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Sidney Poitier, first Black actor to win best actor Academy Award, 94

Actor and Ambassador Sidney Poitier — PHOTO FROM NPS.GOV

SIDNEY Poitier, who broke through racial barriers as the first Black winner of the best actor Oscar for his role in Lilies of the Field, and inspired a generation during the civil rights movement, has died at age 94, Bahamas Prime Minister Philip Davis said on Friday.

“It is with great sadness that I learned this morning of the passing of Sir Sidney Poitier,” Mr. Davis said in a speech broadcast on Facebook. “But even as we mourn, we celebrate the life of a great Bahamian: a cultural icon, an actor and film director, an entrepreneur, civil and human rights activist and, latterly, a diplomat.”

Mr. Poitier created a distinguished film legacy in a single year with three 1967 films at a time when segregation prevailed in much of the United States.

In Guess Who’s Coming to Dinner he played a Black man with a white fiancée and In the Heat of the Night he was Virgil Tibbs, a Black police officer confronting racism during a murder investigation. He also played a teacher in a tough London school that year in To Sir, With Love.

Mr. Poitier had won his history-making best actor Oscar for Lilies of the Field in 1963, playing a handyman who helps German nuns build a chapel in the desert. Five years before that Mr. Poitier had been the first Black man nominated for a lead actor Oscar for his role in The Defiant Ones.

His Tibbs character from In the Heat of the Night was immortalized in two sequels — They Call Me Mister Tibbs! in 1970 and The Organization in 1971 — and became the basis of the television series In the Heat of the Night starring Howard Rollins and Carroll O’Connor.

His other classic films of that era included A Patch of Blue in 1965 in which his character was befriended by a blind white girl, The Blackboard Jungle and A Raisin in the Sun, which Mr. Poitier also performed on Broadway.

“If you wanted the sky I would write across the sky in letters that would soar a thousand feet high.. To Sir… with Love Sir Sidney Poitier R.I.P. He showed us how to reach for the stars,” Whoopi Goldberg, Oscar winning actress and TV host, wrote on Twitter.

“The dignity, normalcy, strength, excellence and sheer electricity you brought to your roles showed us that we, as Black folks, mattered!!!,” Oscar winner Viola Davis tweeted.

Mr. Poitier was born in Miami on Feb. 20, 1927, and raised on a tomato farm in the Bahamas, and had just one year of formal schooling. He struggled against poverty, illiteracy, and prejudice to become one of the first Black actors to be known and accepted in major roles by mainstream audiences.

Mr. Poitier picked his roles with care, burying the old Hollywood idea that Black actors could appear only in demeaning contexts as shoeshine boys, train conductors, and maids.

“I love you, I respect you, I imitate you,” Denzel Washington, another Oscar winner, once told Mr. Poitier at a public ceremony.

As a director, Mr. Poitier worked with his friend Harry Belafonte and Bill Cosby in Uptown Saturday Night in 1974 and Richard Pryor and Gene Wilder in 1980’s Stir Crazy.

Mr. Poitier was knighted by Britain’s Queen Elizabeth II in 1974 and served as the Bahamian ambassador to Japan and to UNESCO, the UN cultural agency. He also sat on Walt Disney Co.’s board of directors from 1994 to 2003.

STARTED ON STAGE
Mr. Poitier grew up in the small Bahamian village of Cat Island and in Nassau before he moved to New York at 16, lying about his age to sign up for a short stint in the Army and then working at odd jobs, including dishwasher, while taking acting lessons.

The young actor got his first break when he met the casting director of the American Negro Theater. He was an understudy in Days of Our Youth and took over when the star, Mr. Belafonte, who also would become a pioneering Black actor, fell ill.

Mr. Poitier went on to success on Broadway in Anna Lucasta in 1948 and, two years later, got his first movie role in No Way Out with Richard Widmark.

In all, he acted in more than 50 films and directed nine, starting in 1972 with Buck and the Preacher in which he co-starred with Mr. Belafonte.

In 1992, Mr. Poitier was given the Life Achievement Award by the American Film Institute, the most prestigious honor after the Oscar, joining recipients such as Bette Davis, Alfred Hitchcock, Fred Astaire, James Cagney and Orson Welles.

“I must also pay thanks to an elderly Jewish waiter who took time to help a young Black dishwasher learn to read,” Mr. Poitier told the audience. “I cannot tell you his name. I never knew it. But I read pretty good now.”

In 2002, an honorary Oscar recognized “his remarkable accomplishments as an artist and as a human being.”

Mr. Poitier married actress Joanna Shimkus, his second wife, in the mid-1970s. He had six daughters with his two wives and wrote three autobiographical books — This Life (1980), The Measure of a Man: A Spiritual Autobiography (2000), and Life Beyond Measure: Letters to My Great-Granddaughter (2008).

“If you apply reason and logic to this career of mine, you’re not going to get very far,” he told the Washington Post. “The journey has been incredible from its beginning. So much of life, it seems to me, is determined by pure randomness.”

In 2013 he published Montaro Caine, a novel that was described as part mystery, part science fiction.

In 2009, Mr. Poitier was awarded the highest US civilian honor, the Presidential Medal of Freedom, by President Barack Obama.

The 2014 Academy Awards ceremony marked the 50th anniversary of Mr. Poitier’s historic Oscar and he was there to present the award for best director. — Reuters

Dwight Ramos, Toyama Grouses split two home games

DWIGHT RAMOS — JAPAN B.LEAGUE

DWIGHT Ramos and the Toyama Grouses split their two-game homestand against Akita with a tough 80-64 loss in the Japan B.League amid a series of postponements due to coronavirus disease 2019 (COVID-19) health and safety protocols.

Mr. Ramos played limited action following a hard fall in the second period and finished with six points after sizzling for 22 markers in their 99-91 win on Saturday at the Toyama City Gymnasium.

Mr. Ramos suited up for only eight minutes and did not return to the game as the Grouses slid to 10-18 card behind Brice Johnson’s 17 points and 12 rebounds. Akita improved to 18-10.

Toyama will have a long break before plunging back to action against Mikawa on Jan. 22.

The B.League on Friday suspended multiple matches featuring the squads of other Filipino imports in Ray Parks, Jr. (Nagoya), Kobe Paras (Niigata), Javi Gomez de Liaño (Ibaraki), Matthew Aquino (Shinshu), Kiefer (Shiga) and Thirdy Ravena (San-en).

Prior to that, the Japanese league had also scrapped the All-Star Game scheduled in Okinawa this week.

The B.League said several players participating in the All-Star and in the regular season games are under protocols after either testing positive for COVID-19 or being close contacts. — John Bryan Ulanday

DHL Express continues drive for sustainable logistics, adds EVs to fleet

DHL Express Philippines Country Manager Nigel Lockett (left) and Senior Operations Director Promod George pose with three newly acquired electric vehicles as part of DHL’s mission to contribute to sustainability. — PHOTO FROM DHL EXPRESS

THREE ELECTRIC vehicles (EVs) were added to the DHL Express fleet in the Philippines which, the company said in a release, represent “a firm step toward the company’s goal of reducing environmental impact and promoting green logistics.”

The EVs conscripted into duty by the world’s leading international express service provider are built by BYD (Build Your Dreams), and can travel up to 250 km on a fully charged battery, and carry up to 3.5 cubic meters of payload. They will be deployed to deliver shipments in the Makati, Ortigas, and Pasay areas of Metro Manila.

BYD is a known manufacturer of zero-emission medium- and heavy-duty vehicles. It is also an in-house developer of core parts for electrified vehicles such as batteries, motors, and power electronics. It seeks to establish a complete, zero-emission ecosystem powered by clean energy, thereby reducing the world’s reliance on petroleum.

Said DHL Express Philippines Country Manager Nigel Lockett, “With our goal of reducing logistics-related emissions to zero by 2050, we are attempting to reach a larger milestone. The purchase of these electric vehicles is our first step towards greener logistics, which will benefit the environment, our customers, and our people.”

This effort is part of Deutsche Post DHL Group’s global vision to run 60% of its vehicles electrically by 2030, which is expected to strengthen its portfolio dedicated to EV logistics as well as the increased pace of decarbonization.

Added DHL Express Philippines Senior Director of Operations Promod George, “We are proud to bring this important and sustainable solution to our operations here in the Philippines. These new additions contribute two significant advantages to our fleet: reduced carbon emissions and lower operating costs.”

The company reported that transportation accounts for 15% of global CO2 emissions. With 95% of vehicles powered by gasoline or diesel engines, the most significant change that can be made is to switch to a greener mode of transportation, it added. Further, Deutsche Post DHL Group will invest a total of €7 billion over the next 10 years for CO2 reduction measures, including the further expansion of its zero-emission e-vehicle fleet.

Global food costs ease from near record, offering respite from inflation

REUTERS

GLOBAL food prices declined from near a record high at the end of last year, offering some respite to consumers and governments facing a wave of inflationary pressures.

A United Nations index tracking everything from grains to meat fell 0.9% in December, potentially helping to ease the run-up in prices of grocery store products. Still, the gauge remains near 2011’s all-time high and average prices jumped about 28% in 2021, the most in 14 years.

Prices have surged on the back of harvest setbacks and high freight rates, as well as labor shortages and an energy crisis that hit supply chains. Those issues will remain at the fore as farmers face uncertain weather and the prospect of fertilizer shortages in the months ahead. The costs have trickled through to supermarkets, piling pressure on officials and household budgets and worsening hunger, particularly in poor nations.

Food costs are unlikely to stabilize for a while yet, according to Abdolreza Abbassian, a senior economist at the UN’s Food and Agriculture Organization (FAO).

“Nothing fundamentally changed over the last two to three months to make us feel any degree of optimism that the food market is going to resettle at more steady or even lower prices,” he said. “All of the uncertainties are right there, they haven’t disappeared, which means that anything is still possible.”

The fall in food prices last month was mainly driven by vegetable oils and sugar, the FAO said on Thursday.

Anger over inflation recently led to violent protests in Kazakhstan, while Sri Lanka unveiled a $1-billion package to temper concerns over pricey food and medical items. Countries including Ukraine, Russia and Argentina have also taken steps to keep food costs in check.

Weather worries still abound across major crop suppliers, as the La Niña weather pattern disrupts typical growing conditions. Dryness in parts of Brazil and Argentina is trimming expectations for bountiful soy and corn harvests. In Malaysia, recent floods have inundated some palm-oil plantations. And Australia faced a November deluge that curbed the quality of its wheat.

The recent energy crunch has sent fertilizer prices higher too, threatening to further add to food-production costs. There are already signs that farmers are cutting back on nutrient purchases or shifting from grains to less fertilizer-intensive crops. Inflation is also contributing to the world’s hunger crisis, with higher prices for everything from fuel to housing cutting into what people can spend on food. Roughly a 10th of the global population was undernourished in 2020, when the COVID-19 pandemic hit — and food costs have jumped much more since then.

In other moves to combat rising prices or tight supplies, Thailand this week imposed a ban on hog exports until early April. US President Joe Biden promised to “fight for fairer prices” for farmers and consumers in a bid to tackle meat-price inflation, while purchase limits have been reintroduced in hundreds of Australian supermarkets as cases of the Omicron virus strain hobble supply chains. — Bloomberg

McDonald’s Japan slices fries to small size as it faces shipping snags

POLINA TANKILEVITCH/PEXELS

TOKYO — Japanese customers will have to settle for a small serving of McDonald’s fries for the next month or so after the fast-food chain said it was limiting portions due to shipping problems.

McDonald’s Holdings Company Japan said in a statement on Friday that the impact of flood damage on the port of Vancouver and other disruptions since last year would delay an expected shipment of potatoes from North America.

Global shipping operations continue to be severely affected by a mix of factors including coronavirus disease 2019 (COVID-19) pandemic lockdowns, extreme weather and a rapid recovery in demand.

As a result, McDonald’s said that from Sunday it would sell only S-sized fries for about a month “to make sure we have plenty of inventory and our customers can enjoy McDonald’s fries without interruption.”

The fast-food chain took the same step for a week at the end of December at its roughly 2,900 branches in Japan. — Reuters

Yields on government debt end mixed

YIELDS on government securities (GS) ended mixed last week following slower-than-expected inflation in December and the Treasury’s rejection of bids for its offer of reissued seven-year papers.

Bond yields, which move opposite to prices, declined by an average of 4.35 basis points (bps) week on week, based on PHP Bloomberg Valuation Service Reference Rates as of Jan. 7 published on the Philippine Dealing System’s website.

The short end of the curve saw rates fall from their close on Dec. 31. Yields on 91- , 182- and 364-day papers went down by 8.72 bps, 10.7 bps, and 9.71 bps to fetch 1.0073%, 1.1623%, and 1.5626%, respectively.

The belly of the curve was mixed as the rates of two- and three-year Treasury bonds (T-bonds) also declined by 7.69 bps and 1.71 bps to 2.6012% and 3.234%, respectively.

Meanwhile, the four-, five-, and seven-year T-bonds increased by 3.53 bps, 5.48 bps, and 6.9 bps to yield 3.8043%, 4.2514%, and 4.7001%, respectively.

Yields on long-dated papers were likewise mixed. The 10-year paper inched up by 0.35 bps (4.8257%), while 20-year and 25-year notes went down by 12.64 bps (4.9644%) and 12.95 bps (4.9545%).

“Bulk of recent trading activity was concentrated on the front end (one- to three-year tenors) and the liquid on-the-run five-year RTB (retail Treasury bond),” ATRAM Trust Corp. Head of Fixed Income Jose Miguel B. Liboro said in an e-mail interview.

The bond market was “initially more defensive” as the Bureau of the Treasury (BTr) rejected all bids for the reissued seven-year papers earlier last week, he said.

“Continued deceleration in inflation for December 2021…fed buying sentiment which focused on the five-year [bond] despite a move higher in global rates,” Mr. Liboro added.

In a separate e-mail interview, a bond trader noted that government yields fell last week as local participants “generally remained cautious” amid the rising local coronavirus disease 2019 (COVID-19) cases and the threat of the Omicron variant.

The trader added that aside from the lower-than-expected December inflation print, the BTR’s bid rejection “minimized activity in the domestic bond market” last week.

On Tuesday, The Treasury did not accept any tenders for the reissued seven-year bonds, which have a remaining life of six years and seven months, as asking rates became “unreasonably high” despite slower inflation. 

Offers for the paper amounted to P41.42 billion, lower than the P52.267 billion when the bond series was last offered on Dec. 14 which also got rejected during that period.

Had the Treasury fully awarded the bonds, the average yield would have fetched 4.814%, higher by 34.6 bps from 4.468% at the previous offering.

Meanwhile, headline inflation for the month of December eased to its lowest in a year to 3.6% in December from the recorded 4.2% in November as food and transport costs slowed.

Inflation that month was lower than the median 3.9% forecast in a BusinessWorld poll.

The December print brought the full-year average to a three-year high of 4.5%, breaching the 2-4% central bank target band as well as the revised 4.4% forecast.

Meanwhile, Metro Manila and other areas are currently under stricter Alert Level 3 to contain the surge of new infections amid the threat of the highly mutated Omicron variant of the disease.

For this week, the bond trader expects local yields to fetch higher as market waits for the results on the inflation data in the United States, which might bolster for a faster US Federal Reserve tightening with the possible policy rate hike in March.

For his part, Mr. Liboro said market players will take their cues from local catalysts.

“Although we expect global rates to continue to climb gradually higher — impact on local rates is likely to be minimal unless we see sharp spikes higher over the short term,” he said.

As market remains wary of the domestic inflation over the medium term, the December data has calmed sentiment for now, Mr. Liboro said. He added that the market will be focusing on the upcoming auction for the four-year bonds.

“We expect there to be decent interest on the four-year [bonds] with investors opting to focus on five-year and shorter tenors for now.”

The Treasury will offer on Tuesday the reissued five-year papers, with remaining life of four years and two months, worth P35 billion. — Abigail Marie P. Yraola

Trading to be volatile as cases continue to climb

BW FILE PHOTO

LOCAL stocks are seen to be volatile this week amid rising cases of the coronavirus disease 2019 (COVID-19).

The 30-member Philippine Stocks Exchange index (PSEi) dropped 74.41 points or 1.05% to close at 7,011.11 on Friday, while the broader all shares index fell 31.97 points or 0.84% to 3,745.61.

Week on week, the index fell 111.52 points from its 7,122.63 close on Dec. 31.

“The year opened with muted trades as uncertainties loom over swiftly rising of COVID-19 in the country,” online brokerage 2TradeASia.com said in an e-mail sent over the weekend.

For this week, 2TradeAsia.com said inflation data released last week could help boost the index.

“The December 2020 inflation figure can offer some near-term relief, although we caution that Typhoon Odette’s impact may have not been fully baked in yet, plus there will be some seasonality factors as we approach the summer and election months,” the online brokerage said.

Inflation in December eased to its lowest in 12 months, due to the slower increase in the prices of food and transport, but the full-year inflation still exceeded the central bank’s 2-4% target band.

Preliminary data from the Philippine Statistics Authority showed headline inflation slowed to 3.6% in December from 4.2% in November.

December’s inflation print was the slowest reading in 12 months or since the 3.5% reading in December 2020.

This brought the full-year inflation average to 4.5%, higher than the 2.6% recorded in 2020. This was the highest print in three years or since the 5.2% logged in 2018.

It also breached the central bank’s 2-4% target band as well as the revised 4.4% forecast for the year.

Meanwhile, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said the country’s coronavirus situation will continue to affect the market in the coming week.

“Market will continue to be volatile as infection rates rise with the big possibility of increasing the level of restrictions to other areas including the National Capital Region,” Diversified Securities, Inc. Equity Trade Aniceto K. Pangan said in a text message over the weekend.

Daily infections climbed by 21,819 on Friday, based on data from the Department of Health. On Saturday, infections jumped by 26,458 to bring the active case tally to 102,017.

Metro Manila, Bulacan, Cavite, Rizal, as well as other cities and provinces across the country experiencing an infection spike are under the tighter Alert Level 3 until Jan. 15, Friday to curb the spread of the virus.

Mr. Pangan said the PSEi could range within 6,900 to 7,250 this week, while 2TradeAsia.com put immediate support at 6,950-7,000 and resistance at 7,200-7,300. — MCL

Globe dips after surge in coronavirus cases

RENEWED movement restrictions as the country sees a spike in new coronavirus infections derailed market sentiment last week that affected local stocks including Globe Telecom, Inc.

Analysts point to the surging coronavirus disease 2019 (COVID-19) cases as what dragged the stocks to fall across the market on the first trading week of the year, including Globe Telecom, Inc.

Data from the Philippine Stock Exchange (PSE) showed 164,780 Globe shares worth P537.70 million were traded from Jan. 3 to 7. The PSE canceled trading on Jan. 4 due to technical problems in the bourse’s trading engine.

Shares in the Ayala-led telecommunications company ended the year down by 1.6% to P3,270 apiece on Friday from its P3,322 finish on Dec. 31, 2021. Compared with the first trading day on Jan. 3, Globe shares inched down by 0.2%.

Regina Capital Development Corp. Equity Analyst Anna Corenne M. Agravio said that investors are “slightly anxious” with the possibility of putting Metro Manila in a higher alert level.

“Therefore, there weren’t any significant movements in GLO’s share price as the market was taking a wait-and-see stance,” she said in an e-mail interview, referring to the ticker symbol of Globe.

In a separate e-mail interview, Philippine National Bank (PNB) Senior Equity Research Analyst Jonathan J. Latuja shared the same sentiment, adding that the anticipation of renewed lockdowns “may dampen the country’s reopening momentum.”

“I believe this anxiety is observed across all segments and not just the telco sector or Globe,” he added.

New cases of the coronavirus disease 2019 started increasing on the last days of 2021 as the more transmissible Omicron variant started to spread in the country.

Metro Manila and other areas are currently under Alert Level 3 until Jan. 15 to curb the spike of new COVID-19 infections. More movement restrictions and lower operating capacity up to 30% for some commercial establishments were put in place.

Total COVID-19 cases in the country reached 2.97 million after recording 28,707 new infections on Jan. 9. Active cases stood at 128,114.

Meanwhile, Globe said on last Thursday that COVID-19 experimental drug molnupiravir is now available to prescribe via its HealthNow app.

HealthNow app — developed by Ayala Healthcare Holdings, Inc. (AC Health) and Globe’s 917Ventures — is a mobile application that helps patients consult with a doctor virtually and offers delivery of medicines and scheduling appointments while at home. 

The antiviral pill has been approved by the Food and Drug Administration in December as treatment for mild to moderate COVID-19 cases, and may only be given to patients 18 years old and above with “risk factors for developing severe illness” such as senior citizens and those with comorbidities.

“This move likely gives investors the impression that GLO is indeed a defensive stock amid the pandemic, confirming what the market has thought since the beginning. Therefore, some would likely rotate their funds out of other blue chips and into GLO,” Ms. Agravio said, referring to Globe’s stock symbol.

For Mr. Latuja, this initiative showcases Globe’s good corporate governance, but he sees no significant impact on its stock price.

He expects the telco to net P5 billion in the final three months of 2021, driven by sustained growth in fixed data revenues.

“At its current price, we think Globe is already trading at a premium compared to its peers,” Mr. Latuja said. “This might provide scope for investors to sell the stock if earnings expectations are not met.”

Ms. Agravio, meanwhile, sees Globe’s top line sustaining a single-digit growth, while the bottom line in the fourth quarter could have increased by “at least high single digits” amid sustained demand for data-related services.

Globe revenues rose by 2.5% year on year to P125.61 billion in the nine months to September. Its attributable net income likewise increased by 12.8% to P17.90 billion during the same period.

For this week, Ms. Agravio placed Globe’s support and resistance levels at P3,200 and P3,600, respectively. — Bernadette Therese M. Gadon

PSC has no funds for sorties outside of SEAG, AG

PSC COMMISSIONER RAMON FERNANDEZ

DUE to budgetary constraints, the Philippine Sports Commission (PSC) will not be able to fund international sorties outside the Hanoi Southeast Asian (SEA) Games and the Hangzhou Asian Games (AG) this year.

PSC commissioner Ramon Fernandez, the country’s chef de mission to the Hanoi tilt set May 12-23, said they have only enough money to bankroll the Southeast Asian Games and the Asiad slated Sept. 10-25.

To date, the country has only P121 million — P71 million from what was left last year and P50 million allotted by the Department of Budget and Management this year — to fuel the country’s Hanoi campaign.

“Based on experience, I think it will not be enough to shoulder the 626 athletes and hundreds more coaches and officials the POC (Philippine Olympic Committee) has recommended to send to Hanoi,” said Mr. Fernandez.

The Asian Games has been allotted P70 million by the Department of Budget and Management (DBM) while P50 million have been given for Asian Indoor and Martial Arts Games, which was reset next year.

The DBM had given the PSC P200 million for SEA Games use last year, but P139 million were already spent in training and uniforms among others, leaving it with just P71 million.

But the SEA Games was eventually rescheduled.

“That’s why we have to sit down with the POC to discuss the matter and what should be done,” said Mr. Fernandez. — Joey Villar

Philippines 13th globally in organized crime list

Philippines 13<sup>th</sup> globally in organized crime list

How PSEi member stocks performed — January 7, 2022

Here’s a quick glance at how PSEi stocks fared on Friday, January 7, 2022.


Farmers say cash assistance not enough amid import competition

THE Federation of Free Farmers (FFF) said in a statement that the government’s decision to provide cash assistance to farmers affected by the typhoon will not offset the losses they have sustained due to competition from imports.

“Studies by the FFF indicate that rice farmers lost an average of P6,000 per hectare harvested in 2019 and 2020. This was due to the drop in farmgate prices, following the enactment of Republic Act (RA) 11203 or the Rice Tariffication Law (RTL) in March 2019 and the ensuing inflow of large volumes of imported rice,” FFF National Manager Raul Q. Montemayor said.

On Dec. 10, President Rodrigo R. Duterte signed into law RA 11589, which gives monetary assistance to farmers from provinces hit by Typhoon Odette (international name: Rai).

The law will support rice farmers tilling land two hectares or below until 2024. Funds will be sourced from rice import tariff collections in excess of P10 billion annually.

“Assuming a farmer has two hectares of land and harvests two times in a year, his losses in 2019 and 2020 would total P24,000. Last year, the Department of Agriculture (DA) started giving cash assistance of only P5,000 per farmer, using some P7 billion in excess tariff collections in 2019 and 2020. This is equivalent to only 20% of the farmers’ losses during the two-year period,” Mr. Montemayor said.

The FFF said that the cash transfer program is “discriminatory,” as it excludes farmers tilling land more than two hectares who are still affected by the drop in the price of palay, or unmilled rice.

“This subsidy would be negated by higher farm production costs resulting from the recent spike in fertilizer prices, even as palay prices have continued to decline due to the unimpeded arrival of rice imports particularly during peak harvest periods,” the FFF said.

 The FFF proposed to allocate some of the excess tariffs to other key programs, such as crop insurance and crop diversification.

“These programs can provide more significant, cost-effective and longer-lasting benefits to rice farmers who have to grapple with recurrent typhoons and price fluctuations. However, they will now lose their funding, because RA 11589 allocates all excess tariffs exclusively to cash transfers,” said Mr. Montemayor.

The organization urged the DA to manage the inflow of imports to prevent the fall of palay prices and avail of trade remedies, such as safeguard duties.

“Safeguard duties can temporarily increase rice tariffs, if imports are found to be excessive and seriously hurting local farmers. The DA has refused to use this remedy and has instead resorted to suspending the issuance of rice import clearances from time to time despite the absence of clear quarantine risks,” the FFF said.

“It does not make sense for the DA to entice farmers with seed and fertilizer subsidies to increase their production while, at the same time, allowing excessive importation. This is a recipe for disaster. It will only cause a supply glut and plunging palay prices, which the DA will now try to offset partially through cash transfers,” Mr. Montemayor added. — Luisa Maria Jacinta C. Jocson