How the Philippines’ pension system compares with its peers

Source BusinessWorld

The Philippines’ retirement income system is the second worst among 44 economies in Mercer-CFA Institute’s Global Pension Index released on Tuesday, due to inadequate pension for retirees...

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The country’s exports contracted in August on weakening global demand while the import bill surged due mainly to expensive oil and food products, causing the trade deficit to bloat by 81.3 percent to a new monthly record of $6 billion...

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The Philippine economy is still expected to remain one of the strongest performers in the region next year, although it may face “shocks” arising from a looming global economic slowdown, an International Monetary Fund (IMF) official said...

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The Department of Education (DepEd) has yet to make a recommendation to the President about the full implementation of in-person classes in November, as it studies the institutionalization of blended learning in basic education...

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The net inflow of foreign direct investments (FDI) into the Philippines decreased for the third straight month to $460 million in July, a 64-percent drop from $1.3 billion in the same month last year...

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The gap between the rich and the poor widened the most in the Philippines during the pandemic compared to other countries around the world, according to the World Bank Group...

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The International Monetary Fund on Tuesday maintained its growth forecasts for the Philippines at 6.5 percent in 2022 and 5 percent in 2023 on strong first-half expansion but expressed concern on the impact of global headwinds such as the continuing Russia-Ukraine conflict, elevated inflation and slowdown in China...

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With sugar retail prices exceeding the P100 per kilogram level again, the Department of Agriculture (DA) is considering setting a suggested retail price (SRP) for the sweetener...

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Financial institutions should adopt robust and layered security controls for their e-mail servers to prevent cyberattacks, the Bangko Sentral ng Pilipinas (BSP) said...

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The Department of Agriculture (DA) said it is planning to impose a suggested retail price (SRP) for sugar that will be acceptable to the industry and consumers...

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The Food and Drug Administration (FDA) is looking at data that would allow children ages 5 years old and below to get their Covid-19 vaccines, the Department of Health (DoH) said on Tuesday...

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A senior lawmaker on Tuesday urged Congress to finally pass a bill delineating the country’s maritime boundaries, including its 200-mile exclusive economic zone...

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The Public Private Partnership (PPP) Center is proposing to remove the cap or floor cost of PPP projects that require approval from the inter-agency Investment Coordination Committee (ICC)...

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The Department of Education (DepEd) on Tuesday reminded school heads and teachers of the strict implementation of a department order issued way back in 2007 that strictly prohibits vendors from peddling their food products inside school premises...

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As he expects the market to shrug off a hefty hike in diesel price in the coming weeks, Albay Rep. Joey Sarte Salceda pointed to food prices as the source of inflation pressure...

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Senate President Juan Miguel Zubiri said Congress would pass six laws before the end of the year. During the first Legislative Executive Development Advisory Council (LEDAC) meeting in Malacanang, Zubiri said they had agreed to pass the following measures by the end of 2022:...

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Cagayan de Oro City Rep. Rufus Rodriguez appealed to Congress to finally pass a bill delineating the country’s maritime boundaries, including its 200-mile exclusive economic zone...

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A few years ago, local businesses grappled with voluminous, disconnected, and inaccessible accounting files. Some of the recordings were still done manually, and reporting to government agencies took double the work. This scenario gave impetus to start Xirrus, Inc., an all-Filipino company that provides accounting software and business consultancy services to various industries...

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Philippine Justice Secretary Jesus Crispin C. Remulla on Monday night defended the government against accusations of tagging people and groups as communists without basis, saying it should be able to respond to its detractors...

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The Marcos administration should prioritize free trade agreements (FTAs), according to an official of the American Chamber of Commerce of the Philippines (AmCham)...

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The Department of Foreign Affairs (DFA) on Tuesday said the government will "consistently protect and promote" fishing rights of Filipinos in the South China Sea or West Philippine Sea, in both Philippine territorial waters and in its exclusive economic zone (EEZ)...

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The Philippines is not on China’s tourism blacklist, the Chinese Embassy in Manila clarified on Tuesday night...

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Malacañang has refused to comment on China’s rumored blacklisting of the Philippines as a tourist destination for continuing to allow Philippine offshore gaming operators (POGOs) to do business...

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China, where gambling is banned, has included the Philippines in its blacklist of tourism destinations due to continued offshore gaming operations sanctioned by the government, the Senate president said on Tuesday following a meeting with the Chinese envoy in Manila...

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What if you are trading on Binance Exchange, but access to your server is already being sold on the dark web, a hidden collective of internet websites that is accessible only through a specialized web browser?...

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The International Labor Organization (ILO) will discuss with Philippine labor and trade unions the cases of killings and rights violations against labor activists and workers, an ILO official said on Tuesday...

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Central banks’ fight against inflation may take another two years to play out, increasing unemployment and lowering living standards for many in the world, the International Monetary Fund’s chief economist said on Tuesday...

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The United Nations’ Development Programme (UNDP) joined on Tuesday the chorus of institutions and charities warning that a serious debt crisis is now taking hold in the poorest parts of the world...

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The United States' interest rate hikes are pushing global prices higher at a time of food crisis and war, presenting the world with "a perfect storm," the European Union's top diplomat warned on Monday...

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Cascading global crises have left 54 countries — home to more than half of the world's poorest people — in dire need of debt relief, the UN said Tuesday...

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There is not yet enough evidence to recommend Omicron-specific COVID-19 jabs over the original versions, the World Health Organization's vaccine experts said Tuesday...

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Heat waves will become so extreme in certain regions of the world within decades that human life there will be unsustainable, the United Nations and the Red Cross said Monday (Tuesday in Manila)...

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World stocks headed back toward their lowest levels in almost two years on Tuesday, with sentiment weighed down by unease about rapidly rising interest rates, an escalation in the Ukraine war and China stepping up pandemic measures...

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South Korea said on Tuesday it was capable of detecting and intercepting the variety of missiles North Korea launched in a recent barrage of simulated nuclear attacks on its rivals, though it maintained that Pyongyang's advancing nuclear program posed a grave security threat...

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Oil slid more than 1 percent on Tuesday, extending losses of nearly 2 percent in the previous session, as recession fears and a flare-up in COVID-19 cases in China raised concern over global demand...

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Passenger airline traffic in the Asia-Pacific region should recover to around 73 percent of 2019 levels by year-end as travel restrictions relax, up from 53 percent in August, the Asia-Pacific head of airline industry group IATA said on Tuesday...

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Sri Lanka will remain a middle-income country but request the World Bank to grant it some loans generally offered to poorer nations, the president’s office said on Tuesday, clarifying a cabinet spokesperson’s earlier comments on the matter...

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NASA on Tuesday celebrated exceeding expectations during a mission to deflect a distant asteroid, in a sci-fi like test of humanity's ability to stop an incoming cosmic object from devastating life on Earth...

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Japan reopened its doors to tourists Tuesday after two-and-a-half years of tough Covid-19 restrictions, with officials hoping an influx of travellers enticed by a weak yen will boost the economy...

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Britain’s GCHQ spy agency chief will warn Western countries Tuesday of the “huge threat” from China seeking to exploit its tech dominance to control its own citizens and gain influence abroad...

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Cryptoasset companies should set aside capital like banks when undertaking similar activities, regulators proposed on Tuesday in their first global rules as a “crypto winter” wiped $2 trillion off the sector, leaving investors nursing losses...

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President Ferdinand R. Marcos, Jr. has ordered the Department of Transportation (DoTR) to draft a maritime industry development plan, focused on the training of seamen and the promotion of cruise ship tourism...

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An expanded budget for the Department of Environment and Natural Resources (DENR) has been proposed in the Senate commensurate with its increased responsibilities as the mining industry grows...

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The new law mandating registration of all subscriber identity module (SIM) cards “will undoubtedly add more teeth” to authorities in the fight against online or mobile phone crime, including over 4,000 SIM card-related offenses recorded in the first nine months of 2022, the Philippine National Police said on Tuesday...

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The Department of Budget and Management (DBM) on Tuesday doubled the allocated funds for the National Food Authority (NFA) buffer stocking program to ensure sufficient supply of the staple food in times of crisis...

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The COVID-19 positivity rate in Metro Manila decreased to 17.3 percent, independent analytics group Octa Research reported on Wednesday...

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Senators on Tuesday castigated the Department of Environment and Natural Resources (DENR) for approving 21 proposed reclamation projects on Manila Bay despite the environmental harm they may bring to Metro Manila and its neighboring localities...

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Close to 90 percent of adult Filipinos believe fake news is a problem, a sentiment reflected nationwide and across all socioeconomic classes, according to a recent Pulse Asia Research survey that also pointed to social media “influencers” and journalists as the top culprits...

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The cholera cases nationwide from Jan. 1 to Oct. 11 this year are 282 percent higher this year than the cases recorded in the same period in 2021, Undersecretary Maria Rosario Vergeire, the officer in charge of the Department of Health (DOH), said in a press briefing on Tuesday...

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House Speaker Martin Romualdez and Senior Deputy Majority Leader Rep. Ferdinand Alexander "Sandro" Marcos assured the leadership of the National Housing Authority (NHA) of their support in its bid to renew the agency's charter for another 50 years...

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Philippine National Police chief Gen. Rodolfo Azurin Jr. on Tuesday admitted there might have been lapses in their handling of detainees after former Sen. Leila de Lima was held hostage right inside the supposedly heavily guarded PNP Custodial Center in Camp Crame, Quezon City...

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The Office of the Press Secretary (OPS) hurdled the scrutiny of the Senate finance sub-committee and successfully defended its proposed P1.04 billion budget for 2023...

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Nobel Peace Prize laureate Maria Ressa will bring her legal battle as Rappler CEO to the Supreme Court to reverse a second ruling by the Court of Appeals (CA) upholding her 2020 conviction in a cyberlibel case, her lawyer said on Tuesday...

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President Ferdinand Marcos Jr. on Tuesday ordered the creation of a Maritime Industry Development Plan to develop and broaden the country’s maritime sector and directed the Department of Transportation to rehabilitate the country’s ports...

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The Philippine auto industry saw a 64.2% increase in sales in September, driven by strong demand for commercial vehicles...

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The Philippine peso slightly recovered at P58.865 against the United States dollar on Tuesday...

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Health maintenance organizations (HMOs) paid out 22.43% more healthcare benefits and claims in the first quarter versus the same period last year, putting a dent on their total earnings...

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An "old" oilfield in Palawan that could begin production next year has helped gain renewed confidence and strong interest from foreign investors in the country's upstream oil and gas sector, President Ferdinand "Bongbong" Marcos Jr. said on Tuesday...

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The Department of Information and Communications Technology (DICT) on Monday said they are looking to complete the National Broadband Project (NBP) by next year...

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Covid-19-related claim payouts made by insurers, health maintenance organizations (HMOs) and mutual benefit associations (MBAs) reached P1.18 billion as of June 2022, data from the Insurance Commission (IC) show...

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Fishers' group Oceana on Tuesday said that fisheries production in the country is in the red due to overfishing...

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Sen. Sherwin T. Gatchalian, conveying growing concerns over the backlash of the recurring round of big-time fuel price hikes, pressed the Marcos administration to institutionalize fuel subsidy to mitigate its public impact...

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The country’s trade gap hit a new monthly record high in August as imports posted double-digit growth while exports contracted...

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The Philippine Stock Exchange index managed to close moderately on Tuesday after a weak rally on Monday as investors weighed sentiments on a possible United States recession...

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Consumers can expect pump prices to continue rising as a result of the decision by the Organization of the Petroleum Exporting Countries (OPEC) and its allies to cut production by 2 million barrels per day starting next month...

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Mariveles Power Generation Corp. is seeking an approval from the Energy Regulatory Commission to own and operate a dedicated point-to-point transmission facility to connect its 1,200-megawatt coal plant project to the Luzon Grid...

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