ADB raises 2022 Philippine GDP growth forecast to 6.5%, inflation to 4.9%

Source BusinessWorld

The ratio of government debt to the economic output, as measured by the gross domestic product (GDP), increased the most in the Philippines and Thailand since the end of 2019, according to Moody’s Analytics...

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Reopening more productive sectors would keep the Philippine economy afloat despite external risks, such that the Asian Development Bank (ADB) hiked its 2022 gross domestic product (GDP) growth forecast for its host-country to 6.5 percent...

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More than P1.3 billion worth of COVID-19 vaccines bought by the private sector will expire at the end of the month and authorities should now approve using these shots for willing economic front-liners, according to businessperson and former presidential adviser Joey Concepcion...

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The latest Social Weather Stations (SWS) survey showed that 83 percent of Filipinos believe that the worst of Covid-19 is over...

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Local business groups and foreign chambers urged the 19th Congress to prioritize the passage of 24 measures, which include the liberalization of foreign equity restrictions, two tax reform packages, and amendments to a law that would allow hybrid work arrangements of economic zone locators...

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The Department of Agriculture (DA) has extended indefinitely its moratorium on laboratory fees for avian influenza (AI) tests for certain transactions to encourage local poultry producers to secure farm certification amid bird flu threats in the country...

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Congress was asked to frontload passage of an enabling legislation doubling government workers’ Personnel Economic Relief Allowance (PERA) from P2,000 to P4,000 to enable 1.8-million state employees to cope with the double-whammy triggered by skyrocketing fuel prices amid the Covid-19 pandemic...

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An advocacy group urges Congress to refile and immediately pass a bill mandating SIM card registration that was vetoed by then President Rodrigo Duterte...

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Senator Pia Cayetano has sent a letter urging President Ferdinand “Bongbong” Marcos Jr. to veto the Vape Bill which lapsed into law on July 24...

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Plump, plush and -- for want of a better word -- squishy fittings have dominated homes and Instagram feeds alike since the 1970s design revival began approximately two years ago. Vogue anointed puffy furniture "2021's most delightful home trend" last May, while the New York Times offered up the pervasiveness of squidgy couches, chairs and poufs as akin to the pandemic-induced sweatpant craze of 2020...

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The Covid-19 social protection programs financed through loans from the Asian Development Bank (ADB), Asian Infrastructure Investment Bank (AIIB), and Japan International Cooperation Agency (Jica), excluded millions of Filipinos and small businesses during the lockdowns, according to a report by SocialWatch and Oxfam...

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The United States Department of Agriculture Foreign Agricultural Services (USDA-FAS) is keen that American agricultural exports to the Philippines this year would reach a record level of over $3.8 billion, its administrator said...

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Department of National Defense officer-in-charge, Undersecretary Jose Faustino Jr., confirmed on Thursday the presence of Chinese militias in the West Philippine Sea...

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The Philippines and China must resume bilateral talks for cooperation on oil and gas development in the West Philippine Sea, to address challenges from skyrocketing prices of oil amid global developments such as the Russia-Ukraine conflict, Sen. Robinhood “Robin” C. Padilla said...

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The Armed Forces of the Philippines recently met with its American and Japanese counterparts at Camp Aguinaldo for trilateral joint staff talks that sought to find ways to improve interoperability, and bring peace and stability in the Indo-Pacific region...

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Many economies in Asia, including the Philippines, are faring better but there are increasing risks of fallout from large Western markets that are in danger of going to recession and hard landing...

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The Department of Environment and Natural Resources (DENR) and the Republic of Korea are exploring collaboration on the use of communication satellites to monitor and protect the environment in the Philippines similar to the model being used in Korea...

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Filipinos in New York have been advised to remain vigilant as major crimes in the US city have increased by 37 percent...

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Monkeypox experts discussed Thursday whether the World Health Organization should classify the outbreak as a global health emergency -- the highest alarm it can sound...

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Countries meeting to negotiate a new international accord on how to handle future pandemics agreed Thursday that it should be legally binding, the World Health Organization said...

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Ninety-five percent of monkeypox cases have been transmitted through sexual activity, according to the largest study to date, which also noted new clinical signs such as single genital lesions...

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The European Central Bank on Thursday brought an end to the era of negative interest rates in the eurozone, with a bigger than expected half-point hike as inflation soars and an energy crisis looms...

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Sri Lanka's six-time prime minister Ranil Wickremesinghe was sworn in Thursday as the president of the crisis-hit South Asian country as officials said he was looking to form a unity government to manage the turmoil...

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Russia and Ukraine will sign a deal on Friday to reopen Ukraine’s Black Sea ports, Turkey said, a potential breakthrough that could ease the threat of hunger facing millions around the world as a consequence of Russia’s invasion...

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Infection with the Omicron variant of the coronavirus in the third trimester of pregnancy is linked with an increased risk of preterm delivery, according to Israeli researchers...

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An experimental COVID-19 vaccine in the form of an oral tablet has shown promising immune responses in a small preliminary trial designed mainly to evaluate its safety, according to drug manufacturer Vaxart Inc...

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Meta Platforms said on Thursday it was revamping the main feed on its Facebook app to prioritize “discovery” of new content, instead of posts from accounts users follow, a bid to style its apps after short-form video competitor TikTok...

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Instagram is now the most popular news source among teens in the United Kingdom, followed by TikTok and YouTube, according to a report published by media watchdog Ofcom on Thursday...

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More than 85% of Americans are bracing for temperatures above 90 degrees Fahrenheit through the weekend, with millions in the south-central US expected to experience readings in the triple digits...

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It's not your imagination: As the rapidly spreading BA.5 coronavirus subvariant causes a surge in infections across the United States, more people are catching Covid-19 for the second or third time...

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Europe's economy, which accounts for almost a fifth of the world's output, is facing its toughest test since the pandemic erupted more than two years ago. A cocktail of risks threatens to throw growth into reverse at a moment of deep uncertainty...

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Kyiv is talking to major international financial institutions about ways to reduce debt payments in the near future, Ukraine’s government commissioner for public debt management Yuriy Butsa said on Thursday...

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President Ferdinand R. Marcos, Jr.’s plan to secure cheaper fertilizer from other countries would help lower agricultural production costs, but the government should come up with a long-term plan to help boost the competitiveness of the domestic fertilizer industry, experts said...

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Profits and loans of Philippine banks will likely continue to grow as the economy recovers from the coronavirus pandemic, S&P Global Ratings said in a report on Thursday...

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President Ferdinand Marcos Jr. has ordered the officials at the Department of Agriculture (DA) to crack down on smuggling even as the government begins reviewing a law that liberalized rice importation...

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A microbiologist urged the government to approve the second booster dose for adults ages 50 and above to increase their protection against the BA.2.75 sub-variant of Covid-19...

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A majority of Filipinos are still worried that they or someone in their family could be infected with Covid-19, the April Social Weather Stations (SWS) survey revealed...

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Albay Rep. Joey Salceda on Thursday called for a government focus on fertilizers to bring down food prices and urged President Marcos to, apart from reducing fertilizer costs, make available fertilizer discount coupons to farmers...

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The Coordinating Council of Private Educational Associations of the Philippines (Cocopea) welcomed President Marcos’ decision to use ‘blended learning’ modality in certain areas and further reiterated the group’s appeal to let them implement hybrid learning for private schools...

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A former regional director of the Philippine Drug Enforcement Agency (PDEA) in Central Visayas will be the next chief of the Bureau of Customs (BOC), Malacañang announced on Thursday...

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The Department of Social Welfare and Development will not file charges against the 1.3 million beneficiaries that might be delisted from the government’s cash assistance program...

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One of the projects of then Vice President Leni Robredo in support of the pandemic response is making a comeback...

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The Department of Justice (DoJ) will introduce reforms and craft ways to strengthen the justice system in an overall scheme of minimizing criminality, Justice Secretary Jesus Crispin Remulla said yesterday...

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Five national candidates for the May 9 elections spent more than P2 billion each on campaign ads that were featured on television, radio, print and billboards over a period of a year and a half, including the official campaign period from Feb. 8 to May 7...

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Environment Secretary Maria Antonia Y. Loyzaga said action to address the climate crisis will be one of the department’s areas of focus during her term...

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Justice Secretary Jesus Crispin C. Remulla and Interior Secretary Benjamin C. Abalos, Jr. on Thursday said their agencies are working together to address congestion in the country’s jails...

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Private companies are facing a wastage of P1.3 billion worth of vaccines against coronavirus that are expiring by the end of the month, according to a business leader...

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Commission on Elections (Comelec) Commissioner Aimee Ferolino has revived a proposal to use shopping malls for the 2025 midterm elections...

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Ecotourism will play a significant role in delivering sustainable opportunities in Central Luzon. In particular, it has been included in the development plan of the Bases Conversion and Development Authority (BCDA) as the agency lures local and foreign investors to infuse investments into the space...

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The Tourism Promotions Board (TPB) is still waiting on the Department of Tourism (DOT) to approve the National Tourism Development Plan (NTDP) for 2022-2028 to be able to draw up the marketing strategies needed to attract their target markets...

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Local think-tank Center for Energy, Ecology, and Development (CEED) strongly urged incoming energy secretary Raphael Lotilla to focus on renewable energy (RE) over gas and nuclear...

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The national COVID-19 positivity rate on Thursday rose from 12.8 percent to 13.5 percent, according to OCTA Research fellow Guido David...

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The Philippine National Police has started security preparations for the resumption of face-to-face classes in public elementary and high schools next month, a PNP official said yesterday...

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Relatives of children who died due to the complications of the Dengvaxia vaccine, along with the Public Attorney’s Office, on Thursday challenged Department of Health (DOH) officer in charge Dr. Maria Rosario Vergeire to disclose the complete lists of vaccine recipients and 700 other deaths...

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A veteran economist-lawmaker is again pushing to give President Ferdinand "Bongbong" Marcos Jr. special powers amid skyrocketing prices of food and other basic commodities...

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The Department of Agriculture (DA) is reviewing the impact of the Rice Tariffication Law (RTL) and the role of the National Food Authority (NFA) as the government works to ensure the country's food supply amid a looming food crisis...

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The Philippines and Thailand saw the biggest rise in government debt-to-gross domestic product (GDP) ratios in the world from end-2019 to end-2021, Moody’s Analytics said in a report on Thursday...

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Debt watcher S&P Global Ratings said the Philippine banking sector will recover as macroeconomic conditions improve, but higher inflation and a rising interest rate environment pose downside risks...

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Expansionary fiscal policies are needed if the Philippines is to reduce its debt burden, Moody's Analytics and ANZ Research said...

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The farmgate prices of palay or unhusked rice increased by 1.6 percent in May from year-ago levels, a welcome development for farmers suffering from depressed prices...

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Global car sales are likely to slow down this year, but the Philippine automotive industry is expected to buck the trend with more units sold so far this year following the reopening of the economy...

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Filipinos should give their “fair share” to the government by paying correct taxes, Bureau of Internal Revenue (BIR) Commissioner Lilia Guillermo said...

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Financial inclusion emerged as a global priority in the late 2000s. To be financially included means having access to a wide range of useful and affordable financial products. Over the years, credible studies have shown that financial inclusion can reduce poverty and lower income inequality if complemented with financial literacy and responsible financial management...

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Share prices fell for a second day yesterday as investors waited on the sidelines for fresh catalysts to drive the market, as rising COVID cases also put a damper on trades...

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State-run Home Development Mutual (Pag-IBIG) Fund released nearly P52 billion in home loans in the first half of this year, marking another record-high for the agency...

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