July 7, 2022
Philippines ranks 30th in Global Business Complexity Index
Source BusinessWorld
Peso weakens to 17-year low
Philippine Star, July 7, 2022
Lawrence Agcaoili
The peso weakened further yesterday after depreciating by 44 centavos to close at 55.67, the lowest level in almost 17 years, from Tuesday’s 55.23 to $1 amid soaring inflation...
Gov’t tempers 2022 growth target
BusinessWorld, July 7, 2022
Kyle Aristophere T. Atienza with Diego Gabriel C. Robles
The Philippine government tempered its economic growth target for this year, as rising inflation and ballooning debt threaten to hamper the economy’s recovery from the pandemic...
'No more lockdowns'
The Manila Times, July 7, 2022
Catherine S. Valente and Red Mendoza
The Covid-19 positivity rate in the National Capital Region (NCR) has jumped to 9.3 percent, almost double the ideal positivity rate of 5 percent set by the World Health Organization (WHO), but the government is unlikely to implement community lockdowns despite the sharp rise in cases...
NEDA: Firmer policies needed vs inflation
The Manila Times, July 7, 2022
Eireene Jairee Gomez
The government needs to strengthen its policy interventions on supply sufficiency, agricultural productivity and targeted relief to curb inflation, the National Economic and Development Authority (NEDA) said...
July 9 declared holiday for Eid’l Adha
Philippine Star, July 7, 2022
Alexis Romero
President Marcos has declared July 9 a regular holiday nationwide to allow Muslims to commemorate Eid’l Adha or the Feast of Sacrifice...
PH seeks $2.14-B World Bank loans under new admin
Philippine Daily Inquirer, July 7, 2022
Ben O. de Vera
The Philippines will borrow $300 million from the World Bank to embark on a digital transformation program, bringing the total amount of loans to be sought under President Marcos to $2.14 billion to date...
Diokno bares Marcos six-year plan
Philippine Daily Inquirer, July 7, 2022
Jerome Aning
Finance Secretary Benjamin Diokno on Wednesday bared glimpses of an ambitious six-year plan where the Marcos administration hopes to hit an average annual growth rate of 6.5 percent to 8 percent and reduce poverty incidence to 9 percent...
2.93 million Filipinos out of work in May
CNN Philippines, July 7, 2022
Pilar Manuel
Around 2.93 million Filipinos were unemployed in May, sliding from 2.76 million the month prior, the Philippine Statistics Authority said Thursday. The national joblessness rate stood at 6% during the period, up from 5.7% in April....
Meralco ‘will comply’ with ERC’s refund order
BusinessWorld, July 7, 2022
Justine Irish DP. Tabile
Manila Electric Co. (Meralco) has confirmed receipt of an order from the Energy Regulatory Commission (ERC) directing the country’s largest power distribution utility to refund distribution-related charges amounting to P21.8 billion or 87 centavos per kilowatt-hour (kWh) for residential customers...
P1.5-T stimulus to support BBM agenda
Daily Tribune, July 7, 2022
Edjen Oliquino
Bicolano lawmakers have filed a P1.5-trillion economic stimulus program in the 19th Congress to support President Ferdinand “Bongbong” Marcos’ Bayan Bangon Muli (BBM) agenda...
Telecommuting law review to start soon
BusinessMirror, July 6, 2022
Samuel P. Medenilla
The Department of Labor and Employment (DOLE) is now set to review the effectiveness of Republic Act No. 11165 (RA) or the Telecommuting Law to determine gaps in its implementation in the last three years...
IPOPHL bares new lobby plan to ‘modernize’ IP Code of 1997
BusinessMirror, July 6, 2022
Andrea E. San Juan
The Intellectual Property Office of the Philippines (IPOPHL) said it will renew its lobby effort to amend the Intellectual Property (IP) Code of 1997, which will help the country keep pace with global legal and technological developments while boosting its attractiveness for tech businesses...
One more time: Senators reviving bill on listing of prepaid SIM cards
BusinessMirror, July 6, 2022
Butch Fernandez
Senators are mulling over options to revive a bill mandating the registration of SIM cards used in cellphones and electronic gadgets in a bid to fight steadily rising incidents of cybercrime...
BSP proposes recovery plan rules
The Manila Times, July 7, 2022
Mayvelin U. Caraballo
The Bangko Sentral ng Pilipinas (BSP) wants banks to report within one day any cases of breach in the trigger they set of their recovery plan...
Civil partnership bill filed in 19th Congress
The Manila Times, July 6, 2022
Ma. Reina Leanne Tolentino
A law recognizing civil partnership of couples whether of the opposite or same sex is being proposed in the 19th Congress...
Finance chief eyes tax on digital goods
The Manila Times, July 7, 2022
Kristina Maralit
Taxing digital goods and services is "only fair" to augment government revenues, Finance Secretary Benjamin Diokno said on Wednesday...
DMW, DOLE reject deployment cap on Filipino healthcare workers
Philippine Daily Inquirer, July 6, 2022
Zacarian Sarao
The Departments of Migrant Workers (DMW) and Labor and Employment (DOLE) on Wednesday objected to implementing a deployment cap on healthcare workers who wish to work abroad...
Revilla files bill to give cash aid to poor farmers in rural communities
Manila Standard, July 6, 2022
Macon Ramos-Araneta
Senator Ramon Bong Revilla Jr. has filed the “Pantawid Magsasakang Pilipino Act” meant to reduce rural poverty and ensure food security and sufficiency, Revilla’s proposed measure intends to provide conditional cash transfers to poor rice farming households...
Makabayan bloc refiles House bill renewing ABS-CBN franchise
CNN Philippines, July 6, 2022
CNN Philippines Staff
The Makabayan bloc of the House of Representatives refiled a bill that seeks to grant TV network ABS-CBN a fresh 25-year franchise. Representatives France Castro, Arlene Bross, and Raoul Danniel Manuel filed House Bill No. 1218...
BOC launches new program for database intel sharing
Manila Standard, July 6, 2022
Joel E. Zurbano
The Bureau of Customs (BOC) has launched a new software called the National Customs Intelligence System (NCIS) designed to secure data warehouse of intelligence information from various units of the agency...
Apple plans new feature to protect journalists and human rights workers from spyware
CNN Philippines, July 7, 2022
Sean Lyngaas, CNN Business
Apple on Wednesday said it will release a new feature this fall for iPhone, Mac and iPad operating software that is designed to protect high-risk users such as journalists and human rights workers from sophisticated spyware that has been linked to human rights abuses...
PHL lags ASEAN in solar, wind energy generation — think tank
BusinessWorld, July 7, 2022
Diego Gabriel C. Robles
The Philippines lags regional peers in terms of the share taken up by solar and wind energy in its power mix, energy think tank Ember said in a report on Thursday...
ADB says green recovery critical for Philippines amid climate challenges
BusinessWorld, July 6, 2022
Justine Irish D. Tabile
The Asian Development Bank (ADB) said the Philippines must ensure that its recovery is sufficiently green in light of the challenges posed by climate change and declining biodiversity...
Philippines working with Italy on minerals needed by EV industry
BusinessWorld, July 6, 2022
Revin Mikhael D. Ochave
The Philippines is exploring collaboration with Italy in strategic minerals required by the electric vehicle industry, the Department of Trade and Industry said...
PBBM meets China’s top envoy
Daily Tribune, July 7, 2022
Jom Garner and Gab Humilde Villegas
President Ferdinand “Bongbong” Marcos Jr. on Wednesday held a meeting with Chinese State Councilor and Foreign Minister Wang Yi, after the latter paid a courtesy call at Malacañang Palace...
Marcos hails China as dependable partner
The Manila Times, July 7, 2022
Kristina Maralit
President Ferdinand "Bongbong" Marcos Jr. reaffirmed the country's appreciation of China's role as a dependable partner during his meeting with Chinese State Councilor and Foreign Minister Wang Yi in Malacañang on Wednesday...
PCG, US partner vs threats to maritime safety, security within Caraga
The Manila Times, July 6, 2022
Franco Jose C. Baroña
The Philippine Coast Guard (PCG) has partnered with the United States Marines to identify vulnerable coastal areas and assess threats for maritime safety, marine environmental protection and maritime security within the Caraga region...
Outside pressure driving inflation, Diokno says
Daily Tribune, July 7, 2022
Raadee Sausa
The principal culprit in the elevated inflation are outside pressures, including the Ukraine war, global supply chain disruptions, and imported raw materials used by the manufacturing sector. President Ferdinand Marcos Jr. referred to them as “imported inflation” in Tuesday’s press briefing...
Fresh COVID outbreaks put millions under lockdown in China
Philippine Star, July 7, 2022
Vivian Lin and Beiyi Seow, Agence France-Presse
Tens of millions of people were under lockdown across China on Wednesday and businesses in a major tourist city were forced to close as fresh Covid-19 clusters sparked fears of wider restrictions...
Recession fears pound most Asia stocks, euro
The Manila Times, July 7, 2022
Agence France-Presse
Most equities fell in Asia on Wednesday and the euro plunged to a 20-year low as recession fears hounded markets, while political uncertainty hit the pound as United Kingdom Prime Minister Boris Johnson suffered a series of resignations...
Shanghai, Beijing brace for more Covid testing
The Manila Times, July 7, 2022
Associated Press
Residents of parts of Shanghai and Beijing have been ordered to undergo more rounds of Covid-19 testing after new cases were found in the two cities, while tight restrictions remain in place in Hong Kong, Macao and other Chinese cities...
Sri Lanka grinds to a halt as fuel reserves shrink
Philippine Star, July 7, 2022
Agence France-Presse
Sri Lanka has less than a day's worth of fuel left, the energy minister said Sunday, with public transport grinding to a halt as the country's economic crisis deepened...
WHO: More than 6,000 monkeypox cases reported, another emergency meeting set
Rappler, July 6, 2022
Reuters
More than 6,000 cases of monkeypox have now been reported from 58 countries in the current outbreak, according to the World Health Organization...
World at serious risk of a food access crisis now–FAO
BusinessMirror, July 6, 2022
The pandemic, global interruption to supply chains, rising costs of major primary commodities, conflicts and humanitarian crises threaten the functioning of world agrifood systems, according to QU Dongyu, Director-General of the Food and Agriculture Organization of the United Nations (FAO)...
Russian warships sailing near Taiwan puts Beijing in ‘an awkward position’: analysts
ABS-CBN News, July 7, 2022
Lawrence Chung, South China Morning Post
The recent sailing of three Russian warships close to Taiwan has put Beijing in an awkward position, given that the two countries are nominally allied to counter the United States and that the passage could be considered a violation of Beijing’s sovereignty, according to analysts...
Singapore confirms first local case of monkeypox infection
GMA News, July 7, 2022
Singapore has confirmed its first local case of monkeypox, the health ministry said late on Wednesday...
US tightens sanctions on Iran, targets Chinese, Emirati firms over oil
Philippine Daily Inquirer, July 7, 2022
Reuters
The United States on Wednesday imposed sanctions on a network of Chinese, Emirati, and other companies that it accused of helping to deliver and sell Iranian petroleum and petrochemical products to East Asia, pressuring Tehran as it seeks to revive the 2015 Iran nuclear deal...
US FDA allows pharmacists to prescribe Pfizer’s COVID-19 pill
Philippine Daily Inquirer, July 7, 2022
Reuters
The U.S. Food and Drug Administration (FDA) said Wednesday it had authorized state-licensed pharmacists to prescribe Pfizer Inc’s COVID-19 pill to eligible patients to help improve access to the treatment...
UK’s Johnson faces grilling after two top ministers quit
Manila Standard, July 6, 2022
Agence France-Presse
UK Prime Minister Boris Johnson faces two high-stakes encounters in parliament on Wednesday after his government was rocked by the shock departures of two senior ministers...
Biden will rescind Afghanistan's designation as a major non-NATO ally
CNN Philippines, July 7, 2022
Sam Fossum, CNN
President Joe Biden in a letter to Congress on Wednesday said that he will officially rescind Afghanistan's designation as a major non‑NATO ally. In a letter to House Speaker Nancy Pelosi, the President wrote: "In accordance with section 517 of the Foreign Assistance Act of 1961, as amended (22 U.S.C. 2321k), I am providing notice of my intent to rescind the designation of Afghanistan as a Major Non‑NATO Ally."...
WHO to consider again whether monkeypox outbreak is public health emergency of international concern
CNN Philippines, July 7, 2022
Jacqueline Howard, CNN
As monkeypox cases continue to rise globally, the World Health Organization plans to reassess whether the outbreak constitutes a public health emergency of international concern. In late June, WHO's Emergency Committee determined that the outbreak did not meet the criteria for such a declaration...
Diokno wants local gov’t units to tap Mandanas funds for agriculture
BusinessWorld, July 7, 2022
Diego Gabriel C. Robles
The National Government is hoping local government units (LGUs) will channel their expanded budgets into raising agricultural output, Finance Secretary Benjamin E. Diokno said...
Three shots needed for full vaccination
BusinessWorld, July 6, 2022
Kyle Aristophere T. Atienza
President Ferdinand R. Marcos, Jr. has agreed to a proposal by health authorities to consider one as having been fully vaccinated only if they have been injected with at least one booster shot, according to local state media...
Marcos not in 'disbelief' over 6.1% inflation
The Manila Times, July 7, 2022
Kristina Maralit
President Ferdinand Marcos Jr.'s recent statement that he was in "disbelief" over the 6.1-percent inflation rate for June was "misunderstood," Finance Secretary Benjamin Diokno said on Wednesday...
Labor dept favors WFH continuance
The Manila Times, July 7, 2022
William B. Depasupil
Labor Secretary Bienvenido Laguesma said on Wednesday that the work-from-home (WFH) arrangement should continue on a limited scale even as the country has started to transition to the pre-Covid 19 situation...
Bongbong Marcos’ first order: Abolish PACC, Office of Cabinet Secretary
Philippine Daily Inquirer, July 7, 2022
Neil Arwin Mercado
Ferdinand Marcos Jr. has issued his first order as the country’s top leader: abolish the Presidential Anti-Corruption Commission (PACC) and the Office of the Cabinet Secretary...
PCOO renamed to Office of Press Secretary, Office of Pres’l Spokesperson repealed
Philippine Daily Inquirer, July 7, 2022
Neil Arwin Mercado
President Ferdinand Marcos Jr. has ordered the renaming of the Presidential Communications Operations Office (PCOO) to the Office of Press Secretary (OPS) and the abolition of the Office of the Presidential Spokesperson...
More cases of Omicron subvariant detected
Philippine Star, July 7, 2022
Mayen Jaymalin
Cases of the highly transmissible Omicron subvariants in the country continue to increase, based on the latest genome sequencing reported by the Department of Health (DOH)...
NCR logs 3,975 dengue cases
Philippine Star, July 7, 2022
Mayen Jaymalin
The Department of Health (DOH) is reminding the public to take the necessary precautions against dengue fever as nearly 4,000 cases of the mosquito-borne disease have been recorded in Metro Manila...
DSWD to prioritize preparation of food packs, relief goods
Philippine Star, July 7, 2022
Department of Social Welfare and Development Secretary Erwin Tulfo has ordered the DSWD’s disaster management division to pre-position relief goods to areas prone to typhoons and other calamities...
Channel tariff take to aid for farmers—agriculture leaders
BusinessMirror, July 6, 2022
Jasper Y. Arcalas
Some agriculture industry leaders and experts proposed that the government allocate tariff collections for farmers’ assistance to help them cope with the rising production costs and boost their production in the short term...
Marcos meets health officials amid rising Covid-19 cases; mass vaccination eyed for students
Manila Bulletin, July 6, 2022
Argyll Cyrus Geducos
President Ferdinand “Bongbong” Marcos Jr. called Department of Health (DOH) officials for a meeting in Malacañang to ensure that vaccinating the population against Covid-19 continues amid plans to fully reopen schools by November this year...
Metro Manila’s COVID-19 positivity rate up at 9.8%, says OCTA Research
Philippine Daily Inquirer, July 7, 2022
Daphne Galvez
The COVID-19 positivity rate in Metro Manila has hit 9.8 percent, independent pandemic monitor Octa Research said.
According to Octa fellow Dr. Guido David, Metro Manila’s positivity rate rose to 9.8% from 8.3% last Saturday...
Popcom eyes 1% population growth a year
Manila Standard, July 6, 2022
Willie Casas
The Commission on Population and Development (Popcom) on Wednesday said it aimed to keep the country’s yearly population growth at around one million or one percent...
63% of Pinoys back repeal of rice tariffs, says survey
Manila Standard, July 6, 2022
A majority of Filipinos support the repeal of the Rice Tariffication Law (Republic Act No. 11203), which removed quantitative restrictions on rice imports in favor of a tariff system when it was signed into law by former president Rodrigo Duterte in 2019, a PUBLiCUS survey suggested...
PHL bad loan ratio falls to 16-month low
BusinessWorld, July 7, 2022
Keisha B. Ta-asan
Soured loans held by Philippine banks declined for a third straight month in May, bringing the nonperforming loan (NPL) ratio to its lowest in 16 months amid improved economic conditions...
Businesses concerned over rising electricity rates
BusinessWorld, July 7, 2022
RMDO
The Marcos administration should immediately address power supply shortages and high electricity rates, which are affecting businesses in the country, the Philippine Chamber of Commerce and Industry (PCCI) said...
Diokno: PH to continue food imports
The Manila Times, July 7, 2022
Mayvelin U. Caraballo
In order to combat the rising consumer prices, the government will continue to import more essential goods and ensure increased agricultural output, Finance Secretary Benjamin Diokno said...
Import food to cap inflation, says Marcos economic team
Philippine Daily Inquirer, July 7, 2022
Ben O. de Vera
Even as President Ferdinand Marcos Jr. expressed aversion to relying on importation in his inaugural address, his economic team will still turn to sourcing food items abroad to arrest spiking domestic prices...
FDIs seen increasing under Marcos
The Manila Times, July 7, 2022
Ed Paolo Salting
There will be a rise in foreign direct investments (FDIs) under the new administration, a board member of the Philippine National Oil Co. said...
Digital payments rose, made up 30.3% of retail transaction volume in 2021
BusinessWorld, July 7, 2022
Keisha B. Ta-asan
Digital payments rose in terms of volume and value in 2021 as consumers and businesses used online channels amid mobility restrictions brought by the pandemic, the Bangko Sentral ng Pilipinas (BSP) said on Wednesday...
Gov’t eyes to spend 5 to 6% of GDP for infra projects annually
Philippine Daily Inquirer, July 6, 2022
Neil Arwin Mercado
The administration of President Ferdinand “Bongbong” Marcos Jr. is eyeing to spend five to six percent of the country’s annual gross domestic product (GDP) on infrastructure projects for the next six years, Finance Secretary Benjamin Diokno bared Wednesday...
Diokno’s crystal ball: At least 10 percent PH growth in second quarter
Philippine Daily Inquirer, July 6, 2022
Ben O. de Vera
The Philippine economy likely grew at a double-digit pace—or above 10 percent—in the second quarter, faster than the surprise 8.3 percent in the first quarter, President Ferdinand Marcos Jr.’s chief economic manager said on Wednesday (July 6)...
BSP projects further price increases
Daily Tribune, July 7, 2022
Raadee Sausa
The Philippine economy is in the midst of a slowdown, even as the country’s central bank predicted elevated inflation in the coming months not seen since November 2018...
‘Plant, Plant, Plant’ 2
Daily Tribune, July 7, 2022
Raadee Sausa
Amid the global energy crisis, the government has committed to ensuring a stable food supply and mitigating the impact of rising commodity prices, a Cabinet official said...
Pump priming eyes 8% surge
Daily Tribune, July 7, 2022
TDT
Government spending on infrastructure continues under President Ferdinand Marcos that is expected to ramp up economic growth to the desired 7 to 8 percent annually...
PSEi up by 2.14% as global oil prices drop
The Manila Times, July 7, 2022
Ed Paolo Salting
The Philippine Stock Exchange index (PSEi) broke past the 6,400 mark on Wednesday, increasing by 135.02 points, or 2.14 percent to settle at 6,445.01...
Government lowers growth target to 6.5 to 7.5%
Philippine Star, July 7, 2022
Louise Maureen Simeon
The Marcos administration is now looking at a 6.5 to 7.5 percent economic growth in its first year in office, lower than the target set by the previous government...
Bargain hunting continues to lift share prices
Philippine Star, July 7, 2022
Iris Gonzales
Stocks rose for the fourth straight trading day as the buying frenzy continued yesterday, with investors hunting for bargains upon learning more details on President Marcos’ plan of governance following his first press conference late Tuesday...
Chicken shortage hits PH fast-food chains
Philippine Daily Inquirer, July 7, 2022
Jordeene B. Lagare, Miguel R. Camus
For the past several days, customers have taken to social media to complain about being unable to buy Chickenjoy, the popular fried chicken meal that has become synonymous with the 44-year-old Jollibee brand of billionaire Tony Tan Caktiong...
Bargain hunting continues to lift share prices
Philippine Star, July 7, 2022
Iris Gonzales
Stocks rose for the fourth straight trading day as the buying frenzy continued yesterday, with investors hunting for bargains upon learning more details on President Marcos’ plan of governance following his first press conference late Tuesday...
‘Prices, Covid tack key to recovery’
BusinessMirror, July 6, 2022
Jovee Marie De La Cruz
An economist-lawmaker on Wednesday welcomed the upgrading of the country’s growth outlook from 6.5 percent to 6.9 percent by the ASEAN+3 Macroeconomic Research Office (AMRO), but says the country should keep Covid-19 response “proportional” and prices under control to cement economic recovery...
No new coin series – BSP
The Manila Times, July 6, 2022
Mayvelin U. Caraballo
Following the spread of several photographs of the demonetized "Ang Bagong Lipunan" coin series on social media, the Bangko Sentral ng Pilipinas (BSP) clarified on Wednesday that no new Philippine currency series has been produced...
Diokno: PH to gain highest economic growth rate in ASEAN+3 in 2022, 2023
Philippine Daily Inquirer, July 6, 2022
Neil Arwin Mercado
The Philippines is projected to record the highest economic growth rate in 2022 and 2023 among ASEAN Plus Three countries, according to Finance Secretary Benjamin Diokno on Wednesday...