August 23, 2022
2023 Proposed National Government budget
Source BusinessWorld
Jobless rate seen staying elevated in 2023, budget papers show
Philippine Daily Inquirer, August 23, 2022
Ben O. de Vera
The country’s jobless rate is seen staying above prepandemic levels and could even go higher next year amid expectations that consumer prices will stay elevated for some time...
Nearly a third of P5.3-trillion budget to pay for debts
Philippine Daily Inquirer, August 23, 2022
Ben O. de Vera, Jeannette I. Andrade
The House of Representatives on Monday received the P5.268-trillion proposed budget of the Marcos administration for 2023, nearly a third of which will be used to repay the government’s debt swollen by massive loans used to address the COVID-19 pandemic...
Peso sinks back to P56:$1 level
GMA News, August 22, 2022
Jon Viktor D. Cabuenas
The Philippine peso softened against its US counterpart for the seventh straight trading day on Monday to sink back into the P56:$1 level and mark its weakest performance in a month...
Price of refined sugar down at P70 per kilo
The Manila Times, August 23, 2022
Bella Cariaso
The price of refined sugar in supermarkets has been lowered to P70 from P110, days after big supermarket chains committed to bring down the cost of the sweetener, reports reaching Malacañang on Monday said...
Over 28 million learners enrolled for SY 2022-2023: DepEd
Manila Bulletin, August 22, 2022
Merlina Hernando-Malipot
More than 28 million students have enrolled for School Year (SY) 2022-2023, the Department of Education (DepEd) on Monday, Aug. 22, said...
NG debt seen to swell to P14.63 trillion by yearend
BusinessMirror, August 22, 2022
Bernadette D. Nicolas
The national government’s outstanding debt is expected to further balloon to P14.63 trillion by the end of next year...
NEA orders fuel oil-dependent power co-ops to source more renewable energy
BusinessWorld, August 22, 2022
Ashley Erika O. Jose
The National Electrification Administration (NEA) has directed electric cooperatives to tap more renewable energy if they are currently drawing power from diesel or bunker-fired power plants...
House bill filed to legalize importation, sale of used clothing
BusinessWorld, August 22, 2022
Matthew Carl L. Montecillo
A bill seeking to legalize the commercial importation and sale of used clothing, popularly referred to as ukay-ukay, was filed at the House of Representatives on Monday...
BSP eyes secrecy law
BusinessMirror, August 23, 2022
This photo courtesy of the Bangko Sentral ng Pilipinas shows Governor Felipe M. Medalla (left) explaining that the central bank is looking into proposed amendments to the Bank Secrecy Law that will allow for a thorough examination of bank accounts with suspicious financial transactions...
DTI wants 3-year tax exemption for small online businesses in new bill
Philippine Daily Inquirer, August 23, 2022
Alden Monzon
The Department of Trade and Industry (DTI) is pushing for a three-year tax exemption period for small e-commerce enterprises as part of a proposed legislation to encourage online merchants to register with the government...
Marcos urged to nullify ‘antimarket’ BOT rules
Philippine Daily Inquirer, August 23, 2022
Doris Dumlao-Abadilla
Three of the country’s biggest business groups are pressing their appeal to President Marcos to ensure “balanced” risk-sharing between the government and private sector by nullifying what they decry as an “antimarket” Build-Operate-Transfer (BOT) framework sanctioned by the Duterte administration...
Lawmaker files measure to establish PWD office in LGUs
Manila Standard, August 22, 2022
Maricel Cruz
A resolution has been filed at the House of Representatives urging local government units (LGUs) to establish their respective Persons with Disability Affairs Office (PDAO) in accordance with Republic Act 10070 or the amended Magna Carta for Disabled Persons...
Solon eyes bills to expand food production
Manila Standard, August 22, 2022
Maricel Cruz
Albay Rep. Joey Sarte Salceda, chairperson of the House committee on ways and means has vowed to push for special provisions and unprogrammed appropriations to expand food production and reduce inflation...
DSWD eyes tweaks on adoption to avoid separating siblings
BusinessMirror, August 22, 2022
Claudeth Mocon-Ciriaco
The Department of Social Welfare and Development (DSWD) has vowed to prioritize structural reforms to specifically address sibling cases under alternative child-care methods for siblings in institutions or under the government care...
Senate bill creates MSME stimulus contingency fund
BusinessMirror, August 22, 2022
Butch Fernandez
In a bid to fast track the recovery of the country’s economy from the pandemic, Senator Joel Villanueva believes the key lies in stimulating medium-small-medium enterprises (MSMEs)...
Advocacy group hails passing into law of Philippine creatives industry act
Manila Standard, August 22, 2022
An advocacy group championing citizen welfare has lauded the lapsing into law of Republic Act 11904 or the Philippine Creatives Industry Act, saying that this is a major step toward achieving the full potential of the country’s creatives industry...
Thailand seeks to address hotel worker shortage by recruiting Filipinos
BusinessWorld, August 22, 2022
Revin Mikhael D. Ochave
The Department of Tourism (DoT) said Thailand is experiencing a shortage of hotel workers as demand in that industry recovers, and will seek to employ Filipinos to fill the gaps...
UK think tank: Tourism rebounds in PH, Asean amid economic reopening
Philippine Daily Inquirer, August 22, 2022
Ben O. de Vera
Tourism in the Philippines and across the Asean has benefited from the continued reopening of economies despite lingering COVID-19 risks, UK-based think Pantheon Macroeconomics said Monday...
ASEAN CBs move vs price threats
Daily Tribune, August 22, 2022
Komfie Manalo
Some of Asia-Pacific’s biggest economies will advance rate plans in their next policy meetings to act against soaring inflation, with resilient growth providing leg room to tighten monetary policy, Moody’s Analytics said in its Weekly Economic Review...
WHO: 2nd booster for most at risk
Manila Standard, August 23, 2022
Agence France-Presse
The World Health Organization’s vaccine advisers have recommended that people most at risk from COVID-19 should be offered a second booster dose to increase their immunity...
US, SKorea open biggest drills in years amid threats
The Manila Times, August 23, 2022
Associated Press
The United States and South Korea began their biggest combined military training in years on Monday as they heighten their defense posture against the growing nuclear threat from North Korea...
The world’s cotton supply keeps shrinking, hit by drought, heat
BusinessWorld, August 22, 2022
Tarso Veloso, Tatiana Freitas and Marvin G. Perez
Extreme weather is wreaking havoc upon virtually all of the world’s largest cotton suppliers...
Russia calls Britain hypocritical for questioning its right to sit at G20
Philippine Daily Inquirer, August 23, 2022
Reuters
Russia’s embassy in London on Monday called Britain hypocritical for a statement by its foreign ministry last week that questioned Russia’s “moral right” to sit at the Group of 20 nations...
OPEC+ has 'means' to deal with oil volatility: Saudi Arabia
Philippine Star, August 23, 2022
Agence France-Presse
OPEC leader Saudi Arabia's energy minister said Monday that the oil cartel and its allies have the means to deal with market challenges -- including by "cutting production"...
Quiet quitting is the latest workplace trend, but it doesn't mean what you think
CNN Philippines, August 23, 2022
Megan Marples, CNN
Years of long hours, understaffed companies and burned-out employees have all led to the latest TikTok trend: quiet quitting...
Consortium to sign contract for Sangley airport in Sept.
BusinessWorld, August 23, 2022
Arjay L. Balinbin
A consortium composed of Philippine, European and South Korean companies is set to be awarded the contract to develop the Sangley Point International Airport (SPIA) in September, according to the Cavite provincial government...
DoTr urged to upgrade, privatize EDSA busway
BusinessWorld, August 23, 2022
R.M.D.Ochave
The Department of Transportation (DoTr) is being urged to consider the privatization of the bus system along Epifanio delos Santos Avenue (EDSA), as well as other urban rail systems to help ease the burden of commuters...
Ex-SRA execs admit errors in sugar import order
Philippine Daily Inquirer, August 23, 2022
Jeannette I. Andrade
Former Agriculture Undersecretary Leocadio Sebastian, who signed early this month an order on behalf of President Ferdinand Marcos Jr., the concurrent agriculture secretary, to import 300,000 metric tons (MT) of sugar, admitted on Monday that he misread the chief executive’s intent...
DSWD: 4Ps grantees who got student aid must return money
Philippine Daily Inquirer, August 23, 2022
Krixia Subingsubing
Beneficiaries of the Pantawid Pamilyang Pilipino program (4Ps) who braved crowds to get their education assistance from the Department of Social Welfare and Development (DSWD) will have to give the money back, the agency said on Monday, in a move likely to worsen fallout from the disorderly aid distribution last week...
DA exec admits salt shortage
The Manila Times, August 23, 2022
Bella Cariaso
The government has yet to fully address concerns on the supply of sugar, but an official of the Department of Agriculture admitted that salt is also in short supply...
Most gov't offices getting more funds in 2023 national budget
ABS-CBN News, August 23, 2022
RG Cruz
Most of the country’s highest political offices are getting more funds in the 2023 national budget which the Department of Budget and Management submitted to the House of Representatives on Monday...
Suspend no contact apprehension policy
The Manila Times, August 23, 2022
Franco Jose C. Baroña and Arlie O. Calalo
The Department of Transportation (DoTr) through the Land Transportation Franchising and and Regulatory Board (LTFRB) urged the Metropolitan Manila Development Authority (MMDA) to suspend for 30 days the no contact apprehension policy (NCAP) for public utility vehicles (PUVs) that were allowed to travel in 133 pre-pandemic routes in Metro Manila...
School opening peaceful – NCRPO
Philippine Star, August 23, 2022
Neil Jayson Servallos
With over 9,700 police officers deployed in schools in Metro Manila to secure students, no untoward incidents were recorded during the resumption of face-to-face classes yesterday...
Covid cases in Metro Manila dropping
The Manila Times, August 23, 2022
Franco Jose C. Baroña
COVID-19 cases in the National Capital Region (NCR or Metro Manila) were 15 percent lower than the previous week's figure, independent monitoring group OCTA Research reported on Monday...
2023 budget deliberations must tackle spending delays, procurement – Recto
Philippine Daily Inquirer, August 23, 2022
Gabriel Pabico Lalu
The 19th Congress should discuss spending delays and questionable procurement in its deliberations on the 2023 budget, House Deputy Speaker Ralph Recto said in a statement issued on Monday...
Gridlock, fewer PUVs as schools reopen
Philippine Daily Inquirer, August 23, 2022
Krixia Subingsubing
Long lines at public transport terminals and heavy traffic greeted Metro Manila commuters on Monday, the first day of simultaneous in-person classes for thousands of students after the COVID-19 pandemic shuttered schools two years ago and prompted a shift to online learning...
Gov’t to spend less on infra next year
Philippine Daily Inquirer, August 22, 2022
Ben O. de Vera
The government will spend a slightly smaller P1.18 trillion on infrastructure next year due to less financial support for projects to be rolled out by local governments and state-run corporations...
Gov’t intensifies crackdown vs multilevel marketing scammers
Philippine Daily Inquirer, August 23, 2022
Alden M. Monzon
The Department of Trade and Industry (DTI) said on Monday it would step up efforts to combat multilevel marketing (MLM) scams, including pyramid schemes, vowing to build up further its consumer education campaign in the country...
Bongbong Marcos’ office proposes P4.5-B confidential, intel funds for 2023
Philippine Daily Inquirer, August 22, 2022
Neil Arwin Mercado
The Office of President Ferdinand “Bongbong” Marcos Jr. is proposing P4.5 billion for its confidential and intelligence funds (CIF) for 2023, similar to the last proposed budget of his predecessor President Rodrigo Duterte...
ESG officers want gov’t incentives for sustainability drive
BusinessWorld, August 23, 2022
Justine Irish D. Tabile
Sustainability officers from different companies — Metro Pacific Investment Corp. (MPIC), Prime Infrastructure Capital, Inc., and Maynilad Water Services, Inc. — have highlighted the importance of government incentives in achieving sustainability...
Traffic woes, overcrowding mar first school day
BusinessWorld, August 22, 2022
Kyle Aristophere T. Atienza
The Government on Monday said the coronavirus pandemic would no longer be an excuse to suspend face-to-face classes, as Filipino students endured heavy traffic on their way to cramped classrooms on the first day of school...
DSWD educational cash aid: Who are considered indigents?
Philippine Star, August 23, 2022
The Department of Social Welfare and Development began distributing financial aid for indigent students last Saturday, prompting thousands to troop to regional offices across the country...
DA inspects cold storage facilities following discovery of 9 trucks of white onions
The Manila Times, August 22, 2022
Bella Cariaso
The Department of Agriculture's Bureau of Plant of Industry is inspecting cold storage facilities following the discovery of nine trucks of white onions in Misamis Oriental...
Gov’t intensifies drive vs hoarders, profiteers
Daily Tribune, August 22, 2022
Michelle R. Guillang
Customs agents on Monday discovered suspected smuggled rice and sugar during a surprise inspection of a warehouse in Caloocan City, the Office of the Press Secretary announced...
DTI: No negligence vs networking firms
Daily Tribune, August 22, 2022
Raffy Ayeng
The Department of Trade and Industry snaps back at a senator’s gripe yesterday, maintaining that it has been doing its job in running after fraudulent multi-level marketing firms...
Philippines detects fourth monkeypox case
Rappler, August 22, 2022
Ryan Macasero
The Philippine Department of Health (DOH) reported its fourth monkeypox case in the country on Monday evening, August 22...
Pascual shifts DTI focus to industrialization
Manila Bulletin, August 22, 2022
Bernie Cahiles-Magkilat
Trade and Industry Secretary Afredo E. Pascual said he would shift real focus of his agency towards industrialization stressing that manufacturing is the only way to be sustainable and become an inclusive economy...
Sugar cost seen to drop to P60/kl after stocks found in warehouses
Manila Standard, August 23, 2022
Vince Lopez and Joel E. Zurbano
From a high of more than P100 per kilo, the retail price of refined sugar is expected to go down to P60 per kilo with the “discovery of thousands of stocks” in warehouses in Bulacan and Pampanga, senior Agriculture undersecretary Domingo Panganiban said...
Group: E-sabong industry will be professionalized and regulated
Manila Standard, August 22, 2022
The much-awaited return of e-sabong to the country will be professionalized and regulated to address concerns regarding the negative impacts it has on society...
Senior pension hike not in proposed 2023 budget — Budget official
CNN Philippines, August 22, 2022
CNN Philippines Staff
The proposed national budget for 2023 has no item for hike in the pension of poor senior citizens, a Budget official said on Monday...
BSP expected to hike rate to 4.5% by end-2022
BusinessWorld, August 23, 2022
K.B.Ta-asan
The Bangko Sentral ng Pilipinas (BSP) is expected to remain hawkish for the rest of the year, bringing the policy rate to 4.5% by the end of the year, Fitch Solutions Country Risk & Research said...
Philippines’ banked adults rise to 56% in 2021 as online payments grow
BusinessWorld, August 23, 2022
K.B. Ta-asan
About 22 million Filipinos gained access to formal financial accounts between 2019 and 2021, but 34.3 million adults remained unbanked, the Bangko Sentral ng Pilipinas (BSP) said...
Most PH banks record excellent performance
The Manila Times, August 23, 2022
Tiziana Celine Piatos
Creditsights, an independent credit analyst and strategist, said that most Philippine banks had an excellent first-half performance, with profitability "back at or nearing pre-pandemic levels."...
Price of wild chili hits P600/kilo
The Manila Times, August 23, 2022
Bella Cariaso
The cost of siling labuyo (hot chili) had also gone up as its retail price reached P600 per kilo based on the Monday market monitoring of the Department of Agriculture (DA)...
Persistent inflation, rate hikes to slow credit growth
Philippine Star, August 23, 2022
Lawrence Agcaoili
Persistent inflation and the consequently more aggressive policy tightening by the Bangko Sentral ng Pilipinas (BSP) may temper credit growth of Philippine banks, according to CreditSights Inc...
PH shares tank as peso weakens further
Philippine Daily Inquirer, August 23, 2022
Tyrone Jasper C. Piad
The Philippine Stock Exchange index (PSEi) succumbed to profit-taking after rallying in the past week due to poor sentiments brought about by the peso depreciation...
Foreign investors wary of RCEP delay, Trade department says
BusinessWorld, August 22, 2022
Alyssa Nicole O. Tan
The Department of Trade and Industry (DTI) said the ratification of the Regional Comprehensive Economic Partnership (RCEP) remains one of its top priorities due to the unease that failure to sign on to the trade deal has caused investors...
MUFG raises 2022 outlook on Philippine growth to 6.7%
BusinessWorld, August 22, 2022
Keisha B. Ta-asan
MUFG Bank said it upgraded its view on Philippine economic growth in 2022 to 6.7% from 6.5% previously, citing stronger-than-expected performance in the first half...
P12B set aside to extend 2023 rice buffer stock capacity
BusinessMirror, August 22, 2022
Samuel P. Medenilla
The government has allocated P12 billion to extend the country’s rice buffer stock capacity next year from 9 days to 15 days to boost the country’s resilience amid the looming “global food crisis.”...
How did PHL business cope in pandemic? PSA data show
BusinessMirror, August 22, 2022
Cai Ordinario
Nearly half of business establishments delayed their payments to suppliers, and a third turned to advanced payments from customers in order to cope during the pandemic, according to the Philippine Statistics Authority (PSA)...
Gas prices up, increases transport sector’s woes
Daily Tribune, August 22, 2022
Maria Romero
Consumers across the country will pay heftier prices on petroleum products starting Tuesday after major oil players announced separate price hikes, with diesel rising by P2.60 per liter and kerosene by P2.80 per liter...
More interest rate hikes projected
Philippine Star, August 23, 2022
Lawrence Agcaoili
The research units of the Fitch and Moody’s groups expect the Bangko Sentral ng Pilipinas (BSP) to further raise interest rates this year to rein in inflation...