March 8, 2022
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Dominguez: Russia-Ukraine war will hit PHL economy like ‘a ricocheting bullet’
Dominguez: Russia-Ukraine war will hit PHL economy like ‘a ricocheting bullet’
BusinessMirror, March 8, 2022
Bernadette D. Nicolas
Finance Secretary Carlos G. Dominguez III said the Philippine economy will likely be “collateral damage” and suffer “indirect shocks” on four major channels from the ongoing Russia-Ukraine war...
‘Alert 1 for 2022 vital to sustaining economic activity’
Philippine Star, March 8, 2022
Louella Desiderio
The country needs to maintain the Alert Level 1 status for the rest of the year to promote economic activity and prepare the economy for the effects of the Ukraine-Russia conflict, presidential adviser for entrepreneurship Joey Concepcion said...
Surging oil a key risk to PHL — Diokno
Surging oil a key risk to PHL — Diokno
BusinessWorld, March 8, 2022
Bernadette D. Nicolas
Russia's invasion of Ukraine may continue to drive oil prices even higher, which could push inflation beyond the target range for a second straight year, Bangko Sentral ng Pilipinas Governor Benjamin E. Diokno said...
Put PH under Alert Level 1 to revive economy – NEDA
Put PH under Alert Level 1 to revive economy – NEDA
Philippine Daily Inquirer, March 8, 2022
Zacarian Sarao
Putting the entire country under Alert Level 1 “at the soonest possible time” so that schools can resume in-person classes will help it offset the economic effects of the Russia-Ukraine war, Secretary Karl Kendrick Chua told President Rodrigo Duterte on Monday during the weekly taped “Talk to the People” briefing...
‘Fuel crisis to slash P330 billion from economy’
‘Fuel crisis to slash P330 billion from economy’
BusinessMirror, March 7, 2022
Cai Ordinario
The Philippine economy could lose about P330 billion due to the fuel price crisis, according to initial estimates made by the National Economic and Development Authority (Neda)...
‘PH can face economic fallout from Russia-Ukraine war – Dominguez
Philippine Daily Inquirer, March 7, 2022
Daphne Galvez
The Philippines will be able to get through the economic fallout from the Russia-Ukraine war, Finance Secretary Carlos Dominquez III told President Rodrigo Duterte on Monday in the taped weekly “Talk to the People” briefing...
Pressure rising for BSP to soon raise key rates
Pressure rising for BSP to soon raise key rates
Philippine Daily Inquirer, March 7, 2022
Ben O. de Vera
A combination of higher global inflation seen spilling over locally through expensive oil plus the US Federal Reserve’s forthcoming rate hikes may force the Bangko Sentral ng Pilipinas (BSP) to aggressively jack up key interest rates this year...
Massive fuel price hike today
The Manila Times, March 8, 2022
Ben Gines, Jr. , Anna Leah E. Gonzales and Moises Cruz
A steep increase in fuel prices, the biggest so far this year, will be in effect starting today, March 8...
Tighter BOT guidelines eyed
Tighter BOT guidelines eyed
BusinessWorld, March 8, 2022
Jenina P. Ibañez
Agencies proposing public-private partnership (PPP) projects could be required to submit complete financial documents and limit variations to contracts, a draft of the revised rules implementing the Build-Operate-Transfer (BOT) Law showed...
'FIA amendments to create more jobs'
'FIA amendments to create more jobs'
The Manila Times, March 8, 2022
Anna Leah E. Gonzales
Amendments to the Foreign Investment Act (FIA) will create more jobs for Filipinos, the German-Philippine Chamber of Commerce and Industry (GPCCI) said on Monday...
Foreign exchange transfer systems designated as systematically important
Foreign exchange transfer systems designated as systematically important
BusinessWorld, March 8, 2022
Luz Wendy T. Noble
The Monetary Board approved the designation of the Philippine Domestic Dollar Transfer System (PDDTS) and the Philippine Peso – US Dollar Payment versus Payment System (PvP) as systematically important payment systems (SIPS), the central bank said in a statement on Monday...
ARTA issues circular for zero backlog adoption
ARTA issues circular for zero backlog adoption
The Manila Times, March 8, 2022
Anna Leah E. Gonzales
The Anti-Red Tape Authority (ARTA) on Monday issued a memorandum circular (MC) urging government agencies and local government units (LGUs) to adopt the zero-backlog policy...
Duterte raises age of consent to 16
Duterte raises age of consent to 16
BusinessWorld, March 7, 2022
Kyle Aristophere T. Atienza
Philippine President Rodrigo R. Duterte has signed into law a measure raising the age of sexual consent to 16 from 12, which was considered the lowest in Asia and one of the laxest in the world...
ARTA introduces electronic complaint management system
ARTA introduces electronic complaint management system
BusinessWorld, March 7, 2022
Revin Mikhael D. Ochave
The Anti-Red Tape Authority (ARTA) said it has introduced a digital system that will field complaints to the public on needlessly complex government transactions...
Govt orders mandatory evacuation of Filipinos in Ukraine
Govt orders mandatory evacuation of Filipinos in Ukraine
The Manila Times, March 7, 2022
Bernadette E. Tamayo
The government has ordered the mandatory evacuation of Filipinos in Ukraine as it raised to Alert Level 4 the crisis degree for all areas in that country due to the "rapidly deteriorating" security situation there...
Over 5.1 million doses of Pfizer COVID-19 vaccine arrive in PH
Over 5.1 million doses of Pfizer COVID-19 vaccine arrive in PH
Philippine Daily Inquirer, March 8, 2022
Daphne Galvez
Over 5.1 million doses of US-made Pfizer COVID-19 vaccine were delivered to the Philippines on Monday...
Unicef lauds PH for raising age of sexual consent to 16
Unicef lauds PH for raising age of sexual consent to 16
Philippine Daily Inquirer, March 8, 2022
Tina G. Santos
The United Nations Children’s Fund (Unicef) has congratulated the Philippine government for raising the minimum age of sexual consent from 12 to 16 to protect minors from rape and sexual abuse...
Ukraine-Russia war fallout: PH unable to borrow P65B as creditors demand higher rates
Ukraine-Russia war fallout: PH unable to borrow P65B as creditors demand higher rates
Philippine Daily Inquirer, March 7, 2022
Ben O. de Vera
The Bureau of the Treasury (BTr) has been unable to borrow a total of P65 billion so far in March — including P15 billion in T-bills on Monday (March 7)— as rates sought by domestic creditors further rose across-the-board after tensions at the Ukrainian-Russian border erupted into a full-blown war...
Stocks plunge, oil soars on war fears
Stocks plunge, oil soars on war fears
The Manila Times, March 8, 2022
Agence France-Presse
Equity markets plunged Monday, while oil prices soared to a near 14-year high and safe-haven gold broke $2,000 as investors grew increasingly fearful about the impact of the Ukraine war on the global economy...
Russia announces humanitarian corridors as Ukraine assault intensifies
Philippine Star, March 8, 2022
Dmitry Zaks, Agence France-Presse
Russia announced humanitarian corridors would open in several Ukrainian cities on Monday, after terrified civilians came under fire in two previous attempts and with Moscow's forces pummeling cities across the country...
Covid deaths hit 6M
Covid deaths hit 6M
The Manila Times, March 8, 2022
Associated Press
The official global death toll from Covid-19 is on the verge of eclipsing 6 million — underscoring that the pandemic, now in its third year, is far from over...
For foreign fighters, Ukraine offers purpose, camaraderie and a cause
Philippine Star, March 8, 2022
Reuters
Michael Ferkol, who who once served as a supply specialist with engineer battalions in the U.S. Army, had been in Rome studying archaeology when he heard the Ukrainian president’s appeal for foreign fighters...
Global recession risks rise after Russia invades Ukraine: Kemp
Global recession risks rise after Russia invades Ukraine: Kemp
Philippine Daily Inquirer, March 7, 2022
Reuters
U.S. and European economies are facing a heightened risk of a recession this year as Russia’s invasion of Ukraine severely disrupts supply chains and causes inflation to accelerate to the fastest rate since the 1970s...
Southeast Asian equities shine as commodities rally on Ukraine crisis
Rappler, March 7, 2022
Reuters
Southeast Asian stocks are becoming a haven for international investors fleeing a worsening outlook for global equities who are hoping for sustained strength in the commodity-heavy economies of the region...
War bites Phl
War bites Phl
Daily Tribune, March 8, 2022
Sundy Locus and Maria Romero
United States Secretary of State Antony Blinken on Sunday (Monday in Manila) said the West is in “very active” discussions about a Russian oil embargo, but as the Brent crude oil now approaches $140 a barrel — an all-time high, fuel pump prices have started to skyrocket and crimp the people’s spending power...
Russian forces scuppering civilian evacuations: Zelensky
ABS-CBN News, March 8, 2022
Agence France-Presse
Ukrainian President Volodymyr Zelensky on Monday accused the Russian army of scuppering the evacuation of civilians through humanitarian corridors agreed after talks with Moscow...
40% of Filipinos say quality of life worsened – SWS
Philippine Star, March 8, 2022
Michael Punongbayan
Four out of every 10 Filipino adults or 40 percent of those surveyed by the Social Weather Stations (SWS) in December 2021 believed that their quality of life was worse during the last 12 months...
Government cool to fare hike as fuel prices shoot up
Government cool to fare hike as fuel prices shoot up
Philippine Daily Inquirer, March 8, 2022
Ben O. de Vera, Karl R. Ocampo and Nestor Corrales
Despite the continued increase in fuel prices, the government is not inclined to grant the petition of public utility drivers for a P1 hike in transport fares...
OCTA sees drop in COVID cases to 300-500 by end of March
Philippine Daily Inquirer, March 8, 2022
Leila B. Salaverria and Tina G. Santos
The COVID-19 situation continued to improve even with the easing of quarantine restrictions to the most relaxed alert level 1 in Metro Manila and several other areas across the country, the independent monitor OCTA Research said on Monday...
DepEd eyes in-person graduation rites
DepEd eyes in-person graduation rites
Philippine Daily Inquirer, March 8, 2022
DJ Yap, Jane Bautista
Two years after the suspension of mass gatherings due to the COVID-19 pandemic, graduating students at the basic education level may be allowed to experience physical graduation rites this year, according to the Department of Education (DepEd)...
4 Luzon cities now very low risk for COVID-19 – OCTA Research
Philippine Daily Inquirer, March 7, 2022
Daniza Fernandez
Four cities in Luzon are now at very low risk for COVID-19, a fellow of independent analytics group Octa Research said Monday...
‘Dramatic decline’ in COVID jabs prompts 4th national drive
‘Dramatic decline’ in COVID jabs prompts 4th national drive
Philippine Daily Inquirer, March 7, 2022
Daphn Galvez
It was a “dramatic decline” in COVID-19 vaccinations that prompted the government to schedule its fourth nationwide vaccination drive from March 10 to 12, Secretary Carlito Galvez Jr. said on Monday during the weekly taped “Tell the People” briefing with President Rodrigo Duterte...
Comelec to sanction debate skippers
The Manila Times, March 7, 2022
Jomar Canlas
The Commission on Elections on Monday warned that it will sanction candidates who will skip the debates sponsored by the agency that will kick off next week...
Government to force Filipinos to flee Ukraine
BusinessWorld, March 7, 2022
Alyssa Nicole O. Tan and Norman P. Aquino
The Philippines will force Filipinos in Ukraine to evacuate, as the Department of Foreign Affairs (DFA) raised the alert there to Level 4, with Russia continuing its military strikes on its neighbor...
‘434 foreigners visited Boracay since reopening’
Philippine Star, March 8, 2022
Ghio Ong
Only a few foreign tourists have visited Boracay since the world-famous island was reopened to international travelers last month or two years after it was closed due to the COVID pandemic...
Candidates who snub Comelec debates will be banned from e-rallies
BusinessWorld, March 7, 2022
John Victor D. Ordonez
The Commission on Elections (Comelec) will block candidates from electronic rallies on its Facebook page if they do not attend the debates organized by the poll body for the May 9 elections...
House ready for special session to address oil crisis
BusinessMirror, March 7, 2022
Jovee Marie N. Dela Cruz
The leadership of the House of Representatives on Monday vowed to look into all possible options to cushion the impacts of rising oil prices, saying Congress is now on standby for a special session to suspend or reduce the excise taxes on fuel...
Declare state of emergency, Duterte urged
BusinessMirror, March 7, 2022
Amid the weekly increases in oil prices, members of the House of Representatives on Monday recommended to the Palace the declaration of a state of economic emergency arising from fuel price crisis...
Duterte's reminder: Let's keep our word on Recto Bank joint exploration with China
Manila Bulletin, March 7, 2022
Argyll Cyrus Geducos
President Duterte has issued a reminder that the Philippines should keep its word about having a joint exploration with China at the Recto Bank in the West Philippine Sea, saying not doing so may cause problems that no one wants...
'Normal' number coding back in Makati starting March 16, 2022
GMA News, March 8, 2022
The Makati City government has announced that “normal” number coding scheme for vehicles will resume starting March 16, 2022...
NEDA weighs impact of fare hike on inflation
NEDA weighs impact of fare hike on inflation
BusinessWorld, March 8, 2022
Marielle C. Lucenio with JEGT
A peso increase in transport fares could add 0.3 percentage point (ppt) to inflation, National Economic and Development Authority (NEDA) Undersecretary Rosemarie G. Edillon told the hearing...
Shipping costs may rise by as much as 25%, industry group warns
Shipping costs may rise by as much as 25%, industry group warns
BusinessWorld, March 8, 2022
Arjay L. Balinbin
Shipping costs may rise as much as 25% as global oil prices continue to skyrocket amid the Ukraine-Russia conflict, according to an industry group...
DTI backs stockpiling agri goods amid Russia-Ukraine war
DTI backs stockpiling agri goods amid Russia-Ukraine war
Philippine Daily Inquirer, March 8, 2022
Leila B. Salaverria and Tina G. Santos
The Department of Trade and Industry (DTI) encourages the stockpiling of agricultural products amid Russia’s invasion of Ukraine, but it said the country’s inventory of manufactured items was enough and there was no reason for people to panic...
Gov’t sets P 20-B fertilizer subsidy to ease farmers’ burden
Gov’t sets P 20-B fertilizer subsidy to ease farmers’ burden
Philippine Daily Inquirer, March 8, 2022
Jordeene B. Lagare
The government has allocated P20 billion to subsidize the cost of fertilizers and help ease the impact of rising oil prices on local farmers...
Rediscount window untapped in Feb.
Rediscount window untapped in Feb.
BusinessWorld, March 8, 2022
Luz Wendy T. Noble
Banks left the central bank’s rediscount facility untouched in February as loan demand remains relatively slow amid the crisis...
BOC seizes P 769.7M worth of hot goods as of mid-Feb
BOC seizes P 769.7M worth of hot goods as of mid-Feb
Philippine Daily Inquirer, March 8, 2022
The Bureau of Customs (BOC) during the first six weeks of 2022 confiscated P769.7 million worth of smuggled items following 33 search and seizure operations, the Department of Finance (DOF) said on Monday...
DA urged to address shortage, rising prices
DA urged to address shortage, rising prices
The Manila Times, March 8, 2022
Ben Gines, Jr.
Feeds industry players are urging the Department of Agriculture (DA) to immediately address the looming supply shortfall and rising cost of feeds products amid the ongoing war between Russia and Ukraine...
PH stock stays in the red
PH stock stays in the red
The Manila Times, March 8, 2022
Faye Almazan
The local bourse extended its decline on Monday amid inflation worries and the ongoing conflict between Russia and Ukraine...
BSP sees inflation breaching target
Philippine Star, March 8, 2022
Lawrence Agcaoili
The Bangko Sentral ng Pilipinas (BSP) sees inflation accelerating and breaching the two to four percent target under a worst-case scenario wherein global oil prices would return to 2018 elevated levels due to the ongoing Ukraine-Russia conflict...
DoE urged to invite more RE investors
DoE urged to invite more RE investors
The Manila Times, March 8, 2022
Ben Gines, Jr.
An alliance of clean energy developers has urged the Department of Energy (DoE) to entice more investments in new power plants, particularly on renewable energy, in the face of the looming electricity supply shortage this summer and the coming May 2022 elections...
BSP seen hiking interest rates from mid-2022
Philippine Daily Inquirer, March 7, 2022
Doris Dumlao-Abadilla
The local central bank is likely to hike interest rates by a total of 75 basis points this 2022, starting mid-year, as consumer price pressures escalate amid the Ukraine crisis alongside the much-anticipated upswing in US interest rates...
Sugar output up, so are prices
Sugar output up, so are prices
Philippine Daily Inquirer, March 7, 2022
Jordeene B. Lagare
The country’s sugar output continued to increase in February, and yet average prices of this sweetener in Metro Manila have also shot up due in part to soaring fertilizer prices...
Stocks plunge, oil rockets, gold tops $2,000 on Ukraine fears
Philippine Star, March 8, 2022
Iris Gonzales
Global equity markets plunged yesterday, while oil prices soared to a near 14-year high and safe-haven gold broke $2,000 as investors grew increasingly fearful about the impact of the Ukraine war on the global economy...
DTI: Fuel price hike won’t impact goods for 3 months
BusinessMirror, March 7, 2022
Tyrone Jasper C. Piad
The Department of Trade and Industry (DTI) counseled calm—for now—as the price hike on basic necessities and prime commodities due to Ukraine-Russia conflict will only be felt after three months...
Concepcion wants PHL under AL 1 for entire 2022
BusinessMirror, March 7, 2022
Tyrone Jasper C. Piad
Presidential Adviser for Entrepreneurship Jose Maria A. Concepcion raised the need to keep the country under Alert Level (AL) 1 for the rest of the year in a bid to cushion the impact of the Ukraine-Russia conflict on the Philippine economy, which is being threatened by rising prices of fuel and other commodities...
TUCP pleads wage hike
Daily Tribune, March 8, 2022
Raffy Ayeng
The Associated Labor Group-Trade Union Congress of the Philippines (ALU-TUCP) is set to demand a hike from P537 to P750 for daily minimum wage as the war between Russia and Ukraine is expected to impact the prices of the basic commodities...
Tax exemptions sought for oil, coal
Manila Bulletin, March 7, 2022
Myrna M. Velasco
The Department of Energy (DOE) and players in the electric power industry are appealing for temporary exemption on the payment of value added taxes (VAT) as well as suspension of excise taxes for coal and oil as fuel for power generation, to spare Filipino consumers from drastic spikes in electricity rates especially during the summer months...
ICTSI allocates P15B to equip Manila hub for rising global trade
Philippine Daily Inquirer, March 8, 2022
Miguel R. Camus
Billionaire Enrique Razon Jr.’s International Container Terminal Services Inc. (ICTSI) is spending P15 billion to expand its flagship Manila International Container Terminal (MICT) as it bets on continued volume growth in the coming years...
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