BusinessMirror October 27, 2023

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Friday, October 27, 2023 Vol. 19 No. 16

P25.00 nationwide | 2 sections 26 pages | 7 days a week

DOJ plans to file environment case vs China early next year

BUS TERMINAL INSPECTION. David Angelo Vargas, Assistant General Manager for Operations at the Metropolitan Manila Development Authority (MMDA) (right), alongside MMDA Director for Traffic Enforcement Atty. Victor Nuñez, conducted an inspection at the Baliwag Bus Terminal in Quezon City on Thursday, October 26, 2023. This initiative is part of the safety measures in preparation for the observance of All Saints’ Day and All Souls’ Day on November 1 and 2. NONOY LACZA

By Joel R. San Juan @jrsanjuan1573

T

he Department of Justice (DOJ) said Thursday it is planning to file early next year an environmental case that would make China accountable for the destruction of marine resources in the West Philippine Sea (WPS). This after legal experts on WPS issues met at the Department of Justice (DOJ) to discuss how the government can further strengthen the case that it is preparing to file.

T

he Bangko Sentral ng Pilipinas (BSP) on Thursday hiked its key policy interest rates by 25 basis points to 6.5 percent to arrest the increase in the prices of goods and services. The Monetary Board (MB), the BSP’s highest policy-making body, decided to raise the target reverse repurchase (RRR) rate by 25 basis points effective on October 27. With the decision, the interest rates on the overnight deposit and lending facilities will be set at 6.0 percent and 7.0 percent, respectively, according to the BSP. “The Monetary Board recognized the need for this urgent monetary action to prevent supply-side price pressures from inducing additional second-round effects and further dislodging inflation expectations,” BSP Governor Eli M. Remolona Jr. said in a press briefing.

“The latest baseline projections point to an elevated inflation path over the policy horizon as upside risks continue to manifest,” Remolona added. Remolona cited the broadening of second-round effects of higher transportation fare and minimum wages for the need of monetary policy tightening. “Inflation expectations have risen sharply, highlighting the risk of further second-round effects,” he said. The country’s inflation in September accelerated to 6.1 percent from 5.3 percent in August.

See “DOJ,” A2

SM’S 85TH MALL OPENS IN BATANGAS ON OCTOBER 27. SM Prime Holdings recently

By Jasper Emmanuel Y. Arcalas @jearcalas

“We were encouraged to pursue what we think is a good case to pursue on behalf of not only of the Filipino people but also the rest of humanity,” Remulla said at a press briefing. Remulla assured the public that concerned government agencies have already gathered enough evidence, including satellite images of the destruction of the marine environment in the WPS, to support the filing of a case.

PCCI TO GOVT: ENSURE FOOD SECURITY, CUT POWER COST By Andrea E. San Juan @andreasanjuan

T

he Philippine Chamber of Commerce and Industry (PCCI) has called on the national government to put in place the necessary measures that would ensure the country’s food security and make power affordable. PCCI forwarded a set of resolutions to the national government which also pushed for the grant of financial access to small merchants and to enhance the production capacity of Filipinos to reduce the country's reliance on imports. During the 49th Philippine Business Conference and Expo (PBC&E), the annual business conference organized by the top business group in the country, PCCI presented on October 26

opened SM City Sto. Tomas, its 85th supermall and the 4th in the province of Batangas which nestled against the majestic backdrop of Mt. Makiling. Shown in photo are: Batangas Governor Hermilando Mandanas, (3rd from left) with Sto. Tomas City Mayor Atty. Jhun Marasigan and wife Elizabeth (center), Sto. Tomas City Vice Mayor Catherine Perez (3rd from right) and Vicar General Msgr. Ruben Dimaculangan (4th from left). They were joined by SM officials (from left to right) SM Engineering Design and Development Corporation President Hans Sy Jr., SM Supermalls’ President Steven T. Tan, SM Prime Holdings Inc. President Jeffrey C. Lim, and SM Retail Executive Director Herson Sy. SM SUPERMALLS

the 49-page copy which contains resolutions in the areas of Agriculture; Energy and Power, Environment and Climate Change; Education and Human Resources Development; Industry and Trade; Ease of Doing Business and Stability of Rules and Regulations; Infrastructure, Transport, and Logistics; Innovation and Digitalization; Taxation, and Tourism. Under the agriculture pillar, the business group is urging the National Government to “develop a long-term plan to attain food security through infrastructure support, technology transfer, product diversification, export enhancement, economies of scale, and adhering to the improvement of value chains and supply chains.” See “DOJ,” A2

See “BSP,” A2

PESO exchange rates n US 56.8270 n japan 0.3785 n UK 68.8289 n HK 7.2656 n CHINA 7.7669 n singapore 41.4402 n australia 35.8408 n EU 60.0605 n KOREA 0.0421 n SAUDI arabia 15.1490 Source: BSP (October 26, 2023)


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