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Monkey business? Banksy’s primates in parliament up for auction

LONDON — A Banksy painting of primates sitting in Britain’s parliament goes under the hammer this week and is expected to fetch up to $2.5 million.

Devolved Parliament, in which chimpanzees replace politicians, measures 13 feet (4 meters) long, making it the largest known canvas by the secretive British street artist, according to Sotheby’s.

With an eye on the 2009 work’s extreme topicality — the House of Commons is witnessing increasingly brutish exchanges over Britain’s EU departure — the auction house has set its estimated price tag at £1.5 million to £2 million ($1.84 million to $2.46 million)

“There’s no doubt that today this image has incredible currency not just here in the UK but across Europe and beyond,” said Alex Branczik, Sotheby’s head of contemporary art, Europe.

“Here we see this, one of our oldest democracies and within it we see the regression toward tribal animalistic behavior.”

Parliament has been at boiling point since it reconvened last Wednesday, with Prime Minister Boris Johnson and his opponents clashing in hours of furious argument over Brexit.

The artwork will be on display at Sotheby’s London until it goes under the hammer on Oct. 3, a year after another Banksy canvas, Girl with Balloon, shredded itself in front of shocked onlookers at a Sotheby’s auction just as it was sold.

“There’s been lots of comment, inevitably,” Branczik said. “…I can say categorically there is no shredder in this frame. It would have to be an incredibly large one and I can say with confidence that that is not the case.” — Reuters

SEC issues warning vs Better Adsource

THE Securities and Exchange Commission (SEC) has warned the public against dealing with Better Adsource System, Inc. which has been soliciting investments without the necessary license.

In an advisory posted on its website, the corporate regulator said Better Adsource has been offering several packages that will allow people to earn passive income from a pool of investments and cryptocurrency mining.

The SEC said the group, which also operates under the name Better Adsource Advertising Services, is not registered as a corporation or partnership with the commission. It is also not authorized to solicit investments from the public since it does not have a secondary license.

“The public is advised not to invest or stop investing in any investment scheme offered by Better Adsource System, Inc. and Better Adsource Advertising Services and to exercise caution in dealing with any individuals or group of persons soliciting investments for and on behalf of it,” the SEC said.

Better Adsource’s investment scheme involves a referral program, which means that people can earn simply from referring others into the program up to the third level.

The group also offers bitcoin rewards, which it claims is a great way for people to earn money during their spare time.

The SEC said that salesmen, brokers, dealers, or agents of Better Adsource may be prosecuted and held criminally liable under the Securities Regulation Code, with a maximum fine of up to P5 million or up to 21 years in prison. — Arra B. Francia

RBI may cut rates anew to boost growth

BENGALURU — Recent stimulus measures announced by the Indian government will be insufficient to boost economic growth significantly, said a majority of economists in a Reuters poll who predicted two more interest rate cuts this year, in October and December.

To revive the ailing economy, the government in September announced a steep cut in the corporate tax rate — to 22% from 30% — triggering the biggest intraday gain in Indian stocks in more than a decade.

That along with other measures, including a rollback of a higher surcharge on foreign portfolio investment — introduced in the budget in July — led international investors to become net buyers of Indian assets in September.

But nearly 60% of around 50 economists who answered an additional question said those stimulus measures were unlikely to have a notable impact on the economy.

“While the cut in corporate taxes is sharp, its actual impact on growth is uncertain. Given that the current problem is of weak demand, a demand augmenting measure would have been more productive,” said Rini Sen, India economist at ANZ.

Although the economy is expected to have recovered last quarter from the sharp slowdown in the three months prior, economists downgraded their growth outlook for this fiscal year and next from three months ago.

The Sept. 24-30 poll of over 50 economists predicted gross domestic product growth to average 6.1% this fiscal year, the lowest since polling began for the period in April last year.

If realized, that would mark the slowest pace of growth in seven years.

The economy was then expected to expand 6.8% next fiscal year, a downgrade from 7.2% predicted in the July poll.

That weak outlook was driven by lack of clarity on when and how the U.S.-China trade war will end, which has already hurt business sentiment, manufacturing activity and the global economy.

But some economists argued recent measures announced by the Indian government, along with monetary policy easing, would likely boost Asia’s third-largest economy.

The Reserve Bank of India (RBI) has already eased policy by a cumulative 110 basis points this year.

It is now expected to cut its repo rate by 25 basis points on Friday, making it the fifth meeting in a row of easing, and is then predicted to follow that up by with another 15 basis points slice in December, taking the key rate to 5.0%.

But the RBI is then forecast to keep rates unchanged until 2021 at least.

“It looks like the authorities — both the government and the central bank — are firing up all cylinders to provide stimulus to the economy…with stimulus announced so far should start to revive growth going forward,” said Prakash Sakpal, Asia economist at ING.

When asked how many more rate cuts it would take to boost growth significantly, nearly 45% of economists said cumulative rate cuts up to 50 basis points will be needed.

Eleven said between 50 and 100 basis points would do the trick, while two said over a percentage point.

The outlook for further policy easing was also backed by subdued inflation, which is not expected to breach the central bank’s medium-term target of 4% until the fourth quarter of 2020.

“With inflation remaining under control, monetary stimulus in combination with the recent fiscal measures are likely to be growth supportive,” said Shashank Mendiratta, economist at IBM.

But not everyone agreed with that view.

Nearly 30% of respondents said boosting economic growth significantly is beyond the RBI’s immediate control.

“Not only monetary policy but also short-term measures that the government has taken so far, are used to sugar-coat the wrong policy trajectory from a structural point of view,” said Hugo Erken, head of international economics at Rabobank.

“Because what India really needs is a large-scale reform package on several fronts.”

A weak growth outlook, ongoing concerns about the U.S.-China trade war and the prospect of further RBI easing are all expected to hurt the Indian rupee in coming months.

After rallying as much as 3% against the dollar in September, the rupee is forecast to reverse most of those gains to trade at 72.50 per dollar in a year, compared to 70.70 on Monday.

“Despite the fact that both monetary and fiscal levers are now being deployed to prop up growth, a material recovery is still elusive,” added ANZ’s Sen.

“We therefore see limited scope for the current (rupee) rally to last unless demand sharply recovers. In addition, global risks including worsening in trade uncertainties or an oil price surge could add to rupee volatility.” — Reuters

Arts & Culture (10/02/19)

Free the Word! at the CCP

FREE THE WORD! Manila: Poetry, Prose, and Performances will be held at the Cultural Center of the Philippines’ Main Lobby on Oct. 2, from 7:30 to 10 p.m. This will kick off the series of free public events to be held as part of the 85th PEN International Congress hosted by the Philippine PEN. It will be a night of multi-cultural prose and poetry readings, as well as music. The roster of performers includes writer-musician Lourd de Veyra, poet Marjorie Evasco, Cordillera musician Kurt Alalag, Indonesian poet Fariq Alfaruqui, Indonesian novelist Seno Adijarma, Hong Kong poet Tammy Lai-Ming Ho, poet Santiago Villafania, poet Marne Kilates, writers Ayi Dossavi-Alipoeh of Togo, Yorn Young of Cambodia, Felix Villenueve of Quebec, Veera Tyhtila of Finland, Judyth Hill of Mexico, and Danson Kahyana of Uganda, to name a few. For details, visit penmanila2019.ph.

Yupangco exhibit at Globe Art Gallery

“I WAS DRAWN to the circle and liked to work within it… I like things contained in a space I can control,” said Pia Benitez Yupangco on the genesis of her art. The result is a solo exhibit titled Sphere, organized by Hiraya Gallery, now on view at the Globe Art Gallery, The Globe Tower, 32nd corner 7th Aves., BGC, Taguig. from Oct. 2 to 31.

Talks on Japanese literature with Ginny Takemori

THE Japan Foundation, Manila, in partnership with the Philippine Center of International PEN and Fully Booked, announce a series of talks on contemporary Japanese literature with award-winning Japanese literary translator, Ginny Tapley Takemori, to be held at the 85th PEN International Congress in Manila at the National Museum of Fine Arts on Oct. 3, 11 a.m. and at The Studio, Fully Booked Bonifacio High Street on Oct. 5, 2 p.m. Admission is free for both events.

Shell Students Art Tilt deadline looms

THE 52nd National Students Art Competition (NSAC) is now accepting entries that embody the theme “Imagine Nation.” Pilipinas Shell’s NSAC is open to all college students currently enrolled in Philippine schools for the year 2018-2019. Participants can submit a maximum of two entries using any of the following mediums: oil/acrylic, watercolor, sculpture, and digital fine arts (print). Metro Manila-based applicants can submit their entries on Oct. 3, 4, and 5. For more details, visit Pilipinas Shell’s official website at www.shell.com.ph/shell_art.

MSO does Sibelius and Beethoven

THE MSO’s 2019-2020 Season Gala Concert #3, Sibelius & Beethoven’s 5th, features 15-year-old violinist Jeanne Rafaella Marquez, first prize winner in the 2018 National Music Competitions for Young Artists (NAMCYA) as she performs the holy grail of all violin concertos — Sibelius’ D-minor. Finnish-Filipino conducting prodigy Tarmo Peltokoski, 19, a protégé of the legendary Finnish conducting legend Jorma Panula, will have his Philippine debut as he leads the MSO in this program that will also feature Beethoven’s most popular Symphony, his Fifth in C-minor. The concert will be on Oct. 6, 6 p.m., at the Hyundai Hall, Areté, Ateneo de Manila, Katipunan Ave., QC.

Clara Schumann honored in concert

IN AN ERA when women, apart from singers, almost never performed in public or composed, Clara Schumann did both. In commemoration of the Clara Schumann’s 200th birth anniversary this 2019, the Goethe-Institut is staging a multi-faceted concert on the life, time and works of the celebrated Romantic musician. In partnership with the University of Santo Tomas’ (UST) Conservatory of Music, the concert features German musicians Boris Schönleber (piano) and Katharina Padrok (soprano), as well as performers from the university, Peter Podrico (actor) and Mary Patrice Pacis (actress). Alongside Clara Schumann’s works, the concert highlights German poetry and contains theatrical performances chronicling important events in her life. The concert is set for Oct. 16 at the UST Museum. Registration starts at 6 p.m. The guest musicians will also give a voice workshop for selected participants at the UST on Oct. 17.

Van Gogh Alive in BGC


THE FAMOUS multi-sensory experience celebrating the world’s most famous artist, Van Gogh Alive, will come to life at One Bonifacio High Street, Bonifacio Global City, Taguig from Oct. 25 to Dec. 8. The Bonifacio Art Foundation Inc. and One Bonifacio High Street, in collaboration with Grande Exhibitions, present Van Gogh Alive, which stretches the definition of the word “exhibition” as it stimulates the senses and opens the mind. The exhibition will be located at the 4th level of the mall. For details, visit Bonifacio High Street’s official Facebook page at https://www.facebook.com/BoniHighStreet/.

Skyway operator to speed up preliminary work on extension

TRAFFIC at South Luzon Expressway (SLEx) is expected to ease up by November, as Skyway Operations and Maintenance Corp. (SOMCO) said it will speed up the completion of the heavy preliminary works on its extension project.

In a statement yesterday, the unit of conglomerate San Miguel Corp. said one of the Skyway lanes that has been temporarily closed since last week will be reopened by end-November. The lane was closed as preliminary work on the Skyway extension project began.

“SOMCO assured motorists that they will get a reprieve from traffic in the south by November when heavy preliminary works are targeted for completion, just before much of the Christmas rush,” it said.

SOMCO is currently undertaking a P10-billion extension on both directions of the Skyway from the toll plaza of the main line linking to Susana Heights. Construction of the four-kilometer elevated viaduct started in June and is scheduled for completion by December 2020.

Since last week, motorists have complained about the heavy traffic that spilled over to SLEx brought by the lane closure at Skyway, affecting vehicles coming from Laguna up to Alabang.

“We understand your frustration but given that the holiday season is fast approaching, we have to be aggressive with the schedule as it is our best ‘window’ to complete preliminary road works before peak traffic season,” SOMCO President Manuel M. Bonoan said in the statement.

“We ask for understanding and patience from our motorists for this temporary inconvenience.”

Aside from the already closed lane last week, SOMCO also notified motorists of a one-way traffic scheme to be implemented starting Oct. 8 at 10 p.m. for the northbound lanes from Alabang to Sucat Interchange. The scheme will run until end of November.

The current works at Skyway cover Phase 1 of SOMCO’s extension master plan for the toll road, which seeks to extend the northbound and southbound lanes of Skyway from Muntinlupa to Susana Heights. Once completed, it will link the toll road to the Muntinlupa-Cavite Expressway.

SOMCO said the next phases of the extension project will include works to decongest traffic at Bicutan, Sucat and Alabang-Zapote Road access points.

“[O]ur aggressive target to complete Phase 1 is by December next year. There are possible causes of delay: right-of-way issues, moving of pipelines, power lines, and the like. However, with the leadership and full support of government, we’re confident we can still fast-track and complete it in a relatively shorter period of time,” Mr. Bonoan said. — Denise A. Valdez

How PSEi member stocks performed — October 1, 2019

Here’s a quick glance at how PSEi stocks fared on Tuesday, October 1, 2019.

 

Padlocked POGO agrees to P1.3-B settlement to lift suspension

THE first offshore gaming firm to be shutdown over taxes owed to the government has agreed to pay a P1.3-billion settlement to resume operations, the Bureau of Internal Revenue said.

Great Empire Gaming and Amusement Corp. (GEGAC), a Philippine Offshore Gaming Operation (POGO), made an initial payment on Monday to lift its suspension.

BIR Commissioner Caesar R. Dulay told reporters that GEGAC paid an initial P250 million and was permitted to resume operations on condition that it will withhold taxes from employees and ensure they are registered with the tax authorities.

“I approved recommendation of POGO Task Force and BIR received payment of 250 million (on Sept. 30).” As such, GEGAC is “allowed to operate and required to update withholding tax payments and register employees,” Mr. Dulay said.

The company also agreed to issue post-dated checks covering the remaining amount, with the final payment due at the end of December, he said.

He said in a separate text message that he expects other non-compliant firms to voluntarily settle their arrears to avert similar shutdowns.

“We expect them to voluntarily comply (after) the Great Empire example. They should not wait to be closed,” he told BusinessWorld in a phone message in response to a question on more impending closures.

The order lifts the suspension of GEGAC offices in the Subic Bay Freeport Zone, Aseana in Parañaque City and in Quezon City, according to a memorandum signed by BIR Deputy Commissioner for Operations Arnel SD. Guballa.

On Sept. 25,the BIR POGO Task Force padlocked GEGAC’s offices, affecting an estimated 8,000 workers, due to its failure to register for value-added tax.

Mr. Guballa reported earlier that the government has collected P1.4 billion in withholding taxes from the industry, more than double the P579 million collected last year and compared with P175 million in 2017.

Finance Secretary Carlos G. Dominguez III has said that the government foregoes revenue of about P2 billion a month for every 100,000 POGO workers left unregistered, which prevents the tax authorities from receiving withholding taxes remitted on their salaries. — Beatrice M. Laforga

Oil firms asked by DoE to explain Monday price rollback calculations

By Victor V. Saulon
Sub-Editor

THE Department of Energy (DoE) said it estimates that oil companies did not roll back fuel retail prices as much as they could have, and asked them to explain their price actions on Monday.

“Kailangan lang i-explain ng mga oil companies dahil magkaiba ‘yung computations ng DoE with them (The oil companies just need to explain because the DoE’s computations are different from theirs),” according to DoE Director for Energy Resources Development Rino E. Abad in a text message Tuesday.

On Monday, oil companies announced a price rollback of P1.45 per liter for gasoline, P0.60 for diesel, and P1.00 for kerosene. Ahead of their advisories, Phoenix Petroleum Philippines cut the prices of its gasoline and diesel products on Sunday by P1.55 and P0.50 per liter, respectively.

Earlier in the day, Mr. Abad said in a radio interview that based on DoE calculations, the price cut for gasoline should have been bigger by about P0.07 per liter; diesel prices should have been cut by an additional P0.16 per liter.

However, Mr. Abad said a new DoE computation indicates that gasoline price cuts should have been even larger.

“May updated amount na (There is an updated amount of) P0.14 for gasoline and P0.16 for diesel na kulang ang decrease ng (that is lacking in the price decrease of) oil companies compared to DoE estimate. But same computation (holds) for kerosene,” he said.

He said the oil companies should provide clarity on the basis for their deciding on a price reduction, and the difference in their and the DoE’s computations.

“Oct. 7 nakalagay (has been set),” he said, when asked about the deadline for oil companies to clarify their price movements.

On Monday, oil companies that sell liquefied petroleum gas (LPG) also announced an increase in cooking gas prices by P4.50 per kilogram, and auto LPG by P2.50 per liter to reflect the international contract price of LPG.

In the radio interview, Mr. Abad described these increases as “justified.”

Oil companies adjust the prices of petroleum products weekly, and LPG products at the end of each month. The industry did not immediately respond when asked about the DoE director’s comment.

This week’s price adjustment comes after oil firms last week implemented a hefty increase in the price of gasoline, diesel and kerosene on supply fears brought about by the drone attack on major Saudi Arabian facilities.

The Sept. 14 attack on the Aramco oil processing facilities at Abqaiq and Khurais resulted in lost crude production of 5.7 million barrels per day or nearly 60% of the country’s average production, the DoE has said. Saudi Arabia produced 9.8 million barrels per day in August, it added.

Last week, the domestic prices of gasoline, diesel and kerosene rose by P2.35, P1.80 and P1.75 per liter, respectively, the biggest hike so far this year.

Year-to-date adjustments amount to a net increase of P6.41 per liter for gasoline, P5.22 per liter for diesel, and P2.76 per liter for kerosene.

Sugar liberalization resisted as industry cites rice farmers’ plight

SENATE Majority Leader Juan Miguel F. Zubiri said he will oppose the liberalization of sugar imports, citing the impact of rice tariffication, the policy cited as a potential model for the commodity.

“We’ve seen the impact of the Rice Tariffication Law. There is no (denying) that it has affected our farmers. And so, they are trying to figure out what to do nowkasi nangangapa pa rin sila (everyone is still adjusting to what has happened in the rice industry). We don’t want this to happen to the sugar industry,” he told reporters.

“I will fight against the liberalization of sugar industry for the precise reasons that it will kill 5 million people directly and indirectly and it will affect provinces nationwide,” he added.

The Sugar Regulatory Administration (SRA) approves import permits and determines how much can be imported for the current crop year, based on assessments of domestic production. Imports are charged a 5% tariff.

In 2018, the SRA approved imports of 250,000 metric tons (MT) of refined sugar in August, and another 150,000 metric tons of raw and refined sugar in October. This was implemented to address projections of low raw sugar production in crop year (CY) 2018-2019, which at 2.073 million MT was lower than the revised target of 2.079 million MT and the initial target of 2.25 million MT.

Asked to comment, SRA Administrator Hermenegildo R. Serafica said the agency has yet to discuss the issue.

“I do not want to pre-empt kung ano ang decision ng (the decision of the) Sugar Board. We have yet to meet on this issue… we will discuss this matter soon,” he told BusinessWorld.

The Department of Finance (DoF) on Sept. 27 formally proposed import liberalization for the sugar industry, along the lines of policies adopted for the rice industry. It noted that removing restrictions on imports would allow for transparency, competitive pricing, and allow downstream industries to grow as fast as their ASEAN counterparts.

Finance Secretary Carlos G. Dominguez III signaled in July that the government is taking a close look at sugar imports because domestic prices are double the world market price, hindering the competitiveness of the food processing industry.

The Confederation of Sugar Producers (CONFED) has said that liberalizing imports would damage government efforts to develop the sugar industry.

“To be faced with liberalized importation at this point will lead to the demise of the sugar industry and will undermine all efforts of the Duterte administration to help the industry,” Raymond V. Montinola, spokesperson of CONFED said in a statement.

“Malaysia and Indonesia (strictly regulate) the entry of imported sugar to ensure that it does not compete and kill their own local sugar industries,” Mr. Montinola added. — Vincent Mariel P. Galang

DPWH role in road management to grow after Road Board absorption

THE Department of Public Works and Highways (DPWH) is set to take over the functions of the defunct Road Board in six months, giving it a bigger role in road management.

According to the implementing rules and regulations (IRR) of Republic Act No. 11239, the law that abolished the Road Board which President Rodrigo R. Duterte signed in March, the turnover of functions and funds of the Road Board to the DPWH must be made within a six-month period from the law’s effectivity.

The IRR was published in a newspaper bulletin on Tuesday and will take effect after 15 days.

“Any and all allocations obligated before the abolition of the Road Board shall be utilized by the said agency to settle all its obligation… The DPWH will ask the Department of Budget and Management (DBM) for funding to cover the expenses incurred during this period of transition,” according to the IRR.

The Road Board — originally consisting of the secretaries of the Public Works, Budget, Finance and Transportation departments, together with three representatives from the private sector — was first organized in the early 2000s through RA 8794, the law that imposed the collection of a motor vehicle user’s charge (MVUC).

The MVUC was meant to fund road maintenance, drainage, signalling devices, safety systems and vehicle-related pollution control measures. The money is held in four trust funds overseen by the National Treasury: the Special Road Support Fund, Special Local Road Fund, Special Road Safety Fund and Special Vehicle Pollution Control Fund.

With the abolition of the Road Board, the appropriations to be collected from RA 8794 are to be transferred to the DPWH, and monitored by a Congressional Oversight Committee composed of five members each from the House of Representatives and the Senate.

“The Secretary of DPWH, through a Department Order, shall provide the necessary guidelines for vetting and evaluation process of projects,” it said.

Projects that the Road Board previously approved but were not funded by the DBM will now be subject to an evaluation by the DPWH. The DPWH is also required to propose to the DBM changes in organization and staffing after it absorbs the Road Board’s responsibilities. — Denise A. Valdez

Budget forwarded to Senate amid House claims it is ‘pork-free’

THE House of Representatives on Tuesday transmitted the P4.1-trillion national budget for 2020 to the Senate ahead of the a month-long break beginning Oct. 4, with senior legislators claiming that the spending plan is “pork-free” and invited the Senate to “see for themselves.”

“Again and again, we contend that it is a pork-free budget as we strictly confined ourselves to the decision of the Supreme Court which declared the PDAF (Priority Development Assistance Fund) unconstitutional and prohibited the post-enactment identification of projects,” Deputy Speaker Neptali M. Gonzales II of Mandaluyong City said in a statement Tuesday.

“Now, the Senate can finally see for themselves.”

Senator Juan Edgardo M. Angara, Finance Committee Chairman, confirmed the transmittal of the budget, adding that the Senate is set to work on the committee report over the break. Congress will resume session on Nov. 4.

“Our finance subcommittees are completing the hearings on the proposed budgets of the last few agencies,” Mr. Angara said in a separate statement, Tuesday.

“During the break, we will be consolidating all of the submissions into the committee report and once we resume sessions, we will be ready to sponsor the bill in plenary.”

Based on the committee’s schedule, as of Sept. 30, the remaining budget hearings will cover the Department of Transportation, Department of Energy, Department of Agriculture, among others.

“The Senate will work overtime to approve this most important piece of legislation so that the measure will be with the President for signing before the end of the year,” Mr. Angara also said.

The chambers hope to pass on the budget to the Office of the President in time for signing by Dec. 15.

The House on Sept. 20 approved the 2020 spending plan on second and third reading. The chamber skipped the three-day prescribed period in passing a measure, after President Rodrigo R. Duterte certified the bill as urgent.

Legislators are hoping to avoid a repeat of the delay in the enactment of the 2019 national budget after months-long impasse between the House and the Department of Budget and Management and later with the Senate over alleged “insertions” made after the spending plan was approved in bicameral session.

Mr. Duterte signed the 2019 budget on April 15 and vetoed some P95 billion worth of appropriations as “unconstitutional.” — Charmaine A. Tadalan

PCC to investigate rice industry for anti-competitive practices

THE Philippine Competition Commission (PCC) said it has been invited to investigate the rice industry and advise the Department of Agriculture (DA) in identifying anti-competitive behavior like price-fixing and cartel-like behavior.

The PCC and the DA signed a memorandum of agreement (MoA) in Quezon City Tuesday covering “mutual advisory” assistance in any investigation of agricultural issues.

“The focus of our work is looking at the competition angle in the market. In effect, what we want to understand, in the case of rice, is what explains the behavior of the prices as we have seen this and whether one could attribute that to anti-competitive practices like cartel, abuse of dominant position, price fixing, and market allocation,” PCC Chairman Arsenio M. Balisacan said during the MoA signing.

Mr. Balisacan said the PCC will look into all segments of the rice industry, including traders.

The farmgate price of palay, or unmilled rice, has been falling since the enactment of the Rice Tariffication Law earlier this year, which liberalized the rice import market but made importers pay a 35% tariff on their inbound shipments, a rate that applies to grain from Southeast Asia.

The larger volumes of imported rice on the market has softened demand for palay, making traders reluctant to buy and causing the prices offered by private traders to radically diverge from the support price offered by the National Food Authority (NFA) which is currently at P19 per kilogram.

Reports of traders offering to pay as little as P6 per kilo have mobilized government agencies to organize direct palay purchasing efforts in order to establish an effective floor for the market, paying “fair” prices to farmers with government money, in the absence of the private traders from the market.

“The Competition Commission is a quasi-judicial body. It has investigative powers. The Supreme Court just issued the rules on inspection that will allow us to secure the data, evidence that we need by way of dawn raids or search warrants, so we’ll obtain the evidence that will prove the case,” he told reports after the ceremony.

Under the MoA, information will be exchanged between the agencies on matters regarding competition in agriculture, as well as other forms of cooperation, including investigative and enforcement support, and the creation of fact-finding bodies.

Mr. Balisacan said the food sector is a priority area for the PCC this year and in 2020.

The MoA formalizes preliminary efforts at coordination between PCC and DA staff, which can now take place without the prior approval of Mr. Balisacan and Agriculture Secretary William D. Dar.

“We assure the public that your government is working and the instrumentalities of the government are being fully and properly pursued so that at the end of the day we shall be able to have the consuming public have the right prices in the market and at the same time the see to it that the farmers will also have respectable prices for their palay,” Mr. Dar said. — Vincent Mariel P. Galang

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