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BusinessMirror Editorial
PHL grapples with rice shortfalls in the wake of severe El Niño
Nearly three decades ago, the Philippines suffered one of the most severe El Niño episodes in its history. The weather phenomenon that struck the country in 1997 caused below-average rainfall and dried up farmlands. Parched farms failed to produce staple crops, prompting the government to import millions of tons of rice to prop up domestic supply.
Middle East conflict and the rising threat to global inflation
The World Bank’s grim warning about the potential inflationary fallout from an escalation of the conflict in the Middle East should be a sobering wake-up call for policymakers and the public alike. If the simmering tensions in the region were to boil over into a full-blown conflagration, the ripple effects on global commodity prices could reverse much of the progress made in taming inflation over the past two years. (Read the BusinessMirror story: “Middle East conflict to drive up food, gas prices—World Bank,” April 26, 2024).
Obesity: A global health crisis that needs urgent action
The latest analysis published in the Lancet, highlighting the alarming prevalence of obesity in Pacific island countries, serves as a stark reminder of the urgent need for action to combat this global health crisis. With obesity rates reaching unprecedented levels worldwide, it is clear that immediate and comprehensive measures must be taken to address the complex factors driving this epidemic.
The power of vaccines: 154 million lives saved over the last 50 years
The recently published landmark study in The Lancet, led by the World Health Organization (WHO), has revealed a truly remarkable achievement: global immunization efforts have saved an estimated 154 million lives over the past 50 years. This translates to six lives saved every minute, a testament to the power of vaccines in preventing once-feared diseases and ensuring healthier lives for infants and children worldwide.
Staying the course amidst headwinds
The Philippines faces a daunting economic landscape in 2024, with higher-for-longer US interest rates, stubbornly high inflation, and the risk of spiking oil prices due to geopolitical turmoil. These challenges threaten to undermine the country’s growth trajectory, which international observers still project to be among the fastest in Asia this year. Socioeconomic Planning Secretary Arsenio M. Balisacan says that despite these concerns, international observers remain optimistic about the country’s economic performance. (Read the BusinessMirror report: “Government keeping growth goals despite risks,” April 24, 2024).
Extending RCEF: A key to boosting Philippine rice production
Among all the crops grown in the Philippines, rice is heavily favored in terms of the support it receives from the government. The increase in spending in agriculture in recent years has largely benefited the rice sector. Billions of pesos have been poured into activities that sought to increase rice production, such as the repair and rehabilitation of irrigation systems that primarily serve rice lands.
A renewed commitment: PBBM’s efforts to combat hunger, poverty, and crime
IN a bid to address pressing social issues and foster grassroots engagement, President Marcos has taken decisive steps to intensify government efforts against hunger, poverty, and crimes. Through two significant memoranda, the government aims to tackle these challenges head-on, forging partnerships and implementing comprehensive strategies. (Read the BusinessMirror report: “President orders intensified actions vs poverty, social ills,” April 22, 2024).
Alarming rise of hotel rates threatens growth of PHL tourism industry
The high cost of travel and accommodation in the Philippines has been a long-standing concern for domestic tourists, destination management companies, and lawmakers. The situation has reached a point where many people now prefer to travel abroad, where they can get more value for their money. The issue is not limited to expensive domestic airfare; even hotels, especially those in Metro Manila, have significantly raised their room rates, surpassing pre-pandemic levels. Unfortunately, this trend is projected to continue in the medium term, posing a serious threat to the government’s goal of attracting 12 million international arrivals by 2028. (Read the BusinessMirror story: ‘Keys Muna’: Imminent hotel room shortage—and resulting higher room rates—could derail PHL’s ambition to lure more visitors, April 20, 2024).
Addressing the delayed pandemic compensation for our health workers
The news that the Department of Health still needs an additional P23.4 billion to pay 4.3 million claims for Public Health Emergency Benefits and Allowances (HEA and Covid-19 Sickness and Death Compensation) is deeply concerning. Our healthcare workers have risked their lives on the frontlines of the Covid-19 pandemic, and they deserve to be compensated in a timely manner for their immense sacrifices. (Read the BusinessMirror story: “Payouts for pandemic duty of health workers lack P23 billion,” April 17, 2024).
Helping OFWs enhance their savings habit for sustainable prosperity
The latest data from the Bangko Sentral ng Pilipinas (BSP) reveals a positive trend in the remittance flows from overseas Filipinos, indicating a recovery from the pandemic-induced economic challenges. Cash remittances in February 2024 reached $2.65 billion, marking the highest level for that month in recent years. This surge in remittances aligns with the recovery in deployment, with overseas Filipino workers deployment reaching a 55-year high since records were first kept in 1969. However, while remittances show promise as a driving force for economic growth, there are concerns regarding the savings and investment habits of our OFWs. (Read the BusinessMirror story: “Remittances rise, but savings static—BSP,” April 16, 2024).
Untapped potential of eco-friendly fibers in PHL textile industry
Clothing is one of the basic needs of man, aside from food and shelter. Industries that supply these basic needs have been thriving for years. For one, the textile industry was regarded as one of the main drivers of the industrial revolution.
Examining PHL’s job creation efforts and forging a path forward
The country’s recent employment data has sparked both optimism and concern among citizens. While the numbers indicate some improvement, it is clear that the pace of job creation is falling short of expectations. Despite the modest increase in the number of employed individuals, the latest report reveals that job generation remains below target, raising questions about the effectiveness of the government’s efforts to address unemployment and alleviate poverty. (Read the BusinessMirror report: “Jobs generation remains below govt target—Ibon,” April 15, 2024).
Meralco’s partnerships with co-ops to bolster PHL economic growth
The Philippine economy is on the cusp of a transformative era, and Meralco, the country’s largest electric distribution utility company, has the potential to play a pivotal role in propelling it forward. Recent studies have unveiled a strong correlation between higher power consumption, higher power quality requirements, and an increased GDP per capita. Recognizing this connection, Meralco has wisely set its sights on partnering with electric cooperatives, presenting a promising opportunity to elevate the Philippine economy to new heights.
PBBM bares holistic plan to tackle traffic congestion in NCR
Traffic congestion has long been a pressing issue in Metro Manila, causing frustration, wasted time, and economic losses. Recognizing the need for a holistic plan, President Marcos has outlined a comprehensive approach that focuses on reducing the demand for private vehicles through an enhanced mass transit system and cracking down on colorum vehicles. This strategy demonstrates a promising step forward in addressing the root causes of traffic congestion. (Read the BusinessMirror story: “PBBM: Traffic-busting plan focuses on mass transit,” April 11, 2024).