INFLATION QUICKENS FURTHER TO 7.7 PERCENT IN OCTOBER, HIGHEST IN NEARLY 14 YEARS

MANILA - Inflation in October further accelerated on the back of higher food prices including vegetables and meat, the Philippine Statistics Authority said on Friday.

The consumer price index rose 7.7 percent, from 6.9 percent in September. This is the highest in nearly 14 years or since December 2008 during the global financial crisis, when it hit 7.8 percent.

Inflation for food and non-alcoholic beverages rose to 9.4 percent in October from 7.4 percent the previous month, largely influenced by increased prices for vegetables, tubers, plantains, cooking bananas and other parts of slaughtered animals, PSA data showed.

Faster annual increases were also noted for rice, corn, flour, fish and milk, among others.

"Medyo wide, di lang siya sa vegetables. Mataas din sa meat... fish. May iba pa tayong mga items, sugar, confectionary desserts. (It's wide not just on vegetables. Meat is high, fish and other items like sugar, confectionary, desserts) You will notice for NCR in particular, double digit na almost all sub-groups. That is our concern," National Statistician Dennis Mapa said.

Inflation in the National Capital Region also increased further to 7.7 percent for the month from 6.5 percent in September, also due to the faster price movements of foods and non-alcoholic beverages, according to data.

Average inflation from January to October is now at 5.4 percent.

Inflation is likely to remain elevated and above the government target of 2 to 4 percent for the rest of the year, government estimates showed.

Mapa said rising inflation has knocked the Philippine peso’s purchasing power to 0.87 year-to-date. It was 0.85 for October. That means, for every P1 a Filipino spends, only P0.85 worth of goods and services was purchased.

Meanwhile, recent weather disturbances are also likely to push supply-side inflation in the coming months after crops were damaged, an analyst said.

PBBM VOWS TO END TRAFFIC WOES

The government is pursuing key railway projects seen to address the “terrible stories” about lack of quality time for many Filipinos due to traffic congestion, President Ferdinand Marcos Jr. said on Thursday.

Mr. Marcos also vowed to pursue more ambitious projects, especially in the infrastructure sector, for his countrymen.

The President made the remarks during the signing of the Metro Manila Subway Project (MMSP) Contract Packages (CP) 102 and 103 in Malacañang.

The Chief Executive said the project is seen to reduce the stories of woe from those who come home late due to heavy traffic.

“We will reduce the terrible stories that we hear of people who no longer see their children because they come home at 1:30 in the morning and the children are asleep,” Mr. Marcos said.

“They have to wake up at four o’clock in the morning to get back on the bus to fight with the traffic coming back to work. And that the subway and all our public transport systems will be able to help and remedy this.”

CP102, with a total contract of about P21 billion, was awarded to the joint venture of Nishimatsu Construction Co., Ltd. and D.M. Consunji Inc.

It involves the construction of the Quezon Avenue Station (located inside the former Manila Seedling Bank, EDSA corner Quezon Avenue) and the East Avenue Station (along V. Luna Avenue), including the connecting tunnels.

CP103, with a total contract of approximately P28 billion, was awarded to Sumitomo Mitsui Construction Co., Ltd.

It includes the construction of Anonas Station (at Barangay Project 4, Quezon City) and Camp Aguinaldo Station (inside Camp Aguinaldo), including the connecting tunnels. The Anonas subway station will interconnect with the LRT2 Anonas Station.

Mr. Marcos expressed gratitude to the Japan International Cooperation Agency (JICA) for providing financial support for CP102 and 103.

The President also expressed confidence that the country can move “full speed ahead” toward building better and more infrastructure projects for the Filipino people.

PHILIPPINE DEBT GROWS TO P13.52 TRILLION IN SEPTEMBER PARTLY DUE TO WEAKENING PESO

MANILA - The Philippine national government's outstanding debt rose by 3.8 percent as of the end of September partly due to the peso depreciation against the US dollar, the Bureau of Treasury said on Thursday.

Total outstanding debt reached P13.52 trillion as of September, which was P495.54 billion higher compared to August's P13.02 trillion, Treasury said in a statement.

"NG’s total debt increased by P495.54 billion or 3.8% primarily due to peso depreciation against the US dollar and the net issuance of government securities to support the budget," the agency said.

Out of the total debt stock, 31.2 percent or P4.22 trillion were sourced externally while 68.6 percent or P9.30 trillion were domestic borrowings, government data showed.

"The increment in the level of external debt was due to the P179.69 billion impact of local currency depreciation against the USD. This was partially offset by the P30.62 billion effect of third-currency depreciation against the USD and net repayment amounting to P10.8 billion," it said.

As of the end of August, the peso stood at P56.171 to $1 and P58.646 in September.

The peso dipped to a record low of P59 in October before easing to around the P58 to $1 level in recent weeks.

Analysts expect the inflow of remittances and business process outsourcing (BPO) receipts in the fourth quarter to temporarily support the peso.

However, the US Federal Reserve's 75-basis point interest rate hike on Nov. 2 is seen to fuel the dollar rally that could result in further depreciation of other currencies including the peso.

DBM INCREASES NATIONAL DISASTER MANAGEMENT FUND TO P31-B IN 2023 BUDGET

MANILA - The Department of Budget and Management said Thursday it increased the National Disaster Risk Reduction and Management Fund (NDRRMF) in the proposed 2023 national budget to strengthen the country's preparedness and response during calamities.

The NDRRMF was increased by P11 billion from this year's P20 billion, or to P31 billion, the DBM said.

"To improve the government’s response to calamities, the DBM has increased the NDRRMF from this year’s P20 billion to P30 billion, plus a P1-billion budgetary allocation for the Marawi Siege Victims Compensation Fund under the 2023 National Expenditure Program (NEP)," the DBM said in a statement.

The increase is in line with the directive of President Ferdinand Marcos Jr. to turn the economy into a proactive one, as well as to strengthen the country's capacity to handle disasters, the DBM said.

"One cannot always predict the frequency, magnitude and impact of any disaster. But at all times, the DBM believes that it is always better to be prepared," it added.

The DBM said it still has P6.8 billion NDRRMF available for concerned agencies this year.

"In the aftermath of natural disasters and other calamities, concerned agencies can tap on the remaining P6,863,219,462 in NDRRMF for the rest of 2022, subject to applicable provisions in the 2022 General Appropriations Act (GAA)," it said.

Damage to infrastructure caused by severe tropical storm Paeng was estimated at P2.83 billion, with 367 roads, bridges, schools, health facilities, and other government facilities hit by the storm.

Agricultural damage caused by Paeng also climbed to P2.44 billion, the NDRRMC said. Close to 60,000 farmers and 69,260 hectares of crops were affected.

Nearly P137 million worth of assistance have so far been extended to the affected population, the NDRRMC said.

Paeng is the 16th tropical cyclone to hit the Philippines this year. An average of 20 storms hit the country every year.

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DOH REPORTS 782 NEW COVID-19 CASES, LESS THAN 1,000 FOR 3RD DAY

MANILA — The Philippines on Thursday reported 782 new cases of COVID-19, pushing the country's total to 4,006,635 since the pandemic began.

It is the third straight day that new cases counted fewer than 1,000, said Edson Guido, ABS-CBN's Data Analytics head.

Of the day's new infections, 186 were from Metro Manila.

The number of active cases is at 18,392, the lowest since July 15, Guido said.

The Department of Health also logged 34 new deaths from the respiratory disease, raising the total to 64,179.

Recoveries now stood at 3,924,064.

The positivity rate from Oct. 30 to Nov. 2 is at 10.9 percent, Guido said.

2 MORE CONTRACTS SIGNED FOR METRO MANILA SUBWAY PROJECT

MANILA — The Philippine government on Thursday formally signed two more contract packages on civil works related to the Metro Manila Subway Project (MMSP).

President Ferdinand Marcos Jr. witnessed the signing of MMSP contract packages 102 and 103 at the Malacañang Palace by Transport Secretary Jaime Bautista.

Contract Package 102, a P21-billion agreement with firms Nishimatsu Construction Co., Ltd. and D.M. Consunji Inc., involves the construction of the MMSP's Quezon Avenue and East Avenue stations, including their connecting tunnels.

Contract Package 103, another P28-billion agreement with Sumitomo Mitsui Construction Co., Ltd., will enable the construction of the MMSP's Anonas and Camp Aguinaldo stations. The former is expected to connect with the current LRT-2 Anonas station.

In his speech, Marcos said that the MMSP, once completed, will reduce travel time from Quezon City to the Ninoy Aquino International Airport (NAIA) in Pasay to about 35 to 40 minutes.

The MMSP, he said, is aimed at addressing the “terrible stories” about lack of quality time for many Filipinos due to traffic congestion.

"We will reduce the terrible stories that we hear of people who no longer see their children because they come home at 1:30 in the morning and the children are asleep,” Marcos said.

"They have to wake up at 4:00 in the morning to get back on the bus to fight with the traffic coming back to work. And that the subway and all our public transport systems will be able to help and to remedy,” he added.

Marcos said he hopes the MMSP will help "improve quality of life" in Metro Manila.

When completed in 2028, the MMSP is expected to carry at least 500,000 passengers daily from Valenzuela City in the north to Parañaque City in the south.

MORE EXPENSIVE ‘NOCHE BUENA’ FOR PINOYS THIS X’MAS

Prices of culinary milk, cream, canned fruits, and cooking oils have increased in sari-sari stores, Packworks Sari IQ analytics platform showed, signaling a more expensive Noche Buena for most Filipinos this December.

Andres Montiel, Chief Data Officer of Packworks, said the price of milk and cream went up by 11.84 percent.

He said a 250-milliliter pack of purpose cream, 300-milliliter pack of condensed milk, and 370-milliliter pack of evaporated milk now cost P10 to P15 more than the previous price.

Montiel quoted information from Sari IQ, which monitors information from Packworks’ network of almost 200,000 sari-sari stores across the country.

The price increase is because “culinary milk and creams are normally imported from other countries. The increasing dollar rate over the peso affects the commodity prices since these are imported,” he said.

Prices of palm, vegetable, and canola oils went up by 5.95 percent and nare now sold for approximately P80 more per liter.

Prices of spreads such as mayonnaise and peanut butter increased by 5.77 percent and now cost P40 more per kilo, while dairy products like cheese, margarine, and chilled ice cream became more expensive by around 5.28 percent.

Canned goods also grew costlier by 5.26 percent. Prices of canned nata de coco, whole and cream-style corn, kaong (sugar palm), pineapple chunks, and fruit cocktails jumped by P8 to P20. Prices of other canned products such as corned beef, tuna, meatloaf, and sardines also rose by P5.

“These prices could go up further through the ‘ber’ months, and the demand will definitely be higher. Our local households may be able to skimp on other items, such as clothing or gas, but they have to eat,” Montiel added.

Earlier, the Department of Trade and Industry admitted the cost of some Noche Buena items will increase ahead of the Christmas celebration, with some ham manufacturers already seeking a P40 hike.

At Excelente Ham in Quiapo, the price of Chinese ham increased to P1,640 from P1,540 last year, while scrap ham now fetches P1,560 from P1,520 last year.

The prices of cream increased from P8 to P15, while salad and elbow macaroni also increased from P4 to P27.

The prevailing price of white sugar in Metro Manila stood at P106 in groceries and supermarkets and P100 in markets.

MABASA MIDDLEMAN: SPARE MY LIFE

The alleged middleman in the plot to kill broadcaster Percival “Percy Lapid” Mabasa asked four of his fellow inmates to spare his life before they suffocated him to death with a plastic bag used to carry vegetables, GMA News reported Thursday.

This developed as another person of interest who may hold the key to the solution of the October 5 murder of radio commentator Mabasa enplaned in Manila from Palawan Wednesday night.

Officials said the person was escorted by jail officers during the flight and was taken into custody by the National Bureau of Investigation (NBI).

The officials said the man was also being investigated in connection with the death of Cristito Villamor Palaña or Jun Villamor, the alleged middleman in the gunslaying of Mabasa.

In the GMA TV report on “24 Oras”, one of the inmates said a prison mayor named alias May-may ordered the killing of Palaña, who reportedly facilitated the Lapid slay.

In one of the sworn statements, alias “Jocon” narrated how he and three other inmates killed Villamor at noon on Oct. 18.

“Don’t kill me please. Are you killing me now?” Palaña was said to have asked calmly in Filipino his would-be killers, according to Jocon’s sworn statement.

“Kalma mo lang sarili mo kosa (Calm yourself inmate),” one of them told Palaña in the GMA report.

Jocon’s statement indicated that it was he who held the plastic bag that suffocated Palaña. His three companions held Palaña to keep him in place as he was being killed.

Jocon said he didn’t refuse May-may’s order because he knew that he himself would be killed if he didn’t follow, noting he had witnessed how other inmates had been killed after they rejected the order of May-may and other former mayors.

A mayor in Philippine prisons is an inmate recognized as the leader among prisoners in a community of cells.

2022 BAR EXAMS TO PROCEED; REFUND OF FEES ALLOWED FOR THOSE WHO CAN'T TAKE TEST

MANILA — The 2022 Bar exams will push through in next week, November, amid the devastating effects of Severe Tropical Storm Paeng that battered the Philippines last week.

But those who are unable to take the exam scheduled on November 9, 13, 16 and 20 may apply for a refund of their fees with the Office of the Bar Confidant.

“At the option of the examinee, the bar fees paid may also be applied to the forthcoming Bar Examinations scheduled in September 2023,” the statement from the Office of the Bar Chair released Thursday read.

The statement was issued after the Office of the Bar Chair said it has informally received words on social media calls for postponement of the test due to damage and flooding brought by Paeng.

It said it is aware of the President Ferdinand “Bongbong” Marcos Jr.’s declaration that placed Calabarzon, Bicol and Western Visayas regions, and Bangsamoro Autonomous Region in Muslim Mindanao under a state of calamity.

The Office of the 2022 Bar Chair of Associate Justice Alfredo Benjamin Caguioa then surveyed the 14 local testing centers and local government units covering these schools. Both have indicated they remain prepared for the 2022 Bar exams next week, the statement read.

The Court said it considered those who may have been adversely affected by the storm, those who are keen to take the exams as scheduled and the hundreds of personnel who will serve in the conduct of the test.

“Still more, the Court acknowledges that any postponement for the upcoming Bar Examinations will have ripple effects on, among others, the annual Bar Examinations, the next succeeding schedule of which is in September 2023,” the office said.

“Taking all of these under consideration, it is the examined position of the Court that the 2022 Bar Examinations on November 9, 13, 16 and 20, 2022 will push through as scheduled,” it added.

SC spokesperson Brian Hosaka earlier said from the original 10,075 approved applicants for the 2022 Bar exams, 9,916 examinees are expected to take the grueling four-day test next week.

SPORTS

BOLTS UNLEASH MCDANIELS

MANILA — With balik-import KJ McDaniels in tow, Meralco hopes to energize its sagging campaign in the PBA Commissioner’s Cup.

The Bolts limped to a 1-5 start under Johnny O’Bryant and brought in former TNT and NLEX reinforcement McDaniels, who quickly gets to work today against the pacesetters no less, Bay Area (6-1).

“KJ has practiced with us only three days but he is adjusting well to his new team,” said Meralco coach Norman Black ahead of their must-win duel with the well-rested Dragons at 3 p.m. at the Smart Araneta Coliseum.

The arrival of McDaniels, who previously led the Tropang Giga and the Road Warriors to the Governors’ Cup playoffs, eased the import worries of the struggling Bolts. After letting go of O’Bryant, the squad tapped Jessie Govan, who turned out to be over the 6-foot-10 height limit.

“With KJ here, our focus now is to try and make a run for the playoffs,” said Black.

The import position is filled up but the Bolts are still very much dealing with injury problems.

“The matchup versus Bay Area will be tough, especially since (Cliff) Hodge will be out with an ankle sprain and (Chris) Newsome is still out with his calf injury,” said Black.

The Dragons come off a two-week break, which they used to recharge for the homestretch of the elims. They last saw action Oct. 21 in a near record-breaking 54-point rout of Terrafirma.

“We had a window to freshen them up mentally. Now we’re getting ready for the real tough part of our campaign,” said Bay Area mentor Brian Goorjian, whose wards are set to battle Rain or Shine, NLEX, Magnolia and TNT after Meralco.

Meanwhile, Rain or Shine (3-4) and NorthPort (3-4) dispute win No.4 and solo eighth at 5:45 p.m.

The second-game protagonists both look to get back on track with the Batang Pier on a two-game slide and the Elasto Painters reeling from their 92-83 setback to Phoenix last time.

ROS coach Yeng Guiao challenged his import Steve Taylor Jr. to be more assertive after his 16-point, 19-rebound effort versus the Fuel Masters.

“Kung ang import mo does not produce the numbers, naturally, the burden of offense will fall on the locals,” said Guiao. “The purpose of your import is to give you an edge; if your import doesn’t, then may problema talaga.”

INDICATORS

FOREX $1 = P 58.80

THOUGHT FOR THE DAY

Difficulties strengthen the mind, as labor does the body. - Lucius Annaeus Seneca