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SRPs for Christmas eve food products kept by Trade dep’t

THE SUGGESTED retail prices (SRP) for food products used for the traditional Christmas eve feast, or noche buena, will be kept after the Trade department released the same price list from a year earlier.

The SRP that took effect on Tuesday will cover ham, fruit cocktail, cheese, pasta, sandwich spread, mayonnaise, macaroni, creamer and spaghetti and tomato sauce, according to a memo issued by the agency. The price timeline for some of the products will be more limited, such as some condensed milk that will be valid between Nov. 15 and Dec. 31.

Prices of Dole and Seasons brand products are valid for the month of December, while prices of some fruit cocktails will be valid from Dec. 15 to 31 only.

Ham products weighing a kilo will have a suggested retail price of P299 to P1025, while a 3-kilo fruit cocktail will cost P202.20 to P239.40, depending on the brand.

The SRP for 500 grams of cheese products is P118.20 to P269.5, while a 900g spaghetti could cost P57 to P87.65. Prices of one-kilo elbow and salad macaroni will be P64 to P98.65. A kilo of spaghetti sauce will cost P60.70 to P84.20, while tomato sauce will cost P62 to P78.25. Creamers will cost P47 to P75 depending on the size and brand.

Companies behind major brands such as Lady’s Choice, Clara Ole, Alaska and UFC said they would keep prices stable amid the economic crisis brought by a coronavirus pandemic, the Trade department said last week.

Meat processors CDO Foodsphere, Inc., Virginia Food, Inc. and Century Pacific Food, Inc. also said they won’t raise prices.

The agency last month evaluated applications from food companies to increase the prices of goods to cover higher operating costs.

Victorio A. Dimagiba, president of consumer group Laban Konsyumer, said in a mobile message that he was thankful that the call to stabilize the prices of noche buena products was heeded. Suggested retail prices apply to products sold in supermarkets and wet markets. — Jenina P. Ibañez

Tribunal warns parties in Marcos protest

THE PRESIDENTIAL Electoral Tribunal has warned parties in the poll protest of losing vice presidential candidate Ferdinand R. Marcos, Jr. not to discuss the case to the media.

In a statement, the court’s Public Information Office said the tribunal had reiterated its order for the parties to “strictly observe the sub judice rule,” which bars anyone from issuing comments that could interfere with the court’s handling of the suit.

“These are not the proper venues to litigate their case,” it said. “The parties, their counsels and their agents are sternly warned that any more violation of this order shall be dealt with more severely.”

Mr. Marcos and the Office of the Solicitor General on Monday asked presiding Justice Mario Victor F. Leonen to inhibit himself from the case, citing bias against the Marcos family and accusing him of delaying the case.

The lawyers of Vice President Maria Leonor G. Robredo have criticized Mr. Marcos’s plea, which they said was another “mind-conditioning game” meant to attack the integrity of an institution “to force them to give in to his desires.” — Vann Marlo M. Villegas

Nationwide round-up (11/10/20)

Damage from 4 typhoons estimated at P38B

THE four typhoons that hit the country since late October has cost the country about P38 billion in output losses, but Acting Socioeconomic Planning Secretary Karl Kendrick T. Chua said on Tuesday this remains a “manageable” amount.

Citing preliminary data, Mr. Chua said the damage caused by typhoon Rolly (international name: Goni) alone, the world’s strongest typhoon so far this year, was estimated at P24 billion or equivalent to 0.13% of the country’s nominal gross domestic product (GDP).

The cost of destruction caused by the four typhoons combined — Pepito (Saudel), Quinta (Molave), Rolly (Goni) and Siony (Atsani) — translate to 0.21% of GDP.

“Our GDP is almost P18 trillion so if we put them all together, the impact on the country’s growth rate, preliminarily, is around a reduction of 0.055 percentage points, so I think this is a manageable level,” he said in a press conference.

“What is important is we fast-track the recovery so that more people will be reintegrated back after the disaster phase,” he added.

The projected damage of typhoons and other disasters triggered by storms such as landslides and flash floods had always been considered when the economic team made their economic projections, said Mr. Chua.

“Typhoons or natural disasters arising from typhoons are recurring events which we have already internalized in our estimates although sometimes typhoons can be more destructive so these are being factored in (the government’s economic forecasts),” he said.

The World Bank estimates that the country suffers P177 billion on average in losses to public and private assets due to typhoons and earthquakes each year.

Latest data showed the country slumped by 11.5% in the third quarter to record its third straight quarter of contraction this year.

Last quarter’s print has been tempered by the 1.6% increase in the agriculture sector, the only one that has been recording growth since the second quarter among the three main economic sectors.

However, agriculture was among the hardest-hit sectors by the typhoons, which incurred P5 billion in output losses from typhoon Rolly and P2.66 billion from Quinta as of Monday, based on the estimates by the Agriculture department.

In the power sector, typhoon Rolly’s projected cost of damage to electric cooperatives’ facilities climbed to P371.41 million as of Tuesday, the National Electrification Administration (NEA) reported.

NEA also said power supply has been restored to 2.1 million households or 67.91 % in the Bicol region and other affected areas.

About 671,349 consumers remain without access to power. — Beatrice M. Laforga and Angelica Y. Yang

Updated immigration law needed to fight corruption—Morente

IMMIGRATION Commissioner Jaime H. Morente said passing a new law on the Bureau of Immigration (BI) will solve the corruption in the agency.

In a statement on Tuesday, Mr. Morente said many provisions in the Philippine Immigration Act of 1940, which was enacted at a time when there were no international flights into the country yet, are “already outdated and inappropriate.”

He said updating the existing immigration law “may yet cure systemic problems that breed corruption.”

“We can remove people again and again, but the loopholes in the law remain,” he said.

He said the pending bills in Congress will address “salary woes, remove systemic issues, plug loopholes in policies, update fines and penalties, ensure division of power, and confer to the Commissioner the proper disciplinary powers.”

In the meantime, he added, two steps of the “three-tier approach” is already being implemented to address anomalies.

The first is the “short-term solution” of relieving those found to be involved in corrupt practices and second is the “medium-term solution” of reorganizing the system and adding “layers of check and balances.”

The “real and long-term solution” is updating the Philippine Immigration Act, he said.

At least 86 Immigration personnel are facing graft complaints over their involvement in the money-making scheme of facilitating the illegal entry of foreign nationals.

These suspended BI officers were summoned to Malacañang on Monday night where President Rodrigo R. Duterte gave them a “warning,” according to his spokesperson. —Vann Marlo M. Villegas and Gillian M. Cortez 

Labor dispute settlement now online

LABOR disputes can now be settled virtually with the Department of Labor and Employment (DoLE) implementing an online conciliation-mediation system to minimize face-to-face contact amid the coronavirus threat.

In a statement on Tuesday, DoLE said it has released guidelines on the online Single Entry Approach (e-SEnA) program through Administrative Order No. 215, series of 2020. This will allow parties to file their request for assistance online instead of physically visiting the Single Entry Assistance Desk.

The DoLE said the SEnA is “an administrative approach that aims to provide speedy, impartial, inexpensive, and accessible settlement procedures of all labor issues or conflicts to prevent them from ripening into full-blown disputes or actual labor cases.”

The SEnA forms may be accessed at  https://sena.dole.gov.ph.

Discussions on the SEnA conference will be conducted among the parties with the SEnA Desk Officer before the notice of conference is given out through courier services, facsimile, electronic mail, or other digital platforms.

The SEnA conference will be done through video conferencing or teleconferencing. In case a party does not have any digital platform available, a face-to-face conference can be held but will be subject to strict health protocols. — Gillian M. Cortez 

Bill providing seniors free dialysis filed

A MEASURE seeking to provide free dialysis for senior citizens through full reimbursement to hospitals has been filed at the House of Representatives.

House Bill 7859, or the Free Dialysis for Senior Citizens Act, mandates the Philippine Health Insurance Corp. (PhilHealth) to “as soon as possible reimburse” all the expenses hospitals incurred for the dialysis sessions of seniors.

“PhilHealth shall as soon as possible reimburse all official receipts for drugs, supplies, and laboratory procedures dated 30 days prior to the date of the claimed session,” the bill states.

“Seniors are unable to spend their pension on dialysis treatments because the pension payments to them are barely enough for survival needs,” Senior Party-list Rep. Rodolfo Ordanes said in a statement.

PhilHealth’s current 90 sessions coverage is “unjust because it imposes upon seniors and their families the cost burden of the 54 sessions not covered in the common 144 sessions dialysis patients need to undergo,”he added. — Kyle Aristophere T. Atienza

PHL envoy reelected to UN committee seat

PHILIPPINE Ambassador Rosario G. Manalo has been reelected to a seat in the United Nations Committee on the Elimination of All Forms of Discrimination against Women (UN-CEDAW), the Department of Foreign Affairs (DFA) announced on Tuesday.

“She is widely-recognized as a champion of women’s rights in the PH, in the region, through ASEAN, and the international community,” the DFA said in a social media post.

“In her service, she has acquired invaluable knowledge and vast expertise in various capacities in ASEAN (Association of Southeast Asian Nations) and the UN.” Ms. Manalo, who was re-elected on Nov. 9, was one of 19 candidates who vied for 11 highly contested seats.

“Amb. Manalo is my country’s most eminently-qualified candidate to serve a new term as member of the said Committee,” Foreign Affairs Secretary Teodoro L. Locsin, Jr. said.

Ms. Manalo has served as a senior adviser for the DFA since 2002 and currently sits as chairperson of the Independent Commission of Enquiry, according to her curriculum vitae posted on the UN High Commissioner for Human Rights website.   

She is also director of the Center for Gender Equality and People Empowerment and dean of the Helena Z. Benitez School of International Relations and Diplomacy at the Philippine Women’s University. — Charmaine A. Tadalan 

Regional Updates (11/10/20)

Tropical storm Ulysses intensifies as it nears Bicol

TROPICAL cyclone wind signal #2 was up as of Tuesday afternoon in several provinces in the Bicol Region as tropical storm Ulysses intensified while approaching land. Weather bureau PAGASA, in its 5 p.m. bulletin, warned of “damaging gale-to storm-force winds” in Catanduanes, Sorsogon, Albay, Camariñes Sur, and the eastern portion of Camariñes Norte (San Vicente, Talisay, Daet, San Lorenzo Ruiz, Basud, Mercedes). Wind signal #1 was also raised in several Luzon and Visayas areas. A storm surge alert was also issued over coastal areas along the storm’s path, including in the capital Metro Manila.  PAGASA said Ulysses, the 21st to enter the country this year, could strengthen into a typhoon by Wednesday afternoon with a possible peak intensity of 130-155 kilometers per hour (km/hr) and make landfall over Bicol or Quezon province. As of 4 p.m. Tuesday, the storm’s center was located 375 km northeast of Virac, Catanduanes with maximum sustained winds of 85 km/h and gustiness of up to 105 km/h.

New Third-Party Monitoring Team chair named for Bangsamoro peace

A new chair has been designated for the Third Party Monitoring Team that oversees the implementation of the peace agreement between the Philippine government and the Moro Islamic Liberation Front (MILF) in the Bangsamoro region. In a statement on Tuesday, the team announced the appointment of German national Heino Marius, an economics expert and a long-time European Union (EU) official. His career includes experience on dealings in southeast Asia, Afghanistan, and Pakistan. The EU delegation to the Philippines, in a separate statement, congratulated Mr. Marius on his new post and underscored the EU’s continued support to the peace process. Mr. Marius completes the five-member independent monitoring team, which currently includes: Karen Tañada (Gaston Z. Ortigas Peace Institute), Rahib Kudto (United Youth for Peace and Development, Inc.), Huseyin Oruc (Humanitarian Relief Foundation), and Sam Chittick (Asia Foundation).

Senate committee adds vaccine, calamity funds to budget measure

THE Senate Finance Committee approved the chamber’s version of the P4.5-trillion 2021 budget bill with a hefty increase in vaccine funding, setting the stage for two weeks of deliberations with a target date of passage of Nov. 24.

The 2021 spending plan, according to the committee’s chairman, Senator Juan Edgardo M. Angara, prioritizes health and disaster response spending in light of the coronavirus pandemic and calamities that have hit the country since the beginning of the year.

“As they say the new normal is not just COVID-19 (coronavirus disease 2019), it’s also climate change, those I think are the top two (priorities),” he said at an online briefing, Tuesday.

“Both of these, the COVID-19 phenomenon of 2020, and climate change which has been with us for the last decade, are cross-cutting issues.”

The Senate resumed session on Monday, a week ahead of the House of Representatives, in a bid to get the work in to pass the budget, which goes to the bicameral conference committee after hurdling the chamber. The estimate for the bicameral session is between Nov. 26 and Dec. 1.

The committee report was also filed Tuesday.

According to Mr. Angara, the committee raised the funding for the implementation of a vaccine program for COVID-19 to P18 billion, from the P2.5 billion provided for under the National Expenditure Program proposed by the executive branch.

This is also higher than the P10 billion in the version approved by the House of Representatives. Mr. Angara noted the P10-billion allocation was unfunded, subject to government revenue performance.

“This means it will be funded, if the collections from the non-tax revenues exceed the targets and historically, na-e-exceed naman (the targets have been exceeded),” he said.

The committee also provided P16.6 billion for the employment of medical frontliners, P2.7 billion for purchasing personal protective equipment, and P4.8 billion for improving health facilities in poor communities.

Some P71.4 billion will be allocated to the National Health Insurance Program, which he said will come with safeguards amid a corruption scandal at the Philippine Health Insurance Corp.

A total of P113.8 billion will also be used to fund the Pantawid Pamilyang Pilipino Program (4Ps), which is targeted to provide aid to 4.4 million families.

The committee proposed to raise funding for calamity response via the National Disaster Risk Reduction Management fund and agencies’ quick response funds, to P27.25 billion, from P22.8 billion in 2020.

Mr. Angara added the panel pushed for the full resumption of the infrastructure projects under the “Build, Build, Build” program to generate 1.1 million direct and indirect jobs, and maintained the P500 million funding for the resettlement program of the National Housing Authority. — Charmaine A. Tadalan

PHL employer healthcare costs seen rising 8.8% in 2021

THE cost of healthcare benefits borne by employers in the Philippines is expected to rise 8.8% in 2021 due to the pandemic, according to a survey of medical insurers conducted by Willis Towers Watson, an advisory, broking and solutions company.

The Philippine growth rate as estimated by medical insurers outpaces the Asia Pacific average of 8.5% in 2021. The regional average was 6.2% this year and 7.5% in 2019, according to the firm’s 2021 Global Medical Trends Survey, Willis Towers said in a statement.

“The pandemic undoubtedly had a major impact on slowing trend increases this year as it sparked a sharp decline in non-urgent surgeries and elective care,” said Susan La Chica, Head of Health and Benefits, Philippines at Willis Towers Watson.

Ms. La Chica said that while there was a drastic decline in the number of non-emergency patient visits in hospitals or clinics due to fear of exposure to coronavirus, there was a rise in the frequency of emergency room visits.

She added that actual cost of care per outpatient visit or confinement also rose due to the cost of personal protective equipment (PPE) for healthcare workers and the nature of conditions being managed.

“Continued delay in treatment in 2020 could mean an even larger increase in 2021 than projected,” she said.

Aside from the Philippines, China, India, Indonesia, Malaysia, New Zealand, Singapore, Thailand and Vietnam are also expected to see an increase of more than 8% in the cost of healthcare benefits in 2021.

It said that 49% of the insurers surveyed in the region expect that the medical benefit cost growth trend will remain constant over the next three years while 40% expect it to rise further.

According to the report, private medical care in the Philippines is largely dominated by health maintenance organizations (HMOs), which account for 80% of the plans.

Various physician organizations negotiated with HMOs and were granted a 50% increase in fees starting May to cover PPE costs, the report said, adding that the cost increase is expected to remain for the duration of the pandemic.

“Overall this helps explain why trend rates in the Philippines have edged up for 2020 to 8.5% from 7.8% in 2019 and are projected to continue increasing for 2021, although continued delay in treatment in 2020 could mean an even larger increase in 2021 than projected,” according to the report.

The study showed that cancer, cardiovascular diseases and conditions affecting the musculoskeletal and connective tissue are the top three conditions affecting medical costs in the region, it said.

Overuse of care by medical practitioners recommending too many services is the most significant cost-driving factor according to 75% of the respondents, it said, followed by overuse of care by insured members.

Willis Tower Watson also said that external factors affecting the increase of medical costs outside the control of employers and vendors were healthcare providers’ profit motive, the higher cost of medical technology, and the pandemic.

Ms. La Chica said personal healthcare awareness and hygiene improved because of the pandemic.

Use of telehealth, which could offset potential higher costs “and provide a more efficient way for those insureds to access and use healthcare in the future” also accelerated, she said. “However, that may also boost utilization due to ease of access and add to overall costs.”

The survey was conducted between July and September and took in responses from 287 leading medical insurers in 76 countries. — Vann Marlo M. Villegas

Holiday retail sales expected to be subdued amid questions about economic recovery

RETAIL SALES during the end-of-year holidays are expected to be subdued as the economy recovers, with consumers expected to keep a lid on spending due to the uncertainty caused by the pandemic.

Retail sales have improved after the easing of lockdown restrictions since August, but operations are limited due to sparse foot traffic and dwindling cash flow for store owners, the Philippine Retailers Association (PRA) said.

Overall consumer expenditure is low due to public health anxiety and restrictions on the elderly, large public gatherings, and public transportation, which is keeping consumers from shopping, the industry group said.

“People will still do their Christmas shopping though (this) may be limited. Retailers will always have their December sales as the best month of the year in terms of sales. This may be in (the) form of in-store or/and online experiences,” PRA Vice-Chairman Roberto S. Claudio, Sr. said in an e-mailed response to questions on Tuesday.

He said that consumers are patronizing restaurants albeit at limited capacities. Food and medicine sales are strong, while non-essential fashion stores are performing poorly.

“However, health and fitness equipment retailers are experiencing higher demand for ‘workout at home’ (goods),” which are sought after as consumers seek “to counter the lockdown’s  physical and mental stress,” he said.

Third-quarter consumption declined by 9.3%, against the 15.3% drop in the second quarter, according to the Philippine Statistics Authority. Household spending had risen 6% in the third quarter of 2019.

With government stimulus, household spending could grow by 5.7% in 2021, with increased spending on recreation, furniture and homes, alcoholic drinks and tobacco, and clothing and footwear, global research firm Fitch Ratings said last month.

The government has been offering loans for small businesses during the pandemic. But Mr. Claudio said that both government and bank loans remain inaccessible.

“Government loans to businesses should be available with longer repayment terms. Profit will not recover immediately in this pandemic, but MSME’s (micro-, small-, and medium-sized enterprises) need the cash flow to sustain operations,” he said.

The Philippine Chamber of Commerce and Industry has asked that mall and commercial center operators extend rent relief for smaller tenants, and proposed that businesses instead pay a percentage of sales until they have recovered. — Jenina P. Ibañez

IEA: Regulation main source of uncertainty in growth of Philippine renewables industry

THE renewables outlook to 2025 for the Philippines and some of its neighbors is for growth in the solar and wind-energy industries, with regulation seen as the main source of uncertainty, the International Energy Agency (IEA) said in a report issued Tuesday.

“PV (photovoltaic) expansion in Indonesia, the Philippines and Thailand will gain momentum, but regulatory and administrative challenges hamper faster growth,” the IEA said in its 2020 Renewables report made available to BusinessWorld.

The report did not outline the specific challenges faced by solar projects.

As part of the Philippine renewable portfolio standards (RPS) scheme, the government will conduct auctions for the supply of green energy, but implementation remains a “forecast uncertainty” for wind-powered projects, the IEA said.

In July, the Department of Energy announced that it would open its first-ever green energy auction to help electricity providers reach their RPS goals. It is scheduled to be held next year.

“Renewables are resilient to the COVID crisis but not to policy uncertainties. Governments can tackle these issues to help bring about a sustainable recovery and accelerate clean energy transitions,” IEA Executive Director Fatih Birol said in a separate statement.

According to the IEA report, the auctions are expected to “drive up PV growth, with annual deployment reaching almost 0.5 GW (gigawatts) through 2022 and a further increase to 0.8 GW during 2023-25.”

The scheme is also expected to increase the Philippines’ wind power capacity from 2022 onwards.

The IEA said investor appetite for renewables remains strong. Between January and October, it estimated that global auctioned renewable capacity rose 15% year on year.

It also noted that shares of publicly-listed renewable equipment manufacturers and project developers have been “outperforming in most major stock market indices and the overall energy sector.” In October, shares of solar companies worldwide were more than double their year-earlier levels, the IEA said.

According to Mr. Birol, renewables are set to become the largest source of electricity generation worldwide, supplying one-third of the world’s power in 2025.

The IEA examines the impacts of energy issues across the globe. Although the Philippines is not an IEA member, it was included in this year’s global report. — Angelica Y. Yang

House commits support for 12 economic revival measures on Finance dep’t agenda

THE House of Representatives will expedite the passage of 12 economic measures sought by the Department of Finance (DoF) to help the government jumpstart the economy following the damage done by the pandemic, a senior legislator said Tuesday.

Majority Leader Martin G. Romualdez said he has been instructed by Speaker Lord Allan Q. Velasco to prioritize the 12 bills, five of which are in the interpellation stage in plenary, and the rest in committee.

“I have explicit instructions from Speaker Lord Allan Velasco. We have to prioritize these 12 bills that were endorsed by DoF Secretary Carlos G. Dominguez III as part of the legislative priorities of the DoF,” Mr. Romualdez said. “These legislative imperatives are needed to help ensure that the economy recovers quickly from the corona-induced crisis in a strong, sustainable, and resilient manner.”

The priority measures include House Bill (HB) No. 7749 or the proposed Government Financial Institutions Unified Initiatives to Distressed Enterprises for Economic Recovery act, which is in plenary. Its purpose is to strengthen the capacity of government financial institutions to provide assistance to micro-, small-, and medium-sized enterprises.

Other priority measures in plenary are HB 7425 or the proposed Digital Transactions Value-Added Tax act, HB 7406 or the proposed Bureau of Fire Protection Modernization Program act, HB 6135 or the Fiscal Mining Regime, and HB 7425 or the proposed Internet Transactions Act/E-Commerce Law.

Priority measures that have yet to make it past committee are the Military and Uniformed Personnel Services Separation, Retirement, and Pension bill,  the Armed Forces of the Philippines Modernization bill, the Coconut Farmers Trust Fund bill, the Department of Water Resources and Water Regulatory Commission bill, the Warehouse Receipts bill, the National Disease Prevention and Management Authority bill, and the National Land Use bill.

“I have no doubt that the House will be able to pass all these measures before the onset of election fever next year,” Mr. Romualdez said. — Kyle Aristophere T. Atienza

E-voucher program to disburse cash aid to farmers, fishermen via DBP; food aid via Agri dep’t

BW FILE PHOTO

THE Department of Agriculture (DA) said it entered into an agreement with the Development Bank of the Philippines (DBP) to offer an e-voucher program which will deliver subsidies to farmers and fisherfolk.

Agriculture Secretary William D. Dar and DBP President Emmanuel G. Herbosa signed the memorandum of agreement and implementing guidelines of the subsidy program on Nov. 9.

The cash assistance and food program has an allocation of P4.5 billion under Republic Act No. 11494 or the Bayanihan to Recover as One Act (Bayanihan II) and is projected to benefit around 900,000 farmers and fisherfolk.

Eligible beneficiaries enrolled in the Registry System for Basic Sectors in Agriculture will receive P5,000 worth of assistance that consists of P2,000 in food and P3,000 in cash.

Under the e-voucher system created by the DA, farmer beneficiaries can claim their cash assistance at DBP-accredited payment centers by presenting a government-issued identification card and the unique reference code sent by the implementing agencies.

Food assistance can be claimed at DA-accredited outlets participating in its Kadiwa ni Ani at Kita program.

Dennis M. Layug, DA senior adviser on information technology and farm digitalization, said the new system provides an efficient delivery system for aid, and facilitates monitoring of disbursements.

Mr. Dar said the program aims to help marginal farmers, fisherfolk, enterprises, and farm industries affected by the coronavirus disease 2019 (COVID-19) pandemic.

The program hopes in particular to reach beneficiaries “not included in previous amelioration programs that catered to rice farmers,” Mr. Dar said.

The program’s implementing agencies include the DA Corn Program, Philippine Coconut Authority, Sugar Regulatory Administration, Bureau of Fisheries and Aquatic Resources, and the National Commission on Indigenous Peoples for the corn, sugarcane, fisheries, and indigenous peoples sub-sectors. — Revin Mikhael D. Ochave

Farmers bring in P5.57B worth of palay and corn ahead of Storm Ulysses

THE Department of Agriculture (DA) said that around P5.57 billion worth of palay and corn was harvested before Tropical Storm Ulysses made landfall on the Pacific coast of Luzon.

In a bulletin Tuesday, the DA said rice valued at P5.48 billion was brought into storage in Cagayan Valley, Central Luzon, Calabarzon (Cavite, Laguna, Batangas, Rizal, and Quezon), and CAR (Cordillera Administrative Region).

Total volume was 341,812 metric tons (MT) across 69,716 hectares of farmland.

Meanwhile, P85.62 million worth of corn, equivalent to 6,757 MT, were brought in across 1,550 hectares in the Ilocos, Cagayan Valley, and Central Luzon regions.

“Damage and losses in the agriculture sector are expected from CAR, Ilocos Region, Cagayan Valley, Central Luzon, Calabarzon, Mimaropa (Mindoro, Marinduque, Romblon and Palawan), Bicol Region, and Eastern Visayas Region,” the DA said.

On Tuesday the Philippine Atmospheric, Geophysical, and Astronomical Services Administration said Ulysses is likely to make landfall in Quezon Province on Thursday after approaching via Catanduanes and Camarines Norte Wednesday.

In a separate bulletin, the DA said crop damage from Typhoon Rolly (international name: Goni) amounted to P5 billion, up from the previous esti mate of P3.01 billion.

The typhoon affected 42,151 farmers and 126,077 hectares of agricultural land, resulting in the loss of 194,181 MT in produce.

Affected commodities include rice, corn, high-value crops, livestock, as well as various agricultural facilities.

Damage to rice amounted to P1.17 billion, equivalent to 63,960 MT, across 22,924 hectares.

High-value crop losses are now at P1.9 billion. Some 10,569 hectares of land were affected while 114,826 MT was lost.

Other commodities that reported losses include abaca at P1.02 billion, coconut P569.81 million, corn P52.86 million, livestock and poultry P48.65 million, and fisheries P22.28 million.

Damage to agricultural facilities hit P190.78 million, while losses to machinery and equipment was pegged at P875,000. — Revin Mikhael D. Ochave

BSP weighing scaled-back relief measures as economy recovers

THE Bangko Sentral ng Pilipinas (BSP) said it is evaluating the timing of moves to wind down its stimulus program as the economy recovers, in order to avoid any negative effects from policy action taken during the height of the crisis, such as the persistence of low interest rates.

“Most of these monetary instruments will need to be scaled back, if not reversed entirely, even if other instruments of the central bank may have to utilized,” Marites B. Oliva, an economist with the BSP’s Center for Monetary and Financial Policy, said in a forum organized by the Philippine Economics Society Tuesday.

The central bank implemented a range of policy actions to provide support during the crisis. It started cutting rates in February, before the pandemic started affecting the economy. The BSP reduced key policy rates by a total of 175 basis points, bringing down the overnight reverse repurchase, lending, and deposit facilities to .25%, 2.75%, and 1.75%, respectively.

It also reduced the reserve requirement for banks by a total of 200 bps, in an effort to increase liquidity. It also agreed to classify loans to small businesses as a form of reserve compliance.

The BSP’s policy measures have injected P1.9 trillion into the financial system, equivalent to 9.6% of gross domestic product.

The BSP has also granted a total of P840 billion via provisional advances to the national government through a repurchase agreement with the Bureau of the Treasury and direct provisional advances. The amount is P10 billion less than the P850-billion limit.

“The unwinding of conventional measures is anchored on the medium- and long-term outlook for price stability. For unconventional measures, the unwinding will depend on the impairment of the monetary policy transmission to the financial system and the market,” Ms. Oliva said.

“Waiting too long could give rise to systemic risks especially amid a prolonged environment of low interest rates,” she added.

Ms. Oliva cited as an example BSP’s continued purchases in the secondary market, which she said “would have to be gradually normalized to avoid conflicting signals and policy conditions.”

BSP Governor Benjamin E. Diokno has said that the bank will carefully assess the timing of unwinding the measures taken during the pandemic to avoid serious repercussions.

“Moving forward, an optimal exit strategy should be one that is induced by a favorable macroeconomic environment,” Ms. Oliva said. — Luz Wendy T. Noble

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