February 10, 2023
Philippine Peso 46.9% undervalued against US Dollar
Source: BusinessWorld
9.6 million Pinoys jobless in Q4 of 2022 – SWS
Philippine Star, February 10, 2023
Janvic Mateo
An estimated 9.6 million Filipinos were jobless in the fourth quarter of 2022, according to a survey conducted by Social Weather Stations (SWS)...
Factory output falls
The Manila Times, February 10, 2023
Niña Myka Pauline Arceo
Factory output fell in December, the Philippine Statistics Authority (PSA) reported on Thursday, with both volume and value growth easing from the previous month and a year earlier...
Manila named world’s ‘most loving capital city’
Philippine Star, February 10, 2023
Marc Jayson Cayabyab
Are you a Manila resident? Chances are, you just sent all your loving to a crush, but in a tweet...
PH, Japan boost defense relations
The Manila Times, February 10, 2023
Associated Press and Agence France-Presse
President Ferdinand Marcos Jr. and Japan's Prime Minister Fumio Kishida were expected to sign key agreements to boost their defense ties Thursday as Asia sees tensions around China's growing influence...
Better quality jobs increasing, PSA says
Philippine Daily Inquirer, February 10, 2023
Ronnel W. Domingo
The unemployment rate in the Philippines increased slightly to an estimated 4.3 percent in December 2022 from 4.2 percent in November, but officials noted that the latest labor survey showed that those who are employed work longer and get more income, which translates to better-quality work...
PHL growth seen to fall short of target this year
BusinessWorld, February 10, 2023
Keisha B. Ta-asan
The Philippine economy’s growth may fall short of the government target this year, as interest rates may continue to rise amid sticky inflation...
Lenders’ profits up 37.5% in 2022
BusinessWorld, February 10, 2023
Keisha B. Ta-asan
The Philippine banking industry saw its net profits jump by 37.5% in 2022, thanks to higher interest income and trading gains, according to central bank data...
Full adoption of EODB law urged
The Manila Times, February 10, 2023
Jenica Faye Garcia
Complete adoption of the Ease of Doing Business (EODB) law will increase foreign investments, House of Representatives Ways and Means Committee Chairman Jose Maria Clemente "Joey" Salceda said this week...
Removal of co-maker requirement for loans pushed
Philippine Daily Inquirer, February 10, 2023
Jeannette I. Andrade
Manila Rep. Irwin Tieng wants to completely do away with having a co-maker as a prerequisite to securing loans from the country’s credit institutions...
Dads can seek protection order vs abusive moms
Philippine Daily Inquirer, February 10, 2023
Tina G. Santos
The Supreme Court has issued a landmark decision declaring that fathers may now apply for protection and custody order against mothers who abuse their children...
VIP lounges in airports for OFWs urged
Philippine Daily Inquirer, February 10, 2023
Jeannette I. Andrade
Zamboanga Sibugay Rep. Wilter Palma has filed a bill requiring the setup of resting lounges for overseas Filipino workers (OFWs) in international airports...
Halted Kuwait deployment may affect 47K first-time DH
Philippine Daily Inquirer, February 10, 2023
Nestor Corrales
The government’s decision on Wednesday to ban the deployment of first-time domestic helpers to Kuwait would affect about 47,000 overseas Filipino workers (OFWs), the Department of Migrant Workers (DMW) said...
Seafarers’ rights bill passes House panel
BusinessWorld, February 9, 2023
Beatriz Marie D. Cruz
A bill establishing the rights of seafarers and a certification system that meets international standards was approved by a House of Representatives committee on Thursday...
GSIS mobile app users exceed 500,000
BusinessWorld, February 10, 2023
Aaron Michael C. Sy
Government Service Insurance System’s (GSIS) mobile app recorded 506,040 registered users and an average of 25,000 users after a year of being available to the public...
Google chatbot launch marred by an error
The Manila Times, February 10, 2023
Agence France-Presse
Google on Wednesday announced a slew of features powered by artificial intelligence (AI), but a mistake in an ad caused its share price to tank...
AirAsia launches new chatbot powered by AI, machine learning
BusinessWorld, February 9, 2023
Brontë H. Lacsamana
Capital A Bhd, the parent company of low-cost carrier AirAsia, introduced on Wednesday its new chatbot Ask Bo, powered by artificial intelligence (AI) and machine learning (ML), to replace its previous bot AirAsia Virtual Allstar (AVA) launched in 2019...
Japanese firms urged to expand PH operations
The Manila Times, February 10, 2023
Ed Paolo Salting
The government wants Japanese-owned manufacturing firms in the Philippines to expand their operations as increased exports would help grow the economy, the Trade department said on Thursday...
Japan firms pledge investments, hiring of more PH seafarers
Philippine Daily Inquirer, February 10, 2023
Julie M. Aurelio
President Marcos has secured billions of pesos in investment pledges from Japanese companies as his five-day official visit beginning Wednesday sought to revitalize the Philippines’ partnerships with businesses in the East Asian economic giant...
Colliers: PH on the way to becoming hub for many types of businesses
The Manila Times, February 10, 2023
Ed Paolo Salting
The Philippines is becoming an excellent hub for businessesand investments with new business sectors and foreign companies entering, aswell as new developments being considered, global real estate management firmColliers said...
Filipinos ‘most interested’ in metaverse — global study
BusinessWorld, February 9, 2023
Patricia B. Mirasol
People in the Philippines are most interested in the metaverse, or an immersive online world supported by virtual reality technology, according to a study by crypto education website Coin Kickoff...
US: China balloon part of aerial spy program targeting over 40 countries
The Manila Times, February 10, 2023
Associated Press
The China balloon shot down by the US was equipped to detect and collect intelligence signals as part of a huge, military-linked aerial surveillance program that targeted more than 40 countries, the Biden administration declared Thursday, citing imagery from American U-2 spy planes...
Trial of new Covid treatment yields encouraging results: study
Philippine Star, February 10, 2023
Agence France-Presse
A single-injection antiviral treatment for newly-infected Covid-19 patients reduced the risk of hospitalization by half in a large-scale clinical trial, according to a study published on Wednesday...
WHO warns of worse secondary health crisis in quake zone
Philippine Star, February 10, 2023
Robin Millard, Agence France-Presse
The WHO warned Wednesday of a secondary health crisis threatening to strike Turkey and Syria in the aftermath of the devastating earthquake, which could be worse than the quake itself...
US may target Chinese entities linked to spy balloon
Philippine Daily Inquirer, February 10, 2023
Reuters
The United States will explore taking action against entities connected to China’s military that supported the flight of a Chinese spy balloon into US airspace last week, a senior State Department official said on Thursday...
US general to aggressors: Asian allies battle-ready
The Manila Times, February 10, 2023
Associated Press
American forces and their allies in Asia are ready for battle after years of joint combat exercises, a United States general said Wednesday, adding that Russia's setbacks in Ukraine should serve as a warning to potential Asian aggressors like China and North Korea...
'Record' number of ICBMs unveiled at NKorea parade
The Manila Times, February 10, 2023
Agence France-Presse
North Korea's leader Kim Jong Un oversaw a major military parade showcasing a record number of nuclear and intercontinental ballistic missiles (ICBMs), state media reported on Thursday, including what analysts said was possibly a new solid-fueled ICBM...
Chinese balloon's equipment 'clearly' for spying: US official
Philippine Star, February 10, 2023
Paul Handley, Agence France-Presse
Images from U2 spy planes showed that the Chinese balloon that flew over the United States last week was unmistakably equipped for collecting intelligence and not weather data, a US official said Thursday...
Japan’s economic leverage to undercut China, analysts say
BusinessWorld, February 10, 2023
Kyle Aristophere T. Atienza
The Japanese government might be using its economic power to boost defense ties with the Philippines and other countries locked in territorial disputes with China in response to growing Chinese militarism in the region, political analysts said on Thursday...
Hopes fade as Turkey-Syria quake toll at 17,500
The Manila Times, February 9, 2023
Agence France-Presse
Hopes were fading Thursday for rescuing survivors of the earthquake in Turkey and Syria, which has killed over 17,500 people in one of the deadliest tremors in decades...
Turkey leader faces crescendo of criticism over quake response
BusinessWorld, February 9, 2023
Reuters
The death toll from earthquakes that struck Turkey and Syria this week passed 15,000 on Thursday amid anger from those left destitute and frustrated over the slow arrival of rescue teams...
Biden says he sees no recession in 2023 or 2024
BusinessWorld, February 9, 2023
Reuters
President Joseph R. Biden said on Wednesday he did not believe the US economy will fall into recession either this year or next year, his most confident prediction on the fate of an economy that is still rattled by fears of a downturn...
Singapore relaxes coronavirus travel curbs, mask rules further
BusinessWorld, February 9, 2023
Reuters
Singapore will drop a requirement for travelers who are not fully vaccinated to show COVID test results or purchase coronavirus travel insurance from Feb. 13, the government’s virus taskforce said on Thursday...
Australia orders checks on Chinese-made cameras in defense offices
BusinessWorld, February 9, 2023
Reuters
The Australian government will examine surveillance technology used in offices of the defense department, Defence Minister Richard Marles said on Thursday, amid reports that Chinese-made cameras installed there posed a security risk...
Chinese state media, AI companies warn of risks in ChatGPT stock frenzy
BusinessWorld, February 9, 2023
Reuters
Chinese state media on Thursday cautioned against risks in chasing local ChatGPT-concept stocks, while domestic artificial intelligence (AI) companies urged investors to be rational after their soaring share prices caught regulators’ attention...
Vulnerable groups to get bivalent vax first—DOH
Manila Standard, February 10, 2023
The Department of Health said the government will administer the first batch of bivalent COVID-19 vaccines to vulnerable groups...
PGH workers to get COVID allowances soon
Philippine Daily Inquirer, February 10, 2023
Kathleen de Villa
Health workers at the Philippine General Hospital (PGH) handling COVID-19 cases will soon receive another round of their mandated pandemic benefits...
DENR orders probe of Sibuyan mining
Philippine Daily Inquirer, February 10, 2023
Jane Bautista
More than a week after residents of Sibuyan Island formed a barricade to stop trucks of Altai Philippines Mining Corp. (APMC) from hauling nickel ore, the Department of Environment and Natural Resources (DENR) ordered an investigation of the firm’s operations and its alleged violations...
Arrest of UP prof over ‘small’ case baffles lawyer
Philippine Daily Inquirer, February 10, 2023
Abby Boiser, Jane Bautista
The arrest of University of the Philippines (UP) professor Melania Flores “does not look good,” according to labor lawyer Sonny Matula, since it was a “small” case of not being able to pay the social security contributions of a house helper...
Damage from bus terminal fire hits P245M, says investigators
The Manila Times, February 10, 2023
Franco Jose C. Baroña
The fire that razed the Araneta City Bus Station and adjacent establishments in Cubao on Thursday left an estimated damage worth P245 million, according to the Bureau of Fire Protection (BFP)...
A ‘personal insult’ to coconut farmers
Philippine Daily Inquirer, February 10, 2023
Delfin T. Mallari Jr., Nestor Corrales
A farmers’ group on Thursday criticized the Supreme Court’s decision to dismiss a graft case against former senator and now Chief Presidential Legal Counsel Juan Ponce Enrile and several others in connection with the alleged misuse of the coco levy fund, calling the ruling a “brazen” injustice...
Baguio smokers cut spending for cigarettes – health survey
Philippine Daily Inquirer, February 10, 2023
Vincent Cabreza
Smokers in this city are cutting back on their cigarette consumption as the Cordillera continues to suffer from a high inflation rate, local officials said on Wednesday...
DENR cancels quarrying permits in Upper Marikina watershed
BusinessWorld, February 9, 2023
Sheldeen Joy Talavera
The Department of Environment and Natural Resources (DENR) ordered the cancellation of three mineral production sharing agreements (MPSAs) held by quarry operators in the Upper Marikina watershed towns of Baras and Tanay, Rizal province...
Senators say Charter change unnecessary, duplicates recent laws
BusinessWorld, February 9, 2023
Alyssa Nicole O. Tan and Kyle Aristophere T. Atienza
A proposal to change economic provisions of the Philippine Constitution to make it more investor-friendly is unnecessary and duplicates recently enacted legislation, according to several senators...
SC 76 prospector Ratio declares 2 possible finds in East Palawan
BusinessWorld, February 9, 2023
Ashley Erika O. Jose
The Department of Energy (DoE) said Israel’s Ratio Petroleum Ltd. has identified two possible petroleum finds within its concession area, Service Contract (SC) 76...
JERA assures Marcos of stable LNG supply
BusinessWorld, February 9, 2023
Kyle Aristophere T. Atienza
Japanese power generator JERA Co., Inc. on Thursday assured the Philippine government of stable supply of liquefied natural gas (LNG) to support economic growth...
Senate leader pushes for PHL-Japan military agreement; Marcos asks for easing of travel advisories
BusinessWorld, February 9, 2023
Alyssa Nicole O. Tan and Kyle Aristophere T. Atienza
The Philippines’ Senate leader is pushing for a military agreement with Japan, which will broaden ongoing exchange programs on maritime and emergency response operations...
Manufacturing growth cools in Dec.
BusinessWorld, February 10, 2023
Abigail Marie P. Yraola
Factory production grew at its slowest pace in three months in December due to seasonal factors and a decline in trade performance, economists said...
Philippine inflation yet to peak; rate hikes ahead, analysts say
Philippine Daily Inquirer, February 10, 2023
Ronnel W. Domingo
The benchmark interest rates of the Bangko Sentral ng Pilipinas (BSP) could rise by as much as 50 basis points (bp) or 0.5 percentage point (ppt) next week as the unexpected acceleration in inflation last month suggests that the rate of increase in prices of goods and services has not yet peaked...
Employment numbers don’t reflect job-market dropouts — think tank
BusinessWorld, February 10, 2023
John Victor D. Ordoñez
The decline in the 2022 jobless rate masks the number of workers who have stopped seeking formal employment, IBON Foundation said...
Prices of basic goods increase
The Manila Times, February 10, 2023
Jenica Faye Garcia
The prices of some basic and prime goods have increased based on the suggested retail price (SRP) released by the Department of Trade and Industry (DTI)...
Banks plan to boost agri lending this year — survey
BusinessWorld, February 10, 2023
Keisha B. Ta-asan
Majority of Philippine banks are planning to ramp up lending to the agriculture sector in the next 12 months, a joint survey by the Bangko Sentral ng Pilipinas (BSP) and the Department of Agriculture (DA) showed...
A year before inflation worsened, agricultural loans hobbled in 2021
Philippine Star, February 10, 2023
Ramon Royandoyan
Lending to the Philippines’ oft-neglected agriculture sector remains tepid, considering the perennial struggles on food security that was exacerbated by the pandemic...
PH shares skid as foreigners unload holdings
Philippine Daily Inquirer, February 10, 2023
Miguel R. Camus
The benchmark Philippine Stock Exchange index (PSEi) was weighed down by large property and holding firms on Thursday while foreign selling accelerated during another low-volume session...
Stocks retreat on Fed caution
Philippine Star, February 10, 2023
Iris Gonzales
Local stocks slid in sync with other markets in Asia yesterday after Wall Street retreated following a chorus of Federal Reserve officials saying that interest rates are set to go higher, capping risk sentiment...
DTI to ensure MSMEs benefit from RCEP
The Manila Times, February 10, 2023
Jenica Faye Garcia
The Department of Trade and Industry (DTI) explained onThursday its role in the country's integration in the Regional ComprehensiveEconomic Partnership (RCEP) by ensuring that involved parties implement thepolicies and agreements to maximize its utilization...
SEC removes 33 online lending platforms from Google Play Store
BusinessWorld, February 10, 2023
Justine Irish D. Tabile
The Securities and Exchange Commission (SEC) was able to remove 33 online lending platforms or OLPs from Google Play Store in its campaign against illegal lending, it said on Thursday...
4Ps beneficiaries to get construction training
BusinessWorld, February 10, 2023
Beatriz Marie D. Cruz
A Regional office of the Social Welfare department said it has partnered with Knauf Gypsum Philippines, Inc. to train beneficiaries of the government’s cash transfer program in construction work...
PEZA sets launch target of 1-3 ecozones a year
BusinessWorld, February 9, 2023
Revin Mikhael D. Ochave
The Philippine Economic Zone Authority (PEZA) said it has set an “aspirational” target of one to three new economic zone launches each year...