February 8, 2023
Inflation rates in the Philippines
Source: BusinessWorld
Inflation soars to fresh 14-year high
BusinessWorld, February 8, 2023
Keisha B. Ta-asan
Headline inflation accelerated to a fresh 14-year high in January as food prices continued to surge, fueling bets of further interest rate hikes to anchor expectations...
PH reserves rise to $99.7B
The Manila Times, February 8, 2023
Niña Myka Pauline Arceo
The country's gross international reserves (GIR) rose to $99.7 billion last month from $96.1 billion at the end of December, the Bangko Sentral ng Pilipinas (BSP) reported late on Tuesday...
'BSP will need to stay hawkish'
The Manila Times, February 8, 2023
Niña Myka Pauline Arceo
Monetary authorities will have to continue raising interest rates after inflation spiked to a higher-than-expected 8.7 percent in January, analysts said...
Jobless rate up slightly in December
The Manila Times, February 8, 2023
Niña Myka Pauline Arceo
Unemployment picked up in December from a month earlier but job quality appears to have improved, data from the Philippine Statistics Authority (PSA) showed...
Philippines confirms first case of Omicron XBB.1.5 subvariant
BusinessWorld, February 7, 2023
Norman P. Aquino and Kyle Aristophere T. Atienza
The Philippines has confirmed its first case of the Omicron subvariant XBB.1.5, which experts consider to be the most contagious coronavirus, the Department of Health (DoH) said on Tuesday...
Gov’t raises P162B from latest retail Treasury bond offering
BusinessWorld, February 8, 2023
Aaron Michael C. Sy
The Philippine government on Tuesday raised an initial P162.180 billion in an auction of retail Treasury bonds (RTBs), the second under the Marcos administration...
Government gets lowest rating in fighting inflation, corruption
Philippine Star, February 8, 2023
Janvic Mateo
While President Marcos’ overall performance in his first six months may have rated high among Filipinos based on a survey conducted by the Social Weather Stations (SWS), his administration’s handling of inflation appeared to inspire less confidence...
UP execs see more pact violations after prof’s arrest
Philippine Daily Inquirer, February 8, 2023
Dexter Cabalza, Krixia Subingsubing
Officials of the University of the Philippines (UP) on Tuesday said they would “take all necessary steps” to prevent a repeat of what they regarded as violations committed by the Quezon City police when they arrested a professor residing within the campus on Monday...
Marcos backs luxury tax, urges Filipinos to pay correct taxes
BusinessWorld, February 8, 2023
Kyle Aristophere T. Atienza
President Ferdinand R. Marcos, Jr. has backed a legislative proposal seeking to increase the tax rate on luxury goods...
House bill aims to penalize child negligence with imprisonment
Philippine Daily Inquirer, February 8, 2023
Daphne Galvez
A bill seeking to impose imprisonment and other “harsh” provisions as punishment for negligent parents has been filed at the House of Representatives...
Bill wants PWDs to be called ‘persons of determination’
Philippine Daily Inquirer, February 8, 2023
Jeannette I. Andrade
Two lawmakers want “persons with disability (PWD)” to be relabeled as “persons of determination (POD),” supposedly to change how Filipinos perceive and treat them...
Go pushes passage of proposed building law
Philippine Daily Inquirer, February 8, 2023
Javier Joe Ismael
Considering how prone the country is to disasters, Sen. Christopher Lawrence "Bong" Go again raised the importance of pushing for a stronger whole-of-nation approach in dealing with disasters as he reiterated his appeal for support for his Senate Bill (SB) 1181 or the proposed "Philippine Building Act."...
Salceda commends passage of HB 6718
The Manila Times, February 8, 2023
Rhaydz B. Barcia
Albay Second District Rep. Jose Ma. Clemente "Joey" Salceda lauded the House of Representatives for the passage of the Freelance Workers Protection Act (HB 6718) on third reading...
Bill requiring REITs to reinvest in PHL hurdles House panel
BusinessWorld, February 7, 2023
Beatriz Marie D. Cruz
A bill that requires real estate investment trusts (REITs) to reinvest proceeds from their fundraising activities in the Philippines has been approved at the committee level in the House of Representatives...
Soon at DSWD: AI to answer aid applicants’ questions
Philippine Daily Inquirer, February 8, 2023
Dempsey Reyes
For smoother operations and faster queues, recently appointed Social Welfare Secretary Rex Gatchalian plans to tap artificial intelligence (AI) for certain tasks in his agency, similar to how the technology was put to use by the local government of Valenzuela City where he earlier served as mayor...
Google set to release ChatGPT rival Bard
The Manila Times, February 8, 2023
Agence France-Presse
Google said Monday it will release a conversational chatbot named Bard, setting up an artificial intelligence (AI) showdown with Microsoft which has invested billions in the creators of ChatGPT, the hugely popular language app that convincingly mimics human writing...
Japan rolls out 'humble, lovable' delivery robots
The Manila Times, February 8, 2023
Agence France-Presse
"Excuse me, coming through," a four-wheeled robot chirps as it dodges pedestrians on a street outside Tokyo, part of an experiment businesses hope would tackle labor shortages and rural isolation...
Online transactions that raise red flags
BusinessWorld, February 7, 2023
Patricia B. Mirasol
Anyone can be a cybercrime target, so always be on guard. Here are some warning signs from an expert that an online transaction might be a scam...
Marcos: No formal talks yet for VFA with Japan
The Manila Times, February 8, 2023
Bernadette E. Tamayo
The Philippines and Japan have yet to formally discuss any military arrangement similar to the visiting forces agreement between Manila and Washington, President Ferdinand "Bongbong" Marcos Jr. said...
PH mission off to Turkey, Syria
Manila Standard, February 8, 2023
Vince Lopez, Rey E. Requejo
The Philippines is joining other nations in offering aid to Turkey and Syria, as a contingent of rescuers and medical personnel are leaving today to assist in search and rescue operations following the massive 7.8-magnitude earthquake that struck the region on Monday...
Coast Guard finds claims of Chinese boat crew ‘suspicious’
Philippine Daily Inquirer, February 8, 2023
Frances Mangosing
The Philippine Coast Guard (PCG) has sought the assistance of the Department of Justice (DOJ) and the Bureau of Immigration (BI) to take custody of the undocumented Chinese nationals from a distressed foreign vessel that was rescued off the coast of Eastern Samar late last month...
PHL to deploy disaster response specialists and healthcare workers to Turkey
BusinessMirror, February 8, 2023
Claudeth Mocon-Ciriaco
A 12-man team will be deployed by the Metropolitan Manila Development Authority (MMDA) while the Department of Health (DOH) said it will be sending 31 health emergency responders to Turkey following a 7.8-magnitude earthquake on February 6...
Biden warns: US will act on China after balloon downing
The Manila Times, February 8, 2023
Agence France-Presse
President Joe Biden vowed on Tuesday he would not hesitate to defend US interests against China after he ordered the downing of a suspected surveillance balloon but, delivering his State of the Union address, kept the door open to cooperation...
World headed for 'wider war' – UN chief
The Manila Times, February 8, 2023
Agence France-Presse
UN chief Antonio Guterres warned nations Monday that he fears the likelihood of further escalation in the Russia-Ukraine conflict means the world is heading toward a "wider war."...
Quake could affect up to 23M – WHO
The Manila Times, February 8, 2023
Up to 23 million people could be affected by the massive earthquake that has killed thousands in Turkey and Syria, the WHO warned on Tuesday, promising long-term assistance...
China: Biden's State of the Union speech smeared us
The Manila Times, February 8, 2023
Associated Press
China says it was smeared in United States President Joe Biden's State of the Union address that repeatedly mentioned competition between the two countries...
China declined US request for call between defense chiefs after balloon shootdown
Philippine Daily Inquirer, February 8, 2023
Reuters
China declined a request for a phone call between US Defense Secretary Lloyd Austin and Chinese Defense Minister Wei Fenghe after Washington brought down a Chinese spy balloon, a Pentagon spokesperson said on Tuesday...
WHO warns up to 23m people could be affected by 7.8 tremor
Manila Standard, February 8, 2023
Agence France-Presse
Up to 23 million people could be affected by the massive earthquake that has killed thousands in Turkey and Syria, the WHO warned on Tuesday, promising long-term assistance...
No new variants in weeks after China ended zero-Covid: study
Philippine Star, February 8, 2023
Agence France-Presse
No new variants of Covid-19 emerged in Beijing in the weeks after China ended its zero-Covid policy late last year, a new study said on Wednesday...
'Strong indications' Putin approved MH17 missile supply – probe team
The Manila Times, February 8, 2023
Agence France-Presse
Russian President Vladimir Putin likely decided to supply the missile that shot down Malaysia Airlines Flight MH17 over Ukraine, but there is no realistic prospect of prosecuting him or others, investigators said on Wednesday...
UN experts: North Korean hackers stole record virtual assets
The Manila Times, February 8, 2023
Associated Press
North Korean hackers working for the government stole record-breaking virtual assets last year, estimated to be worth between $630 million and more than $1 billion, United Nations experts said...
Inflation starting to slow but long, 'bumpy' road ahead: Powell
Philippine Star, February 8, 2023
Agence France-Presse
US inflation is starting to cool but the road ahead will likely be long and bumpy, Federal Reserve Chair Jerome Powell warned Tuesday, adding that stronger-than-expected economic data could bring more rate hikes...
NKorea vows 'expanded' military drills
The Manila Times, February 8, 2023
Agence France-Presse
North Korea's top army officials have said they will expand and intensify military drills to ensure their readiness for war, state media reported on Tuesday, ahead of a massive parade...
Reduce pollution to fight 'superbugs,' AMR rise – UN
The Manila Times, February 8, 2023
UN News
UP to 10 million people could die annually by 2050 due to antimicrobial resistance (AMR), the United Nations Environment Program (UNEP) said on Tuesday, highlighting the need to curtail the pollution created by the pharmaceutical, agricultural and health care sectors...
Microsoft sees 'new day' in war with Google over AI search engines
Philippine Star, February 8, 2023
Agence France-Presse
Microsoft's long-struggling Bing search engine will integrate the powerful capabilities of language-based artificial intelligence, CEO Satya Nadella said on Tuesday, declaring what he called a new era for online search...
Global piracy, robbery lowest in 3 decades
The Manila Times, February 8, 2023
The International Chamber of Commerce-International Maritime Bureau (ICC IMB) called for efforts to be sustained worldwide as maritime piracy and armed robbery attacks reached their lowest recorded level in almost three decades...
Big Tech not doing enough to remove fake news — NGO
BusinessWorld, February 7, 2023
Reuters
Twitter, Google’s YouTube, Meta Platform’s Facebook, Microsoft’s LinkedIn and TikTok are not doing enough to remove fake news from their platforms, raising doubts about their ability to comply with new European Union (EU) online content rules, activist NGO Avaaz said on Tuesday...
UP questions professor’s arrest
Philippine Star, February 8, 2023
Janvic Mateo
Top officials of the University of the Philippines (UP) yesterday questioned the lack of police coordination in Monday’s arrest of Filipino professor and unionist Melania Flores...
BIR confident of surpassing revenue target this year
BusinessWorld, February 8, 2023
Luisa Maria Jacinta C. Jocson
The Bureau of Internal Revenue (BIR) is confident it will not just meet its revenue collection target, but exceed it this year...
OCTA: Lowest COVID-19 cases in NCR
Philippine Star, February 8, 2023
Janvic Mateo
The National Capital Region (NCR) reported only 17 new COVID-19 cases on Feb. 5, the lowest since March 20, 2020 at the start of the pandemic, according to the OCTA Research Group...
Omicron strain XBB1.5 here
Manila Standard, February 8, 2023
Willie Casas
Out of 1,078 samples sequenced by health authorities from Jan. 30 to Feb. 3, 196 were found as XBB, including one case classified as XBB.1.5, the DOH said in its latest biosurveillance report...
More teen births involve older fathers – PSA
Philippine Daily Inquirer, February 8, 2023
Marlon Ramos
Six to seven percent of babies born to adolescent girls from 2016 to 2020 were fathered by men 10 years older than the mothers, while a majority of teen moms’ male sexual partners were three to five years older than them, according to government data presented to the Senate on Tuesday...
Marcos backs BIR campaign: ‘Pay correct amount of taxes on time’
Philippine Daily Inquirer, February 8, 2023
Nestor Corrales
President Ferdinand Marcos Jr. on Tuesday called on Filipinos to pay the right taxes and pay them on time, as he joined the Bureau of Internal Revenue (BIR) in launching the agency’s National Tax Campaign in Pasay City...
PH to get 300,000 more COVID bivalent doses
Philippine Daily Inquirer, February 8, 2023
Kathleen de Villa
The Philippines is expecting another 300,000 COVID-19 bivalent doses on top of the initial batch of one million doses to be shipped to the country next month...
Marcos backs higher taxes on luxury goods
Philippine Daily Inquirer, February 8, 2023
Catherine S. Valente
President Ferdinand "Bongbong" Marcos Jr. on Tuesday expressed his support for a bill seeking to impose higher taxes on luxury or nonessential goods on top of other current taxes...
NG eyes targeted subsidies, Imee floats petrol VAT halt
BusinessMirror, February 8, 2023
Jasper Y. Arcalas and Butch Fernandez
The national government will extend targeted subsidies to specific sectors of the economy that are affected by the “elevated” inflationary pressures, the Department of Finance said on Tuesday, as official inflation data showed the January print accelerating to 8.7 percent, the highest since 2008...
DTI’s RCEP pitch at Senate: ‘No simple trade agreement’
BusinessMirror, February 8, 2023
Andrea E. San Juan
The Regional Comprehensive Economic Partnership (RCEP) is not just a “simple” trade agreement, Trade Secretary Alfredo E. Pascual told senators on Tuesday, noting that as an ASEAN-led free trade agreement, it will ensure the region’s “continued economic advantage” and will help maintain a “balance of power” within the region...
Peza lauds recognition of ELSE as ‘eligible activity’ in 2022 SIPP
BusinessMirror, February 8, 2023
Andrea E. San Juan
The Philippine Economic Zone Authority (Peza) has welcomed the recognition of the ecozone logistics services enterprises (ELSE) as an “eligible activity” in the 2022 Strategic Investment Priorities Plan (SIPP)...
DOJ deactivates BI’s port operations division
Philippine Daily Inquirer, February 8, 2023
Tina G. Santos
Justice Secretary Jesus Crispin Remulla on Tuesday announced the deactivation of the Bureau of Immigration’s (BI) port operations division (POD) effective immediately, saying it had been part of the “defect” in the country’s immigration system...
Group calls out DND chief over mental health talk in ROTC pitch
Philippine Daily Inquirer, February 8, 2023
Frances Mangosing, Kathleen de Villa
Health professionals belied statements by Defense Secretary Carlito Galvez Jr. that mandatory military training can “cure” mental health problems among young Filipinos, saying such claims have no scientific basis and mislead the public on proper treatment...
House partners with Ateneo research center for more ‘evidence-based’ legislation
BusinessWorld, February 7, 2023
Beatriz Marie D. Cruz
A research center of the Ateneo De Manila University was tapped to provide the House of Representatives research and data that will help in the creation of its priority economic measures...
Philippine police seized P30B of drugs last year
BusinessWorld, February 7, 2023
Kyle Aristophere T. Atienza
Philippine police seized P30.9 billion worth of illegal drugs in 37,000 raids last year, according to the presidential palace. It did not say how many died...
Higher rate hike seen this month
Philippine Star, February 8, 2023
Lawrence Agcaoili
The Bangko Sentral ng Pilipinas (BSP) is expected to deliver a higher rate hike this month as inflation blew past expectations, hitting a new 14-year high at 8.7 percent in January from 8.1 percent in December, according to S&P Global Ratings and bank economists...
Food cost, utilities, rent drive inflation to 8.7%
Philippine Daily Inquirer , February 8, 2023
Nestor Corrales, Ronnel W. Domingo
Inflation, a measure of the rate of increase in the prices of basic goods and services, surged to a new 14-year high of 8.7 percent in January, breaching the forecast of the Bangko Sentral ng Pilipinas (BSP) of between 7.3 and 8.3 percent, as well as estimates of private economists of 7.6 percent...
NPL ratio in 2022 hits fresh two-year low
BusinessWorld, February 8, 2023
Keisha B. Ta-asan
The Philippine stock market sank yesterday as inflation remained hot in January, beating government and private sector expectations...
Focus on inflation, Pimentel tells economic managers
Philippine Daily Inquirer, February 8, 2023
Maila Ager
Senate Minority leader Aquilino Pimentel III called on the country’s economic managers to hasten solutions to the rising inflation in the country, lamenting the “lack of concrete plans and swift action” to address the problem...
SRP of P125 per kilo for imported red onions good for 60 days – DA
Philippine Daily Inquirer, February 8, 2023
Jordeene B. Lagare
The Department of Agriculture (DA) said on Tuesday that the suggested retail price (SRP) of P125 per kilo for imported red onions in Metro Manila would be effective for two months unless “revised/revoked and/or lifted.”...
Stocks slip as surging inflation rattles investors
Philippine Star, February 8, 2023
Iris GonzalesBanks’
The Philippine stock market sank yesterday as inflation remained hot in January, beating government and private sector expectations...
Inflation hits poor hardest, especially in NCR
BusinessMirror, February 8, 2023
Cai U. Ordinario
The poorest Filipinos reeled from high food costs as inflation experienced by the Bottom 30 percent of the population soared 9.7 percent in January, according to the Philippine Statistics Authority (PSA)...
PHL banks see continued growth
BusinessWorld, February 8, 2023
Keisha B. Ta-asan
Three Philippine banks expect their income and loans to continue growing this year, but slowing consumer demand amid record-high interest rates and inflation may affect their operations...
PEZA: Logistic firms eligible for incentives
The Manila Times, February 8, 2023
Jenica Faye Garcia
Economic logistics services enterprises (Elses) are eligible to receive incentives such as zero value-added tax (VAT), according to the Philippine Economic Zone Authority (PEZA)...
Peso back at January level of 55 to dollar
BusinessMirror, February 8, 2023
Cai U. Ordinario
It took less than seven days to bring the peso back to its level at the start of the year by closing at P55.085 to the dollar on Tuesday, according to data from the Bankers Association of the Philippines (BAP)...
With $11.9-B maritime sector, ‘blue economy needs push’
BusinessMirror, February 8, 2023
Jovee Marie De La Cruz
To maximize the economic and social benefits of Philippine maritime industries, lawmakers called on the national government to prioritize programs that promote blue economy in the interest of national economic security...
Romualdez to agri product hoarders: ‘Moderate your greed’ or face arrest
BusinessMirror, February 8, 2023
Jovee Marie De La Cruz
House Speaker Martin Romualdez on Tuesday asked profit-hungry traders manipulating or hoarding the supply and prices of agricultural products such as onion to “moderate their greed” or suffer the dire consequences...
PHL taps Brazilian firm to boost sugar, ethanol yield
BusinessMirror, February 8, 2023
Samuel P. Medenilla
The country secured technical aid from a Brazilian company to help boost the country’s sugar and ethanol production...
DTI emphasizes upskilling workforce, students for digitalization
The Manila Times, February 8, 2023
Ed Paolo Salting
There is a need to upskill the workforce and revamp the school curriculum for digitalization to thrive in the Philippines, Trade Secretary Alfredo Pascual emphasized...
‘Strategic’ tag for ecozone logistics industry seen unlocking investments
BusinessWorld, February 7, 2023
Revin Mikhael D. Ochave
The classification of economic zone logistics services enterprises (ELSEs) as eligible for incentives under the Strategic Investment Priorities Plan (SIPP) is expected to raise investment in the industry, the Philippine Economic Zone Authority (PEZA) said...
Gov’t investment target from Japan trip P150B
BusinessWorld, February 7, 2023
Alyssa Nicole O. Tan
The Philippines is expected to obtain P150 billion in investment pledges during President Ferdinand R. Marcos, Jr.’s official visit to Japan...
Farmers call for gov’t-backed push to make industry competitive under RCEP
BusinessWorld, February 7, 2023
Alyssa Nicole O. Tan
Agriculture industry representatives said the government has not adequately supported farmers in achieving competitiveness against imports, which they called a necessary step before opening up the market under the terms of the Regional Comprehensive Economic Partnership (RCEP)...
Nestlé concerned about RCEP impact on bulk of coffee growers
BusinessWorld, February 7, 2023
Nestle Philippines said the Regional Comprehensive Economic Partnership (RCEP) may not be beneficial to the entire coffee industry, after specialty growers said the trade agreement could be an opportunity for the part of the sector than can successfully market its beans with distinctive geographical indications (GIs)...