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PEZA fails to meet investment growth goal

THE Philippine Economic Zone Authority (PEZA) failed to meet its investment target for 2017 due to expansion delays.

The PEZA reported on Friday that it generated a total of P237.57 billion in investments as of December 2017, 8.89% higher year-on-year — well below the agency’s target of a 200% increase in approved investment projects.

PEZA Director General Charito B. Plaza said in a briefing that investments were affected by planned expansions that failed to take flight this year due to delayed presidential proclamations, a lingering issue for the agency.

“Before, they only required the building to be declared but now the Malacañang wanted the lot to be part of the proclamation as well. So when we told the applicants to comply, it also led to the delay,” She added.

Despite this, Ms. Plaza still credited the Duterte administration’s foreign policy to the incremental increase in investments.

“There is much hope that the Duterte government is a better government because it is an independent foreign policy, it already welcomes everybody. If you look at the records of the foreign investors, most of the foreign investors are allies of America, are democracies,” she added.

“[Back then], we did not open the Philippines to China to Russia because they not allies. We did not open to the Middle East because of our traditional mindset. [But now], these are the three regions of the world that are very aggressive on the Philippines [in terms of investing].”

Ms. Plaza also pointed to PEZA’s “aggressive campaign” in local government units (LGU) for the dissemination of information about the agency’s incentives and programs.

“[These LGUs] are now interested in establishing ecozones for their activities. [In fact], 65% of the investments come from ecozone development. We will still push through with our aggressive campaign in the LGUs next year,” she added.

As of December, PEZA has 379 ecozones. — AGAM

NBI ordered to probe shootout that killed gunshot victim on the way to hospital

THE National Bureau of Investigation (NBI) was directed to probe a shootout that killed two persons, including one who was being taken to the hospital after she was shot in a separate incident.

In an order, the Department of Justice — through Secretary Vitaliano N. Aguirre II — directed NBI Director Dante A. Gierran “to conduct investigation and case build-up” regarding the incident that took place along Shaw Boulevard corner Wack-Wack Road. It left two dead and two others injured after members of the Mandaluyong City police and village watchmen was alleged to have mistakenly shot at a vehicle carrying Jonalyn Amboan and Jomar Jayaon, who were the fatalities, a report by InterAksyon.com said.

Ms. Amboan was reportedly shot in an earlier incident. The vehicle which was supposed to take her to the hospital was flagged down by two village watchmen. The passengers accompanying Ms. Amboan stepped out of the vehicle, as ordered, but the watchmen opened fire, killing Mr. Jayaon, according to Mhury Jamon, one of the survivors.

Alerted by the incident, members of the Mandaluyong police also opened fire at the vehicle even though its passengers already said that they were carrying a patient.

The National Capital Region Police Office (NCRPO) reportedly recovered 36 empty shells on the scene. NCRPO Director Gen. Oscar D. Albayalde said the members of the police involved in the shootout may have violated the Police Operation Procedure and does not discount the possibility of an overkill.

Mandaluyong City police chief Senior Supt. Moises Villaceran and ten other police personnel were relieved pending investigation. — Minde Nyl R. Dela Cruz

Cirtek buys stake in tech firm Multipay

CIRTEK Holdings Philippines Corp. (Cirtek) has acquired a stake in local technology firm Multipay Corp. in a bid to expand its reach in the technology sector.

In a disclosure to the stock exchange on Friday, Cirtek said its board of directors has approved the acquisition of around 49% of the total issued and outstanding capital stock of Multipay, representing 44,100 shares. The value of the deal was not disclosed.

“The planned acquisition is in line with the Company’s strategy to expand its business and leverage on its accumulated expertise in technology, particularly in the wireless/broadband transmission business and e-commerce,” Cirtek said.

Cirtek described Multipay as a Philippine company engaged in “the business of development, promotion, and marketing of technology, systems solutions, and applications that can be utilized as platform for connectivity, processing, and delivery of electronic services.“

The listed firm said it also plans to make other acquisitions that would strengthen its position in the technology sector, as well as enhance its capability in creating and providing e-commerce platforms and enterprise solutions to related industries.

Cirtek has been actively pursuing acquisitions. This year, it closed the deal for the purchase of United States-based antenna producer Quintel for $77 million. The company said it aims to grow Quintel’s annual revenues to $500 million in the future.

The company likewise launched dollar-denominated securities this year, raising $67 million in the process.

Cirtek booked a net income of $5.57 million in the first nine months of 2017, 1.36% lower than its earnings in the first three quarters of 2016. Revenues meanwhile were up 25% to $67.92 million during the same period.

Shares in Cirtek added 45 centavos or 0.99% to P45.95 each at the Philippine Stock Exchange on Friday. — Arra B. Francia

Credit cards to become obsolete as e-payments reign — FICO

THICK WALLETS will soon become things of the past as physical credit cards may begin to be obsolete in 2018 with digital payment schemes continually emerging, an analytics software firm predicted.

In a blog shared to reporters via e-mail on Friday, Fair Isaac Corp. (FICO) said consumers’ wallets “will definitely become slimmer” as physical credit cards are replaced with payment applications on smartphones.

“2018 will be the beginning of the end for physical credit cards. However, their functionality will become even more omnipresent in our lives as more cards migrate to consumers’ mobile phones,” TJ Horan, FICO vice president of product management, said in his post.

As banks migrate their services from physical cards to mobile apps, Mr. Horan noted that: “we will never dip our EMV (Europay Mastercard Visa) chip cards as much as we used to swipe our old magnetic stripe cards.”

He added that more retailers are shifting rewards programs to digital channels, veering away from the traditional cards.

In the Philippines, however, consumer awareness and adoption of digital payment systems are low compared to other Asian countries.

In a report by e-payment firm Paypal Pte Ltd. in October, consumer awareness of digital payments in the Philippines is the worst out of the seven Asian markets surveyed, with 35% of consumers aware of e-payments and with only 22% actually using such services.

Meanwhile, consumer adoption of e-payment schemes in the Philippines stood at 33%, only besting India’s 28%.

Globe Telecom, Inc.’s G-Cash and PLDT, Inc.’s PayMaya are the most popular form of e-money services in the Philippines, according to the central bank.

Meanwhile, FICO’s Mr. Horan noted that in 2018, retailers will also start to adopt the use of EMV chips as well as e-payment schemes since consumers are becoming more wary of the risks of using magnetic stripe cards.

“If we do have to use a mag stripe card at a retailer that doesn’t accept mobile payments or chip cards, an alarm will go off in our heads as we recognize the potential security exposure. Retailers that don’t offer modern, secure payment choices will lose sales,” he said.

The Bangko Sentral ng Pilipinas has ordered local banks to phase out magnetic cards and shift to EMV chip-embedded cards until June next year. — K.A.N. Vidal

Stocks climb further at 2017’s close

STOCKS continued their upward trajectory on Friday, pushing the main index to book another record finish.

The 30-member Philippine Stock Exchange index posted a 0.27% or 23.33-point climb to finish the year at 8,558.42. This is the 14th time the bourse was able to record an all-time high for 2017.

The broader all-shares index likewise gained 0.52% or 26.27 points to close at 4,989.97.

“Market continued its uptrend as window dressing persisted after strong government spending with revenues up on double digits plus sustained foreign investors’ inflow on the positive infrastructure program of the government after the approval of TRAIN (Tax Reform for Acceleration and Inclusion),” Diversified Securities, Inc. equities trader Aniceto K. Pangan said in a text message.

The index moved in step with its international counterparts, as Wall Street’s main indices were mostly up overnight. The Dow Jones Industrial Average added 0.26% or 63.21 points to 24,837.51. the S&P 500 index gained 0.18% or 4.92 points to 2,687.54, while the Nasdaq Composite Index also climbed 0.16% or 10.82 points to 6,950.16.

“Philippine shares closed at another record to end the year even though US stock trading has been muted as investors have little incentive to make decisive bets on assets perceived as risky in the penultimate session of trade ahead of the New Year’s holiday on Monday,” Regina Capital Development Corp. Head of Research and Sales Luis A. Limlingan said.

Sectoral indices ended mixed, with four increasing and the other two declining. Financials led the day’s gains with a 1.24% jump or 27.42 points to 2,230.17. Holding firms and services both gained 0.11%, adding 10.02 points to 8,616.51 and 1.91 points to 1,619.84, respectively. The property sector also edged up by 0.05% or 2.33 points to 3,978.19.

On the other hand, industrials declined 0.41% or 46.22 points to 11,231.30, while mining and oil gave up 0.06% or 7.93 points to 11,502.58.

A total of 3.34 billion issues valued at P7.26 billion changed hands, higher than the P6.4-billion turnover recorded on Thursday.

Gainers trumped losers, 115 to 94, while 45 names closed flat.

Net foreign buying once again breached the P1-billion mark to close at P1.79 billion on Friday from Thursday’s net inflow of P1.25 billion. — Arra B. Francia

December 8 a special non-working holiday every year

PRESIDENT Rodrigo R. Duterte has officially declared December 8 of every year a special non-working holiday in the entire country to commemorate the feast of the Immaculate Conception of Mary, the principal patroness of the Philippines.

Mr. Duterte signed the Republic Act No.10966 on Dec. 28 as shown in the copy of the measure released by Malacañang on Friday, Dec. 29.

Section 2 of the Act states that it “shall take effect fifteen (15) days after its publication in the Official Gazette or in a newspaper of general circulation.”

The Act was passed by the House of Representatives on May 2 and by the Senate on December 11.

The said measure was introduced in the Senate as S.B. No.1430 by Senate majority floor leader Vicente C. Sotto III.

In his explanatory note, Mr. Sotto said: “The Philippines is a predominantly Catholic nation by reason of the 300 years of Spanish rule.”

Citing the 2016 Philippine Statistics Yearbook, Mr. Sotto said that in 2010 alone, “80.58% of Filipinos are Catholic including Catholic charismatic. To prove the Filipinos’ religiosity and faith are the numerous religious feasts, celebrations and festivities being held in the country all year round. While there are a number of religious feasts in the Philippines, there are only three (3) Holy Days of Obligation—these days being the most important feasts of the liturgical year.”

These three Holy Days of Obligation are the Immaculate Conception (December 8), Christmas Day or Nativity of Our Lord (December 25), and the Solemnity of Mary, the Mother of God (January 1).

“However, at present, among the Holy Days of Obligation, it is only the Feast of the Immaculate Conception that is not declared as a non-working holiday — the two (2) other days of obligation being regular holidays in the country,” Mr. Sotto added.

“In order to allow the Filipino Catholics to further strengthen their established devotion to Mary, Mother of God through hearing mass and through the exercise of other customary religious activities, this bill seeks to declare December 8 of every year as a special non-working holiday in the entire country to commemorate the Feast of the Immaculate Conception of Mary, the principal patroness of the Philippines.” — Arjay L. Balinbin

ICTSI to use retained earnings for 2018 capex

INTERNATIONAL Container Terminal Services, Inc. (ICTSI) said on Friday it will use part of its unappropriated retained earnings for additional capital expenditures in 2018, as the port giant ramps up its expansion at home and abroad.

“On 29 Dec. 2017, the Board of Directors of ICTSI approved and authorized the appropriation of a portion of ICTSI’s unappropriated retained earnings in the amount of $25 million for additional working capital requirements of its continuing domestic and foreign expansion projects in 2018,” the listed port giant told the stock exchange.

Among the projects identified by ICTSI are Manila International Container Terminal’s (MICT) construction of Berth 7 at North Harbor, Manila; and Contecon Manzanillo S.A. de C.V. expansion of the Port of Manzanillo in Mexico.

ICTSI is also expanding its terminal in Puerto Cortes in Honduras, as well as its container facilities in Port of Umm Qasr in Iraq. The company earlier said it will spend $100 million for the expansion of the Basra Gateway Terminal (BGT) in North Port, Umm Qasr.

The port operator, owned by tycoon Enrique K. Razon, Jr., is continuing its expansion by tapping into emerging economies. Earlier this year, ICTSI said it has secured contracts to operate the ports in Montukea and Lae in Papua New Guinea.

For the first nine months of the year, ICTSI’s net income attributable to equity holders stood at $149.3 million, up 5% from the $141.9 million earned in the same period last year.

Shares in ICTSI slipped 0.38% to P105.50 each on Friday.

Agriculture trade deficit narrows in Q3

By Mark T. Amoguis, Researcher

THE TRADE DEFICIT in agriculture commodities narrowed in the third quarter, the Philippine Statistics Authority (PSA) said on Friday.

Data from the PSA showed the country shipped out $1.605 billion worth of agricultural goods in the third quarter of the year, a 14.34% increase from the $1.403 billion in the same three months last year.

Meanwhile, the country shipped out $2.845 billion worth of farm products in the July-September period, a 2.49% uptick from $2.776 billion last year.

As a result, the agriculture trade deficit was at $1.240 billion in the three months ended September, down 9.63% from the $1.372-billion shortfall a year ago.

Despite the deficit, agriculture accounted for 11.41% or $4.450 billion of the country’s total trade worth $39.006 billion in the third quarter.

Among its major trading partners, the Philippines incurred its biggest agriculture shortfall with the Association of Southeast Asian Nations at $747.61 million, followed by the United States of America ($270.77 million) and Australia ($163.92 million).

On the other hand, trade in farm goods with Japan and the European Union were in surplus by $170.68 million and $27.77 million, respectively.

Animal or vegetable fats and oils were the top agricultural export at $433.77 million or 27.03% of the total goods shipped.

Other top farm goods exports were edible fruit and nuts ($366.13 million); preparations of vegetables, fruit, nuts or other parts of plants ($197.43 million); fish and crustaceans ($135.90 million); preparations of meat, of fish or of crustaceans ($111.77 million); and tobacco and manufactured tobacco substitutes ($82.21 million).

The country’s top farm import, meanwhile, were cereals at $376.03 million, followed by miscellaneous edible preparations ($351.78 million); meat and edible meat offal ($321.67 million); residues and waste from the food industries ($301.25 million); and animal or vegetable fats and oils ($283.32 million).

PSEi notches new peak before 2017 ends

By Arra B. Francia
Reporter

REKINDLED investor confidence over the strength of the Philippine economy, especially in the wake of the just-enacted tax reform, propelled the Philippine Stock Exchange index (PSEi) yesterday to notch its 13th record-high finish for the year.

The 30-member bellwether index closed 8,535.09, 44.18 points or 0.52% higher than Wednesday and beating its previous record of 8,523.07 logged on November 6.

The market managed to record an intraday high of 8,571.46, though it was still lower than the 8,605.15 the PSEi logged last November 3.

PSEi was now 24.8% higher year to date.

“(PSEi’s fresh peak was due to) confidence in the Philippine economy supported by a smart new tax regime, continuous inflow of investors, not only for stocks and bonds, but also for real estate, continuous investment in BPOs (business process outsourcing) and hotels, which are a form of dollar revenues for the Philippines,” First Metro Securities Brokerage Corp. Market Education Consultant Alexander N.N. Gilles said in a telephone interview.

“Tapos na ‘yung Marawi problem (has been resolved),” he added, referring to the five-month battle government forces waged to retake the central Mindanao city from Islamic State-inspired militants starting May 23.

President Rodrigo R. Duterte signed into law last Dec. 19 the first of up to five planned tax reform packages designed to help finance the government’s P8.44-trillion “Build, Build, Build” infrastructure development program until 2022, when Mr. Duterte ends his six-year term.

Thursday also saw foreign investors remaining predominantly buyers for a fourth straight trading day. Yesterday’s session was marked by P1.245 billion in net foreign buying, the second-biggest amount in that period after the P1.856 billion recorded last Dec. 21 — two days after tax reform enactment.

“Kahit na may (Even if there is a) political problem, political concerns, the economy still grows. So ‘yun ang hinahanap ng (that is what) foreign investor(s watch out for: that) na baka naman this political problem might harm economic development,” Mr. Gilles said.

“Pero hindi pala (It turns out that is not the case). So Duterte’s bad mouth doesn’t have repercussions. Life goes on and the economy continues to grow.”

IB Gimenez Securities, Inc. Head of Research Joylin F. Telagen meanwhile attributed the gains to investors repositioning their stocks ahead of the year’s last trading day. “I think this was due to investors repositioning of stocks ahead of year-end window dressing,” Ms. Telagen said.

While the index closed at an all-time high, RCBC Securities, Inc. equity analyst Jeffrey Lucero said that window-dressing may not be enough to push the market to pierce 8,600 on the last trading day of 2017.

All sectoral indices were up, save for the holding firms sectoral index that dipped 0.16% to 8,606.49. The financials as well as mining and oil sub-indices led yesterday’s gains, jumping 1.29% to 2,202.75 and 1.1% to 11,510.51, respectively.

Analysts are projecting that the index could rally beyond the 9,000 mark by end-2018, fueled by continued strong economic fundamentals as well as the steady earnings growth of listed companies.

BSP blames machine error for faceless bills

By Melissa Luz T. Lopez
Senior Reporter

A MACHINE ERROR led to the release of “misprinted” P100 bills that ended up in an automated teller machine (ATM) of a bank, the Bangko Sentral ng Pilipinas (BSP) announced yesterday.

BSP Managing Director Carlyn A. Pangilinan said a mechanical error in one of the central bank’s note-printing machines led to the circulation of 33 pieces of faceless bills, which missed several features of the banknote including the portrait of former President Manuel A. Roxas.

The defective notes accounted for 0.00009% of total P100 bills in circulation.

The BSP was made aware of the case after Facebook user Earla Anne Yehey posted photos of these defective bills online, which she said she got from a Bank of the Philippine Islands (BPI) ATM.

Ms. Pangilinan described this as an “isolated case,” adding that the machine error has already been resolved. Initial indications point to a possible glitch in a printer’s roller mechanism that led to portions of banknote sheets lacking some aspects of the design.

“There is no security breach here… We have to do some improvement in our processes and we have to talk to the supplier of the machines to prevent a repeat of this situation,” Ms. Pangilinan said during a press briefing.

The Philippine central bank is upgrading its note printing and coin minting systems, with a new set of printers acquired just last month, Ms. Pangilinan added.

Last week, another bank also got hold of misprinted P50 bills, but these were withheld by the lender.

Ms. Pangilinan said the central bank was reviewing its printing and quality control measures, even as it recently shifted to using machine checkpoints from its past practice of employing manual checkers.

Ms. Pangilinan said the defective bills ended up in the hands of the public as BPI decided to directly load the cash it got from the central bank to their ATMs. The central bank has recovered 19 of the “faceless” bills through BPI.

While the defective bills are technically legal tender, the central bank advised consumers against using them for day-to-day transactions as these do not carry all the security features against counterfeiting.

Those who end up with these bills can bring them to the BSP and have these replaced at par value.

This is not the first time that the central bank printed defective notes.

A number of peso notes printed and circulated in 2005 were named “Arrovo” bills since they misspelled the surname of then-president Gloria Macapagal-Arroyo. These were eventually replaced with notes bearing the correct spelling. But some consumers kept them as collectible items and auctioned them off on sites like EBay.

DEMONETIZED
In the same briefing yesterday, the BSP also reminded the public of today’s deadline to replace bills from the 1985 design series, saying that there will be no extension.

The BSP previously set a Dec. 31, 2016 deadline for the public to get banknotes of the old design before banks and central bank offices, but granted extensions thrice that led to a final call last Sept. 30.

The old bills could not be used for day-to-day transactions from Jan. 1, 2016, as these have lost their value since then.

The BSP has the sole authority to issue money for general use. Central banks regularly change the design of bills and coins to update security standards against counterfeiting. Republic Act No. 7653, or the New Central Bank Act, provides that the BSP can replace banknotes which have been in use for over five years.

The central bank also sought to address issues raised against the silver five-peso coins which it released starting this month amid criticism that the new design was similar to that of the one-peso coin.

The new coin carries the face of Andres Bonifacio on one side and a stylized rendition of the Tayabak plant and the BSP logo on the other, replacing former President and General Emilio Aguinaldo.

Ms. Pangilinan said the P5 coin is heavier, thicker and slightly bigger than the P1 coin. Another way to distinguish between the two coins is that the P5 coin has a smooth edge, while the P1 coin has ridges. “The BSP is confident that in time and with increased usage, the features of the P5 New Generation Currency coin and other denominations… would gain greater familiarity,” she said.

The coins with the new designs will be released for public use next month.

Self-healing glass: cracking discovery from Japan

TOKYO — A Japanese researcher has developed — by accident — a new type of glass that can be repaired simply by pressing it back together after it cracks.

The discovery opens the way for super-durable glass that could triple the lifespan of everyday products like car windows, construction materials, fish tanks and even toilet seats.

Yu Yanagisawa, a chemistry researcher at the University of Tokyo, made the breakthrough by chance while investigating adhesives that can be used on wet surfaces.

Does this mean you will soon be able to repair those cracks in your smartphone with a quick press of the fingers? Or surreptitiously piece together a shattered beer glass dropped after one pint too many?

Well, not quite.

Not now and in fact, not in the near future.

But it does open a window of opportunity for researchers to explore ways to make more durable, lightweight, glass-like items, like car windows.

In a lab demonstration for AFP, Mr. Yanagisawa broke a glass sample into two pieces.

He then held the cross sections of the two pieces together for about 30 seconds until the glass repaired itself, almost resembling its original form.

To demonstrate its strength, he then hung a nearly full bottle of water from the piece of glass — and it stayed intact.

The organic glass — made of a substance called polyether thioureas — is closer to acrylic than mineral glass, which is used for tableware and smartphone screens.

Other scientists have demonstrated similar properties by using rubber or gel materials, but Mr. Yanagisawa was the first to demonstrate the self-healing concept with glass.

The secret lies in the thiourea, which uses hydrogen bonding to make the edges of the shattered glass self-adhesive, according to Mr. Yanagisawa’s study.

But what use is all this if it cannot produce a self-healing smartphone screen?

“It is not realistically about fixing what is broken, more about making longer-lasting resin glass,” Mr. Yanagisawa told AFP.

Glass products can fracture after years of use due to physical stress and fatigue.

“When a material breaks, it has already had many tiny scars that have accumulated to result in major destruction,” Mr. Yanagisawa said.

“What this study showed was a path toward making a safe and long-lasting resin glass,” which is used in a wide range of everyday items.

“We may be able to double or triple the lifespan of something that currently lasts for 10 or 20 years,” he said. — AFP

Gov’t targets 2-4% headline inflation until 2020

By Melissa Luz T. Lopez,
Senior Reporter

THE GOVERNMENT has kept its 2-4% inflation target until 2020, with the central bank seeing that price increases will remain “manageable” despite the expected impact of tax reform.

In a statement, the Bangko Sentral ng Pilipinas (BSP) said the inter-agency Development Budget Coordination Committee (DBCC) has kept the target band for annual inflation for the next two years.

“The current manageable inflation environment could be sustained over the medium term. Inflation projections and expectations continue to indicate that inflation could settle within the current inflation target, although there are upside risks to the inflation outlook,” the BSP said.

The DBCC conducted its second review for the year on Dec. 22, where economic managers decided to keep the annual economic growth target at 7-8% from 2018 to 2022.

Inflation has logged 3.2% from January to November this year, well within the target range and rising from the 1.8% average in 2016.

Price stability is one of the central bank’s key mandates, with inflation dynamics standing as its main consideration in setting monetary policy.

The BSP has kept its policy stance since a hike in September 2014. Borrowing rates currently range between 2.5-3.5%, following procedural adjustments which took effect in June 2016 following the shift to an interest rate corridor.

“Expectations of healthy economic growth alongside the tax reform program would create demand-side impetus to inflation. Nonetheless, the favorable effect of sustained investment spending by the national government on the economy’s productive capacity would help temper inflation pressures,” the central bank said.

President Rodrigo R. Duterte on Dec. 19 signed the first Tax Reform for Acceleration and Inclusion (TRAIN) package as Republic Act 10963.

Split into several tranches, the entire tax reform program is designed to shift the burden to those who can afford to pay more, while raising additional revenues that will help finance the government’s ambitious P8.44-trillion infrastructure development effort until 2022. 

The measure reduces personal income taxes for those earning below P2 million, alongside a simpler system for computing donor and estate taxes.

Foregone revenues will be offset by the removal of some exemptions to value-added tax; increased tax rates for fuel, automobiles, tobacco, coal, minerals, documentary stamps, foreign currency deposit units, capital gains for stocks not in the stock exchange, and stock transactions; and new taxes for sugar-sweetened drinks and cosmetic enhancements.

The TRAIN law is expected to raise P90 billion in additional revenues.

Meanwhile, the inflationary impact of potential increases in international commodity prices are also seen “moderate,” given lower pass-through costs on basic goods.

The BSP sees inflation averaging at 3.4% in 2018, slightly higher than the 3.2% expected this year. By 2019, inflation is expected to average at 3.2%.

The central bank has acknowledged that the pace of price increases is likely to go faster next year, coupled with rising global crude costs. Still, BSP Deputy Governor Diwa C. Guinigundo said that higher oil prices — which have a huge bearing on the consumer basket — would “not be enough to upset inflation” beyond 4%.

Higher duties to be imposed under the tax reform package would likewise have a “transitory” impact on consumer prices, Mr. Guinigundo added.

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