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Before embarking on a workout regimen, check your blood pressure first

PIXABAY

GETTING in more exercise is one of the top New Year’s resolutions every year, and individuals embarking on a new workout routine will do well to have their vital signs (such as blood pressure, pulse rate, respiratory rate, and temperature) checked first.

“If your BP is too high, start with low-intensity exercises first such as walking or biking or lifting weights,” Vergil A. Oabel, a registered physical therapist, advised in a Dec. 30 episode of the Adventist Medical Center Manila’s Voice of Health. “If you have an existing disease, consult your doctors first before starting to exercise.”

Blood pressure (BP) is the force of the blood pushing against the arteries as the heart contracts and relaxes with each beat. This is read in two numbers — a systolic reading which measures the pressure in the arteries when the heart beats, and the diastolic reading which measures the pressure in the arteries when the heart rests between beats. “Normal” blood pressure means having a systolic reading of less than 120 and a diastolic reading of less than 80 (i.e., 120/800 mmHg) — although a single, elevated blood pressure measurement does not necessarily indicate a problem.

“A high BP reading can lead to diseases such as a stroke [which is what happens when blood flow to the brain is blocked] or an aneurysm [which is the abnormal ballooning of a blood vessel wall]. Organs may also give way, as in the case of multiple organ failure,” said Mr. Oabel in the vernacular.

WHO SHOULD GET CHECKED OUT?
“The reason behind [the suggestion to get checked out by a doctor before embarking on an exercise routine] is that, in theory, when you start to participate in a moderate or intense activity, there is a slightly increased risk of a heart attack or cardiac complications,” said Dr. Neel Chokshi, the medical director of the Penn Sports Cardiology and Fitness Program and assistant professor of clinical medicine, in the Penn Medicine’s Penn Heart and Vascular Blog. “So the heart check-up would be to make sure a person doesn’t have an underlying heart condition that they may not be aware of — or that they don’t undertake a regimen that’s too intense, if they are normally pretty sedentary.”

But according to Dr. Chokshi, this is changing. “As a medical community, we’ve realized that recommending everybody see a doctor first before starting to exercise can actually create an obstacle that keeps people from exercising,” he said. “So the American College of Sports Medicine has revised its guidelines. The goal is to balance ensuring patient safety with overcoming any obstacle to exercise.”

If a person is normally sedentary, it is best to consult a doctor first before starting a regular exercise program, to make sure there are no unknown underlying conditions. If a person has signs of heart problems or has other health issues that can predispose one to heart issues — like diabetes, kidney disease, and lung disease — they should get checked out first.

And if you are planning on embarking on high intensity exercise like running, especially if you are not normally an active person, see your doctor first. You do not want to collapse of a heart attack in the middle of a marathon.

The Mayo Clinic says some of the other reasons for checking in with your healthcare provider prior to the start of an exercise program: obesity, dizziness during activity, and a history of heart attack.

BENEFITS OF EXERCISE
One should not be put off from exercise as there are many benefits beyond, say, weight management. These include a lowered risk of falls and injuries from falls, a reduction of stress and anxiety, the prevention of diseases like arthritis and stroke, an improvement of cognitive function, and the control of one’s blood pressure.

Deaths due to hypertensive diseases was the fifth leading cause of death in the Philippines in 2022, per the Philippine Statistics Authority. Moreover, a June 2022 study in Journal of Hypertension noted that the economic cost of hypertension in the country is expected to increase to P97.3 billion by 2050 from P52.6. billion in 2020.

The World Health Organization cautioned that people can have hypertension without any signs and symptoms.

Don’t be afraid to get your BP checked, Mr. Oabel said: “Mas maganda na… malaman na ngayon, para mabigyan ng lunas [It’s better that… you’re aware of your reading now, so you can remedy it if need be].” — Patricia B. Mirasol

Over half a million child abuse links blocked as of end-Nov. — PLDT group

PIXABAY

TELECOMMUNICATIONS firm PLDT Inc. and its wireless arm Smart Communications, Inc. said that they had blocked more than 522,000 links that contain child sexual abuse materials (CSAM) as part of ongoing efforts to protect children online.

Angel T. Redoble, chief information security officer of PLDT and Smart, said during the 2022 National Cybercrime Convention that the PLDT group’s child protection platform lets them block child sexual abuse materials online in support of the campaign against online sexual abuse and exploitation of children.

“Our pioneering child protection platform has allowed us to block CSAM online on the more difficult content level. By the end of November, we have prevented more than 1.3 billion attempts to open child abuse content,” Mr. Redoble said.

The PLDT group also receives hashes related to CSAM as part of its membership to the United Kingdom-based Internet Watch Foundation and the Canadian Center for Child Protection’s Project Arachnid. The hashes are blocked after being received by PLDT-Smart’s cybersecurity operations group.

“We have adopted the children’s rights and business principles framework and enacted a child safeguarding policy that now guides us in applying a child rights lens into our policies, technology solutions, and shared value partnerships, from inside our organization, and outwards, to the communities where we operate,” PLDT and Smart Chief Sustainability Officer Melissa V. Vergel de Dios said.

Cathy Y. Yang, who heads the PLDT group’s corporate communications, said that a “whole-of-nation approach” is needed to solve online sexual abuse and exploitation of children.

“We work closely with key government offices as well as law enforcement agencies to come up with a comprehensive plan that not only seeks to prevent children from being victimized but, more importantly, launches impactful programs that empower communities,” Ms. Yang said.

PLDT and Smart also joined WePROTECT Global Alliance, which provides global resources and links with other related organizations in efforts to protect children in cyberspace.

“PLDT and Smart actively participated in strengthening Republic Act No. 11930 or the Anti-Online Sexual Abuse or Exploitation of Children and Anti-Child Sexual Abuse or Exploitation Materials Act that was passed into law this year,” they said.

They added that the group pushed for the inclusion of the “Good Samaritan” clause empowers internet service providers to immediately take down offensive materials without being held civilly, criminally or administratively liable.

“The two telcos had expressed their commitment in helping the government craft the Implementing Rules and Regulations of RA 11930,” they said.

Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has a majority stake in BusinessWorld through the Philippine Star Group, which it controls. — Revin Mikhael D. Ochave

Italy police seize Rubens masterpiece after fraud investigation

ROME — Italian police said on Friday they had seized a painting on display by the 17th century Flemish master Peter Paul Rubens after a fraud investigation into its owners.

The masterpiece, called The Resurrected Christ appears to his mother, was part of a “Rubens in Genoa” exhibition in the city’s Doge’s Palace. The police are not accusing the exhibition of any wrongdoing.

The oil painting, almost 2 meters high and 1.5 meters across, was ensured for 4 million euros ($4.27 million).

Genoa police said in a statement they believed its Italian owners, who were not named, had used false documents to send it abroad as part of an operation to increase its market value.

They also allegedly set up foreign companies in order to pretend to have sold the painting, which shows Jesus greeting his mother, with an unknown third woman between them.

This third figure was absent from an earlier version of the same work by Rubens but there’s no suggestion that the painting is fake. — Reuters

Jeremy Renner, Marvel’s Hawkeye, has surgery after snow plow accident

JEREMY RENNER in a scene from the 2021 film Hawkeye.

ACTOR Jeremy Renner, who played Hawkeye in the Marvel Avengers movies, was in critical but stable condition in a Nevada hospital on Monday, a day after suffering a traumatic injury while plowing snow, his publicist and local officials said.

Mr. Renner was in the intensive care unit upon undergoing surgery on Monday after he “suffered blunt chest trauma and orthopedic injuries” in the accident, publicist Samantha Mast said in a statement, according to media reports.

“Jeremy’s family would like to express their gratitude to the incredible doctors and nurses looking after him, Truckee Meadows Fire and Rescue, Washoe County Sheriff, Reno City Mayor Hillary Schieve and the Carano and Murdock families,” the statement said, according to the Hollywood Reporter and CNN.

“They are also tremendously overwhelmed and appreciative of the outpouring of love and support from his fans.”

Mr. Renner, 51, was nominated for an Academy Award for best actor for his work in the 2008 film The Hurt Locker, which also won the Oscar for best picture, and he received a supporting actor nomination for his work in The Town from 2010.

After his success in The Hurt Locker, Mr. Renner starred in multiple Marvel projects as well as in two Mission: Impossible films, Arrival, American Hustle, and The Bourne Legacy which was partly filmed in the Philippines, among others.

Mr. Renner has owned a home in Washoe County, Nevada, for several years, according to the Reno Gazette Journal. That area in northern Nevada received heavy snowfall on New Year’s Eve. The National Weather Service had a winter storm warning over the weekend in the area.

Last month, Mr. Renner shared updates on social media when the area received large amounts of snow. “Lake Tahoe snowfall is no joke,” Mr. Renner tweeted in December, with the post showing a vehicle covered in snow.

Over the weekend, officials warned those who had travel plans through the Sierra Nevada of icy roads and winter weather driving conditions.

Local officials said the actor suffered a “traumatic injury” on Sunday morning and was transported to a local area hospital in a care flight.

The Washoe County Sheriff’s Office said in a statement that it “responded to a traumatic injury in the area of Mt. Rose Highway in Reno, Nevada” on Sunday morning at 9 a.m. It said Renner was the only involved party in the incident, which was being investigated. — Reuters

NextPay records P2.7B in transactions since launch

FINANCIAL TECHNOLOGY (fintech) firm NextPay has recorded over P2.7 billion in transactions two years after its launch, mainly driven by the digital transformation of small businesses in the country.

“NextPay has processed over P2.7 billion in digital transactions, empowering more than 3,500 growing businesses with simpler all-in-one digital financial services that previously did not have access to business banking solutions,” NextPay Co-Founder and Chief Executive Officer Don Pansacola said in an e-mail.

“NextPay capitalized on the accelerated digital transformation phenomenon in the Philippines. By introducing a spectrum of digital financial solutions that enable businesses to take their financial operations online, growing businesses gain more independence, control, and transparency,” he said.

The local digital platform was launched in 2020 with services geared toward growing entrepreneurs and freelancers.

NextPay also offers digital financial solutions to micro, small, and medium enterprises (MSMEs) in various industries, helping them grow by automating transaction processes.

According to the fintech startup, these small businesses are often seen as “too small” to be serviced by traditional banks.

“Despite the easing of pandemic restrictions, NextPay continues to record growth on an annual basis. In fact, we recorded more than 200% year-on-year surge in transaction volume in the first 11 months of 2022,” Mr. Pansacola said.

He said NextPay hopes to sustain its growth momentum this year.

“We plan to further expand the business by introducing more digital financial solutions, growing our workforce, and adding more partners to our ecosystem,” Mr. Pansacola said.

“As we enter 2023, we plan to partner with more digital companies to provide a more seamless end-to-end digital finance experience for our clients,” he added.

NextPay earlier said it was chosen as the runner-up in the 2022 Shell LiveWIRE Top Ten Innovators Awards for the Business Innovation Category.

NextPay benefited from the program’s mentorship sessions and secured equity-free funding from Shell. This helped the fintech platform expand due to Shell’s networks and media publicity, it said.

“Being hailed as one of the world’s Top Ten Innovators for Business Innovation in the world encourages us to develop more fintech solutions that are tailored to the ever-evolving needs of growing businesses,” NextPay Co-Founder and Chief Experience Officer Aldrich Tan said.

In 2021, the startup fintech company raised $1.9 million in funding. This includes the pre-seed backing of Silicon Valley-based startup accelerator Y Combinator.

The seed funding round was led by Singapore-based Golden Gate Ventures and Sy-led Gentree Fund. — Keisha B. Ta-asan

COVID-19 and other health concerns in 2023

The United States is one of the newest additions to the list of countries that are, or soon will be, imposing a coronavirus disease 2019 (COVID-19) testing requirement on visitors coming from China, a highly populous country which is just emerging from a three-year lockdown. Apart from the US, other countries requiring COVID testing on people flying in from China are Japan, India, Italy, the UK, France, Australia, Canada, Spain, Malaysia, South Korea, Morocco, Qatar, and Taiwan.

The move to secure borders came amidst reports that hospitals in China are being overwhelmed due to new COVID-19 infections. This as China announced new rules that will loosen its “zero COVID policy” to reopen the economy. Chinese officials, on the other hand, have insisted that the COVID situation in their country is under control.

With these developments, it can be rightly said that COVID-19 will remain to be the top health agenda item in 2023. The latest COVID surges open the possibility for the development of new COVID variants, some of which could become highly infectious or deadly. With many countries reopening their borders, there will always be the threat of outbreaks.

“We should remain vigilant and focus on vaccinating target populations to achieve herd immunity,” said Jannette Jakosalem, vice-president of the Pharmaceutical and Healthcare Association of the Philippines in a recent interview on ANC.

As of Dec. 26, 2022, the Department of Health (DoH) reported that 165.8 million COVID-19 vaccine doses have been administered in the country, 21.1 million of which are booster doses. With the potential changes in the global COVID situation, there is now a more compelling reason for individuals to complete their primary vaccine series, and for the qualified priority groups, especially individuals 60 years old and above and those with comorbidities, to get their booster shots.

COVID-19 vaccines work in three ways. First, they lower a person’s chance of getting the virus. Second, they prevent serious illness if a person does get the virus, thereby lowering the chance of hospitalization or death. Third, they make a vaccinated person less likely to pass the disease on to others.

The bivalent COVID-19 vaccines have received emergency use authorization (EUA) from regulators in a number of countries. These new generation vaccines include a component of the original virus strain to provide broad protection against COVID-19, and a component of the Omicron variant to provide better protection against COVID-19 caused by the Omicron variant. These are called “bivalent” COVID-19 vaccines because they contain these two components. A bivalent COVID-19 vaccine may also be referred to as an “updated” COVID-19 vaccine booster dose, according to the US Food and Drug Administration (FDA). The US FDA authorized bivalent formulations of the Moderna and Pfizer-BioNTech COVID-19 vaccines for use as a single booster dose.

The DoH has stated that it intends to procure bivalent COVID-19 vaccine doses and make these available in the country by the first quarter of 2023. The agency is currently working on the EUA of the bivalent vaccine, and coordinating with vaccine manufacturers.

The World Health Organization (WHO) earlier said that the end of the COVID-19 pandemic is in sight. Thanks to the rollout of safe and effective vaccines and new therapies, deaths and hospitalizations due to the novel coronavirus have been significantly reduced in the majority of countries across the globe, including the Philippines.

“There is reason to be optimistic in 2023. We are in a much better position now than we were in January 2022 when the country was hit by the highly infectious Omicron variant,” said Ms. Jakosalem.

She added that no government was prepared to tackle COVID-19 when it was first declared as a pandemic in early 2020. But today, there are a number of lessons that could help the country better prepare for the next pandemic. These include taking steps to strengthen our healthcare system and fostering close collaboration between the government and biopharmaceutical sector, the medical community, and the general public.

As one of the members of Task Force T3, Ms. Jakosalem recommended following the same principle of testing, tracing, and treating as the country prepares for 2023. Task Force T3 was the private sector-led initiative formed in April 2020 to support the Inter-Agency Task Force on the Management of Emerging Infectious Diseases (IATF-EID), the DoH, and the National Task Force (NTF) Against COVID-19.

Alongside continued vigilance against COVID-19, the country must also start focusing on other health concerns that arose due to the pandemic such as “long COVID” and mental health issues. The year 2023 must also bring renewed attention on non-communicable diseases such as cardiovascular diseases, diabetes, and cancer, among many others. They were inadvertently left behind in the fight against COVID-19.

 

Teodoro B. Padilla is the executive director of the Pharmaceutical and Healthcare Association of the Philippines (PHAP), which represents the biopharmaceutical medicines and vaccines industry in the country. Its members are at the forefront of research and development efforts for COVID-19 and other diseases that affect Filipinos.

National Government outstanding debt

THE NATIONAL Government’s (NG) outstanding debt inched up to another record high of P13.644 trillion as of end-November, the Bureau of the Treasury (BTr) said on Tuesday. Read the full story.

National Government outstanding debt

SPNEC aims for industrial land conversion by fourth quarter

SP New Energy Corp. (SPNEC) is expecting to complete the conversion of about 3,000 hectares of land in Nueva Ecija and Bulacan for industrial use by the fourth quarter of 2023.

“Converting over 3,000 hectares for industrial use is the most significant value driver for SPNEC, and we will provide further updates as we work to create value on this for our shareholders,” said Leandro L. Leviste, president and chief executive officer of SPNEC, in a media release on Tuesday.

SPNEC said that it had secured off-take agreements for its projects in 2022 and is now preparing the industrial land conversion in the two provinces.

The renewable energy firm said it had also secured the majority of its target land and is now in the process of completing the necessary documents for it.

The company has set until the end of the first quarter of 2023 to complete the submission for the land conversion.

SPNEC, through its parent firm Solar Philippines Power Project Holdings, Inc., has a joint venture project with Terra Solar Philippines, Inc., which will supply the 850-megawatt (MW) mid-merit requirement of Manila Electric Co. (Meralco). The power will be sourced from SPNEC’s 3.5-gigawatt (GW) solar and 4.5-gigawatt-hour battery projects in Nueva Ecija and Bulacan.

Under the power supply agreement it forged Meralco, Terra Solar needs to deliver 600 MW by Feb. 26, 2026, and an additional 250 MW starting on Feb. 26, 2027.

“Land underpins an entire project, and our landbank in Nueva Ecija and Bulacan in particular is unique, in terms of its scale and proximity to Manila,” Mr. Leviste said.

Once the industrial land conversion is completed, SPNEC claims that its landbank in Nueva Ecija and Bulacan will be the largest industrial development in the Philippines.

At the local bourse on Tuesday, shares in the company closed unchanged at P1.20 each. — Ashley Erika O. Jose

How PSEi member stocks performed — January 3, 2023

Here’s a quick glance at how PSEi stocks fared on Tuesday, January 3, 2023.

Local shares climb ahead of key economic data

BW FILE PHOTO

PHILIPPINE SHARES climbed on the first trading day of 2023 as investors remained bullish ahead of the release of key economic reports at home and in the United States.

The benchmark Philippine Stock Exchange index (PSEi) went up by 19.62 points or 0.29% to close at 6,586.01 on Tuesday, while the broader all shares index rose by 14.66 points or 0.42% to 3,476.70.

“Philippine shares started the year on a high note, brushing off the specters of 2022 to make way for the year ahead,” Regina Capital Development Corp. Head of Sales Luis A. Limlingan said in a Viber message.

“Investors are getting a slew of economic data in the first trading week of the year. On Wednesday, JOLTS (US job openings and labor turnover survey) and the latest FOMC (Federal Open Market Committee) meeting minutes will be released. Meanwhile, December jobs report, the final employment report the Fed will have to consider before its next meeting on February, is due on Friday. Additionally, there are several speeches by Fed presidents scheduled Thursday and Friday,” Mr. Limlingan added.

At home, he said data on inflation and employment will be released this week, which could also affect the market’s movement in the coming days.

The Philippine Statistics Authority will release December inflation data on Jan. 5 and the November labor force survey results on Jan. 6.

“On the first trading day of the year, the local bourse ended in the green, as investors assessed the economic prospects of our country this year. So far, optimism remains for 2023,” Philstocks Financial, Inc. Research Analyst Claire T. Alviar said in a Viber message.

She noted that many investors remained on the sidelines as despite the general bullishness in the market, concerns over tighter monetary policy in many countries continues to weigh on sentiment.

The Bangko Sentral ng Pilipinas has raised benchmark interest rates by 350 basis points (bps) since May in its fight against rising inflation.

Meanwhile, the US Federal Reserve has raised borrowing costs by 425 bps since March.

Most sectoral indices closed higher on Tuesday, except for property, which declined by 31.49 points or 1.07% to 2,897.22, and financials, which lost 1.63 points or 0.09% to end at 1,643.40.

Meanwhile, mining and oil added 418.53 points or 3.87% to close at 11,227.45; industrials climbed by 195.05 points or 2.08% to 9,546.21; services increased by 7.88 points or 0.48% to 1,642.11; and holding firms rose by 15.17 points or 0.23% to 6,448.44.

Value turnover declined to P3.43 billion on Tuesday with 2.06 billion shares changing hands from the P6.17 billion with 1.13 billion issues traded on Dec. 29.

Advancers outnumbered decliners, 94 versus 89, while 50 names closed unchanged.

Net foreign selling stood at P326.42 million on Tuesday, a reversal of the P207.5 million in net purchases seen on Dec. 29. — Justine Irish D. Tabile

Peso slips vs dollar on mixed data

BW FILE PHOTO

THE PESO slipped against the dollar on Tuesday amid reduced flows after the holidays and mixed economic data.

The local currency closed at P55.79 versus the greenback on Tuesday, inching down by 3.5 centavos from Dec. 29’s close of P55.755, data from the Bankers Association of the Philippines showed.

The peso opened Tuesday’s trading session at P55.70 per dollar. Its weakest showing was at P55.91, while its intraday best was at P55.60 against the greenback.

Dollars traded rose to $853.65 million from $807.8 million on Dec. 29.

Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message that the peso declined against the dollar on Tuesday “after the seasonal increase in holiday-related spending partly funded by conversion of OFW (overseas Filipino worker) remittances to pesos [was] already done and over with upon crossing the new year.”

Mr. Ricafort said data on the National Government’s (NG) debt and manufacturing activity also affected peso-dollar trading on Tuesday.

NG outstanding debt inched up by 0.02% month on month to P13.644 trillion at end-November. Year on year, the debt stock increased 14.35% from P11.93 trillion.

Meanwhile, the S&P Global Philippines Manufacturing Purchasing Managers’ Index (PMI) inched up to 53.1 in December from 52.7 in November, reflecting a “solid expansion in production levels.”

The peso also weakened after global oil prices rose on Tuesday, Mr. Ricafort said.

Brent crude futures recovered from their early weakness, when prices fell by $1 a barrel, rebounding to $86.29 a barrel by 0737 GMT, an increase of 38 cents or 0.44%, Reuters reported. US West Texas Intermediate crude was at $80.77 a barrel, up by 51 cents or 0.64%

Meanwhile, a trader said the peso slipped due to China’s improving coronavirus situation, which could improve global demand and drive oil prices higher.

The trader said the peso could rebound against the dollar on Wednesday on expectations of a weaker US manufacturing PMI report.

The trader gave a forecast range of P55.65 to P55.90 for Wednesday, while Mr. Ricafort sees the peso moving from P55.70 to P56.90 per dollar. — AMCS with Reuters

Recessions in key markets to weigh on electronics growth

REUTERS

By Luisa Maria Jacinta C. Jocson, Reporter

THE electronics industry, which produces the Philippines’ leading exports, is expected to come under pressure in 2023 as its most important markets go through recessions, analysts said.

“We expect recessions in major economies like Europe and the US and so export growth of the Philippines will likely fall sharply too. In addition, the technology sector is on a steep downcycle so electronics exports are unlikely to hold up,” Nomura Chief ASEAN Economist Euben Paracuelles said in an e-mail.

Electronics accounted for 60.60% of the Philippines’ $58.31 billion in commodity exports, according to the Semiconductor and Electronics Industries in the Philippines Foundation, Inc.

As of September, year-to-date electronics exports totaled $35.34 billion, up 4.71% year on year.

Last year, electronics exports totaled $45.92 billion, up 12.9%.

“As global headwinds increase, we are becoming more pessimistic about the outlook of the country’s electronics sector. Indicators from Taiwan and South Korea, top producers, point towards weaker demand. Historically, a weakening electronics sector precedes a global slowdown,” China Banking Corp. Chief Economist Domini S. Velasquez said in a Viber message.

The Russia-Ukraine war has also affected the supply chains of most industries, especially in electronics.

Russia and Ukraine are major producers of neon and palladium, key materials in semiconductor manufacturing.

Ukraine accounts for about 70-80% of the global supply of neon, while Russia supplies 35-45% of the world’s palladium.

“Domestic demand will be the main growth engine for 2023 but its resilience to an export-led downturn is also likely lower than before because persistently high inflation will hurt household spending alongside rising interest rates,” Mr. Paracuelles added.

Headline inflation is likely to have peaked in December, according to a BusinessWorld poll of analysts.

The median estimate for December inflation of 11 analysts was 8.3%, within the 7.8% to 8.6% forecast issued by the Bangko Sentral ng Pilipinas (BSP) last week.

If realized, this would mark the ninth straight month of inflation exceeding the BSP’s 2-4% target range.

The 8.3% estimate would also be the highest for the indicator since it hit 9.1% at the height of the Global Financial Crisis.

Headline inflation was 8% in November, the highest in 14 years. In the first 11 months, inflation averaged 5.6%.

John Paolo R. Rivera, an economist at the Asian Institute of Management, said that electronics exports “have always been resilient.”

“The new record high in exports on a monthly basis, largely driven by electronics and still to be driven by electronics, going forward, (will) to service increased demand due to global supply chain disruptions since the pandemic started,” Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort added in a Viber message.

According to the latest trade deficit report, exports of electronic products surged 39.6% to $5.10 billion in October. This export category accounted for more than three-fourths of manufactured goods exports and 66.3% of total exports.

Exports of semiconductors, which make up the bulk of electronic products, rose 62.7% to $4.30 billion. Semiconductors accounted for more than half of total exports during the month.

Mr. Rivera said that the government must ensure the industry’s competitiveness through greater market access.

“The Regional Comprehensive Economic Partnership (RCEP) and Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) can help increase the coverage of this export due to a much bigger market,” Mr. Rivera said in an e-mail.

“More free trade agreements and regional pacts (would) help spur greater demand and growth for the country’s exports especially electronics,” Mr. Ricafort added.

RCEP is a free trade agreement involving the 10 members of the Association of Southeast Asian Nations (ASEAN) and dialogue partners China, Japan, South Korea, Australia, and New Zealand.

The Senate failed to ratify RCEP in 2022 as some senators raised concerns about the lack of safeguards for the agriculture sector. Former President Rodrigo R. Duterte signed on to RCEP in September 2021.

The CPTPP is a trade deal involving Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, and Vietnam.

“Further expansion and diversification of the country’s export markets through improved diplomatic and business relations with other countries would help further boost the country’s exports, especially electronics, as well as other export items with high local content,” Mr. Ricafort added.

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