Facebook Instagram Linkedin X Youtube
Home Blog Page 8730

Commission to assess effectivity of safeguard duties on steel bars

THE TARIFF commission will assess the impact of safeguard duties imposed on steel angle bars and newsprint on the domestic industry, after the expiration of these safeguard measures.

Philippine imposition of safeguard duties on steel angle bars was extended to end in 2019, after first being implemented in 2009 to 2015. Imported newsprint also had safeguard import duties from 2015 to 2018.

The commission will be conducting online public hearings in February 2021.

“The purpose of the public hearing is to evaluate the effectiveness of the actions taken by the domestic industry in facilitating positive adjustment to import competition,” the commission said in separate public notices signed last month.

All interested parties may present evidence or testimony at the meetings.

The Trade department in 2015 imposed a general safeguard measure against imports of newsprint from various countries after the department’s investigation found that increased imports likely caused serious injury to the domestic newsprint industry, in response to an application from the Trust International Paper Corp.

The Safeguard Measures Act, or Republic Act No. 8800, allows domestic producers to ask the government to conduct an investigation into their import competitors if they claim to have been injured by excessive imports.

In a 2017 assessment, the tariff commission found that the domestic newsprint industry complied substantially with commitments in its adjustment plan, noting that the measures such as equipment upgrades significantly lowered industry deficits.

“However, the full potential of the cost savings from the efficiency measures undertaken have not been fully realized by the domestic industry due to cost factors that are beyond its control such as fluctuations in such major cost components as bunker fuel and power,” the report said.

The report said that the industry must make further adjustments to the external pressures, adding that the safeguard offered it enough time to make improvements.

The steel angle bar industry had successfully petitioned for an extension of safeguard measures up to 2019 after it reported that imports seriously injured local industry and submitted evidence on its adjustment to competition.

The tariff commission’s 2017 assessment found that the domestic steel angle bar industry complied substantially with adjustment commitments.

“The impact of the adjustment measures undertaken by the domestic industry can be seen in its high market shares, the significant reduction in its production costs, and the improvements in its production and sales volumes, utilization rates, and profitability.”

Steel industry groups have recently been calling the attention of the Trade department to unmarked and substandard steel bars in Luzon markets, with Philippine Iron and Steel Institute (PISI) President Ronald Magsajo alleging that some may have been smuggled into the country.

The tariff commission will also be conducting a public hearing on Dec. 18 on the safeguard measures on the Philippine cement industry, assessing its compliance with adjustment plans. — Jenina P. Ibañez

Downtick in jobless and underemployment rates ease economic misery in Q4 (2020)

Downtick in jobless and underemployment rates ease economic misery in Q4 (2020)

Shares to move sideways on US-China tensions

PHILIPPINE SHARES are expected to go sideways after a one-day trading break as investors will assess the impact of renewed tensions between the United States and China on the market.

On Monday, the 30-member Philippine Stock Exchange index (PSEi) improved 69.11 points or 0.96% to close at 7,203.67, while the broader all shares index climbed 35.68 points or 0.83% to 4,286.05.

The market was closed on Tuesday in observance of the Feast of the Immaculate Conception of Mary.

Timson Securities, Inc. Head of Online Trading and Trader Darren Blaine T. Pangan said in a mobile phone message that the benchmark index may be affected as investors weigh the ongoing tensions between the US and China.

“As investors may be assessing how the US-China tensions may play out over the short-term, the index may trade sideways, especially that the market is currently trading near its immediate resistance at the 7,200 level,” Mr. Pangan said.

The United States on Monday imposed financial sanctions and a travel ban on 14 Chinese officials over their alleged role in Beijing’s disqualification last month of elected opposition legislators in Hong Kong, Reuters reported.

The sanctions prohibit the 14 individuals and their immediate members from traveling to the United States. Any assets the officials might have within the United States will be blocked and US individuals and companies will be banned from dealing with them.

Diversified Securities, Inc. Equity Trader Aniceto K. Pangan said the market might also move sideways following the release of faster-than-expected inflation data.

“The overbought condition of the market with the recent uptick in inflation rate at higher than estimate may dampen the sentiment,” Mr. Pangan said in a mobile phone message.

The overall year-on-year increase in prices of widely used goods accelerated to its fastest pace in 21 months in November, the Philippine Statistics Authority (PSA) reported on Friday.

Preliminary PSA data showed headline inflation at 3.3% last month, picking up from 2.5% in October and 1.3% in November 2019.

The latest inflation result was the fastest pace in 21 months or since the 3.8% reading in February 2019. It also matched the 3.3% print in March 2019. Year to date, inflation settled at 2.5%, still within the central bank’s 2-4% target.

AAA Southeast Equities, Inc. Research Head Christopher John Mangun said the PSEi may retreat in the next trading session as selling pressure has picked up.

“But a successful break above this level will encourage more bullishness. Investors remain optimistic that business activities continue to pick up due to increased government and consumer spending this month,” Mr. Mangun said in a mobile phone message.

“Immediate resistance is 7,263 with next resistance at 7282 while immediate psychological support is 7,000 with major support at recent low of 6,740,” Diversified Securities’ Mr. Pangan said. — Revin Mikhael D. Ochave

Banks need to boost cybersecurity protocols to guard vs threats, attacks as clients shift online

BANKS must build up their security measures to guard against emerging cyberthreats. — FREEPIK

FINANCIAL INSTITUTIONS need to continue boosting their guard against fraud and crimes as consumers shift towards online transactions amid the coronavirus pandemic, stakeholders said.

“With that surge of transactions, it is paramount to implement cybersecurity protocols to protect the institutions and most importantly, the customers,” Spark Perreras, chief executive officer and co-founder of financial technology firm PearlPay, said in a BusinessWorld Insights Forum on Friday.

Mr. Perreras said the vulnerability assessment penetration testing mandated by regulators is a vital point in cybersecurity as it is meant to gauge flaws in a system.

Meanwhile, Paolo del Puerto, chief marketing officer at cybersecurity platform Secuna, said lenders are not the only institutions that could be victimized by hackers, noting around 30 schools were hacked in June this year.

He also cited a study which showed it took firms about 206 days to detect a data breach.

Mr. Del Puerto said that to be safe against cyberthreats, it is important for institutions to go beyond time-sensitive assessments mandated by regulators.

He added that companies should develop better communication with stakeholders and be more receptive to feedback from users that may have experienced such attacks.

“Cybercriminals are attacking 24/7. You wouldn’t know when they would be able to exploit the vulnerability,” Mr. Del Puerto said.

For his part, Philip B. Casanova, principal for technology consulting at SGV & Co., said banks should approach cybersecurity as a governance issue and not just a technical issue.

“Banks and financial institutions would need to educate their employees and their customers about the risks…not believing everything they receive,” he said, calling this the “human firewall mentality.”

Businesses should also employ a “secure by design principle,” said Mr. Casanova, wherein cybersecurity is put forth in the early planning stage of a system.

If cybersecurity strategies are formulated earlier, businesses will also be able to reap economic benefits, he said.

“The cost to fix [a cybersecurity system] is 30 times more expensive [compared with] if you fix it during the early stages of the development life cycle,” he said.

The Bangko Sentral ng Pilipinas earlier urged lenders to have a “zero trust” cybersecurity system approach wherein resources are continuously authorized and verified through security protocols. These methods include biometric technologies and multi-factor authentication techniques. — L.W.T. Noble

PHL eyes excess vaccines of Australia, China

By Gillian M. Cortez and Vann Marlo M. Villegas, Reporters

THE PHILIPPINE government is in talks with Australia and China for the purchase of the two countries’ excess supply of coronavirus disease 2019 (COVID-19) vaccines, according to Secretary Carlito G. Galvez, Jr.

“Our negotiations with them are ongoing,” Mr. Galvez, appointed vaccine czar, told President Rodrigo R. Duterte during a televised late Monday night meeting of the task force handling the COVID-19 response.

Mr. Galvez said these two countries, which have reserved vaccine doses that are more than their respective populations, are “more than willing” to share their supply.

Last week, Mr. Galvez said 80% of the global COVID-19 vaccine supply were already prepurchased by more developed countries.

The government plans to vaccinate more than half of the 109 million population within the next three years to establish herd immunity.

In the meantime, Mr. Duterte appealed for people to avoid gatherings during the coming holidays to prevent local transmissions and outbreaks.

“You might think that this is too much. Government does not control us. Of course, we cannot control you individually if what you do is what you want. The problem is, we are preventing you from getting other people sick,” Mr. Duterte said during the Monday meeting.

“Would you be kind enough just to skip the — not really frivolous but the festivities… You avoid it because it is for your own good and for the good of the community and eventually for the good of the country,” he added.

‘SOLEMN CELEBRATION’
The Department of Health (DoH), in a statement on Tuesday, also asked the public to refrain from holding activities that have a higher risk of virus transmission such as karaoke singing.

“According to a recent study published in the Aerosol Science and Technology Journal, loud singing increases viral particle spread by 448% compared to normal talking,” Health Secretary Francisco T. Duque III warned.

He also said Filipinos should “opt to have a solemn celebration” for Christmas and New Year.

The DoH, in a statement last week, reminded the public of the risks of holding large family and social gatherings, especially indoors or confined settings.

Under the current government guidelines, mass gatherings such as for movie screening, concerts, other entertainment activities and non-essential work get-togethers are prohibited in areas under general community quarantine (GCQ). Religious gatherings are allowed up to 30% of the venue’s capacity.

Areas under the more relaxed modified GCQ, mass gathering such as entertainment activities, religious services, and work conference are allowed with only up to 50% of the venue capacity.

Coronavirus infections in the country rose by 1,400 on Tuesday, bringing the total to 442,785, the Department of Health reported.

The death toll rose by 98 to 8,670.

Recoveries, meanwhile, increased by 139 to 408,790, it said in its daily bulletin.

There were 25,325 active cases,  84.8% of which were mild, 6.6% did not show symptoms, 5.5% were critical, 2.8% were severe, and 0.32% were moderate.

Benguet province reported the highest number of new cases at 101, followed by Davao City at 90, Quezon City at 82, Rizal at 75, and Laguna at 56.

The Health department said 14 duplicates were removed from the tally while 43 cases tagged as recovered were reclassified as deaths.

Nine laboratories failed to submit their data on Dec. 7, it said.

About 5.7 million individuals have been tested for coronavirus as of Dec. 6, the DoH said on its tracker website.

China accuses US of ‘provocative actions’

THE CHINESE government has accused the United States of taking provocative actions aimed to destabilize the situation in the disputed South China Sea (SCS), citing US Acting Defense Secretary Christopher C. Miller’s recent “groundless accusations” against China.

“It is the US that has taken provocative actions increasingly, with the purpose of destabilizing the SCS and hijacking regional countries onto its chariot to serve its own domestic politics and geopolitical agenda,” Chinese Ambassador to the Philippines Huang Xilian said in a statement released late Monday evening.

The remarks were made in response to Mr. Miller’s article titled Rules (not might) make right in SCS, in which he said China is exploiting the coronavirus pandemic to advance its claims in the contested waters.

In the article, Mr. Miller reiterated the US’ position that China’s reclamation activities and militarization are unlawful. He was recently appointed as defense chief by American President Donald J. Trump, replacing Mark T. Esper.

Mr. Huang said the US, in interfering with the maritime dispute, breached its longstanding commitment of taking no one’s side. He also raised concern on the increasing military presence of the US in the region.

Further, he reaffirmed China’s commitment to achieve peace and stability in one of the busiest waterways in the world through cooperation. Mr. Huang cited Beijing’s agreement with the Association of Southeast Asian Nations (ASEAN) to conclude negotiations on the Code of Conduct.

“The US is seeking to drive a wedge between China and ASEAN countries, and disrupt the consultation process of the Code of Conduct,” he said.

Mr. Miller on Dec. 5 flew to the region to meet with his counterparts in the Philippines and Indonesia. He will then go to the US Indo-Pacific Command Headquarters in Hawaii, where he will virtually participate in the ASEAN Defense Ministers’ Meeting Plus.

His article followed similar statements of White House National Security Adviser Robert O’Brien, which China said were meant to create “chaos” in between China and ASEAN states.

The ASEAN members with SCS claims are Brunei, Malaysia, Philippines, and Vietnam. — Charmaine A. Tadalan

Nationwide round-up (12/08/20)

Makabayan bloc to Duterte: Take your public accusations to court

PRESIDENT Rodrigo R. Duterte should file a formal complaint before the court instead of repeatedly tagging progressive lawmakers and other individuals as armed communist movement members in his public speeches, a progressive bloc in the House of Representatives said Tuesday. In his televised address Monday night, Mr. Duterte again hit on BayanMuna Party-list Rep. and House Minority Deputy leader Carlos Isagani T. Zarate, saying the latter’s “act” is “the act of a soldier NPA (New People’s Army).” The NPA is the armed group of the Communist Party of the Philippines (CPP). The Makabayan bloc, in response, said the President “cannot be allowed to pass” and perpetuate “a flawed and dangerous legal theory” which “erases any distinction between the legal and illegal, the unarmed activists and armed rebels.” The bloc is composed of six lawmakers from BayanMuna, Gabriela, ACT Teachers, and Kabataan. “Pres. Duterte and his ilk do not have any credible evidence against us, because if so they would have gone to court a long time ago,” they said, “He is a lawyer and he knows that, but he continues to ignore what the law dictates and imposes his own self-serving perspective on everyone.” National Security Adviser Hermogenes C. Esperon, Jr. earlier said the government would move to disqualify the left-leaning lawmakers from the elections in 2022 for their failure to condemn the alleged atrocities of the NPA. — Kyle Aristophere T. Atienza

Bill seeks programs for incarcerated parents and their children

A MEASURE seeking to institutionalize a program for incarcerated parents and their children has been filed at the House of Representatives. ACT Teachers Party-list Rep. France L. Castro filed House Bill No. 8153, titled Parents in Jail Act, which tasks the Department of Social Welfare and Development (DSWD) to confer with incarcerated parents on various options available “in relation to the care and custody of their minor children.” The bill states, “After arraignment and upon plea of  guilty, the court shall inquire from the accused if the latter has any minor children and in whose custody the minor children are.” The bill also mandates the court to give an appropriate warning of the “special  consequences concerning the parental rights of the accused that may result from a plea of guilty or conviction, especially the loss of parental authority. The proposed law also provides for the creation of a “Coordinating Body” that will be composed of representatives from the DSWD, Department of Justice, Bureau of Corrections, and Department of Health. This body will be tasked to come up with “specific procedures for the placement of children of the accused or for infants born to women already incarcerated in state prisons,” among other responsibilities. The bill also mandates the establishment of child-friendly prison facilities and the creation of visitation opportunities for solo parents and children. — Kyle Aristophere T. Atienza

Regional Updates (12/08/20)

MRT-3 starts running at 60 kph

THE Metro Rail Transit Line 3 (MRT-3) further increased its speed to 60 kilometers per hour (kph) starting Dec. 1, reducing the average time between trains to four minutes from the previous five minutes at 50kph, the Transportation department said on Tuesday. “The improvement in train speed is a result of rail replacement works in the rail line, as part of the MRT-3’s massive rehabilitation program, which is being implemented by its maintenance provider Sumitomo-Mitsubishi Heavy Industries from Japan,” the department said in a statement. MRT-3 currently operates 20 trains per day. The department said travel time from the North Avenue station to Taft Avenue will now take 50 minutes from the previous one hour and 15 minutes. MRT-3 Director for Operations Michael J. Capati said, “The increase in train speed will provide our passengers a safer, faster and more reliable public transportation… This is a significant accomplishment for the Department of Transportation.” — Arjay L. Balinbin 

Tourism losses in Davao Region estimated at P4B

THE Davao Region tourism industry’s losses due to coronavirus-prompted restrictions is estimated at about P4 billion, a Department of Tourism (DoT) official said. DoT Regional Director Tanya Rabat-Tan said the closing of borders, airports, and hotels as well as limitations on mass gatherings, land travel and related services have affected about 1,750 tourism-related establishments and some 26,000 workers. Ms. Tan said they are continuously working on the cash assistance distribution for affected establishments and workers. She also called on other potential beneficiaries to avail of the aid under the government’s expanded response program. “Once again, all DoT primary and secondary tourism establishments can avail,” she said, including those without accreditation from the department but licensed under the local government. Aside from hotels and other accommodations, Ms. Tan said the program is open to “travel and tour agencies and transport operators exclusively serving tourist land transport, sea transport, and air transport. Other primary tourism enterprises include MICE (meetings, incentives, conferences, and exhibitions) organizers, MICE facilities, adventure sports and eco-tourism facilities and tourism frontliners and trainers.” The DoT official said the regional office’s priority next year will be promoting community-based tourism sites, farm tourism, and “MICE as it will always be a strong product of the region.” She added that they will be pushing for local and intra-regional travels. — Maya M. Padillo

Agriculture department earmarks P454M for Cebu

THE Department of Agriculture has allocated P454 million in its 2021 budget for Cebu province. Agriculture Secretary William D. Dar, in his visit to Cebu on Monday, said next year’s fund for the province is 5.3% higher than this year’s P431 million. “Among those who will receive this assistance include our sugarcane farmers, coconut farmers, our fishers, and other marginal farmers,” he said. Mr. Dar also turned over several projects to Cebu farmers such as a biogas digester and farm animals, a coconut hub, 90 units of fiber boats, and a processing center for sisal fiber, among others. He also signed the release of indemnity checks to farmers covered by the Philippine Crop Insurance Corp. and gave certificates of commitment for the establishment of an urban-agriculture community garden, monolithic dome, and food security program. Meanwhile, Mr. Dar said almost 900,000 marginal farmers and fisherfolk across the country will benefit from the department’s P4.5 billion cash and food assistance initiative funded by Republic Act No. 11494 or the Bayanihan to Recover as One Act. He said eligible farmers who are listed in the Registry System for Basic Sectors in Agriculture will receive P5,000 worth of assistance consisting of cash and food. Beneficiaries can claim the cash aid at payout centers accredited by the Development Bank of the Philippines using an electronic voucher, while the food subsidy can be availed at accredited cooperatives. — Revin Mikhael D. Ochave

Key legislator sees 2021 budget measure ratified by midweek

CONGRESS is set to ratify the proposed P4.5-trillion national budget for 2021 by Wednesday afternoon, laying down a possible timetable for obtaining the President’s signature before the new year starts, the chairman of the House appropriations committee said.

Party-list Representative Eric G. Yap said the bicameral conference committee report will be released Wednesday morning for ratification by the House and Senate in the afternoon.

“We will have another bicam tomorrow (Tuesday). We will wrap it up after that,” he told reporters.

Mr. Yap added that legislators plan to submit the 2021 General Appropriations Bill to President Rodrigo R. Duterte sometime before Christmas.

Mr. Yap said legislators are currently finalizing other details of the proposed budget for next year.

“We need to allot time for encoding. After encoding is done, it can be printed after seven to 10 days,” he said, depending on the speed of the printing office.

Mr. Yap said most of the changes in the proposed budget for next year were institutional amendments.

The bicameral panel provided more funding for the government’s pandemic response and the procurement of coronavirus vaccines, he said.

It also prioritized for funding those infrastructure projects that can be finished within 2021, he added.

Mr. Yap said the budget also contains substantial funding for the rehabilitation and recovery of calamity-stricken areas.

Speaker Lord Allan Q. Velasco requested a P5 billion increase in the calamity fund for the reconstruction of areas hit by recent typhoons. — Kyle Aristophere T. Atienza

Fitch Ratings warns of low-base distortions in 2021 growth data

THE Asia-Pacific economic recovery in 2021 could be “misleading,” with apparent rebounds that are actually the result of the low base formed by 2020, while fresh outbreaks could also deal setbacks to pandemic containment efforts, Fitch Ratings said in a report Monday.

“In many cases, GDP (gross domestic product) will not return to pre-pandemic levels until the end of 2021 or 2022,” it said.

Fitch Ratings expects the Philippine economy to contract by 8% this year before rising 9% in 2021. Government economic managers expect a contraction of between 8.5% and 9.5% this year and forecast growth of between 6.5% and 7.5% in the coming year.

Fitch Ratings said virus caseloads in the Philippines, India, and Indonesia have only recently levelled off, with China, Taiwan, South Korea, Japan, Vietnam and Thailand having contained their outbreaks earlier.

“Even the successful countries have seen new outbreaks, necessitating re-imposition of restrictions as they await vaccines later in 2021,” it said.

Fitch Ratings added that economies that rely on remittances could undergo a period of adjustment as the migrant workforce is gradually summoned back to the host countries, though it noted that the Philippines, Bangladesh, and Sri Lanka have held up better than expected.

“This may reflect temporary factors related to the return of migrant workers and the channels through which they remit funds,” Fitch Ratings said.

Remittance inflows to the Philippines declined 1.4% year on year to $21.886 billion in the nine months to September, less severe than the decline of 2% projected by the central bank over the full year.

Separately, S&P Global Ratings Asia-Pacific Chief Economist Shaun Roache said in a webinar Monday that Asian economies will experience “less acute” downside risk from US-China tensions and cited the possible impact of “stimulus withdrawal” next year.

“Supply-side, Asia is leading the recovery, but  Asia leading the demand-side is not true,” Mr. Roache said, noting that consumption is still far behind the pre-pandemic levels.

S&P expects the Philippine GDP to contract by 9.5% this year before growing 9.6% and 7.6% in 2021 and 2022, respectively. — Luz Wendy T. Noble

Funding for nuclear studies points to ‘tacit’ approval from Senate, legislator says

THE chairman of the Senate energy committee said the chamber’s funding support for developing a nuclear energy program, worth nearly P192 million since 2018, may be taken as “tacit” approval for government initiatives studying the use of the energy source.

“The allocation of these funds is tacit approval from the legislature that we should continue to look at nuclear power as a possible source of energy in our energy mix,” Sherwin T. Gatchalian, who chaired the Senate Committee on Energy, said on the first day of the Philippine Nuclear Research and Development Conference.

The Nuclear Energy Program Inter-Agency Committee is expected to submit its recommendations to President Rodrigo R. Duterte soon.

During his presentation, Mr. Gatchalian outlined the various allocations for the Department of Energy’s (DoE) nuclear energy program between 2018 and 2021. “We have already injected close to about P192 million; forty eight (million pesos) of which will come next year to DoE so that they can conduct their independent…research into nuclear power,” he said.

Mr. Gatchalian also reiterated his position that the mothballed Bataan Nuclear Power Plant (BNPP) not be revived because the Marcos-era project is “shrouded in a lot of controversy.”

The Philippines spends around P40 million a year to maintain the BNPP, Mr. Gatchalian said, adding that the cost could rise to P90 million next year for repairs.

“Next year, it will go up to P90 million because they have to repair ‘yung mga bubong (and) civil works (the roof and civil works),” he said.

He said the government is still trying to determine the best use for the BNPP. — Angelica Y. Yang

Farmers’ association calls cash-assistance bill a departure from rice competitiveness goals

SENATE BILL (SB) 1927, or the proposed Cash Assistance for Filipino Farmers Act of 2020 runs counter to the original intent of Republic Act (RA) No. 11203 or the Rice Tariffication Law, which was to fund competitiveness initiatives for the rice industry, a farmers’ organization said.

In a mobile phone message, Federation of Free Farmers (FFF) National Manager Raul Q. Montemayor said the Senate bill is not in accordance with RA 11203’s original intent, which is to help farmers who are affected by the entry of imported rice.

“What they are proposing now deviates from the original intent of the law both in the manner by which the funds are appropriated and in the use of the funds,” Mr. Montemayor said.

On Dec. 6, the Senate unanimously approved SB 1927 on third and final reading.

Under the bill, financial assistance to farmers will be sourced from rice import tariffs in excess of the P10 billion a year allocated by RA 11203 to the Rice Competitiveness Enhancement Fund (RCEF). The bill’s proponents have said that farmers have been suffering due to recent calamities and low prices for palay, or unmilled rice.

As of the third week of November, the Philippine Statistics Authority reported that the average farmgate price of palay rose 1.6% week on week to P15.63 per kilogram, well below the P19 per kilogram maximum buying price of dry palay set by the National Food Authority.

The bill identifies those eligible for cash aid as rice farmers tilling one hectare of land or less, with the Department of Agriculture (DA) in charge of determining the beneficiaries from those listed in the Registry System for Basic Sectors in Agriculture.

“Farmers are also asking why the cash aid is limited to those tilling one or two hectares or less when all farmers regardless of farm size have been affected by falling palay prices and other events,” Mr. Montemayor said.

Former Agriculture Undersecretary and current Monetary Board member V. Bruce J. Tolentino said the bill is more inclusive and will be helpful to more farmers.

“The proposed SB 1927 — if enacted — will certainly help farmers who till land of size one hectare and below,” Mr. Tolentino said.

The DA had yet to reply to requests for comment on the FFF’s position at deadline time.

In an October hearing, Senator Cynthia A. Villar said the Bureau of Customs has collected P13.86 billion worth of import tariffs in the year to date.

Under RA 11203, an annual budget of P10 billion sourced from import tariffs is allocated to RCEF, which will provide aid to farmers in the form of seed, machinery, and extension services. — Revin Mikhael D. Ochave

1...8,7298,7308,731...14,238Page 8,730 of 14,238
ADVERTISEMENT
ADVERTISEMENT
© 2024 BusinessWorld Publishing.
All rights reserved.
Read our privacy guidelines
Facebook Instagram Linkedin X Youtube