Intelligence Unit (EIU) titled “The Next Decade.”

Simon Baptist, EIU global chief economist and managing director for Asia, predicts that the Philippines, Kenya, and Bangladesh will have the most robust economies in the 2020s. He also forecasts Southeast Asia, Africa, and South Asia to attain the fastest gross domestic product (GDP) growth rates in the next 10 years.

Philippine Competition Commission Chairman Arsenio Balisacan noted that the country’s GDP grew by an average of 6.3% in the 2010s — the most prosperous decade in our history and the first time ever that our economy garnered investment-grade status from international credit rating agencies.

Mr. Baptist attributed the sustained economic growth of the Philippines to five factors: young population, English language skills, trade openness, urbanization reducing natural disaster exposure, and political stability. The latter may be due to the fact that we had no major upheavals during the 2010s, unlike the tumultuous period from the 1970s to the early 2000s.

An indication that our nation has become politically stable is the continued acceptability of our top national officials among majority of Filipinos. As manifested in the fourth quarter 2019 nationwide survey conducted by Pulse Asia, the four highest officials of the land all got better scores compared to their third-quarter results.

President Rodrigo Duterte’s performance approval and trust ratings went up by nine percentage points to 87% and 83%, while those of Vice-President Maria Leonor Robredo increased by eight percentage points to 58% and 53%. Senate President Vicente Sotto III’s ratings jumped 12 percentage points to 84% and 78%.

Finance Secretary Carlos Dominguez III credited Mr. Duterte’s high scores to the declining poverty rate as well as the euphoria generated by the country’s hosting of the 30th Southeast Asian Games (SEAG).

But the most improved ratings were recorded House Speaker Alan Peter Cayetano, whose approval rating surged by 16 percentage points to 80%, while his 76% trust score was 14 percentage points up from the previous quarter.

Significantly, Mr. Cayetano garnered much better ratings than his predecessors in the 17th Congress, former Speakers Gloria Macapagal Arroyo and Pantaleon Alvarez. Veteran legislators could not recall any House Speaker who has garnered such high scores in recent memory.

This despite the initial SEAG snags blamed by detractors on the organizing committee chaired by Mr. Cayetano. His positive showing must have rubbed off on his fellow lawmakers since the House of Representatives’ overall rating rose to 66% in the latest Pulse Asia survey. Thus, a growing number of congressmen now believe there is no need to change the chamber’s leadership for the remainder of the 18th Congress.

Continuity and consistency in public governance would further ensure the country’s political stability and sustained growth over the next two years, resulting to another prosperous decade for the Philippine economy.

CULTURAL SUSTAINABILITY AT EXPO 2020
The United Arab Emirates (UAE) will host the World Expo 2020 that opens this October at the Dubai World Central economic zone. Participants from 192 countries are converging in the UAE for the six-month event sanctioned by the Bureau International des Expositions.

To be mounted at the Sustainability District of the Expo 2020 Dubai, the Philippine Pavilion will carry the concept of “Bangkota” — an ancient Tagalog word meaning “coral reef” that reflects the collective identity of Filipinos. Architect Royal Pineda, the pavilion’s overall artistic director, pointed out that as the largest living organism, the coral reef is similar to “how we see the Filipinos being deployed globally” and could trigger conversations on cultural sustainability between people of different ethnicities.

Department of Trade and Industry (DTI) Secretary Ramon Lopez has been appointed chairman and commissioner-general of the Philippine Organizing Committee for Expo 2020 that includes six other Cabinet departments. DTI Assistant Secretary Rosvi Gaetos heads the Expo Philippines Secretariat, which may be reached via telephone no. +632 88904898 or e-mail ph_expo2020@dti.gov.ph.

According to Mr. Lopez, Expo 2020 would be “the biggest international exhibition that the Philippines will participate in, serving as an ideal platform to showcase the best of the country in terms of trade, tourism, and investments.”

 

J. Albert Gamboa is CFO of the Asian Center for Legal Excellence and chairman of FINEX Publications.

When is the right time to get a promotion?

I’ve been in this job for 10 years now. My last promotion was six years ago when I was appointed operations manager in a medium-size organization. Since then, I’ve not received any promotion but got a meager annual 4% pay increase that corresponds to inflation. I’m wondering about my chances of getting a promotion. My question is about the average time of an employee getting a promotion in any industry. Or is it advisable now to look for a new job elsewhere? — White Lady.

Many years ago, evangelical Christian author and psychologist James Dobson reported seeing a sign on the gate of a large convent in Southern California. The notice read: “No trespassing. Violators will be prosecuted to the full extent of the law.” Signed — The Sisters of Mercy.

It’s easy to complain about not getting a promotion in the hope of a management mercy. But it does not work that way, much more if you tend to blame your boss or other persons within the organization. Blaming all the things that you can’t control is essentially an exercise in futility. If you want to know the reason or reasons why you’re not being promoted, that means only one thing:

You have not fully done your share. I mean, you’ don’t have any monumental accomplishments to merit a double-digit pay increase in recognition. That means going beyond your average work performance to improve your chances for success. First things first. If your company has an annual performance review, reflect on what your boss has told you. It’s necessary to go back to it and use it as a mirror to discover your own weaknesses.

Reflect on what you’ve accomplished or not accomplished, at least for the past three years. Focus on the milestones and extraordinary things that you’ve done for the organization. If there are none, then don’t be surprised with what’s happening to you. At least you’ve seen your top management being benevolent and merciful with you despite your average work performance.

AVERAGE PROMOTION TIME
Now to answer your question on the average time of promotion, I would say it is three years. That means, having no promotion in six years suggests that there is a serious issue that you should tackle personally with your boss. This is echoed by a former colleague, Manny Inocencio, HR Business Partner at Amdocs, an IT company, who says promotion is given to their employees with “an average of 2.75 years tenure on current role” subject, however to a “prerequisite of two-year minimum tenure.”

Another practitioner gave me a similar answer — three years. Oliver Requilman, Vice President for HR of a major hospital says: “Metrics should be clear and understood from the very start. He must have been given apprenticeship or OIC status for the position being considered. And if all these were clear and yet he was ignored, declined, and denied advancement, then yes he should resign and move to a better company.”

PROMOTION AS A TECHNICAL ISSUE
However, the average time to get a promotion is only one side of the proverbial coin. The issue of promotion is deemed “complex,” according Erick Reyes, Vice President for HR at Roxas Holdings, Inc. “Promotion is a function of role. It is like in the military. Not everyone gets to become a general because of limited available roles. Promotion for entry-level (positions) can happen every two to three years unless (one is) in the fast-track. The timeline becomes longer as you go up the ladder.”

“To resolve this, companies offer horizontal opportunities that go along with salary adjustments. This is called broad banding.” Therefore, if you think you’re doing a good job in your company and yet you’re not being recognized, either vertically or horizontally, “then moving elsewhere may be a good option. Chances are, there are companies (out there) that would recognize your talent. “This is the cross pollination version of the corporate world,” according to Reyes.

It is different in the case of the banking industry. Another former colleague — Jun Mendoza, retired Senior Vice President for HR at CTBC Bank has qualified his answer depending on the rank and job of a person: “It’s two years for rank-and-file workers and junior management (below manager level), three years for middle management (manager to below VP) and five years for executive level (VP up).

“In general, I think people should use these norms plus one year as the tipping point before deciding to move out of a company. For example, if you’re a rank-and-filer who has not been promoted in three years (2 + 1 year), you should go elsewhere. If you’re a middle manager, four years (3 + 1 year). If you’re an executive, six years (5 + 1 year).”

CONCLUSION
These insights are not absolute and may not apply in your industry. Therefore, it’s best to know industry practices and how your organization views them. Know your company policies with your HR department. And in addition to reviewing your past work performance, assess your relative ranking against your possible competitors for promotion.

How are you being viewed by your immediate boss, your upper-level management, and your colleagues with the same rank as you are? More importantly, your colleagues, aka your competitors can do a lot to damage your reputation depending on their influence on other people who can spread nasty rumors against you.

Remember that the people who hold the key may not always the one with a high-ranking job title. At times, they belong to the bulong (whisper) brigade. This requires a little speculation, sprinkled with paranoia on your part. Since you can’t control the attitudes and behavior of other people, the best thing you can do is to move heaven and earth to perform exceptionally better than the rest.

That’s how you should get the attention of top management. No matter the dirty tricks hurled at you by the bulong brigade. Even if your organization has no promotional opportunities on the horizon, be prepared for any eventuality, including the opportunity of being given a hefty double-digit increase to prevent you from moving out.

ELBONOMICS: Those who hold the key may not be the one with a high-ranking title.

 

Send anonymous questions to elbonomics@gmail.com or via https://reyelbo.consulting

Sea of love

Atlantics
Directed by Mati Diop
Netflix

I DON’T think there’s much to uncover underneath the surface of Mati Diop’s feature debut Atlantics (Atlantique, 2019), now available on Netflix. It’s a love story — young girl Ada (Mame Bineta Sane) is in love with poor boy Souleiman (Ibrahim Traore) but is promised to wealthy Omar (Babacar Sylla) — and as with all such stories, the two lovers pine for each other for the duration of the film. Predictable simple trite — and yet and yet and yet

Souleiman sets out to sea; he has little choice as he’d been working on the new skyscraper in the suburbs of Dakar, Senegal, and hasn’t been paid in three months; the project boss, Mr. N’Diaye (Diankou Sembene), hasn’t the cash. Ada agrees to meet Souleiman on an illicit nighttime date, and discovers when she arrives at a dance club that all the young males had departed for Spain in a boat, in the hopes of finding new (and paying) jobs.

Souleiman’s departure doesn’t leave Ada much choice either: she allows her parents to marry her off to Omar, who whisks her off to a modern (and clean and tastelessly luxurious) apartment; when she brings her friends over to visit, the girls ooh and aah at the pristine furniture and appliances, take selfies while sitting on the backyard-sized nuptial bed, and declare “Omar can have me for a second wife!” Everyone seems happy for Ada except Ada herself, who can’t forget the departed Souleiman.

Except someone torched Ada’s bed. Except Souleiman was seen somewhere in Dakar that same night. Except someone has been harassing Mr. N’Diaye about the unmet payroll. Enter Detective Issa (Amadou Mbow) who pursues the case with single-minded fervor — or would if he wasn’t being constantly sidelined by a mysteriously debilitating affliction.

Along with Sane, Diop’s other major collaborators arguably are cinematographer Claire Mathon (Stranger by the Lake, Portrait of a Lady on Fire) and Fatima Al Qadiri. The cinematography is luminous: thick ambers and deep blues wrapped by blocks of solid shadow; Mathon can make the slums of Dakar look squalid during the day, hauntingly empty at night — when Ada visits the dance club, the lasers chase over her face and body like swarms of fireflies. Al Qadiri is a Senegalese musician, and her debut soundtrack (synthesizer producing celestial chimes and ominous basses) adds a gentle eerie otherworldliness to the most mundane images.

Diop’s matter-of-fact storytelling shows the influence of Clair Denis (Diop had acted in Denis’ 35 Shots of Rum) in her way of sidestepping into fantasy and her quiet manner making political points. Crushing poverty and futuristic wealth stand side by side, are by turns oppressively present and dreamily prospective. Souleiman takes a risky boat ride to Spain because his construction employer (building a technological wonder of a tower) can’t pay him; Ada is promised to a rich man because her family wants her cared for (unspoken: besides, they can use the money). At one point, Ada’s parents demand that she take a virginity test; she sits on the examination bed, the modern sterility of her surroundings mocking her submission to a barbarically ancient practice. Diop’s film is about something, but doesn’t make too much of a fuss about it.

A speculative note: Atlantics is an obvious title — the ocean is real presence, a constant background roar that lures Souleiman away and reminds Ada of his absence (the name derived from the legendary city, which takes its name in turn from the Greek god) — but one can’t help wondering if it’s also a reference to Jean Vigo’s L’Atalante — again a film about two lovers pining for each other, and their supernatural (spiritual?) link to each other. Vigo’s title has a different source: the huntress Atalanta, who challenged any would-be suitor to a footrace, and killed the losers. You’re reminded of this film’s willful heroine, and again wonder about connections.

The film isn’t perfect; Souleiman’s character feels underwritten — his name is a variation on “Solomon” or “man of peace,” and the symbolism sticks out — and you wonder just how committed he is to Ada, despite some vouching from unusual quarters. In Vigo’s film the lovers are on more equal standing, and you watch the story bifocally, from a pair of views. On the other hand, Diop isn’t as humorless as you might think; her treatment of Inspector Issa feels like an elaborate prank, the punchline being he’s as much of a patsy as almost everyone else. Then there’s the scene of Ada coming back to the dance club and her friend/proprietress informing her “the boys are back.” Ada looks in and sees a girl at the bar, stool turning to reveal her unseeing gaze.

Atlantics moves in genre and tone from verite realism to delicately sketched horror, from gentle romance to an eerie sense of dread and its transitions are occasionally awkward, much like the central performance — as Ada, Sane shows an unconfident grace, her limbs gawky as a filly’s. But like a filly there’s a lilt to her awkwardness, the promise of a stunning beauty to come. Did I say there doesn’t seem to be much beneath this film’s poetic surface? It’s about a youth growing into a woman, her adolescent pining swelling into abiding love, her little tantrums becoming acts of brave defiance, her passivity morphing into a distinct and spiky sense of self — likewise the film shakes off its genre accoutrements to stride off in its own direction, on its own unique gait. One of the best of the year, easily.

GBP wooing industries to Iloilo City with untapped off-peak power supply

ILOILO CITY — Global Business Power Corp. (GBP) is wooing four industrial companies to set up shop in Iloilo City to maximize the available power supply during off-peak hours.

“Right now, apat na kausap namin… (we are talking to four) about four of different industries, may (there is a) heavy (industry), that is our little contribution to the economy. We are on the negotiation stage,” GBP President Jaime T. Azurin announced in December.

Mr. Azurin declined to name the companies, but said they could bring in a combined investment of about P4.5 billion.

“These industries are too dependent on electricity. They looked at cost, reliability, and stability. That’s why we offer the three, trying to give them better rates, allowing them to locate within our premises,” he said.

GBP — a joint venture among Beacon PowerGen Holdings, Inc. (56%), JG Summit Holdings, Inc. (30%), and Meralco PowerGen (14%), a wholly owned subsidiary of Manila Electric Co. (Meralco) — has five subsidiaries located within the Visayas and Mindoro.

In Iloilo City, it owns and operates coal-fired and diesel-fired power plants with a combined capacity of 314 megawatts (MW). It also has diesel-fired power plants in the towns of Nabas and New Washington in Aklan.

Mr. Azurin said while power consumption in Iloilo City and Western Visayas Region has been increasing with the economy’s growth, significant supply remains untapped during the off-peak period.

“When we are going to continue to grow our (shopping) malls, we have so many of them which uses power during peak (hours), and the problem is where do we sell power during the off-peak [hours and] at night. That is why to be able to maximize the efficient use of power plants, we need industries,” he said, adding that “we have taken it upon ourselves to invite industries” coming in Iloilo City.

Petronilo R. Madrid, GBP first vice-president for Panay operations, said industrial firms are keen on doing business in Iloilo because of the city’s infrastructure and ports.

“They were attracted by proximity to international ports, the road networks so ‘yun ‘yung maganda (that is what’s attractive), the environment, location of the plant… (it’s) suitable for them,” Mr. Madrid said.

Mr. Azurin said he was hopeful that the companies would finalize their decisions and make announcements this year.

Meralco’s controlling stakeholder, Beacon Electric Asset Holdings, Inc., is partly owned by PLDT, Inc. Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has interest in BusinessWorld through the Philippine Star Group, which it controls.— Emme Rose S. Santiagudo

How PSEi member stocks performed — January 2, 2020

Here’s a quick glance at how PSEi stocks fared on Thursday, January 2, 2020.

 

Palace will review Kaliwa deal if onerous provisions found

PRESIDENT Rodrigo R. Duterte will review contracts for the Kaliwa Dam project in Quezon should any questionable provisions emerge, his spokesman said.

On Thursday, Salvador S. Panelo told reporters at a briefing, “Ang Presidente, basta may nag-point out sa kanya na merong onerous provision tinitignan niya agad ’yun (The President will review any contract immediately if someone points out onerous provisions).”

Bayan Muna Representative Carlos Isagani T. Zarate said it was “disastrous” for Mr. Duterte to proceed with the project despite irregularities in the agreements. Mr. Zarate said that the loan deals for the Kaliwa Dam and the Chico River Irrigation Pump Project are mostly in favor of Chinese parties.

Mr. Panelo said that the legislator failed to identify any specific onerous provisions.

“Did they elaborate why it was disastrous? And number two, what are those onerous provisions… They have to specify,” Mr. Panelo said.

He added, “I’m sure those who drafted the agreement know exactly whether or not those provisions will be disadvantageous to this government.”

The agreements for both the Kaliwa Dam and the Chico River Irrigation Pump project are worth P12.2 billion and P3.2 billion, respectively. Mr. Zarate said that the contract states that any dispute will be settled by a Chinese tribunal.

Mr. Duterte said earlier this week that he is pushing for the construction of both Kaliwa Dam and Wawa Dam in Rizal, calling both measures a “last resort” to address Metro Manila’s water supply issues. He also warned courts not to issue stoppage orders for the Kaliwa Dam’s construction, amid objections to the project by indigenous people and environmental organizations. — Gillian M. Cortez

DBM sets rules for Jan. spending before 2020 budget is signed

THE Department of Budget and Management (DBM) ordered agencies and local government units (LGUs) to operate with funds appropriated for 2019 for the time being as the 2020 budget is still awaiting President Rodrigo R. Duterte’s signature.

“Pending the approval of the FY (fiscal year) 2020 General Appropriations Act (GAA), all operating units, i.e., agencies of the national government receiving allotment/Notice of Cash Allocation (NCA) directly from DBM, are authorized to obligate the amount corresponding to their actual requirements under the regular budget for the month of January FY 2020,” DBM said in circular letter No. 2020-1 issued Thursday.

The circular covers all national government agencies, state universities and colleges, LGUs and government-owned and controlled corporations (GOCCs).

The proposed P4.1-trillion spending plan for 2020 was approved and ratified by the two chambers of the Congress on Dec. 12 and was then submitted to the President for his signature.

Presidential Spokesperson Salvador S. Panelo has said that the budget is for signing this week.

The budget department, however, set a ceiling on the amount that the departments can spend until the 2020 budget is enacted.

For personnel services, DBM said agencies can only obligate 1/12 of personnel services funds using actual salary requirements as of end-December last year, and capped at the amount set in the 2020 National Expenditure Program (NEP).

For maintenance and other operating expenditures as well as for capital outlays, DBM said agencies can also spend 1/12 “of the regular programs and ongoing foreign assisted/locally funded projects funded under the FY 2019 GAA (R.A. No. 11260) and the FY 2020 NEP,” whichever is lower.

The three-and-a-half month budget delay last year was largely blamed for the slow growth of the economy, which expanded at a weaker-than-expected 5.6%, 5.5% an 6.2% in the first to third quarters.

The circular was signed and issued by DBM Acting Secretary Wendel E. Avisado. — Beatrice M. Laforga

Palay farmgate price resumes fall after brief gains

THE AVERAGE farmgate price of palay, or unmilled rice, declined 0.1% week-on-week to P15.55 per kilogram (kg) in the fifth week of November, breaking a two-week run of gains, the Philippine Statistics Authority (PSA) said.

The PSA said in its weekly palay and corn price update that the average wholesale price of well-milled rice fell 0.3% week-on-week to P37.20 per kg, while retail prices rose 0.1% to P41.58.

The average wholesale price of regular-milled rice increased 0.2% week-on-week to P33.17 per kg, while retail prices fell 0.03% to P36.66.

“This is natural adjustment towards a new normal value,” Philippine Institute for Development Studies (PIDS) Research Fellow Roehlano M. Briones said in a text message when asked to comment. However, he noted monitoring is required before declaring that prices have stabilized.

The price of palay at the farmgate level was pressured in 2019 due to competition from cheap imported rice as a result of the Rice Tariffication Law, or Republic Act No. 11203, which came into force in March.

Year-on-year, the farmgate price declined 22.3%.

The average farmgate price of yellow corn grain rose 0.7% week-on-week, to P11.98 per kg. The average wholesale price increased 0.4% to P21.05. The retail price rose 0.2% to P25.70.

The farmgate price of white corn grain averaged P13.35 per kg, up 0.3% week-on-week. The average wholesale price increased 0.3% to P17, while the average retail price was stable at P26.70. — Vincent Mariel P. Galang

National government debt at P7.7 trillion in first 11 months

THE national government’s outstanding debt declined 2.5% month-on-month to P7.709 trillion in the 11 months to November due to net redemptions of government securities, the Bureau of the Treasury (BTr) reported Thursday.

However, outstanding debt rose 7.2% year-on-year.

Of the total, 66.4% came from domestic sources, or P5.115 trillion, which was up 8.7% year-on-year.

Domestic debt fell 3.6% compared with the P5.304 trillion recorded in the 10 months to October.

“For November, domestic debt decreased mainly due to the net redemption of government securities amounting to P189.15 billion and the P0.01 billion effect of peso appreciation on onshore dollar bonds,” the BTr said in a statement.

Meanwhile, the remaining 33.6%, equivalent to P2.594 trillion, was borrowed from foreign lenders, up 4.3% year-on-year and 0.3% lower from the end of October.

“For November, the decline in external debt resulted from the combined effect of local and third-currency foreign exchange adjustments which decreased the value of foreign debt by P0.56 billion and P6.18 billion, respectively,” the BTr said, adding that month saw a net repayments of external loans worth P0.53 billion.

The government is operating on a budget deficit as it rollouts big-ticket infrastructure projects. It borrows from domestic and foreign lenders to fund programs that are not covered by its revenues, which is capped at 3.2% of gross domestic product of 2019.

The government has set a 73-27 borrowing mix target in favor of domestic sources this year as it manages the country’s exposure to fluctuating external risk.

Meanwhile, total guaranteed obligations rose 0.7% year-on-year to P474.997 billion, down 0.6% compared with end-October.

“The lower level of guarantees was due to foreign exchange movements which reduced the value of external guarantees by P1.61 billion. In addition, net repayment of domestic and external guarantees further trimmed P0.33 billion and P0.72 billion, respectively,” it said. — Beatrice M. Laforga

Sugar production falls over 27% as of early Dec.

THE Sugar Regulatory Administration (SRA) said sugar production as of the first week of December fell 27.48% year-on-year.

The agency reported that in the first week of December, sugar production was 311,617 metric tons (MT), down from 429,680 MT the previous year. This is equivalent to 6.232 million 50-kilo bags.

The crop year for sugar starts every September and ends in August.

Demand for raw sugar declined 6.13% to 343,597 MT.

Total sugarcane milled decreased 24.27% year-on-year to 3.712 million MT.

Refined sugar production fell 29.90% year-on-year to 110,654 MT, equivalent to 2.213 million 50-kilo bags.

The millgate price rose 3.47% year-on-year to P1,514 per 50-kilo bag, while retail prices ranged from P45 to P50 per kilo, down from P54 to P62.

The SRA target is to produce 2.096 million MT of sugar this crop year, down 5% from the previous year’s target due to unfavorable weather, reduced land area planted to sugarcane, and a shift to planting other crops.

Fitch Solutions Macro Research said sugar production in the Philippines for the crop year is expected to decline to 2.1 million MT, downgrading its previous projection of 2.2 million MT, citing labor shortages and rising competition from cheaper imported sugar. — Vincent Mariel P. Galang

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