March 17, 2022
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Duterte nixes fuel tax suspension
BusinessWorld, March 17, 2022
Kyle Aristophere T. Atienza
Philippine President Rodrigo R. Duterte rejected calls to suspend the excise tax on fuel products amid soaring pump prices, and instead approved the Finance chief’s recommendation to extend the P200 in monthly aid to poor families for a year...
BSP chief Diokno: PHL economy will grow faster than its debt
BusinessMirror, March 16, 2022
Cai Ordinario
Despite the country’s aggressive borrowing during the pandemic, the Central Bank Governor remained confident the Philippine economy can still outgrow its debts...
Oil price drop seen next week
Daily Tribune, March 17, 2022
Maria Romero
Motorists might finally see a reprieve next week as the encouraging movement of crude oil prices in the international market prompts a possible rollback in the domestic pump prices of petroleum products...
P29 billion wage subsidy for 3 months pushed
Manila Standard, March 17, 2022
Vito Barcelo
The Department of Labor and Employment (DOLE) has suggested a P24 billion wage subsidy that would benefit at least 1 million workers for three months...
Fundamentals to shield PH from crisis
The Manila Times, March 17, 2022
Mayvelin U. Caraballo
Philippine monetary and finance officials are optimistic that the country's solid fundamentals will protect the economy from the negative effects of the Russia-Ukraine conflict...
Widest output gap in Asean to scar PH labor market
Philippine Daily Inquirer, March 17, 2022
Ben O. de Vera
The Philippines’ output gap—its actual economic output during the COVID-19 crisis versus its maximum prepandemic potential—is the highest in Association of Southeast Asian Nations (Asean) which, in turn, is resulting in labor market scarring, the Asian Development Bank (ADB) said on Wednesday...
NEDA chief: Why not try four-day workweek again?
Philippine Daily Inquirer, March 17, 2022
Ben O. de Vera and Dona Z. Pazzibugan
The country’s chief economist has called for a shorter workweek, starting with government employees, to save on expensive gas...
Candidates no longer required to get permits for onsite sorties in AL1 and AL2 areas
BusinessMirror, March 16, 2022
Samuel P. Medenilla
Candidates, who will be holding onsite sorties in Alert Level 1 and 2 areas will no longer be required to get a permit from the Commission on Election (Comelec) Campaign Committee (CCC)...
Duterte: Yes to ‘e-sabong,’ no to 24/7 gambling
Philippine Daily Inquirer, March 17, 2022
Jerome Aning
Unless Congress decides otherwise, the national government, through the Philippine Games and Amusement Corp. (Pagcor), will continue to allow and regulate online cockfighting, or “e-sabong,” but President Rodrigo Duterte doesn’t want the game played the whole day...
Country's output gap tops Asean
The Manila Times, March 17, 2022
Anna Leah E. Gonzales
Despite the projected 6-percent Philippine economic growth this year, the country's gross domestic product will still be 16 percent below the actual output if the Covid-19 pandemic did not happen, the Asian Development Bank (ADB) said in a report...
‘Innocent passage’ cited by China for navy ship intrusion
BusinessWorld, March 16, 2022
Alyssa Nicole O. Tan
China did not violate international law when a navy ship entered Philippine waters without permission on Jan. 29 to Feb. 1, its Foreign Ministry said on Tuesday evening...
UN agencies raise P2.9 billion for Typhoon ‘Odette’ victims
BusinessMirror, March 16, 2022
Jaspe Y. Arcalas
International agencies under the United Nations (UN) have raised at least 32 percent or about P2.9 billion of the P8.9 billion target budget requirement for the rollout of various social interventions to Typhoon “Odette” (international code name Rai)-affected Filipinos...
ADB flags SSS ‘limited’ unemployment benefit
Manila Bulletin, March 16, 2022
Chino S. Leyco
China did not violate international law when a navy ship entered Philippine waters without permission on Jan. 29 to Feb. 1, its Foreign Ministry said on Tuesday evening...
China WPS bullying persists–Lorenzana
BusinessMirror, March 16, 2022
Rene Acosta
Defense Secretary Delfin Lorenzana has told a diplomat from the European Union that China has not stopped its harassment and provocations in the region, citing even a recent case of a Chinese vessel trying to ram a warship of the United States in international waters...
Pandemic sends 4.7M more people into extreme poverty in SE Asia
BusinessWorld, March 17, 2022
Reuters
The pandemic added 4.7 million more people to Southeast Asia’s most extreme poor in 2021, reversing gains made in fighting poverty, the Asian Development Bank (ADB) said on Wednesday, while urging governments to take steps to boost economic growth...
Pandemic erased over 9 million jobs in Southeast Asia, ADB says
BusinessWorld, March 16, 2022
Bloomberg
The coronavirus pandemic obliterated 9.3 million jobs in Southeast Asia as lockdowns hit the region’s traditional engines of growth such as hospitality and tourism, according to the Asian Development Bank...
Oil demand outlook cut over supply 'shock'
The Manila Times, March 17, 2022
Agence France-Presse
The International Energy Agency (IEA) slashed its global oil demand forecast for 2022 on Wednesday, warning that sanctions against Russia over its invasion of Ukraine could spark a global supply "shock." ...
Economic support news bolsters Asian stocks
The Manila Times, March 17, 2022
Agence France-Presse
Asian equities rallied on Wednesday after their recent rout, with Hong Kong leading the way after the Chinese government pledged to provide support and stability to the country's troubled markets...
ICJ orders Russia to halt military operations in Ukraine
Philippine Star, March 17, 2022
Reuters
The International Court of Justice (ICJ), the United Nations’ top court for disputes between states, ordered Russia on Wednesday to immediately halt its military operations in Ukraine, saying it was “profoundly concerned” by Moscow’s use of force...
WHO says global rise in COVID cases is ‘tip of the iceberg’
Philippine Daily Inquirer, March 17, 2022
Reuters
Figures showing a global rise in COVID-19 cases could herald a much bigger problem as some countries also report a drop in testing rates, the WHO said on Tuesday, warning nations to remain vigilant against the virus...
European leaders in defiant Kyiv trip as Russia closes in
Philippine Star, March 17, 2022
Danny Kemp
A trio of eastern European leaders met Ukraine's president in his besieged capital Tuesday, in a defiant act of solidarity as Russian forces pressed in and air strikes claimed yet more lives in the city under curfew...
Markets must adapt to lack of Russian, Ukrainian commodities, Glencore says
Rappler, March 16, 2022
Reuters
Global commodity markets will need to adapt to a lack of supply from Russia and Ukraine, global miner and commodities trader Glencore said in its annual report on Wednesday, March 16...
Biden calls Putin a war criminal as Russia says mission ‘going to plan’
Philippine Daily Inquirer, March 17, 2022
Reuters
U.S. President Joe Biden calling Russian leader Vladimir Putin a war criminal on Wednesday is “unforgivable”, the Kremlin said as it insisted the war in Ukraine was “going to plan” amid talk of compromise at peace talks...
Iran nuclear deal 'close', Tehran frees captives as obstacles narrow
GMA News, March 17, 2022
Jastinder Khera, Agence France-Presse
Washington said Wednesday it was "close" to a deal with Iran on reviving a 2015 pact that saw Western powers provide sanctions relief in exchange for curbs on Tehran's nuclear program, the latest sign of advancement following prolonged deadlock...
Japan to revoke Russia’s most-favored nation trade status
Rappler, March 16, 2022
Reuters
Japan will revoke Russia’s most-favored nation trade status as part of further sanctions against Moscow following the invasion of Ukraine, Prime Minister Fumio Kishida said on Wednesday, March 16...
Rural banks call for more efficient processing of loan guarantee claims
BusinessWorld, March 17, 2022
Luz Wendy T. Noble
The Rural Bankers Association of the Philippines (RBAP) supports the central bank’s policy directive to boost guaranteed loans, but said the government should work on the backlog of claims for these schemes...
No basis to probe communist conspiracy theory – DOJ chief
Philippine Daily Inquirer, March 17, 2022
Marlon Ramos
There is no factual basis to merit an investigation of claims that communist rebels had infiltrated the campaign team of Vice President Leni Robredo, Justice Secretary Menardo Guevarra said on Wednesday...
DOH won’t go yet for Alert Level 0
BusinessWorld, March 17, 2022
Luz Wendy T. Noble
The Rural Bankers Association of the Philippines (RBAP) supports the central bank’s policy directive to boost guaranteed loans, but said the government should work on the backlog of claims for these schemes...
No further easing of restrictions until all areas reach Alert Level 1 — DoH
BusinessWorld, March 16, 2022
Kyle Aristophere T. Atienza
The Philippine government would further relax restrictions once all parts of the country are placed under the lowest coronavirus alert level, a health official said on Wednesday...
Duterte: Stopping e-sabong means lost income, more illicit trade
BusinessMirror, March 16, 2022
Samuel P. Medenilla
President Duterte cautioned lawmakers against calling for the suspension of “e-sabong” (online cockfighting) activities, saying this could cost the government billions of revenues and lead to an increase in illegal activities...
More Pinoys to access medical benefits in 2022
BusinessMirror, March 16, 2022
Cai Ordinario
More Filipinos are expected to avail themselves of their medical benefits this year as Covid-19 restrictions become less stringent, according to Mercer Marsh Benefits’ (MMB) Health Trends Report...
Gov’t to borrow more if fuel tax is suspended – Dominguez
Manila Bulletin, March 16, 2022
Chino S. Leyco
The government would need to borrow additional money from creditors should taxes on petroleum products are suspended, the Department of Finance (DOF) warned...
Philippines on last mile of vax campaign, say DOH
Philippine Star, March 17, 2022
Sheila Crisostomo
The Department of Health (DOH) is not surprised that lines have dwindled in vaccination sites as the COVID-19 inoculation campaign enters the homestretch...
PAGASA declares start of dry season
Philippine Star, March 17, 2022
Michael Punongbayan
State weather forecasters yesterday advised Filipinos to expect and prepare for a hot and humid summer as it officially declared the start of the dry season...
Second COVID-19 booster shot useful for immunocompromised: doctor
ABS-CBN News, March 16, 2022
Gillan Ropero
A second COVID-19 booster shot could be useful for those moderately or severely immunocompromised during a surge in cases, a doctor said Wednesday...
Easing alert levels hinges on meeting jabs targets
BusinessMirror, March 16, 2022
Samuel P. Medenilla
Further easing of minimum health standards in Metro Manila and other Alert Level 1 areas will no longer be possible until the entire country is able to meet their vaccination targets, according to the Department of Health...
Jan. remittances up despite virus surge
BusinessWorld, March 17, 2022
Luz Wendy T. Noble
Money sent home by Filipino migrants rose for an 11th consecutive month in January, reflecting improving employment prospects abroad despite the Omicron-driven surge in coronavirus disease 2019 (COVID-19) infections...
BSP expects lower dollar remittance growth this year
Philippine Daily Inquirer, March 17, 2022
Ronnel W. Domingo
The inflow of US dollars from overseas Filipino workers (OFWs) started the year with a 2.5-percent year-on-year growth, reaching $2.97 billion in January from $2.9 billion in the same month last year...
Value of confiscated products up in Jan-Feb
The Manila Times, March 17, 2022
Anna Leah E. Gonzales
The Department of Trade and Industry-Fair Trade Enforcement Bureau (DTI-FTEB) reported a three-fold increase in the retail value of confiscated products in the National Capital Region (NCR) from January 1 to Feb. 28, 2022...
BSP still plans to start rate hike cycle in 2nd half
BusinessWorld, March 17, 2022
Luz Wendy T. Noble
The Philippine central bank will remain patient and stick to its plan to raise its key policy rate in the second half of the year, despite heightened uncertainty caused by the war in Ukraine, its governor said...
Energy dep’t sees fuel prices possibly retreating next week
BusinessWorld, March 16, 2022
Marielle C. Lucenio
Fuel prices could start retreating starting next week after the Dubai benchmark for crude oil sold to Asia receded from its highs, Energy Secretary Alfredo G. Cusi said...
Fuel marking program generates P384.79 billion as of March 10
BusinessWorld, March 16, 2022
Tobias Jared Tomas
Taxes collected from marked fuel products totaled P384.79 billion as of March 10, counting back to the start of the program in late 2019, according to the Department of Finance...
Truckers to hike rates by 30%, expect prices of goods to rise
Manila Standard, March 17, 2022
Darwin G. Amojelar
Prices of goods are expected to increase once the Confederation of Truckers Association of the Philippines implemented a 30-percent increase in trucking freight rates on skyrocketing fuel prices...
Wage increase, fare hike to raise inflation by 1.4 percentage points, Neda chief says
BusinessMirror, March 16, 2022
Cai Ordinario
The National Economic and Development Authority (Neda) has warned that the proposed minimum wage increase and jeepney fare hikes would likely raise inflation by 1.4 percentage points...
OFW remittances continue to climb in January
Philippine Star, March 17, 2022
Lawrence Agcaoili
Dollars sent home by expatriate Filipinos continued to rise for 12 straight months, growing by 2.5 percent in January, amid the redeployment of more overseas Filipino workers (OFWs) as host countries reopen their borders from strict COVID lockdown measures, according to the Bangko Sentral ng Pilipinas (BSP)...
Index flat as investors wait for rate hike signals
Philippine Star, March 17, 2022
Iris Gonzales
Local stocks managed to inch up yesterday, recovering from deep losses early in the session, as investors await developments on interest rate hikes here and abroad...
DA boosts nationwide farm mechanization program
The Manila Times, March 17, 2022
Eireene Jairee Gomez
The Department of Agriculture reported increased production on rice farmers, thanks to the agency's intensified mechanization program provided by the Rice Tariffication Law's Rice Competitiveness Enhancement Fund (RCEF)...
ADB: Oil crisis to stoke Philippine inflation
CNN Philippines, March 16, 2022
Lois Calderon
The oil crisis triggered by the Ukraine-Russia war could stoke Philippine consumer prices, but its repercussions on the economy will not be as deep, the Asian Development Bank (ADB) said on Wednesday...
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