ADB hikes 2022 Philippine GDP growth to 7.4%, inflation to 5.7%

Source: BusinessWorld

The Philippine economy will grow faster than initially forecast this year, the Asian Development Bank (ADB) said on Wednesday, but an expected 2023 slowdown will also be much sharper than previously expected...
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Budget Secretary Amenah Pangandaman on Wednesday said the Asian Development Bank (ADB), the International Monetary Fund (IMF) and the US-based think tank Milken Institute expressed support for the Philippines to establish a sovereign wealth fund (SWF)...
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The National Telecommunications Commission (NTC) on Wednesday reminded the public to prepare for the registration of their subscriber identity module (SIM) cards starting two days after Christmas, saying that this will be done online to protect their privacy...
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The Philippines is expected to be the second fastest-growing economy in Southeast Asia this year and in 2023, despite global headwinds, according to the Asian Development Bank (ADB)…

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The Philippine Economic Zone Authority (PEZA) has vowed to endorse all applications it received for the paper transfer of PEZA-registered business enterprises (RBEs) to the Board of Investments (BOI) before the December 31 deadline...

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The House of Representatives has passed on third and final reading a proposed law aiming to extend the implementation of the Agricultural Competitiveness Enhancement Fund (ACEF) until 2028...
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The House of Representatives' Committee on Constitutional Amendments will start hearing positions on Charter change (Cha-cha) in January...
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The government has temporarily barred the entry of certain imported fish to avert their diversion to wet markets which could aggravate disruptions in the food value chain...
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Despite stiff opposition from critics, the Maharlika Investment Fund has quickly garnered support in the House of Representatives, where it is chugging full-steam ahead towards approval...

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The proposed Maharlika Investment Fund (MIF) should adhere to high standards of governance and transparency, an International Monetary Fund (IMF) official said...

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Sen. Sherwin Gatchalian, presiding chairman of the Senate Ways and Means, convened a hybrid public hearing Wednesday to review options aimed at easing the taxpayers’ burden of paying taxes to the government...

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The Pag-IBIG fund has officially launched its virtual mobile app on Wednesday, which is available for all members to use...
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Moderna's stock soared on Tuesday after the coronavirus vaccine maker reported progress in developing a preventive shot for a deadly form of skin cancer...
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A professor from the University of Southeastern Philippines is confident that the mechanical coconut climber his group developed will benefit millions of coconut farmers in the country...
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Will a robot ever make your blue jeans? There is a quiet effort underway to find out — involving clothing and technology companies, including Germany’s Siemens AG and Levi Strauss & Co...
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The IT and Business Process Association of the Philippines (IBPAP) said it has laid out initiatives to support the agenda of the national government in upskilling the country’s existing workforce...

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The Department of Budget and Management (DBM) on Wednesday said it has laid out plans to fully digitalize the release of various documents, including allotment releases, by the next quarter, allowing the government to save at least P33 million from printing costs...

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President Ferdinand "Bongbong" Marcos Jr.'s visit to Belgium will boost the confidence of investors to do business in the Philippines, a political analyst said Wednesday...
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The Philippines on Tuesday pledged $200,000 for the United Nations Central Emergency Response Fund (CERF) in 2023, the Department of Foreign Affairs (DFA) said...
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European Council President Charles Michel has expressed support for the country’s bid to address issues facing the Philippines’ seafaring industry...
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The Philippines is among the “most exciting” wine markets in the world, driven by the increase in consumption among young people, the United States Department of Agriculture (USDA) said...
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European Union leaders met their counterparts from Southeast Asia for a summit in Brussels on Wednesday, looking to bolster ties in the face of the war in Ukraine and challenges from China...
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The World Health Organization said Wednesday it hoped that COVID-19 would no longer be a public health emergency in 2023, as it urged China to share information that could pinpoint how the pandemic started...
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Business and government leaders from the Association of Southeast Asian Nations (Asean) and the European Union (EU) have expressed intention to boost trade relations further in the future, signaling a renewed thrust from both regional blocs to cooperate on key priority areas...
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The Asian Development Bank trimmed its economic growth forecasts for developing Asia on Wednesday, with China's pandemic lockdowns, slowing global demand and the Russian invasion of Ukraine seen as limiting the region's prospects...
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Moscow on Wednesday said no “Christmas ceasefire” was on the cards after nearly 10 months of devastating war in Ukraine, even as the release of dozens more prisoners including an American showed that some contacts between the two sides remain...
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Vietnam has conducted a major expansion of dredging and landfill work at several of its South China Sea outposts in the second half of this year, signaling an intent to significantly fortify its claims in the disputed waterway, a U.S. think tank reported on Wednesday...
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China's health agency on Wednesday began scaling down its daily coronavirus report in response to a sharp decline in polymerase chain reaction (PCR) testing since the government eased anti-Covid-19 measures after daily cases hit record highs...
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Russian drone strikes damaged at least five buildings in Kyiv on Wednesday, even as Ukrainian air defenses thwarted many more, authorities said. No casualties were reported...

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A crowd of thousands bundled up on Tuesday to watch United States President Joe Biden sign a gay marriage bill into law in a joyful ceremony that was tempered by the backdrop of an ongoing conservative backlash over gender issues...
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India's defense chief on Tuesday accused China of trying to "unilaterally change the status quo" on their disputed Himalayan border last week, when clashes left troops on both sides injured...

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Japan is expected to announce its biggest defense overhaul in decades this week, hiking spending, reshaping its military command and acquiring new missiles to tackle the threat from China...
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Female snakes have clitorises, according to the first detailed study on the subject on Wednesday, in which the scientists lashed out at how little female sex organs have been researched compared to males across species...
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The Moderna and Merck drug makers on Tuesday announced positive results from a trial in which messenger RNA technology was used for the first time to make personalized vaccines for skin cancer patients...

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The Federal Reserve moderated its all-out campaign to cool US inflation Wednesday, lifting the benchmark lending rate by a half percentage point though warning there is still "some ways to go"...

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National Health Service (NHS) nurses in Britain will strike on Thursday in their first ever national walkout, as a bitter dispute with the government over pay ramps up pressure on already-stretched hospitals at one of the busiest times of year...

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The Federal Reserve will deliver more interest rate hikes next year even as the economy slips towards a possible recession, Fed Chair Jerome Powell said on Wednesday, arguing that a higher cost would be paid if the US central bank does not get a firmer grip on inflation...

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The Senate blue ribbon committee report on its investigation of the controversial laptop purchases of the Department of Education (DepEd) was stalled on Wednesday after failing to obtain the required number of signatures that would authorize its release...
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The Commission on Elections (Comelec) is planning to establish satellite prison registration sites, according to Bureau of Jail Management and Penology (BJMP) spokesperson Jail Supt. Xavier Solda on Thursday...
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The Department of Health and the Philippine-American Educational Foundation (PAEF) — said to be the “oldest” Fulbright Commission in the world — have inked deal for an upskilling program for healthcare workers...

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The crime volume in the country has dropped by nearly three percent, the Philippine National Police (PNP) reported yesterday...

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The Supreme Court (SC) junked a petition that sought to declare as illegal and to void the government’s loan agreements for the Kaliwa Dam and the Chico River irrigation projects...

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The problem-ridden transportation sector, recently described as a “broken system,” is expected to have a veteran crisis manager overseeing it with the endorsement by key lawmakers of the confirmation of Secretary Jaime Bautista of the Department of Transportation (DOTr)…

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Automobile sales spiked by 32.4 percent in November, industry groups reported on Tuesday, driven by strong commercial vehicle demand that was attributed to a recovering economy...
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A ranking official of the Department of Agriculture (DA) said the agency was puzzled by the increase in the retail prices of vegetables particularly those coming from Baguio City despite their low farmgate prices...
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The Philippine Statistics Authority (PSA) on Wednesday said that the average farmgate prices of palay increased to P17.37 per kilo in October 2022, up by 1.8 percent compared to P17.06 percent in September 2022...
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Former Agriculture secretary and Federation of Free Farmers Board Chairman Leonardo Montemayor on Wednesday warned of a looming rice shortage in 2023...

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The BCDA announced in a news statement issued on Wednesday the construction of the new campus broke ground on a 3.4-hectare patch of land within the NCC on Monday, December 5...

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