NLEX Corp. upgrades Subic Freeport Expressway

July 21, 2022 | 12:02 am

NLEX Corp. said on Wednesday that it is investing more in the enhancement of the Subic Freeport Expressway (SFEX) to make it safer for motorists.

“The P105-million worth of improvements, which include pavement surface upgrade, construction of ditch and slope protection, installation of guard rails, and application of hazard paint, intend to make the SFEX and its surrounding slopes safer for motorists,” the company said in an e-mailed statement.

The company aims to make its roads safe for all weather conditions.

“With these enhancements, we expect to further protect motorists from roadside hazards by strengthening the slopes and improving the drainage system and other safety features at the SFEX,” said NLEX Corp. President J. Luigi L. Bautista.

To recall, the company completed in February last year the SFEX capacity expansion.

“A total of 16.4 new lane kilometers, two new bridges, and a new tunnel were constructed as part of the P1.6-billion expansion project,” it said.

It also installed international standard LED lights, raised the elevation of the Maritan Highway-Rizal Highway-Tipo Road junction, and enhanced the area’s drainage system.

“This was constructed despite the pandemic in response to the need to accelerate business activities and facilitate the flow of goods and services between the economic zones in Clark and Subic,” the company said.

The company announced recently that it had allocated P1.2 billion for this year’s capital expenditures to improve customer experience.

NLEX Corp. is part of Metro Pacific Tollways Corp., the tollway unit of Metro Pacific Investments Corp. (MPIC).

MPIC is one of three key Philippine units of Hong Kong-based First Pacific Co. Ltd., the others being Philex Mining Corp. and PLDT, Inc.

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. — Arjay L. Balinbin

Coins.ph, Globe tie up for crypto transactions

July 21, 2022 | 12:01 am

crypto-currency — MICHAEL FÖRTSCH-UNSPLASH

COINS.PH, a fiat and crypto wallet services provider in the Philippines, said on Wednesday it has partnered with Globe Telecom, Inc. for a new offering for its loyalty program Globe Rewards.

“Starting July 20, prepaid and postpaid subscribers can start exchanging rewards points in their new GlobeOne app for Bitcoin and cryptocurrency vouchers redeemable at Coins.ph,” the crypto wallet company said in an e-mailed statement.

Through the partnership, users can redeem rewards points and complete a crypto transaction without using their own money. The new feature on the Coins.ph application is called Redeem Crypto. Users must be “Level 2 verified” to redeem.

“The available denominations are P5, P10, P25, P50, and P100, each with a corresponding number of points required for redemption,” the company said.

The goal is to “empower Filipinos in their quest for financial freedom,” said Wei Zhou, CEO of Coins.ph.

“Customers can now take advantage of mainstream loyalty programs such as Globe Rewards for a low- or almost zero-risk approach to get started with their crypto journey.”

The company also said that it will be opening opportunities for enterprises to diversify their loyalty program offerings to “remain competitive and maximize their potential for growth.”

The platform gives access to 24 cryptocurrencies and crypto tokens, including BTC (Bitcoin), ETH (Ether), BCH (Bitcoin Cash), BAT (Basic Attention Token), XRP (Ripple), USDC (USD Coin), USDT (Tether), AAVE, AXS (Axie Infinity Shard), CHZ (Chiliz), GALA, KNC (Kyber Network Crystal v2), LINK (Chainlink), MATIC (Polygon), MKR (Maker), SAND (The Sandbox), SLP (Smooth Love Potion), UNI (Uniswap), and YGG (Yield Guild Games).

“Cryptocurrency values are highly volatile and prices may go up and down in real time. Buying Bitcoin and other cryptocurrencies carries a high level of risk and may not be suitable for everyone,” Coins.ph said. — Arjay L. Balinbin

La Salle battles San Sebastian for top two finish

July 21, 2022 | 12:01 am

KNOCKING at joint third place, EcoOil-La Salle and Apex Fuel-San Sebastian figure in a crucial tiff to stay in the thick of the race for a top two finish and an outright semifinal berth in the PBA D-League Aspirants’ Cup today at the Smart Araneta Coliseum.

Game time is at 12:30 p.m. with the winner between the Green Archers and the Golden Stags gaining a share of second place with idle Marinerong Pilipino (3-1) behind unbeaten pacer Wangs Basketball @26-Letran (3-0).

La Salle, parading a formidable core led by UAAP Mythical Five member Michael Phillips, looms as a slight favorite but coach Derrick Pumaren is not keen on being complacent especially against the gritty wards of mentor Egay Macaraya.

The Golden Stags indeed are becoming a tough nut to crack even against an established La Salle program with a two-game win streak highlighted by a 40-point demolition of AMA Online, 93-53.

But more than trying to land an upset over the towering Green Archers that finished third in the UAAP Season 84, Mr. Macaraya sees this as a learning opportunity for his frontline.

Adalem Construction-St. Clare (2-2) eyes a bounce back win after a loss while Builders Warehouse-Santo Tomas (0-3) aims to break through in their separate outing at 10:30 a.m. — John Bryan Ulanday

Dining In/Out (07/21/22)

July 21, 2022 | 12:01 am

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Kenny Rogers Roasters brings back chimichurri

KENNY Rogers Roasters is bringing back its famous chimichurri to the menu — not only with the roasted chicken but with more meat selections this time around. Kenny Rogers Roasters is now offering seven meat options. Apart from Chimichurri Roast, guests can also choose from their ribs, premium steak, burger steak, burger bun, Schublig sausage, and fish as protein options. Starting July 18, guests can have chimichurri in their Kenny Rogers Roasters favorites, which can be enjoyed solo or as a group. Kenny’s Solo B plate (starts at P290) comes with a portion serving of their choice of meat with chimichurri sauce, two side dishes, rice, and a muffin. A Group Meal (starts at P1,025) comes with a whole serving of their choice of meat with chimichurri sauce, four side dishes, four cups of rice, four muffins, and 1.5 liters of soda. Meanwhile, the All Chimichurri Group Meal (starts at P1,330) includes a quarter chimichurri roast, a half-slab of chimichurri ribs, one chimichurri Schublig sausage, one chimichurri burger steak, four side dishes, four cups of rice, four muffins, and 1.5 liters of soda. Completing the Chimichurri Festival are two new side dishes, which are offered for a limited time only: the baconized corn and chips & salsa. With every Solo Plate purchased of Chimichurri, Kenny Rogers Roasters will donate P1 to selected NGOs to support local farmers. The Chimichurri Farmvocacy is Kenny Rogers Roasters’ way of helping local farmers in today’s challenging time. The chimichurri dishes are available for dine-in, takeout, or delivery through www.kennyrogersdelivery.com.ph, hotline: 8-555-9000, or via Grab Food and Food Panda.

Shakey’s offers Spinach Pizza selection

SHAKEY’S Pizza launches its Spinach Pizza selection, featuring three flavors, and Spinach Roll-ups. Made with fresh spinach, the pizzas also come with either bacon, shrimp, or mushroom toppings.

Sheraton opens Pinas Muna Hub

THE SHERATON Manila Hotel at the Newport Grand Wing in Resorts World Manila (RWM) has opened its first in-house souvenir shop that features all-Filipino fare. It is called the Pinas Muna Hub, and is filled to the brim with expertly crafted and locally made products, gift items, single-origin coffee, and a variety of delicacies. Located at the front and center of the hotel’s lobby, the Pinas Muna Hub is open daily from 8 a.m. to 8 p.m. The souvenir shop’s inventory includes a line of Filipino-signature Barong Tagalog and hand-woven pouches from Marikina, single-origin Hineleban Farms coffee, and award-winning Theo & Philo Artisan Chocolates among other available delicacies. For more information visit www.rwmanila.com.

Mekeni brings tocino to the US market

MEKENI Food Corp. has announced that they are bringing their tocino to the US market through Island Pacific Supermarket. Last January, Mekeni made their kikiam and fish balls available on the US West Coast also through its partnership with Island Pacific Supermarket, one of the area’s biggest Asian/Filipino supermarkets. For more information about their products, visit Mekeni’s official Facebook page at www.facebook.com/mekeniph.

FamilyMart now offers milk tea

FAMILYMART Tea Creations is the latest addition to the offerings of the Japanese convenience store brand’s local franchise, catering to the popularity of milk tea and other tea-based drinks in the country. Available in five variants, FamilyMart Tea Creations offers two types; milk tea, which comes in chocolate, wintermelon, and honeydew flavors, featuring tapioca pearls as sinkers; and fruit tea, which comes in grape and lychee flavors, and served with nata or coconut gel sinkers. Each 16 oz cup goes for P95 for the milk tea, and P80 for the fruit tea, while additional sinkers go for P18. The drinks are initially available at select stores (Udenna Tower, Market! Market!, and Science Hub in Taguig) from 10 a.m. to 8 p.m. for walk-in customers, but those in other areas can get their fix delivered via GrabFood.

Jollibee brings back JolliBots

THE ROBOT-themed Jolly Kiddie Meal toys are back. With its highly successful launch last February, Jollibee is bringing back the JolliBots starting July 16. Leading the pack is Jollibee who pops out of a Chickenjoy Bucket by retracting both arms and flipping its lid. Simply twisting and turning the upper corners of the Jolly Spaghetti box will reveal Hetty. A Jollibee Chocolate Sundae will reveal Twirlie from the robot cup — just split the ice cream portion and rotate the arms to extend the toy figure. Kids can complete the JolliBots experience with the robotized Jolly Crispy Fries and Yumburger. They have to flip the upper portions of the toys to reveal Popo and Yum, respectively. Each of the five collectible pieces are available with every purchase of a Yumburger (P82), Yumburger Meal with Drink (P102), Jolly Spaghetti (P97), Jolly Spaghetti Meal with Drink (P107), Burger Steak (P97), Burger Steak Meal with Drink (P114), Chickenjoy with rice (P129), or a Chickenjoy Meal with Drink (P144), each coming with its own Jolly Joy Box. Collectors can also get their hands on the complete set with a purchase of the six-piece Chickenjoy Bucket for P624.

How travel-friendly is the Philippine passport?

July 21, 2022 | 12:01 am

A Philippine passport holder can travel to 67 visa-free or visa-on-arrival locations out of 227 possible travel destinations. With this, it moved up three spots to 80th out of 199 passports in the third quarter release of the Henley Passport Index, which ranks passports according to the number of destinations their holders can access without prior visa. The Philippine passport tied with Cape Verde Islands and Uganda.

Security Bank raises P16 billion from offer of 1.5-year peso bonds

July 21, 2022 | 12:01 am

SECURITY BANK Corp. has raised P16 billion from 1.5-year corporate bonds, more than the original plan of P1 billion as the offer was oversubscribed.

The bank said in a disclosure to the stock exchange that the bonds maturing in 2024 were successfully issued and listed on the Philippine Dealing & Exchange Corp. on Wednesday.

“Security Bank raised P16 billion worth of bonds at 3.7407% per annum, with a tenor of 1.5 years. Due to strong demand for the bonds, the bank exercised its oversubscription option and accepted offers above the initially announced P1-billion issue size,” the lender said.

“Security Bank offered the bonds to support its lending activities and expand its funding base,” it added.

Security Bank Executive Vice-President and Financial Markets Segment Head Raul Martin A. Pedro said the successful issuance and oversubscription is testament to investor confidence in the lender.

The bonds were issued out of Security Bank’s P100-billion peso bond and commercial paper program.

The offer period for the bonds was July 5-15. The bonds were offered at a minimum investment of P1 million and increments of P100,000 thereafter.

The lender tapped Philippine Commercial Capital, Inc. (PCCI) to be the sole bookrunner for the issuance, it said in a previous stock exchange disclosure.

The joint lead arrangers and selling agents for the transaction were PCCI and SB Capital Investment Corp.

Security Bank recorded a higher net income in the first three months of the year amid lower loan loss buffers and an improvement in its core earnings.

The lender’s net profit rose by 66% to P2.7 billion in the first quarter. This translated to a return on shareholders’ equity of 8.81%, while return on assets stood at 1.55%.

It was the 10^th biggest private bank in the country with total assets of P707 billion as of end-March.

Security Bank shares closed at P89 apiece on Wednesday, down by 0.56% or 50 centavos. — K.B. Ta-asan

Bayan Muna asks SC to reverse ruling on Meralco price hike

July 21, 2022 | 12:01 am

BAYAN MUNA party-list group on Wednesday asked the Supreme Court (SC) to reconsider its decision upholding a 2013 approved rate hike application of P22.6 billion by Manila Electric Co. (Meralco).

In a 37-page motion, the group said the Energy Regulatory Commission (ERC) abused its discretion when it approved the “highest power hike in history.”

“The highest rate hike is not at all the consumers’ fault, but those of the power sector,” said Bayan Muna. “Despite this, it will be the consumers who will bear this great burden and ultimately pay for the rate hike as part of our electricity bill.”

The group added that the court committed a reversible error when it held that the ERC did not abuse its discretion when it “hastily” approved Meralco’s rate increase.

Under the latest High Court decision, Meralco is allowed to implement an additional charge of P4.15 per kilowatt hour, SC Associate Justice Amy C. Lazaro-Javier said in her separate dissenting opinion.

Bayan Muna pointed out that the ERC’s approval of the price hike violated the Electric Power Industry Reform Act of 2021.

Under the law, the ERC is mandated to enforce the rules and regulations that ensure the rational pricing of electricity.

The distributor is also tasked to “protect the public interest as it is affected by the rates and services of electric utilities of electric power.”

In 2014, the tribunal issued a temporary restraining order on Meralco’s staggered charges and recovery costs totaling P22.6 billion.

The country’s biggest electricity distributor applied for the rate increase after the maintenance shutdown of Shell Philippines Exploration B.V.’s Malampaya gas-to-power project, which forced the company to buy more expensive supplies from the Wholesale Electricity Spot Market.

Bayan Muna noted that the ERC neglected its duty to protect the consumers from unreasonable prices of electricity.

“From where we sit, the consumers do not feel that their interests are being protected and promoted. There is a failure of regulation,” former Bayan Muna Rep. Carlos Isagani T. Zarate said in a separate statement.

“With the current dispensation, the consumers’ welfare is not only at the mercy of the power players, but also at the mercy of how well (or badly) the ERC would exercise its vast powers,” he added.

Meralco’s controlling stakeholder, Beacon Electric Asset Holdings, Inc., is partly owned by PLDT, Inc. Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has an interest in BusinessWorld through the Philippine Star Group, which it controls. — John Victor D. Ordoñez

How PSEi member stocks performed — July 20, 2022

July 21, 2022 | 12:00 am

Here’s a quick glance at how PSEi stocks fared on Wednesday, July 20, 2022.

Peso weakens on latest balance of payments data

July 20, 2022 | 9:00 pm

THE PESO declined against the dollar on Wednesday as latest data showed the country posted another balance of payments deficit in June. — BW FILE PHOTO

THE PESO weakened against the dollar on Wednesday as the country’s balance of payments (BoP) position was at a deficit in June.

The local unit closed at P56.29 per dollar on Wednesday, losing 3.5 centavos from its P56.255 finish on Tuesday, based on Bankers Association of the Philippines data.

Year to date, it has weakened by 10.3% or by P5.29 from its close of P51 versus the dollar on Dec. 31, 2021.

The peso opened Wednesday’s session at P56.18 versus the dollar, which was also its intraday best. Its weakest showing was at P56.35 against the greenback.

Dollars exchanged rose to $710.05 million on Wednesday from $663.05 million on Tuesday.

Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said the peso weakened versus the dollar as latest BoP data released by the Bangko Sentral ng Pilipinas (BSP) on Tuesday showed the country’s external position was at a deficit last month.

The country’s BoP position stood at a $1.57-billion deficit, wider than the $312-million gap booked a year ago. Still, this was lower than the $1.61-billion deficit recorded in May, which was the widest gap since $2.019 billion seen in February 2021.

In the first half of the year, the country’s BoP deficit widened to $3.1 billion from the $1.9 billion recorded in the same period in 2021.

The BSP expects the country’s BoP to yield a deficit of $6.3 billion this year or equivalent to -1.5% of gross domestic product.

The peso also weakened due to concerns over rising coronavirus disease 2019 (COVID-19) cases in the country, Mr. Ricafort said.

“The peso weakened due to some caution ahead of the US existing home sales report,” a trader said in an e-mail.

“The local currency might appreciate [on Thursday] as expectations of an ECB (European Central Bank) rate hike could taper some of the greenback’s strength,” the trader added.

ECB policy makers are considering raising interest rates by a bigger-than-expected 50 basis points at their meeting on Thursday to tame record-high inflation, two sources with direct knowledge of the discussion told Reuters.

To cushion the impact of the higher borrowing costs, policy makers are also expected to announce a deal to help indebted countries like Italy on the bond market. The deal will require they stick to European Commission rules on reforms and budget discipline, the sources said.

The ECB is set to deliver its first rate hike in more than a decade on Thursday against a difficult economic backdrop exacerbated by the war in Ukraine. Inflation is high and rising while economic growth has slowed and a political crisis in Italy is keeping investors on edge.

That dynamic creates a balancing act for the ECB, between raising rates to curb price growth and ensuring that the most indebted of the euro zone’s 19 member countries don’t run into financial trouble as a result.

The trader expects the local unit to move within P56.20 to P56.40 per dollar on Thursday, while Mr. Ricafort gave a forecast range of P56.15 to P56.35. — K.B. Ta-asan with Reuters

Main index slips as focus shifts to US reports

July 20, 2022 | 9:00 pm

THE main index inched lower on Wednesday ahead of the release of corporate earnings reports of companies here and abroad due to profit taking amid a less positive outlook for the country.

The benchmark Philippine Stock Exchange index (PSEi) went down by 11.44 points or 0.18% to close at 6,274.80 on Wednesday, while the broader all shares index increased by 0.17 point to 3,381.53.

“Philippine shares were flat as fund managers’ attention was diverted to the US, with traders betting on robust corporate earnings reports and wagered that markets had found a bottom,” Regina Capital Development Corp. Head of Sales Luis A. Limlingan said in a Viber message.

“Oil prices rose as traders worried about tight supplies and a weaker dollar,” Mr. Limlingan added.

“The market opened in the positive territory due to the positive spillover effects in the US market driven by strong US corporate earnings. However, the PSEi ended the day eking out today’s gains as profit taking pressures dominated the afternoon, snapping its two-day rally,” Unicapital Securities, Inc. Equity Research Analyst Ralph Jonathan B. Fausto said in a Viber message on Wednesday.

“We can attribute the profit-taking done by investors today from the downward 2022 GDP (gross domestic product) growth forecast revision by Fitch, which cited inflationary pressures to impede the economic growth,” Mr. Fausto added.

Fitch Ratings cut its GDP growth forecast for the Philippines to 6.5% this year, from 6.9% previously, citing continued inflationary pressures due to high prices of food and other commodities.

The revised forecast is within the Philippine government’s target of 6.5-7.5% this year.

The majority of sectoral indices ended in the green on Wednesday except for property, which went down by 17.91 points or 0.62% to 2,841.91, and holding firms, which decreased by 4.61 points or 0.07% to 5,888.41.

Meanwhile, mining and oil went up by 268.70 points or 2.45% to 11,201.53; services climbed by 3.43 points or 0.20% to 1,643.47; industrials increased by 17.56 points or 0.18% to 9,428.83; and financials inched up by 0.18 point or 0.01% to end Wednesday’s session at 1,481.07.

Advancers outnumbered decliners, 103 versus 81, while 40 names closed unchanged.

Value turnover climbed to P5.03 billion on Wednesday with 733.64 million shares changing hands from the P3.793 billion with 1.07 billion issues seen the previous trading day.

Foreign sellers turned buyers anew to P22.65 million on Wednesday from the P227.51 million in net selling seen the previous trading day.

“We expect the market to continue to trade sideways [on Thursday] as investors wait on the sidelines ahead of the US interest rate decision in its FOMC (Federal Open Market Committee) meeting on July 26-27,” Unicapital Securities’ Mr. Fausto added.

Mr. Fausto placed the PSEi’s support at 6,100 and resistance at 6,400, while Regina Capital’s Mr. Limlingan put support at 6,160 and resistance at 6,400. — J.I.D. Tabile

Debt service bill seen rising when PHL refinances short-term loans

July 20, 2022 | 8:24 pm

REUTERS

THE Philippines and India are “most at risk” of having to refinance debt in an environment of rising interest rates because of the short-term debt they are carrying in their financing mix, ANZ Research said in a report on Wednesday.

“The maturity profile of government debt is an important consideration. The greater the proportion of short-dated debt, the faster it takes for the budget squeeze to materialize. In this context, India and the Philippines appear to be most at risk of a quicker jump in debt servicing costs,” it said.

The Philippines and India had “the highest share of debt maturing in the next one to three years that may need to be refinanced at higher rates.”

The Philippines’ debt maturity profile indicates that largest slice of its debt is due to mature in three to five years. The next-largest component is debt maturing in one to three years.

The report came to this conclusion after analyzing India, Indonesia, Malaysia, Thailand, and the Philippines.

Relative to pre-pandemic levels, end-2021 public debt was higher by an average of 14.6% of gross domestic product (GDP) in the countries studied.

“The largest increase amounted to nearly 20% of GDP in the Philippines, with that in India and Thailand only marginally lower,” the report said.

“Consequent to the adoption of these aggressive fiscal policies, mandated public debt ceilings were relaxed in India, Indonesia, Malaysia and Thailand. The Philippines does not have a mandated ceiling but nonetheless, debt has exceeded 60% of GDP, the threshold regarded by policymakers as prudent,” it added.

The National Government’s (NG) outstanding debt was down 2.1% at P12.5 trillion at the end of May.

At the end of the first quarter, the Philippines’ debt-to-GDP ratio was 63.5%, against 60.5% at the end of 2021 and 39.6% at the end of 2019.

The highest debt-to-GDP on record was 65.7% in 2005.

“In our view, the National Government debt has already peaked… Although fiscal policy is becoming more conservative, bringing debt back to the pre-pandemic level of around 40% will be challenging. The government is also looking at a gradual reduction of the pandemic-related debt of around P3.2 billion (about 14.8% of GDP),” ANZ Research said in a separate report.

The interest payments to revenue ratio could also further rise “considering the steady increase in interest rates.”

“Official estimates suggest that for a 1% increase in the interest rate, debt-servicing costs rise by around 0.5 percentage point. Meanwhile, the growth to interest rate differential, an important determiner of debt sustainability, is also likely to narrow as economic growth stabilizes amidst rising borrowing costs,” it said.

However, it is also possible that “a structural rise in public indebtedness will decrease policy space to cope with unforeseen shocks, particularly against the backdrop of rising interest rates and slower global growth,” ANZ Research said.

On the fiscal side, the NG is targeting to reduce the budget deficit from 7.6% to just 3% by 2028.

ANZ Research gave its own estimate at 7.7%, accounting for a possible incremental rise in revenue that does not offset the supplementary spending requirements.

“The pre-pandemic medium-term objective was to stabilize the budget deficit at this level. Underlying this reduction is a combination of expenditure reduction and revenue enhancement, the latter recovering to its 2019 pre-pandemic level of 16.1% of GDP,” ANZ Research said.

The NG projects to hit the 16% mark by 2025.

“While this is not a tall order, the underlying assumptions of annual real GDP growth being sustained at 6-7% will be challenging,” it added.

Economic managers recently revised their growth projections, targeting 2022 growth of 6.5-7.5%.

For 2023 to 2028, the growth target was 6.5-8%. — Diego Gabriel C. Robles

Marcos urged to support agri, manufacturing without relying on FDI

July 20, 2022 | 8:23 pm

BBM-Marcos-inauguration-speech-PHILSTAR-KRIZ-JOHN-ROSALES — PHILIPPINE STAR/KRIZ JOHN ROSALES

THE GOVERNMENT should seek to grow the economy to ease its debt burden by offering incentives for agricultural and manufacturing projects, following the failure of its efforts to attract foreign direct investment (FDI), the Freedom from Debt Coalition said on Wednesday.

“Rather than relying on FDI inflows, which have not materialized despite the passage of investor-friendly legislation such as CREATE (the Corporate Recovery and Tax Incentives for Enterprises), government should focus on reviving and strengthening the domestic economy by providing support and incentives to key sectors such as agriculture and manufacturing,” the coalition said in a statement.

These industries, it added, have been neglected for decades due to “ill-advised policies such as the infamous Rice Tariffication Law which failed to deliver its promise of cheaper rice even as it resulted in bankruptcy of millions of farmers.”

The coalition also called for significant investment in human capital by ramping up spending on education, healthcare, housing, and nutrition.

“The current obsession with chasing after investors at the expense of people’s needs could backfire if we end up with lower human capital stock than before the pandemic, jeopardizing our long-term development prospects,” it said.

The national debt was P12.5 trillion at the end of May, putting the government under pressure to curtail spending, particularly on social services, and impose additional taxes, the coalition said. “Both moves risk further widening the inequality that was only exacerbated by the pandemic.”

Other issues that need to be addressed include inflation and the expansion of the current account deficit, it added. — Alyssa Nicole O. Tan