25 PROVINCES FPI: Smuggled goods cost P904B under Aquino TABAL WINS 1ST GOLD FOR FILIPINOS . IN SEAG

25 PROVINCES FPI: Smuggled goods cost P904B under Aquino TABAL WINS 1ST GOLD FOR FILIPINOS . IN SEAG

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  • www.marketmonitor.com.ph | MONDAY-SUNDAY, AUGUST 21-27, 2017 | VOL. 2 NO. 29 | P20 | ISSN: 2467-7701

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    By Luis Leoncio

    A trade group estimates that some P904.6 bilion worth of prod-ucts were smuggled into the country during the administration of former Pres- ident Benigno Aquino III, spe- cifically from 2011 to 2015. The Federation of Phil- ippine Industries’ (FPI) Fight

    Illicit Trade (IT) Movement commissioned the Center for Research and Communication Foundation Inc. (CRCFI) of the University of Asia and Pacific (UAP) to do a study that found that smuggling were rampant in certain industries, namely petroleum, steel, resins, wood, cigarettes, sugar, palm oil, and automotive batteries. The value of smuggled goods was derived by comput-

    ing the difference of the exports value from the host countries and the import value record- ed in the Philippine Statistics Authority (PSA), according to University of Asia and the Pa- cific (UA&P) Prof. Rolando Dy. The largest value of smug- gling was recorded in the pe- troleum industry, amounting P680 billion, from 2013 to 2015. This was followed by the

    steel industry, with smuggled goods valued at P106.1 bil- lion; resin, P42.9 billion; palm oil, P30.9 billion; wood, P24.8 billion; cigarettes, P9.8 billion; sugar, P9.3 billion; and auto- motive battery, P750 million. The impact and multiplier effects of the smuggled goods from the eight industries in five years resulted in P495.5 billion

    See page A2

    Economic observers are confi- dent that the Philippine econ- omy will hit the target range of 6.5-percent to 7.5-percent growth this year after the gov- ernment announced a 6.5-per- cent gross domestic product (GDP) expansion in the sec-

    ond quarter. ANZ Research said that, while the 6.5-percent domestic expansion “was only marginal- ly stronger” than the 6.4 per- cent in the first semester, “the sequential momentum materi- ally strengthened.”

    “Despite the slowdown in private consumption growth, strong investment and the improvement in exports will remain supportive of growth,” ANZ Research said in a report. Japanese financial firm Nomura also maintained its

    6.7-percent growth forecast, citing better fiscal support and capital spending. In its Global Markets Re- search report, Nomura said the 6.5-percent growth was in line with its forecast for the period, but beat the 6.4-percent mar-

    ket consensus. Nomura said a 6.9-per- cent growth in the second half of 2017 was needed to achieve a 6.7-percent full-year output. It expects the second half’s performance to be driven by “more fiscal support to growth,

    particularly from an increase in capital spending. “More progress on infra- structure spending should also continue to crowd in private investment, while we expect

    See page A3

    Socioeconomic Planning Secretary Ernesto M. Pernia (in left photo, with microphone) delivers his opening remarks to the media (right photo) at the Philippine Statistics Authority (PSA) press conference on the 2017 second-quarter performance of the Philippine economy. With him is National Economic and Development Authority (Neda) Undersecretary Rosemarie G. Edillon.

    The Department of Finance (DOF) said it appreciates the de- cision of the US government’s Millenium Challenge Corp. (MCC) to reopen a $434 -million (P2.17-billion) grant, but the conditions attached to it would have to be reviewed. The US aid agency listed the Philippines as among the countries eligible to avail itself of the funds starting next year. The MCC grant have strings attached to it that may fall under foreign loans that President Duterte wanted rejected for interference in domestic policies. Malacañang said in May that the Duterte administration is rejecting aid from the European Union (EU) that has condi- tions that may interfere with the country’s internal affairs. The President rejected any form of assistance from the EU with conditions attached to it after the EU warned the

    See page A3

    Economic managers made a bold prediction to foreign in- vestors in a Singaporean forum that the Philippines is slated to become Asia’s next economic powerhouse. Members of President Duterte’a Cabinet, led by Bud- get Secretary Benjamin Diok- no, Finance Secretary Carlos Dominguez, Socioeconomic Planning Secretary Ernesto Per- nia, Bangko Sentral ng Pilipinas (BSP) Governor Nestor Espenilla Jr., and Executive Secretary Sal- vador Medialdea, showcased

    See page A2

    President Duterte’s economic team, led by Budget Secretary Benjamin Diokno, Finance Secretary Carlos Dominguez, Socio- economic Planning Secretary Ernesto Pernia, Bangko Sentral ng Pilipinas (BSP) Governor Nestor Espenilla Jr., and Executive Secretary Salvador Medialdea, at the Philippine Economic Briefing in Singapore on August 15, 2017.

    Telecommunications companies in Southeast Asia need to invest more in spectrum and new services to meet the explosive data and bandwidth demand in the smartphone era, a new study from Standard & Poors (S&P) Global Ratings showed.

    See page A3

    FPI: Smuggled goods cost P904B under Aquino

    LTFRB keeps one-month ban; Uber offers to pay P10 million By Riza Lozada

    Despite an offer from global ride-sharing firm Uber to pay a P10-million fine, regulator Land Transportation Fran- chising and Regulatory Board (LTFRB) stood its ground in

    See page A2

    Market consensus points to government hitting growth goal

    Economic team bills Phl as next Asian powerhouse DOF to review P2.17-B MCC grant conditions

    Rolando Dy

    Smartphones usher in new order for telcos—S&P