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145,000 land titles distributed 

THE DEPARTMENT of Agrarian Reform (DAR) on Wednesday said it has distributed 146,017 land titles to beneficiaries under the administration of President Ferdinand R. Marcos as of last month.

At a Senate finance committee hearing on the agency’s proposed P11.101 billion budget next year, Agrarian Reform Secretary Conrado M. Estrella III said his agency has also condoned about P57.56 billion of debt covering 610,054 beneficiaries debt this year.

“This year, DAR has distributed 54,874 land titles and before the year ends, we are targeting to distribute 101,666 more to our farmers,” he said in mixed English and Filipino.

The DAR chief earlier told congressmen that the agency plans on fast-tracking its digitalization efforts to streamline land reform data by October next year. — John Victor D. Ordoñez

Poverty incidence declines in CAR — PSA

BAGUIO CITY — Poverty incidence in the Cordillera Administrative Region (CAR) declined in 2023, the Philippine Statistics Authority (PSA) reported in its Official Poverty Statistics of the Philippines 2023.

PSA-CAR Regional Director Villafe P. Alibuyog reported here that poverty incidence among families in the region improved to 4.4% in 2023 from 6.9% in 2021.

“This translates to 20,440 poor families in 2023, down from 30,740 poor families recorded in 2021,” Ms. Alibuyog explained during their dissemination forum this Wednesday.

The poverty incidence among population was also down to 7% in 2023 from 9.9% in 2021.

This means that the ‘income poor individuals’ in Cordillera was estimated at 129,000 in 2023 from 180,710 individuals in 2021, the PSA-CAR official added.

Ms. Alibuyog said the average poverty threshold, or the amount that represents the minimum income required by a family of five members to meet their basic food and non-food needs, increased to 13,239 pesos in 2023 from 11,793 pesos in 2021; while the average food threshold per family per month, or the minimum amount required by a family with five members to meet their basic food needs, here is P9,274.

The subsistence incidence which is the proportion of families with income less than the food threshold, decreased to 0.7% in 2023 from 1.4% in 2021. “This means that an estimate of 3,330 families in the Cordillera are considered food poor in 2023 from 6,120 families in 2021,” Mr. Alibuyog said.

The subsistence incidence among population is also down to 1.3% in 2023 from 2.2%  in 2021. This equates to 23,790 individuals who are food poor in 2023, down from 39,660 food poor individuals in 2021.

Ms. Alibuyog said that the increase in income of the families near the poverty threshold is faster compared to the rise of prices of the basic food and nonfood needs, which resulted in the reduction of poverty incidence among families in the Cordillera. — Artemio A. Dumlao

P200K reward up for BARMM minister’s office bombers

COTABATO CITY — Bangsamoro Health Minister Kadil M. Sinolinding, Jr. has offered a P200,000 reward for information that could help the police solve the setting off a fragmentation grenade at the entrance path to his clinic and office in Cotabato City at almost midnight.

Mr. Sinolinding, a concurrent member of the 80-seat Bangsamoro regional parliament, has a separate office as health minister, which is located inside the 32-hectare regional capitol in Cotabato City.

Mr. Sinolinding, a physician-ophthalmologist, has no known enemies and is popular for his having treated thousands of poor cataract and pterygium patients for free since his “doctor to the barrio” days in the 1990s.

Employees of the Ministry of Health-Bangsamoro Autonomous Region in Muslim Mindanao hinted that Mr. Sinolinding also had possibly caught the ire of corrupt and non-performing officials affected by the extensive reform programs he has been pushing forward since he was appointed as health minister in early May this year.

His subordinates in his parliament office had shared to reporters and police investigators closed-circuit security camera recordings showing a motorist tossing a fragmentation grenade at the ground of his office and clinic compound and sped away just as an explosion ripped through the area.

No one was hurt in the bombing but the blast that reverberated through the scene caused panic among villagers in houses around. — John Felix M. Unson

2 gunrunners arrested in Maguindanao del Norte

STOCK PHOTO | Image by Klaus Hausmann from Pixabay

COTABATO CITY — Policemen seized two assault rifles and ammunition from two gunrunners clamped down in an entrapment operation in Sultan Mastura, Maguindanao del Norte on Tuesday.

Brig. Gen. Romeo J. Macapaz, director of the Police Regional Office-Bangsamoro Autonomous Region, told reporters on Wednesday that the two suspects are now in the custody of the Criminal Investigation and Detection Group, awaiting prosecution.

In a report to Mr. Macapaz, Lt. Col. Ariel T. Huesca, regional chief of the CIDG-Bangsamoro Autonomous Region, said the duo yielded peacefully when they were frisked and cuffed by their agents who had procured two M16 assault rifles and ammunition during a tradeoff. — John Felix M. Unson

Peso rebounds on BSP policy decision

THE PESO rebounded against the dollar on Wednesday after the Bangko Sentral ng Pilipinas (BSP) delivered another rate cut.

The local unit closed at P57.70 per dollar on Wednesday, strengthening by 16.5 centavos from its P57.865 finish on Tuesday, Bankers Association of the Philippines data showed.

The peso opened Wednesday’s session weaker at P57.90 against the dollar. Its intraday best was at its closing level of P57.70, while its worst showing was at P57.92 versus the greenback.

Dollars exchanged went down to $1.38 billion on Wednesday from $1.47 billion on Tuesday.

“The market mostly moved sideways ahead of the BSP rate decision and was muted when the BSP announced the 25-basis-point (bp) cut. Traders mostly absorbed and repositioned following the rate decision,” a trader said by phone.

The Monetary Board on Wednesday cut benchmark interest rates by 25 bps for a second straight meeting, as expected by 16 of 19 analysts in a BusinessWorld poll, as price pressures remain manageable.

This brought its policy rate to 6%. The interest rates on the BSP’s overnight deposit and lending facilities were also adjusted to 5.5% and 6.5%, respectively.

The BSP in August kicked off its easing cycle with a 25-bp reduction, marking its first rate cut in nearly four years.

The peso rose against the dollar as it was supported by signs of easing tensions in the Middle East after Israel said it would not target Iran’s oil and nuclear facilities, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort added in a Viber message.

For Thursday, the trader sees the peso moving between P57.50 and P57.90 per dollar, while Mr. Ricafort expects it to range from P57.60 to P57.80. — A.M.C. Sy

PSEi slips as peso weakness dents sentiment

The lobby of the Philippine Stock Exchange in Taguig City, Sept. 30, 2020. — REUTERS

THE MAIN INDEX inched lower on Wednesday as sentiment soured amid a weaker peso and following Wall Street’s slump overnight.

The Philippine Stock Exchange index (PSEi) dropped by 0.25% or 19.31 points to close at 7,437 on Wednesday, while the broader all shares index rose by 0.27% or 11.11 points to end at 4,097.56.

“The local market edged lower this Wednesday after two straight days of being up,” Philstocks Financial, Inc. Senior Research Analyst Japhet Louis O. Tantiangco said in a Viber message.

“The bourse declined with the peso’s weakness against the dollar seen as a weighing factor. Spillovers from Wall Street’s overnight decline also weighed on Wednesday’s trading,” he added.

On Tuesday, the peso sank to an over two-month low of P57.865 per dollar. It rebounded on Wednesday, rising by 16.5 centavos to end at P57.70.

Meanwhile, Wall Street’s major stock indexes closed lower on Tuesday, with a 1% drop in the technology-heavy Nasdaq leading losses as chip stocks tumbled on demand concerns while the energy sector fell 3% as oil prices dropped, Reuters reported.

The Dow Jones Industrial Average fell 324.80 points or 0.75% to 42,740.42; the S&P 500 lost 44.59 points or 0.76% to 5,815.26; and the Nasdaq Composite lost 187.10 points or 1.01% to 18,315.59.

Notably, both the Dow and the S&P 500 registered record closing highs in the previous session.

“Philippine stocks traded sideways ahead of the Bangko Sentral ng Pilipinas’ (BSP) Monetary Board decision on benchmark interest rates,” AP Securities, Inc. Research Head Alfred Benjamin R. Garcia added in a Viber message.

“A 25-basis-point (bp) rate cut was widely expected but it was not set in stone yet, so it’s likely that investors opted to pocket their gains in case of a negative surprise,” Mr. Garcia said.

The Monetary Board on Wednesday continued its easing cycle as it cut its policy rate by 25 bps to 6%, as expected by 16 out of 19 analysts in a BusinessWorld poll.

Rates on the BSP’s overnight deposit and lending facilities were also reduced to 5.5% and 6.5%, respectively.

Majority of sectoral indices ended lower on Wednesday. Mining and oil dropped by 1.08% or 95.05 points to 8,669.49; property lost 0.83% or 24.63 points to end at 2,944.57; holding firms went down by 0.56% or 35.52 points to 6,291.19; and services declined by 0.04% or 1.07 points to 2,262.06.

Meanwhile, industrials climbed by 0.31% or 32.08 points to 10,102.59; and financials inched up by 0.03% or 0.94 point to 2,401.74.

Value turnover increased to P6.95 billion on Wednesday with 831.76 million shares traded from the P6.41 billion with 584.49 million issues that changed hands on Tuesday.

Decliners outnumbered advancers, 101 versus 86, while 75 names ended unchanged.

Net foreign buying increased to P841.27 million on Wednesday from P638.15 million on Tuesday. — R.M.D. Ochave with Reuters

BoI confident it will exceed P1.6-trillion investment goal

FREEPIK

THE Board of Investments (BoI) said it expects to breach the P1.6 trillion upper limit of its target range for investment approvals this year due to the volume of big-ticket infrastructure and renewable energy (RE) projects.

On the sidelines of the Investment Policy Forum on Wednesday, Trade Undersecretary and BoI Managing Head Ceferino S. Rodolfo said the project pipeline is fueling confidence at the BoI.

“We are confident that we will breach P1.6 trillion because there are infrastructure projects coming in,” he told reporters.

“And this is in addition to the RE projects that are coming in, as you can see in our pipeline for green lanes,” he added, referring to the system of granting expedited permits for strategic projects.

The BoI had previously set an internal target of approving P1.25 trillion to P1.5 trillion in investments this year. The upper limit of the target was adjusted to P1.6 trillion in August.

As of September, the BoI said it endorsed P4.3 trillion worth of investments to the One-Stop Action Center for Strategic Investments, which is set to evaluate 158 projects. 

RE projects still account for the bulk of the list, with P3.91 trillion of the green lane-certified projects. Such RE projects number 128.

Six digital projects worth P346.33 billion were also endorsed for green-lane treatment, while 22 projects related to food security worth P13.5 billion were also endorsed.

Meanwhile, two manufacturing projects worth P29.61 billion were also given green-lane status.

In terms of approvals, the BoI has greenlit P1.35 trillion worth of investment pledges as of mid-September.

This represents an 82% increase from the P741.98-billion approved investments in the same period last year and surpassed the P1.26-trillion full-year investment approvals in 2023.

He said the main driver for BoI’s investment approvals performance was the removal of the restrictions on foreign equity on RE projects.

“We are already at P1.35 trillion (investment approvals), but not all of that is because of promotions … the most critical piece of the puzzle that led to that was the removal of equity restrictions,” he said.

Investments in RE projects increased after the government allowed full foreign ownership in the sector, which was previously capped at 40%.

The event Mr. Rodolfo appeared at was the International Institute for Sustainable Development (IISD)’s 16th edition of the Investment Policy Forum. The three-day summit aims to put together investment negotiators and policymakers from developing and emerging countries.

“It is the first time in the Philippines for this event. In terms of the number of participants, we have around 95 participants coming from countries from Latin America, Africa, and Asia, but we also have institution representatives,” IISD Director Suzy H. Nikièma said.

She said that more than 40 countries are represented at this year’s event.

“We created this event because we realized we didn’t have a platform where investment policy makers can meet together from developing countries and emerging economies to share the challenge to discuss ideas, strategize, and build coalitions,” she said. — Justine Irish D. Tabile

S. Korea, US, Japan main focus of tourism efforts amid restrictions on visas for Chinese visitors

BOHOL TOURISM OFFICE

THE Department of Tourism (DoT) said on Wednesday that it is focusing its efforts on South Korea, the US, and Japan due to restrictions on issuing visas to Chinese nationals.

“With a more stringent visa policy towards Chinese travelers, I don’t think we can expect a flourishing market from that jurisdiction,” Tourism Secretary Ma. Esperanza Christina G. Frasco told reporters on the sidelines of an event.

The Philippines is currently embroiled in a territorial dispute with China in the West Philippine Sea.

“That is why the DoT, respectful of these realities on the ground, is actively pursuing (promotional activities in) our top source markets, including South Korea, the US, and Japan,” she said.

Ms. Frasco added that the DoT sees the India market as a “massive opportunity.”

The industry is projecting demand for 456,055 hotel rooms by 2028, according to the Philippine Hotel Industry Strategic Action Plan 2023 -2028, prepared by the DoT and the Philippine Hotel Owners Association, Inc.

Ms. Frasco noted “challenges” in meeting the projections “in light of external factors that include geopolitical stresses upon these arrivals, over which we have little control.”

She also noted that Philippine visa policy is less liberal compared to its Association of Southeast Asian Nations neighbors.

“That is why we continue to advocate for a liberalized visa system to be instituted by the Department of Foreign Affairs in partnership with the Bureau of Immigration,” she said.

Ms. Frasco added that the President’s order to establish an electronic visa system could unlock markets like India. — Aubrey Rose A. Inosante

German envoy says defense talks with PHL could conclude this year

REUTERS

THE PHILIPPINES and Germany are looking to sign a defense agreement outlining areas of security cooperation by the end of the year, according to Germany’s Ambassador to Manila.

On the sidelines of the German-Philippine Chamber of Commerce and Industry briefing on Tuesday, Ambassador Andreas Michael Pfaffernoschke said that the two parties are still negotiating the terms of the agreement.

“I think it’s a general agreement on how to work together on security issues in the future,” Mr. Pfaffernoschke told reporters late Tuesday.

“The real content is still subject to negotiation, but it will include training like it’s already done for the Philippine Armed Forces in Germany; it might include equipment; and it will include joint exercises and many more,” he added.

He described the agreement’s scope would not reach the level of a Visiting Forces Agreement (VFA).

“It’s a Security Cooperation Agreement. I don’t think there’s an interest, neither of Philippine troops to be stationed in Germany nor of German troops to be stationed in the Philippines in the future. So we do not aim for a VFA but for something lower,” he added.

He said there is a working draft for the agreement, subject to further negotiation.

“For this agreement, Defense Secretary Gilberto C. Teodoro, Jr. and my Defense Minister in principle had agreed to (conduct negotiations until) the end of this year,” he said.

“But you know, once you have agreed on a text, there are still the legal checking procedures in the ministries, and that might again take time. So, I’m still hopeful that we will get there by the end of the year,” he added.

Asked for his outlook on trade and investment between the two countries, he said it will depend on whether the Philippines undertakes measures that are attractive to foreign direct investment (FDI) and removes any obstacles.

“If so, then I have every reason to advertise for more FDI to come to the Philippines. But it also depends on the government, and it is hard to predict what will come out of that,” he said.

He said that German companies have continuing interest in the Philippine business process outsourcing, automotive, pharmaceutical, semiconductor, and logistics industries.

“But I could expect others, like insurance and banking companies, to also come to the Philippines,” he said.

“I think slowly but steadily (they will come in); we just have to continue advocating for the Philippines,” he added. — Justine Irish D. Tabile

East Asia-Pacific among most exposed to climate shocks — WB

PHILIPPINE STAR/ MICHAEL VARCAS

THE East Asia and Pacific Region is the second most exposed to climate-related shocks globally, which could push part of its populations to extreme poverty, the World Bank (WB) said.

In a report, the Washington-based bank said the 67.9% of the East Asia and Pacific’s population is exposed to extreme weather events. It found South Asia (88.1%) to be the most exposed.

Less than one-tenth of the East Asia and Pacific population is at high risk to climate shocks, while the Sub-Saharan Africa has the highest share of its population both exposed and at risk to climate shocks (39.2% and 37.3% respectively).

“The pandemic has shown how shocks can have a long-lasting effect on welfare. Shocks are expected to increase with more frequent and severe extreme weather events,” the World Bank said.

The bank also noted that while the global distribution of income has improved since 1990, a large portion of the world’s population lives close to the poverty line. This indicates that moderate shocks can rapidly push people back into extreme poverty, it said.

Nearly one in five people is likely to experience a severe climate shock in their lifetime that they will struggle to recover from, the bank said. These climate-related hazards include floods, heat, drought, and cyclones.

Climate shocks will likely intensify as the three main anthropogenic greenhouse gases — carbon dioxide, methane, and nitrous oxide, trapped 50% more heat in 2022 since 1990, the bank said.

Greenhouse gas emissions, which cause global warming, impact the occurrence and severity of extreme weather events. The bank also noted the slower progress globally in reducing greenhouse gas emissions per unit of growth.

Ending extreme poverty and boosting shared prosperity requires delivering faster and inclusive growth, and increasing protection from climate shocks, according to the World Bank.

Around 8.5% of the global population is living in extreme poverty this year. This also means that 692 million people worldwide live on less than $2.15 per person per day.

Factors that hinder poverty reduction include slow economic growth and shocks such as the COVID-19 pandemic, inflation, and increased conflict and fragility.

The World Bank also noted that the Sustainable Development Goal of ending extreme poverty in all countries by 2030 will not be achieved.

“Between now and 2030, only 69 million people are projected to escape extreme poverty,” the bank said, noting that 7.3% of the global population will live in extreme poverty by the end of the decade.

“If economic growth continues to be slow and inequality remains unchanged, the 3% goal will remain out of reach for decades.”

The multilateral lender classified the Philippines as a “high inequality” economy with a Gini index of 40.7.

The World Bank projects that around 40% of the global population (or more than 3 billion people) will live on less than $6.85 a day, the poverty threshold for middle-income countries. It also noted that less than 20% will have less than $3.65 a day.

“This means that poverty at the higher lines is projected to decline at rates similar to the ones achieved in the beginning of this century, while progress in reducing extreme poverty is slowing significantly,” World Bank said.

“This projection reflects several factors, including differences in where the poor at the various lines live and the associated countries’ projected growth rates over the next half-decade.” — Beatriz Marie D. Cruz

PPP project pipeline now at 169, valued at P3.18 trillion

PPP.GOV.PH

THE pipeline of public-private partnership (PPP) projects is now at 169, with a total value of P3.18 trillion, the PPP Center said.

These include 113 national PPP projects and 56 local ones, according to the PPP Center website.

Of the national PPP projects, 75 are solicited and 38 unsolicited. Of the local PPP projects, 16 were solicited and 40 unsolicited.

The PPP Center has said that five PPP projects valued at around P28 billion will be awarded this year and by early 2025.

These include the New Bohol International Airport and the Negros Occidental Bulk Water Supply Project, which will be awarded by the end of this year, the PPP Center said in an e-mail reply to queries.

Also to be awarded next year are the University of the Philippines-Philippine General Hospital (UP-PGH) Cancer Center, the Boracay Bridge project, the Bislig City Bulk Water Supply project, the Bislig City Septage project, and a dialysis center at the Baguio General Hospital and Medical Center.

Projects due for submission to approving bodies by the end of this year include the Boracay Bridge project, the San Ramon Newport project, the UP-PGH Diliman project, and the Iloilo International Airport Project.

The operations and maintenance contract of the Metro Manila Subway and North South Commuter Railway, and rehabilitation, operations and maintenance of the Metro Rail Transit (MRT) Line 3 are also scheduled for awarding in 2025.

PPP projects for submission to approving bodies by next year are the Cagayan Valley Medical Center – Hemodialysis Center, the Kalibo International Airport project, and the Puerto Prinsesa International Airport project.

The government enters into PPPs to mobilize private funds to build needed infrastructure.

Meanwhile, National Economic and Development Authority Secretary Arsenio M. Balisacan cited the importance of PPPs in building climate-resilient infrastructure.

“Limited fiscal space, especially in the aftermath of the COVID-19 pandemic, necessitates developing our governance framework for public-private partnerships to finance climate-resilient infrastructure,” Mr. Balisacan told a forum on Tuesday.

The pipeline for PPP projects also includes major water supply, flood control, and irrigation infrastructure projects, Mr. Balisacan said. This is expected to help meet the economy’s growing needs while increasing resilience against climate change.

During the forum, President Ferdinand R. Marcos, Jr. emphasized the need to increase investment in disaster risk reduction and develop financing mechanisms to help address disaster risks.

“Sustained and predictable data and financing would help address disaster risks better,” he said in his speech.

“This entails ensuring that developing countries, particularly the least-developed countries, landlocked countries, and small island developing states, are provided greater access to these resources to advance their policies and build disaster resilience.” — Beatriz Marie D. Cruz

FAO working to expand Philippine Anticipatory Action project

REUTERS

THE Food and Agriculture Organization (FAO) said that it is seeking to expand its anticipatory action (AA) project in the Philippines.

“We’re working very closely with the Department of Social Welfare and Development to be able to scale up our pilot anticipatory action work in three provinces,” FAO Social Policy and Program Coordinator Ruth Honculada-Georget told BusinessWorld on the sidelines of a forum at the Asia-Pacific Ministerial Conference on Disaster Risk Reduction.

“So right now, it’s just limited. But FAO is planning,” she added.

Since 2021, the FAO, an arm of the United Nations, had been conducting simulations in disaster-prone regions of the Philippines.

The FAO said AA covers measures taken to reduce the humanitarian impact of expected disasters before they happen or before its acute impacts can be felt.

The FAO had also partnered with the Department of Agriculture (DA) to address food insecurity and protect the livelihoods of farmers and fisherfolk from natural disasters.

She added that the Philippines needs more risk information, early warning systems and a reliable information system to reduce crop losses from climate-related risks.

Agricultural production had been affected by the recent El Niño, where cropland endured droughts and dry spells.

La Niña, meanwhile, increases the chances of tropical cyclone activity in the coming months.

“We need to be better in not just understanding the forecast but communicating that information to our farmers so that they can prepare better… even local government units who really are there at the frontlines to help farmers,” she said.

The DA, FAO, and PAGASA, the government weather service, will pursue a seven-year project seeking to promote climate resilient agriculture.

The project will be rolled out in the Cagayan Valley, the Cordillera Administrative Region, Bicol, Northern Mindanao, and Soccsksargen, covering nine provinces and 100 municipalities.

Ms. Honculada-Georget added that the FAO will continue to work with the government and civil society organization to bring in technical expertise to scale up the program.

“It’s the government that has the resources to reach the most vulnerable and poorest households in at-risk areas,” she said.

She added that financial constraints continue to hinder the wider adaption of AA.

“There’s a lot of challenges in the sense that when you talk about financing, the knee-jerk reaction would be that (it) is not enough,” Ms. Honculada-Georget said.

According to an FAO report, the Philippine government has been making policy and legislative changes to enable local governments to access their Quick Response Fund on the declaration of an imminent disaster.

“From our end, it’s important for us to recognize that the challenge may seem like it’s just the financing, but it’s more about having the systems, the laws in place to make available those resources,” she added.

Legislators have filed bills seeking to establish a mechanism to ensure AA measures are in place ahead of natural disasters. Senate Bill No. 2643 was filed in April, while a similar bill was filed before the House of Representatives in February.

The Philippines is among the top countries most prone to climate risk disasters, according to the World Bank. The country experiences about 20 tropical cyclones each year. It is also located within the Pacific Ring of Fire, an area with active seismic activity. — Adrian H. Halili

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