Philippines 2nd most fragile state in Southeast Asia

Source BusinessWorld

The planned “rightsizing” of the bureaucracy would not necessarily slash the number of government workers as employees in the Marcos Jr. administration’s priority sectors such as education and public health services might even be “upsized,” Budget Secretary Amenah Pangandaman said on Thursday...

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The Bangko Sentral ng Pilipinas (BSP) shocked the financial market on Thursday by announcing an aggressive 75-basis-point (bp) off-cycle interest rate hike in a bid to contain rising consumer prices...

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Amid concerns over the Philippines’ ballooning debt, Finance Secretary Benjamin E. Diokno said the debt-to-gross domestic product (GDP) ratio is “not the sole criterion that matters” in assessing the economy’s health...

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Trade Secretary Alfredo E. Pascual said the Regional Comprehensive Economic Partnership (RCEP) is a priority of the administration, which deems it crucial to efforts to attract investments...

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At least four senators on Thursday expressed support to the proposal of the Department of Budget and Management (DBM) to rightsize the bureaucracy in government offices...

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The number of beneficiaries to be delisted from the government’s conditional cash transfer program could reach 2 million families, Social Welfare Secretary Erwin Tulfo said Thursday...

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Finance Secretary Benjamin Diokno assured the public the Philippine economy is strong enough to withstand the aggressive interest rate increase implemented by the Bangko Sentral ng Pilipinas (BSP)...

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President Ferdinand "Bongbong" Marcos Jr. wants the national identification card rolled out by the first quarter of 2023...

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Members of Congress are exploring untapped sources of potential funds, ranging from taxes on digital transactions, single-use plastics, and carbon emissions as signaled by economic managers, as well as privatizing government-owned and -controlled corporations (GOCCs) and public land...

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A bill seeking to create a 30-year planning horizon for infrastructure and establishing a National Infrastructure Program has been filed at the Senate, Senator Mark A. Villar said in a statement...

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The Supreme Court has extended until December 31, 2022 the validity of notarial commissions issued to lawyers who act as notary public and whose job, among other legal acts, is to witness the signing of documents and verify their authenticity...

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The Department of Trade and Industry (DTI) will set up an electronic commerce platform which the country’s small businesses can join for free and expand their revenue base beyond those afforded by traditional channels, the country’s new Trade chief said...

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Meta Platforms Inc said on Thursday its flagship social network Facebook is introducing ways for users to maintain up to five profiles, a major shift from the “real name” requirement the company has maintained since its inception...

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Still refusing to honor The Hague’s ruling as “final” and “indisputable,” China has warned that it would respond to attempts to implement the ruling on the South China Sea arbitration...

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The Philippines has thanked France for its support for the 2016 arbitral award that invalidated China’s expansive claim in the South China Sea, the 6th anniversary of which was marked last July 12...

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China’s envoy to the Philippines on Thursday, July 14, alleged that “some outsiders” who are not from Asia are trying to sow discord between the two countries to serve their own geopolitical interests...

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In recognition of the unprecedented achievement of former Chief Justice Cesar Bengzon as the first and so far the only Filipino judge of the International Court of Justice or ICJ (from 1967 to 1976), the Philippine Embassy in The Hague will dedicate a sitting room in his honor at its newly renovated chancery...

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The Philippines has placed 19th out of 146 countries included in the World Economic Forum's Global Gender Gap report this year, two notches lower than its 2021 ranking...

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Europe’s single currency has dropped below parity against the dollar for the first time in almost 20 years, battered by growing recession fears in the euro area...

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The global economic outlook has "darkened significantly" and could deteriorate further, the head of the International Monetary Fund (IMF) said on Wednesday, citing Russia's invasion of Ukraine and the rapid inflation it has caused, threatening widespread hunger and poverty...

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Around 25 million children around the world missed out on routine vaccinations that protect against life-threatening diseases last year, as the knock-on effects of the pandemic continue to disrupt health care globally...

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Southeast Asian central banks are targeting to link their payment systems within the year that will let people buy goods and services throughout the region by scanning QR codes...

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The following is a summary of some recent studies on COVID-19. They include research that warrants further study to corroborate the findings and that has yet to be certified by peer review...

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Russian missiles struck the Ukrainian city of Vinnytsia far behind the frontlines on Thursday in an attack that Ukrainian officials called a war crime and said had killed at least 23 people, including three children...

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Stock markets mostly retreated Thursday as fresh evidence of runaway global inflation ramped up expectations of more aggressive interest rate hikes by central banks, while disappointing earnings revived recession fears...

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A new report from the Organization for Security and Cooperation in Europe found that patterns of violent acts by Russian forces in Ukraine meet the qualification of crimes against humanity, detailing horrific actions by Russian forces including the discovery of torture chambers at a summer camp in Bucha...

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The first stunning images from the James Webb Space Telescope were revealed this week, but its journey of cosmic discovery has only just begun...

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Young and middle-aged adults who were infected with earlier versions of the Omicron variant of the coronavirus are likely to have "strong" protection against reinfection with the currently dominant Omicron BA.4 and BA.5 subvariants, researchers say...

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Once again, COVID-19 seems to be everywhere. If you feel caught off-guard, you aren't alone. After the Omicron tidal wave washed over the United States in January and the smaller rise in cases in the spring caused by the BA.2 subvariant, it might have seemed like the coronavirus could be ignored for a while...

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The European Commission cut its forecasts for economic growth in the eurozone for this year and next and revised up its estimates for inflation on Thursday, July 14, largely due to the impact of the war in Ukraine...

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The Netherlands announced on Wednesday it has become the latest country to detect a case of the Covid Omicron subvariant BA.2.75, as experts expressed concern about the strain’s rapid spread...

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India reported its first confirmed case of monkeypox on Thursday, the head of the national virology institute, which tested the sample, told Reuters...

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Russia’s war in Ukraine poses the greatest threat to the global economy, US Treasury Secretary Janet Yellen said Thursday as G20 ministers prepare to start talks in Indonesia...

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Budget Secretary Amenah Pangandaman said her office is finalizing the 2023 national budget's details, which is pegged to total P5.2 trillion...

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President Marcos has ordered the National Economic and Development Authority (Neda) to speed up the printing and distribution of the national Philippine Identification System (PhilSys) cards, Press Secretary Trixie Cruz Angeles said on Thursday...

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Former president Rodrigo Duterte maintained high satisfaction ratings until the end of his term, a survey conducted by the Social Weather Stations (SWS) before the May 9 elections showed...

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Telco players expect sustained demand for internet service even with the return to face-to-face classes, although surging inflation could harm the purchasing power of Filipinos and force them to lessen their load purchases...

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Go Negosyo founder Jose Maria "Joey" Concepcion 3rd is seeking the approval of President Ferdinand "Bongbong" Marcos Jr. for his pandemic exit strategy which the government can adopt to help the country transition to normalcy...

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Vice President and Education Secretary Sara Duterte-Carpio emphasized that the Department of Education (DepEd) will not limit the class size for in-person learning...

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President Marcos has designated Health Undersecretary and spokesperson Maria Rosario Vergeire as officer in charge of the Department of Health (DOH) pending the appointment of a new health secretary...

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Labor Secretary Bienvenido Laguesma formally turned over administrative control of agencies and personnel concerned with overseas workers to Susan Ople, who will head the nascent Department of Migrant Workers (DMW)...

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State workers’ unions on Thursday criticized the Marcos administration’s planned “rightsizing” of the bureaucracy for being ill-timed and unfair to the hundreds of thousands of long-serving contractual workers in government...

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Less than a year after winning the Nobel Peace Prize for her efforts to protect free speech, journalist Maria Ressa is fighting to stay out of jail while her news site Rappler faces possible closure...

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Vice President and Education Secretary Sara Duterte said classes will start on Aug. 22 despite calls from some groups to move the school opening to September...

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The campaign to raise COVID-19 booster vaccination rates in the private sector has gained the support of the Department of the Interior and Local Government (DILG), following a meeting with its proponents led by businessman Joey Concepcion and a newly assembled panel of advisers...

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More offsite and satellite offices of the Commission on Elections (Comelec) will be opened to encourage more voters to register for the barangay and Sangguniang Kabataan (SK) elections in December...

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The Department of Tourism (DOT) aims to improve the traveler’s experience to, and within, the Philippines, in keeping with the Marcos administration’s goal to revive the tourism industry and regain its place as an engine of economic growth...

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The Department of the Interior and Local Government (DILG) is pushing to renew efforts on the administration of Covid-19 booster shots among Filipinos...

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The Department of Agriculture (DA), concurrently headed by President Ferdinand “Bongbong” R. Marcos Jr., will likely be one of the top 5 departments to receive the biggest allocation under the proposed P5.268-trillion national budget next year, the Department of Budget and Management said...

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The Department of Justice (DOJ) has found no legal impediment to the appointment of lawyer Raphael Perpetuo “Popo” M. Lotilla as Energy Secretary...

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Over P10 billion worth of funds of the Department of Labor and Employment (DOLE) may now be tapped by the Department of Migrant Workers (DMW)...

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The Bangko Sentral ng Pilipinas (BSP) approved the designation of major electronic fund transfer services PESONet and InstaPay as Prominently Important Payment Systems (PIPS) to promote consumer welfare amid the central bank’s digitalization initiative...

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President Ferdinand R. Marcos, Jr. has ordered his socioeconomic planning chief to speed up the printing and distribution of more than 50 million national identification cards so these can be used by early 2023..

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Health Undersecretary Maria Rosario Vergeire has been designated as the officer-in-charge of the Department of Health, Malacañang announced...

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Former Health secretary and now Iloilo Rep. Janette Garin entered a not-guilty plea during her arraignment in the criminal cases filed by at least eight parents and relatives of children who died after being inoculated with the Dengvaxia vaccine...

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Budget Secretary Amenah Pangandaman said her office has not figured out how much the government will save as a result of its "rightsizing" plan...

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From a scientific viewpoint, it is “very clear” that the Dengvaxia vaccine works, an infectious disease expert said Friday amid increasing dengue cases in the country...

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The worst of the COVID-19 pandemic is really over because of the country’s high vaccination rate, an infectious diseases expert said Thursday...

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The Department of National Defense will review all its current projects, including the purchase of military helicopters from Russia worth P12.7 billion, DND spokesperson Arsenio Andolong said...

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While most of the beneficiaries of the government's targeted cash transfer (TCT) program have received the promised ₱500 monthly aid to ease the effects of rising prices, the Department of Social Welfare and Development (DSWD) cannot guarantee that there will be enough funds to sustain the next tranches of the dole-outs...

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The Philippine economy is in good standing, enough to weather the massive surprise rate hike by the central bank and still grow within the target this year even amid inflationary concerns, according to Finance Secretary Benjamin Diokno...

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Prices of widely-used goods may stay put for now as the Department of Trade and Industry (DTI) has not yet decided on the request of manufacturers to raise the suggested retail price (SRP) of bread, canned meat, and other items...

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Secretary Alfredo Pascual revealed on Thursday his 10-point agenda that will mark the priorities of the Department of Trade and Industry (DTI) under his tenure, covering a wide range of concerns from micro, small and medium enterprises (MSMEs) to exports...

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The Monetary Board (MB) on Thursday sprang its biggest off-cycle increase in the key policy rate of the Bangko Sentral ng Pilipinas (BSP), by 75 basis points (bp) to 3.25 percent effective immediately...

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Sales of local car and truck assemblers increased by 16.7 percent in the first six months of the year, driven by pent-up demand from consumers...

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Share prices declined for a third straight session yesterday amid growing worries over inflation, which forced the central bank to deliver an aggressive, off-cycle interest rate hike...

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The 75-basis-point (bp) increase to 3.25 percent of the Bangko Sentral ng Pilipinas’ (BSP) policy rate is expected to help quell or at least calm down the volatility of Philippine peso’s value against the US dollar, although the initial impact was subdued...

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The Philippine Stock Exchange (PSE) dipped by 7.24 points, or by 12 percent, on Thursday to close at 6.248.13 as the US consumer price index (CPI) registered at a higher-than-expected 9.1 percent...

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Online shopping in the Philippines has rapidly migrated from desktop computers to smartphones, a study by e-commerce aggregator i-Price said...

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President Ferdinand Marcos Jr.’s chief economic manager on Thursday (July 14) said that despite higher public debt, its level remained manageable alongside solid macro fundamentals auguring well for robust growth in the near term...

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