EDITORIAL - Opening markets

Source Philippine Star

The Philippines could lose more than half of its import and export markets if it fails to ratify a free trade deal among 15 countries in the region whose economic output accounts for 30% of global trade, economic managers told the Senate on Monday...

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There are several factors behind the slight uptick of cases in Metro Manila and some parts of the country, but it’s too early to tell if there will be a surge in infections, a member of the Octa Research team said on Monday...

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The Asian Development Bank (ADB) on Monday said it has given the greenlight for a $400-million policy-based loan to help the Philippines further develop the domestic capital market and increase financing for infrastructure projects...

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With the country’s strong macroeconomic fundamentals, stable gross domestic product (GDP) and manageable inflation rate, Finance Secretary-designate and outgoing Bangko Sentral ng Pilipinas (BSP) governor Benjamin Diokno said he doesn’t see any recession happening in the months to come...

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The economy is expected to make a full recovery following President Rodrigo Duterte's recent approval of the 2022 Strategic Investment Priority Plan (SIPP), the Department of Trade and Industry claimed on Monday...

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The University of the Philippines has released the results of applications for admission to UP Academic Year 2022-2023...

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The Department of Environment and Natural Resources (DENR) has imposed a moratorium on the acceptance of new applications for special exploration permits or government seabed quarry permits...

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The Philippines' drug regulator has approved the emergency use of Moderna, Inc.’s coronavirus vaccine for kids as young as six, according to a local drugmaker that lobbied for its approval...

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The Senate on Monday approved on third and final reading the bill providing tax exemption on poll workers’ honoraria, as well as other additional monetary benefits...

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To prevent arbitrary international passage in the Philippine archipelago, the House of Representatives on Monday endorsed for Senate approval the bill establishing the archipelagic sea lanes (ASLs) in Philippine archipelagic waters...

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The Senate on Monday approved on third and final reading a bill that aims to enhance the country’s digital workforce competitiveness. Voting 18-0-0, the upper chamber passed Senate Bill No. 1834 or the proposed Philippine Digital Workforce Competitiveness Act...

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The Senate on Monday approved on third and final reading bills seeking to expand the franchise areas of two power utility companies. With 17 affirmative votes, one negative vote, and no abstention, the Senate approved House Bill No. 10306 which seeks to expand the franchise areas of MORE Electric and Power Corporation to 16 cities and municipalities in the province of Iloilo...

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The House of Representatives on Monday approved several measures as the 18th Congress is set to adjourn sine die on June 6. Among the measures approved was the proposed Philippine Archipelagic Sea Lanes Act, amendments to the Migrant Workers and Overseas Filipino Act of 1995 (Republic Act 8042), and the proposed No Contact Traffic Apprehension Act...

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Senators on Monday approved Senate Bill 2506 or the Act Increasing the Social Pension of Indigent Senior Citizens and Appropriating Funds Therefore on its third and final reading...

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The Philippines should seek a free trade agreement (FTA) with Canada to keep Philippine trade goods competitive and make it a better destination for foreign direct investment (FDI), Canadian Chamber of Commerce of the Philippines President Julian H. Payne said...

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European Union Ambassador to Manila Luc Véron is confident that the EU-Philippines relations "will deepen" under the Marcos administration...

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The Department of Foreign Affairs (DFA) has summoned a senior Chinese Embassy official to protest the alleged “harassment” by the Chinese coast guard of the RV Legend, a vessel carrying Filipino scientists authorized to conduct marine research in the West Philippine Sea...

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Filipino consumers must brace for higher rice prices should the plan of Vietnam and Thailand to jointly raise export prices of the staple pushes through, experts and industry players said...

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President-elect Ferdinand “Bongbong” Marcos, Jr. on Monday (May 30) received ambassadors from Singapore, United Kingdom, France, and European Union during separate courtesy calls at the BBM headquarters in Mandaluyong City...

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The United Kingdom will continue to partner closely with the Philippines under the administration of President-elect Ferdinand “Bongbong” Marcos Jr. in connection with the country’s maritime dispute over the South China Sea issue...

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The Philippines has renewed its call for the cessation of hostilities between Ukraine and Russia during an economic forum where senior officials from Russia were present...

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Oil prices climbed above $121 a barrel on Monday, hitting a two-month high as China eased COVID-19 restrictions and traders priced in expectations that the European Union will eventually reach an agreement to ban Russian oil imports...

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European Union leaders agreed late Monday to ban more than two-thirds of Russian oil imports, tightening economic screws on the country even as Moscow's forces made gains in the eastern Donbas region of war-ravaged Ukraine..

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EU leaders agreed on Monday to ban the export of Russian oil to the 27-nation bloc, EU Council President Charles Michel said...

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Philippine stocks opened the week on a strong note, mirroring the strength in other Asian markets...

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A subsidiary of Tokyo-based Seven Bank Ltd. is partnering with major banks in the Philippines as it continues to deploy automated teller machines (ATMs) in 7-Eleven branches nationwide...

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Belarus will conduct military mobilization exercises in June and July in the Gomel region, state news agency BelTA reported on Monday...

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Taiwan on Monday reported the largest incursion since January by China’s air force in its air defense zone, with the island’s defense ministry saying Taiwanese fighters scrambled to warn away 30 aircraft in the latest uptick in tensions...

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Russia’s invasion of Ukraine has reconfigured the global oil market, with African suppliers stepping in to meet European demand and Moscow, stung by Western sanctions, increasingly tapping risky ship-to-ship transfers to get its crude to Asia...

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The WHO said Monday it was not concerned for now that the spread of monkeypox beyond the African countries where it is typically found could spark a global pandemic...

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People infected with monkeypox can isolate at home if they remain well enough, whilst following measures to limit close contact with others, the UK's health security agency (UKHSA) said on Monday, part of guidance designed to curb the country's rise in cases of the viral illness...

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A record one billion methamphetamine pills were seized in East and Southeast Asia last year, the UN said Monday, as crime gangs exploited the COVID-19 pandemic and instability in coup-hit Myanmar to boost their activities...

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Talks between Chinese Foreign Minister Wang Yi and 10 Pacific Island nations failed to reach an agreement on a wide-ranging security deal Monday, after sharp warnings the proposal would push the region into “Beijing’s orbit.”...

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President-elect Ferdinand “Bongbong” R. Marcos, Jr. is tapping another central bank official for his Cabinet, this time Bangko Sentral ng Pilipinas (BSP) Assistant Governor Amenah F. Pangandaman to head the Budget department...

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Finance Secretary Carlos G. Dominguez III said the widespread adoption of the National Identification (ID) System and the boost this provided to expanding banking services for all are among the government’s top achievements over the past six years...

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President Rodrigo Duterte is leaving behind a “far better” Philippines than what was handed over to him by his predecessor six years ago, according to Malacañang...

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Private health care facilities are ready in case monkeypox enters the country, the Private Hospitals Association of the Philippines Inc. (PHAPi) said yesterday...

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After naming key members of his economic team last week, President-elect Ferdinand Marcos Jr. identified on Monday five more officials joining his Cabinet, including the spokesperson of Vice President-elect Sara Duterte...

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​​Education Secretary Leonor Briones announced on Monday the resumption of in-person classes in public schools for the next academic school year starting on Aug. 22...

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State-run Philippine Health Insurance Corporation (PhilHealth) is set to improve its benefit packages next year after the infusion of nearly P35 billion in funds from the Philippine Amusement and Gaming Corporation (Pagcor) and the Philippine Charity Sweepstakes Office (PCSO).

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Tax reforms, infrastructure investments and a law mandating the return of coco levy funds to farmers will be counted among the outgoing Duterte administration's lasting contributions to the country, Finance Secretary Carlos Dominguez 3rd claimed on Monday...

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Department of Transportation (DOTr) Secretary Arthur Tugade says President Rodrigo Roa Duterte's administration will be remembered for delivering so much for the transportation sector despite the short timeframe...

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The confirmation of five appointees of President Rodrigo Duterte is hanging in the balance as allies of Ferdinand Marcos Jr. in the Commission of Appointments (CA) seem more inclined to extend to the president-elect the courtesy of choosing officials to serve under the incoming administration...

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More than 34,000 schools have been nominated to implement face-to-face classes, the Department of Education (DepEd) on Monday, May 30, announced...

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COVID-19 cases in Metro Manila slightly increased , but the capital region remains at low risk, independent analytics group OCTA Research fellow Guido David said Monday...

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The Commission on Elections (Comelec) is investigating nearly 1,000 vote buying cases, Commissioner George Garcia said Monday...

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The confirmation of the top officials of three constitutional offices, including the Commission on Elections (Comelec) and the Commission on Audit (COA), has been put on hold after Senate Majority Leader Juan Miguel Zubiri said it would “be better” that these positions be filled by the next president’s appointees...

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The health department continues its anti-dengue campaign but there is a notable increase in the number of dengue cases in some parts of the country, GMA News' Lei Alviz reported on "Saksi" ...

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The scramble is on for the majority leadership of the Senate and it looks like term-sharing is not an option. “It still has to be discussed because I have members of the bloc who don’t want the term sharing,” Sen. Juan Miguel Zubiri said in an interview with reporters on Monday...

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State insurer Philippine Health Insurance Corp. (PhilHealth) will get some P34.99 billion in 2023 to improve its benefit packages under the Universal Healthcare Act...

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The country logged an average of 188 COVID-19 cases on May 23-29, reflecting an 8.8% rise from the previous week, the Department of Health’s (DOH) latest bulletin showed...

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The Department of Education expects all schools in the country to conduct face-to-face classes when school year 2022-2023 opens in June...

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The first quarter saw the country’s largest banks expand their loan portfolio at the fastest pace since the start of the coronavirus disease 2019 (COVID-19) pandemic two years ago...

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More Filipinos became part of the financial system through basic deposit accounts (BDAs) as of December last year, according to the Bangko Sentral ng Pilipinas (BSP)...

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Despite being a highly-politicized issue, outgoing Department of Energy (DoE) Secretary Alfonso G. Cusi argued Monday that establishing nuclear power as a viable energy source is “clean and cheap.”...

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The Philippines could secure goods—especially food, but also nonfood products—that are in short supply or not produced locally by joining the Regional Comprehensive Economic Partnership (RCEP) of the Association of Southeast Asian Nations (Asean) and five partner-countries, as the war in Ukraine continued to disrupt the global supply chain, according to Economic Planning Secretary Karl Chua...

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Bangko Sentral ng Pilipinas (BSP) Governor Benjamin Diokno said there would be no repeat in the Philippines of the pandemic-driven recession, reiterating this amid warnings of possible spillover effects of a faltering economic recovery and downturns in developed markets, especially the United States...

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The benchmark Philippine Stock Exchange index (PSEi) advanced for the fourth straight session, lifted by large conglomerates, property developers and banks. A stock market veteran said technical indicators were flashing warning signs that a pullback was imminent...

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The benefits to the farm sector that the country will gain from ratifying the Regional Comprehensive Economic Partnership (RCEP) agreement will far outweigh the liberalization of 33 agricultural tariff lines, government officials said Monday...

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The average electricity spot market price in May marginally dropped as the available power supply increased amid the growth in demand, the Independent Electricity Market Operator of the Philippines (Iemop) reported...

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Average rates on the three-month and six-month Treasury bills went down, but the government failed to raise as much funds as planned...

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The Department of Transportation (DOTr) on Monday said construction of the Metro Manila Subway Project (MMSP) will start next month...

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The Bureau of Internal Revenue (BIR) has required importers in economic zones to pay the VAT and excise tax on their petroleum shipments in compliance with the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Act...

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Repealing the excise tax exemption on pickup trucks and the imposition of more taxes on motorcycles will certainly affect the market, an automotive industry expert said...

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