February 6, 2023
Analysts’ January 2023 inflation rate estimates
Source: BusinessWorld
Inflation likely cooled in Jan. — poll
BusinessWorld, February 6, 2023
Keisha B. Ta-asan
Headline inflation likely cooled in January as weaker demand, the peso’s appreciation against the US dollar, and slower growth in food prices offset the rise in utility rates and pump prices...
‘MIF to fill in gap when PHL as UMIC loses ODA’
BusinessMirror, February 6, 2023
Jasper Y. Arcalas
The proposed Maharlika Investment Fund (MIF) will allow the Philippines to expand its financing sources, especially when it becomes an upper-middle income state, a status that restricts it from tapping “less expensive” Official Development Assistance (ODAs)...
Cutting rice imports needs time, tech –Neda exec
BusinessMirror, February 6, 2023
Cai U. Ordinario
Weaning the Philippines off imported rice would take time and require investments in modern technologies, according to the National Economic and Development Authority (Neda)...
BSP to prioritize inflation outlook over Fed rate hike
BusinessWorld, February 6, 2023
Keisha B. Ta-asan
The Bangko Sentral ng Pilipinas (BSP) will focus on managing inflation expectations in its policy review this month, even as the US Federal Reserve delivered a smaller rate hike at its own meeting last week...
Galvez pitches Edca to LGUs
Philippine Daily Inquirer, February 6, 2023
Frances Mangosing
Defense Secretary Carlito Galvez Jr. is hopeful that local government units (LGUs) will support the latest agreement between the Philippines and the United States on American troops’ access to more military bases in the country, saying it is “not just about security” but also for economic growth...
Solon pushes Con-Con for Charter amendments
BusinessMirror, February 6, 2023
Jovee Marie De La Cruz
With the government saddled with a tight fiscal space owing to massive past spending on Covid-19 response, a senior lawmaker believes the time is ripe for greater investments from abroad to accelerate post-pandemic high growth by letting a duly-elected Constitutional Convention (Con-Con) relax foreign ownership provisions in the 1987 Charter...
Senate review on anti-bullying law sought
BusinessWorld, February 5, 2023
Alyssa Nicole O. Tan
Senator Sherwin T. Gatchalian has filed a resolution to look into the implementation of a law that protects students from bullying and other forms of violence...
Regular SRP issuance hobbled by ‘fluctuating factors’–DTI
BusinessMirror, February 6, 2023
Andrea E. San Juan
The Department of Trade and Industry (DTI) said it cannot issue suggested retail price (SRP) bulletin regularly due to “fluctuating factors” such as climate change, and price of fuel, among others...
DA eyes P125/kilo suggested retail price for onions
Philippine Daily Inquirer, February 6, 2023
John Eric Mendoza
The Department of Agriculture (DA) is inclined to lower the suggested retail price (SRP) of onions to P125...
Tech to boost competitiveness of PH products
The Manila Times, February 6, 2023
Jenica Faye Garcia
The Department of Science and Technology (DoST) sees local enterprises utilizing appropriate technologies gaining the capability to export their products...
Experts sought for air navigation system upgrade
Philippine Daily Inquirer, February 6, 2023
Tyrone Jasper C. Piad
The government is looking for aviation experts to aid in the conduct of the feasibility study on establishment of a back-up system for the country’s air traffic navigation facility, which recently dealt with a technical issue that grounded hundreds of flights...
US jet shoots down suspected Chinese spy balloon with missile
BusinessWorld, February 5, 2023
Reuters
A US military fighter jet shot down a suspected Chinese spy balloon off the coast of South Carolina on Saturday, a week after it first entered US airspace and triggered a dramatic — and public — spying saga that worsened Sino-US relations...
French PM offers to tweak pension overhaul for conservatives backing
BusinessWorld, February 5, 2023
Reuters
French Prime Minister (PM) Elisabeth Borne offered on Sunday to soften a planned pension overhaul to let some people who started work early also retire early in order to win conservatives support for the reform in parliament...
US court rules ban on marijuana users owning guns is unconstitutional
BusinessWorld, February 5, 2023
Reuters
A federal law prohibiting marijuana users from possessing firearms is unconstitutional, a federal judge in Oklahoma has concluded, citing last year’s US Supreme Court ruling that significantly expanded gun rights...
Brutal cold seizes northeast US, shattering record lows
BusinessWorld, February 5, 2023
Reuters
A dangerous combination of record-setting cold temperatures and powerful winds buffeted the north-eastern United States on Saturday, creating life-threatening conditions and causing the death of an infant in Massachusetts...
US shoots down Chinese spy balloon
The Manila Times, February 6, 2023
Agence France-Presse
The Biden administration lauded the Pentagon for shooting down an alleged Chinese spy balloon off the US Atlantic coast on Saturday, but China angrily voiced its "strong dissatisfaction" at the move and said it may make "necessary responses."...
South Korea’s ‘energy inflation’ hit 25-year high in January
Philippine Daily Inquirer, February 6, 2023
South Koreans have faced surging electricity, gas and heating bills, with the January inflation index hitting a new high since the 1998 financial crisis...
Oil prices edge higher as IEA’s Birol talks up China demand outlook
Philippine Daily Inquirer, February 6, 2023
Reuters
Oil prices inched up in early trade on Monday after falling around 8 percent last week to more than three-week lows as jitters over major economies outweighed signs of a demand recovery in China, the world’s top oil importer...
Corporate financial health to worsen, says Janus Henderson
Philippine Daily Inquirer, February 6, 2023
Reuters
Corporate financial health will worsen across the globe this year, failing to gain respite from signs that inflation has peaked and hopes for an economic soft landing, asset manager Janus Henderson said in a report released on Monday...
Asia shares slip, dollar up as U.S. rate outlook shifts
Philippine Daily Inquirer, February 6, 2023
Reuters
Asian shares eased on Monday after a run of upbeat economic data from the United States and globally lessened the risk of recession, but also suggested interest rates would have to rise further and stay up for longer...
UK plans to reimburse scam victims ‘fundamentally flawed,’ lawmakers say
Philippine Daily Inquirer, February 6, 2023
Reuters
Proposals to reimburse hundreds of millions of pounds to scam victims in Britain are “fundamentally flawed” and are taking too long to come into force, lawmakers said in a report published on Monday...
PHL govt working ‘double time’ to save seafarers’ jobs
BusinessMirror, February 6, 2023
Lorenz S. Marasigan
The Department of Transportation (DOTr) said on Sunday the government is “working double time to save the jobs of 49,000 Filipino seafarers aboard European ships and the $7 billion they send home each year,” as it awaits the European Commission’s (EC) “impending action” on its 16-year issues with international training standards.
‘PEZA must have permanent head to boost investments’
BusinessMirror, February 6, 2023
Jovee Marie De La Cruz
A leader of the House of Rep-resentatives urged President Ferdinand Marcos Jr. to appoint a permanent Director-General for the Philippine Economic Zone Authority (PEZA), who can “shoot decisively in the hunt for big whales and big elephants of investors.”...
DENR’s Loyzaga signals ‘balanced’ mining oversight regime
BusinessWorld, February 5, 2023
Revin Mikhael D. Ochave
Environment Secretary Maria Antonia Y. Loyzaga said mining must be regulated in a “balanced” way to both protect the environment and raise revenue for the government to support the economic recovery...
ERC looks to High Court amid suspended power supply deal
BusinessWorld, February 6, 2023
Ashley Erika O. Jose
The Energy Regulatory Commission (ERC) is considering its legal options after the appellate court indefinitely suspended a power supply deal that the regulator wanted the contracting parties to honor at their previously agreed price...
UN to boost Manila’s investigative capacity
BusinessWorld, February 6, 2023
Alyssa Nicole O. Tan
The Philippine Justice department has invited a forensic expert from the United Nations (UN) to improve local capacity in investigating extrajudicial killings in connection with the government’s war on drugs...
Marcos critics ask BIR to be fair in anti-tax evasion campaign
BusinessWorld, February 5, 2023
Kyle Cristopher T. Atienza
A civic group on Sunday asked the Bureau of Internal Revenue (BIR) to be fair in its clampdown against tax evaders, citing the tax case of President Ferdinand R. Marcos, Jr. and his family...
Analysts say Congress should keep watch on executive branch’s foreign policy decisions
BusinessWorld, February 5, 2023
Beatriz Marie D. Cruz
The Philippine legislature, with majority of both chambers allied with the Marcos administration, should exercise its authority as an independent body in keeping watch over the foreign policy decisions of the executive branch, analysts said at the weekend...
PPA chief disputes claims of new order’s critics as Customs brokers join fray
BusinessMirror, February 6, 2023
Lorenz S. Marasigan
The ports chief is befuddled why some sectors and groups want to halt digitalization efforts in the shipping industry, accusing them of spreading false information to discredit the program...
Can PHL-US joint patrols scale back China’s moves in Kalayaan, WPS zone?
BusinessMirror, February 6, 2023
Rene Acosta
The government’s announcement of a “restart” for joint maritime patrols with the United States has raised questions, including whether it could stop China’s incursions in the Kalayaan Island Group (KIG) and West Philippine Sea (WPS)...
Gov't to stage more investor briefings
The Manila Times, February 6, 2023
Economic managers will hold more briefings abroad in a bid to lure investors in the Middle East, Asia, and Europe, Budget Secretary Amenah Pangandaman said...
Senate to ratify RCEP within Q1, says Zubiri
BusinessWorld, February 6, 2023
Revin Mikhael D. Ochave
The Senate is working to ratify the Regional Comprehensive Economic Partnership (RCEP) trade agreement within the first quarter, Senate President Juan Miguel F. Zubiri said...
PHL to see limited impact from China’s reopening
BusinessWorld, February 6, 2023
Luisa Maria Jacinta C. Jocson
China's reopening may bring a surge in tourists to Southeast Asia, but this may not have a big impact on the Philippine economy, analysts said...
Restoring mining sites a must in NEDA plan
BusinessMirror, February 6, 2023
Cai U. Ordinario
Future mining projects must consider the restoration of various mining sites, according to the National Economic and Development Authority (Neda)...
President welcomes P18-B Isabela Solar Power project
BusinessMirror, February 6, 2023
Jovee Marie De La Cruz
President Ferdinand R. Marcos Jr. welcomed the P18-billion 440-megawatt (MW) peak Isabela Solar Power Project, which is seen to boost the administration’s renewable energy thrust as well as local job generation...
REITs, companies from growth sectors seen to lead this year’s listings
BusinessWorld, February 6, 2023
Justine Irish D. Tabile
Initial public offerings (IPOs) this year are seen to be dominated by companies serving consumers, entities in growth sectors, and real estate investment trusts (REITs), as the market further gains strength...
Diokno: Maharlika-financed projects less prone to delay
BusinessWorld, February 5, 2023
Luisa Maria Jacinta C. Jocson
Projects financed by the Maharlika Investment Fund (MIF) will be at reduced risk of administrative and legal challenges, with official development assistance (ODA) also becoming harder to access, Finance Secretary Benjamin E. Diokno said...
Adjusted milling season seen imposing hardships on sugar farm workers
BusinessWorld, February 5, 2023
Sheldeen Joy Talavera
The proposed delay of the start of sugar milling season to October could result in lower yields and lower income for farm laborers, a planters’ association official said...
LANDBANK net income climbs 38.2% to P30.1 billion in 2022
BusinessWorld, February 6, 2023
Aaron Michael C. Sy
Land bank of the Philippines (LANDBANK) posted a 38.2% increase in its net income in 2022 on improved interest income from loans and investments and gains from fees, commissions, and foreign exchange...
T-bill, RTB rates to track secondary market yields
BusinessWorld, February 6, 2023
Aaron Michael C. Sy
Rates of the Treasury bills (T-bills) and retail bonds on offer this week could track secondary market levels on expectations of ample demand from the market and ahead of the release of January inflation data...
Philippines-China economic ties may persist amid US presence
BusinessWorld, February 6, 2023
Kyle Aristophere T. Atienza
The Philippines under President Ferdinand R. Marcos, Jr. would probably keep close economic ties with China despite a security partnership with the United States, according to political analysts...
ADB flags cancer treatment shortcomings as case count rises in Asia
BusinessWorld, February 5, 2023
Luisa Maria Jacinta C. Jocson
Asian governments must innovate in how they support cancer care, which is underfunded even while the incidence of cancer rises, the Asian Development Bank (ADB) said...
NEA wants finances to play bigger role in power cooperative ratings
BusinessWorld, February 5, 2023
Ashley Erika O. Jose
The National Electrification Administration (NEA) said it is seeking to amend the classification system for electric cooperatives (ECs) to better reflect their technical and financial capacity...
Davao City LGU inks agreement with PRA for reclamation project
BusinessMirror, February 6, 2023
Manuel Cayon
The city government has applied with the Philippine Reclamation Authority (PRA) to reclaim the areas enclosed by the 18-kilometer coastal road project...
Market direction tied to Jan inflation result
The Manila Times, February 6, 2023
Ed Paolo Salting
Trading decisions this week are expected to be influenced by inflation data due tomorrow, Feb. 7, with sentiment likely to be boosted should consumer price growth slow from December's 14-year high...