February 21, 2023
How the Philippines’ military advancements compare with its peers in the region
Source: BusinessWorld
Fitch: Policy rate to peak at 6.5%
The Manila Times, February 21, 2023
Niña Myka Pauline Arceo
Monetary authorities could increase key interest rates by another 50 basis points (bps) before calling a halt in the second half of the year, Fitch Solutions said...
BoP hits surplus, GIR also up in Jan
The Manila Times, February 21, 2023
Niña Myka Pauline Arceo
The country posted a balance of payments (BoP) surplus of $3.1 billion last month, the Bangko Sentral ng Pilipinas (BSP) reported on Monday, rebounding from a deficit of $102 million a year earlier...
House approves constitutional convention to amend charter
Philippine Daily Inquirer, February 21, 2023
Jeannette I. Andrade
Despite the pronouncement by President Ferdinand Marcos Jr. that amending the Constitution was not a priority of his administration, a House of Representatives panel on Monday approved a resolution of both houses (RBH) calling for the formation of a constitutional convention (con-con) to amend the charter...
BSP may continue rate hikes amid stubborn inflation
BusinessWorld, February 21, 2023
The Philippine central bank may continue hiking interest rates to a peak of 6.5% in the first half as inflationary pressures persist, analysts said...
Philippine shares close lower on rate-hike worries
Philippine Star, February 21, 2023
Iris Gonzales
The Philippine stock market fell yesterday as investors stayed on the sidelines ahead of the Federal Reserve meeting...
House panel sets VAT refund scheme for foreign tourists
Philippine Daily Inquirer, February 21, 2023
Julie M. Aurelio
The House ways and means committee has approved a mechanism that would allow foreign tourists to avail themselves of a refund of the value-added tax (VAT) on their purchases...
Gov backs medical marijuana bill
The Manila Times, February 21, 2023
Dexter A. See
Gov. James Edduba expressed his support for the immediate passage of the medical marijuana measure pending in both chambers of Congress...
RCEP seen to attract foreign investors
Philippine Daily Inquirer, February 21, 2023
Julie M. Aurelio
House Speaker Martin Romualdez is optimistic that the Regional Comprehensive Economic Partnership (RCEP) will enable the country to attract foreign investors and create more jobs for Filipinos...
DA bans beef from The Netherlands, poultry products from Turkey
Philippine Daily Inquirer, February 20, 2023
Jordeene B. Lagare
The Department of Agriculture (DA) has temporarily banned the importation of cattle and related products from The Netherlands and poultry products from Turkey...
DTI highlights e-licensing platform benefits
The Manila Times, February 21, 2023
Jenica Faye Garcia
Trade Secretary Alfredo Pascual on Monday highlighted the importance of the Strategic Trade Management Office (STMO) e-Licensing Platform in facilitating legitimate trade while preventing the proliferation of weapons of mass destruction (WMDs)...
PH joins global push for digital fashion labels
Philippine Daily Inquirer, February 21, 2023
Alden M. Monzon
Philippine garment exporters will join the worldwide campaign to modernize clothing labels, a move that will phase out physical labels in favor of digital marks and pare down production cost...
PH an economic 'powerhouse' – Finland envoy
The Manila Times, February 21, 2023
Bernadette E. Tamayo
The ambassador of Finland to Manila considers the Philippines as an economic "powerhouse" in a region where "a lot of things are happening."...
PHL to participate in World Expo 2025–Frasco
BusinessMirror, February 21, 2023
Ma. Stella F. Arnaldo
The Philippines will be putting its best foot forward as it participates in the World Expo 2025 in Osaka, Kansai in Japan...
Labor reports 200 more breaches to ILO
BusinessMirror, February 21, 2023
Samuel P. Medenilla
Over 200 additional alleged labor rights violations were included in the updated report sent by local labor groups to the International Labour Organization (ILO)...
European rights panel to visit PH this week
Philippine Daily Inquirer, February 21, 2023
Jacob Lazaro
Six members of the European Parliament subcommittee on human rights will visit the Philippines this week to engage in a series of dialogues and help improve the country’s human rights situation...
PH contingent set to return from Turkey
Philippine Daily Inquirer, February 21, 2023
Jerome Aning
The Office of Civil Defense (OCD) on Monday said the Philippine inter-agency humanitarian contingent deployed to Turkey will return home this week after wrapping its mission in the quake-stricken country...
WTO launches second wave of fishing subsidy talks
Philippine Daily Inquirer, February 21, 2023
Agence France-Presse
The World Trade Organization set sail Monday on a “second wave” of negotiations on fisheries subsidies, the new head of the talks announced, after months stuck on the rocks...
'China mulls arming Russia in Ukraine war'
The Manila Times, February 21, 2023
Agence France-Presse
The United States on Sunday accused China of considering arming Russia in its war against Ukraine, ratcheting up tensions as the conflict hits its one-year mark this week...
US says UN Security Council silence on North Korea is dangerous
Philippine Daily Inquirer, February 21, 2023
Reuters
The United States proposed on Monday that the U.N. Security Council condemn North Korea’s ballistic missile launches and encourage Pyongyang to engage in diplomacy, warning that the 15-member body’s failure to respond had become dangerous...
China’s new rules for offshore listings spark concern about lengthy approval process
Philippine Daily Inquirer, February 21, 2023
Reuters
New rules laying out how Chinese companies can list outside mainland China will often mean getting a nod from several domestic government agencies, potentially making for a lengthy approval process, investment bankers say...
North Korea fires rockets as warning over drills
The Manila Times, February 21, 2023
Agence France-Presse
North Korea fired two rockets on Monday, in a drill for a launcher that Pyongyang said was capable of a "tactical nuclear attack" that could take out entire enemy air bases...
Meta subscriber plan risks digital divide, say critics
Philippine Daily Inquirer, February 21, 2023
Agence France-Presse
Years after Facebook quietly removed a slogan that declared the site was “free and always will be”, parent company Meta announced on Sunday a paid-for subscription service that has already been widely criticized...
European stocks drift, dollar up tracking rates outlook
Philippine Star, February 21, 2023
Agence France-Presse
Europe's main stock markets steadied Monday after record highs for London and Paris last week as investors bet on prospects for a brighter economy despite lingering recession risks caused by high inflation...
Preparing for the future after a global recession
The Manila Times, February 21, 2023
The global economy is expected to experience a recession in 2023 due to the current pandemic. The World Bank and International Monetary Fund have forecast a drop in global economic output of 5.2 percent, which would be the worst downturn since the Second World War...
Putin’s Ukraine gamble seen as biggest threat to his rule
BusinessMirror, February 21, 2023
Andrew Katell/ The Associated Press
Vladimir Putin says he learned from his boyhood brawls in his native St. Petersburg: “If you want to win a fight, you have to carry it through to the end, as if it were the most decisive battle of your life.”...
China rejects US claim it may arm Russia
The Manila Times, February 20, 2023
Agence France-Presse
Beijing lashed out on Monday against US claims that China was considering sending arms to Russia to assist in its war in Ukraine...
Border crossing's closure sparks gunfight between Afghan, Pakistani forces
The Manila Times, February 20, 2023
Agence France-Presse
Gunfire erupted between Afghanistan and Pakistan border forces on Monday after Taliban authorities shut the country's busiest crossing with its eastern neighbor...
UN tries anew to finish treaty protecting the high seas
Manila Standard, February 21, 2023
Agence France-Presse
UN member states embraced “positive energy” Monday as they launched two weeks of negotiations aimed at finally reaching a treaty meant to protect and preserve vast areas of the world’s oceans...
Russian attack on Ukraine station a ‘war crime’: HRW
Manila Standard, February 21, 2023
Agence France-Presse
Human Rights Watch on Tuesday accused Russia of committing a “war crime” with a missile attack that killed some 60 fleeing civilians at a railway station in eastern Ukraine...
DBM: 56.4% of programmed allotments released
The Manila Times, February 21, 2023
Niña Myka Pauline Arceo
Budget allotment releases topped the haflway point at 56.4 percent as of January 31, the Department of Budget and Management (DBM) said on Monday...
Philippines counts cost of teenage pregnancies
BusinessWorld, February 21, 2023
Kyle Aristophere T. Atienza
Christine Homeres Villanueva, 16, and her 19-year-old husband were among the hundreds of thousands of young Filipinos who had to drop out of school due to early teenage pregnancy...
Revival of oversight committee on intel funds sought
Philippine Daily Inquirer, February 21, 2023
Julie M. Aurelio
Makabayan lawmakers have filed a bill mandating Congress to exercise its oversight functions and require the audit of government intelligence and confidential funds, which have reached over P10 billion in the 2023 national budget...
Senate set to probe security gaps at Naia
Philippine Daily Inquirer, February 21, 2023
Melvin Gascon
The Senate is launching an investigation of the alleged security gaps at Ninoy Aquino International Airport (Naia), which has exposed the country to possible human smuggling, money laundering, and even security breaches, Sen. Grace Poe said on Monday...
DOJ, BuCor: Development plans for Masungi will be pro-environment
Philippine Daily Inquirer, February 21, 2023
Dexter Cabalza, Jacob Lazaro
Justice Secretary Jesus Crispin Remulla and Bureau of Corrections (BuCor) acting Director General Gregorio Catapang Jr. assured the private caretaker of Masungi Georeserve on Monday that the development plans for the bureau’s 270-hectare property within the protected area in Tanay, Rizal province, would be “pro-environment.”...
Governance commission backs Maharlika fund use
The Manila Times, February 21, 2023
The Governance Commission for GOCCs (GCG) fully supports the plan that the poor should benefit from the net profits of the Maharlika Investment Corp. (MIC) that will manage the proposed Maharlika Investment Fund (MIF)...
Adverse impact of Manila Bay dredging, reclamation bared
Philippine Daily Inquirer, February 21, 2023
Jane Bautista
The dredging activities in Manila Bay have resulted in bigger waves and increased tidal currents affecting the catch of fishermen in Cavite province, according to a fisherfolk group...
Push for adoption of enhanced LSDF roadmap gains headway
BusinessMirror, February 21, 2023
Jonathan L. Mayuga
The new and enhanced Land Sector Development Framework and Roadmap (LSDF) 2019-2040 for efficient and effective land management in the country is getting the much-needed boost...
No final decision on BuCor’s move to Masungi–Remulla
BusinessMirror, February 21, 2023
Joel R. San Juan
Justice Secretary Jesus Crispin Remulla said on Monday there is no final decision yet on the planned relocation of the Bureau of Corrections (BuCor) headquarters to a 270-hectare section of the Masungi Georeserve, a protected forest area in Rizal province...
Airport execs liable for New Year’ Day fiasco, says Poe
Philippine Daily Inquirer, February 21, 2023
Melvin Gascon
Airport officials from several administrations may be held liable for years of neglect because of their alleged failure to ensure that the country’s aviation management equipment is in tip-top shape, which could have prevented incidents such as the glitch on New Year’s Day that led to a shutdown of the Philippine airspace and canceled more than 600 flights, Sen. Grace Poe said on Monday...
SIM registration at 19.71% of 168 million total–DICT
BusinessMirror, February 21, 2023
Lorenz S. Marasigan
Filipinos appears to be taking their own sweet time in registering their SIM cards that about two months before the deadline, the country has yet to register 80 percent of the total active SIMs...
Labor group to government: Defer train fare hikes
BusinessMirror, February 21, 2023
Samuel P. Medenilla
A labor group has called on the government to provide transportation subsidies for workers amid the proposed “ill-timed” train fare hikes...
No relief from high BSP rates seen until 2024
Philippine Daily Inquirer, February 21, 2023
Alden M. Monzon
The Bangko Sentral ng Pilipinas (BSP) is expected to continue raising its benchmark rate to a peak of 6.5 percent by the end of the first half of the year in a bid to rein in accelerating inflation, according to Fitch Solutions...
Government losing P500 billion to tax evasion — BIR
BusinessWorld, February 21, 2023
The government loses around P500 billion annually to tax evasion, according to a top Bureau of Internal Revenue (BIR) official...
DA reconstitutes body for FME accreditation
BusinessMirror, February 21, 2023
Jasper Y. Arcalas
The Department of Agriculture (DA) has announced the reconstitution of two inter-agency bodies to fast-track the accreditation of foreign meat establishments (FMEs) that are allowed to export meat products to the country...
RCEP is vital in race for market access–Neda, FEF
BusinessMirror, February 21, 2023
Cai U. Ordinario
The National Economic and Development Authority (Neda) and local economists from the Foundation for Economic Freedom (FEF) expressed their staunch support for the ratification of the Regional Comprehensive Economic Partnership Agreement (RCEP)...
DOTr to firm up Edsa busway privatization
Philippine Daily Inquirer, February 21, 2023
Tyrone Jasper C. Piad
The Department of Transportation (DOTr) threw its support behind local conglomerates potentially taking over the operations and maintenance of the Edsa Busway system, a major transportation service traversing Metro Manila’s busiest thoroughfare...
Domestic tourism seen fully recovered this year
BusinessWorld, February 20, 2023
The Department of Tourism (DoT) said it expects domestic tourism to make a full recovery this year with international tourism following in 2024 after travel disruptions caused by the pandemic...
How volatile is PHL exchange rate? Economists split
BusinessMirror, February 21, 2023
Cai U. Ordinario
The recent strengthening of the peso against the US dollar on Monday highlighted the volatility of the country’s exchange rate compared to a year ago, according to local economists...
Preliminary estimate for ‘strategic goods’ exports at $4.5 billion in 2022, little changed — Trade dep’t
BusinessWorld, February 20, 2023
Philippine exports of “strategic goods” — military goods, as well as those with dual civilian and military applications — amounted to $4.5 billion in 2022, little changed from a year earlier, the Department of Trade and Industry (DTI) said in a preliminary estimate...