Philippine companies seen to hike 2023 salaries by 5.7%

Source BusinessWorld

President Ferdinand R. Marcos Jr. on Monday inspected from the air the massive devastation caused by Supertyphoon “Karding” (international name: Noru) across Luzon, firing off directives to ensure a return to normalcy for thousands it affected...

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The International Monetary Fund (IMF) expects Philippine expansion to slow this year as rising interest rates cloud the global economic outlook...

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The research units of Fitch and Moody’s Groups sees the Bangko Sentral ng Pilipinas (BSP) delivering more rate hikes until December to tame inflation and stabilize the peso...

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Philippine employers will probably increase their budget for pay increases next year amid a tight labor market and rising prices, according to Willis Towers Watson (WTW)...

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The Department of Health (DOH) reported on Monday an additional 17,891 COVID-19 cases from Sept. 19 to 25, or an average of 2,556 infections daily, up by 22 percent compared to the 14,707 cases from Sept. 12 to 18...

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The House of Representatives on Monday approved the proposed P3.573 billion budget of the Department of Tourism for the fiscal year 2023...

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Cuts made to the budget for combatting human trafficking and online sexual abuse or exploitation of children (OSAEC) could lead to the downgrading of the country’s current Tier 1 status in fighting the scourge, senators have warned...

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Two senior administration lawmakers have filed bills at the House of Representatives that aim to compel both the national government and local government units (LGUs) to buy palay and other produce from local farmers...

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Thirty lawmakers have signed up to support House Resolution 403 which seeks to reverse the budget cuts to State Universities and Colleges in the 2023 National Expenditure Program while urging Congress to allocate funds for the safe reopening of schools...

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The House of Representatives on Friday voted overwhelmingly to approve on third and final reading the proposed Ease of Paying Taxes Act and House Bill 5001, which mandates free college entrance examinations at private higher education institutions (HEIs) to deserving students...

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A lawmaker has renewed his call to Congress to immediately pass a bill proposing the creation of a government body tasked with the conservation and management of the 540-kilometer Sierra Madre mountain range...

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Commuters can once again put up with standing during their commute, after public utility vehicles (PUVs) have been allowed once more to accommodate passengers beyond their seating capacity...

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A bill filed in the House of Representatives aims to make the Philippine General Hospital (PGH) financially independent of the University of the Philippines (UP) System by letting it recommend its own allocation in the yearly national budget on top of a P3-billion “centennial fund.”...

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Globe Telecom, Inc. on Monday said the proposed law on the registration of subscriber identity modules (SIM) cards should require users to present verifiable identity documents...

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Quezon City Rep. Patrick Michael Vargas has filed a bill at the House of Representatives that would grant a 15-day special leave of absence every year for overseas Filipino worker (OFW) spouses employed in the private and public sectors to afford them quality bonding time with their vacationing partners and family...

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Some commissioners of the Komisyon sa Wikang Filipino (KWF) have withdrawn their signatures on its order last month stopping the publication of five books that it had deemed “subversive.”...

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Manila Rep. Bienvenido Abante Jr. has filed House Bill No. 5081, which proposes to abolish the Sugar Regulatory Administration (SRA) which, he said, has been ineffective in its mandate to boost local sugar production and has instead contributed to the industry’s decline...

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Senator Christopher Lawrence Go has reiterated his calls for the creation of a Department of Disaster Resilience (DDR), establishment of mandatory evacuation centers, and amendments to the National Building Code...

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A proposed law that would make cigarette smuggling a heinous crime would represent a bold move against this illicit activity and help plug revenue losses for the government amounting to tens of billions of pesos annually, according to JTI Philippines, the local unit of Japan Tobacco Inc...

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A bill has been filed at the House of Representatives proposing to centralize stored-value payments and transactions for public transportation in Metro Manila into a single “beep card”...

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The Department of Justice issued an opinion allowing state-run National Power Corp. to draw on other funding sources aside from the universal charge for missionary electrification...

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Following the 50th commemoration of the declaration of martial law last week, the University of the Philippines’ Third World Studies Center (UP-TWSC) launched a website as part of efforts to help enlighten Filipinos about the most controversial period in the country’s modern history...

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The Philippines and the rest of Southeast Asia are “highly vulnerable” to major threat actors, such as China, Russia and North Korea, as far as cyber crimes are concerned, according to a cyber security technology firm Crowdstrike...

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The Philippines explored possible US investment in worker training and infrastructure projects on the sidelines of the United Nations appearance of President Ferdinand R. Marcos, Jr., the Department of Trade and Industry (DTI) said...

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The Philippines has filed at least 405 diplomatic protests over China’s aggression in the country’s exclusive economic zone (EEZ) in the West Philippine Sea, the Department of Foreign Affairs (DFA) said Monday...

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China seeks to resolve differences with the Philippines over maritime claims, Chinese Ambassador to the Philippines Huang Xilian said on Monday, and maintain good overall bilateral relations...

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The weakening Chinese economy, a lethal Covid-19 variant, the war in Ukraine, and the tightening of monetary policy in rich nations are the four biggest risks to the region’s economy, according to the Asian Development Bank (ADB)...

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Asian markets risk a reprise of crisis-level stress as two of the region’s most important currencies crumble under the onslaught of relentless dollar strength...

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Economic growth in East Asia and the Pacific will weaken sharply in 2022 due to China’s slowdown, but the pace of expansion will pick up next year, the World Bank said on Tuesday...

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International tourist arrivals in the Asia-Pacific (APAC) region have surged in the seven months to July this year, but the numbers are still far from pre-pandemic levels, according to the United Nations World Tourism Organization (UNWTO)...

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The world economy will take a bigger hit than previously forecast next year due to the effects of Russia's war in Ukraine, the Organization for Economic Co-operation and Development (OECD) said Monday...

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Oil steadied in early Asian trade on Tuesday as indications that producer alliance OPEC+ sought to avoid a collapse in prices, along with a slight softening in the U.S. dollar, tempered an earlier selloff...

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The United States warned on Sunday of "catastrophic consequences" if Moscow uses nuclear weapons in Ukraine, after Russia's foreign minister said regions holding widely-criticized referendums would get full protection if annexed by Moscow...

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Negotiators of a stop-gap spending bill in the U.S. Congress have agreed to include nearly $12 billion in new military and economic aid to Ukraine, sources familiar with the talks said on Monday, reflecting continued bipartisan support for the Kyiv government in the wake of Russia’s invasion...

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Governments around the world must scale up climate action "or face further legal action", an open letter from campaign groups warned Tuesday, as battles over policies to cut emissions and protect the environment are increasingly fought in the courts...

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Capital flight is one of the risks developing Asia must confront as interest rates rise and economic outlooks turn cloudy, the President of the Asian Development Bank (ADB) said to open the bank’s 55th annual meeting on Monday...

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Britain will gradually see coins, banknotes and stamps bearing the image of King Charles, while the new monarch’s cypher will also appear on government buildings and red mail pillar boxes, manufacturers and Buckingham Palace announced on Tuesday...

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South Korea and the United States began their first combined naval exercise near the peninsula in five years on Monday, leading to a warning by North Korea that the allies risked triggering war...

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The pound hit a record low against the dollar Monday on surging fears about the UK economy after the government unveiled a huge tax-cutting budget...

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A small point of light that starts to fill out the screen, revealing a never-before-seen asteroid, before the images abruptly stop as the spacecraft is lost...

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Japan expressed grave concern about Russia's possible use of nuclear weapons against Ukraine as the top government spokesman on Monday announced an additional ban on exports of chemical weapons-related goods to Russia...

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A NASA spacecraft has intentionally slammed into an asteroid in humanity's first test of planetary defense. The impact occurred at 7:15 p.m. ET greeted by cheers from the mission team in Laurel, Maryland. The DART mission, or the Double Asteroid Redirection Test, launched 10 months ago...

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Pregnancies from in vitro fertilization using frozen embryos appear to be linked to an increased risk of complications related to high blood pressure, or hypertensive disorders, compared with when fresh embryos are used or when a pregnancy is conceived naturally...

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Philippine President Ferdinand R. Marcos, Jr. on Monday certified as urgent the proposed P5.268-trillion national budget for next year, citing the need for continuous government operations...

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The Commission on Audit (COA) has flagged the Technical Education and Skills Development Authority (TESDA) for its release of P6.96 million in training expenses for lack of supporting documents...

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Five rescuers were the first confirmed casualties of Super Typhoon Karding (international name: Noru), the strongest storm to hit the country this year that left a trail of destruction, stripping off roofs, knocking out power lines, and toppling structures as it barreled through the mainly agricultural provinces of Central Luzon region on Sunday until early Monday...

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Sierra Madre, the country’s longest mountain range located in the eastern corridor of Luzon island, became a trending topic on Twitter during the onslaught of Supertyphoon “Karding” (international name: Noru) as netizens called attention to how it protected Metro Manila and several provinces from calamities...

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President Ferdinand "Bongbong" Marcos Jr. on Monday assured a "whole range of assistance" from the government for people in areas hardest hit by Super Typhoon "Karding."...

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Pangasinan Second District Rep. Mark Cojuangco and Alpas Pilipinas urged the executive branch to act on President Ferdinand "Bongbong" Marcos Jr.'s desire to reexamine strategies for building nuclear power plants in the Philippines...

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To uphold “truthfulness and fairness of information,” the Office of the Press Secretary (OPS) will be vetting press statements of other government agencies before these are released...

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Filipinos are more likely to buy personal care and hygiene products than food during disasters or emergencies, a study showed...

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Looking to “reintroduce the Philippines” to the world, new President Ferdinand Marcos Jr. has ambitious plans for his nation on the international stage and at home—if, that is, the twin specters of pandemic and climate change can be overcome or at least managed...

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Citing “a highly successful and very productive” working visit to the United States by government officials, Speaker Martin G. Romualdez said the House of Representatives will now do its part to fulfill—through passage of pro-investment laws—the objectives of all bilateral trade and investment agreements...

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The Commission on Population and Development (PopCom) highlighted the important role of a robust working-age population in achieving socioeconomic development through a state of demographic dividend, with the 64 percent ratio of working-age Filipinos in 2020...

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Calls for creating a Department of Disaster Resilience were renewed in the Senate following the devastation of Typhoon Karding...

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The Department of Education (DepEd) reminded local government units (LGUs) that public schools in their respective areas may only be used as “immediate” evacuation and not as long-term shelters for affected families or individuals...

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The Department of Justice (DOJ) is aiming to deport at least 2,000 Philippine offshore gaming operators (Pogo) workers by mid-October, its spokesperson said on Monday...

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President Ferdinand R. Marcos, Jr. should fulfill his campaign promise to modernize the Philippines’ maritime industry, which could be a game changer in the country’s post-pandemic recovery, economists said...

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Accommodating flexible work from home (WFH) or hybrid work arrangements is expected to sustain the competitiveness of the country’s information technology-business process management (IT-BPM) sector, according to a professional services and investment management firm...

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The Department of Trade and Industry (DTI) is targeting to raise earnings from the exports of goods and services to $110 billion next year despite a 10-percent cut in its budget...

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Agricultural damage and losses due to typhoon “Karding,” which devastated parts of Luzon, have reached P141.38 million as of Monday noon...

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Wholesale prices of goods picked up at a faster rate in June from the previous month, with fuel and food posting the biggest increases, the Philippine Statistics Authority (PSA) said...

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The prices of consumer goods and services are now widely expected to accelerate after typhoon ‘Karding’ flattened swathes of agricultural land in Luzon on the advent of harvest season...

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The reduced P2.25-billion budget for the Department of Trade and Industry’s (DTI) micro, small and medium enterprises (MSME) development program reflects the distribution of other forms of MSME support to various agencies,...

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The Bangko Sentral ng Pilipinas (BSP) is expected to raise its key policy rate by an additional 0.75 percentage point (ppt) to bring it to 5 percent by the end of this year, as continuing hawkish moves by the US Federal Reserve undermine the Philippine peso, exacerbating domestic inflation woes...

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The new round of wage and transport fare increases will add to price pressures that could further elevate inflation in September for the Philippines, Moody’s Analytics said in its Weekly Highlights...

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The energy and trade departments on Monday reminded traders and oil companies to abide by the law mandating price freezes in all areas affected by Supertyphoon “Karding” (international name: Noru), warning that violators will face considerable prison time and fines...

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Oil companies slashed anew on Tuesday the pump prices of petroleum products a week after implementing a mixed price adjustment. The price of gasoline decreased by P1.65 per liter, while those of diesel and kerosene dropped by P1.25 per liter and P1.35 per liter, respectively...

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The growth in wholesale prices of general goods rose to their highest level in more than a decade in June, driven by the food index, the Philippines Statistics Authority (PSA) said...

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Local cosmetics companies are projecting a rebound by the middle of next year as operations continue to normalize after the pandemic ravaged the $4-billion industry...

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Trade Secretary Alfredo Pascual promoted the Philippine government's strategic economic priorities to American investors during the Philippine Economic Briefing in New York on Sept. 21, 2022...

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