October 6, 2022
Headline inflation rates in the Philippines
Source BusinessWorld
PH jobless tally at 2.68M in August
CNN Philippines, October 6, 2022
Pilar Manuel
Around 2.68 million Filipinos aged 15 and up were out of work in August, slightly worsening from the 2.6 million the month prior, the Philippine Statistics Authority (PSA) reported Thursday...
PHL launches dollar bond offering
BusinessWorld, October 6, 2022
Diego Gabriel C. Robles
The Philippines returned to the global bond market again this year via a three-tranche, US dollar-denominated bond offering...
Inflation zooms to 6.9% in Sept.
BusinessWorld, October 6, 2022
Bernadette Therese M. Gadon
Inflation zoomed to its fastest pace in over 13 years in September, as food, utilities and transport costs spiked...
Philippine rice imports seen to rise post-Typhoon Karding
Philippine Daily Inquirer, October 6, 2022
Jordeene B. Lagare
The Philippines is seen to import more rice to make up for local supply shortfall as steep fertilizer prices force farmers to plant less rice, a staple food of Filipinos...
House bares P77.5-B institutional amendments in 2023 budget bill
BusinessMirror, October 6, 2022
Jovee Marie De La Cruz
The House of Representatives on Wednesday bared its institutional amendments amounting to P77.5-billion were included in the approved version of the 2023 General Appropriations Bill (GAB) to augment the budget for health, education, transportation and other critical social services...
BSP set to require banks to use standard form for business loan applications
BusinessWorld, October 6, 2022
K.B. Ta-asan
The Bangko Sentral ng Pilipinas (BSP) has approved a circular requiring financial institutions to use a standard business loan application form (SBLAF) to make credit more accessible for small businesses, an official said on Wednesday...
Padilla seeks special rural medical centers
Manila Standard, October 5, 2022
Macon Ramos-Araneta
Sen. Robinhood “Robin” C. Padilla has filed bills that would set up Regional Heart Centers (RHCs) and Regional Kidney and Transplant Institutes (RKTIs) nationwide...
Tulfo to firms: Give 13th month or no permit
Manila Standard, October 5, 2022
Macon Ramos-Araneta
Senator Raffy Tulfo urged the Department of Labor and Employment (DOLE) to enter into a memorandum of agreement (MOA) with local government units (LGUs) to require all employers to release the 13th-month pay of employees on or before Dec. 24, 2022...
DTI details innovation initiatives
The Manila Times, October 6, 2022
Eireene Jairee Gomez
The Department of Trade and Industry (DTI) is committed to implementing initiatives that will accelerate innovation in the Philippines, a Cabinet official said...
Nobel prize goes to pioneers of Lego-like ‘click chemistry’
Philippine Daily Inquirer, October 6, 2022
Reuters
Scientists Carolyn Bertozzi, Morten Meldal and Barry Sharpless won the 2022 Nobel Prize in Chemistry on Wednesday for discovering reactions that let molecules snap together to create new compounds and that offer insight into cell biology...
DTI’s Pascual chosen to be one of speakers in 10th Asean-EU biz summit in Brussels
BusinessMirror, October 6, 2022
Andrea E. San Juan
The European Union-Association of Southeast Asian Nations (EU-Asean) Business Council will be hosting the 10th Asean-EU Business Summit on December 13, which will feature representatives of Asean member states, including Philippines’s Department of Trade and Industry Secretary Alfredo E. Pascual...
UN fails to pass decree on Philippine human rights
BusinessWorld, October 5, 2022
Norman P. Aquino and John Victor D. Ordoñez
The United Nations Human Rights Council dealt victims of human rights violations in the Philippines a serious blow by failing to pass a resolution that would ensure continued scrutiny of the country’s rights situation, Human Rights Watch said on Wednesday...
Boracay, Palawan named top tourist destinations
BusinessWorld, October 5, 2022
Raffy Ayeng
Premiere travel magazine Condé Nast Traveler has hailed the country’s top tourist destination, Boracay Island, the Top Island in Asia, in the magazine’s 35th edition of Traveler Readers’ Choice Awards...
Marcos to push steps to address issues in ASEAN
Manila Standard, October 6, 2022
President Ferdinand Marcos Jr. said he will take an active role in proposing measures to address festering conflicts in the region during the Leaders’ Summit of the Association of Southeast Asian Nations in Cambodia next month...
Foreign governments air alarm over PH media killings
Philippine Daily Inquirer, October 6, 2022
Dexter Cabalza, Krixia Subingsubing, Tina G. Santos
Several governments from Europe and North America took a rare collective stand against media killings in the Philippines by urging law enforcers to deliver swift justice to the assassins of veteran broadcaster Percival Mabasa, the second journalist murdered under the Marcos administration...
Myanmar junta head not invited to ASEAN
Manila Standard, October 6, 2022
Agence France-Presse
Myanmar’s junta leader has not been invited to a regional summit next month, host Cambodia said Wednesday, in a fresh diplomatic snub for the isolated military regime...
Putin signs bills to annex four regions of Ukraine
Philippine Star, October 6, 2022
Agence France-Presse
Russian President Vladimir Putin on Wednesday signed legislation to annex four territories of Ukraine, government documents showed...
Putin finalises ‘annexation’ in Ukraine even as troops flee front
Philippine Daily Inquirer, October 6, 2022
Reuters
President Vladimir Putin signed a law to incorporate four partially occupied Ukrainian regions into Russia on Wednesday, in what Kyiv called the act of a “collective madhouse” at a time when Russia’s forces have been fleeing from the front lines...
WTO slashes 2023 global trade forecast as recession looms
The Manila Times, October 6, 2022
Agence France-Presse
The World Trade Organization (WTO) on Wednesday dramatically lowered its global trade forecast for 2023, as Russia's war in Ukraine and other shocks take their toll on the world economy...
Taiwan says it will not rely on others for defense
Philippine Daily Inquirer, October 6, 2022
Reuters
Taiwan will not rely on others for its defense, President Tsai Ing-wen said on Wednesday, while welcoming a U.S. commitment to the democratically governed island’s security during what she called Chinese encroachment on its sovereignty...
OPEC+ mulls large oil cutback to boost prices
The Manila Times, October 6, 2022
Associated Press
The Organization of the Petroleum Exporting Countries (OPEC) and other major oil producers would debate on Wednesday a potentially large cut in the amount of crude it ships to the global economy, a move that could help Russia weather a looming European ban on oil imports and raise gasoline prices for American drivers...
OPEC+ agrees to deep oil production cuts, Biden calls it shortsighted
Philippine Daily Inquirer, October 6, 2022
Reuters
OPEC+ agreed to steep oil production cuts on Wednesday, curbing supply in an already tight market, causing one of its biggest clashes with the West as the U.S. administration called the surprise decision shortsighted...
Countries must push innovation - FAO
The Manila Times, October 6, 2022
Eireene Jairee Gomez
To ensure the sustainability of the global forest sector, countries will need to push innovation and investments, as well as policy coherence, the Food and Agriculture Organization (FAO) of the United Nations said...
Goal of ending extreme poverty by 2030 out of reach: World Bank
ABS-CBN News, October 6, 2022
Agence France-Presse
COVID-19 has dealt the "biggest setback" to global poverty reduction efforts in decades, and the World Bank warned Wednesday that the goal to eradicate extreme poverty by 2030 likely remains out of reach...
China holds anti-submarine drills as regional rivals boost underwater forces
ABS-CBN News, October 6, 2022
Liu Zhen in Beijing, South China Morning Post
The Chinese navy has intensified its anti-submarine training through high-intensity drills as the US, Australia and Japan seek to build up underwater forces in the region...
North Korea says missile tests are 'counteraction measures' vs. US-South Korea drills
GMA News, October 6, 2022
North Korea's foreign ministry said Thursday its recent blitz of missile launches were "counteraction measures" against joint military drills by the United States and South Korea...
Asian economies are in trouble but a 1997-style crisis is unlikely
CNN Philippines, October 5, 2022
Laura He and Emiko Jozuka, CNN Business
A quarter of a century ago, a major financial crisis ripped through Asia, shaking its economies to the core. Now, the ghost of 1997 is haunting the region again...
Big firms join government talks on sustainable resource roadmap
BusinessMirror, October 6, 2022
Samuel P. Medenilla
The country’s top corporations and other stakeholders joined in the start of the government consultations for the crafting of its new roadmaps to ensure the sustainable use of the country’s water and other natural resources...
DHSUD eyes P216B in interest subsidy for ordinary families
BusinessMirror, October 6, 2022
Cai Ordinario
The national government intends to provide P216 billion worth of interest subsidies for informal settler families (ISFs) and minimum wage earners in the medium term to help them become homeowners, according to the Department of Human Settlements and Urban Development (DHSUD)...
Gov’t still can’t clear car plate backlog
Philippine Daily Inquirer, October 6, 2022
Dempsey Reyes
Even after several years, it seems motorists will still have to bear with the shortage of car plates with Land Transportation Office (LTO) chief Teofilo Guadiz III saying the agency would not be able to clear the huge backlog even in 2023...
Measles, rubella cases up 153% – DOH
Philippine Daily Inquirer, October 6, 2022
Zacarian Sarao
The Department of Health (DOH) has recorded a total of 450 measles and rubella cases so far this year, 153 percent higher than 2021...
House realigns P77.5 billion in budget to boost critical social services
Manila Standard, October 6, 2022
Maricel Cruz
Speaker Martin Romualdez on Wednesday said the House of Representatives realigned P77.5-billion in its approved version of the 2023 General Appropriations Bill (GAB) to augment the budget for health, education, transportation and other critical social services...
P11.5 billion allotted for allowance claims of 1.6 million frontliners, health staff
Manila Standard, October 6, 2022
Maricel Cruz and Willie Casas
The Department of Budget and Management (DBM) approved Wednesday the release of P11.5 billion to the Department of Health (DOH) to cover the One COVID-19 Allowance/Health Emergency Allowance (OCA/HEA) claims of over 1.6 million eligible public and private health care and non-healthcare workers...
Nurses for OFW Hospital end up becoming OFWs
Philippine Daily Inquirer, October 6, 2022
Melvin Gascon
The newly established OFW (overseas Filipino worker) Hospital in San Fernando City, Pampanga, may be living up to its name — but not in the way it was intended to...
Health workers’ groups push payment of benefits
Philippine Daily Inquirer, October 6, 2022
Mariejo S. Ramos
Health workers still struggling to claim unpaid benefits from the government urged the Marcos administration to hasten the release of their long-overdue incentives, namely the One COVID-19 allowance (OCA), health emergency allowance (HEA) and special risk allowance (SRA)...
Filipinos shoulder up to 44.7% of medical costs even with PhilHealth
Philippine Daily Inquirer, October 6, 2022
Zacarian Sarao
Filipinos still shoulder out-of-pocket expenditures ranging from 34 to 44.7 percent, according to the Philippine Health Insurance Corp. (PhilHealth)...
Gov’t can help PhilHealth guarantee healthcare access to all Filipinos – Cayetano
Philippine Daily Inquirer, October 6, 2022
Dennis Gutierrez
Sen. Alan Peter Cayetano said on Wednesday said he would want the government to help the Philippine Health Insurance Corp. (PhilHealth) guarantee access to quality healthcare for all citizens...
DTI lists three top customer complaints
BusinessMirror, October 6, 2022
Andrea E. San Juan
The Department of Trade and Industry (DTI) bared the top three complaints it had received from consumers. These are defective products, false advertising, and poor customer service...
Customs exceeds collection target for 9th straight month
BusinessWorld, October 6, 2022
D.G.C.Robles
The Bureau of Customs (BoC) said on Wednesday that it exceeded its target for a ninth straight month in September, amid improved collection and higher duties on oil...
Gov’t signals slowdown on devolution, LGUs to take over health, welfare first
BusinessWorld, October 5, 2022
Diego Gabriel C. Robles
The National Government said the functions it will immediately devolve to local government units (LGUs) are local infrastructure projects, basic healthcare, social welfare, and agricultural extension...
Postal ID not just another gov’t ID
Daily Tribune, October 5, 2022
Raffy Ayeng
As many Filipinos seek to acquire a Philippine Postal Corporation identification card as a primary ID, Postmaster General Norman Fulgencio maintained the document is not just for the said purpose but has its distinct use...
Marcos hails teachers for their ‘invaluable service’ to nation
Manila Bulletin, October 5, 2022
Betheena Unite
On National Teachers Day, President Ferdinand “Bongbong” Marcos Jr. has expressed appreciation to all educators around the country for their “invaluable service,” especially with the post-pandemic reopening of face-to-face classes...
Senate asked to probe lotto ‘trustworthiness’ after 433 win jackpot
Philippine Daily Inquirer, October 5, 2022
John Eric Mendoza
The Senate has been asked to conduct an inquiry in aid of legislation into last Saturday’s win by 433 bettors of the P236 million jackpot of the 6/55 Grand Lotto jackpot...
PBBM: Climate change on top of government’s national agenda
Manila Standard, October 5, 2022
Vince Lopez
President Ferdinand Marcos Jr. on Wednesday guaranteed that the Philippines’ resiliency and adaptation to the “new normals” of climate change are on top of his administration’s national agenda...
DOJ eyes 5,000 released inmates by June 2023
CNN Philippines, October 6, 2022
CNN Philippines Staff
Justice Secretary Jesus Crispin “Boying” Remulla on Wednesday said the Department of Justice (DOJ) is “decentralizing the congested prison system” and aims to release 5,000 inmates by June 2023...
E-commerce boon sustains growth amid Covid recovery
BusinessMirror, October 6, 2022
Roderick Abad
Amid the economic impact of the Covid-19 pandemic, e-commerce has benefitted a lot from it, especially during the lockdown periods when consumers have turned online for most of their daily needs...
PHL banks’ NPL ratio falls to 23-month low
BusinessWorld, October 6, 2022
Keisha B. Ta-asan
Soured loans held by banks fell for a sixth straight month in August, bringing the nonperforming loan (NPL) ratio to a 23-month low amid the economy’s continued reopening...
Pricier food pushes inflation to 4-year high in September
Philippine Daily Inquirer, October 6, 2022
Ronnel W. Domingo
Inflation in the Philippines heated up to 6.9 percent in September—its highest level in four years—from 6.3 percent in August, according to the Philippine Statistics Authority, raising the year-to-date or January to September average to 5.1 percent...
PH furniture exporters hurt as canceled orders mount
Philippine Daily Inquirer, October 6, 2022
Alden M. Monzon
Local exporters of furniture have received an unprecedented volume of cancellation of orders from abroad due to fears of a recession that altered spending patterns and drove down demand in two of the Philippines’ biggest markets...
BSP ready to act further vs quickening inflation
Philippine Star, October 6, 2022
Lawrence Agcaoili
The Bangko Sentral ng Pilipinas (BSP) is ready to take further policy actions as inflation quickened anew to 6.9 percent in September from 6.3 percent in August...
Banks’ bad loans ratio further eases to 3.53%
Philippine Star, October 6, 2022
Lawrence Agcaoili
The share of soured loans to the total loans of Philippine banks eased for the sixth straight month to 3.53 percent in August from the revised 3.57 percent in July, according to the Bangko Sentral ng Pilipinas (BSP)...
PSEi up 0.02% as Sept inflation hits 6.9%
The Manila Times, October 6, 2022
Tiziana Celine Piatos and Ed Paolo Salting
The local bourse posted a slight gain on Wednesday, up by 0.87 points, or 0.02 percent, to settle at 5,988.59, affected also by the September inflation print of 6.9 percent or higher than August's 6.3 percent...
Peso maintains footing at P58.65 vs dollar
The Manila Times, October 6, 2022
Tiziana Celine Piatos
The Philippine peso finished Wednesday's trading at P58.65 against the United States dollar, or the same level recorded on Tuesday, amid the country's economy logging a higher inflation rate of 6.9 percent in September...
Low-cost housing target set at 1M units/year
BusinessWorld, October 5, 2022
Justine Irish D. Tabile
The Department of Human Settlements and Urban Development (DHSUD) said it hopes to augment the affordable housing stock by 1 million homes a year, including those built by the private sector...
Traders maintain 7% growth goal
Daily Tribune, October 5, 2022
Raffy Ayeng
Filipino-Chinese executives recently presented their program to sustain the momentum of the economy to hit the government’s 7 percent target during a meeting with President Ferdinand “Bongbong” Marcos recently...
BSP sees more price pressures
Manila Bulletin, October 5, 2022
Lee C. Chipongian
The Bangko Sentral ng Pilipinas (BSP) continues to expect price pressures to widen over the medium-term but is confident it will be within BSP’s assessment of the future inflation path...
Lower power rates expected
Philippine Star, October 6, 2022
Richmond Mercurio
Consumers are expected to benefit from the Energy Regulatory Commission (ERC)’s reset of power transmission rates, with households consuming 200 kilowatt hours seen saving as much as P47.52 in their monthly electricity bills...
Traders snub inflation report as PH shares barely budge
Philippine Daily Inquirer, October 6, 2022
Miguel R. Camus
The Philippine Stock Exchange index (PSEi) closed flat on Wednesday after the latest inflation print in September showed prices accelerating 6.9 percent—well within the government’s projections...
Gov’t taps global bond market again to raise more funds
Manila Standard, October 5, 2022
Julito G. Rada
Major rating agencies on Wednesday assigned investment-grade scores to the benchmark-sized dollar-denominated bond offerings by the government, including tranches maturing in 2027, 2033 and 2047...
FEATURED ARTICLE
Ahamed, F.T., & Houqe, M.N. (2022). Meta-analysis of the impact of financial constraints on firm performance. Accounting & Finance, [9 February 2022], 1-37. https://doi.org/10.1111/acfi.12923
Access the full article online (Open access).
