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RCBC files defamation suit vs Bangladesh central bank

RIZAL Commercial Banking Corp. filed a lawsuit versus Bangladesh Bank.

RIZAL COMMERCIAL Banking Corp. (RCBC) filed a defamation lawsuit against the Bank of Bangladesh (Bangladesh Bank) at a lower court in connection with the $81-million cyber heist in February 2016.
In a statement sent to reporters on Tuesday, the Yuchengco-led lender said it filed a complaint against the Bangladesh central bank at the Makati City regional trial court (RTC) on March 6 for “defaming RCBC and its executives with baseless allegations of complicity” in the cyber heist of Bangladesh Bank’s funds in the New York Federal Reserve Bank in 2016.
The suit was served to Abu Hena Mohammad Razee Hasan, deputy governor and head of Bangladesh Bank Financial Intelligence Unit, and other members of the central bank’s delegation who are in Manila this week “for meetings with banking officials.”
A report from Bangladesh-based Dhaka Tribune said a team of lawyers and Bangladesh Bank officials headed to Manila this week to recover the stolen funds “through a settlement after discussion.”
“It is public knowledge that Bangladesh Bank has embarked on a massive ploy and scheme to extort money from plaintiff RCBC by resorting to public defamation, harassment and threats geared towards destroying RCBC’s good name, reputation, and image, all with the intention of getting RCBC to pay Bangladesh Bank money that RCBC does not have in its custody or possession and which it does not owe to Bangladesh Bank,” the complaint read.
The lawsuit stemmed from illegal fund transfers from the New York Fed account of Bangladesh Bank to four accounts under fictitious names opened at RCBC’s Jupiter Street branch in Makati City. The funds were withdrawn and spent in casinos, where they disappeared.
Despite the government’s assistance in tracing the missing money, only $15 million has been recovered from a junket operator.
The Bangko Sentral ng Pilipinas earlier slapped RCBC with a P1-billion fine in relation to the cyber heist.
In January, the Makati RTC convicted former RCBC branch manager Maia Santos-Deguito of eight counts of money laundering, sentencing her to imprisonment of four to seven years for each count.
“Bangladesh Bank had lost the $81 million the minute it left defendant Bangladesh Bank’s account at the NY Fed and way before it had even reached the Philippines,” RCBC’s case read. “There is absolutely no act attributable to RCBC that caused the payment instructions to reach the NY Fed and the Correspondent Banks.”
A month ago, the Bangladesh central bank filed a suit against RCBC with the US District Court in Manhattan for its involvement in what is considered as the biggest cyber heist in history.
Tai-Heng Cheng, RCBC’s lead lawyer, said the claims of Bangladesh Bank are “baseless,” harming the reputation of the bank.
“Bangladesh’s suit is nothing more than a political stunt to try to shift blame from themselves to RCBC. The action taken today by RCBC finally puts the case in a court where — at the very least — the alleged crime took place,” Mr. Cheng was quoted as saying in the bank’s Tuesday statement.
Thea Daep, another lawyer of RCBC, added that the Yuchengco-led bank “had nothing to do with the theft of the funds and has cooperated fully with every investigation into the matter.”
RCBC shares closed at P26.50 apiece on Tuesday, down by five centavos or 0.19%. — Karl Angelo N. Vidal

A session with the cast of Phantom (in allegro)

By Michelle Anne P. Soliman, Reporter
“She seemed to be listening… Raoul also listened… Whence came that strange sound, that distant rhythm?… And a faint singing seemed to issue from the walls… he heard a voice, a very beautiful, very soft, very captivating voice… but for all its softness it had remained a male voice… The voice came nearer and nearer… and now the voice was in the room, in front of Christine. ‘Here I am, Erik,’ she said. ‘I am ready. But you are late.’” — The Phantom of the Opera by Gaston Leroux (1909)
FROM the opposite end of the foyer, you could hear Meghan Picerno giggle as she approached our station at the foyer at the Theatre at Solaire last Tuesday afternoon for a short interview before that evening’s show. Like the rest of the cast members of The Phantom of the Opera whom we met, Ms. Picerno — who plays the lead Christine Daae — talked about the preparations they did for the show and why the musical continues to resonate with audiences 33 years since its premiere in 1986.
And she also discussed what is was like to play the same character twice in two different musicals.
And we discussed corsets.
While it has been 33 years since The Phantom’s world premiere, it has been seven years since the seven-time Tony and four-time Olivier award-winning musical was performed last in Manila. For the 2019 World Tour — which opened officially here last week at The Theatre at Solaire — the Andrew Lloyd Webber musical has come with 130 cast, crew, and orchestra members and more than 230 costumes by the late international designer Maria Bjornson.
Ms. Picerno said that playing Christine with the North American cast of the sequel to Phantom of the Opera, Love Never Dies (also composed by Andrew Lloyd Webber), helped her craft the role for the younger Christine — the soprano who becomes the object of fascination and the protege of the Phantom of the Paris opera house — that she now plays.
“I’ve been living her future for the last year and a half. And I had, as a performer, I created a backstory [for the character]. And now I am living the beginning of it all,” Ms. Picerno said.
“I do though, have to remember that the time that Phantom of the Opera was written, Love Never Dies was not [yet created]. So then, I have to separate the two because, my future self Christine actually can’t influence the young Christine, because she wouldn’t know that that’s where she ends up,” she said.
TAKE TWO
Jonathan Roxmouth is no stranger to The Phantom either as this is his second time to play the role of the opera ghost — he was also the Phantom in the 2012 touring production that performed in Manila. He said he has made no drastic changes to his performance since his first run as the Phantom seven years ago.
“Instincts never change. I think delivery changes every now and again. I think my voice has changed a little. My confidence in the role is certainly not what it was back then,” Mr. Roxmouth told the press.
“I’m not a fan of change for change’s sake. It’s very dangerous, because I like to trust that what I found back then still rings true. Certain things may have changed here and there… but the rest of it, it’s the same effect,” he added.
The story of romance and unrequited love continues to resonate with audiences.
“I think the one that bridges things is the romance. Some people get swept away with these gorgeous melodies and it’s a very romantic show,” said Matt Leisy who plays Raoul, who competes with the Phantom for Christine’s heart.
“I think people relate to the Phantom as well because he’s… a tortured soul who was not quite understood. He’s the one who doesn’t get the girl and is lonely, and I think I people can relate to that,” said Mr. Leisy.
AUDIENCE APPRECIATION
Mr. Roxmouth has observed that the Filipino audience connects with his character during shows.
“There’s a respect for the arts… Even during the show, you could you could feel the audience is with you… and at the end of ‘Music of the Night,’ you can hear them go [*exhales*] with you. And that’s amazing because this, this role particularly connects with people in a way that other roles haven’t.
“To come out on the boat [during the scene in the underground lake] and look out at the audience in the theater — you can feel that everybody’s going, ‘Let’s do this together.’ There’s a partnership. They’re not just watching, they’re also not distracted, they are with you. That hardly happens. I remember it being the case in the CCP [Cultural Center of the Philippines} in 2012 and I’m seeing it again here. It’s, it’s quite special.”
AND CORSETS
Before our turn with the performers was up, this writer grabbed the opportunity to ask Ms. Picerno a nagging question — How did female singers back in the day sing opera while wearing corsets?
“Back in that time, true corsets would have either had whalebone or metal [to keep them stiff]. I really cannot imagine what that would be like to sing in [them]. That being said, I actually like being in corsets to sing,” Ms. Picerno told members of the press, and went on to explain that she uses the Garcia method (named after Spanish singer Manuel Garcia) where a singer practices a controlled breathing approach called apoggio (Italian for “to lean”).
“My rib cage expands kind of like a puffer fish and when you have of corset on you can lean against it. It’s so helpful because you’re fully supported when you sing,” she said.
And with that she, along with the other actors, returned to the theater to prepare for the show that evening. Which in her case means wearing a corset.
The Phantom of the Opera has performances until April 7 at The Theatre at Solaire. For tickets and schedules, contact TicketWorld at (891-9999, www.ticketworld.com.ph.)

In the words of Lang Leav

AS AN adolescent, there is always that piece of literature that, or an author who, introduces us to a genre we grow to appreciate. Before a reader’s widened exposure to various forms of literature, we all start from somewhere. These days Lang Leav opens the door to poetry for many young people.
It was late afternoon on Feb. 21 when this writer met the best-selling novelist and poet at the Raffles Makati’s Writer’s Bar. Her pearl necklace stood out as an accent to her all-black outfit. It was Ms. Leav’s fourth visit to the country — this time she was to promote Love Looks Pretty on You, a book that mixes poetry and prose.
“Poetry is pure emotion. It’s short, but very intense,” Ms. Leav said before discussing her writing process.
“I’ll get up in the morning, make a cup of coffee, and go straight into writing.” This ritual has remained the same since she began as a writer. “I allow ideas to come to me. It’s about choosing what I get to go with, and trusting my gut, and making something of it.”
Her pieces have consistently centered on love. “It’s not just me. Since the beginning of time, philosophers have been ruminating on love and it’s because it’s such a huge cornerstone of our lives,” she said.
“Love, [I think] is one of the most important things in your life,” she said referring to her own experience, as well as those of people around her. “It’s so complex and so multi-faceted.”
In her new book, Ms. Leav writes about empowerment, which includes her experience growing up as in a Thai refugee camp where she was born.
“It’s more of a reflective book… My mom was fighting the Khmer Rouge Regime while she’s pregnant with me and that’s something that I’m exploring [in my book].”
Since the success of her previous works — books of poetry including Love and Misadventure (2013) Lullabies (2014), Memories (2015), and Sea of Strangers (2018), and the novel Sad Girls (2017) — Ms. Leav admits it has been challenging to be in the spotlight.
“I’ve been so grateful for this opportunity that I’ve been given. And it’s something that I am, I think about a lot as I grow into my next role. And it’s almost like I’ve been given this huge megaphone. Now I have to figure out what I’m going to say next,” she said.
When it comes to criticism, Ms. Leav noted that she focuses on positivity. “Being a writer is about choosing what voice you listen to. I’d rather than listening to the words of the Yale professor (whom she mentioned is her mentor), than some 16-year-old boy sitting in his bedroom who is hateful.
“So I think the most important thing for young writers to remember is to have a small circle of friends to whom you show what you do. Ignore what everyone else says, because anyone who has any talent, or anyone who’s going to get anywhere in life will not be sitting behind a keyboard attacking [others],” she added.
Before we ended the 14-minute interview, Ms. Leav mentioned that she is currently working on a second novel about an aspiring poet which is targeted for release later this year.
“You have to write your own path and figure things out as you go… Don’t listen to the negativity just focus on what you’re doing. Do your writing.” — Michelle Anne P. Soliman

China to scrutinize pawnshop boom

THESE ARE NOT the small-dollar lending, used-guitar selling pawnbrokers of middle America.
In China, pawnshops have evolved into big shadow-finance industry players — lending the equivalent of $43 billion in 2017, often to small businesses and at much higher interest rates than banks. The number of Chinese pawnshops has doubled since 2010 to more than 8,500 and their average loan size exceeds $26,000, versus around $100 in the US.
Now, that breakneck growth is putting pawnshops in the Chinese government’s crosshairs. The country’s banking and insurance regulator is drafting new rules that will toughen oversight of the industry, people familiar with the matter said, asking not to be identified as the matter is private.
The move will target one of the last untouched corners of China’s $9 trillion shadow-banking sector, broadening a more than two-year government effort to reduce financial risk in Asia’s largest economy. It suggests authorities aren’t finished with their cleanup campaign, despite recent signs that they’ve dialed back deleveraging measures elsewhere to support economic growth.
The China Banking and Insurance Regulatory Commission’s (CBIRC) inclusive financing division is drafting the new rules after taking over jurisdiction of pawnshops from the Ministry of Commerce last year, the people said. One of the rules may increase the minimum capital requirement for pawnshops from its current level of 3 million yuan, the people said. While CBIRC oversees the industry, local governments will handle day-to-day supervision, they said, an approach used for peer-to-peer lenders.
CBIRC didn’t immediately reply to a fax seeking comment.
Unlike other countries, China’s pawnshops are often used by small-business owners to access high-cost funds for working capital. More than half of pawn-shop loans extended in 2017 were backed by real estate. And unlike typical bank loans, borrowers don’t need to disclose how the money will be used.
More than a third of China’s pawnshops were loss-making in the first two months of 2018 and their overdue loan ratio exceeded 13% amid rising competition with online lenders, official data show. Shares of Sunny Loan Top Co. and Changsha Tongcheng Holdings Co., two China-listed companies that invest in pawnshops, have dropped more than 20% over the past three years even as the Shanghai Composite Index gained.
In recent years, some outlets have expanded to accept stocks and accounts receivables as collateral, in addition to luxury watches, jewelry, automobiles and properties. To supplement their own capital and increase their capacity to lend, pawnshops have also borrowed from banks.
A typical loan in Shanghai comes with an interest rate of about 2% a month, or 24% annually, compared with the benchmark one-year lending rate of 4.35%. Pawn shops will typically lend up to 40% of the value of an apartment pledged as collateral, renewing the loan every six months.
A recent court case in Beijing showed how large such sums can get. The dispute involved a three-month, 4.35 million yuan ($648,000) property-backed loan with a 30% annualized interest rate. The borrower ultimately defaulted. — Bloomberg

Petron profit plunges

PETRON CORP. on Tuesday reported a 50% fall in its net income in 2018 to P7.1 billion after a “sustained decline” in world crude prices that resulted in inventory losses of P10 billion in November and December last year.
“It was a challenging year, yet we captured majority of the market and remained the largest and fastest growing oil company in the country. While our long-term fundamentals remain attractive, we will continue to be prepared and responsive to market conditions,” said Petron President and Chief Executive Officer Ramon S. Ang in a statement.
Last year, operating income fell 32% to P18.9 billion from P27.6 billion in 2017, Profits would have been higher by 21% at P17 billion if the one-time item is excluded, the company said.
Consolidated sales reached P557.4 billion, higher by 28% than the P434.6 billion posted in 2017. Petron managed to post combined sales volume of 108.5 million barrels, slightly up from the 107.8 million barrels sold the earlier year.
Petron said the strong local sales of gasoline, Jet-A1 and liquefied petroleum gas (LPG), along with improved operating efficiency, contributed to the increase. It said the company kept its lead in retail, industrial and LPG trading as it cornered majority of the market.
The company said its oil refinery in Bataan, which is a 180,000-barrel-per-day facility, achieved a record 95% annual utilization rate as it further raised its production of high-value fuels and petrochemicals.
Petrochemical and polypropylene sales grew by 3% and 28%, respectively, as against the levels in 2017. This drove the rise in export volume, which exceeded the previous year’s record by more than 7%, the company said.
In Malaysia, Petron’s domestic maintained good results, it said without disclosing numbers.
Petron is the country’s largest refiner and provides close to 40% of local fuel requirements through its Bataan refinery, 30 terminals, and at least 2,400 service stations nationwide. — Victor V. Saulon

How PSEi member stocks performed — March 12, 2019

Here’s a quick glance at how PSEi stocks fared on Tuesday, March 12, 2019.

 
Philippine Stock Exchange’s most active stocks by value turnover — March 12, 2019.

House to consider resolution seeking to ban palm oil imports

THE House of Representatives will consider a resolution asking the government to bar imports of palm oil to help protect the domestic coconut industry.
“I’m alarmed by the price of copra now. It’s too low. I’m asking the Department of Trade and Industry to stop the importation of palm oil,” Minority Leader Danilo E. Suarez of the 3rd district of Quezon said in a briefing Tuesday.
Mr. Suarez filed House Resolution No. 2519, which urged the DTI and other agencies to halt palm oil imports to support the coconut industry.
“Under our ASEAN tariff agreement, palm oil is charged zero tariffs. Unfortunately palm oil is cheaper than coconut oil,” he said.
The resolution follows a finding by the Department of Agriculture that palm oil imports are hurting the price of copra.
Copra currently trades for about P15 per kilo on average, well below the P30-40 average price from previous years.
“The surge of palm oil imports causes a shift in demand from coconut oil to palm oil due to the cheaper price of the latter. This, in turn, injures the coconut industry (due to) the continuous decline of copra farmgate prices,” according to the resolution.
“This economic situation affects the livelihood of the country’s coconut farmers which are mostly living in poverty.”
The Minority Leader said the DTI should consider increasing copra prices to P25. — Charmaine A. Tadalan

DoF bats for simpler 5% mining royalty scheme

THE Department of Finance (DoF) said its proposal to charge a uniform 5% royalty for all mining operations will generate about P7.2 billion worth of revenue in the initial year of implementation.
In a statement sent to reporters on Tuesday, the DoF said it made a last-minute proposal to the Senate to pass its proposed uniform rate for all mining operations, whether located inside or outside mineral reservations.
Finance Assistant Secretary Ma. Teresa S. Habitan told senators before the adjournment of the congressional session last month that its proposal would earn a P7.2 billion in incremental revenue, almost double the P3.7-billion estimated earnings the government will collect from the fee structure outlined in the House of Representatives version approved in November.
“In the House, there was considerable discussion about how the royalty was going to be calculated… What finally was approved by the House can be considered a compromise position. The DoF always wanted a simpler manner of computing the royalty,” Ms. Habitan said during the Senate hearing on the proposed new fiscal regime for the mining industry last month.
Senate Bill No. 1979, written by Senate President Vicente C. Sotto which has yet to be approved at the committee level, will impose a 5% royalty based on gross output on both large-scale or small-scale miners in mineral reserves; and an initial 3% royalty based on gross output on mining outside mineral reserves for the first three years of implementation, increasing to 5% in the fourth year and to 5% in the fifth year.
Its counterpart measure, House Bill No. 8400, proposed to reduce the royalty on large-scale mining within mineral reserves to 3% of gross output from 5% currently, and introduce a 1-5% margin-based royalty on miners operating outside mineral reserves.
The House version was approved on third and final reading on Nov. 12.
In September, the DoF said the proposed fiscal regime for the mining industry will bring in P11.3 billion in incremental revenue within five years of implementation.
Ms. Habitan said the Finance department prefers a “rationalized and single fiscal regime for the mining industry” to simplify the tax system.
She added that most mines in the country operate outside mineral reservations and do not pay royalties.
“[I]n 2017, data from the Mines and Geosciences Bureau (MGB) and the Bureau of Internal Revenue (BIR) showed that the government collected P1.1 billion in royalties and P1.9 billion in excise taxes from mining operations. The royalties were collected only from operations inside mineral reservations,” Ms. Habitan said.
On top of the proposed fiscal regime, the DoF said it wants the existing taxes paid by mining contractors such as corporate income tax, excise tax, indigenous people’s royalty, local business tax and value-tax among others to be retained to “level the playing field among all other sectors.”
Ms. Habitan added a rationalized fiscal regime for the mining sector is in line with the “overriding” goal of the Comprehensive Tax Reform Program (CTRP). — Karl Angelo N. Vidal

Agriculture department rules out palay imports

THE Department of Agriculture (DA) rejected proposals to import unmilled rice, or palay, noting that rice in that form poses a greater risk for the entry of pests and disease.
The announcement follows plans by San Miguel Corp. (SMC) to import palay once rice imports are liberalized under the Rice Tariffication Act.
Domestically-grown rice is typically milled near its growing area, while the international rice trade typically deals in the milled form of the staple.
“We will not allow the importation of palay. Rice, yes, but unhusked rice, we will not allow it because it will pose danger to our rice industry,” Agriculture Secretary Emmanuel F. Piñol said at a briefing in Quezon City Tuesday.
“We will not allow it because it could bring in pests and disease,” he said, noting that rice husks are likely to contain such elements.
Mr. Piñol said the DA has the authority to impose such restrictions via the sanitary and phytosanitary permit process administered by the Bureau of Plant Industry.
“We still hold the power to determine whether it is safe for Philippine agriculture or not. Nobody can assure that unhusked rice entering the country poses no such danger,” Mr. Piñol added.
Rice import liberalization came into force on March 5 but the law is awaiting the approval of its Implementing Rules and Regulations. — Reicelene Joy N. Ignacio

PPA willing to review weighbridge fees for Ro-Ro users

THE Philippine Ports Authority (PPA) said it is open to reviewing the practice of collecting weighbridge fees for inter-island cargo and passenger vehicles after Speaker Gloria Macapagal-Arroyo proposed to eliminate the fees, but added that it needs some way to fund its investments in port facilities.
“In so far as the weighbridge fees are concerned, we are willing to revisit and re-evaluate the current system being implemented in the ports. PPA is willing to shoulder the cost of the weighbridge and PPA is willing to not collect weighbridge fees,” PPA General Manager Jay Daniel R. Santiago said during a House Transportation Committee technical working group hearing on Tuesday.
“However there must be some cost recovery mechanism by which PPA should be able to recover the cost of that facility.”
The TWG, chaired by Bukidnon-3rd district Representative Manuel F. Zubiri, was hearing testimony on the improvement of the Roll On-Roll Off (Ro-Ro) System, particularly addressing high shipping costs. The Speaker had proposed in a hearing conducted in Leyte on March 5 to stop charging weighbridge fees to ease the burden on users, who include bus passengers traveling inter-island on the Ro-Ro system.
Mr. Santiago argued the PPA, as a “self revenue generating agency,” does not receive allocations from the annual General Appropriations Act.
“If we take out the charges being assessed by the PPA against all the port users we will have no source of revenue to be able to develop or continue developing, repairing or maintaining all of these ports, which will be more detrimental to the riding public,” he told the panel.
He added that the PPA charge only constitutes about 2% of the total shipping cost.
“Even if we remove the 2%, we will still be left with 98% of the current charges.”
The panel will also look into truck cargo rates for possible adjustment with the overall intent of reducing shipping costs, after learning that the PPA charges only P516 for type 4 vehicles, including 10-wheeler trucks and buses and the like.
“The trucking rate… from Leyte to Manila ranges from P100,000 to P150,000, one-way,” Alberto Suansing of the Confederation of Truckers Association of the Philippines 9 (CTAP) said.
“The PPA and shipping charges are minor. The really big cost is trucking. But we don’t know how to unbundle the trucking charge. Of course you have to consider (the trucking company’s) fuel and labor costs,” Transportation Committee chair Cesar V. Sarmiento, the Representative for Catanduanes, said. He asked CTAP to submit a report on current truck cargo rates. — Charmaine A. Tadalan

FEF calls for faster land conversion, efficient farming

THE Foundation for Economic Freedom (FEF) said the government needs to do more to speed up the land conversion process, while also calling for agriculture to become more efficient as marginal land is converted to nonfarm use.
“We realize land is needed for agriculture but the better approach to food security is to improve productivity with better inputs, farming methods, and support services. The answer is not hectarage but efficiency. In most industrialized nations, less than 5% of its people are in farming, yet they supply abundant food for domestic consumption with surpluses for export,” the FEF said in a statement.
FEF, whose members include leading former technocrats, added, “We urge the government to free up land, particularly marginally productive and unirrigated land for commercial, residential and industrial purposes.”
“Land must be devoted to its best use, one which will provide a higher yield and multiplier effect on the economy. Urbanization requires land for housing. Commercial and industrial pursuits require land as well. To deny land for these purposes will create social and economic distortions, stunt growth and adversely affect the quality of life of our people,” FEF said.
In February, the Department of Agrarian Reform (DAR) said that a joint memorandum circular concerning applications for land conversion will be submitted to the Cabinet by March.
The interagency task force involved in the joint memorandum circular are: DAR, the Department of Interior and Local Government, the Department of Agriculture, the Housing and Land Use Regulatory Board, the National Housing Authority, and the Housing and Urban Development Coordinating Council. — Reicelene Joy N. Ignacio

Dairy cattle procurement to spend up to ₱350-M

THE National Dairy Authority (NDA) said it has between P250 million and P350 million in funding to spend in an April auction for the import of 1,500 dairy cattle, to be distributed across various farms by October.
NDA Administrator Marilyn B. Mabale told reporters in Quezon City on Tuesday that the government-to-private cattle auction failed last year, and will be rebid this year.
“Unfortunately the 2018 auction failed, so we are going to rebid the purchase after consulting the farmers and complying the technical requirements of the board of directors… We hope the animals (can) be distributed in October… The funding of P250 million to P350 million includes semen purchases (for further breeding),” Ms. Mabale said on the sidelines of the NDA’s 24th Anniversary Celebration.
The Department of Agriculture (DA) hopes to achieve 10% milk sufficiency by 2022.
Ms. Mabale added that NDA will import 2,500 goats annually for three years starting 2020, tapping US government funding worth about P1.56 billion.
“It will be a special funding from the US government. It is a P1.56 billion project to run for five years starting this year, but there will be no imports yet. This year will be for organizing farmers, capacitating farmers, hiring technicians because we want to be ready when the animals arrive,” Ms. Mabale said.
Ms. Mabale said the dairy sector’s milk output rose 4% in 2018, and was up 11% in terms of value.
According to Ms. Mabale, the goat imports will be targeted at farmers with limited land. She added that the US government’s PL480 project is targeted at the poorest provinces, led by Samar province. The program will also assist farmers with marketing.
The NDA’s approved budget for 2019 is P251 million, down 52.6%.
Funding for cattle procurement this year come from the 2018 budget, Ms. Mabale said.
Asked it is possible for the Philippines to achieve a 10% milk sufficiency by 2022, Ms. Mabale replied in the affirmative.
“In a very rough estimate, very conservative estimate, nakita namin agad na 7% na ‘yung increase (we immediately saw a 7% increase) in the next two years, so ‘yung 10% very achievable iyon ‘pag dumami ‘yung base herd or increasing productivity ng existing animals (the 10% is very achievable if the base herd will increase or there will be increasing productivity of the existing animals),” Ms. Mabale said. — Reicelene Joy N. Ignacio

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