May 19, 2022
Philippines’ tax effort rose in 2019
Source BusinessWorld
PH in for a food crisis—Dar
Manila Standard, May 19, 2022
Othel V. Campos
Agriculture Secretary William Dar warned of a looming food crisis that could start in the second half of the year as input prices soar and there will be little to buy in the global market...
Space for accommodative policy narrowing, Diokno says: BSP set to begin tightening cycle
BusinessWorld, May 19, 2022
L.W.T. Noble with inputs from Reuters
Bangko Sentral ng Pilipinas (BSP) Governor Benjamin E. Diokno on Wednesday said the space for keeping an accommodative policy is shrinking, amid rising inflation risks and the economy’s return to pre-pandemic level in the first quarter...
Economists hike Philippine GDP growth forecast
Philippine Star, May 19, 2022
Lawrence Agcaoili
Economists are now looking at a stronger economic growth for the Philippines after a faster-than-anticipated gross domestic product (GDP) growth in the first quarter...
BSP tracking Ukraine war inflation impact
BusinessMirror, May 18, 2022
Bianca Cuaresma
The effects of the Russia-Ukraine war on the local prices of goods will be among the factors to be considered in crafting monetary policy on Thursday (May 19), as it could potentially “disanchor” inflationary expectations in the country, Bangko Sentral ng Pilipinas (BSP) Governor Benjamin Diokno said on Wednesday...
Huge economic challenges await Marcos team
BusinessMirror, May 18, 2022
After his landslide presidential election win, the Philippines’s Ferdinand “Bongbong” Marcos Jr. now faces soaring inflation and limited revenue to achieve his ambitious infrastructure goals...
10.9M Filipino families felt ‘poor’ in Q1 of 2022 – SWS survey
Philippine Daily Inquirer, May 19, 2022
Christia Marie Ramos
An estimated 10.9 million Filipino families considered themselves “poor” in the first quarter of the year, the latest Social Weather Stations (SWS) survey showed...
NCR wage hike takes effect June 3
BusinessWorld, May 19, 2022
Kyle Aristophere T. Atienza
A new minimum wage in the National Capital Region (NCR) and Western Visayas will be implemented next month, the Labor department said on Wednesday, adding that workers in three other regions will soon see higher take-home pay...
Business groups press Congress to pass key economic reform bills
BusinessWorld, May 19, 2022
R.M.D. Ochave
Local business groups and foreign chambers once again pressed the outgoing 18th Congress to pass the last set of economic reform bills in its remaining session days...
BIR to inspect ecozone BPOs’ compliance with on-site work rules
BusinessWorld, May 18, 2022
Revin Mikhael D. Ochave
The Bureau of Internal Revenue (BIR) said it formed a task force to inspect compliance with the government’s order to resume on-site work for economic zone locators in the Information Technology-Business Process Management (IT-BPM) industry...
Coordinating panel proposed in draft IRR for Foreign Investment Act
BusinessWorld, May 18, 2022
Tobias Jared Tomas
The National Economic and Development Authority (NEDA) said its latest draft implementing rules and regulations (IRR) for amendments to the Foreign Investments Act of 1991 calls for the creation of a committee to coordinate efforts to attract foreign investment...
SEC orders crypto firm to halt trade
Daily Tribune, May 19, 2022
TDT
The Securities and Exchange Commission (SEC) has ordered Astrazion Noble Task Community Foundation, Astrazion Global Holdings Philippines Inc. and Astrazion International to stop offering their supposed digital currency through an illegal multi-level marketing platform...
DOLE: Ilocos, Caraga, Cagayan boards OK minimum wage hike
BusinessMirror, May 18, 2022
Samuel P. Medenilla
Three more regional wage boards granted a new round of minimum wage increases this week, according to the Department of Labor and Employment (DOLE)...
Central bank, PPMI to launch 3 e-payment facilities
BusinessWorld, May 19, 2022
KBT
The Bangko Sentral Pilipinas (BSP) and the Philippine Payments Management, Inc. (PPMI) will launch three e-payment streams amid the regulators push to increase the use of online platforms for transactions...
China’s Xi seeks stronger ties under Marcos rule
BusinessWorld, May 18, 2022
Norman P. Aquino
Chinese President Xi Jinping on Wednesday spoke with presumptive Philippine President Ferdinand R. Marcos, Jr. on the phone and called him “a builder, supporter and promoter” of friendship between the two neighbors, according to the Chinese Embassy in Manila...
Global housing crisis threatens
Daily Tribune, May 19, 2022
Komfie Manalo
Global stocks are spiraling downward, food and oil prices are shooting up, and central banks across the world are raising interest rates, which are all omens of a looming worldwide recession...
Russia says hundreds of Ukrainians surrender at Azovstal
Philippine Star, May 18, 2022
David Stout, Agence France-Presse
Russia said Tuesday that 265 Ukrainian soldiers had surrendered after staging a last stand at the besieged Azovstal steelworks in Mariupol, prompting Kyiv to call for a prisoner exchange...
Pollution behind 1 in 6 global deaths in 2019 – study
The Manila Times, May 19, 2022
Pollution caused some 9 million people to die prematurely in 2019, according to a new global report published Wednesday, with experts raising alarm over increasing deaths from breathing outside air and the "horrifying" toll of lead poisoning...
US warns North Korea could greet Biden with nuclear, missile tests
Rappler, May 19, 2022
Reuters
US intelligence shows there could be a North Korean nuclear test, or a long-range missile test, or both, before, during or after President Joe Biden’s trip to South Korea and Japan starting this week, the US national security adviser Jake Sullivan, said on Wednesday, May 18...
Portugal identifies 5 monkeypox infections, Spain has 23 suspected cases
Rappler, May 19, 2022
Reuters
Monkeypox is a rare viral infection similar to human smallpox, though milder. Symptoms include fever, headaches and skin rashes starting on the face and spreading to the rest of the body...
Finland and Sweden to buy firearms, anti-tank weapons together
Rappler, May 18, 2022
Reuters
Finland and Sweden will buy portable firearms and anti-tank weapons together, Finland’s defense ministry said on Wednesday, May 18, as the two Nordic country’s handed in their applications to join the Western military alliance NATO...
Hybrid work is here to stay—ADB expert
BusinessMirror, May 18, 2022
Cai Ordinario
Hybrid work is here to stay and the government must invest in infrastructure to allow more Filipinos to work under this alternative arrangement, according to an expert from the Asian Development Bank (ADB)...
Russia uses new generation of laser weapons in Ukraine
Rappler, May 18, 2022
Reuters
Russia on Wednesday, May 18, said it was using a new generation of powerful laser weapons in Ukraine to burn up drones, deploying some of Moscow’s secret weapons to counter a flood of Western arms supplied to its former Soviet neighbor...
China warns Japan against joining forces with US
ABS-CBN News, May 19, 2022
Amber Wang, South China Morning Post
Beijing has criticised Japan’s recent comments on Taiwan and warned it not to join forces with the United States to confront China...
World Bank to provide additional $12B to address ‘devastating’ global food crisis
ABS-CBN News, May 19, 2022
Agence France-Presse
The World Bank announced Wednesday an additional $12 billion in funding to mitigate the "devastating effects" of severe growing global food insecurity driven by climate change and Russia's invasion of Ukraine...
North Korea boosts production of drugs, medical supplies to battle COVID-19
GMA News, May 19, 2022
Hyonhee Shin, Reuters
North Korea is ramping up production of drugs and medical supplies including sterilizers and thermometers as it battles an unprecedented coronavirus outbreak, state media KCNA said on Thursday...
World’s oceans at most acidic level in 26,000 years, climate report warns
Philippine Daily Inquirer, May 19, 2022
Reuters
The world’s oceans grew to their warmest and most acidic levels on record last year, the World Meteorological Organization (WMO) said on Wednesday, as United Nations officials warned that war in Ukraine threatened global climate commitments...
Australia's Macquarie Bank sees PH GDP intact at 6.2% in 2022
Manila Bulletin, May 18, 2022
Bernie Cahiles-Magkilat
Australia’s Macquarie Bank is optimistic the Philippine economic growth will be intact at 6.2 percent in 2022, citing the reopening of the economy post Covid-19 and post-election will likely see consumption return...
Return-to-office orders could lead to stampede of top talent in Philippines
BusinessWorld, May 19, 2022
Revin Mikhael D. Ochave
John Gabriel Galang-Pilapil, 22, finally returned to his office on March 6 after working from home for the past two years amid a coronavirus pandemic...
Marcos seen having free hand to pursue Constitutional reforms
BusinessWorld, May 18, 2022
Tobias Jared Tomas
Leading presidential vote-getter Ferdinand R. Marcos, Jr. has no political debts that would tie his hands in pursuing Constitutional reforms, with a reversal of the current government’s policy direction seen as only the “worst-case scenario,” the Foundation for Economic Freedom (FEF) said...
Duterte gets 95% score in drug war from Interior dep’t
BusinessWorld, May 18, 2022
John Victor D. Ordoñez
Nine of 10 deaths in President Rodrigo R. Duterte’s war against illegal drugs did not involve police foul play, according to the Department of Interior and Local Government (DILG)...
Sara hands off Cabinet appointments
Daily Tribune, May 19, 2022
Michelle R. Guillang
Presumptive Vice President Sara Duterte-Carpio will not have a hand in nominating potential Cabinet members of the incoming Marcos administration...
Pag-IBIG funds 5,411 homes in Q1
Daily Tribune, May 19, 2022
Raffy Ayeng
More than 5,000 low-income and minimum-wage earners who are members of the Home Development Mutual Fund, popularly known as Pag-IBIG Fund, have benefited from its socialized housing project, making up 18 percent of the 29,310 units financed by the agency for the year until April...
Villar, Zubiri to contest Senate presidency
The Manila Times, May 19, 2022
Javier Joe Ismael
The Senate presidency will be a fight between Sen. Juan Miguel "Migz" Zubiri and Sen. Cynthia Villar, Sen. Juan Edgardo "Sonny" Angara said on Wednesday, May 18...
E-sabong may end under Marcos
Philippine Star, May 19, 2022
Edu Punay
Will it be the end for online cockfighting, popularly known as e-sabong, when the administration of presumptive president Ferdinand “Bongbong” Marcos Jr. steps in?...
PPA, Marina adopt measures to modernize shipping industry
The Manila Times, May 19, 2022
Genivi Verdejo
The Maritime Industry Authority (Marina) and Philippine Ports Authority (PPA) are keen to accelerate the implementation of the 10-year Maritime Industry Development Plan (MIDP) that will turn the country into a competitive player in the global shipping industry...
Comelec proclaims 12 winners of Senate seats in Eleksyon 2022
GMA News, May 18, 2022
Giselle Ombay
The Commission on Elections (Comelec) on Wednesday proclaimed all 12 winning senators in Eleksyon 2022, including five returning lawmakers, four reelectionists, and three newcomers...
Second booster shot available for senior citizens, frontline health workers
CNN Philippines, May 18, 2022
CNN Philippines Staff
Senior citizens and frontline health workers can now get their second COVID-19 booster shot, the Department of Health (DOH) announced on Wednesday...
Agriculture damage due to Zamboanga floods hits P10 million
Philippine Star, May 19, 2022
Roel Pareno
Damage to agriculture due to flooding spawned by heavy rain in this city on Tuesday was recorded at around P10 million...
BSP still upbeat on investments
The Manila Times, May 19, 2022
Mayvelin U. Caraballo
The Bangko Sentral ng Pilipinas (BSP) is optimistic that investments will continue to flow into the country notwithstanding the geopolitical tensions and the start of a new administration...
Stocks rally for third day ahead of BSP meeting
Philippine Star, May 19, 2022
Iris Gonzales
Local stocks rose for third day ahead of the Bangko Sentral ng Pilipinas’ policy meeting today...
PHL cold chain industry seen to grow by 8% to 10% in next 5 years
BusinessMirror, May 18, 2022
Andrea E. San Juan
The Philippine cold chain industry is projected to continue growing at 8 to 10 percent per annum over the next 5 years, according to Cold Chain Association of the Philippines (CCAP)...
LandBank extends more loans to agri sector
BusinessMirror, May 18, 2022
Jasper Y. Arcalas
State-run Land Bank of the Philippines (LandBank) said its loans to the agriculture sector in the first quarter grew by 3 percent to P236.8 billion from last year’s P229.7 billion...