Future earning losses of poorest Philippine students seen 33% higher than richest

Source BusinessWorld

The disruption of schooling due to the coronavirus disease 2019 (COVID-19) pandemic inflicted lifetime earning losses in developing Asia, most particularly for those in lower income brackets, the Asian Development Bank (ADB) reported...

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As the fastest-growing economy in Asean-5 in the first half of 2022, the country’s chief economist expects the Philippines to sustain robust expansion for the rest of this year and throughout the Marcos administration...

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The Philippine peso continued to fall against the United States dollar, closing at P56.11 on Wednesday...

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The Philippines’ current account deficit is expected to widen to 3.6 percent of gross domestic product at the end of this year, double the 1.8 percent recorded at end-2021, according to Goldman Sachs...

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Poorer Filipinos were worst hit by harder times wrought by the prolonged COVID-19 pandemic, both in terms of livelihood and access to quality education among schoolchildren, Asian Development Bank (ADB) economists said on Wednesday...

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Over 17.6 million Philippine Identification (PhilID) cards have been printed by the Bangko Sentral ng Pilipinas (BSP) and are set to be delivered to registrants nationwide, Malacañang announced Wednesday...

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The House Ways and Means Committee on Wednesday approved the new fiscal regime for the mining sector, as well as the fourth package of the Comprehensive Tax Reform Program (CTRP) that includes the removal of the excise tax exemption on pickup trucks...

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Regulators are backing a measure seeking to institutionalize rules covering digital assets like e-money and cryptocurrency for improved monitoring and consumer protection...

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The Philippine Economic Zone Authority (PEZA) confirmed that it plans to extend 30% work-from-home (WFH) arrangements for registered information technology and business process outsourcing (IT-BPO) firms to March, with final approval of the policy expected at its next board meeting...

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The proposed Internet Transactions Act, which seeks to establish an electronic commerce (e-commerce) bureau, was unanimously approved by the House Trade Committee on Wednesday...

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Employers and workers who will engage in work-from-home arrangements could expect better protection of their rights in the updated implementing rules and regulations of Republic Act (RA) No. 11165 or the Telecommuting Law...

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Quezon City Mayor Joy Belmonte has issued guidelines on localized suspension of classes due to typhoons, flooding and other calamities following the resumption of face-to-face classes...

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Pickup trucks will soon become more expensive as the Lower House’s committee on ways and means on Wednesday approved an expanded bill which included slapping excise taxes on this commercial vehicle segment...

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The Department of Trade and Industry and the Department of Labor and Employment are working closely to revise the implementing rules and regulations of the law that created the Philippine Economic Zone Authority...

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The House of Representatives Committee on Ways and Means has approved a new fiscal regime for the mining sector, which is set to increase revenues for mining by up to P37.5 billion in its first full year of implementation...

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The Department of Justice (DOJ) on Wednesday vowed to issue an ultimatum to all telecommunication companies and internet service providers (ISPs) to perform their obligations under the law requiring them to install software that will block access to or transmittal of any form of child pornography in the internet...

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An online registration system for the release of student cash aid will be set up by the government to prevent a repeat of the chaos at distribution sites nationwide last Saturday...

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The future of environmentally friendly travel might just be here -- and it's Germany that's leading the charge, with the first ever rail line to be entirely run on hydrogen-powered trains, starting from Wednesday...

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The International Monetary Fund (IMF) will hold its Article IV Consultation with the Philippines in September, according to an official...

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The Department of Justice (DOJ) has declared that the government would not comply with any demand from the International Criminal Court (ICC) in connection with its plan to reopen the investigation on the alleged crimes committed against humanity in former President Rodrigo R. Duterte’s bloody campaign against illegal drugs...

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Filipino firms have allocated more budget for cybersecurity compared to their counterparts across the Asia-Pacific and Japan (APJ), with majority claiming to be on the receiving end of digital attacks in the past year, according to a survey...

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A group of hog raisers reiterated its appeal to prohibit the entry of processed animal proteins (PAPs) from countries affected by African swine fever (ASF) in order not to derail the sector’s recovery from the animal disease...

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The Malaysia External Trade Development Corp. (Matrade), together with the Ministry of Entrepreneur Development and Cooperatives and the Small, Medium, Enterprise Development Bank, is eyeing business partnerships and opportunities in the Philippines...

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Philippine Navy flag-officer-in-command Vice Adm. Adeluis Bordado has pushed for strengthened cooperation between the navies of the Association of Southeast Asian Nations (ASEAN) to be able to curb emerging maritime challenges in the region...

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The COVID-19 pandemic pushed back efforts of the Asia and the Pacific region -- which includes the Philippines -- to combat poverty for at least two years, according to the Asian Development Bank (ADB)...

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Southeast Asia should be kept as a "free, neutral, and peaceful region," Indonesian Ambassador to the Philippines Agus Widjojo said as Jakarta called on all claimants in the South China Sea (SCS) to comply with international law...

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NASA's James Webb Space Telescope has captured stunning images of the planet Jupiter showing two tiny moons, faint rings and auroras at the northern and southern poles...

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President Volodymyr Zelensky announced a deadly attack on a rail station Wednesday, the country's independence day, as he pledged Ukraine would fight "until the end" on the day that marked six months of war...

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The Asian Development Bank (ADB) and the United States Agency for International Development (USAid) have signed a joint agreement to help the Pacific region in adapting and responding better to climate and disaster impacts, pandemics and economic shocks...

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Saudi Arabia's energy chief said on Monday that the Organization of the Petroleum Exporting Countries and other major oil producers — better known as OPEC+ — had the means to deal with market challenges, including by "cutting production."...

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The number of people facing acute food insecurity worldwide has more than doubled to 345 million since 2019 due to the COVID-19 pandemic, conflict and climate change, the World Food Programme (WFP) said on Wednesday...

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Japan's prime minister on Wednesday called for a push to revive the country's nuclear power industry in a bid to tackle soaring imported energy costs linked to the war in Ukraine...

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Over six months since Russia invaded Ukraine in what Moscow calls its “special military operation,” thousands have been killed, millions made homeless, and the world has seen the worst East-West tensions since the Cold War...

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A post-pandemic spending euphoria, supported by copious government spending, was set to drive the economy and help fatigued households regain a sense of normality after two dreadful years...

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A team from the International Monetary Fund (IMF) will meet Sri Lanka’s president on Wednesday for talks to finalize a bailout package, including restructuring debt of about $29 billion, amid the nation’s worst financial crisis in more than seven decades...

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Passengers traveling from France to England were evacuated from a Eurotunnel train underneath the English Channel on Tuesday before being left stranded for hours...

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The Philippine Stock Exchange, Inc. (PSE) is stepping up its goal of encouraging more companies to list on the stock exchange through a virtual event that will gather business owners who would like to know more about the initial public offering (IPO) process...

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Even if the country has withdrawn from the Rome Statute that governs the International Criminal Court (ICC), the government will still reply to the ICC prosecutor’s investigation into the more the 6,000 killings that happened during former President Rodrigo Duterte’s “war on drugs.”...

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Six officials of the Bureau of Customs (BOC) in the Port of Subic were relieved from their posts while the agency investigates the alleged smuggling of sugar in the country...

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President Ferdinand "Bongbong" Marcos Jr. assured the public that his administration will ensure adequate rice supply in the country...

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Nearly 500,000 sacks of raw sugar were found in surprise visits to several warehouses in Cagayan de Oro City Tuesday as the Palace announced that six Customs officials in the Port of Subic were relieved amid an investigation into sugar smuggling...

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The Department of Social Welfare and Development will no longer accept walk-ins during the distribution of financial assistance to indigent students to avoid crowding at the payout sites...

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The return of ABS-CBN Corp. to free-to-air television will have to wait a little longer...

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The Commission on Human Rights (CHR) welcomed the writs of amparo the Supreme Court issued in favor of missing activists Elizabeth Magbanua and Alipio Juat...

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Data from the Philippines' Food and Drug Administration (FDA) revealed that there were 2,573 deaths related to Covid-19 vaccination from March 2021 to July 2022, with 12 of the fatalities children 5 to 11 years old...

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The Philippines needs to outline a “technology roadmap” for its shift to clean energy, an Energy department official said, noting the importance of “transition fuels” like natural gas before the full changeover to renewables, as well as the potential of other resources like nuclear and hydrogen...

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The Presidential Commission on Good Government (PCGG) fought for its continued existence at a House briefing on Wednesday as lawmakers allied with President Ferdinand Marcos Jr. renewed a push to abolish the agency created 36 years ago to run after the ill-gotten wealth of the chief executive’s family and their associates...

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Former Department of Agriculture Secretary William Dar had a hand in rejecting the conversion of the sugar allowed for export to the United States, a process that planters said should have solved the sugar shortage...

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Over P1.11 billion worth of government aid was provided to thousands of people, who were affected by Tropical Storm Florita (international code name Ma-on)...

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President Ferdinand “Bongbong” R. Marcos, Jr. has vowed to include the top three priority agenda of employers in the 2023-2028 Philippine Development Plan (PDP)...

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Only 13% of the 2022 target for bacteriologic testing of presumptive tuberculosis (TB) patients was reached as of June, showing that testing for the disease still lags two years into pandemic, according to data from the Department of Health (DoH)...

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Employers have called on government to reform antiquated regulations and rethink existing investment incentives towards an investment-led economic growth not just to protect workers but also to provide safety nets to job creators, particularly the micro small and medium enterprises (MSMEs), amid fast changing work environment and jobs transformation...

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Dengue cases in the country have almost quadrupled, the Department of Health (DOH) reported yesterday...

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The COVID-19 peak in Metro Manila is over, but the wave of infections in the country is not yet ending anytime soon due to increasing cases in other parts of the country, OCTA Research said on Wednesday...

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The country must capitalize on its demographic dividend through innovations in human capital and infrastructure development to sustain economic growth, its chief economist said...

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The Philippine government on Tuesday raised an initial P162.72 billion in an auction of retail Treasury bonds (RTBs), the first under the Marcos administration...

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An expert said that the country has been experiencing a shortage in the supply of refined sugar in the last eight years or since 2013...

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The Bangko Sentral ng Pilipinas (BSP) said it has allowed a total of six digital banks to operate in the Philippines...

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Transactions processed by digital banks reached P8.5 billion in the first half and are seen to rise further as all entities granted licenses by the Bangko Sentral ng Pilipinas (BSP) are now fully operational...

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Despite being surrounded by salt water, the Philippines cannot even produce enough salt for its own needs because of government neglect over the past 15 years, according to Senior Agriculture Undersecretary Domingo Panganiban...

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The Federation of Free Farmers (FFF) asked President Ferdinand Marcos Jr. to investigate the worsening undervaluation of rice imports, which is estimated to have shortchanged the government by as much as P3.84 billion during the first seven months of 2022 alone...

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Marketing data and analytics firm Kantar, in its pilot release of the Shopperscope study, observed key changes in the spending habits of Filipinos from 2018 to 2022, as a result of the pandemic...

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An estimated 1.5 million Filipinos are expected to join the labor force next year, or more than double the normal volume of new entrants of 600,000 in previous years...

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An economist sees the Bangko Sentral ng Pilipinas (BSP) making one or two 0.25-basis-point key rate increases for the rest of 2022...

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An agriculture lobby group said it is possible for the Philippines to recover from the African Swine Fever (ASF) crisis before 2024, the year set for the hog industry’s re-emergence...

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Companies can consider “micro-credentialing” to address manpower shortage while awaiting reforms that would produce workers with digital skills, according to Trade Secretary Alfredo E. Pascual...

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About 4.5 percent of adult Filipinos or 5 million individuals claimed to have been victimized by identity theft, according to a survey by data analytics firm Fico, which could lead to them suffering financial losses...

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Share prices slightly rose yesterday amid lighter trading volumes as investors await rate guidance from the US Federal Reserve...

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The Philippine Stock Exchange (PSE) hopes to attract more companies to go public to grow their business, according to PSE president and CEO Ramon Monzon...

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The pressure on prices of basic goods to further rise are building up to bring inflation in the Philippines to its expected peak during the fourth quarter this year, as prospects of above-normal rainfall in the coming months firm up, and given added force by the continued strengthening of the US dollar...

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