Rice inventory 6.1% higher at start of July

September 9, 2021 | 9:48 pm

NFA-rice-warehouse-import-040819 — PHILIPPINE STAR/ MICHAEL VARCAS

THE rice inventory rose 6.1% year on year to 2.23 million metric tons (MT) on July 1, according to the Philippine Statistics Authority (PSA).

PSA said in its rice and corn stocks report that the July rice inventory fell 11.8% from a month earlier.

Rice held by households at the start of July fell 8.2% year on year to 985,550 MT while stocks held by commercial warehouses rose 28.9% to 1.04 million MT.

The National Food Authority’s (NFA) rice holdings fell 7.5% year on year to 205,820 MT.

Compared to a month earlier, the PSA said rice stocks held by households and commercial warehouses fell 13% and 11.2%, respectively. NFA holdings fell 8.6%.

“Of this month’s total rice stocks, 44.1% were in the households, 46.7% were in the commercial warehouses/wholesalers/retailers, and 9.2% were in the NFA depositories,” the PSA said.

The PSA estimated the corn inventory as of July 1 at 924,250 MT, up 24.6% year on year and down 3.9% from a month earlier.

Corn held by households as of July 1 rose 28% year on year to 98,500 MT while commercial inventory rose 24.2% to 825,750 MT.

Month on month, the PSA said household corn fell 29.2%, while commercial corn rose 0.3%.

The NFA held no corn during the period.

“The total corn stocks for the month comprised 10.7% from households and 89.3% from commercial warehouses/wholesalers/retailers,” the PSA said. — Revin Mikhael D. Ochave

DoLE proposes 21% increase in 2022 budget

September 9, 2021 | 9:48 pm

THE Department of Labor and Employment (DoLE) has proposed a P44.3-billion budget for 2022, which, if realized, would be up 21.2% from its funding level this year.

In a budget hearing at the House of Representatives Thursday, Labor Secretary Silvestre H. Bello III said the funding request was swelled by the expected expense of hosting the Association of Southeast Asian Nations (ASEAN) Senior Labor Officials’ Working Group Meeting in May and the ASEAN Labor Ministers Meeting in October and November 2022.

Mr. Bello said the DoLE’s 2022 priorities will be to facilitate employment, protect workers’ rights, and provide social protections for vulnerable workers.

Meanwhile, the Trade Union Congress of the Philippines (TUCP) said it is alarmed that the DoLE’s proposed budget does not include funding for the 3.76 million unemployed workers from the formal sector.

“The DoLE is turning a blind eye to the situation of unemployed formal sector workers and this is absolutely irresponsible. There is no excuse for not providing CAMP (COVID-19 Adjustment Measures Program) for these workers,” TUCP Party-list Rep. Raymond D. Mendoza said in a statement Thursday.

DoLE’s budget proposal only includes provisions for its cash-for-work program, known as Tulong Panghanapbuhay sa Ating Disadvantaged/Displaced Workers (TUPAD), and its Government Internship Program, he said.

Such programs only cover informal sector workers, indigent families, and families that meet poverty criteria of the Department of Social Welfare and Development. — Bianca Angelica D. Añago

Duterte daughter says she won’t run for top post

September 9, 2021 | 9:23 pm

By Kyle Aristophere T. Atienza, Reporter

DAVAO CITY Mayor Sara Duterte-Carpio on Thursday said she would no longer seek the presidency in 2022 after her father President Rodrigo R. Duterte accepted the ruling party’s nomination for him to run for vice-president.

In a text message, Ms. Carpio said she was honoring an earlier agreement that only one of them would run for a national position next year.

Mr. Duterte, who is barred by law from running for reelection, on Wednesday accepted the endorsement of a PDP-Laban faction to be its vice-presidential candidate at the elections next year. Senator Christopher Lawrence “Bong” T. Go, his former aide, declined the party’s endorsement for him to be its presidential bet.

The presidential daughter said the latest move by the PDP-Laban faction led by Energy Secretary Alfonso G. Cusi was the original plan. “Plan B was for Senator Bong Go to run for VP,” she said, citing a conversation with her father.

Mr. Duterte, who had flip-flopped in his 2016 presidential run, earlier said he would reconsider his vice-presidential ambition if his daughter decides to run for President.

Ms. Carpio heads Davao-based political party Hugpong ng Pagbabago, which has entered into alliances with various traditional parties less than a year before the 2022 elections.

“We are seeing here an attempt to create a grassroots demand for her candidacy,” said Cleve V. Arguelles, a political science lecturer at De La Salle University. “We should take this announcement with a grain of salt,” he said in a Facebook Messenger chat. “She’s polling well, strong potential candidates are offering to be her VP, and different political factions are talking to her.”

On Sept. 2, Ms. Carpio said Senators Christopher Lawrence “Bong” T. Go and Sherwin T. Gatchalian had expressed their intent to run with her.

She also said a proposal to make former Defense Secretary Gilberto Eduardo Gerardo C. Teodoro her running mate “was made known through common friends.”

Certain groups also want House Majority leader Martin G. Romualdez and Senator Juan Edgardo M. Angara to be her vice-president, she said.

Ms. Carpio added that she had read reports of a possible tandem between her and the late dictator’s son, former Senator Ferdinand “Bongbong” R. Marcos, Jr.

“If there’s anything Sara learned from 2016 is that she can always decide to run after all what’s been said,” Mr. Arguelles said. “Joining the race late isn’t a disadvantage.”

The filing of certificates of candidacy will start in October.

Earlier this month, Mr. Duterte said he would run for vice-president so he could continue his campaign against insurgency, corruption and illegal drugs. The tough-talking leader had also said a successful vice-presidential run would protect him from potential lawsuits.

Former International Criminal Court (ICC) Chief Prosecutor Fatou Bensouda on June 14 asked the court’s pre-trial chamber to open a probe into Mr. Duterte’s bloody war on drugs. The court has said the Philippines’ withdrawal from the ICC would not affect its investigation.

Mr. Marcos on Wednesday said he is eyeing a national post in the 2022 elections.

The son of the late dictator Ferdinand E. Marcos who recently lost his vice-presidential election protest at the Supreme Court said he had started organizing people on the ground who could help him win.

The former senator narrowly lost the 2016 vice-presidential race to Maria Leonor “Leni” G. Robredo, whom the High Court sitting as the Presidential Electoral Tribunal favored in Mr. Marcos’s election protest.

Mr. Marcos said he could no longer run with Senator Panfilo M. Lacson and Senate President Vicente C. Sotto III since both have officially declared their tandem for the 2022 elections. He added that his campaign would focus on pandemic recovery and food security.

Mr. Lacson on Wednesday became the first politician to announce his presidential ambition, with Mr. Sotto as his running mate.

Senator Emmanuel “Manny” D. Pacquiao is also believed to be seeking the presidency, as well as Manila Mayor Francisco “Isko” M. Domagoso III, a former matinee idol. A faction of the ruling party led by the boxing champion earlier ousted Mr. Duterte as party chairman.

FDA says only 0.0017% of fully vaccinated Pinoys infected with COVID-19

September 9, 2021 | 9:23 pm

vaccination — PHILIPPINE STAR/ MICHAEL VARCAS

THE FOOD and Drug Administration (FDA) on Thursday said only 243 out of 13.8 million fully vaccinated Filipinos had been infected with the coronavirus as of Aug. 29.

That is 0.0017%, which is very low and within global standards, FDA chief Rolando Enrique D. Domingo told a televised news briefing. He added that it showed that the benefits of getting vaccinated against the coronavirus far outweigh the risks.

At least five fully vaccinated people have died, he said. The patients were either old or were seriously ill.

Mr. Domingo said 60,703 people had experienced adverse effects after getting a shot, 2,083 of whom had experienced serious effects.

The FDA chief said one of 200 Filipinos who got the vaccine made by AstraZeneca Plc had experienced adverse effects, including body pains, pain on the injection site, fever and a heavy feeling.

The Department of Health (DoH) reported record 22,820 coronavirus infections on Thursday night, bringing the total to 2.16 million.

The death toll rose to 34,733 after more patients died, while recoveries increased by 12,337 to 1.96 mollion, it said in a bulletin.

There were 166,672 active cases, 87% of which were mild, 8.3% did not show symptoms, 1.4% were severe, 2.65% were moderate and 0.7% were critical.

DoH said 108 duplicates had been removed from the tally, 96 of which were tagged as recoveries, while 29 recoveries were reclassified as deaths. Five laboratories failed to submit data on Sept. 7.

Meanwhile, Mr. Domingo said children would get vaccinated against the coronavirus once the country gets enough vaccines.

Earlier in the day, the Quezon City government said 99 children in an orphanage had been infected with the coronavirus.

The outbreak in Gentle Hands Orphanage in Bagumbayan village followed a visit by a positive adult who did not show symptoms, according to state media.

The World Health Organization has been urging advanced countries to suspend a plan to give out booster shots until at least the end of the year to ensure supplies for poor countries.

Health Secretary Francisco T. Duque III earlier told a House committee hearing the Budget department had cut the agency’s proposed P104-billion budget for booster shots next year to P45 billion.

Meanwhile, Socioeconomic Planning Secretary Karl Kendrick T. Chua told a Senate hearing a plan to let fully vaccinated people move more freely during a lockdown might be enforced in Metro Manila.

“Perhaps we can have it across the board, across the National Capital Region, in a gradual process,” he said.

The government seeks to fully vaccinate 70% of the target population against the coronavirus in high-risk areas by the end of October, according to the country’s vaccine czar.

These places include the National Capital Region, Metro Cebu, Metro Davao, Iloilo City, Cagayan de Oro City, Central Luzon and the Calabarzon region, vaccine czar Carlito G. Galvez, Jr. told lawmakers at a House of Representatives hearing on Thursday.

“This is a very bold target,” he said, adding that its success would depend on the availability of vaccines.

Mr. Galvez on Wednesday said the state would raise its herd immunity target to as much as 90% of the population to protect people from a more contagious Delta coronavirus variant.

Citizens are indirectly protected from an infectious disease when more people become immune, either through vaccination or a previous infection. It makes the spread of the disease from person to person unlikely.

Mr. Galvez also said during the House hearing the government had taken delivery of 52.79 million vaccine doses, 17.12 million doses of which were donated and 35.67 million were bought.

He said 61.5 million more doses, including 28 million from Pfizer, Inc. and 22 million from Sinovac Biotech Ltd. would arrive as early as this month.

Of the 25 million vaccines to be given out this month, 3.81 million doses would be allotted to Calabarzon while 3.06 million doses will be sent to Central Luzon.

Meanwhile, at least a million doses will mostly be given to various regions in the Visayas and Mindanao. Mr. Galvez said 15.84 million Filipinos have been fully vaccinated.

Also on Thursday, Finance Secretary Carlos G. Dominguez said delays in vaccine deliveries are beyond their control.

He told a Senate hearing the Finance department had paid for 195.67 million vaccine doses to cover 100 million Filipinos, including children aged 12 to 17.

The Finance chief said the vaccination drive would depend on the arrival of the vaccines. “We have to trust that they step up to the plate,” he said of vaccine suppliers.

“We are at the mercy of the suppliers of the vaccines,” Senator Maria Lourdes Nancy S. Binay-Angeles told a hearing attended by economic managers. — Kyle Aristophere T. Atienza, Russell Louis C. Ku and Alyssa Nicole O. Tan

ERRATUM: An early version of this story incorrectly put the ratio in the title and lead.

7 more reported missing in typhoon Jolina’s aftermath; Kiko intensifies as it nears land

September 9, 2021 | 9:17 pm

ANOTHER SEVEN people were reported missing, bringing the total to 19, and more than 79,000 were affected in the aftermath of tropical storm Jolina (international name: Conson), according to the national disaster management agency.

In its Sept. 9 report, the National Disaster Risk Reduction and Management Council (NDRRMC) said 12 fishermen from Samar and three from Biliran have been confirmed to have gone out to sea despite warnings from authorities. Four other persons from Masbate reported missing are still being verified.

NDRMMC said 79,062 people were affected by the 10^th typhoon to hit the country this year, including about 7,867 who were displaced from their homes across the regions of Central Luzon, Mimaropa, Calabarzon, Western Visayas, and Eastern Visayas.

More than 120 road sections were rendered impassable due to landslides or damage, but most of these were already reopened as of Thursday morning.

The Philippine Coast Guard also announced Thursday that shipping and fishing operations in all seaports have resumed.

Damage to agriculture has reached P299.40 million compared to the previous estimate of P179.57 million, affecting 62,052 farmers, according to the Department of Agriculture (DA).

The DA’s Disaster Risk Reduction and Management Operations Center said in a bulletin on Thursday afternoon that Jolina affected 57,649 hectares of farm areas in the regions of Calabarzon, Bicol, Western Visayas and Eastern Visayas.

Affected commodities include rice, corn, high value crops, livestock, and fisheries totaling 16,155 metric tons.

“These values are still subject to validation,” the DA said in the bulletin.

Damage to fisheries amounted to P662,000 while livestock and poultry losses, consisting of 171 combined heads of goat and duck, reached P58,000.

“The DA, through its regional field offices, is conducting further assessment and validation of damage and losses brought by Typhoon Jolina in the agri-fisheries sector,” the bulletin said.

As of 5 p.m. Thursday, weather agency PAGASA said Jolina was already 410 kilometers (kms) west of Dagupan City and was expected to be out of the Philippine area by Friday morning. — Marifi S. Jara and Revin Mikhael D. Ochave

UPLB, SEARCA to establish halal S&T and health knowledge hub

September 9, 2021 | 9:17 pm

THE UNIVERSITY of the Philippines Los Baños (UPLB) has partnered with the Southeast Asian Regional Center for Graduate Study and Research in Agriculture (SEARCA) to establish a halal and health knowledge hub for the region.

The envisioned Halal Science and Technology (S&T) and One Health Knowledge Center will be hosted by the UPLB-School of Environmental Science and Management (SESAM).

SEARCA said in a statement that the first phase of the project is to conceptualize the “Halal Industry and One Health ecosystem” as a developing innovation for growth and development.

“The Halal Science and Technology and One Health Knowledge Center is envisaged to be a virtual one-stop, open-access regional hub for country-to-country and cross-country government-academe-industry exchanges of knowledge and resources related to the growing Halal and One Health global ecosystems,” SEARCA said.

According to project leader Yusuf A. Sucol, halal is a “growing and promising global market valued at $2.5 trillion in 2020, largely in the food industry.”

Rico C. Ancog, UPLB-SESAM dean, said the initiative seeks to combine halal requirements with health concepts to develop a more sustainable way of managing livestock and ecosystems.

SEARCA Director Glenn B. Gregorio said regional competition in Southeast Asia has “stimulated the local and global markets for halal products.” — Revin Mikhael D. Ochave

Comelec fails to attract vote counting machine suppliers for 2022 polls

September 9, 2021 | 9:17 pm

NO COMPANY participated in the bidding for the lease of 10,000 additional units of vote counting machines for the 2022 elections, including previous supplier Smartmatic, citing an insufficient budget set by the Commission on Elections (Comelec).

The Comelec bids committee declared a “failure of bidding” during Thursday’s hearing.

The committee secretariat said only Smartmatic, which has been the Philippines’ technology provider for automated elections since 2010, bought bid documents in August but did not submit an offer for the machines with SD cards, which had an approved budget of P60,050.35 each, totaling P600.5 million.

In a letter to the committee, Smartmatic’s representative Filipinas S. Ordoño said after thoroughly studying the procurement documents, the firm has “determined that the budget is not sufficient to cover all of Comelec’s conditions stated in the TOR (terms of reference).”

Ms. Ordoño further said the coronavirus pandemic has “disrupted the global supply chain servicing the electoral sector resulting in huge backlogs in the manufacturing process.” The disruption has led to a shortage in electronic components, which has increased costs by up to 25%. There has also been a “sharp rise” in the costs of logistics by 200%, she added.

The committee will conduct a mandatory review of the budget as required under Comelec rules.

Comelec currently owns 97,345 vote counting machines but aims to rent 10,000 more units so it can reduce the number of voters per precinct to practice social distancing and other health protocols. — Bianca Angelica D. Añago

Top-heavy Ombudsman’s office reorganizing, eyes more investigators

September 9, 2021 | 9:17 pm

THE OFFICE of the Ombudsman is adjusting its organizational structure after the findings of the Commission on Audit in 2019 that 64% of the office’s employees are occupying high level positions.

Ombudsman Samuel R. Martires, speaking before the House Committee on Appropriations Thursday for their proposed 2022 budget, said they are also working on having more investigators and lawyers to expedite cases.

“We are also trying to augment the number of investigators and lawyers who will be assigned to the fact-finding investigation bureau and the preliminary investigation bureau because these are the two bureaus where (a bulk) of our cases are pending,” he said.

Mr. Martires said their original proposed allocation for next year was slashed by over P700 million.

The executive department proposed a P3.97-billion spending plan for the Office of the Ombudsman for next year, 14.4% lower than this year’s P4.56 billion. The office originally proposed a P4.731-billion 2022 budget to the Department of Budget and Management (DBM).

Several lawmakers, including Cagayan de Oro Rep. Rufus B. Rodriguez, recommended to restore the slashed budget, noting that the office’s reduced allocation would violate Republic Act 6770 or the Ombudsman Act of 1989.

According to Section 38 of the law, the appropriations for Office of the Ombudsman cannot be reduced below the amount allotted in the previous year.

Mr. Martires said he was willing to accept the reduced budget if “there is a need to augment the budget of other agencies who are fighting (the) pandemic,” noting that their investigations were significantly affected by the coronavirus crisis.

SALN
During the House hearing, Mr. Martires also suggested an amendment to Republic Act 6713 or the Code of Conduct and Ethical Standards for Public Officials and Employees, which would provide a jail sentence of five years to anyone who makes a comment on a government official’s statements of net worth.

Bayan Muna Party-list Rep. Carlos Isagani T. Zarate questioned the proposed amendment saying it would hamper the public from demanding accountability from government officials.

“Isn’t it dangerous to penalize our countrymen if they raise questions, because freedom of expression is guaranteed by the Constitution,” he said in Filipino.

Mr. Martires also said he would “not yield to any public opinion” on Ombudsman Memorandum Circular No. 1 which restricts public access on Statements of Assets, Liabilities and Net Worth (SALN) of government officials.

The circular, which he signed, would grant the release of SALNs only if the requester is an authorized representative of the declarant or if the request is either upon a lawful order of the court or for the purpose of a fact-finding investigation by the Ombudsman.

DOJ-COA-OMBUDSMAN DEAL
Meanwhile, the Ombudsman has signed an agreement with the Department of Justice (DoJ) and the Commission on Audit (CoA) for the deployment of prosecutors and auditors as resident ombudsmen in corruption-prone agencies.

The Justice department has yet to release a copy of the signed agreement after “finalizing some formalities,” said DoJ Assistant Secretary Neal Vincent M. Bainto in a Viber message to reporters.

With the recent controversial audit reports of the CoA on the use of various government agencies of pandemic funds, Justice Secretary Menardo I. Guevarra said in a private mobile message to BusinessWorld on Aug. 29 that “the CoA annual audit reports will indeed provide a good starting point” for the resident ombudsmen.

However, during the House of Representative’s budget hearing for the DoJ on Thursday, Mr. Guevarra said the department is monitoring the congressional probes into the questioned funds before launching its own investigations.

“If we find the need for our department to act on the matter, then it is not the DoJ but the NBI (National Bureau of Investigation) that may conduct an investigation,” Mr. Guevarra said in Filipino.

The DoJ has proposed a P24.8-billion budget for 2022. Of this amount, P7.5 billion will be allotted to the department’s Office of the Secretary, P7.5 billion for legal services, P6.3 billion for its corrections services, and P3.6 billion for law enforcement services. — Russell Louis C. Ku and Bianca Angelica D. Añago

Former CamSur governor Villafuerte, 86

September 9, 2021 | 9:16 pm

Villafuerte-LuisSr-LRAYVILLAFUERTE-FB-PAGE — LRAY VILLAFUERTE FB PAGE

LUIS R. Villafuerte, Sr., former Camariñes Sur governor and congressman, passed away on Wednesday at age 86.

His son, Camariñes Sur Rep. Luis Raymund “Lray” F. Villafuerte, Jr., announced in a statement released late Wednesday that his father died 12:35 am at St. Luke’s Medical Center in Taguig City. No cause of death was mentioned.

The elder Mr. Villafuerte served for over four decades as a public servant starting as an assemblyman from 1978 to 1986 and served as Minister of Trade under the late dictator Ferdinand E. Marcos from 1979 to 1981.

He also served as Secretary of Government Reorganization under the late President Corazon “Cory” C. Aquino.

He was elected five times as governor of Camariñes Sur, serving a total of 15 years. He was a member of the House of Representatives from 2004 to 2013.

Mr. Villafuerte authored 67 bills, including one that was enacted into law as Republic Act 10157, which mandates every child to go through kindergarten before entering Grade 1.

He is survived by his wife Nelly Favis Villafuerte, six children, and grandchildren. — Russell Louis C. Ku

Parlade appointed to National Security Council

September 9, 2021 | 9:16 pm

RETIRED MILITARY general Antonio G. Parlade, Jr. has been appointed to the state’s top advisory body on security policies, according to the presidential palace.

Mr. Parlade’s appointment as deputy director-general of the National Security Council (NSC) was signed by President Rodrigo R. Duterte, Palace Spokesman Herminio “Harry” L. Roque, Jr. said in a statement.

Citing his service in the Armed Forces of the Philippines, Mr. Roque said Mr. Parlade would “immensely contribute in the crafting of plans and policies affecting national security.”

Mr. Parlade, who served as spokesman for the government’s anti-communist task force, became controversial for tagging civic leaders and media personalities critical of the government as communist fronts.

A number of senators had opposed Mr. Parlade’s appointment to the anti-communist task force, saying it violated a constitutional provision that bars an active military officer from holding a civilian position in the government.

Mr. Duterte chairs the NSC, a collegial body composed of Cabinet members, lawmakers, and private citizens tapped by the government. — Kyle Aristophere T. Atienza

PSEi drops as Fed says US economy ‘downshifted’

September 9, 2021 | 9:00 pm

PHILIPPINE shares declined on Thursday along with other markets in the region after the US Federal Reserve reported slower economic activity amid a fresh surge in coronavirus disease 2019 (COVID-19) cases due to the Delta variant.

The Philippine Stock Exchange index (PSEi) lost 25.37 points or 0.36% to close at 6,924.02 on Thursday, while the all shares index inched down by 5.50 points or 0.12% to 4,280.79.

“The market finished lower together with most Asian markets after the US Federal Reserve released a report showing that their economic activity slowed down in July and August amid the ongoing spread of the Delta variant,” Timson Securities, Inc. Trader Darren Blaine T. Pangan said in a Viber message.

“[The] Fed’s Beige Book reflected that businesses are experiencing escalating inflation because of supply shortages. These rising costs would likely be passed on to the consumers,” Regina Capital Development Corp. Head of Sales Luis A. Limlingan said in a separate Viber message.

The US economy “downshifted slightly” in August as the renewed surge of the coronavirus hit dining, travel and tourism, the Fed said on Wednesday, but the economy overall remained in the throes of a post-pandemic rush of rising prices, labor shortages and stilted hiring, Reuters reported.

“The deceleration in economic activity was largely attributable to a pullback in dining out, travel, and tourism in most Districts, reflecting safety concerns due to the rise of the Delta variant, and, in a few cases, international travel restrictions,” the Fed reported in its latest Beige Book compendium of anecdotal information about the economy.

“Back home, the UK-based think tank Pantheon Economics forecasts that inflation will accelerate further, driven by the rising global commodity prices,” Mr. Limlingan added.

Headline inflation stood at 4.9% in August, its fastest pace in 32 months, Pantheon Economics said inflation could exceed six percent by the end of the year.

Majority of sectoral indices posted gains on Thursday except for holding firms, which shed 51.61 points or 0.73% to end at 6,981.59, and services, which declined by 12.01 points or 0.66% to 1,790.20.

Meanwhile, industrials increased by 25.43 points or 0.25% to 10,154; mining and oil climbed 13.68 points or 0.14% to 9,639.79; financials went up 1.08 points or 0.07% to 1,449.61; and property rose 0.45 point or 0.01% to 3,102.93.

Value turnover dropped to P4.39 billion with 920.41 billion shares switching hands on Thursday, from the P5.87 billion with 742.74 billion shares traded the previous day.

Decliners narrowly beat advancers, 96 versus 94, while 44 names were unchanged. Net foreign selling climbed to P271.16 million yesterday from the P49.55 million logged on Wednesday.

“Friday being the last day of the trading week, we’ll have to see if the index retests its nearest resistance at 7,000, while immediate support may be drawn at the 6,780 level,” Timson Securities’ Mr. Pangan said. — K.C.G. Valmonte with Reuters

Peso rallies vs dollar on trade data

September 9, 2021 | 9:00 pm

THE PESO rallied versus the dollar on Thursday amid data showing slower growth in the country’s imports, which could mean decreased demand for the greenback.

The local unit closed at P49.92 per dollar on Thursday, rising by 19 centavos from its P50.11 finish on Wednesday, based on data from the Bankers Association of the Philippines.

The peso opened Thursday’s session at P50.20 versus the dollar, which was also its weakest showing. Meanwhile, its intraday best was at P49.90 against the greenback.

Dollars exchanged increased to $1.164 billion on Thursday from $937.6 million on Wednesday.

The peso appreciated as July trade data released yesterday showed slower growth in the country’s imports and exports, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said.

The Philippine Statistics Authority reported on Thursday that the country’s trade deficit widened to $3.29 billion in July from $2.13 billion a year earlier.

Preliminary data showed the country’s import bill increased by 24% to $9.71 billion that month, slower than the 43.4% expansion in June but a reversal of the 20.8% contraction seen in the July 2020. Exports also rose by 12.7% year on year to $6.42 billion in July, easing from the 18.8% pace in the previous month but rebounding from the 8.9% decline in the same month last year.

Meanwhile, a trader attributed the local unit’s climb to the decline in the yield on 10-year US Treasuries. The average rate of the 10-year notes went down 3.9 basis points to 1.333% on Wednesday, Reuters reported.

For today, Mr. Ricafort gave a forecast range of P49.80 to P50 per dollar, while the trader expects the local unit to move within P49.90 to P50.20. — LWTN with Reuters