Rowing team pinning SEA Games hopes on Olympian Cris Nievarez

May 4, 2022 | 12:01 am

OLYMPIAN Cris Nievarez anchors the 16-member Philippine rowing team gunning for honors in the Southeast Asian (SEA) Games from May 9-14 in Vietnam.

Competing in Haiphong, the rowers will be led by Mr. Nievarez, who placed 23^rd overall in his event at the Tokyo Games. He is aiming to win back-to-back gold medals in the men’s lightweight singles sculls event while also vying in the doubles with CJ Jasmin and the quadruple sculls.

Joanie Delgaco, who ruled the women’s doubles in the 2019 edition with the now-retired Melcah Jen Caballero, is competing in the singles, which Ms. Caballero won last time in Subic.

“We won three golds and one bronze in Subic, but it will be tougher in Vietnam,” said Philippine Rowing Association (PRA) president Patrick Gregorio at Tuesday’s PSA Forum with coaches Shukhrat Ganiev and Ed Maerina.

Mr. Nievarez and company will compete in 13 of the 16 events on tap in Vietnam, where Indonesia, the top nation in 2019 with three gold medals and two bronzes, and the hosts (three silvers and one bronze three years ago) are tipped to be the biggest threats.

The Filipino rowers will also have to contend on borrowed boats as logistics problems prevented the PRA from shipping in its own boats to the northern port city, located 118 kilometers from Hanoi.

The Vietnamese, according to Gregorio, agreed to lend boats to the Philippine contingent. — Olmin Leyba

Korea’s fastest inflation since 2008 raises rate pressure

May 4, 2022 | 12:01 am

SOUTH KOREA’S inflation accelerated to the fastest pace since 2008 in April, prompting the central bank to issue a statement as pressure intensifies for it to raise interest rates further at this month’s policy meeting.

Consumer prices advanced 4.8% from a year earlier, quickening from 4.1% in March and exceeding economists’ estimate of 4.4%, data from the statistics office showed Tuesday. Transportation costs led the gains, reflecting surging energy prices that have been exacerbated by Russia’s invasion of Ukraine.

Inflation will remain in a 4% range for the foreseeable future, the Bank of Korea (BoK) said in a statement following the data, a level that’s double the central bank’s 2% target. It’s “important to stably manage inflation expectations” as pressures rise on items such as gasoline, foods and dining, essential to people’s livelihoods, it said.

Intensifying inflationary pressure is a key factor for the BoK to consider when it meets May 26 in what will be Governor Rhee Chang-yong’s first rate decision. The Federal Reserve is widely expected to raise rates by half a percentage point later this week as it seeks to rein in consumer prices that jumped in March.

“The number knocked my hat off,” An Young-jin, an economist at SK Securities, said of the April reading. “The higher-than-consensus figure leads me to believe another rate hike in the BoK meeting in May is inevitable. At this pace, we may even see an inflation number beginning with ‘5.’”

Mr. Rhee said last week that inflation remains a bigger concern than threats to the outlook for economic growth. Inflationary pressures that drive up wages to create a vicious circle of price rises is another potential risk facing monetary policy makers.

“Inflation is starting to weigh on the economy,” said Lim Dong-min, a Kyobo Securities researcher. “Policy makers will probably concentrate their firepower in battling inflation this quarter.”

The Finance Ministry said in a separate statement earlier that it was quickly implementing various measures such as fuel tax cuts to rein in inflationary pressures.

The BoK has already hiked rates four times since August, leading the global exit from record monetary stimulus that helped soften the hit from the pandemic, while inflating asset bubbles across the economy.

Potential hurdles in the push toward higher rates are Russia’s war on Ukraine that’s weighing on Europe’s economy and COVID lockdowns in China. South Korea’s exports slowed last month as shipments to China fell for the first time since October 2020. — Bloomberg

Filipinos urged to get recommended vaccines

May 4, 2022 | 12:01 am

Filipinos of all ages should get their routine and catch-up vaccines, as the current pandemic does not diminish the risk of other diseases.

This was the main message of partner stakeholders from government, the private sector and civil society who gathered for the Health Connect media forum held on April 25 as the country celebrated World Immunization Week 2022 with the theme “Long Life for All, Kaya sa Healthy Pilipinas.”

World Immunization Week celebrated on April 24–30 aims to highlight the collective action needed and to promote the use of vaccines to protect people of all ages and communities against vaccine-preventable diseases.

“We must prioritize the vaccination of infants, toddlers, youth, adults and those who missed their vaccines during this pandemic. They need to catch up with recommended vaccines in private clinics, health centers, schools, workplaces, or hospitals,” said Dr. Benito Atienza, president of the Philippine Medical Association.

The country’s childhood immunization coverage in 2019 was around 70%, which dropped to 48.5% in 2021 due to the pandemic, according to Dr. Beverly Ho, head of the Department of Health (DoH) Health Promotions Bureau and Disease Prevention and Control Bureau.

She explained that the only reason disease outbreaks have yet to occur in the country is because in between those periods, the DoH in partnership with the Philippine Pediatric Society (PPS), Philippine Foundation for Vaccination (PFV) and local government units (LGUs) implemented numerous supplemental immunization activities.

“We are pushing for a more active immunization campaign this year, particularly now that our health workers are fully vaccinated and boosted against COVID-19 thereby lowering their infection risk while conducting immunization activities,” Dr. Ho said.

Dr. Ho announced that the DoH will conduct a supplemental immunization activity in which the last Thursdays and Fridays of April, May and June will be dedicated to catch-up immunization of children who missed their recommended vaccines during the last two years of the pandemic.

She called on parents to bring their children to the nearest health centers so they can receive their free vaccines.

Dr. Restituta Magpantay, DoH Calabarzon Family Health Unit head and Regional Vaccination Operations Center chairperson, said that DoH Calabarzon is implementing “Chikiting Bakunation Days” in which the last Thursdays and Fridays of April, May, and August will be dedicated to routine and catch-up of children with incomplete vaccinations in 36 areas with the lowest immunization coverage. The initiative will be rolled out nationwide in the coming months.

PPS president Dr. Joselyn Eusebio stressed that immunization prevents and protects against vaccine-preventable diseases, as well as promotes general wellness of our children. “Ang bakuna ay panlaban, hindi kalaban. Kinabukasan para sa lahat, kinabukasan una sa lahat.”

Immunization is important not just for children, but also for adults and older adults, as it provides not only health benefits but socioeconomic benefits as well, according to Dr. Minette Rosario, chairperson of the Adult Immunization Committee, Philippine Society for Microbiology and Infectious Diseases (PSMID).

“When people are vaccinated, they become more productive. Absences from work due to illness are reduced. Children are less likely to miss school due to sickness, and their parents don’t have to take a leave from work to take care of their kids. High immunization coverage of the population also helps ease the burden on our healthcare system and health workers.”

Dr. Eduardo Poblete, president of the Philippine College of Geriatric Medicine, cited a study showing there is low awareness on influenza and pneumonia vaccines among older adults.

“We should adopt targeted strategies to increase vaccination of our senior citizens.”

He recommended fighting ageism or prejudice or discrimination on the grounds of a person’s age, one example of which is the misconception that getting sick is normal among the elderly; broadening further the Expanded Senior Citizens Act to include free vaccination for all senior citizens, not just select ones; providing support and incentives to encourage vaccination among older adults; offering transportation to and from vaccination sites; creating senior lanes in health centers; setting exclusive vaccination days for seniors; and conducting house-to-house vaccination for seniors.

To facilitate the active participation of nurses in immunization activities in the country Philippine Nurses Association National President Melvin Miranda recommended to strengthen interprofessional education and practice; consider nurse-led clinics as extension facilities to bolster existing immunization programs; and include nurses in LGU Health Boards to maximize immunization programs and reach Geographically Isolated and Disadvantaged Areas (GIDAs).

PFV Executive Director Dr. Lulu Bravo called on all stakeholders to work together in fighting misinformation and disinformation, especially about vaccines.

“The time to act is now to win this war for the sake of our people.”

Teodoro B. Padilla is the executive director of 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.

Weak trading seen as market waits for Fed hike

May 4, 2022 | 12:01 am

STOCKS may continue to drop as investors stay cautious ahead of the expected aggressive rate hike by the US Federal Reserve as well as the release of Philippine April inflation data.

On Monday, the benchmark Philippine Stock Exchange index (PSEi) dropped by 10.17 points or 0.15% to close at 6,721.08, while the broader all shares index went down by 8.31 points or 0.23% to 3,596.83.

Philippine financial markets were closed on Tuesday in observance of Eid’l Fitr.

Philstocks Financial, Inc. Senior Research Analyst Japhet Louis O. Tantiangco said the weak trading seen on Monday shows many investors are staying on the sidelines amid lingering uncertainties.

Mr. Tantiango said investors “traded cautiously ahead of the Philippines’ April inflation data release where a faster print is expected, and the Federal Reserve’s policy meeting where aggressive monetary measures are expected to be taken.”

Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in an e-mail that the market is waiting for the Fed’s policy meeting on May 3-4, where the central bank is expected to hike key rates by 50 basis points (bp), bigger than the 25-bp increase it fired off in March.

“Possible local policy rate hike signaled as early as June recently also partly weighed on sentiment on the local stock market,” Mr. Ricafort added.

Investors expect the Fed to hike rates by 50 bps when it meets on May 3-4 and the uncertainty is around how hawkish Fed Chair Jerome Powell will sound in comments following the decision, Reuters reported.

Markets are pricing in an aggressive run of rate hikes from the Fed as it tries to tame soaring inflation amid the ongoing Russia-Ukraine crisis, continuing lockdowns in China, and soaring global commodity prices.

At home, Bangko Sentral ng Pilipinas Governor Benjamin E. Diokno said in an interview with Bloomberg TV last week that the central bank may consider hiking key interest rates at its June 23 meeting.

This marks a departure from Mr. Diokno’s previous statements that the central bank would only consider normalizing its stance in the second half or when the Philippine economy’s recovery firms up.

Meanwhile, a BusinessWorld poll of 17 analysts yielded a median estimate of 4.6% for April inflation, matching the midpoint of the central bank’s 4.2% to 5% forecast and going beyond its 2-4% target.

April inflation data will be released on May 5.

Mr. Ricafort added that the market will continue to monitor the war in Ukraine and its impact on commodity prices, as this could affect monetary policy.

“Russia’s continued invasion and war on Ukraine could lead to tighter monetary policy and higher US government bond yields and interest rate benchmarks that could also increase the borrowing and financing costs for some listed companies,” he added. — L.M.J.C. Jocson with Reuters

Toyota recalls some hybrid RAV4, Lexus NX for stability control issue

May 4, 2022 | 12:01 am

TOYOTA Motor Philippines Corp. (TMP) has issued a recall or special service campaign on 132 officially sold Lexus NX and RAV4 hybrid electric vehicle (HEV) units due to an issue with their stability control system.

TMP said in an advisory released via the website of the Department of Trade and Industry (DTI) on May 2 that the special service campaign covers 40 Lexus NX HEV units from the production period of Nov. 17, 2021 to March 31, 2022 and 92 RAV4 HEV units from the production period of Dec. 1, 2021 to April 1, 2022.

“We will perform reprogramming on [the] Brake Actuator ECU. The remedy will be performed at no cost to our customers,” said Bernardino C. Arevalo, TMP first vice-president for customer service operations of the marketing division, in the advisory dated April 20.

According to the car manufacturer, the covered vehicles are equipped with a vehicle stability control (VSC) system that is operated by a skid control ECU with a specific software logic.

However, due to an incorrect programming of the skid control ECU software, the VSC will not return to the default “on” setting at any subsequent ignition cycle after a particular set of inputs from the driver.

TMP said the issue can happen if the driver manually turns off the VSC and the ignition is turned off and then turned back on while the brake pedal is still depressed.

The car manufacturer said the issue could increase the risk of a crash in certain driving conditions.

“If VSC does not return to the default ‘on’ setting because the precise operating inputs were carried out and the driver also does not recognize the warning light to manually reactivate the VSC system, then operating the vehicle with an inoperative VSC system could increase the risk of a crash in certain driving conditions,” the advisory said. — Revin Mikhael D. Ochave

Arts & Culture (05/04/22)

May 4, 2022 | 12:01 am

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Philippine Heritage Awards 2022 call for applications

THE NATIONAL Commission for Culture and the Arts (NCCA) is now accepting applications for the Philippine Heritage Awards. The presented projects must have been completed within the last two years prior to the closing date of the applications, with exceptions of projects such as school curriculums and tours which are continuously implemented under the Heritage Education and Interpretation category. The project must be within Philippine territory. Applications may be submitted in any of the following categories: adaptive reuse, conservation – built heritage, conservation – movable cultural properties, safeguarding of intangible cultural heritage, heritage education and interpretation, and heritage programs support. Submission period is from June to Aug. 31. For more information, visit https://ncca.gov.ph/philippine-heritage-awards/. For questions and concerns, e-mail: phasecretariat.ncca@gmail.com.

Mexican embassy holds Cinco de Mayo Film Fest

IN PARTNERSHIP with the Film Development Council of the Philippines (FDCP), the Embassy of Mexico presents the Cinco de Mayo Film Festival which will run from May 5 to 8 at the FDCP Cinematheque Centers all over the country. Five thought-provoking and award-winning movies from Mexico will be screened at the FDCP Cinematheque Centre Manila, Cinematheque Centre Iloilo, Cinematheque Centre Davao, Cinematheque Centre Negros, and Cinematheque Centre Nabunturan. The films are: Maquinaria Panamericana by Joaquin del Paso; Leona by Isaac Cherem; Novea que te vea by Guita Schyfter; Cria Puercos by Ehecatl Garcia; and Mas Amanceres by Jorge Levya. All films will be in Spanish with English subtitles. Entrance is free of charge on a first-come, first-served basis. For more information, visit the Embassy of Mexico’s official Facebook page at www.facebook.com/embamex.filipinas/.

Nat’l Museum holds online series on underwater heritage

IN CELEBRATION of National Heritage Month, the National Museum of the Philippines presents the series Maritime and Underwater Cultural Heritage, with online episodes to be posted every Monday of May on the museum’s Facebook page (www.facebook.com/nationalmuseumofthephilippines) and YouTube channel. The episode topics are underwater archaeology, collections handling and management, exhibition, and other activities conducted by the National Museum for the preservation and protection of underwater cultural heritage. The first episode premieres on May 9.

Fernando Amorsolo’s works in Lego

THE PINOY Lego User Group (PinoyLUG), in partnership with the Cultural Center of the Philippines (CCP) and Fernando C. Amorsolo Art Foundation, Inc., presents Project AMORsolo, a unique and original concept of PinoyLUG transposing three works of Fernando Amorsolo into Lego bricks mosaic art. The exhibit is part of the CCP’s commemoration of the 50^th anniversary of Amorsolo’s proclamation as the first National Artist of the Philippines in Visual Arts. Project AMORsolo will run at the CCP’s Bulwagang Carlos V. Francisco (Little Theater Lobby) until May 29. It will then move to a more public setting after its initial display at the CCP.

Virgin Labfest 17 kicks off in June

THE CULTURAL Center of the Philippines (CCP), The Writer’s Bloc, and Tanghalang Pilipino present The Virgin Labfest 17: Hinga! from June 16 to 26. Twelve untried, untested, and unstaged works made by Filipino writers will be performed live onsite at the CCP’s Tanghalang Huseng Batute. Early bird rates (P375) on ticket purchases are available only until May 8 at http://ticketworld.com.ph/. For updates, visit the Virgin Labfest Facebook page at www.facebook.com/thevirginlabfest.

MO_Space presents group show

MO_Space presents “An Aging Double,” a group show featuring the works of Jan Balquin, Lesley-Anne Cao, Jed Gregorio, Lou Lim, Veronica Peralejo, Jel Suarez, and Miguel Lorenzo Uy, organized by Gary-Ross Pastrana. The exhibit opens for public viewing on May 7 and will run until June 5. The gallery is open daily from 10 a.m. to 7 p.m. For inquiries, call 8856-7915, 0917-572-7970,.

Book on Negros out

THE BOOK Song of Negros: Myths and Culture in the Philippines, was launched on April 24 at the Ayala Museum. The book contains 15 illustrated myths, legends, and folktales from the island of Negros and explains the significance of these tales to the culture of the provinces in particular, and of the Philippines in general. Dr. Victoria Hoffarth, the book’s author, said during the launch: “The fantastical tales of our culture’s mythology can shape our world in ways that we don’t even realize.” In the book Dr. Hoffarth shows how myths are intimately related to history and religion — from Christianity to Islam, from ancient Greece to Hollywood, from pre-Enlightenment Spain to modern, secular Europe. The book is now available at Fully Booked, the Ayala Museum, the Negros Museum, and their websites for online purchases. After June 28, it will be available at Amazon.com in paperback, e-book, and audio-book.

Philippines inches up to 52^nd in public integrity index

May 4, 2022 | 12:00 am

The Philippines went up by a notch to 52^nd out of 114 countries in the 2021 edition of the Index of Public Integrity (IPI) by the European Center for Anti-Corruption and State-Building. The report assessed a society’s capacity to control corruption and ensure that public resources were spent without corrupt practices using the index’s six components. The Philippines was the seventh highest in the region with an overall score of 6.52 (out of possible 10).

General Wholesale Price Index in the Philippines

May 4, 2022 | 12:00 am

NATIONWIDE BULK PRICES of general goods rose to their highest level in more than a decade in February due to higher fuel costs caused by the Russia-Ukraine war, latest preliminary data from the Philippine Statistics Authority (PSA) showed. Read the full story.

BOT IRR seen forcing private partners to take on more risk

May 3, 2022 | 7:47 pm

THE revised implementing rules and regulations (IRR) of the Build-Operate-Transfer (BOT) Law will compel private proponents to shoulder more risk, possibly giving them pause before entering into future private-public partnerships, an economist said.

“The revised IRR places a lot more risk on the private sector by absolving the government of any project delays and increased costs,” Ateneo de Manila University Economics Professor Leonardo A. Lanzona said in a Viber message.

“An efficient contract should be one that distributes the risks between the principal (government) and the agent (private contractor).”

Mr. Lanzona said that “instead of foisting the risks and unforeseen costs on the private sector, both parties should be made accountable for adverse changes that (they) directly caused,” adding that arbitration should be available as a dispute mechanism, to ensure that the private sector “behave(s) in a way consistent with government demands.”

The government cannot be taken to court for arbitration, according to Section 12.22 of the BOT Revised IRR, or the Resolution of Disputes between the Contracting Parties. The IRR states that “Acts and decisions of Regulators shall not be subject to arbitration,” and that “in default thereof, the venue shall be in the Philippines.”

The revised IRR also includes a material adverse government action (MAGA) clause. It defines MAGA as “any act of the executive branch, which the Project Proponent had no knowledge of, or could not reasonably be expected to have had knowledge of, prior to the effectivity of the contract; and that occurs after the effectivity of the contract, that: specifically discriminates against the project proponent; and has a material adverse effect on the ability of the project proponent to comply with any of its obligations under the contract.”

“What should be clear is that in these cases, no single party has some sort of veto power so that parties can negotiate for the right conditions and incentives. This will guarantee a more socially efficient outcome.”

In November 2019, Manila Water won an arbitration case against the Philippine government at the Permanent Court of Arbitration, in which it was awarded P7.39 million, based on actual losses it incurred between June 1, 2015 and Nov. 22, 2019. The losses were incurred after the government declined to approve water rate hikes in 2015.

The International Chamber of Commerce also ruled in favor of the Philippine government against the Philippine International Air Terminals Co. (PIATCO) in 2010, following a long-running dispute regarding the concession agreement for operating the Ninoy Aquino International Airport. PIATCO’s German investor Fraport AG similarly sued the government and lost. — Tobias Jared Tomas

DA goes for broke with P2.5T, 10-year agri modernization plan

May 3, 2022 | 7:47 pm

THE Department of Agriculture (DA) said its modernization plan for the industry will run for 10 years and cost P2.5 trillion, warning that the Philippines needs to act effectively to stave off an imminent food crisis.

“There is a growing food crisis, not only in our country, but also in developing countries,” DA Secretary William D. Dar said in a briefing on Tuesday.

The National Agriculture and Fisheries Modernization and Industrialization Plan hopes to enhance food security by improving the resilience of agri-fishery communities and the quality of life of farmers and fisherfolk.

“The DA is looking at every possibility to increase the budget of the department,” Mr. Dar said.

The 10-year funding proposal implies annual funding of P250 billion, which is significantly above recent budget levels. In 2021, the Department was allocated less than P69 billion. The approved budget this year is P85.5 billion.

“The Ukraine war came, and even after two months, it’s not yet resolved. So many are affected by the disruption of the food supply chain, increasing petroleum prices and input prices. Everything is going up,” Mr. Dar added.

Mr. Dar has floated a proposal to increase the DA’s budget to P250 billion for 2023, though the department’s aggressive submissions are typically trimmed down by economic managers.

Mr. Dar said that the department was able to raise P4 billion for its fertilizer subsidy program, but called this level of funding insufficient.

“We are requesting the National Government to please increase this budget for fertilizer subsidy. I previously asked for P8 billion. We need this for wet season planting to help our farmers,” he said.

“The overarching goal of the department is to ensure food security for the country. We try our best to produce as much food as we can,” he added. — Luisa Maria Jacinta C. Jocson

New Clark passenger terminal seen driving growth in visitor arrivals

May 3, 2022 | 7:46 pm

THE recent opening of the Clark International Airport passenger terminal building is expected to drive visitor growth after the facility attracted more direct services from leading tourist source South Korea, according to the Department of Tourism (DoT).

The DoT said in a statement that two of South Korea’s largest low-cost airlines were added to the list of airlines operating direct flights from Clark Airport.

“Jeju Air will launch its Incheon-Clark-Incheon route every Thursday and Sunday, while Jin Air will offer the same route beginning May 16, every Monday, Tuesday, Wednesday, Friday, and Saturday,” the DoT said.

“Other foreign flights that will be utilizing the new passenger terminal include destinations to and from Singapore via Jetstar and Scoot; Doha via Qatar Airways; Air Asia; and Dubai via Emirates. Local air carriers Cebu Pacific and Philippine Airlines will also have flights operating at the new passenger terminal,” it added.

Tourism Secretary Bernadette Romulo-Puyat said the opening of the new passenger terminal will boost the travel industry’s recovery.

“Clark is one of the destinations included in the recently concluded World Travel and Tourism Council (WTTC) Global Summit. More than just a freeport zone, clearly, this place is an emerging tourism hub that has great potential to bring huge gains for the tourism industry,” Ms. Puyat said.

The new 110,000-square meter Clark International Airport passenger terminal building started operations on Monday, and will serve both domestic and international flights. The terminal is a hybrid public-private partnership project under the government’s Build, Build, Build program.

Meanwhile, the DoT said in a separate statement that it introduced the Colors of Mindanao campaign on May 2, which seeks to promote destinations in the south.

“It is high time that travelers and tourists think of Mindanao as a top destination in the Philippines. The island region is blessed with a multitude of beautiful destinations, historical sites, and cultural wonders. The Colors of Mindanao campaign aims to attract different types of travelers to the region, from divers, eco-adventurers, and beach bums — to history buffs, foodies, and the faithful,” Ms. Puyat said.

“This campaign also highlights Halal and Muslim friendly tourism, one of the fastest growing tourism sectors in the world. As one of the major new products of the DoT, halal tourism will bring special attention to the attractions and cuisine in Mindanao and help boost the tourism economy in the area,” she added. — Revin Mikhael D. Ochave

PMI reading pointing to manufacturing revival, DTI says

May 3, 2022 | 7:43 pm

THE Purchasing Managers’ Index (PMI) is signaling a strong revival in manufacturing activity, after the April indicator rose to its highest level in over four years, the Department of Trade and Industry (DTI) said.

S&P Global Philippines said on May 2 that the Philippine Manufacturing PMI improved to 54.3 in April from 53.2 in March. The April reading was the highest since November 2017, when the PMI came in at 54.8.

“We expect both mobility and manufacturing PMI to stay above 90% and 50, respectively, in May as restrictions are lessened and vaccination drive intensified, as well as the ongoing election-related economic activities,” Trade Secretary Ramon M. Lopez said in a statement on Tuesday.

“We are hopeful that these gains will not be outweighed by the downside from Russia-Ukraine conflict,” he added.

PMIs are presented on a scale of 50. Readings above 50 suggest future expansion, while those below 50 indicate subdued activity. Purchasing managers in manufacturing companies are responsible for ordering raw materials, with their order volumes considered to be an indication of the level of manufacturing activity their companies expect to carry out in the following months.

Mr. Lopez said the April PMI reflects the reopening of the economy.

“We continue to be optimistic with the country now progressing towards economic recovery as proven by the expansion in our manufacturing sector,” Mr. Lopez said.

“The continuous growth of our manufacturing sector was propelled by the more economic sectors reopening, as well as the de-escalation of more areas in the country to (quarantine) Alert Levels 1 and 2 that led to eased mobility, which reached its highest in Association of Southeast Asian Nations (ASEAN) at 96% compared to pre-pandemic levels,” he added.

The DTI also cited the Philippines’ improving employment situation, business confidence, and mobility as driving PMI.

“The country’s employment rate also stabilized after a 25-month period of drop due to the coronavirus disease 2019 (COVID-19) pandemic. Furthermore, business confidence outlook was at four-month high while the country’s transport mobility jumped to 96% of pre-pandemic levels in April 2022, the highest in ASEAN,” the DTI said. — Revin Mikhael D. Ochave