March 11, 2022
FDI hits all-time high $10.5B in 2021
BusinessWorld, March 11, 2022
Luz Wendy T. Noble
Net inflows of foreign direct investments (FDIs) reached an all-time high of $10.518 billion in 2021, reflecting the improvement in investor sentiment as the global economy rebounded from the lows of 2020...
P3-B aid for agri, transport sectors
The Manila Times, March 11, 2022
Mayvelin U. Caraballo , Aric John Sy Cua and Bernadette E. Tamayo
The government on Thursday released P3 billion to help the transport and agricultural sectors cope with ballooning fuel prices. The aid will come in the form of subsidies and discounts...
Philippines may donate expiring vaccines
Philippine Star, March 11, 2022
Mayen Jaymalin
With the country’s vaccine supply now stable and COVID cases declining, the government is looking to donate some vaccines nearing expiry to other countries...
DOH eyes 6-month jab gap for kids
Philippine Daily Inquirer, March 11, 2022
Kathleen de Villa
The government is looking to administer booster shots to children and teens six to nine months after their primary vaccine doses, Health Undersecretary Myrna Cabotaje said at a press briefing on Thursday...
PH not yet ready for Alert Level 0: expert
ABS-CBN News, March 11, 2022
Benise Balaoing
The Philippines is not yet ready for de-escalation to Alert Level 0, an infectious diseases expert said, as the government said it is looking into the possibility of further loosening the quarantine restrictions in the country...
Despite delay, DTI hopes RCEP will be ratified
BusinessMirror, March 10, 2022
Tyrone Jasper C. Piad
Over two months since the world’s biggest trade pact entered into force, the Department of Trade and Industry (DTI) remains hopeful that the Philippines will soon finish its ratification process to reap the benefits of the regional economic deal...
Rising energy prices seen to trim GDP
The Manila Times, March 11, 2022
Mayvelin U. Caraballo
Australia-based ANZ Research has warned that rising energy prices could reduce the Philippine gross domestic product (GDP) growth by as much as 1 percent...
BSP wants credit guarantee mechanisms for microfinance
BusinessWorld, March 11, 2022
Luz Wendy T. Noble
Promoting policies on guaranteed lending to low income and small entrepreneurs will be among the key points of the central bank’s financial inclusion strategy in the next six years, Bangko Sentral ng Pilipinas (BSP) Governor Benjamin E. Diokno said...
Bello orders review of minimum wage amid oil price hikes
Manila Bulletin, March 10, 2022
Faith Argosino
Department of Labor and Employment (DOLE) Secretary Silvestre Bello III has ordered the review of the country’s minimum wage amid the surging prices of oi petroleum products that is aggravated by the ongoing conflict between Russia and Ukraine...
BSP eases requirements for naming banks’ top brass
Philippine Daily Inquirer, March 11, 2022
Ronnel W. Domingo
The Bangko Sentral ng Pilipinas (BSP) has eased requirements for the confirmation of the appointment of banks’ key officers, covering fewer positions and needing fewer documents...
AMLC extends deadline of MTPP compliance
Manila Bulletin, March 10, 2022
Lee C. Chipongian
The Anti-Money Laundering Council (AMLC) has extended for another six months or until June 21 this year the formulation of the Money Laundering/Terrorism Financing Prevention Program (MTPP) that are required of designated non-financial businesses and professions (DNFBP)...
Violators of work-from-home threshold risk tax benefits – BIR
The Manila Times, March 11, 2022
Mayvelin U. Caraballo
Outsourcing firms that violate the Fiscal Incentives Review Board's (FIRB) work-from-home (WFH) threshold risk losing tax benefits, the Bureau of Internal Revenue (BIR) said on Thursday...
E-dictionary preserves dying languages
The Manila Times, March 11, 2022
Kaithreen Cruz
The Department of Science and Technology (DoST) has created an app for a mobile electronic dictionary that could help preserve the country's dying languages...
FDA okays pill for chronic kidney disease
Philippine Daily Inquirer, March 11, 2022
Kathleen de Villa
An oral drug originally developed for diabetes was recently approved by the local Food and Drug Administration (FDA) for the treatment of chronic kidney disease (CKD) in adults...
Variant that combines Delta and Omicron identified; dogs sniff out virus with high accuracy
BusinessWorld, March 10, 2022
Nancy Lapid/Reuters
The following is a summary of some recent studies on coronavirus disease 2019 (COVID-19). They include research that warrants further study to corroborate the findings and that has yet to be certified by peer review...
‘PHL’s big informal sector poses fiscal challenge’
BusinessMirror, March 10, 2022
Cai Ordinario
Nearly a third of the Philippine economy remained informal—a trend shared with several Southeast Asian nations—resulting in a narrow tax base that makes building back better after the pandemic a big challenge, an economist from the Asian Development Bank (ADB) said...
PH calls for protection of civilians in conflict areas
The Manila Times, March 11, 2022
Bernadette E. Tamayo
The Philippines has called for the protection of civilians in conflict areas and the observance of international humanitarian law...
Rody open to let US use AFP areas if Ukraine war hits Asia
Manila Standard, March 11, 2022
Rey E. Requejo
President Rodrigo Duterte may open the country’s military facilities to the United States should the Ukraine-Russia crisis spill over to Asia, Philippine Ambassador to the US Jose Manuel Romualdez said Thursday...
PHL to honor MDT if US is attacked by Russia over Ukraine conflict —envoy to US
BusinessMirror, March 10, 2022
Malou Talosig-Bartolome
The Philippine government is open to provide logistical support to the United States should the Russia-Ukraine crisis spill over and any of the US forces is attacked in the Pacific region, Philippine Ambassador Jose Manuel Romualdez said...
DOF, USAID launch $15-M climate project
Manila Bulletin, March 10, 2022
Chino S. Leyco
The Department of Finance (DOF) announced the launch of a new project that aims to assist six climate-vulnerable cities in adapting to, and mitigating the effects of, climate change...
UK think tank: Impact of wheat price spikes driven by Ukraine war not as heavy on Filipinos
Philippine Daily Inquirer, March 10, 2022
Ben O. de Vera
UK-based think tank Pantheon Macroeconomics expects mostly rice-eating Filipino consumers to suffer less from the spillover inflationary impact of the Ukraine-Russia war...
Oil drop, Wall St rally cheer Asian markets
The Manila Times, March 11, 2022
Agence France-Presse
Asian equities rose on Thursday after a strong bounce on Wall Street and a breathtaking surge in Europe, sparked by a plunge in oil prices and bargain-buying following a Ukraine-fueled rout...
Asia stocks track US, European surge, oil extends losses
Philippine Daily Inquirer, March 10, 2022
Agence France-Presse
Asian equities rallied Thursday following a strong bounce on Wall Street and a breathtaking surge in Europe sparked by a plunge in oil prices and bargain-buying following a Ukraine-fuelled rout...
EU snubs Ukraine’s quest to join, braces for long stand-off with Russia
Philippine Daily Inquirer, March 11, 2022
Reuters
European Union (EU) leaders gathered on Thursday to agree on a joint response to the war in Ukraine, with differing views on how far to go with economic sanctions, how quickly to cut Russian energy imports, and whether or not to let Kyiv join their bloc swiftly...
IMF’s Georgieva sees growing pressure on Russia to end war in Ukraine
Philippine Daily Inquirer, March 11, 2022
Reuters
International Monetary Fund chief Kristalina Georgieva on Thursday said she expected mounting pressure on Russia to end the war in Ukraine given the spillover effects it is having on economies around the world...
US says North Korea testing new ICBM system
Philippine Daily Inquirer, March 11, 2022
Agence France-Presse
According to North Korea, the February 26 and March 4 tests were focused on developing a reconnaissance satellite, but the US official said rigorous analysis concluded they were actually experimental precursors to a likely full-range ICBM launch...
Russia shows ‘reckless disregard’ for Ukraine civilians, US spy chiefs say
Philippine Daily Inquirer, March 11, 2022
Reuters
Russian forces are operating with “reckless disregard” for civilians as they face stronger-than-expected resistance in Ukraine, and American intelligence agencies are tracking their actions to hold them to account, U.S. Director of National Intelligence Avril Haines said on Thursday...
Putin says Russia will emerge stronger, sanctions will rebound on West
Philippine Daily Inquirer, March 11, 2022
Reuters
President Vladimir Putin said on Thursday that sanctions imposed against Russia would rebound against the West, including in the form of higher food and energy prices, and Moscow would solve its problems and emerge stronger...
Russia accuses US of funding biological weapons research in Ukraine
The Manila Times, March 10, 2022
Agence France-Presse
Russia on Thursday accused the United States of funding research into the development of biological weapons in Ukraine, as Moscow stepped up its campaign to gain control of key Ukrainian cities...
Top Russia, Ukraine diplomats begin talks in Turkey – officials
The Manila Times, March 10, 2022
Agence France-Presse
Russian Foreign Minister Sergei Lavrov and Ukrainian counterpart Dmytro Kuleba on Thursday began talks in Turkey in the first such high-level contact since Moscow invaded its neighbor, officials from both sides and their hosts said...
Zelensky accuses Russia of 'attack' on humanitarian corridor in Mariupol
Philippine Star, March 11, 2022
Agence France-Presse
Ukraine's President Volodymyr Zelensky Thursday said around 100,000 people had evacuated the country's cities in two days, but accused Russian forces of targeting a humanitarian corridor in the city of Mariupol...
Facebook temporarily allows posts on Ukraine war calling for violence vs invading Russians or Putin’s death
Rappler, March 11, 2022
Reuters
Meta Platforms FB.O will allow Facebook and Instagram users in some countries to call for violence against Russians and Russian soldiers in the context of the Ukraine invasion, according to internal emails seen by Reuters on Thursday, March 10, in a temporary change to its hate speech policy...
Ukraine is model for Taiwan defense should China violate its ‘sovereignty’ – US official
Philippine Daily Inquirer, March 11, 2022
Reuters
Ukraine’s stiff resistance against the invasion by Russian forces could be a model for Taiwan to defend itself should China choose to violate the island’s “sovereignty” by attacking, a senior U.S. defense official told a Senate hearing on Thursday...
South Africa most unequal country in the world — report
GMA News, March 11, 2022
South Africa is the most unequal country in the world, with race playing a determining factor in a society where 10 percent of the population owns more than 80 percent of the wealth, a World Bank report said Wednesday...
Next administration urged to fix LGU tax rules
BusinessWorld, March 11, 2022
Jenina P. Ibañez
The next administration should make more consistent taxation rules for local government units (LGUs) to address complications arising from the varying rates implemented by each unit, analysts said...
Philippines eyes lifting of coronavirus lockdown
BusinessWorld, March 10, 2022
Kyle Aristophere T. Atienza
Philippine authorities are looking at lifting a coronavirus lockdown in Manila, the capital and nearby cities as infections continue to fall, the country’s health chief said on Thursday...
Govt eyes ‘ayuda’ for families
Manila Standard, March 11, 2022
Vito Barcelo
The Palace on Thursday said it is working to provide cash assistance to millions of Filipino families to ease the impact of skyrocketing fuel prices and voiced its support for an increase in the minimum wage for workers...
Duque says shift to alert level 0 under consideration
Manila Standard, March 11, 2022
Willie Casas
Experts and government advisers are now looking into the possibility of deescalating the country to pandemic “Alert Level 0,” Health Secretary Francisco Duque III said on Thursday...
OWWA owes quarantine hotels P1.7B
Manila Standard, March 11, 2022
Charles Dantes
The Philippine Hotel Owners Association said Thursday the Overseas Workers Welfare Administration (OWWA) owed quarantine hotels used by returning overseas Filipino workers P1.7 billion...
PUJ groups heed Tugade’s appeal
Daily Tribune, March 11, 2022
Maria Romero
Despite the skyrocketing pump prices of petroleum products, four transport groups dropped their appeal for a P1 provisional increase in minimum fare for public utility jeepneys (PUJ) amid fears of worse inflationary effects...
DBM fund releases top P3 trillion, exceeding 60% of 2022 budget
BusinessWorld, March 10, 2022
Jenina P. Ibañez
The Department of Budget and Management (DBM) said on Thursday that it had released over P3 trillion to government agencies and local government units at the end of February...
Billions in Bayanihan 2 loan funds still unused – COA
Philippine Daily Inquirer, March 10, 2022
Nestor Corrales, 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)...
Transport strike eyed to press fuel tax cuts
Philippine Daily Inquirer, March 11, 2022
Dempsey Reyes and Leila B. Salaverria
Over two dozen transport groups have agreed not to operate starting March 15 to pressure the government into suspending the fuel excise amid successive hikes in pump prices even as authorities announced the release next week of a P2.5-billion fuel subsidy...
Duterte orders gov’t agencies to address, check oil price hikes
Philippine Daily Inquirer, March 11, 2022
Neil Arwin Mercado
President Rodrigo Duterte has ordered concerned government agencies to look into and address the fuel price increases amid the conflict between Ukraine and Russia, Senator Bong Go said...
Namfrel urges Comelec to allow stakeholders to monitor ballot printing, other election activities
BusinessMirror, March 10, 2022
Samuel P. Medenilla
The National Citizens’ Movement for Free Election (Namfrel) raised concerns over the alleged lack of transparency in some of the preparations of the Commission on Elections (Comelec) for the 2022 polls...
DTI sees more business loans from tourism sector
BusinessMirror, March 10, 2022
Tyrone Jasper C. Piad
Small Business Corp. (SB Corp.) expects to receive more loan applications from the tourism sector following the easing of quarantine measure that allowed more mobility for travel...
2 Manila hospitals to limit services
Philippine Star, March 11, 2022
Marc Jason Cayabyab
Two city-run hospitals will limit their operations to decongest and disinfect their facilities, according to the Manila city public information office...
BSP to keep focus on supporting growth despite inflation risks
BusinessWorld, March 11, 2022
Luz Wendy T. Noble and Jenina P. Ibañez
The Bangko Sentral ng Pilipinas (BSP) will keep its support for economic recovery, but assured it will act to address inflation risks when needed amid the volatility caused by Russia’s invasion of Ukraine...
Meralco rates up in March
BusinessWorld, March 11, 2022
Marielle C. Lucenio
Residential customers of Manila Electric Co. (Meralco) will see higher bills in March, as generation charges went up due to an increase in spot market prices and the peso depreciation...
February vehicle sales increase 17% to 24,304 units
BusinessWorld, March 11, 2022
Marielle C. Lucenio
Vehicle sales in February increased by 17% to 24,304 units from the earlier month, although a year-on-year comparison showed a decline of 7.3%, latest industry data show...
More Filipinas tapping digital platforms for business needs, insurance products
BusinessWorld, March 11, 2022
L.W.T. Noble
More Filipinas are using digital transactions for their small businesses and insurance needs, according to officials from Insular Life Assurance Co., Ltd. (InLife) and GCash...
Value of Metals output grew 20% in 2021
Philippine Daily Inquirer, March 11, 2022
Jordeene B. Lagare
The Philippines produced P160.9 billion worth of metallic minerals last year, 20.34 percent higher than the P133.7 billion recorded the previous year, on the back of strong metal prices and higher production, the Mines and Geosciences Bureau (MGB) reported...
Price increase on canned sardines urged
The Manila Times, March 11, 2022
Eireene Jairee Gomez
The Canned Sardines Association of the Philippines (CSAP) is calling for a price increase on canned sardines, warning that another round of fuel price hikes would increase production costs...
BSP commits to supporting MFIs
The Manila Times, March 11, 2022
Mayvelin U. Caraballo
The Bangko Sentral ng Pilipinas (BSP) said it remains committed to support the microfinance sector under its National Strategy for Financial Inclusion (NSFI) 2022-2028...
Dominguez warns against climate crisis
The Manila Times, March 11, 2022
Mayvelin U. Caraballo
Finance Secretary Carlos Dominguez 3rd emphasized the importance of addressing the worsening climate crisis anew, saying the "fate of future generations hangs in the balance" if governments continue to put off implementing "practical and localized" programs to combat global warming...
Local cold chain industry to be developed
The Manila Times, March 11, 2022
Anna Leah E. Gonzales
Government agencies and the private sector signed an agreement to develop a cold chain integrated supply chain solution in the Philippines...
Female entrepreneurs key to economic rebound
The Manila Times, March 11, 2022
Catherine S. Valente
Presidential Adviser for Entrepreneurship Jose Maria "Joey" Concepcion 3rd has highlighted the role of women entrepreneurs in the country's push for post-Covid economic recovery...
Labor groups bat for wage hike, some through wage boards, others through legislation
BusinessMirror, March 10, 2022
Samuel P. Medenilla
Over a year since the last minimum wage hike took effect, labor groups are reviving their call for additional pay as sky-rocketing oil prices further press on the limited income of more workers...
Most MSMEs turn to kin, friends for financing
BusinessMirror, March 10, 2022
Tyrone Jasper C. Piad
Majority of the local micro, small and medium enterprises (MSMEs) fail to secure loans due to stringent lending measures—and they end up asking family and friends for additional financing instead to keep their businesses running, according to a study by a cloud banking platform Mambu...
Stagflation, new worry for market
Daily Tribune, March 11, 2022
TDT
Equities market posted sharp gains as the recently surging commodity prices, especially oil, cooled off while the war in Ukraine continues...
BSP wants more digital-oriented microfinance
Manila Bulletin, March 10, 2022
Lee C. Chipongian
The Bangko Sentral ng Pilipinas (BSP) is encouraging more microfinance banks to pursue digital finance for the agriculture and micro, small and medium enterprises (MSMEs)...
FDI soar by 54%, hit record $10.5 billion
Philippine Star, March 11, 2022
Lawrence Agcaoili
The net inflow of foreign direct investments (FDI) soared by 54.2 percent to hit an all-time high of $10.52 billion last year, as global investors returned following the country’s exit from the pandemic-induced recession, the Bangko Sentral ng Pilipinas said...
Inflation still seen slower at 3.5% this year
Philippine Star, March 11, 2022
Louise Maureen Simeon
Headline inflation is seen hitting 3.5 percent this year, still slower than the 2021 level despite increased pressure due to the ongoing Ukraine-Russia war...