BusinessMirror October 13, 2023

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High NTMs, red tape make green tech costlier By Cai U. Ordinario

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@caiordinario

OSTLY red tape has made imported green technologies more expensive in the Philippines, thanks to Non-Tariff Measures (NTMs), according to the World Bank. Among the incentives being offered by the Philippines is its distinction of having the lowest tariffs on environmental goods in the region. However, NTMs on these goods are the highest in the region. The World Bank said the Philippines “is by far the most heavyhanded,” with more than four NTMs on imported environmental

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goods, compared to the regional average of only 1.2. “This implies that the imported green technologies are extra costly and face more red tape, to the detriment of Philippine firms,” stated the World Bank ’s background paper on Climate Change and Environmental Risks in the Financial and Private Sector and Opportunities for Green Finance for the Philippines. These NTMs include additional permit requirements as opposed to automatic licensing; quotas; prohibitions; price control measures; and non-tariff taxes and charges. The Philippines applied tariffs on environmental goods such as

renewable energy and resource efficient technologies at 3.8 percent on average in 2019, is lower than the Asia-Pacific regional average of 5.8 percent. The World Bank noted that tariffs for environmental goods is at 8 percent for Thailand and 6.2 percent for Vietnam and Malaysia. T he gover n ment h a s a l so passed an Executive Order in 2023 to temporarily reduce tariff on imported electric vehicles to zero for five years from 30 percent.

Sanctions needed

Meanwhile, the World Bank said the national government’s efforts to offer incentives are not enough to prompt the private sec-

tor to adopt green technologies and increase green investments in the country. The World Bank said sanctions on negative externalities such as pollution are also needed to fasttrack its efforts to go green. “In the Philippines, a lack of pricing of negative externalities of climate change, in the form of a carbon tax or emissions trading scheme, has undermined the business case for green investments,” the paper stated. “If firms do not have to pay for pollution, they are not incentivized to move towards cleaner and greener projects,” it added. See “HIgh,” A2

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P230-B FUNDS, 120K JOBS EYED IN HALAL ROADMAP n

By Andrea E. San Juan

SEC ‘not anti-business,’ new fees are fair

andreasanjuan

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HE Philippines will launch a National Halal Strategy which aims to generate P230 billion in investments and create 120,000 jobs in five years and support small merchants in becoming part of a global halal ecosystem, according to the Department of Trade and Industry (DTI).

In a statement it issued on T hu rsd ay, t he Trade depa r tment said the plan will address the “growing” demand for Halal products and services from both the Philippines’s domestic market and from the 57 countries that are members of the Organization of Islamic Cooperation (OIC)—spanning Asia, the Middle East, Africa, Europe, and the Americas. Trade and Industry Secretary Alfredo E. Pascual stressed that halal as a way of life is not only for the Muslims. He said it is “increasingly” being recognized by many non-Muslim consumers worldwide because of “ethical considerations, hygiene, fair trade and just financing.” “Over the next five years, we plan to achieve P230 billion Halal trade and investments and generate 120,000 jobs,” the Trade chief added.

By VG Cabuag

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DTI Secretary Alfredo Pascual was the guest speaker at the 15th joint weekly meeting of the Rotary Club of Makati and Rotary Club of Manila at the Manila Polo Club in Makati City on Thursday. Pascual, a former Rotary Club of Makati president, talked about the Philippine Roadmap to Progress. Also on Thursday, he shared with reporters the highlights of the Philippines’s Halal strategy, an ambitious move eyeing P230 billion in investments and 20,000 jobs. Also in this photo are (from left) Rotary Club of Makati Past President David Ackerman, Rotary Club of Makati President Senen Matoto and Rotary Club of Manila President Rafael Alunan III. BERNARD TESTA

@villygc

EC c ha ir ma n Emi l io B. Aquino said the agency has stretched itself on the deadline of its amnesty program, which slaps a one-time fee for all the company’s penalties incurred in the submission of documents such as the general information sheet and the annual financial statement. The amnesty program is a prelude to the imposition of higher fees and penalties, which the agency still has to implement. “We're very pro business; and we’re not anti [business]. We want to encourage because the very spirit of the RCC [Revised Corporation Code of the Philippines] is to encourage continuity and all that,” he said. He said the amnesty program is now extended to November 6 to give way to the Barangay elections by the end of the month and the long weekend after that. See “SEC,” A2

PHL NURSE STAYED WITH WARD, IS KILLED BY HAMAS By Malou Talosig-Bartolome

A

FILIPINO nurse who worked as a caregiver in Israel was killed at the height of the attacks of Hamas militants last Saturday, the Department of Foreign Affairs said. Angeline Aguirre, 33-yearold native from Binmaley Pangasinan, was one of the two Filipinos killed during the Hamas assault on Saturday. Jerusalem Deput y Mayor Fleur Hassan-Nahoum cited Angeline’s heroic deed. Aguirre was caring for her elderly patient when Hamas militants stormed her employer's

residence in Kfar Gaza, a kibbutz in Israel near the border of Gaza. Her Israeli ward was only identified as “Nira.” “Despite having a chance to flee the Hamas terror attacks,

Angeline showed unbelievable humanity and loyalty by remaining at Nira’s side during the violence, resulting in both of them being brutally murdered by Hamas. Unimaginable honor in the face of evil,” the Israeli Deputy Mayor wrote on X. https://x.com/FleurHassanN/ stat u s/17120 50 376 8 0170 62 65?s=20 Ambassador to London Teodoro L. Locsin Jr. said Aguirre's heroism reflects the usual care Filipino caregivers and nurses provide elsewhere, even in the United Kingdom. See “PHL,” A2

See “Funds,” A2

PESO exchange rates n US 56.7450 n japan 0.3806 n UK 69.8758 n HK 7.2560 n CHINA 7.7743 n singapore 41.6599 n australia 36.3849 n EU 60.2802 n KOREA 0.0424 n SAUDI arabia 15.1284 Source: BSP (October 12, 2023)


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