July 4, 2022
EDITORIAL - Heavy burden
Source Philippine Star
Business sentiment for next 12 months worsens
BusinessWorld, July 4, 2022
Keisha B. Ta-asan
Business sentiment worsened for the next 12 months, with consumers less likely to spend amid rising oil and food prices, according to the Philippine central bank...
Neda DG: Fiscal, food woes top PBBM agenda
BusinessMirror, July 4, 2022
Cai Ordinario
The Marcos administration intends to prioritize the economic recovery; address the food crisis and fiscal concerns; and mobilize spending such as those intended for infrastructure, according to Socioeconomic Planning Secretary Arsenio M. Balisacan...
PHL’s net external liability position hits P1.3T in Q4
BusinessMirror, July 4, 2022
Bianca Cuaresma
The Philippines’s net external liability position widened in the fourth quarter of last year owing largely to the expansion of the net external liability positions of the non-financial corporations (NFCs) and the general government (GG)...
June inflation likely zoomed past 6% – economists
Philippine Daily Inquirer, July 4, 2022
Ben O. de Vera
Inflation likely breached 6 percent in June, adding pressure on the Bangko Sentral ng Pilipinas (BSP) to hike interest rates more aggressively, economists said...
Govt subsidies decrease in May
The Manila Times, July 4, 2022
Mayvelin U. Caraballo
The National Irrigation Authority (NIA) received the majority of the funds from the national government in May. This, as 29 government-owned and -controlled businesses received P7.90 billion in financing for the month, down 82.31 percent from P44.68 billion in May 2021, according to Bureau of the Treasury data...
Price stability for a stronger PH economy
Manila Standard, July 4, 2022
Based on its charter, the main responsibility of the Bangko Sentral ng Pilipinas (BSP) is to formulate and implement policies in the areas of money, banking, and credit, with the primary objective of preserving price stability...
DOLE, DMW craft new joint advisory for smooth shift
BusinessMirror, July 4, 2022
Samuel P. Medenilla
To ensure the smooth transition for the creation of the Department of Migrant Workers (DMW), the agency will come out with a new joint advisory with the Department of Labor and Employment (DOLE) to finally iron out the operational changes between the two departments...
Marcos open to signing new bill on Bulacan airport special zone
BusinessMirror, July 4, 2022
Samuel P. Medenilla
President Ferdinand “Bongbong” R. Marcos, Jr. is still open to signing a new bill creating the proposed Bulacan Airport City Special Economic Zone and Freeport (BACSEZF)...
House bill boosts loans for MSMEs
The Manila Times, July 4, 2022
Ma. Reina Leanne Tolentino
Four lawmakers in the House of Representatives have filed a bill mandating two government financial institutions to expand their loan programs for micro, small and medium enterprises (MSMEs) affected by the Covid-19 pandemic...
SC: ERC order on 2013 Meralco rates was to ‘protect consumers’
BusinessMirror, July 4, 2022
Joel R. San Juan
The Supreme Court (SC) has affirmed the order of the Energy Regulatory Commission (ERC) approving the request by the Manila Electric Co. (Meralco) for a staggered collection of automatic rate adjustments arising from generation costs for November 2013...
Bill seeks to hike paid-up capital of Landbank, DBP
BusinessMirror, July 4, 2022
Jovee Marie De La Cruz
Leyte Rep. Martin G. Romualdez has filed the first bill in the 19th Congress strengthening the capacity of the government financial institutions by increasing the paid-up capital of the Land Bank of the Philippines (Landbank) and the Development Bank of the Philippines (DBP)...
DOJ issues manuals, guidelines to improve operations nationwide
Manila Standard, July 3, 2022
Rey E. Requejo
The Department of Justice has issued three manuals and guidelines to further improve the operations of DOJ Action Center (DOJAC) nationwide....
Congress OKs bills on marine hatcheries in PH
Manila Standard, July 3, 2022
Macon Ramos-Araneta
Congress passed into law 11 local bills for the establishment of multi-species marine hatcheries in various locations nationwide. The bills were sponsored by Senator Cynthia Villar during the 18th Congress...
Bill on absolute divorce filed in House of Representatives
The Manila Times, July 3, 2022
Ma. Reina Leanne Tolentino
Albay 1st District Rep. Edcel Lagman filed a bill that seeks to legalize divorce in the country. House Bill 78 or the proposed Absolute Divorce Act was filed in the 19th Congress because the Senate failed to act on a similar bill in the 18th Congress...
Marcos vetoes Bulacan airport, ecozone bill
The Manila Times, July 3, 2022
Catherine S. Valente
Citing "substantial fiscal risks," President Ferdinand "Bongbong" Marcos Jr. vetoed a proposed bill to build the Bulacan Airport City, a project of San Miguel Corp. (SMC), as a special economic zone and freeport, a Palace official confirmed on Saturday...
Future trade ‘floorless’
Daily Tribune, July 4, 2022
Maria Romero
Technological advancements and digitalization are happening fast-paced and business sectors have no other choice but to keep up. The latest to adapt to this trend is the no less than the Philippine Stock Exchange (PSE), which has decided to permanently close its trading floor on 24 June to migrate to “floorless trading.”...
DOST supports mobile app for COVID anxiety, depression
Philippine Daily Inquirer, July 4, 2022
Jane Bautista
The Department of Science and Technology (DOST) is supporting the development of a chatbot application that can assess symptoms of depression and anxiety among individuals with mild COVID-19 symptoms...
PHLPost launches online payment
Manila Standard, July 3, 2022
PNA
The Philippine Postal Corporation (PHLPost) and the Bureau of Customs (BOC) recently inked a landmark memorandum of agreement to provide clients an improved online payment system for customs duties and taxes...
DOT resumes accreditation of tour operators to handle Chinese visitorsooth shift
BusinessMirror, July 4, 2022
Ma. Stella F. Arnaldo
In a memorandum on June 28, 2022, then Tourism Officer-in-Charge/Secretary Edwin R. Enrile informed Department of Tourism (DOT)-accredited tour operators that visa issuance to Chinese tour groups would be resumed under Joint Circular 2015-001 of the Department of Foreign Affairs (DFA), Department of Justice and Bureau of Immigration (BI)...
China not seen to budge from maritime activities after NATO branding
BusinessWorld, July 3, 2022
Alyssa Nicole O. Tan
Beijing is unlikely to restrain actions in the disputed South China Sea after a military alliance of 30 western states labeled China a “systemic challenge,” Philippine-based political experts said at the weekend...
China warns PH troops at Ayungin Shoal: Don’t make trouble
Philippine Daily Inquirer, July 4, 2022
Frances Mangosing
The China Coast Guard (CCG) has warned Filipino troops stationed on a rusting warship at Ayungin (Second Thomas) Shoal in the West Philippine Sea to “seriously consider the stand of the Chinese government” or else, there will be “consequences” if they insist on “making trouble.”...
PH lifts moratorium on Belgium poultry imports
The Manila Times, July 3, 2022
Eireene Jairee Gomez
The Department of Agriculture (DA) has lifted the temporary ban on poultry imports from Belgium due to resolved outbreaks of the avian virus...
Soaring dollar draws mixed reaction
The Manila Times, July 4, 2022
Agence France-Presse
The rapid rise of the US dollar since the start of the year is a double-edged sword for American multinational companies, pushing some of them to decide whether to hedge or reposition their activities abroad to avoid fallout...
Microplastics found in humans’ lungs, kidneys, spleen, placenta: ‘They’re everywhere’
ABS-CBN News, July 4, 2022
Amélie Bottollier-Depois, Agence France-Presse
From ocean depths to mountain peaks, humans have littered the planet with tiny shards of plastic. We have even absorbed these microplastics into our bodies – with uncertain implications...
Ukraine earns from grain, oilseeds exports
The Manila Times, July 4, 2022
Xinhua News Agency
Ukraine has earned $22.2 billion from exporting grain and oilseeds in the 2021-2022 marketing year, the state-run Ukrinform news agency reported on Saturday (Sunday in Manila)...
NKorea slams US-SKorea-Japan alliance
The Manila Times, July 4, 2022
Associated Press
North Korea on Sunday slammed the United States, South Korea and Japan for pushing to boost their trilateral military cooperation targeting the North, warning that the move is prompting urgent calls for the country to reinforce its military capability...
Sydney braces for more heavy rains and flash floods as thousands flee homes
Philippine Daily Inquirer, July 4, 2022
Reuters
Fresh evacuation orders were issued for thousands of Sydney residents on Monday after relentless rains flooded several suburbs in Australia’s largest city, with officials warning of more wild weather over the next 12 hours...
Ukraine security guarantees won’t be same as for NATO member – Scholz
Philippine Daily Inquirer, July 3, 2022
Reuters
Germany is discussing security guarantees for Ukraine with its allies in preparation for a time after the war, but these will not be the same as for a member of the transatlantic alliance, German Chancellor Scholz told the broadcaster ARD on Sunday...
Fossil discovery solves mystery of how pandas became vegetarian
The Manila Times, July 3, 2022
The discovery of panda fossils in China has helped researchers solve the mystery of how the giant species developed a "false thumb" and became the only dedicated vegetarian in the bear family...
Russia says its forces now have full control of Ukraine’s Luhansk region
Philippine Daily Inquirer, July 3, 2022
Reuters
Russia said on Sunday its forces had taken control of Ukraine’s eastern Luhansk region after capturing the final Ukrainian holdout of Lysychansk in heavy fighting, though Ukraine did not confirm the claim...
Declare a state of calamity on food crisis, PBBM urged
BusinessMirror, July 4, 2022
Jasper Y. Arcalas
Some agriculture industry leaders are urging President Ferdinand Marcos Jr., concurrent and Agriculture Secretary, to declare a nationwide state of calamity due to food security problems to allow him to promptly address the country’s food supply challenges...
Covid still one major cause of deaths in PHL–PSA data
BusinessMirror, July 4, 2022
Cai Ordinario
Two years on, Covid-19 remains one of the major causes of mortality in the country based on the first quarter data on deaths released by the Philippine Statistics Authority (PSA)...
Labor chief questions relevance of job fairs
Philippine Daily Inquirer, July 4, 2022
Dona Z. Pazzibugan
Labor Secretary Bienvenido Laguesma has questioned the usefulness of holding job fairs since relatively few applicants are hired for the thousands of job vacancies promised...
Comelec resumes voter registration for barangay, SK polls
Philippine Daily Inquirer, July 4, 2022
Dona Z. Pazzibugan
The Commission on Elections (Comelec) will resume voter registration from July 4 to 23 for the barangay and Sangguniang Kabataan (SK) elections on Dec. 5 this year...
Step up second booster shot – Concepcion
The Manila Times, July 4, 2022
Kristina Maralit
With coronavirus cases still rising and the immunity of those vaccinated waning, the medical and business sectors have intensified calls for the government to approve second booster shots for individuals ages 50 to 59...
Marcos meets DA officials
Daily Tribune, July 4, 2022
Jom Garner
The Department of Agriculture (DA) is rolling out the red carpet for President Ferdinand “Bongbong” Marcos Jr. who will report for work as agriculture secretary on Monday...
COA flags DILG over P577-million unspent pandemic funds
Philippine Daily Inquirer, July 3, 2022
Julie M. Aurelio
The Department of the Interior and Local Government (DILG) failed to fully make use of its P4.038 billion COVID-19 budget for 2021, with P577.053 million in unused funds reverting to the general fund, according to state auditors...
Active COVID-19 cases breach 9,000 mark; Metro Manila has most new cases
Philippine Daily Inquirer, July 3, 2022
Daniza Fernandez
Active COVID-19 cases nationwide have surpassed 9,000, data from the Department of Health (DOH) showed.
Based on DOH’s latest figures, the country registered an additional 1,302 COVID-19 cases on Saturday, raising the number of active infections to 9,105...
DSWD to start distribution of P500 cash aid on Monday
Philippine Daily Inquirer, July 3, 2022
Zacarian Sarao
The Department of Social Welfare and Development (DSWD) on Sunday announced that the distribution of the P500 financial aid or the first tranche of the Targeted Cash Transfer (TCT) Program will start on Monday, July 4...
Kindergarten kids never too young to fact-check
Philippine Daily Inquirer, July 4, 2022
Jane Bautista
While media and information literacy (MIL) is included as a core subject at the senior high school level in basic education, students as young as kindergarten can be trained to fight rampant disinformation in the digital age...
Good governance key to Marcos’ unity call, economic program
BusinessWorld, July 3, 2022
Kyle Aristophere T. Atienza
President Ferdinand R. Marcos, Jr. will have to pursue reforms for good governance to substantiate his campaign slogan of unity and pull off support towards economic recovery, according to political analysts and economists...
Bautista: No need to reinvent the wheel
Daily Tribune, July 4, 2022
Maria Romero
The Department of Transportation (DoTr), now led by Secretary Jaime Bautista, “seriously considers” continuing the transport infrastructure projects, programs, and initiatives of the agency previously led by former chief Arthur Tugade under the Duterte administration...
Palace explains PBBM veto
Daily Tribune, July 4, 2022
Michelle R. Guillang
President Ferdinand “Bongbong” Marcos Jr’s decision to veto the bill proposing the creation of the Bulacan Airport City Special Economic Zone and Freeport was “meant to cure defects” he found in the measure, Press Secretary Trixie Cruz-Angeles said on Sunday...
Teachers' group wants Filipino as medium for instruction
The Manila Times, July 4, 2022
Kaithreen Cruz
The Alliance of Concerned Teachers (ACT) proposed to President Ferdinand "Bongbong" Marcos Jr. that students be taught in Filipino, not English, to better understand lessons...
Marcos gov't to continue Duterte's anti-red tape policies — ARTA
Manila Bulletin, July 3, 2022
Betheena Unite
Anti-red tape policies pushed under the Duterte leadership will continue to be fully implemented under the Marcos administration, Anti-Red Tape Authority (ARTA) said...
Economic, health experts renew call to expand coverage of 2nd booster shots
Manila Bulletin, July 3, 2022
Argyll Cyrus Geducos
Experts from the medical and business sectors renewed their call on the government to allow more Filipinos, mainly those aged 50 to 59, to receive a second booster shot as immunity from Covid-19 wanes faster than most diseases...
M&A notifications hit P4.56T in value as of 2021 — PCC
Manila Bulletin, July 3, 2022
Bernie Cahiles-Magkilat
The Philippine Competition Commission (PCC) had received notifications on 225 merger and acquisition (M&A) transactions with combined value of P4.56 trillion as of end December 2021 and vowed to initiate competition efforts in critical sectors – bus transport, telecommunications, and water...
No new DOH chief yet, it’s ‘status quo’ for pandemic response
Rappler, July 4, 2022
Bonz Magsambol
In a statement on Saturday, July 2, the DOH said that “everything is status quo until new directives from the President come in”...
Healthy schools and workplaces: What the post-COVID-19 state should look like
Rappler, July 3, 2022
John Q. Wong and Carlo Yao
At some point, we will experience COVID-19 as an endemic disease in the Philippines. If we do the necessary public health work, we will be able to live with the virus as a society...
New DLSU study sheds light on how Filipino youth experience cyberbullying
ABS-CBN News, July 3, 2022
A new study done by a research team from De La Salle University showed Filipino youth experience a wider range of bullying and harassment on social media...
5-mo subsidies to GOCCs plunge 59.6% to P79.94B
BusinessMirror, July 4, 2022
Bernadette D. Nicolas
Fewer subsidies were extended by the national government to state-run corporations in the first five months of the year compared to the same period last year...
Housing sector moves to address rising cost of construction inputs
BusinessMirror, July 4, 2022
Cai Ordinario
As construction material prices continue to increase, the Subdivision and Housing Developers Association (SHDA) said it is meeting with major suppliers and producers of construction materials and other inputs to help cushion the impact of soaring prices...
Peso seen breaching 56:$1
Philippine Daily Inquirer, July 4, 2022
Ronnel W. Domingo
The Philippine peso may continue depreciating over the next 12 months to break through the 56:$1 level. This as the US dollar is seen maintaining its strength against other currencies as authorities jack up interest rates further to bring down inflation in the United States.HSBC forecasts that the peso will average at 55.50:$1 in the third quarter of 2022 and 56:$1 in the fourth quarter...
Peza: PH needs more special ecozones
Philippine Daily Inquirer, July 4, 2022
Tyrone Jasper C. Piad
The Philippine Economic Zone Authority (Peza) wants the new administration to develop more special economic zones (SEZ) to spur job generation and assist in economic recovery as the country navigates its way out of the pandemic...
Expansion plans high in mining
The Manila Times, July 4, 2022
Mayvelin U. Caraballo
More businesses want to hire more employees in the third quarter (Q3) of this year than they intend to expand their operations, a recent survey conducted by the Bangko Sentral ng Pilipinas (BSP) showed...
Number of households with savings drop – survey
The Manila Times, July 4, 2022
Mayvelin U. Caraballo
A national survey by the Bangko Sentral ng Pilipinas (BSP) showed that fewer Filipino households saved money for emergencies and other requirements in the second quarter (Q2) of this year...
1% population increase seen to temper rise in poverty rate
BusinessMirror, July 4, 2022
Cai Ordinario
A one-percent increase in the country’s population annually will allow the administration to attain its goal of a single-digit poverty incidence by 2028, according to the Commission on Population and Development (Popcom)...
June inflation likely hit 6% — poll
BusinessWorld, July 4, 2022
Keisha B. Ta-asan
Philippine inflatin probably hit 6% in June amid spiraling oil and food prices and higher electricity rates, according to a median estimate of 16 analysts in a BusinessWorld poll last week, boosting the case for bigger increases in key interest rates...
Peso may rebound vs dollar as expectations of faster inflation fuel BSP bets
BusinessWorld, July 4, 2022
K.B. Ta-asan with Reuters
The peso may rebound versus the greenback this week on bets of more aggressive tightening by the Bangko Sentral ng Pilipinas (BSP) as headline inflation likely hit an over three-year high in June...
Business chambers endorse Trade dep’t position on joining RCEP, MSME support
BusinessWorld, July 3, 2022
Revin Mikhael D. Ochave
Trade Secretary Alfredo E. Pascual’s intention to join more free trade agreements received backing from major business chambers, who declared support for participating in the Regional Comprehensive Economic Partnership (RCEP)...
Total savings reach P3.88T
Daily Tribune, July 4, 2022
Raadee Sausa
Gross savings of businesses have declined last year by 12.4 percent to P3.88 trillion, data from Philippine Statistics Authority (PSA) showed...
Marcos inherits an economy poised for recovery
Manila Bulletin, July 3, 2022
Lee C. Chipongian
President Ferdinand R. Marcos Jr. inherited a government and a country that is on its way to a full recovery despite a weak peso, elevated inflation and a bigger but still manageable debt and deficit profiles...
Firms seen holding off expansion plans
Philippine Star, July 4, 2022
Lawrence Agcaoili
Businesses are putting on hold their expansion plans amid the continued depreciation of the peso against the dollar as well as accelerating inflation, but are planning to hire more workers in the third quarter, according to the results of a survey conducted by the Bangko Sentral ng Pilipinas...
Selling pressure may persist at PSE
Philippine Star, July 4, 2022
Iris Gonzales
Selling pressure may continue to affect the local stock market as investors digest the weakening of the peso against the dollar and following the rebound rally...
Economists warn of continuous inflationary uptick
GMA News, July 3, 2022
Jon Viktor D. Cabuenas
The new administration should look into addressing the continuous increase in consumer prices given a number of compounding factors such as the depreciation of the Philippine peso and higher petroleum prices, economists warned...
PSE bullish on more IPOs in bearish 2022
Philippine Daily Inquirer, July 4, 2022
Miguel R. Camus
The Philippine Stock Exchange (PSE) said new company listings could reach an almost three-decade high in 2022 despite global recession worries that have pushed recent initial public offering (IPOs) investors underwater...
Promoting a sound, stable, and resilient financial system
Manila Standard, July 4, 2022
Despite the challenges from the COVID-19 crisis, the country’s financial system remained sound and stable, with more-than-ample liquidity, sufficient capitalization, and satisfactory loan and asset quality. Three years of close supervision, sustained reforms, and timely pre-emptive measures by the Bangko Sentral ng Pilipinas (BSP) spelled resilience and robustness for the banking sector and the entire financial system...
Ensuring a safe, efficient, and reliable payments and settlements system
Manila Standard, July 4, 2022
An efficient, secure, and reliable payment system reduces the cost of exchanging goods and services. It is also an essential tool for effective implementation of monetary policy, and for smooth functioning of money and capital markets...