‘Good chance’ for BSP to pause rate hikes later this year: analyst

The Bangko Sentral ng Pilipinas may pause its interest rate hiking streak as the US Federal Reserve signaled to do the same later this year, an analyst said Friday.

BSP Gov. Felipe Medalla on Thursday announced another 25 basis point hike, which brought the benchmark policy rate to 6.25 percent.

“Maintaining perhaps an appropriate interest rate differential that helps to temper capital flow volatility in and out of the Philippines to stabilize the peso, that also is a key tool towards actually managing inflation,” Moody’s Investor Service SVP of Sovereign Risk Group Christian De Guzman said.

“Given our view that the Fed will start to pause later this year, there is also a good chance that the Philippines might also do the same,” he said.

He said keeping the peso stable is also key to managing inflation.

Moody’s Investor Service also earlier lowered it gross domestic product growth outlook for the country to 5.7 percent from 7.1 percent in 2023.

1993, though slowly obscured with time, will always be remembered by witnesses for the three events, two of them tragic and gained global coverage.

On October 23, 1993, the two-story New Diamond Lodge at the corner of Pichon Sr. and Feliciano Iñigo streets was hit by a fire that cost nine lives and injuries to thirty others. The victims were mostly students of the Mindanao State University (MSU) on a field trip in the city.

The United Press International (UPI), a global wire agency that source its account (‘Seven killed, 30 injured in fire in southern Philippines’) from news heard over radio station DZXL in Manila, initially reported that seven people killed and several survivors were “treated for fractures suffered when they jumped to safety.”

ANTONIO V. FIGUEROA FAST BACKWARD

Three Davao Events In 1993

For its part, the Singapore-based The Strait Times, a day later, carried an updated version (‘9 killed in Philippine lodge fire’) of tragedy: “Davao fire swept through a lodge where stu-dents on a field trip were staying, killing nine people and injuring scores… Some survivors of the early morning fire said they had to jump from the windows of the two-story New Dia-mond Lodge.”

Police probers discovered that the lodge did not have a fire escape and the stairway and aisles dividing the rooms on both floors were too narrow for the occupants to escape in a hurry.

Exactly two months later, San Pedro Cathedral, while a Mass was held inside it, was hit by three bombs. Manila Standard Today reported that the first bomb hit the center aisle, then followed by anoth- er near the altar, and the final was at the main entrance of the church, adding “the blast killed seven people and injured 151 others, 32 of them seriously.”

This was the second time in 18 years that the cathedral was bombed. In April 1981, dur-ing an Easter celebration, grenades were exploded inside and outside the church, resulting in nearly two dozen deaths and close to 200 churchgoers injured.

Citing police and military sources, the perpetrators in the second bombing incident be-longed to a “Muslim terrorist group.”

The New York Times, in its December 27, 1993 issue, also carried an account of the story (‘6 Killed and 130 Are Wounded In Blasts at Philippine Cathedral’) and its aftermath:

“Attackers tossed grenades into a packed Roman

Catholic cathedral in the southern Phil-ippines Sunday evening, killing at least 6 people and wounding more than 130.

“President Fidel Ramos said today that he had ordered a hunt for those who carried out the attack.

“Eight hours after the attack, suspected Christian militants retaliated by firing two gre-nades at a Muslim mosque. One exploded, but there were no casualties, the police said.

“Red Cross officials put the death toll from the attack on San Pedro Cathedral at 7, but the police in Davao said they had confirmed 6 dead.”

Earlier that month, however, Davao’s first real mall, Victoria Plaza, was fully opened to the public. Owned by Robert Allan Limso, the two-story enterprise, which had its soft open-ing a year

ATTY. GILBERTO LAUENGCO, J.D. OBLIQUE OBSERVATIONS

“My grandfather used to say that at least once in your life, you will need a doctor, a lawyer, a policeman, and a preacher. But every day, three times a day, you will need a farmer.” - Brenda Schoepp

Farmers are truly an integral part of our lives. Unfortunately, our farmers still lack many things. More production inputs, access to machineries and technology, access to capital and access to market are some of the things that our farmers still need.

The government has increased both its budget and programs tenfold to try and provide answers to these challenges. These problems, however, cannot be solved by government alone.

Now, more than ever, private initiatives in the sector are badly needed.

Just a few days ago, the Green Climate fund (GCF) approved a USD39.2 million program to help “the Philippine farmer shift to a climate-resilient agricultural system … and earlier, became the hangout of mall rats. It later became a cultural hub and indoor family plaza.

Situated two kilometers north of the city’s central business district, the mall became the catalyst that would ignite development in adjacent areas, especially Obrero district, a residen-tial area and host to two academic campuses. Outside the mall, is a sprawling area that once hosted music lounges, pubs, Chinese and Filipino restaurants, and has been the superstore’s parking lot.

In 2019, the entire complex was taken over by the New City Commercial Corporation (NCCC), a homegrown mall owner, from the banking institution that foreclosed it. It is being developed into a mixed-use complex that will be home to skyscrapers and condominiums.

Bts Movement Template For Helping Farmers

respond to the impacts of the climate crisis.”

Other than enabling farmers to adopt climate resilient agricultural practices, it will allow them to access financing and related technologies.

A week ago, the Aboitiz group of Companies launched its Fresh Depot program which seeks to “become the first ever physical and digital solutions platforms for farmers in the country.”

Its first phase involved piloting a modular and sustainable cold storage unit in Benguet to help farmers in the area keep their produce fresh. Clearly, more private organizations, both here and abroad, are beginning to answer the call of our government for more private sector organizations, MSME’s, and big business partnerships with local farmers.

Perhaps, more people are beginning to realize the importance of sustaining our farmers. In a small corner in Cabanatuan City, a non- gov- ernment organization called Basta Tayo Sama Sama (BTS) recently gathered around 1,500 farmers to orient them of the group’s capacity building programs for farmers and small to medium scale entrepreneurs.

BTS is a non- government organization set up by a group of entrepreneurs and professionals that aims to help certain sectors empower themselves.

The only thing the organization asks from whoever benefits from their initiatives are that the said beneficiaries help pay it forward.

For the past five years the organization has quietly been organizing several farmers and MSME groups and conducting assistance and capacity building sessions.

One such program involves accepting income generating activity proposals from individuals or organizations and choosing viable initiatives and helping provide financial start up loan assistance.

The organization also provides business related quick training programs such as marketing and basic financial literacy.

These programs have help create more “agri-preneurs” who will be sufficiently capacitated to help others by creating job opportunities and contribute to the local economy.

BTS has also started it logistic chain initiatives by helping farmers and other small businessmen sell their wares directly to consumers and cutting out oppressive middlemen.

The organization has set up BTS stores where products from its members can be sold cheaper to the public and where the profits are enjoyed by the said members.

To generate more resources for the programs, the organization has organized its members into cooperatives, councils, small business groups and taught them how to avail of assistance from other sources both public and pri- vate.

It has served as a liaison organization to government and private organization and helped its members prepare requirements and paperwork. In a few years’ time, the organization’s membership has grown by leaps and bounds.

BTS now has members and sub-organization all over the country.

Many of its members, whose lot in life has improved, has fulfilled the group’s motto of paying it forward by helping others achieve the same thing.

Perhaps, more private citizens or organizations can follow the steps of BTS by pitching in and starting innovative initiatives to help our farmers.

This is my oblique observation.

Editor’s note: The opinions expressed in the foregoing article are solely the author’s and do not reflect the opinions and beliefs of the Philippine News Agency (PNA) or any other office under the Presidential Communications Office.