May 13, 2022
Source BusinessMirror
Inflation should be Marcos’ top priority — NEDA chief
BusinessWorld, May 13, 2022
Tobias Jared Tomas
The next administration should make it a top domestic priority to fight high inflation, according to Socioeconomic Planning Secretary Karl Kendrick T. Chua...
Q1 GDP surpasses pre-pandemic level
BusinessWorld, May 13, 2022
Abigail Marie P. Yraola
The Philippine economy expanded by a better-than-expected 8.3% in the first quarter, surpassing the pre-pandemic output level as household spending surged amid the easing of coronavirus curbs...
Palace vows smooth transition
Daily Tribune, May 13, 2022
TDT
Malacañang assured the public of unhampered government services even as the Duterte administration began its preparations for the turnover of government business to the next Philippine president...
With strong Q1 GDP growth, BSP tipped to hike key rate on May 19
Philippine Daily Inquirer, May 13, 2022
Ronnel W. Domingo
The Bangko Sentral ng Pilipinas (BSP) might start raising interest rates as early as next week considering the stronger-than-expected growth of the Philippine economy in the first quarter of 2022...
PH debt now 63.5 percent of GDP
Philippine Daily Inquirer, May 12, 2022
Ben O. de Vera
As debt piled up at a faster pace than first-quarter economic growth, the Philippines’ outstanding obligations as a share of gross domestic product (GDP) further climbed to 63.5 percent as of March...
Draft IRR outlines special IP protections for indigenous weaves, distinctive domestic foods
BusinessWorld, May 12, 2022
Revin Mikhael D. Ochave
The Intellectual Property Office of the Philippines (IPOPHL) said its draft rules for the Intellectual Property Code includes special protections for the products of indigenous peoples, in particular their food and woven goods, as well as other domestic items based on their geographic origins...
POEA eyes 7,500 deployment cap for HCWs
BusinessMirror, May 12, 2022
Samuel P. Medenilla
More than 7,500 healthcare workers (HCWs) may be allowed to work abroad this year...
BSP-issued rules to curb cybercrime – Diokno
The Manila Times, May 13, 2022
Anna Leah E. Gonzales
Risk management rules for supervised entities will further strengthen the financial system's cybersecurity posture and minimize losses from fraud and cybercrime, Bangko Sentral ng Pilipinas (BSP) Governor Benjamin Diokno said on Thursday...
Chua: Amended BOT IRR to protect Filipinos from PPP contingent liabilities
Philippine Daily Inquirer, May 12, 2022
Ben O. de Vera
The country’s chief economist on Thursday (May 12) defended the amended guidelines of the Build-Operate-Transfer (BOT) law, saying it will protect the public from contingent liabilities wrought by big-ticket infrastructure projects to be undertaken jointly by the government and the private sector...
Neda chief: Revise ‘obsolete taxes’ to raise more funds
BusinessMirror, May 12, 2022
Bianca Cuaresma
The Bangko Sentral ng Pilipinas (BSP) has mandated local banks to adopt more robust fraud management systems, based on the Central Bank’s ongoing cyberthreat surveillance activities...
Groups ask SC to void mandatory vaccination issuances
BusinessMirror, May 12, 2022
Joel R. San Juan
A petition was filed before the Supreme Court on Thursday seeking to stop the implementation of all government issuances and policies imposing mandatory vaccination against Covid-19 for being unconstitutional...
Deployment ban to Saudi still in effect
Manila Standard, May 12, 2022
Vito Barcelo
Labor Secretary Silvestre Bello III reiterated on Thursday that the deployment ban to the Kingdom of Saudi Arabia has not been lifted, adding that the newly created Department of Migrant Workers (DMW) cannot impose any policy pending the full constitution of the new department...
Google unveils new 10-shade skin tone scale to test AI for bias
BusinessWorld, May 12, 2022
Reuters
Alphabet Inc.’s Google on Wednesday unveiled a palette of 10 skin tones that it described as a step forward in making gadgets and apps that better serve people of color...
Plants have been grown in lunar soil for the 1st time ever
CNN Philippines, May 13, 2022
Ashley Strickland, CNN
In a landmark first, scientists have grown plants in lunar soil using samples collected during the Apollo missions to the moon. This is the first time plants have been sprouted and grown on Earth in soil from another celestial body...
Japan’s Nidec plans P40-billion expansion of Subic facility — DTI
BusinessWorld, May 12, 2022
Revin Mikhael D. Ochave
The Department of Trade and Industry (DTI) said Japan’s Nidec Corp., a maker of electric motors, is planning a P40-billion expansion of its manufacturing site in Subic...
U.S., China laud Marcos win
Daily Tribune, May 13, 2022
Michelle R. Guillang and Jomelle Garner
United States (US) President Joe Biden and Chinese President Xi Jinping are the first leaders to congratulate former senator Bongbong Marcos who is headed to win the 2022 presidential election by a landslide...
WB: With lowest fees in Asia, PH fourth biggest remittance destination in 2021
Philippine Daily Inquirer, May 12, 2022
Ben O. de Vera
As sending money back home to the Philippines was among the cheapest in the region, the country was the fourth-biggest recipient of remittance flows from migrant workers in 2021, the World Bank said...
Marcos, Biden vow stronger ties ’
The Manila Times, May 13, 2022
Catherine S. Valente and Bernadette E. Tamayo
Presumptive president Ferdinand "Bongbong" Marcos Jr. and United States President Joe Biden have agreed to further strengthen the ties between their countries following Marcos' landslide victory in Monday's election...
PHL among top destinations for end-of-Ramadan travelers
BusinessMirror, May 12, 2022
Ma. Stella F. Arnaldo
The Philippines is one of the markets benefitting from Muslims traveling at the end of Ramadan...
EU seeks bigger role in Asia’s ‘theater of tensions’
BusinessWorld, May 12, 2022
Revin Mikhael D. Ochave
European Union (EU) leaders said on Thursday that the EU wants to become a bigger actor in Asia, which they termed a “theater of tensions,” as they warned of an increasingly assertive China...
Biden welcomes Southeast Asian leaders with energy, security pledges
Philippine Star, May 13, 2022
Shaun Tandon, Agence France-Presse
US President Joe Biden on Thursday welcomed Southeast Asian leaders to Washington, promising support for clean energy and maritime security in the face of a rising China...
Price growth fears put Asia shares in red
The Manila Times, May 13, 2022
Agence France-Presse
Asian equities dropped on Thursday, following Wall Street's lead after a key United States report renewed fears of inflation and a tightening of monetary policies...
Virtual global COVID-19 summit yields $3B in new funding
GMA News, May 13, 2022
US President Joe Biden warned nations attending Thursday's virtual global summit on COVID-19 that there was "still so much left to do" to quell the pandemic, as more than $3 billion in new funding was pledged...
Russia says Finnish entry to NATO poses threat to which it will respond
Rappler, May 12, 2022
Reuters
Russia said on Thursday, May 12, that Finland’s bid to join NATO was a hostile move that “definitely” posed a threat to its security...
North Korea confirms first Covid-19 death in 'explosive' outbreak
ABS-CBN News, May 13, 2022
Cat Barton and Claire Lee, Agence France-Presse
North Korea confirmed its first ever Covid-19 death on Friday, saying fever was spreading "explosively" nationwide and tens of thousands of people were being isolated and treated after falling sick...
Scientists unveil image of huge black hole at Milky Way’s center
Rappler, May 12, 2022
Reuters
Scientists on Thursday, May 11, provided the first look at the monster lurking at the center of our Milky Way galaxy, unveiling an image of a supermassive black hole that devours any matter wandering within its gargantuan gravitational pull...
Ukraine to hold first war crimes trial; Moscow says Kyiv shelled Russian city
Manila Standard, May 12, 2022
Agence France-Presse
Ukraine announced it will hold its first war crimes trial over the Russian invasion, as Moscow accused Kyiv of shelling a Russian city in the war’s latest flashpoint...
'If you have any heart at all.' UN official warns Putin millions will die if Ukraine's ports remain blocked
CNN Philippines, May 13, 2022
Matt Egan, CNN Business
David Beasley, head of the United Nations World Food Programme, is pleading with Russian President Vladimir Putin to reopen Ukraine's Black Sea ports before global calamity strikes...
No reversal of policy reforms
The Manila Times, May 13, 2022
Philippine News Agency
The Department of Trade and Industry (DTI) has identified 10 priority programs of the agency that it wishes to be pursued by the next leadership, and on top of its list is the non-reversal of the current policy direction and continuity of economic reforms of the Duterte administration...
An urgency to save martial law books
Philippine Daily Inquirer, May 13, 2022
Dempsey Reyes and Jane Bautista
With Ferdinand Marcos Jr. poised to win the presidential election, a possible purge of books on martial law may happen, a history professor at the University of the Philippines said on Wednesday...
Palace team prepares transition for new admin
The Manila Times, May 13, 2022
Kristina Maralit
The Palace has created a committee to ensure the smooth transition for the next administration by the end of June...
Banking groups hope incoming administration can address economic risks, industry concerns
BusinessWorld, May 13, 2022
Luz Wendy T. Noble
Banking industry groups hope the next administration headed by former Senator Ferdinand R. Marcos, Jr. can ensure the financial system will remain stable by addressing key economic concerns, including inflation and the impact of the coronavirus pandemic...
68:32 ratio 'not evidence of fraud'
The Manila Times, May 13, 2022
Kaithreen Cruz
The University of the Philippines (UP) School of Statistics said the 68:32 ratio trend in the transmitted votes for presumptive president Ferdinand "Bongbong" Marcos Jr. and presumptive vice president Sara "Inday" Duterte-Carpio reflected in the Commission on Elections' Transparency Server is not evidence of election fraud...
NEDA ready to turn over transition plan to next government
Philippine Star, May 13, 2022
Louise Maureen Simeon
The incoming administration would have to ensure a strong macro fiscal foundation and build on existing policy reforms of the Duterte government to guarantee sustained economic growth in the next six years...
PPCRV: Poll returns so far match 100%
Philippine Daily Inquirer, May 13, 2022
Jane Bautista and Kathleen de Villa
The first batch of election returns (ERs) that show the vote count of a certain precinct had a “100-percent match rate” in the manual validation of the Parish Pastoral Council for Responsible Voting (PPCRV), the poll watchdog’s spokesperson said...
Comelec: SC ‘formula’ to fill party list seats
Philippine Daily Inquirer, May 13, 2022
Dona Z. Pazzibugan
The Commission on Elections (Comelec) will choose which of the 177 candidate party lists groups it will allow to occupy the 63 seats for party list representatives mandated by the Constitution, its spokesperson said on Thursday...
Comelec rejects appeal vs Bongbong
Philippine Daily Inquirer, May 13, 2022
Tina G. Santos
The Commission on Elections (Comelec) en banc has affirmed the dismissal of a motion for reconsideration (MR) filed by Danilo Lihaylihay to declare presumptive president Ferdinand “Bongbong” Marcos Jr. a nuisance candidate in the 2022 polls...
Cyberattacks on banks ‘exploit human weaknesses’
BusinessWorld, May 13, 2022
L.W.T. Noble
Cyber incidents faced by banks take advantage of human weaknesses mostly through fraud, phishing and account takeovers, according to the Bangko Sentral ng Pilipinas (BSP)...
'Fake vote tallies, DQs top poll day disinformation'
Philippine Star, May 13, 2022
Janvic Mateo
Winning senators known in days; 80-81% turnout estimated
Philippine Daily Inquirer, May 13, 2022
Dona Z. Pazzibugan and Tina G. Santos
The Commission on Elections (Comelec) has targeted to proclaim the 12 winning senators and party list groups within the week as the official canvassing of the senatorial and party list results was more than halfway through...
Sara accepts DepEd position, sets work on skills learning
Manila Standard, May 13, 2022
Maricel Cruz
Presumptive vice president and Davao City Mayor Sara Duterte of Lakas-Christian Muslim Democrats (CMD) has accepted the offer of winning presidential candidate Ferdinand “Bongbong” Marcos Jr. for her to be secretary of the Department of Education (DepEd)...
Rody to BBM: Initiate Charter change, drop party-list system
Manila Standard, May 13, 2022
Vito Barcelo
President Rodrigo Duterte urged his successor to initiate Constitutional amendments and abolish the party-list system in the country’s legislature...
Vote canvass for senators halfway done — Comelec
BusinessWorld, May 12, 2022
L.W.T. Noble
The Commission on Elections (Comelec) has processed about 50% of the total certificates of canvass on the third day of tallying for Senate and party-list positions for this year’s elections, according to an election official...
DTI’s request to BBM admin: Allot intelligence funds to boost govt’s campaign vs hoarders, profiteers
BusinessMirror, May 12, 2022
Andrea E. San Juan
The Department of Trade and Industry (DTI) expressed hope that the incoming administration will allot intelligence funds to strengthen the government’s campaign against hoarders and profiteers...
DTI chief urges IATF to place entire Philippines under AL 1
BusinessMirror, May 12, 2022
Andrea E. San Juan
The Department of Trade and Industry (DTI) urged the Inter-Agency Task Force for the Management of Emerging Infectious Diseases (IATF) on Thursday to place the entire country under Alert Level (AL) 1 to sustain economic recovery...
Duterte urges next admin to put 'stronger pressure' on fight vs illegal drugs; 'It has to be a war'
Manila Bulletin, May 12, 2022
Joseph Pedrajas
Outgoing President Duterte is hoping that the next administration would continue his fight against illegal drugs, exert even “stronger pressure” against the perpetrators and make the campaign “a war.”...
‘Not our president’: Martial Law victims reject Marcos election
ABS-CBN News, May 13, 2022
Some Martial Law victims said they were rejecting Ferdinand "Bongbong" Marcos Jr. as the incoming president of the Philippines, saying that they see his election as a "failure of our education system"...
Poll body vows extra pay for election workers
Manila Standard, May 13, 2022
The Commission on Election (Comelec) en banc committed Thursday to provide additional honoraria to all members of the electoral board who worked overtime during the May 9 elections...
Upbeat Q1 growth builds case for BSP rate hike by next week
BusinessWorld, May 13, 2022
Luz Wendy T. Noble
The Philippine central bank on Thursday welcomed the faster-than-expected economic growth in the first quarter, with some analysts saying this helps build the case for a rate hike as early as next week...
Incoming administration needs to ensure ‘investment efficiency’ — Fitch
BusinessWorld, May 13, 2022
Luz Wendy T. Noble and Tobias Jared Tomas
A continued focus on infrastructure under the next administration will help drive post-pandemic growth recovery, but the next administration should ensure it will continue governance standards and debt management, Fitch Ratings said...
BSP vows to help economy attain high growth trajectory
The Manila Times, May 13, 2022
Anna Leah E. Gonzales
Bangko Sentral ng Pilipinas (BSP) Governor Benjamin Diokno on Thursday said the central bank will continue to help keep the economy on a robust growth trajectory...
Automotive sales climb 41% in April
BusinessWorld, May 13, 2022
Revin Mikhael D. Ochave
Vehicle sales for April improved by 40.9% year on year to 25,149 units on the back of improved consumer demand, according to a joint report by the Chamber of Automotive Manufacturers of the Philippines, Inc. (CAMPI) and Truck Manufacturers Association (TMA) released on Thursday...
PH shares tank another day despite glowing GDP data
Philippine Daily Inquirer, May 13, 2022
Miguel R. Camus
The benchmark Philippine Stock Exchange Index (PSEi) tumbled 1.56 percent on Thursday as investors sold down their shares despite government data showing a strong rebound in the economy during the first three months of 2022...
Stocks follow downturn in Asian markets
Philippine Star, May 13, 2022
Iris Gonzales
Local stocks followed other Asian emerging markets lower yesterday as investors worried over sky-high US inflation data solidifying the case for the Federal Reserve’s planned policy tightening...
Concepcion: Unity key to prosperity
The Manila Times, May 13, 2022
Catherine S. Valente
Presidential Adviser for Entrepreneurship Jose Maria "Joey" Concepcion 3rd on Thursday called on Filipinos to rally behind presumptive president Ferdinand "Bongbong" Marcos Jr., saying a united citizenry "can do wonders for the country and bring prosperity for all."...
Concepcion sees ‘golden opportunity’ for PHL economic reforms under BBM
BusinessMirror, May 12, 2022
Andrea E. San Juan
There is a “golden opportunity” for successful economic reforms under a Ferdinand “Bongbong” Marcos Jr. leadership, according to Presidential Adviser for Entrepreneurship Jose Maria A. Concepcion...
Salceda dishes out economic solutions to incoming admin
BusinessMirror, May 12, 2022
Jasper Y. Arcalas
Albay Rep. Joey Sarte Salceda on Wednesday said the next administration must dedicate its first few days addressing numerous economic issues, particularly ensuring the country’s food supply and fighting “aggressively” inflation that has accelerated to 4.9 percent...
Over 50% of employees prefer work on site than at home - study
The Manila Times, May 12, 2022
Red Mendoza
More than half of Filipino employees prefer on-site work or hybrid working where most days are spent in the office now that the country has moved into the new normal, according to a survey conducted by health maintenance organization Philcare...
BSP identifies pay systems key to strong bank sector
BusinessMirror, May 12, 2022
Bianca Cuaresma
The Bangko Sentral ng Pilipinas (BSP) announced that it has designated the Philippine Peso Real Time Gross Settlement Payment System (Peso RTGS), the Philippine Domestic Dollar Transfer System (PDDTS), and the Philippine Peso-US Dollar Payment versus Payment System (Peso-USD PvP) as systemically-important payment systems (SIPS)...