Oct timeline crucial to Cha-cha–ex-BSP exec
I
T will be a make-or-break year for Charter-change efforts—or at least until October—according to a former Bangko Sentral ng Pilipinas (BSP) official. In a brief, Global Source Partners country analyst Diwa Guinigundo said Charter change could be “dead in the water” if nothing happens until October when midterm candidates file their certificates of candidacy. “We are looking at some eventful period now through October, the date for filing the certificates of candidacy for the 2025 midterm elections. If nothing happens between now and October, charter change is dead in the water,”
Guinigundo said. Guinigundo noted that various interest groups have been issuing their formal positions against charter change as well as the people’s initiative. There is a possibility, he said, that these groups would take to the streets and even all the way to Batasang Pambansa to let their voices be heard. He cited opinions raised by some sectors who believe changing the 36-year-old Constitution had merit because the country’s progress “was stalled” because the charter failed to promote quality education. These sectors, Guinigundo said,
also noted the failure to empower farmers with agriculture support and restrictions in land ownership that prevented foreigners from owning land. “True, as claimed by some legislators, it is within the prerogative of established democracies to change their fundamental laws to sustain their relevance to the changing times,” Guinigundo said. “The issue in the Philippines is whether a constitutional amendment could address what sets back its politics and the economy,” he added. Other sectors claimed, Guinigundo said, changing the form of government to parliamentary
would be more cost-effective. These sectors also claimed that it will also be easier to change leaders through a parliamentary form of government. This is because the leadership will be elected by districts rather than nationwide polls. “Evidence exists that some countries with either form have performed better, and some worse, because the form of government is only secondary to the mindset and the maturity of the electorate as well as to the competence and character of those who will form and lead governments. Both essential ingredients cannot be obtained by constitutional change,” Guinigundo said. Cai U. Ordinario
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Wednesday, January 17, 2024 Vol. 19 No. 94
P25.00 nationwide | 2 sections 22 pages | 7 DAYS A WEEK
’23 RATE HIKES’ IMPACT WILL STILL BE FELT: PIDS By Cai U. Ordinario @caiordinario
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HE additional policy rate hikes last year will continue to haunt the economy this year, according to the government’s think tank, the Philippine Institute for Development Studies (PIDS). In a discussion paper, PIDS researchers led by Senior Research Fellow Margarita Debuque-Gonzales said the additional hikes could impact the performance of the economy for a period of four quarters to as long as seven quarters. If the impact would last up to seven quarters, this means the additional rate hikes—the last being the 25 basis point (bps) increase in the Target Reverse Repurchase (RRP) Rate in the off-cycle meeting in October 2023—could extend the impact to 2025. “The central bank has been quite responsive to rapidly changing information, from both domestic and foreign sources. Yet as inflation threats remain, we continue to propose high-frequency monitoring and a calibrated response to price developments that carefully
ENDURING BEAUTY The remnants of the art deco architecture at the Philippine Postal building stand as poignant reminders of our rich historical heritage. Despite being marred by a devastating fire, these ruins persist as a captivating attraction, drawing in both local tourists and history enthusiasts. Located in Plaza Lawton, within the historic walls of Intramuros, Manila, the site offers a glimpse into the grandeur of the past. BERNARD TESTA
See “Rate hikes,” A2
PHL REMAINS 2ND LARGEST PINEAPPLE EXPORTER–FAO By Jasper Emmanuel Y. Arcalas @jearcalas
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HE Phi l ippines remained as the world’s second largest exporter of pineapples as its total shipments last year rose by 5 percent on an annual basis to over 600,000 metric tons (MT). In its latest assessment, the United Nations’ Food and Agriculture Organization (FAO) estimated that the Philippines kept its global stature last year after it exported some 611,873
MT of pineapples, some 29,336 MT over the 582,537 MT it shipped in 2022. FAO attributed the higher shipments to growing demand from China, the top buyer of Philippine pineapples, for premium quality fruits last year. “Preliminary trade data for the period up to July 2023 show a 22 percent year-on-year increase in shipments to China, the leading recipient of pineapples from the Philippines at See “Pineapple,” A2
Weather shearline triggers widespread Davao flooding By Manuel T. Cayon @awimailbox
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AVAO CITY—The weather shearline in running across most of eastern Philippines caused widespread flooding in the Davao Region, rendering many highway roads impassable. While no one was reported dead or missing, the Office of C iv i l Defen se re por ted t h at continuous rains since Tuesday inundated 13 areas, mostly in Davao de Oro, formerly Conpostela Valley, although there were no reports yet from the other provinces.
Three landslides were monitored in New Bataan, Nabunturan and Maco towns, all of Davao de Oro; and eight highways in Monkayo, Maragusan, Nabuntural and Compostela were not passable. The OCD said it received from Davao de Oro reports of a total of 13 flooded areas Laak, New Bataan, Mawab, Nabunturan and Maco. One bridge in Fatima, New Bataan showed cracks and was closed to all types of vehicles. So far, the OCD said 2,212 persons were affected by the f lood from the five provinces of the See “Flooding,” A2
PESO EXCHANGE RATES n US 55.8810 n JAPAN 0.3835 n UK 71.1309 n HK 7.1427 n CHINA 7.7915 n SINGAPORE 41.9213 n AUSTRALIA 37.2167 n EU 61.2009 n KOREA 0.0424 n SAUDI ARABIA 14.9008 Source:
BSP (16 January 2024)