Juggling monetary policy decisions: A tale of two countries 0 SHARES Share it! Share TweetOF SUBSTANCE AND SPIRITBy DIWA C. GUINIGUNDOThe Bank of Thailand (BoT)’s recent monetary policy stance will be familiar to those who have, for the last decades, been monitoring how monetary policy is conducted by other countries. When inflation rates hit fractional levels approaching zero, this phenomenon could signify that base effects from last year’s precipitous hikes in inflation rates could be dissipating. Moreover, with essentially supply factors pushing the inflation rate to below target, a monetary policy response may not be the best approach. After all, as Ben Bernanke said with conviction: ”There are limits to monetary policy.”In the same vein, Raghuram Rajan likened monetary policy to juggling six balls.
October 16, 2019 16:17 UTC
Inclement weather seen over North Luzon due to PerlaMANILA, Philippines — Some parts of Northern Luzon may experience inclement weather this weekend due to Tropical Depression Perla, state meteorologists warned yesterday. Perla developed from a low-pressure area into a tropical depression at around 8 a.m., the Philippine Atmospheric, Geophysical and Astronomical Services Administration (PAGASA) said. PAGASA senior weather forecaster Chris Perez said Perla was still very far from Philippine landmass and has no direct effect on any part of the country yet. As of 3 p.m. yesterday, the center of Perla was estimated at 1,005 kilometers east of Tuguegarao, Cagayan. Perla was expected to remain a tropical depression in the next two days and weaken into a low-pressure area this weekend, PAGASA weather specialist Benison Estareja said.
Ernst & Young and SGV Foundation Inc. have brought together outstanding Filipino entrepreneurs from across the country for their Entrepreneur of the Year Philippines 2019 Awards. One of the Filipino entrepreneurs recognized was our Go Negosyo long-time advocate Jose Magsaysay Jr., who leads Cinco Corp., was chosen as the winner for the emerging master entrepreneur category. The small business entrepreneur award went to Zark’s Food Ventures Corp. led by Rolandrei Viktor Varona. And with each year, I still get amazed at how Filipino entrepreneurs can easily contend with international companies, such as in the council’s very own business award-giving platform, the ASEAN Business Awards (ABA). Congratulations to all our Filipino entrepreneurs who are transforming the nation through their foresight, courage, and innovation.
Trailing by double digits in the first half, the Blue Eagles shifted back to their defensive play in the telling second half to tame the Tamaraws and claim their 11th straight win. Later, Santo Tomas spoiled the return of coach Bo Perasol on the UP bench with a huge 84-78 comeback win. Renzo Subido (13) and Brent Paraiso (6) also came up with crucial triples as the Tigers completed a repeat win thus climbing up to solo no. 3 spot with 6-5 card as against the Maroons’ 6-4 slate at second. Meanwhile, shorthanded La Salle got back at UE, 65-59, to crack the top four at 5-5.
BACOLOD, Philippines – Facing a relentless bombing run from China, Neil Etheridge and the Philippine Azkals gallantly defended home territory and pulled off something that’s not been done in a century – draw with the Chinese. A 17/1 underdog, the Azkals stole a point from China and posted the Philippines’ best result versus long-time tormentor since the country’s 2-1 victory way back in May 1919 at the Far East Games. “We’re very ecstatic with the result,” said team manager Dan Palami as the Azkals improved to four points on a 1-1-1 card, just three off seven-pointer China, which sits at No. It was a massive team effort from the starting 11 to the boys off the bench, something I'm proud of. The Azkals try to build on this momentum as they face Maldives on the road on November 14 and first-leg conqueror Syria five days later over in Dubai.
Yulo says best is yet to comeMANILA, Philippines – The world hasn’t seen the best of Carlos Edriel “Caloy” Yulo yet. The newly crowned world gymnastics champ has set his sights on the Tokyo Olympics next year, hoping to deliver the first gold for the country in the quadrennial games. “It’s not yet my best performance, I’m just starting,” said Yulo in Tuesday night’s press conference arranged by the Philippine Sports Commission at the Century Park Hotel. “I will be stricter, our training will start soon,” said Kugeyama, who has taken Yulo under his wings for three years now. Yulo admitted he has a lot of things to improve on and he would need to train harder to realize the country’s Olympic dream.
TARLAC, Philippines – Ira Alido is at it again as well as Clyde Mondilla and Michael Bibat. Alido used his power and ball control then defied the wind at the finish to fire a bogey-free six-under 66 for a one-stroke lead over Mondilla, American Brett Munson and Aussie Tim Stewart at the start of the $100,000 Philippine Golf Tour Asia event here yesterday. Micah Shin, who scored his breakthrough win here at the CAT Open in 2016, and Anthony Fernando shot identical 68s. Bibat, who with Alido and Mondilla shared the third-round lead at ICTSI South Pacific Classic in Davao last week, bogeyed the par-3 17th and settled for a 69 to drop to a big bunch of three-under par scorers. But one marked player also churned out a round good enough to put him in the early mix as Tony Lascuña, who rallied and beat Alido, Bibat and Mondilla at South Pacific, broke a two-birdie, two-bogey game after 13 holes with birdies on Nos.
MANILA, Philippines — The PNR Clark Phase 2 project continues to attract a number of foreign and local investors as six firms expressed interest to undertake two new contract packages under the P284-billion railway project. The P32.7 billion Contract Package 4 covers eight kilometers of the PNR Clark Phase 2 and includes the Clark International Airport Station. The P18.1 billion Contract Package 5, meanwhile, consists of the the North-South Commuter Railway (NSCR)’s Clark Depot. PNR Clark Phase 2, which is expected to serve 340,000 passengers daily in its opening year, is targeted for partial operations by 2022. Package 1 covers civil works for 17 kilometers of PNR Clark Phase 2 including Calumpit and Apalit Stations.
MANILA, Philippines — The renewable energy unit of power generation arm Meralco Powergen Corp. (MGen) plans to build a floating solar project in Laguna Lake. The proposed floating solar project is awaiting the go signal from the Laguna Lake Development Authority (LLDA) to commence construction. Currently, the LLDA is crafting policy for large-scale floating solar projects over the Laguna Lake. Singson said a floating solar project is not as expensive as the land-based solar farm. The floating solar project is part of MGreen’s pipeline of solar project developments to be financed by the P424 million funding from Manila Electric Co. (Meralco).
MANILA, Philippines — The benchmark Philippine Stock Exchange index (PSEi) rebounded yesterday, taking the cue from Wall Street’s recovery. The main composite index finished at 7,915.30, up 74.99 points or 0.96 percent, while the broader All Shares gauge rose 23.37 points or 0.49 percent. Likewise, all sectors closed in positive territory, with the property and the holding firms leading the gainers. Global equities markets ended higher as earnings season starts. “The main index ended higher yesterday bouncing off resistance at 7,920 but ending a few points away from it.
Philippines to go slow on rice imports next yearMANILA, Philippines — After setting record-high imports this year, the Philippines is seen to buy less rice in the world market next year amid excessive supply coupled with improvements in the local production. This as milled production is projected to increase by three percent to 12 million MT as palay production will inch up two percent to 19 million MT. Beginning stocks of the country will settle at 3.49 million MT starting 2020, up 53 percent from this year’s 2.28 million MT. Rice consumption has been raised to 14.4 million MT from 14.1 million MT this year. USDA said a surge in rice imports has brought down rice prices and helped tame inflation.
MANILA, Philippines — The Department of Finance (DOF) stands firm on a five-year transition period for the proposed Corporate Income Tax and Incentives Rationalization Act (CITIRA) despite the Department of Trade and Industry’s call for a longer transition. Tionko said one of the provisions up for discussion is the transition period, which the DTI is proposing to extend longer than five years. However, when asked if the DOF would be amenable to this proposal, Tionko and Finance Secretary Carlos Dominguez said the DOF was firm on a five-year transition period. However, Trade Secretary Ramon Lopez earlier said the DTI would push for a longer transition period to cushion the bill’s impact and provide a softer landing for existing investors. With PEZA’s support, Tionko expressed confidence that CITIRA is now one step closer to being passed in Congress.
Gains on foreign exchange fluctuations plunged by almost 58 percent to P11.03 billion from P18.37 billion. The gains were realized from servicing of matured foreign exchange obligations as well as the maturity of derivatives instruments. The BSP books gains or losses from fluctuations in foreign exchange rates on matured, sold, paid and exchanged or settled foreign exchange assets and liabilities. It participates in the foreign exchange market is limited to temper sharp fluctuations in the exchange rate. Likewise, the BSP settled P8.75 billion in income tax in the first eight months of the year, 3.7 percent higher than last year’s P8.44 billion.
The workers reportedly include 7,107 nurses, 202 dentists and 597 medical technologists under the Human Resource for Health Deployment Program. The funding is being slashed as the DOH gears up for the implementation of the Universal Health Care law in 2020. From its appropriation this year of P169.45 billion, the proposed 2020 budget for the DOH is down to P160.15 billion. DOH officials said the universal health care program, which expands the health care services subsidized by the state, needs P257 billion in its first year alone. With funding constraints, it looks like the health care program isn’t going to be expanded enough or universal by 2020.
MANILA, Philippines — The Philippines’ top diplomat has suggested a “universal boycott” of DreamWorks movies in the country following an animated film’s depiction of China’s nine-dash line in the South China Sea. “For me call a universal boycott of all @Dreamworks productions from here on,” Foreign Affairs Secretary Teodoro Locsin Jr. posted on his Twitter account on Tuesday night. He later emphasized that he only “suggested” a boycott, and proposed to have the offending scene cut out instead. Locsin’s tweets came after Vietnam pulled the animated DreamWorks film Abominable from the country’s cinemas over a scene featuring a map showing China’s unilaterally declared “nine-dash line” in the South China Sea. “Of course they should cut out the offending scene which will show our displeasure better than if we unconstitutionally ban it as some suggest,” Locsin tweeted.