THE PHILIPPINE economy grew faster than expected in the third quarter, putting it on track to meet the upper end of the government’s full-year growth target and return to pre-pandemic level as early as the first quarter of 2022. Read the full story.
THE PESO strengthened versus the greenback on Tuesday amid upbeat sentiment on the Philippine economy following better-than-expected growth in the third quarter.
The local unit ended trading at P50.091 per dollar on Tuesday, gaining 6.9 centavos from its P50.16 close on Monday, based on data from the Bankers Association of the Philippines.
This is the currency’s strongest close since it ended trading at P49.95 on Sept. 17, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message.
The peso opened Tuesday’s session at P50.12 per dollar, stronger than its previous day’s close. Its weakest showing was at P50.18, while its intraday best was at P49.925 versus the greenback.
Dollars exchanged increased to $1.385 billion on Tuesday from $933.2 million.
A trader said the stronger- than-expected economic growth posted in the previous quarter supported the peso.
“The latest reading also set the year-to-date growth at 4.9%, firming expectations that full-year 2021 economic growth will likely fall within the government’s 4% to 5% forecast range,” the trader said in an e-mail.
Gross domestic product expanded by 7.1% year on year in the third quarter, slower than the 12% growth in the April to June period, the Philippine Statistics Authority reported on Tuesday. Still, it was stronger than the 4.7% median estimate in a BusinessWorld poll of 18 analysts held last week.
Meanwhile, Mr. Ricafort said local stock market gains also fueled positive market sentiment.
The Philippine Stock Exchange index gained 45.45 points or by 0.61% to end trading at 7,441.67 on Tuesday.
The wider all shares index likewise gained by 20.97 or 0.46% to close at 4,531.86.
For Wednesday, the trader gave a forecast range of P50 to P50.25, while Mr. Ricafort expects the local unit to move within P49.97 to P50.17 per dollar. — L.W.T. Noble
PHILIPPINE SHARES continued to rally on Tuesday after the country logged a better-than-expected gross domestic product (GDP) growth in the third quarter.
The benchmark Philippine Stock Exchange index (PSEi) went up by 45.45 points or 0.61% to close at 7,441.67 on Tuesday, while the broader all shares index climbed 20.97 points or 0.46% to end at 4,531.86.
“Market rallied for the second day this week as GDP [data] came in better than expected. The Philippine economy rose 7.1% in the [third quarter], significantly higher than [the] consensus forecast of 4.6% and was among the fastest in the ASEAN (Association of Southeast Asian Nations),” Papa Securities Corp. Equities Strategist Manny P. Cruz said in a text message.
“GDP growth in the first three quarters averaged 4.9%, near the upper end of the target range of 4% to 5% for the year,” he added.
The Philippine Statistics Authority reported on Tuesday that the economy expanded by 7.1% in the third quarter versus the 11.6% contraction posted in the same period last year. However, this was slower than the upward-revised 12% GDP growth in the second quarter.
“Value turnover remained considerable… as net foreign buying remained robust,” Mr. Cruz said.
Value turnover increased to P9.49 billion with 1.31 billion issues traded on Tuesday, higher than the P8.30 billion with 1.34 billion shares seen the previous trading day.
Meanwhile, net foreign buying decreased to P812.74 million on Tuesday from the P908.47 million logged on Monday.
“In the international scene, market participants may be feeling positive over the global economic reopening, amid the recent promising results over a possible COVID-19 (coronavirus disease 2019) pill,” Timson Securities, Inc. Trader Darren Blaine T. Pangan said in a Viber message.
Pfizer, Inc. and BioNTech SE developed an antiviral drug to reduce the risk of severe COVID-19. The early trial of the pill was halted after it was reported to be 89% effective.
Last week, Britain became the first country to approve a COVID-19 antiviral pill developed by Merck & Co., Inc. and Ridgeback Biotherapeutics.
Majority of sectoral indices posted gains on Tuesday except for property, which lost 3.84 points or 0.11% to 3,380.12.
Meanwhile, services gained 27.41 points or 1.38% to finish at 2,006.76; industrials rose 103.17 points or 0.95% to 10,952.65; financials picked up 9.55 points or 0.58% to 1,645.89; mining and oil went up by 55.29 points or 0.55% to close at 9,938.43; and holdings firms increased by 31.80 points or 0.44% to 7,157.70.
Advancers beat decliners, 103 against 87, as 48 names closed unchanged.
“[The] 6,940 remains the immediate support area, while 7,510 seems to be the closest resistance level to watch,” Mr. Pangan said. — Keren Concepcion G. Valmonte
By Kyle Aristophere T. Atienza, Reporter
DAVAO City Mayor and presidential daughter Sara Duterte-Carpio on Tuesday withdrew her bid for reelection, which allows her to potentially run for higher office.
She announced her quitting in a Facebook post with her photo at a local Commission on Elections office. She did not give a reason for the move.
Ms. Carpio said her brother, Vice Mayor Sebastian Duterte, would run for the city’s top post instead. He quit his reelection bid earlier in the day also without citing a reason. The presidential son is on his first term and was running for a second term unopposed.
Ms. Carpio, who has said she would not run for a national position next year, might run in tandem with the late dictator’s son Ferdinand “Bongbong” R. Marcos, Jr., according to political analysts.
She and former Senator Ferdinand “Bongbong” R. Marcos, Jr. met in Cebu last month, fueling speculations that the two were preparing to cement their tandem for the 2022 elections.
She confirmed her meeting with Mr. Marcos in photos she shared on her social media accounts.
President Rodrigo R. Duterte last month dropped out of the vice-presidential race and said his daughter would run for president next year, in tandem with Senator Christopher Lawrence T. Go. The president also said he was retiring from politics next year.
Ms. Carpio had declined to comment on her father’s announcement.
Mr. Duterte, who had flip-flopped on his 2016 presidential run, earlier said he would drop out of the vice-presidential race if his daughter runs for president.
“This development was actually expected given that the substitution period is still open,” said Maria Ela L. Atienza, a political science professor from the University of the Philippines.
Ms. Carpio, whose regional party has allied itself with traditional parties less than a year before the 2022 elections, has topped presidential opinion polls.
She may still run for a national post via substitution, which allows a political party to replace a member who filed a certificate of candidacy with another member. Filing ended on Oct. 8 but substitution is allowed until mid-November.
Ms. Carpio would need to become a member of the ruling PDP-Laban if she were to substitute for its presidential bet Senator Ronald M. Dela Rosa, Ms. Atienza said in a Viber message. She may also replace Mr. Go as PDP-Laban’s vice-presidential candidate.
A Duterte-Marcos rivalry for president would divide their supporters, she said.
On the other hand, a potential Marcos-Duterte tandem would be “a strong team in terms of current supporters and resources,” Ms. Atienza said. “However, neutral voters may be getting tired of all the drama surrounding Sara and Bongbong and their supporting cast.”
“For the opposition, a Sara-Bongbong or Bongbong-Sara team may be harder to beat and some adjustments in the campaign might be needed,” she added.
There’s a strong chance for Ms. Carpio to run in tandem with Mr. Marcos since she already expressed support for the latter’s presidential campaign, said Robin Michael Garcia, a political economy professor at the University of Asia and the Pacific.
“Mayor Sara knows she has a good chance of winning for any higher position next year,” he said in a Facebook Messenger chat. “Perhaps her perceived hesitance is to ensure the optimal conditions are set for a potential higher leadership position.”
Other political observers have said the administration is trying to create an impression that a Duterte brand of leadership was still needed.
Political analysts earlier said Filipinos might now be wary of substitution, which Mr. Duterte used in the 2016 presidential race. His presidential run did not become official until the last minute.
They also said the ruling camp might be doing everything to remain in power to protect Mr. Duterte from potential lawsuits.
The International Criminal Court (ICC) has ordered an investigation of Mr. Duterte’s crackdown on illegal drugs that has killed thousands, saying crimes against humanity might have been committed.
The court will also probe vigilante-style killings in Davao City when Mr. Duterte was still its vice mayor and mayor.
There have been speculations that the Dutertes would consider the son and namesake of the late dictator Ferdinand E. Marcos as either a presidential or vice-presidential candidate.
Political analysts have said Mr. Duterte could not afford to lose support from the Marcoses because their loyal backers supported his presidential bid in 2016.
A recent Pulse Asia Research poll showed that Ms. Carpio and Mr. Marcos were among the top choices for president. — with Maya M. Padillo
THE DEPARTMENT of Health (DoH) reported 1,409 coronavirus infections on Tuesday, the lowest in almost nine months.
Tuesday’s tally was the eighth straight day that cases were fewer than 3,000, bringing the total to 2.8 million.
The agency reported only 46 more deaths due to technical issues, bringing the total to 44,567, while recoveries increased by 2,941 to 2.7 million, according to a bulletin.
There were 30,544 active cases, 60.7% of which were mild, 8% did not show symptoms, 10% were severe, 17.05% were moderate and 4.2% were critical.
DoH said nine duplicates had been removed from the tally, eight of which were recoveries, while 46 recoveries were reclassified as deaths. Fourteen laboratories failed to submit data on Nov. 7.
It said 42% of intensive care units in the Philippines were occupied, while the rate for Metro Manila was 37%.
The Philippines was set to take delivery on Tuesday of 793,900 doses of the vaccine made by AstraZeneca Plc, presidential spokesman Herminio L. Roque, Jr. told a televised news briefing.
He said almost 64.9 million doses of coronavirus vaccines had been given out as of Nov. 8.
Almost 29.8 million people or 38.64% of adult Filipinos have been fully vaccinated against the coronavirus, he added.
In the capital region, 90% or 8.8 million of 9.8-million residents have been fully inoculated. About 99.4% of Metro residents have received their first dose. Mr. Roque said 749,424 doses were injected on Monday.
The government is targeting to give out as many as 1.5 million vaccine doses daily starting Nov. 20.
Meanwhile, Mr. Roque said passing a law on compulsory vaccination would not violate the Philippine constitution.
Vaccine czar Carlito G. Galvez, Jr. earlier said he was in favor of making coronavirus vaccinations mandatory.
Mr. Roque said the state could exercise its police power to make COVID-19 vaccination compulsory.
Lawmakers need to pass a law to make mandatory vaccination legal, he said. “Once a law is passed, there can’t be any objections because there have been decisions by the Supreme Courts of the Philippines and the United States recognizing the validity of such laws,” he said in Filipino.
Mr. Roque also noted that while requiring beneficiaries of the government’s conditional cash transfer program to get vaccinated is reasonable, the law that created it should be amended first.
The Philippines targets to inoculate at least 50% of its adult population by yearend, as it reopens its economy amid decreasing coronavirus infections.
Mayors in the capital region have asked the government not to require face shields anymore, except in critical areas such as hospitals, village health centers and public transportation.
Metro Manila mayors made the recommendation to an inter-agency task force during a recent meeting.
Manila City Mayor Francisco “Isko” M. Domagoso on Monday signed an order allowing residents of the capital not to wear face shields anymore except in hospitals.
Mr. Roque on Monday said people should continue to use face shields pending review by the task force of the mayors’ proposal.
Mayors should follow the task force, which “exercises derivative authority from the President,” he said, adding that mayors are under the President.
Mr. Roque said the order of Mr. Domagoso, who is running for president next year under a rival political party, is void “for being in violation of an existing executive policy decreed by the President himself in the exercise of police powers.” — Kyle Aristophere T. Atienza
By Kyle Aristophere T. Atienza, Reporter
SEVERAL professionals have filed a petition before the poll body to intervene in an earlier move to block the presidential run of the late dictator’s son Ferdinand “Bongbong” R. Marcos, Jr.
The professionals led by medical doctor Rommel Bautista filed a so-called motion for intervention before the Commission on Elections to supplement the petition filed by six civil society leaders seeking to cancel the certificate of candidacy of Mr. Marcos, the office of their lawyer Howard M. Calleja told BusinessWorld by telephone.
The petitioners-intervenors also include Edwin Reyes, Napoleon Siongco, Fernando Guevara, Santiago Muńoa Jr., Glenn Gallos, Noel Carpio, Joel Mayo, Marie Soriano, and Mario Montejo.
The intervenors said they have the right to invoke the poll body’s mandate to dutifully enforce elections laws since they are Filipino citizens and registered voters.
In the motion filed on Nov. 8, a copy of which was sent to BusinessWorld, the petitioners reiterated that Mr. Marcos Jr. was found guilty beyond reasonable doubt of violating the National Internal Revenue Code (NIRC), making him perpetually disqualified from holding any public office.
“He was charged with four counts of violating Section 45 of the old NIRC for failing to file income tax returns, and similar four counts of violating Section 50 of the old NIRC for failure to pay alleged deficiency taxes,” they said.
“The respondent made false material representation in his certificate of candidacy when he stated that he has not been found liable for an offense, which carries with it the “accessory penalty of perpetual disqualification to hold public office,” they said.
The material misrepresentation is more than enough ground for the poll body to cancel Mr. Marcos’ candidacy, or to deny due course to the same, the plaintiffs said.
“Wherefore, it is respectfully prayed that Honorable Commission cancel outright the certificate of candidacy for president filed by Ferdinand Romualdez Marcos Jr. in connection with the 2022 National Elections for suffering perpetual disqualification from public office or that said certificate of candidacy be denied due course.”
The petition filed by civic leaders last week asserted that Mr. Marcos Jr, a former senator, is ineligible to run for office after a trial court convicted him in 1995 for failing to pay income taxes.
His conviction was upheld by the Court of Appeals and was never appealed before the Supreme Court, the plaintiffs said.
The poll body’s second division, which is manned by Commissioners Socorro Inting and Antonio Kho, Jr., will handle the petition filed by the civic leaders.
Mr. Inting is a retired appellate court justice while Mr. Kho is a former Justice undersecretary.
IMELDA MARCOS
Also on Tuesday, a group of martial law victims led by SELDA (Samahan ng Ex-Detainees Laban sa Detensyon at Aresto) and the Campaign Against the Return of the Marcoses to Malacañang and Martial Law (CARMMA) appealed to the Supreme Court to affirm the anti-graft court’s decision charging former first lady Imelda R. Marcos with seven counts of graft.
It has been three years since Mrs. Marcos was convicted for seven counts of graft by the Sandiganbayan for illegally funneling at least $352 million to Swiss foundations in the 1970s when she was governor of Metropolitan Manila, the groups said.
“She was, however, allowed to post bail amounting to P300,000, and has also filed an appeal before the Supreme Court regarding her conviction,” the groups said in a letter addressed to Chief Justice Alexander G. Gesmundo.
“In the interest of justice for all victims of human rights violations during the martial law period, we again appeal to this honorable Court to affirm Mrs. Imelda Marcos’ conviction by the Sandiganbayan,” they said.
SELDA Vice-chairperson Danilo Dela Fuente, said in a separate statement, “The amassing of ill-gotten wealth of the Marcos are among the reasons why the nation has sunk deeper into poverty, ballooning debt, and crisis… We will not allow more of that through another Marcos in the person of Ferdinand Jr.”
Mr. Marcos registered his presidential candidacy in October, angering activists and victims of his late father’s two-decade martial rule.
His family was forced to flee the country in 1986 after a people power uprising supported by military generals toppled his father’s regime. He was among the first to return to the Philippines from exile in the United States in 1991. — with a report from Russell Louis C. Ku
THE AGRICULTURE department’s budget will be doubled should Vice President Maria Leonor “Leni” G. Robredo win as president in next year’s election, her running mate said on Tuesday.
The plan is to increase the Department of Agriculture’s annual allocation over a period of six years from about 2% to 4% of the total national budget by the end of 2028, Senator Francis N. Pangilinan, who is running for vice president, told an online forum.
“It is time to fix the insecurity of our fellowmen in talks of food,” Mr. Pangilinan said in Filipino.
The Bureau of Fisheries and Aquatic Resources (BFAR), he added, will also be taken out of the department and placed under the president’s office with a Cabinet-level secretary in charge in preparation for its conversion into a separate department.
The vision is to become an “aqua-culture giant of the world,” he said.
Meanwhile, Ms. Robredo said her camp will create a people-led council to unify the efforts of various civic groups campaigning for her presidential bid in next year’s polls.
In a taped message aired on Tuesday, Ms. Robredo said a so-called “People’s Council” would consolidate efforts from different sectors and provinces for “a clear and organized movement.”
Ms. Robredo made the statement after she viewed some of the campaign materials created by her supporters from different groups and provinces
The people’s council will also prevent the duplication of campaign programs initiated by her volunteers, she added. — Alyssa Nicole O. Tan and Kyle Aristophere T. Atienza
THE HOUSE Committee on Health has approved several bills that would continue the allowances and benefits for healthcare workers as the spread of the coronavirus persists.
In a hearing Tuesday, the panel approved House Bills 9640, 10198, 10285, 10331, and 10365 subject to their consolidation and style amendments.
All measures seek to cover both public and private health facility workers along with non-medical personnel as well as other frontliners such as barangay health workers.
They will be granted both special risk allowance and hazard duty pay during a state of public health emergency from July 1, 2021. These benefits will be exempted from taxes.
Funding for the proposed acts will come from the budget of the Department of Health (DoH) for the current year as a separate line item.
During the hearing, DoH officials affirmed their proposal for a singular COVID-19 allowance rate system based on three risk categories.
The proposed monthly allocations consist of P3,000 for low-risk workers, P6,000 for medium-risk, and P9,000 for those at high-risk.
“First, it is easier to implement since all benefits are lumped into one. Second, it allows for all healthcare workers to receive their benefits relative to the COVID-19 risk in the workplace. Third, it harmonizes the rate of benefits to be received by both public and private healthcare workers,” Health Undersecretary Leopoldo J. Vega said.
However, Filipino Nurses United President Maristela P. Abenojar and Alliance of Health Workers President Robert Mendoza said they would support the version filed by the Makabayan bloc that proposed P15,000 per month for special risk allowance and P5,000 for active hazard pay.
“This would mean that it would amount to P681 per day for special risk (allowance) and P227 a day for active hazard pay. This should be support and it should not be made pro-rated, but fixed,” Ms. Abenojar said in Filipino.
Bayan Muna Rep. Carlos Isagani T. Zarate, one of the authors of House Bill 9640, said during his sponsorship speech that the allowances that healthcare workers received under the Bayanihan laws were “insufficient and limited” for their needs.
A counterpart bill, Senate Bill 2421, is currently pending second reading at the upper chamber. — Russell Louis C. Ku
MAKABAYAN lawmakers on Tuesday said it was not enough to cut the budget of the anti-communist task force and reiterated their call to abolish the multi-agency group.
The Senate Finance Committee slashed the National Task Force to End Local Communist Armed Conflict’s (NTF-ELCAC) budget to P4 billion from the proposed P28 billion.
Senator Juan Edgardo “Sonny” M. Angara, who chairs the committee, told the media via Zoom on Tuesday that the retained allocation is for health allowances.
Mr. Angara said the reduction was decided due to the ad hoc group’s failure to submit a report on its utilization of its P19-billion appropriation this year.
“We can’t make a judgment really if the program has been a success or not because we’ve not received, very little information on the actual project,” he said.
House Deputy Minority leader and Bayan Muna Representative Carlos Isagani T. Zarate on Tuesday said that “slashing the budget of the NTF-ELCAC is not enough, it should be completely defunded and abolished.”
“Since the task force’s formation, its ballooning generals’ pork has been used for patronage, even more especially in this time of election,” Mr. Zarate said in a statement. — Alyssa Nicole O. Tan
JUSTICE Secretary Menardo I. Guevarra was hospitalized on Tuesday morning, a department official said on Tuesday.
Mr. Guevarra was under observation and would undergo routine tests, Justice Undersecretary Adrian Ferdinand S. Sugay said in a Viber message to reporters. “He is now okay.”
Later in the day, Mr. Guevarra told reporters in a Viber message that he “had breathing and fatigue problems the past few weeks.”
The Justice chief, who served as deputy executive secretary under the administration of the late Benigno S.C. Aquino III, said he will undergo more tests, including a medical procedure to examine his blood vessels and arteries. — Kyle Aristophere T. Atienza
PALACE Spokesman Herminio “Harry” L. Roque, Jr. on Tuesday slammed more than 150 lawyers for adding their voice to calls rejecting his nomination to a United Nations body responsible for codifying international laws.
In a televised news briefing, Mr. Roque downplayed the new petition against his nomination to the International Law Commission (ILC), alleging that the lawyers’ move was motivated by politics.
In their petition, the lawyers told the members of the United Nations that Mr. Roque has defended President Rodrigo R. Duterte’s statements, “enabling extrajudicial killings, attacks on the rule of law and due process and on his unacceptable positions on human rights, justice, pandemic responses and good governance.”
Those claims are part of the International Criminal Court’s investigation of Mr. Duterte’s deadly drug war.
In response, Mr. Roque dismissed them, saying that drug war-related killings should be verified by Philippine courts first before the International Criminal Court can act on the claims.
“They are opposing my nomination because they believe I have guilt by association for being the spokesperson of the President. First of all, there’s no such thing,” he said in Filipino. “They should thoroughly study the concept of due process and presumption of innocence.”
The petition filed by deans, law professors, heads of bar associations, incumbent and former government officials, among other public interest lawyers, said Mr. Roque “has rationalized extrajudicial killings and tolerated the weaponization of the law against activists, dissenters and the opposition.”
“As fellow lawyers, we are scandalized by his spins and reinvention of basic legal principles and concepts in his zealousness to repackage President Duterte’s pronouncements of questionable legal and constitutional bases,” they said. — Kyle Aristophere T. Atienza
FACTORY OUTPUT rose for a sixth consecutive month in September in step with the recovering economy, according to the Philippine Statistics Authority (PSA).
According to the preliminary results of the PSA’s Monthly Integrated Survey of Selected Industries report released Tuesday, the volume of production index (VoPI) rose 124% year on year in September. It was weaker than the revised August growth rate of 533.6%, but represents a turnaround from the 56.7% contraction in September 2020.
The value of production index (VaPI) rose 122.7%, slowing from the 527.3% growth rate posted in August. A year earlier, VaPI contracted 59%.
In the year to date, factory output growth averaged 65.8% and 59.4% for VoPI and VaPI, respectively.
The PSA said VoPI was boosted by expansion in 13 industrial categories, led by coke and refined petroleum products, which rose 739.7%; fabricated metal products except machinery and equipment (up 182.5%), and wood, bamboo, cane, rattan articles and related products (up 48.7%).
The average capacity utilization rate for manufacturing was 66.5% in September, against 66.2% in August.
“There were 20 out of 22 industry divisions with more than 50% average capacity utilization rate, led by manufacture of furniture (85.0%), manufacture of other non-metallic mineral products (81.0%), and manufacture of tobacco products (79.0%),” PSA said.
IHS Markit’s Philippines Manufacturing Purchasing Managers’ Index (PMI) for September expanded to 50.9 from 46.4 in August as the government announced a more relaxed quarantine in the National Capital Region (NCR).
The PMI rose further to 51 in October amid improving business confidence on further easing of mobility rules in the capital.
A PMI reading above 50 signals increased manufacturing activity, as the index tracks the activity reported by purchasing managers, which is a leading indicator. Their orders herald the movement of goods that will be converted from raw materials to finished products. A reading below 50 means purchasing, and by extension manufacturing, is due to decline.
Cid L. Terosa, a senior economist at University of Asia and the Pacific School of Economics, said in an e-mail interview that the increase in factory output was expected.
“The year-on-year increase in the volume and value of production in September 2021 was expected because quarantine conditions this year were more relaxed than the same month last year. More manufacturing firms have reported 70-100% capacity utilization in September,” Mr. Terosa said.
“The growth of both volume and value of production in September 2021 was slower than in August 2021 partly because manufacturing firms were adjusting to a new localized lockdown system. The NCR was placed under modified enhanced community quarantine towards the end of August 2021, and this could have affected production plans and activities for September 2021,” he added.
Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in an e-mail interview that factory output will begin to normalize as the economy reopens.
“The year-on-year growth will start to normalize starting September 2021 as the low year-earlier base months run their course. The growth is magnified by the further reopening of the economy, especially after the hard lockdowns a year ago,” Mr. Ricafort said.
“Any year-on-year growth in manufacturing becomes massive amid measures to further re-open the economy from lockdowns,” he added.
Mr. Terosa is expecting a continuous increase in production as the holiday season approaches.
“I expect both year-on-year volume and value of production to register positive growth from October until December 2021 because greater mobility among consumers can drive demand, perk up markets, and invigorate manufacturing activity,” Mr. Terosa said.
“Also, I expect manufacturing activity to continue its upward trajectory since the Christmas season this year will probably be more conducive to greater consumer spending,” he added.
Mr. Ricafort sees manufacturing picking up following the further reopening of the economy, particularly in the NCR.
“The Christmas season… accounts for a large share of sales for many businesses/industries,” he said, adding that he sees increased spending “as part of the preparations for the May 2022 elections,” Mr. Ricafort said.
“Essential manufacturing (companies) continued to operate, both domestic and export-oriented… thereby minimizing the disruptions on manufacturing activity and sustaining the recovery in manufacturing output,” he added. — Revin Mikhael D. Ochave
