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Dollar reserves hit 3-month high as of end-April

KSTUDIO-FREEPIK

The country’s dollar reserves reached $107.25 billion as of end-April, backed by proceeds from the bond issuances of the national government and higher valuation of the central bank’s gold holdings.

April’s gross international reserves (GIR) went up by 2.65% from the $104.48-billion level as of end-March and by 17.9% from the $90.942 billion a year ago, based on data released by the Bangko Sentral ng Pilipinas on Friday. The end-April level is also the highest since the $108.674-billion seen as of end-January.

“The month-on-month increase in the GIR level reflected proceeds of the National Government’s global and samurai bond issuances, which were deposited with the BSP,” the central bank said in a statement.

The Bureau of the Treasury in March raised P24.2 billion or ¥55 billion through yen-denominated bonds with a tenor of three years. Proceeds will be utilized for budgetary support and repayment of debt maturities.

In April, the government raised another P122.4 billion or €2.1 billion through euro-denominated debt papers with four, 12- and 20-year tenors.

“An upward adjustment in the value of the BSP’s gold holdings due to the increase in the price of gold in the international market contributed to the higher GIR level,” the BSP added.

On the other hand, the BSP said outflows to service the national government’s debt obligations became a partially offsetting factor to the dollar reserves’ pileup.

An ample level of foreign exchange buffers shields an economy from market volatility and ensures the country is capable of paying its debts in the event of an economic downturn.

The end-April GIR is enough to cover 12.3 months of the country’s imports of goods and payments of services and primary income.

This level is also equivalent to about 7.5 times the country’s short-term external debt based on original maturity and 5.2 times based on residual maturity.

“This [GIR level] would help strengthen the country’s external position and, in turn, fundamentally supports and is favorable to the country’s credit rating,” Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said.

BSP data showed foreign currency deposits jumped 39.7% to $5.081 billion from $3.635 billion as of end-March and by 54.5% from the $3.288 billion as of end-April 2020.

Reserves in the form of gold were valued at $9.310 billion, up by 2.16% from $9.113 billion a month earlier and by 16% from the $8.015 a year ago.

The country’s reserve position in the International Monetary Fund (IMF) rose by 1.22% to $803.6 million from $793.9 million as of end-March and by 38.4% from the $580.4 million last year.

Meanwhile, special drawing rights – or the amount the country can tap from the IMF – stood at $1.214 billion for the second straight month. However, it increased by 3.7% from the $1.171 billion as of end-April 2020.

Foreign investments likewise increased 1.2% to $90.843 billion from $89.726 billion from a month earlier and by 16.6% from the $77.886 billion a year ago.

The BSP expects the GIR to reach $114 billion this year.

The country’s dollar buffers reached record $110.117 billion at end-2020.

German firms maintain dim outlook on Philippine economy

Economic managers expect gross domestic product to grow by 6.5-7.5% this year, although this is likely to be revised due to the reimposition of lockdown measures starting late March. -- Photo by Michael Varcas, The Philippine Star

More than 40% of surveyed German firms in the Philippines will have little to no changes in local investments over the next year as they continued to have a dim outlook on the economy’s recovery, the German-Philippine Chamber of Commerce and Industry (GPCCI) said.

The chamber collected responses from 66 firms spanning manufacturing, construction, trade, and services industries from March to April, as the capital region and nearby provinces were placed under a stricter lockdown due to the spike in coronavirus disease 2019 (COVID-19) cases.

Based on the survey results, 42% expect almost no changes in local investments, while 14% expect higher investments. Around 29% expect lower investments while 15% will have none at all.

“Companies feel the negative economic effects of the COVID-19 surge in Q1 2021, and they are unsure about the economic development,” GPCCI President Stefan Schmitz said.

“Only one out of ten companies expects economic recovery this year. Six months ago, the number was 3 times higher.”

Instead, almost half believe that recovery will happen in 2022 while 41% said it would take even longer.

The Philippine economy shrank by 4.2% in the first quarter, the fifth consecutive quarter of decline since the pandemic started. Economic managers expect gross domestic product to grow by 6.5-7.5% this year, although this is likely to be revised due to the reimposition of lockdown measures starting late March.

“Business development expectations for the next 12 months appear to stagnate, and fewer companies envision a positive development from the Fall 2020 survey,” the chamber said.

More than three-fifths of firms surveyed said that business development in the next twelve months will remain the same, while 29% predict better business developments. This is a decline from the 47% that expected improved business development in the October poll.

Half believe that their company performance is satisfactory, while 29% said the situation is bad.

Top economic risks named by the companies included low demand, economic policy risks, and financing issues.

“Problems related to supply chain and logistics (48%) have seen an increase by 5% from the Fall 2020 survey,” the chamber said.

“For the 29 companies that have indicated problems related to supply chain and logistics: 48 % said that they are adding new suppliers for their products, 28% said that their supply chain will still the same, and 24% have equally voted on distributing suppliers in several countries/regions and increase in stockkeeping.”

While around 56% said that local employment in the next twelve months would be around the same, 29% expect job cuts and 15% project growth.

To compare, 27% of those surveyed in October expected employment growth while 35% projected a decline. — Jenina P. Ibañez

6 Philippine firms join Forbes Global 2000 list

SM Investments Corp. is the highest-ranking Philippine company in the Forbes Global Courtesy of SM Investments Corp. Facebook page

Six Philippine firms have again made it into the latest Forbes Global 2000 list ranking the world’s top public companies.

SM Investments Corp. (SMIC) now leads Philippine firms at 877th place in Forbes magazine’s global ranking of the biggest and most valuable firms based on sales, profits, assets, and market value.

SMIC’s ranking rose from the 1,092nd spot in 2019 as its market value stood at $24.3 billion, assets at $25.5 billion, and profits at $471.6 million.

Sy-led lender BDO Unibank, Inc. followed at 1,159, dropping from the country’s top spot at 1,018 in 2019.

Top Frontier Investment Holdings, the biggest shareholder of San Miguel Corp., climbed to the 1,183rd spot from 1,196th.

Conglomerate Ayala Corp. improved its ranking to the 1,801st spot from 1,236th.

Meanwhile, LT Group entered the list at the 1,831st spot, while listed lender Metropolitan Bank & Trust Co. dropped to 1,929th from 1,639.

Gokongwei-led JG Summit Holdings Inc. is no longer in the list after holding the 1,720th in 2019.

Globally, the top 2000 firms account for $39.8 trillion in revenues, $2.5 trillion in profits, $223.4 trillion in assets and $79.7 trillion in market capitalization.

“The COVID-19 pandemic had a significant impact on this year’s Global 2000 list, with total revenue and profits falling from last year,” Forbes Statistics Editor Andrea Murphy said in a statement.

“While certain sectors like the airline industry were hit hard, big-box retailers did well amid the shift to online shopping. Robust M&A (mergers and acquisitions) activity and the growth in IPOs (initial public offerings) over the last year has also led to the debut of many companies on the Global 2000.”

The top-ranked company is Industrial & Commercial Bank of China, followed by American banking giant JPMorgan Chase and Warren Buffett’s Berkshire Hathaway.

The United States has the biggest number of companies in the list at 590, followed by China at 350. — Jenina P. Ibañez

Private sector partners up with gov’t to vaccinate more Filipinos

PHILIPPINE STAR/ MICHAEL VARCAS

Top brands, private healthcare providers, and malls have collaborated with the government to launch the Ingat Angat Bakuna Lahat campaign to promote the vaccination of more Filipinos against the.  

“With Ingat Angat Bakuna Lahat, we want to encourage vaccine willingness and support mass vaccinations, which are crucial for a safe economic recovery and return to normalcy,” Margot Torres, Managing Director for McDonald’s Philippines and Ingat Angat Bakuna Lahat communications advocacy co-lead said during the online launch of the campaign on Friday.  

“This Ingat Angat Bakuna Lahat campaign is the result of the collaboration of many private sector companies who generously contributed funds and their expertise, talent, and time to support our country’s national vaccination program,” Ms. Torres added.  

Companies who are supporting the campaign include Banco de Oro, Cebu Pacific, Food Panda, Globe Telecom, Goldilocks, ICTSI, Jollibee Foods Corp., McDonald’s Philippines, Megaworld, Philippine Seven (7-11) Corp., Smart Communications, SM Supermalls, Unilab, Zuellig Pharma, and the Restaurant Owners of the Philippines (RestoPH).  

Medical experts from the Philippine Medical Association and the Philippine Society for Microbiology and Infectious Diseases also helped ensure that the campaign’s content is factual and science based.  

Private healthcare providers Ayala Healthcare Holdings, Inc. (AC Health), Metro Pacific Hospitals Holdings, Inc. (MPPHI), Mount Grace Hospitals Inc., St. Luke’s Medical Center, and The Medical City will also help administer the vaccines and open their hospital’s available capacity to the national government and local government units in the National Capital Region Plus area — which includes Metro Manila, Bulacan, Cavite, Laguna, and Rizal — and in Batangas and Pampanga.  

The said hospitals will coordinate with the Department of Health and local government units (LGUs) to administer a total of 150,000 doses of the COVID-19 vaccines to priority sector recipients such as health workers, senior citizens, and persons with co-morbidities.  

Private healthcare providers will also shoulder the cost of administration, venues, and manpower, while the government will provide the vaccines, medical supplies, and personal protective equipment.  

To further support LGUs, Megaworld has committed 11 of its malls and SM Supermalls has allotted 37 of its malls as additional vaccination venues for the administration of vaccines, providing a total of 48 additional vaccination sites.  

Former Philippine health secretary Manuel M. Dayrit said, “(t)he commitment of the private hospitals and malls will help augment the vaccination administration of the LGUs for their constituents.”  

He added that Ingat Angat Bakuna Lahat campaign will help the government achieve its goal of vaccinating 70 million Filipinos this year in order to achieve herd immunity, or the point when a large portion of Filipinos are already immune to COVID-19, thereby mitigating the spread of the virus. — Bianca Angelica D. Añago 

Philippines adds Oman, UAE to travel ban list amid spread of Indian COVID variant

The Philippine government has expanded its travel ban to include Oman and the United Arab Emirates (UAE) in a bid to prevent the spread of a double-mutant version of coronavirus disease 2019 (COVID-19) which was first discovered in India.

Presidential Spokesperson Harry L. Roque said the imposition of the travel ban on Oman and the UAE will take effect starting 12:01 a.m. of May 15 until 11:59 p.m. of May. 31.

“All travelers coming from Oman and the United Arab Emirates (UAE) or those with travel history to these two countries within the last 14 days preceding arrival shall be prohibited from entering the Philippines,” he said in a statement.

Passengers who are set to arrive from these two countries before May 15 would not be barred from entering Metro Manila, but they must complete a 14-day quarantine in an accredited facility.

Mr. Roque said the Philippines also extended the ban on travelers from Pakistan, Bangladesh, Nepal and Sri Lanka until the end of the month.

Meanwhile, more than 544,000 overseas Filipino workers (OFWs) displaced by the coronavirus pandemic have been repatriated by the Philippine government.

International Labor Affairs Bureau Director Alice Q. Visperas said during a televised news briefing that about 49,000 OFWs are set to return to the country. — Kyle Aristophere T. Atienza

6,784 new COVID cases push active cases up to 58,986

The Department of Health (DoH) on Friday reported 6,784 new cases of the coronavirus disease 2019 (COVID-19) and nearly 3,000 recoveries. The DoH also reported 137 additional deaths, bringing the total death toll from the disease to 18,958.

In a statement on Friday, the DOH said there are 6,784 additional cases of the COVID-19, bringing the total tally since the pandemic started to 1,131,467.

As of Friday , there are 58,986 active cases, higher than the 55,260 reported on Thursday.

The number of new recoveries is 2,972, bringing the total number of recoveries to 1,053,123.

Around 93.5% of the active cases are classified as mild, while 2.3% are asymptomatic. Meanwhile, 1.8% of the cases were severe, 1.3% critical, and 1.13% moderate.

The DoH reported that 59% of the country’s ICU beds are being utilized while utilization rates of ward beds are 48%; isolation beds, 44%; and ventilators, 40%. — Gillian M. Cortez

Comelec mulls adjusting 2022 election campaign rules due to COVID-19

PHILSTAR

The Commission on Elections (Comelec) said it is considering modifying its rules and processes for the 2022 national and local elections due to the ongoing coronavirus disease 2019 (COVID-19) pandemic. These include the possibility of virtual debates among presidential candidates, safety protocols, and changes in absentee voting. 

In its first media briefing on the 2022 national and local elections on Friday, the poll body said that they expect that the pandemic will still be raging as they prepare for next year’s polls and during the election period itself. The first regular elections for the Bangsamoro Autonomous Region in Muslim Mindanao will also be held next year. 

“As you all know, we have a committee on ‘new normal’ which will handle on how the elections are prepared and how elections will be performed or done. We anticipate the elections will be happening while the COVID-19 is still there,” said Comelec Commissioner Marlon S. Casquejo during the briefing. 

There will be a conference on Monday to discuss how to proceed with the elections during the pandemic. Among the topics to be tackled is how to conduct the Presidential debates. Mr. Casquejo said Comelec is looking at “hybrid” options such as having only the candidates present at the debate venue; allowing a limited audience to attend the debates; or giving candidates the option to appear virtually during the debates. 

How candidates can campaign during the pandemic will also be discussed, as face-to-face campaigning is risky during a pandemic. The Comelec is studying how other countries have held their elections during the COVID-19 pandemic. It may introduce other campaign methods that the candidates can utilize. 

“As of now, the existing guidelines of the campaign is still face to face, however we are studying the possibility of modifying our rules in campaign since we have the pandemic,” said COMELEC Commissioner Aimee Ferolino-Ampoloquio in the same briefing. 

The Comelec also plans to release safety protocols for the filing of certificates of candidacy and is eyeing setting specific dates for the filing of these per elective position. The dates for the filing of certificates of candidacy and certificates of nomination and acceptance (for partylist aspirants) will be on Oct. 1 to 8 of this year. 

There will be 18,187 elective positions contested during next year’s polls.  

The campaign period for the 2022 national and Local elections will begin on Jan. 7, 2022. The actual elections will be on May 9, 2022. 

The COMELEC said paper-based automated polls will be used again for next year’s elections. Absentee voting will apply for persons with disabilities and overseas Filipinos, but the poll body said it is also looking into who else can avail of absentee voting such as pregnant women. 

Next year’s elections will also have new features for ensuring the transparency of the elections. These include the use of digital signatures of the electoral boards on election returns when transmitting the votes to the canvassing center. Mr. Casquejo said that this was supposed to be implemented during the 2016 national and local elections, but the government was not able to allocate enough funds for it. — Gillian M. Cortez 

DoJ Usec. says terrorist designation is not a new concept

PHILSTAR

Department of Justice (DoJ) Undersecretary Adrian F. Sugay said the concept of designating individuals as terrorists is not new as it has been used since 2012 under the Anti-Terrorism Financing Prevention and Suppression Act.

“I supposed Congress deems it necessary to have something like this in place in order to prevent the terroristic activities or the financing of terrorist activities,” Mr. Sugay said in an interview on Friday on the ABS-CBN news channel.

He explained that the process of designation starts with gathering evidence and information on a suspected terrorist by the National Intelligence Committee, “which is gathered like it is stated in the resolution…(and) by the Vice-Chairman of the Anti-Terrorism Council (ATC), NSA (National Security Adviser) Hermogenes C. Esperon, Jr.”

“This is based on verified and validated information. So, there is evidence. There is information. There is intelligence information,” he added.

Mr. Sugay also said “the designee can always file a petition for delisting, a verified petition for delisting, and may also, of course, go to court and seek judicial remedy.”

In a separate interview on Friday, when asked about the possible danger of using the designation for purposes other than the freezing of assets, Mr. Sugay told reporters over Viber, “I don’t think you can stop anybody from using designation for purposes other than what law clearly provides. Whether or not such use will yield the desired result is another matter altogether. That is why we should all be vigilant.”

In a press briefing of the families of those included in the ATC’s designation as terrorists, they said they hope the Supreme Court will strike down the Anti-Terrorism Act of 2020.

Sharon Cabusao-Silva, wife of peace consultant Adelberto Silva, said her husband’s designation as a terrorist was abusive as it was solely based on intelligence reports.

Ms. Cabusao-Silva added that she does not believe that her husband’s designation as a terrorist will only lead to the freezing of assets and not arrests as the Philippine government has a track record of brutality and of coming up with a broad law.

Fides Lim, wife of peace consultant Vicente Ladlad who is also included in the ATC’s list, said the Anti-Terrorism Act is itself terrorism.

Ms. Lim said her husband was not informed by the ATC of any charges, and as such, the ATC violated his rights to due process.

“There is nothing most fearful, most oppressive, and most unjust than the way political prisoners are being treated under this regime,” she added, but said that she wishes that peace talks could be held under this government. — Bianca Angelica D. Añago

Budget, logistical problems delay normalization process in Bangsamoro — gov’t peace panel

The Office of the Presidential Adviser on the Peace Process (OPAPP) on Friday said budget and logistical problems have delayed the normalization process in the conflict-torn region of Bangsamoro in the southern Philippines.

This as the Senate is deliberating over proposed legislation seeking to extend the term of the body tasked to implement the program by another three years.

The normalization track of the peace pact between the Moro Islamic Liberation Front (MILF) and the Philippine government is yet to be achieved more than three years after the establishment of the Bangsamoro Transition Authority (BTA), OPAPP Undersecretary David Diciano told a Senate hearing.

The normalization plan aims to disarm Moro rebels, initiate socio-economic programs, create transitional justice and reconciliation, and implement confidence-building initiatives.

Mr. Diciano, chair of the government’s peace panel on the Bangsamoro Peace Accord, said the region would have been a step closer to the last phase of the track’s implementation had “travel restrictions and budget reallocation” not entered the scene, Mr. Diciano said.

The phase he referred to is the “the establishment and operationalization of the police force for the Bangsamoro.” The Philippine government and Moro rebels are expected to sign an exit program at the last phase.

“The runway for the full implementation of the commitments under the normalization track between now and the target signing of the Exit Agreement in 2022 is short – not to mention the total budget and resources required to completely deliver these commitments, which may need a minimum amount of P49 billion,” he said, noting that the decommissioning of 70% MILF combatants, or approximately 28,000 fighters, is “yet to be done.”

“Half of this target should be decommissioned in 2020. However, the failure of the MILF to submit the list of names and weapons on time and the availability of the budget pushed the time frame for the decommissioning process,” he said.

Mr. Diciano noted that the MILF’s failure to submit its full list of combatants “affects the timeline not just of decommissioning but as well as the formulation, programming, and provision of socioeconomic programs.”

Congress has only nine remaining session days before it adjourns sine die on June 4

Government troops clashed with members of the Bangsamoro Islamic Freedom Fighters (BIFF) in Datu Paglas in Maguindanao province last week.

The BIFF is a breakaway group from the MILF. — Kyle Aristophere T. Atienza

DOLE gears up to evacuate Filipinos in Israel, Gaza

The Department of Labor and Employment (DOLE) said it is preparing to extract Filipinos who are located in affected areas in Israel and Gaza if the ongoing violence in the area escalates further, adding it will need manpower and an additional budget to do so.

In a briefing on Friday, Israel Labor Attache Labatt Rudy Gabasan said this is being prioritized in case the situation becomes more critical for Filipinos residing in affected areas of Israel, specifically in the southern coastal cities of Ashdod and Ashkelon.

“We need personnel if we are going to extract Filipinos here. At the same time, the budget issue is already being asked by the Department of Foreign Affairs here in Israel for an emergency fund to be sent here,” he said in Filipino.

He said that they may have to rescue 10 Filipinos who are residing in Gaza. They are not overseas Filipino workers but are spouses of Palestinians.

Mr. Gabasan said they are in talks with the hotel associations in the country to provide rooms for Filipino evacuees.

No Filipinos have been reported injured or killed in the ongoing violence in Israel and Gaza.

“Physically there is no reported injury or death but because of the gravity of consecutive bombings here, many Filipinos are experiencing trauma,” said Mr. Gabasan.

He added that they had to extract one Filipina whose Arab-Israeli spouse and child were killed when their compound was hit by a rocket in the city of Lod in Israel. — Gillian M. Cortez

Duterte asks Enrile to discuss South China Sea dispute

FORMER SENATE president Juan F. Ponce Enrile

Philippine President Rodrigo R. Duterte has invited former senator Juan F. Ponce Enrile to a discussion on the South China Sea dispute, saying “he was there right at the beginning.”

The veteran legislator was invited to visit the Palace to shed light on the country’s maritime dispute with China, Mr. Duterte said in a taped Cabinet meeting that aired on Friday. The meeting is set on Monday.

He said Mr. Enrile, 97, has the intellectual capacity to discuss the issue.

“Sa kaniya ako makinig, sa kaniya ako bilib sa utak at pag-intindi nitong problema, itong ating West Philippine Sea.”

Mr. Enrile recently backed the administration’s China policy, saying the country is “no match” for Beijing.

The former lawmaker in 2012 criticized the supposed backdoor negotiations of former senator Antonio Trillanes IV with the Chinese government. He alleged that Mr. Trillanes was selling the country’s sovereignty to Beijing.

A Philippine taskforce earlier reported the continued presence of almost 300 Chinese ships in the Spratly Islands in the South China Sea.

Mr. Duterte has said provoking Beijing into war over the disputed waterway would only lead to the massacre of government troops. He has called the arbitral ruling that rejected China’s claim to more than 80% of the South China Sea a “piece of paper” that could be disposed of.

Also on Friday, Senator Risa Hontiveros-Barraquel called on the Palace to retract its “defeatist” statements regarding the country’s territorial dispute with China.

The office of Mr. Duterte should set the record straight immediately, Ms. Hontiveros said, citing Beijing’s continued incursions in the disputed waterway.

The senator also called for better coordination among government agencies when it comes to the South China Sea dispute.

“While Foreign Affairs Secretary Teddyboy Locsin ordered the lodging of another diplomatic protest over the recent report of the NTF-WPS, he lamented that the task force should have informed the DFA on the presence of Chinese vessels first before releasing a statement to the media,” Mr. Hontiveros noted.

Mr. Locsin earlier said only his agency could speak for the President’s foreign policies.

This, after presidential spokesman Herminio L. Roque, Jr. made a false claim about a Philippine reef.

Mr. Roque and Mr. Locsin have clashed over the China issue several times.

The envoy in February told the Palace official to “lay off” after he suggested that the Philippines should sue Beijing at an international court for passing a law allowing its coast guard to fire at foreign vessels in the disputed waterway.

“We need to harmonize our statements and actions,” Ms. Hontiveros said. — Kyle Aristophere T. Atienza

Chinese economic aid may be blueprint for increasing its international power — Carpio-Morales

CONCHITA CARPIO-MORALES — PHILSTAR/MICHAEL VARCAS

Former Ombudsman and Supreme Court Associate Justice Conchita Carpio-Morales warned that China’s economic support for the Philippines may have “trade-offs” such as debt traps, possible seizure of strategic assets, economic dependence, and even national security.

In her keynote address in a webinar on Friday hosted by the Stratmore Albert del Rosario Institute, Ms. Carpio-Morales alluded to “the growing notion that the (Belt and Road Initiative of China) BRI is far from altruism but is essentially China’s blueprint to advance its geopolitical interest and an embodiment of China’s dream of increasing its domestic and international power.”

“The Belt and Road Initiative… is an ambitious infrastructure investment effort which would connect a host of different countries across the globe with continually increasing geographical reach in order to reach and facilitate what in the initiative identify as its major goals, such as policy coordination, facilities, connectivity, unimpeded trade, financial integration, and people to people bonds,” Ms. Carpio-Morales explained.

“This is how it is made to be understood; rosy and inclusive, devoid of political interests. Ambitious as it is, the selling point of being a game changer in the geopolitical arena has enticed nations to take part in it,” she added.

The BRI is the Chinese government’s centerpiece project to invest in key development infrastructure in nearly 70 countries, including the Philippines.

Its target completion date is 2049, which is also the centennial of the founding of the People’s Republic of China.

Ms. Carpio-Morales said the Chico River pump irrigation project, funded mainly by an $88 million loan from the Export-Import Bank of China, has a contentious confidentiality clause that disallows the disclosure of fine details even to the Filipino people who are the ultimate bearers of the loan.

She added that the New Centennial Water Source Kaliwa Dam project did not conduct an environmental impact study and has been seen as giving preferential treatment to China at the cost of feasible and sustainable development.

On April 21, Australian Foreign Minister Marise Ann Payne announced that Australia will pull out of the BRI as she considered the agreements to be “inconsistent with Australia’s foreign policy or adverse to our foreign relations.” — Bianca Angelica D. Añago

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