March 10, 2022
PH to be pummeled by Russia oil ban
Philippine Daily Inquirer, March 10, 2022
Karl R. Ocampo
Sharper increases in local pump prices are expected to weigh heavily on motorists next week as Western sanctions on Russia may raise oil prices to as much as $200 per barrel...
PH trade deficit at $50 billion seen as global costs soar
Manila Standard, March 10, 2022
Julito G. Rada
The country may incur a record trade deficit of $50 billion this year as prices of global commodities led by oil, as well as natural gas, wheat, nickel, and copper soar as a result of the ongoing Russian invasion of Ukraine, an economist said Wednesday...
Billions in Bayanihan 2 loan funds still unused – COA
Philippine Daily Inquirer, March 10, 2022
Nestor Corrales and Roy Stephen C. Canivel
A total of P4.99 billion — or more than half of the funds allocated for loan distribution to micro, small, and medium enterprises (MSMEs) under the Bayanihan to Recover as One Act, or Bayanihan 2 — was unused as of mid-2021 and could have been used for pandemic response, according to the Commission on Audit (COA)...
DOLE chief orders minimum wage review
CNN Philippines, March 9, 2022
CNN Philippines Staff
Labor Secretary Silvestre Bello III on Wednesday ordered the Regional Tripartite Wages and Productivity Boards (RTWPBs) to review the minimum wages across the country amid the rising prices of oil products...
OPEC chief warns of global oil shortage
The Manila Times, March 10, 2022
Xinhua News Agency and Agence France-Presse
The head of the Organization of Petroleum Exporting Countries (OPEC) warned Tuesday (Wednesday in Manila) that the world cannot replace Russia's share of oil exports, calling for energy depoliticization...
DOH lays groundwork for 4th Covid-19 shot for select groups
BusinessMirror, March 10, 2022
Claudeth Mocon-Ciriaco
The Department of Health (DOH) on Wednesday said the recommendation for a second booster dose for senior citizens and moderate to severely immunocompromised individuals stemmed from the decrease in antibody titers seen in studies and increased risk towards morbidities when infected with Covid-19...
Oil crisis spurs quick review by wage boards
BusinessMirror, March 10, 2022
Samuel Medenilla
Amid the rising prices of basic goods and services, the regional wage boards started reviewing pending wage petitions in each region, according to the Department of Labor and Employment (DOLE)...
BIR to stop perks if BPOs defy WFH rule
BusinessMirror, March 9, 2022
Bernadette D. Nicolas
The Bureau of Internal Revenue (BIR) warned on Wednesday that income tax incentives granted to registered business enterprises (RBEs) in the lnformation Technology-Business Process Management (lT-BPM) sector will be suspended if they violate the work-from-home (WFH) threshold set by the Fiscal Incentives Review Board (FIRB)...
FIRB nixes PEZA plea for new NCR ecozones
BusinessMirror, March 10, 2022
Bernadette D. Nicolas
The Fiscal Incentives Review Board (FIRB) thumbed down the Philippine Economic Zone Authority’s (PEZA) request to lift the moratorium on new ecozone development in Metro Manila...
DTI proposes zero tariff on e-vehicles
Manila Standard, March 9, 2022
Othel V. Campos
The Department of Trade and Industry on Wednesday proposed to cut the duties on imported electric vehicles to 0 from 30 percent as part of efforts to significantly reduce crude oil dependence in the light of the Russia-Ukraine war...
Comelec to review campaign guidelines, stops ‘Baklas’ work
Manila Standard, March 9, 2022
Maricel Cruz
The Commission on Elections has agreed to revisit the resolution stating the rules on campaigning for the May 9 national elections amid the COVID-19 pandemic...
BSP reminds BSFIs to deal only with licensed gambling businesses
Manila Bulletin, March 9, 2022
Lee C. Chipongian
The Bangko Sentral ng Pilipinas (BSP) is again reminding banks and non-banks to transact only with gambling and online gaming businesses that are licensed by appropriate government agencies...
Regulators assure public of financial stability
Manila Bulletin, March 9, 2022
Lee C. Chipongian
The central bank-led Financial Stability Coordination Council (FSCC) has issued another public assurance Wednesday, March 9, that financial regulators are aware and handling emerging systemic risks that could impact on the domestic financial sector amid “changing global market conditions”...
BSP plans pilot digital currency
The Manila Times, March 10, 2022
Mayvelin U. Caraballo
The Bangko Sentral ng Pilipinas (BSP) plans to launch a pilot central bank digital currency (CBDC) in the near future, its head said...
Science chief visits PH's 1st mobile coffee processing hub
The Manila Times, March 9, 2022
Department of Science and Technology Secretary Fortunato de la Peña recently visited the DoST Technology in the Region for Upscaling of Community Knowledge (DoSTruck) site, a mobile food processing hub developed and designed by the DoST-Calabarzon in collaboration with the DoST-Metals Industry Research and Development Center (DoST-MIRDC)...
BPI launches subscription-based platform for small businesses
BusinessWorld, March 10, 2022
Luz Wendy T. Noble
Bank of the Philippine Islands (BPI) launched a subscription-based business platform with financial management tools for micro-, small-, and medium-sized enterprises (MSMEs)...
PH won't scrap deal for heavy-lift choppers with Russia
The Manila Times, March 9, 2022
Francis Earl Cueto
Defense Secretary Delfin Lorenzana said that despite the ongoing conflict between Russia and Ukraine, the contract for the purchase of 17 Russian-made Mil Mi-17 heavy-lift helicopters will push through...
US-based think tank: Interests on record debts to make life tougher for PH, other countries
Philippine Daily Inquirer, March 9, 2022
Ben O. de Vera
Higher interest rate payments due to bigger debts incurred amid the prolonged COVID-19 pandemic could make it difficult for emerging markets—like the Philippines—to implement fiscal consolidation or narrow its budget deficit and repay obligations, the Institute of International Finance (IIF) said...
Russia will nationalize assets of foreign firms that leave – ruling party
Philippine Daily Inquirer, March 10, 2022
Reuters
Russia’s ruling party, United Russia, said on Wednesday that a government commission had approved the first step towards nationalizing assets of foreign firms that leave the country in the wake of economic sanctions over Ukraine...
First sign of oil price relief: UAE says it wants OPEC to increase production
CNN Philippines, March 10, 2022
David Goldman and Becky Anderson, CNN Business
The oil market has been stretched incredibly thin, with few producers willing — or able — to replace Russian barrels banned by the United States and shunned by others. Enter the United Arab Emirates, which suggested it may be coming to the rescue...
UN chief warns pandemic not yet controlled
Manila Standard, March 10, 2022
Agence France-Presse
After two years, the COVID-19 pandemic is not yet over and could be prolonged further due to “scandalously unequal” vaccine distribution, the UN secretary-general warned Wednesday...
North Korea’s Kim says spy satellites to monitor actions by U.S. and its allies
Philippine Daily Inquirer, March 10, 2022
Reuters
North Korean leader Kim Jong Un said the country will launch a number of reconnaissance satellites in coming years to provide real-time information on military actions by the United States and its allies, state media reported on Thursday...
China eyeing Indo-Pacific as Russia attacks Ukraine — Australian official
BusinessWorld, March 9, 2022
Reuters
A “troubling new strategic convergence” between Beijing and Moscow has developed and the risk of “major power conflict” had grown since Russia invaded Ukraine, Australia’s intelligence chief said on Wednesday...
Air raid sirens in Ukraine capital; Russians pressure cities
The Manila Times, March 9, 2022
Associated Press
Air raid sirens blared over Ukraine's capital on Wednesday as officials said they were bolstering defenses in key cities threatened by Russian forces...
ADB sees possible decline in output if peso valuation subjected to ‘shock’
BusinessWorld, March 9, 2022
Jenina P. Ibañez
A shock that exposes the peso and other regional currencies as overvalued could dent output for the Philippines, Singapore and Thailand, the Asian Development Bank (ADB) said in a report...
US shale shortages to limit efforts to replace banned Russian oil
Philippine Daily Inquirer, March 9, 2022
Reuters
U.S. shale producers are unlikely to replace banned Russian oil imports due to a shortage of oilfield materials, equipment and labor and a dwindling backlog of wells waiting to be completed, energy executives and analysts said on Tuesday...
World’s next food emergency is here as war compounds hunger crisis
BusinessWorld, March 9, 2022
Bloomberg
Russia’s invasion of Ukraine means the food inflation that’s been plaguing global consumers is now tipping into a full-blown crisis, potentially outstripping even the pandemic’s blow and pushing millions more into hunger...
G7 condemns attack on Ukraine civilians, urge accountability for war crimes
Philippine Daily Inquirer, March 9, 2022
Reuters
G7 foreign ministers on Friday said they were “deeply concerned” with the humanitarian toll from “Russia’s continuing strikes” against Ukraine’s civilian population and added they will hold accountable those responsible for war crimes...
UN chief warns pandemic not over, decries vaccine inequality
Philippine Star, March 10, 2022
Agence France-Presse
After two years, the COVID-19 pandemic is not yet over and could be prolonged further due to "scandalously unequal" vaccine distribution, the UN secretary-general warned Wednesday...
Ukraine accuses Moscow of breaking ceasefire to trap civilians in Mariupol
Rappler, March 10, 2022
Reuters
Ukraine accused Russia on Wednesday, March 9, of breaking a ceasefire to prevent the evacuation of hundreds of thousands of civilians trapped in the besieged port of Mariupol, where the Red Cross has described conditions as “apocalyptic”...
S&P Global suspends commercial operations in Russia
Rappler, March 9, 2022
Reuters
Financial information provider S&P Global said on Wednesday, March 9, it was suspending its commercial operations in Russia, joining a host of US companies severing ties with the country in the wake of its invasion of Ukraine...
Nestle, tobacco groups, gamemaker Sony join move away from Russia
ABS-CBN News, March 10, 2022
Reuters
Nestle, Philip Morris and video gamemaker Sony joined the list of multinationals stepping back from Russia as pressure mounts from consumers in the West to take a stand against the invasion of Ukraine...
US warns Russia may use biological weapons in Ukraine
GMA News, March 10, 2022
The United States on Wednesday rejected Russian claims that it supports a bioweapons program in Ukraine, saying the allegations were a sign that Moscow could soon use the weapons themselves...
Variant that combines Delta and Omicron identified; Future variants-of-concern likely lurk in today's patients
GMA News, March 10, 2022
Nancy Lapid, Reuters
Hybrid versions of the coronavirus that combine genes from the Delta and Omicron variants - dubbed "Deltacron" - have been identified in at least 17 patients in the United States and Europe, researchers said...
No rise in COVID-19 cases, but ‘dramatic’ drop in jabs
Philippine Daily Inquirer, March 10, 2022
Dexter Cabalza and Tina G. Santos
No rise in COVID-19 cases has been observed by the Department of Health (DOH) more than a week after Metro Manila and 38 other areas were put under alert level 1, according to Health Undersecretary Maria Rosario Vergeire...
Comelec: Move to suspend MOA with Rappler was ‘collegial decision’
BusinessMirror, March 10, 2022
Samuel P. Medenilla
The Commission on Elections said on Wednesday its move to suspend its agreement with online media firm Rappler was a “collegial decision.”...
Fuel subsidy: PUV drivers may need ‘a little patience’
Philippine Daily Inquirer, March 10, 2022
Julie M. Aurelio
The first installment of the P2.5-billion fuel subsidy for public utility vehicle (PUV) drivers may be given out this month to help relieve them from spiraling prices of petroleum products, Executive Director Kristina Cassion of the Land Transportation Franchising and Regulatory Board (LTFRB) said on Wednesday...
Senator seeks speedy distribution of fuel subsidies
The Manila Times, March 10, 2022
Javier Joe Ismael and Bernadette E. Tamayo
Sen. Juan Edgardo "Sonny" Angara on Wednesday urged authorities to expedite the distribution of fuel subsidies to the transport, agriculture and fisheries sectors following the global disruption of oil supply because of the war in Ukraine...
More Filipinos enjoy lockdown sex – study
The Manila Times, March 10, 2022
Red Mendoza
Seven out of 10 Filipinos surveyed by PhilCare's 2021 Wellness Index study admitted they had more sexual activities during the coronavirus disease 2019 (Covid-19) pandemic...
LTFRB allows provincial buses to resume interzonal trips
Manila Standard, March 10, 2022
The Land Transportation Franchising and Regulatory Board has announced that provincial Public Utility Buses are now allowed back for inter-regional trips...
LTFRB warns jeepney drivers who can’t wait for fare hike
Philippine Daily Inquirer, March 10, 2022
Dempsey Reyes
Jeepney drivers charging their passengers more than the P9 minimum fare risk paying thousands of pesos in fines or, if caught more than once, face cancellation of their franchise, the Land Transportation Franchising and Regulatory Board (LTFRB) warned on Wednesday...
More areas in Central Luzon, Calabarzon under 'very low risk' – OCTA
The Manila Times, March 9, 2022
Red Mendoza
More areas in Central Luzon and the Calabarzon (Cavite, Laguna, Batangas, Rizal and Quezon) regions are now classified as very low risk for the coronavirus disease 2019 (Covid-19), according to OCTA Research...
Almost 140M COVID vaccines injected
BusinessWorld, March 9, 2022
K.A.T. Atienza
The Philippines had injected 137.35 million coronavirus vaccines as of March 9, according to the Department of Health (DoH)...
DBM vows early release of P2.5-billion fuel subsidy for transportation sector
BusinessMirror, March 9, 2022
Bernadette D. Nicolas
The Department of Budget and Management (DBM) is eyeing to release the P2.5-billion fuel subsidy for the transport sector this week or early next week to cushion the impact spiraling global prices of crude aggravated by the raging Russia-Ukraine conflict...
DTI proposes zero-tariff EV imports to encourage electric transport growth
BusinessWorld, March 9, 2022
Revin Mikhael D. Ochave
The Department of Trade and Industry (DTI) is proposing a zero-tariff regime for imports of electric vehicles (EVs), which it pitched as a measure to accelerate their adoption...
Emergency call may be needed
Daily Tribune, March 10, 2022
Raadee Sausa
Declaration of a state of emergency makes sense to allow the quick and efficient disbursement of funds in response to the impact on the economy of higher crude oil prices as a result of Russia’s invasion of Ukraine...
Gov’t presses drive for 70 M jabbed Pinoys
Daily Tribune, March 10, 2022
MJ Blancaflor
The government is seeking to inoculate six million more Filipinos with anti-coronavirus shots this month to meet its target of 70 million fully-vaccinated individuals by the end of March...
3-day vaccination starts today
Philippine Star, March 10, 2022
Sheila Crisostomo
The fourth phase of the National Vaccination Days (NVD) starts today with senior citizens and adolescents aged 12 to 17 as top priorities, the Department of Health (DOH) said yesterday...
Manufacturing output slows in Jan
The Manila Times, March 10, 2022
Anna Leah E. Gonzales
Growth of the Philippine manufacturing sector slowed in January, preliminary data released by the Philippine Statistics Authority (PSA) showed...
Forecast for PH: High growth, higher inflation, higher interest rates
Philippine Daily Inquirer, March 10, 2022
Doris Dumlao-Abadilla
Skyrocketing commodity prices amid the war in Ukraine may prompt the inflation-targeting local central bank to jack up interest rates by a sum of 75 basis points this year but Philippine economic growth is still likely to outperform regional peers, a senior economist from investment house CLSA said...
PSEi slightly recovers after three days of decline
The Manila Times, March 10, 2022
Faye Almazan
The local market saw bargain hunting on Wednesday, snapping its three-day decline...
Outstanding PH Treasury IOUs up to P8.11 trillion in February
Philippine Daily Inquirer, March 9, 2022
Ben O. de Vera
Additional borrowings in February jacked up the pile of outstanding locally-issued government securities, or debt papers, to P8.11 trillion, the latest Bureau of the Treasury (BTr) data on Wednesday (March 9) showed...
Gov’t rejects BPO firms’ WFH plea, warns of tax perk removal
Philippine Daily Inquirer, March 9, 2022
Ben O. de Vera
The interagency body overseeing the grant of tax perks to investors has thumbed down the plea from business process outsourcing (BPO) companies to continue the bulk of their operations through employees working-from-home (WFH) for six more months...
BSP seen to raise rates before midyear
BusinessWorld, March 10, 2022
Jenina P. Ibañez
The Philippine central bank may start raising its benchmark interest rates before mid-2022 to quell inflation risks caused by the Russia-Ukraine crisis, analysts said...
Banks miss 2021 lending quota for agri and agrarian reform sectors
BusinessWorld, March 10, 2022
Luz Wendy T. Noble
Philippine banks failed to comply with the minimum required lending for the agriculture and agrarian reform (agri-agra) sectors in 2021, according to the central bank...
Peso bond issuances drop 12%
Philippine Star, March 10, 2022
Elijah Felice Rosales
Private companies relied more on foreign currency (FCY) bonds for their financing needs last year, reducing their exposure to the local currency (LCY) bond market...
MSME lending slips to P463.13 billion in 2021
Philippine Star, March 10, 2022
Lawrence Agcaoili
Loans extended by Philippine banks to micro, small, and medium enterprises (MSMEs) slipped by 3.6 percent to P463.13 billion in 2021 from P480.5 billion in 2020, as the sector has yet to fully recover from the impact of the pandemic, according to the Bangko Sentral ng Pilipinas (BSP)...