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Peso inches down ahead of US data

BW FILE PHOTO

THE PESO moved sideways versus the greenback on Monday, with investors staying on the sidelines ahead of key US data.

The local unit closed at P48.39 per dollar, slipping from its P48.381 close on Friday, data from the Bankers Association of the Philippines showed.

The peso opened Monday’s session at P48.32 against the dollar. Its weakest showing was at P48.42, while its strongest was at P48.31 versus the greenback.

Dollars traded declined to $514.68 million on Monday from $666.47 million on Friday.

UnionBank of the Philippines, Inc. Chief Economist Ruben Carlo O. Asuncion said the peso moved sideways ahead of the release of key US economic data.

“The local market, I believe, is already anticipating US market developments with strong US data anticipated this week,” Mr. Asuncion said in a text message.

The US Commerce Department was set to report durable goods orders and the core capital goods orders data for March later on Monday.

Meanwhile, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said the peso slipped due to the continued surge in local coronavirus disease 2019 (COVID-19) infections.

The Health department reported 8,929 new cases on Monday, bringing the tally to 1.006 million.

For today, Mr. Asuncion gave a forecast range of P48.30 to P48.50 per dollar, while Mr. Ricafort expects the local unit to move within the P48.34 to P48.44 levels. — LWTN

PHL stocks rebound as investors pick up bargains

PHILIPPINE shares posted gains on Monday as investors went bargain hunting after three days of decline.

The Philippine Stock Exchange index (PSEi) went up by 11.31 points or 0.17% to close at 6,389.38 on Monday, while the all shares index inched up by 3.09 points or 0.07% to finish at 3,930.28.

“The market reversed earlier losses on last-minute buying, snapping its three-day [loss] streak,” AB Capital Securities, Inc. Junior Equity Analyst Lance U. Soledad said in a Viber message.

Philstocks Financial, Inc. Senior Research Analyst Japhet Louis O. Tantiangco noted that trading “remained anemic.”

“Many investors stayed outside of the market amid the lingering uncertainties,” he said in a separate Viber message. “In particular, investors are waiting for the government’s decision on the country’s quarantine measures after April 30.”

Value turnover inched down to P5.42 billion on Monday with 4.51 billion shares switching hands from the P5.87 billion with 2.04 billion issues logged on Friday.

The National Capital Region and nearby provinces have been under strict lockdown measures for over a month, and the government’s coronavirus disease 2019 (COVID-19) task force is set to announce new quarantine restrictions this week. Herminio “Harry” L. Roque, presidential spokesperson, said on Sunday that the task force will decide “on the basis of science and hard data.”

“A catalyst for this week is the government’s decision on the new quarantine classification for May,” AB Capital Securities’ Mr. Soledad said.

The Health department on Monday reported 8,929 new infections, bringing the country’s tally to 1,006,428. Active COVID-19 cases stood at 74,623.

US drugmaker Moderna, Inc. on Monday filed an application for emergency use authorization of its COVID-19 vaccine in the Philippines, Food and Drug Administration chief Rolando Enrique Domingo told reporters, Reuters reported.

The Philippines expects the delivery of 194,000 doses of Moderna’s vaccine in May, and another one million shots in July.

The Philippines, which is battling one of the worst COVID-19 outbreaks in Asia, has so far approved the emergency use of six vaccines in the country.

Majority of sectoral indices closed in the green on Monday, except for industrials, which declined by 0.17% or 14.94 points to 8,605.83; and holding firms, which lost 0.1% or 6.92 points to end at 6,441.63.

Meanwhile, mining and oil increased by 3.8% or 331.71 points to 9,059.48; financials went up by 1.12% or 15.63 points to 1,399.65; property improved by 0.29% or 9.10 points to close at 3,117.61; and services gained 0.01% or 0.14 points to close at 1,436.13.

Decliners outnumbered advancers, 116 versus 87, while 42 names closed unchanged.

Net foreign selling fell to P700.13 million on Monday from P1.31 billion seen in the previous trading day. — K.C.G. Valmonte with Reuters

Philippine COVID-19 cases breach 1-M mark

PHILIPPINE STAR/ MICHAEL VARCAS

HEALTH authorities on Monday sought to extend the second-strictest lockdown level in Manila and nearby cities and provinces as coronavirus infections in the Philippines breached the one-million mark.

The Department of Health (DoH) said it favored the extension to contain a fresh surge in cases.

The agency reported 8,929 infections on Monday, bringing the total to a little more than a million.

The death toll rose by 70 to 16,853, while recoveries increased by 11,333 to 914, 952, it said in a bulletin.

There were 74, 623 active cases, 1% of which were critical, 95.4% were mild, 1.4% did not show symptoms, 1.3% were severe and 0.87% were moderate.

DoH said 23 duplicates had been removed from the tally, 18 of which were tagged as recoveries. Twenty-seven recoveries were reclassified as deaths.

Two laboratories were closed on April 24, while nine failed to submit data.

Health Undersecretary Maria Rosario S. Vergeire backed the extension of the modified enhanced community quarantine (MECQ) in Metro Manila, Cavite, Laguna, Rizal, and Bulacan to contain the pandemic.

This would also help decongest the country’s health system, which is near its breaking point, she told a televised news briefing.

Earlier, Health Secretary Francisco T. Duque III said the modified enhanced lockdown should continue for one or two more weeks to ease the strain on healthcare capacity. The MECQ will end on April 30.

While daily infections are declining, hospitals continue to struggle to treat patients, Ms. Vergeire said.

The coronavirus has sickened about 147.8 million and killed 3.1 million people worldwide, according to the Worldometers website, citing various sources including data from the World Health Organization. About 125.4 million people have recovered, it said.

Presidential spokesman Herminio “Harry” L. Roque, Jr. said an inter-agency task force would meet on Tuesday to discuss lockdown recommendations to President Rodrigo R. Duterte.

It would take into account the infection and healthcare use rates in the capital region, he told a separate news briefing.

Mr. Roque said the country’s coronavirus reproduction rate had declined to 0.91 from 1 in recent weeks.

He said Mr. Duterte might announce new lockdown levels in his public address on April 28.

Mr. Roque said 65% of intensive care unit beds for coronavirus patients had been used as of April 25.

About 47% of isolation beds have been used and 53% of ward beds were occupied. About 46% of ventilators for coronavirus patients had been used.

He said about 72% of ICU beds in Metro Manila have been used. He added that about 58% of isolation beds and 66% of ward beds in the region were occupied.

He said  61% of ventilators in the capital region had been used.

Meanwhile, Mr. Roque said the Philippines would take delivery of about 15,000 doses of the Sputnik V coronavirus vaccines made by Russia’s Gamaleya Research Institute of Epidemiology and Microbiology on April 28.

About half-a-million more doses of CoronaVac made by China’s Sinovac Biotech Ltd. were expected to arrive the day after.

Ms. Vergeire said the first batch of Sputnik vaccines would be given to patients in Metro Manila and nearby provinces.

Defense Secretary Delfin N. Lorenzana on Sunday said pandemic response would become a top national security priority and would be included in the country’s national security plan, he said in a Viber message.

He said the coronavirus had shown that health should be a major government concern.

The national security plan is a document that contains strategic policy goals and state objectives to protect the “well-being of its people and institutions and its sovereignty and territorial integrity,” according to the website of the National Security Council. 

A House of Representatives committee last year approved a bill that seeks to create a permanent National Health Security Council that will formulate an emergency plan to handle public health emergencies.

Carlito G. Galvez, Jr., chief implementer of the country’s pandemic plan, earlier said the measure would complement the law on universal healthcare.

Trade Secretary Ramon M. Lopez earlier said the government was in talks with at least four pharmaceutical companies that have expressed intent to set up vaccine manufacturing facilities in the country. — Kyle Aristophere T. Atienza

Total COVID-19 cases and vaccines administered regional breakdown

Duterte to keep ties with China despite incursions — Palace

PRESIDENTIAL PHOTO/ ROBINSON NINAL

By Kyle Aristophere T. Atienza and Revin Mikhael D. Ochave, Reporters

PRESIDENT Rodrigo R. Duterte will keep friendly relations with China despite its incursions in the South China Sea, his spokesman said on Monday.

Trade and investments relations with Beijing would continue, while Manila tries to set aside conflicts that might not get resolved immediately, presidential spokesperson Herminio “Harry” L. Roque, Jr. told a televised news briefing.

“We will continue relations on things that can be pursued, while setting aside those that can’t be resolved in our lifetime,” he said in Filipino.

Mr. Roque earlier denied the existence of a verbal fishing deal between Mr. Duterte and Chinese President Xi Jinping, saying the country’s top leader opposes any unregulated commercial fishing in Philippine waters.

He also belied allegations that the government had encouraged the presence of Chinese fishermen in the disputed waterway.

Almost two years ago, Mr. Duterte said he was allowing Chinese fishing activities within the country’s exclusive economic zone. He cited a deal he made with China’s Mr. Xi after Beijing supposedly granted Filipino fishermen access to Scarborough Shoal.

“We are appalled by the failure of our own government to effectively secure the sovereignty of the country,” the De La Salle University’s Political Science Department said in a statement on Monday.

It said the government could explore multilateral solutions to defend its sovereignty.

“The President should disabuse himself from the simplistic notion that the only other option is to antagonize China and risk war,” it said.

The Philippines has filed several diplomatic protests against China given its incursions, including the refusal of some Chinese vessels to leave Whitsun Reef, which Manila claims.

De La Salle international studies professor Renato C. de Castro on Sunday said the government should build structures in its territories to deter Chinese incursions.

The Philippines got as much as 7.4% or 324,312 metric tons (MT) of its annual fish output from the South China Sea last year, according to the Bureau of Fisheries and Aquatic Resources (BFAR).

“We need to get our fair share to boost our food production and security,” BFAR Director Eduardo B. Gongona told a separate televised news briefing in Filipino on Monday.

“That’s still a significant proportion of fish catch, assuming it’s a proportion of marine capture fisheries production,” Jay L. Batongbacal, who heads the University of the Philippines Institute for Maritime Affairs and Law of the Sea, said in a Viber message.

Mr. Gongona encouraged local fishermen to continue fishing in the South China Sea. “Our fishermen should not be scared to go to the West Philippine Sea.” The government should protect them and their fishing vessels, he added.

Mr. Duterte last week said there was not enough fish to quarrel about in the disputed waterway. He added that he would only send warships to the South China Sea once China starts drilling for oil.

Political analysts on Sunday said the sea is crucial to the country’s food security, with output worth $617 million in 2016.

Annual yield from the Spratly Islands alone could reach as high as 91,000 metric tons a year, which is equivalent to 5% of the country’s total marine capture, Mr. Batongbacal said.

“Fisheries in the West Philippine Sea looks underutilized,” Michael Henry Ll. Yusingco, a research fellow at the Ateneo De Manila University Policy Center, said in a Facebook Messenger chat.

He said the Southeast Asian nation might be getting fewer fish from the waterway given China’s island-building activities in the area.

“First, it’s likely because it’s not an economic policy priority,” Mr. Yusingco said. “Second, the presence of Chinese vessels has displaced our own fishers.”

He also cited the country’s weak maritime security. “So our fisherfolk don’t feel safe working in the West Philippine Sea,” he added, referring to areas of the South China Sea within the country’s exclusive economic zone.

Meanwhile, Senator Risa Baraquel-Hontiveros demanded that China pay the Philippines more than P800 billion for destroying the marine environment. The money could boost Philippine response against the coronavirus, she said in a statement.

“We in the government must already take the next concrete steps on how to make China pay.”

Scientist group AGHAM earlier said Beijing’s island-building activities had destroyed at least 16,000 hectares of reefs in the South China Sea as of 2017. It said yearly damage to reefs could hit as much as P33.1 billion.

Senators call for probe on anti-communist task force’s performance, budget use

PHILSTAR

By Kyle Aristophere T. Atienza, Reporter

FIVE senators have jointly filed a resolution calling for an inquiry on the performance of the government’s anti-communist task force to determine whether it has been doing its job and using its budget efficiently.

The resolution filed Monday cites the various occasions that Gen. Antonio G. Parlade, Jr., spokesperson of the National Task Force to End Local Communist Armed Conflict (NTF-ELCAC), and the task force itself “came under fire for baselessly red-tagging individuals and entities.”

The senators said the probe will help determine if the task force’s allocation this year should be realigned to address more pressing needs amid the continuing coronavirus crisis.

“There is a need to review the performance of the NTF-ELCAC in fulfilling its mandate vis-a-vis the need for judicious use of scarce government resources, and whether its P19.1-billion appropriation for 2021 should be used instead to help address the needs of our citizens during this pandemic,” they said in the resolution.

The signatories are Senate President Pro Tempore Ralph G. Recto, and Senators Nancy S. Binay, Grace Poe-Llamanzares, Sherwin T. Gatchalian, and Joel J. Villanueva.

Senate President Vicente C. Sotto III on Sunday night asked lawmakers to assess the strength of the NTF-ELCAC, not its officials, before deciding to defund the institution.

“If the program is not working then we can assess that in the budget hearings,” he said in a Viber message to reporters.

Mr. Sotto also clarified that legislators are not authorized to defund the task force under the 2021 General Appropriations Act (GAA). “Let us set the records straight, how do we propose to defund a certain program of gov’t legitimately funded in the current law, the GAA? You cannot,” he said.

Meanwhile, the Presidential Palace welcomed the gag order imposed against Mr. Parlade and Undersecretary Lorraine Marie T. Badoy of the NTF-ELCAC over their unabashed red-tagging of community pantry organizers.

“We are asking all our officials to be careful with what they’re saying, they need to widen their perspectives,” he told a televised news briefing.

The two officials were barred on Sunday from making further statements on community pantries after linking the give-and-take hubs that have sprouted across the country to communist insurgency.

In a separate statement, Senator Panfilo M. Lacson maintained his position to recall Mr. Parlade back to the military.

Citing the 1987 Constitution, the senior legislator said Mr. Parlade, as an active member of the Armed Forces of the Philippines, “cannot be appointed or designated in any capacity to a civilian position in the government.”

“He should be censured for dabbling in politics instead of just focusing on his inherent mission as commanding general of the Southern Luzon Command — that is, to fight threats such as terrorism and insurgency,” he said.

DoJ cybercrime group warns vs online lending firms’ unlawful debt collection practices

THE JUSTICE department’s cybercrime team has flagged the unlawful debt collection practices of online lending companies, citing the growing number of reports it has received.

In a public advisory on Monday, the Department of Justice–Office of Cybercrime (DoJ-OOC) said various laws prohibit these online firms from accessing the debtor’s phone contacts, posting their personal information, threatening them with death and physical injuries, and using profane language.

The advisory was issued “in response to the increasing number of reports received and endorsed to (the DoJ-OOC) involving unfair debt collection practices and cyber harassments by online lending companies.”

The pertinent laws include Republic Act (RA) 10175 or the Cybercrime Prevention Act of 2012, RA 10173 or the Data Privacy Act of 2012, the Revised Penal Code, and Securities and Exchange Commission (SEC) Memorandum Circular 18 series of 2019.

Aside from reporting to the DoJ-OOC, victims of unfair debt collection practices and cyber harassments may also report to the Philippine National Police Anti-Cybercrime Group, National Bureau of Investigation Cybercrime Division, National Privacy Commission, and the SEC. — Bianca Angelica D. Añago

Manila supports call to send ASEAN official to Myanmar to initiate peace talks

DEPARTMENT OF FOREIGN AFFAIRS — FACEBOOK/DFAPHIL

THE PHILIPPINES has joined the call of Southeast Asian leaders to hold talks with Myanmar’s military and other concerned parties to restore peace and democracy in the crisis-laden country, the Department of Foreign Affairs (DFA) said on Monday.

Foreign Affairs Secretary Teodoro L. Locsin, Jr. supported the Association of Southeast Asian Nations (ASEAN) consensus to appoint one of the region’s top officials “to initiate talks among concerned parties, with the view to  improving the situation on the ground,” the agency said in a statement.

During the meeting of ASEAN leaders in Jakarta over the weekend, Mr. Locsin recalled how Manila’s Southeast Asian neighbors came together in support of Filipinos during a major street uprising in the country’s capital region and “called for all parties in Myanmar to restore national unity and resolve the crisis peacefully,” the DFA said.

In February, Myanmar’s military overthrew the country’s democratically installed government led by Aung San Suu Kyi, resulting in a massive uprising that triggered a violent crackdown on state dissenters.

More than 500 people in Myanmar have been killed by military forces since the popular revolt began, according to a report by human rights group Assistance Association for Political Prisoners.

The DFA said Myanmar’s Chairman of the State Administration Council, Senior General Min Aung Hlaing, expressed that Nay Pyi Taw is “focused on restoring peace and stability to improve the current situation.”

It said Mr. Hlaing assured that Myanmar would consider “ASEAN’s positive and sound proposals,” taking into account their local situation.

The DFA earlier said the meeting would also address pandemic recovery efforts, community building programs and other regional and international issues. — Kyle Aristophere T. Atienza

Free WiFi sites now in 80 provinces — DICT

INFORMATION and Communications Technology Secretary Gregorio B. Honasan II said the government’s nationwide rollout of free WiFi sites has jumped 500% during the pandemic.

There are now “8,453 live sites in 17 regions, 80 provinces, 1,109 municipalities and 125 cities as of April 16, 2021,” Mr. Honasan said at the virtual Pre-State of the Nation Address (SONA) Economic Development and Infrastructure Clusters Forum on Monday.

He also said the country’s fixed-broadband speed has improved from 8.40 megabits per second (Mbps) in 2016 to 46.25 Mbps in 2021.

Mobile internet speed is now at 25.43 Mbps, compared with the speed of 7.77 Mbps in 2016, Mr. Honasan noted.

The Department of Information and Communications Technology (DICT) targets to establish a total of 67,233 WiFi sites by 2022 in public places and government buildings including schools and hospitals. — Arjay L. Balinbin

Bacolod City logs 20% positivity rate as it ramps up COVID-19 testing

BACOLOD CITY EOC
MEDICAL workers in Bacolod City take swab samples for coronavirus testing in this October 2020 photo. — BACOLOD CITY EOC

BACOLOD City has been ramping up coronavirus testing operations, with focus on individuals and sectors at high risk of infection, and immediately isolating those who test positive.

The “Emergency Operations Center (EOC) is maximizing its testing operations… the EOC is aggressively conducting surveillance testings in various areas, the recent of which was in the Bacolod City Police Office after some police officers tested positive for the virus,” the city government said in a statement released on Sunday evening.

“Those who test positive will immediately be placed under isolation, as ordered by Mayor Evelio Leonardia,” it added.

City Administrator Em L. Ang, who also sits as executive director of the EOC, said with the targeted testing, there was a 20% positivity rate among 441 individuals as of April 23.

Ms. Ang said the 20% positivity rate is “alarming” as a 5% rate is already considered “too high.” The city official again appealed to residents to follow minimum health protocols and avoid social gatherings among people from different households.

“It is important to avoid mixing people in one place at the same time because it is one key factor of spreading COVID-19 (coronavirus disease 2019) infection,” she said.

As of April 25, Bacolod had 900 active COVID-19 cases out of the 7,192 total since the start of the pandemic. There were 6,087 recoveries and 205 deaths. Of the total cases, 6,766 are local transmissions.

A total of 74,886 individuals have undergone RT-PCR testing in the city as of April 24, according to data from the EOC.

Hog deliveries to Metro Manila nears 345,000

PHILIPPINE STAR/ MICHAEL VARCAS
PORK supply and prices in Metro Manila have been affected by the African Swine Fever (ASF) outbreak. — PHILIPPINE STAR/ MICHAEL VARCAS

HOG shipments from various parts of the country to Metro Manila under the ongoing initiative to augment pork supply in the capital region is nearing 345,000 heads, the Department of Agriculture (DA) said.

In a report, the DA said an additional 5,592 hogs were delivered to Metro Manila on April 25, bringing the cumulative total to 343,435 hogs since the government’s implementation of price controls on Feb. 8.

From the new shipments, 3,826 hogs came from South Cotabato and General Santos City, followed by Batangas and Quezon at 1,208 hogs, and Oriental Mindoro at 440 hogs.

Other areas that sent supply were Davao City at 110 hogs and Tarlac at 8.

Since Feb. 8, CALABARZON (Cavite, Laguna, Batangas, Rizal, and Quezon) accounted for the highest share of total hog deliveries among provinces at 42.68%, followed by Western Visayas at 20.9%, and MIMAROPA (Mindoro, Marinduque, Romblon, and Palawan) at 12.44%.

Meanwhile, the DA said an additional 21,163 kilograms of pork in carcass form arrived in Metro Manila on April 25. The new shipments brought the total pork carcass deliveries to 2.372 million kilograms since Feb. 8.

The ongoing delivery of hogs from other provinces to Metro Manila is part of the government’s effort to augment supply and bring down retail prices amid the African Swine Fever (ASF) outbreak.

After the price controls ended on April 8, the DA replaced it with the implementation of a suggested retail price (SRP) for imported pork shoulder (kasim) at P270 per kilogram (/kg), and imported pork belly (liempo) at P350/kg.

Under the previous price cap, pork kasim was priced at P270/kg, pork liempo at P300/kg, and whole chicken at P160/kg.

President Rodrigo R. Duterte also signed Executive Order No. 128 on April 7 that lowered the tariff rates for pork imports within the minimum access volume (MAV) quota to 5% in the first three months, which will increase to 10% in the following nine months.

The tariff of out-quota pork imports were also lowered to 15% in the first three months, and up to 20% in the succeeding nine months.

Previously, pork imports within the MAV quota paid 30% tariff, while out-quota pork imports paid 40%.

Mr. Duterte also recommended to increase the volume of pork imports within the MAV quota by 350,000 metric tons (MT), to go with the current allocation of 54,210 MT, after the DA projected a pork supply deficit of around 400,000 MT after the country’s hog inventory was affected by African Swine Fever (ASF). — Revin Mikhael D. Ochave

House panel approves bills creating multiple ecozones

ANFLOINDUSTRIALESTATE.COM

THE HOUSE Ways and Means Committee approved bills that proposed new economic zones in various parts of the country, including Mindoro, Sangley Point, Cavite, and Bacolod City.

In a hearing on Monday, the committee made an omnibus approval on the tax provisions of unnumbered substitute bills to House Bills 263, 264, 655, 3239, 5440, 5538, and 5794 subject to amendments.

The seven bills called for special economic zones to be created in Paluan, Occidental Mindoro; Sangley, Cavite; Cebu’s 4th District, Bacolod, Northern Bohol, and Metro Iloilo.

Representative and House Committee on Economic Affairs Chairman Teodorico T. Haresco, Jr. said at the hearing that each of the bills will help boost local economies, which he called a timely response to the pandemic.

“The ecozone house bills today will seek to establish economic zones in strategic locations (which have) great potential of promoting economic development in their respective provinces and nearby provinces as well,” he said in sponsoring the measures during the hearing.

Albay Rep. and House Ways and Means Committee Chairman Jose Ma. Clemente S. Salceda said his panel supports the bills, noting that the incentives to be offered to registered enterprises in the proposed economic zones are in line with the intent of Title XIII of the National Internal Revenue Code.

Rules on taxes paid for raw materials will be drafted by the economic zones in collaboration with the Philippine Economic Zone Authority (PEZA), the Bureau of Customs, the Bureau of Internal Revenue, and the Department of Trade and Industry.

Enterprises engaged in industries classified in PEZA’s negative list are not allowed to engage in the domestic sale of their output. — Gillian M. Cortez

First-quarter rice tariff collections top P4 billion

PHILIPPINE STAR/ MICHAEL VARVCAS

THE Bureau of Customs (BoC) collected P4.29 billion worth of rice tariffs in the first quarter on imported volume of 606,000 kilograms (kg), Finance Secretary Carlos G. Dominguez III said at a forum Monday.

The quarter’s tally puts the BoC ahead of the pace to collect P10 billion a year from rice tariffs, which is to support the Rice Competitiveness Enhancement Fund (RCEF) as authorized by Republic Act 11203, or the Rice Tariffication Law.

In 2020, the government collected P15.47 billion in tariffs from 2.38 million kg of imports. The total was up 27.43% from collections posted in 2019 beginning in March, when the tariffication law came into force.

Total collections amounted to P31.9 billion since the law became effective.

The law removed restrictions on rice imports by private entities, which must pay a tariff of 35% on shipments of Southeast Asian grain.

RCEF will support farm mechanization and other programs to enable farmers to better compete against imports.

“The Rice Tariffication Law was finally achieved after more than thirty years of failed attempts under previous administrations. The law opened up the Philippine rice market and, in turn, lowered the price of our country’s staple for more than 100 million Filipinos, who spend about a fifth of their total budget on rice alone,” Mr. Dominguez said.

He said the law helped temper inflation, with its share of the overall consumer price index falling to 0.1 percentage point compared to its one-percentage point share at the height of the inflation crisis of 2018.

“The law ensures that farmers benefit directly from import tariffs by providing at least 10 billion pesos each year for mechanization, high quality seed, access to credit, and training,” he added. — Beatrice M. Laforga

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