SUGAR IMPORTS NOT NECESSARY UNTIL MID-2025
The Philippine government will not pursue sugar importation until the middle of next year, top officials of the Department of Agriculture (DA) and Sugar Regulatory Administration (SRA) announced on Nov. 10.
This, as there is a steady domestic supply of both raw and refined sugar.
“Given the current situation, SRA Administrator Pablo Luis Azcona and I agreed that a decision on sugar importation could be delayed until after May, when the current harvest season ends,” Agriculture Secretary Francisco Tiu Laurel Jr. said in a statement.
“There is no immediate need for additional imports as domestic supply of both raw and refined sugar remains stable and sufficient to meet projected needs,” he added.
The DA and SRA officials reached the decision during a meeting held at the DA central office in Quezon City on Nov. 7.
“Our supply for both raw and refined sugar are stable and we are just beginning our harvest season so Secretary Tiu Laurel and I agreed that there will be no sugar imports until after harvest sometime in May or June,” Azcona said.
GLOBAL FOOD PRICES HITS 18-MONTH HIGH
Global food prices reached an 18-month high in October, UP BY 2% from September, according to the Food and Agriculture Organization (FAO) of the United Nations.
Turkish newswire Anadolu reported on Nov. 9 that all major food commodities, except meat, reflected price increases in October, with vegetable oils having the largest rise at 7.3%, the FAO said.
Based on historical levels, the FAO’s Food Price Index in October was 5.5% up compared to the same period last year, but remains 20.5% below the peak level from March 2022.
Cereal prices increased by 0.8% from September but were 8.3%down compared to October 2023.
Meanwhile, dairy prices rose by 1.9 percent in October and were also up 21.4 percent from October 2023.
Sugar prices increased by 2.6 percent in October compared to September, marking the second consecutive monthly rise, although still down 18.6 percent from a year ago.
VENA ENERGY TO INVEST P19B TO EXPAND WIND FARM
Vena Energy based in Singapore is investing at least P19 billion for the expansion of its 304-megawatt (MW) wind farm straddling Northern Samar and Samar provinces.
The company operates the 206-MW San Isidro Wind Project, a collaborative effort with Vivant Energy, and Aboitiz Renewables, the Northern Samar provincial government said on Nov. 8.
The wind farm is located in the border that covers San Isidro, Northern Samar and Calbayog City in Samar province, some 235 kilometers north of Tacloban, the regional capital.
The expansion will introduce 38 wind turbine generators, each with an impressive capacity of 8 MW, complementing the 33 turbines, which boast a capacity of 6.25 MW each round. These will be in operation starting Dec. 15, 2026.
DTI LAUNCHES PROGRAM TO ASSIST MSMES AFFECTED BY ‘KRISTINE’
The Department of Trade and Industry (DTI) has launched the Enterprise Rehabilitation Financing (ERF) in partnership with the Small Business Corp. (SBCorp) to help micro, small and medium enterprises (MSMEs) affected by Severe Tropical Storm “Kristine” (International name Trami) to recover before the holidays.
“We really need this fund out there to help the people to be able to bounce back, because Christmas is near,” DTI Secretary Christina Roque said partly in Filipino on Nov. 7.
“They could also take advantage of (the) Christmas season to be able to sell a lot of their products and to be able to have a merry Christmas also,” she added.
Under the ERF backed by a P2-billion funding, affected MSMEs in areas placed under a state of calamity can avail of a loan from SBCorp with a ceiling of P300,000, payable monthly for up to three years with zero interest and zero principal payment for the first year.
For the second year, the interest rate will be 1% monthly based on the diminishing balance for the succeeding years.
The ERF also includes a three-month grace period for interest and principal.
EMPLOYED FILIPINOS UP TO 49.87 MILLION IN SEPTEMBER
The country’s employment rate went up in September to 96.3% from the 95.5% in the same month in 2023 and the 96% in August 2024, according to the Philippine Statistics Authority (PSA) said on Nov. 6.
The PSA said that the number of employed Filipinos went up to 49.87 million in September this year from 47.67 million last year and 49.15 million last August
The unemployment rate, meanwhile, dropped to 3.7% from 4.5% in September last year and 4.0% in August this year.
Mapa said industries with the largest increase in employment included the administrative and support service activities (+735,000), other service activities (+559,000), wholesale and retail trade (+486,000), public administration and defense (+333,000), and manufacturing (+200,000).
“The story really is first, year-on-year, you have a substantial increase in the labor market, those considered as employed which is about 2.21 million,” said National Statistician Dennis Mapa in Filipino.
PRU LIFE VENTURES INTO ISLAMIC INSURANCE
Pru Life UK has launched its pioneering Takaful (Islamic insurance) in the Philippines as part of its initiative to accelerate financial inclusion for the over seven million Muslim Filipinos in the country.
The insurance firm said on Nov. 5 that it got its Takaful license from the Insurance Commission. Takaful, a Shariah-compliant form of insurance, means a joint guarantee.
“This groundbreaking initiative opens new doors of opportunity for the insurance industry, to serve more of our countrymen, especially in the vibrant Muslim communities. The Philippines is home to approximately seven million Muslims, accounting to about 6.4 percent of the total population,” said Insurance Commissioner Reynaldo Regalado.
Regalado said that despite their significant number, Muslims have been underserved in terms of financial services and access to conventional banking and insurance products.
PH MANUFACTURING SUSTAINS GROWTH IN OCTOBER
The country’s manufacturing sector, based on the purchasing managers’ index (PMI), sustained its growth in October this year, according to S&P Global on Nov. 4.
The S&P Global Philippines Manufacturing PMI posted a score of 52.9 last month, indicating an improvement in the sector’s health for 14th straight month.
“It was the second-highest reading since January 2023, and indicated a historically solid improvement in the sector,” it added.
S&P Global Market Intelligence economist Maryam Baluch said the expansion in new orders was robust, allowing goods producers to raise their output.
“More encouragingly, employment became the real stand-out this month, with the rate of job creation the strongest in over seven years,” she said.
