January 10, 2023
How minimum wages compared across regions in December
Source: BusinessWorld
Philippines to see decline in debt burden in 2023
BusinessWorld, January 10, 2023
Luisa Maria Jacinta C. Jocson
The Philippines will likely see its debt decline this year amid continued economic growth, Moody’s Investors Service said on Monday...
Current account deficit to hit 4.7% of GDP
The Manila Times, January 10, 2023
Eireene Jairee Gomez
The Philippines' current account deficit could narrow to 4.7 percent of gross domestic product (GDP) this year instead of the 4.5 percent previously forecast, Fitch Solutions said on Monday...
Govt to borrow anew from abroad
The Manila Times, January 10, 2023
Eireene Jairee Gomez
The Marcos government on Monday announced a return to the international debt market via a multiyear benchmark dollar bond offering, the proceeds of which will be used to finance its budget...
Philippines central bank sees inflation ‘back to normal’ near 3% later this year
Philippine Daily Inquirer, January 10, 2023
Reuters
Philippine inflation is likely to be closer to 3 percent in late-2023 and in 2024, central bank governor Felipe Medalla said on Tuesday...
Metro Manila Subway construction begins
Philippine Daily Inquirer, January 10, 2023
Jane Bautista, Jerome Aning, Tyrone Jasper C. Piad
The tunnel works for the first contract package (CP) of the 33-kilometer Metro Manila Subway Project (MMSP) started on Monday, following the launching of the tunnel boring machine (TBM) at its depot in Valenzuela City...
OCTA: Nationwide COVID-19 positivity rate dips to 5.5%
Philippine Star, January 10, 2023
Pia Lee-Brago
The nationwide COVID-19 positivity rate dropped to 5.5 percent on Sunday, OCTA Research said...
DoE expects 12 yellow alerts in Luzon grid
BusinessWorld, January 10, 2023
Ashley Erika O. Jose
Luzon's Power Grid is likely to experience deficient reserves for seven months this year which may result in 12 yellow alerts, the Department of Energy (DoE) said on Monday, as it ruled out red alerts that lead to rotating brownouts...
House panel to probe alleged food smuggling via Subic
BusinessWorld, January 9, 2023
Beatriz Marie D. Cruz
The House committee on ways and means said it will investigate the alleged smuggling of pork, dressed chicken, and beef via the Port of Subic with charges levied on containers reportedly a fraction of the correct amounts, the committee’s chairman said...
DICT explores digital cooperation and cybersecurity with Belgium
BusinessMirror, January 10, 2023
Lorenz S. Marasigan
The Department of Information and Communications Technology (DICT) is exploring areas of cooperation with its counterparts in Belgium, as it seeks to accelerate the country’s adoption of new technologies...
PH, China pact to boost supply chain security
The Manila Times, January 10, 2023
William B. Depasupil
Trade security and facilitation between the Philippines and China is expected to improve further following the signing of an agreement between the Bureau of Customs (BoC) and the General Administration of Customs of the People's Republic of China...
DFA to set time, venue of oil, gas talks between PHL and China–Lotilla
BusinessMirror, January 10, 2023
Lenie Lectura
Energy Secretary Raphael Lotilla said Monday his office is awaiting guidance from the Department of Foreign Affairs (DFA) for the resumption of negotiations between China and the Philippines in the area of oil and gas exploration...
Pinoys warned vs China rocket debris anew
Philippine Star, January 10. 2023
Ranier Allan Ronda
Another advisory has been issued regarding the estimated drop zones for unburned debris from the Long March 7A rocket that China launched yesterday morning...
DICT explores digital cooperation with Belgium
The Manila Times, January 10, 2023
Francis Earl Cueto
As the administration of President Ferdinand "Bongbong" Marcos Jr. seeks to accelerate the country's adoption of digital innovations, the Department of Information and Communications Technology (DICT) announced on Monday that they are now working with fellow governments to advance digital cooperation...
DTI seeks more tech investments from US
BusinessWorld, January 10, 2023
Revin Mikhael D. Ochave
The Department of Trade and Industry (DTI) is eyeing more technology-related investments from the United States as part of efforts to improve the country’s electronics industry...
Global piracy acts drop to 14-year low
The Manila Times, January 10, 2023
Agence France-Presse
Worldwide acts of piracy fell to their lowest level last year since statistics were first established in 2008, a maritime security body said on Monday...
China Covid surge not expected to 'significantly impact' Europe – WHO
The Manila Times, January 10, 2023
Agence France-Presse
The World Health Organization said on Tuesday it did not expect a surge of Covid-19 cases in China to "significantly impact" the situation in Europe...
Powerful quake hits off Indonesia, rattles islands
The Manila Times, January 10, 2023
Agence France-Presse
A 7.6-magnitude earthquake hit deep under the ocean off Indonesia and East Timor early Tuesday, injuring at least one person after rattling nearby islands, damaging homes and forcing residents to flee in panic...
China suspends short-term visas for South Koreans over Covid travel curbs
The Manila Times, January 10, 2023
Agence France-Presse
China has suspended the issuing of short-term visas to South Koreans in response to Seoul's imposition of travel restrictions on Chinese travelers over Covid concerns, Beijing's embassy said Tuesday...
S&P 500 near flat as investors weigh chances of less aggressive rate hikes
Philippine Daily Inquirer, January 10, 2023
Reuters
The S&P 500 index erased early gains to close nearly flat on Monday as expectations that the Federal Reserve will become less aggressive with its interest rate hikes were offset by lingering worries about inflation...
Oil slips on concerns higher interest rates to crimp demand
Philippine Daily Inquirer, January 10, 2023
Reuters
Oil edged lower on Tuesday on expectations that further interest rate hikes in the United States, the world’s biggest oil user, will slow economic growth and limit fuel demand...
Historic UK rocket mission has lift-off
Manila Standard, January 10, 2023
Agence France-Presse
The first rocket ever to be launched into space from UK soil successfully released from the refurbished jet carrying it on Monday, catapulting the nation into the “exclusive” club able to send craft into orbit...
Indonesia, Malaysia to fight discrimination against palm oil
BusinessWorld, January 9, 2023
Reuters
Indonesia and Malaysia, the world’s biggest producers of palm oil, agreed on Monday to work together to fight “discrimination” against the commodity after a meeting between leaders from the countries...
Brazil investigates who led anti-democratic riots
BusinessWorld, January 9, 2023
Reuters
Brazil’s Supreme Court late on Sunday removed the governor of Brasilia from office for 90 days due to flaws in security in the capital, after thousands of backers of far-right former president Jair Bolsonaro ransacked government buildings...
China stages ‘strike drills’ around Taiwan, citing provocation
BusinessWorld, January 9, 2023
Reuters
China‘s military said it had conducted “strike drills” in the sea and airspace around Taiwan on Sunday in response to what it said was provocation from the democratically-governed island and the United States...
Biden visits US-Mexico border as immigration issue heats up
BusinessWorld, January 9, 2023
Reuters
President Joe Biden visited the US–Mexico border on Sunday for the first time since taking office, tackling one of the most politically charged issues in the country as he prepares for a re-election bid...
PHL to raise at least $1.5B from dollar bonds
BusinessWorld, January 10, 2023
Luisa Maria Jacinta C. Jocson
The Philippine government started the new year with a return to the global bond market via a benchmark-sized US dollar-denominated bond offering...
SIM registration hits 16M as of Jan. 9
The Manila Times, January 10, 2023
Francis Earl Cueto
The Department of Information and Technology (DICT) on Monday said the SIM card registration now has recorded more than 16 million subscribers with their respective telecom companies serving them...
Marcos vows more big infra projects
The Manila Times, January 10, 2023
Kristina Maralit
President Ferdinand "Bongbong" Marcos Jr. on Monday pledged to further improve the country's transport system as he led the launch of the Metro Manila Subway Project (MMSP) tunnel boring machine in Valenzuela City...
Palace announces more appointments
The Manila Times, January 10, 2023
Kristina Maralit
Malacañang on Tuesday announced more appointments to key positions in the Executive Branch and state-owned financial institutions....
22,000 MT of imported onions may arrive in PH this month – DA
Philippine Daily Inquirer, January 10, 2023
Jordeene B. Lagare, Melvin Gascon
Imported onions may arrive in the country between the last week of January and the first week of next month if President Ferdinand Marcos Jr. approves a plan by the Department of Agriculture (DA) to source 22,000 metric tons (MT) of the agricultural commodity...
PNP hopes body to vet resignations will be ‘bias-free’
Philippine Daily Inquirer, January 10, 2023
Jerome Aning
The Philippine National Police on Monday expressed hope that a committee formed to evaluate the 956 police officials that make up the organization’s leadership will act with dispatch, fairness, and without “bias.”
Senate, House start probe of New Year shutdown at Naia
Philippine Daily Inquirer, January 10, 2023
Julie M. Aurelio, Marlon Ramos
Top national security, transportation, and airport officials have been summoned separately by the Senate and House of Representatives which are conducting their respective inquiries into the power outage that caused vital air traffic navigation system to go offline and shut down the country’s airspace on Jan. 1...
DA authorizes importation of more than 21,000MT of onions
Philippine Daily Inquirer, January 10, 2023
Daphne Galvez, Jordeene B. Lagare
The Department of Agriculture (DA) has authorized the importation of 21,060 metric tons (MT) of red and yellow onions as the agricultural commodity’s retail prices in the markets remain at the P600 per kilogram level...
Galvez named Defense chief
Manila Standard, January 10, 2023
Vince Lopez and Macon Ramos-Araneta
President Ferdinand Marcos Jr. on Monday named Carlito Galvez Jr. as the new Defense Secretary to replace Senior Undersecretary Jose Faustino Jr., who had resigned...
Let private sector modernize NAIA – Poe
The Manila Times, January 10, 2023
Bernadette E. Tamayo
Sen. Mary Grace Poe urged the government to tap the private sector to modernize the Ninoy Aquino International Airport (NAIA) following the technical glitch that shut down the country's airspace on New Year's Day...
DOE warns of thin power reserves
Philippine Daily Inquirer, January 10, 2023
Jordeene B. Lagare
The country’s power supply may be stable for now but electricity end-users in Luzon may encounter supply woes throughout the year — especially during the summer months—due to thin power reserves, the Department of Energy (DOE) warned...
NTC focuses on SIM registration in remote areas
Philippine Daily Inquirer, January 10, 2023
Tyrone Jasper C. Piad
With the SIM (subscriber identity module) card registration’s pilot testing nearing conclusion, the National Telecommunications Commission (NTC) is ramping up the mandatory enlistment process as it zeroes in on providing assistance in remote areas where subscribers may be having a hard time complying due to lack of connectivity...
China firms want to invest in renewable energy–DOE
BusinessMirror, January 10, 2023
Lenie Lectura
The Philippines has attracted nine Chinese energy companies that will invest a total of about $13.76 billion to participate in the country’s development of renewable energy (RE), energy storage systems, and off-grid power supply systems...
CAAP wants to use government dividends for equipment upgrade
Philippine Star, January 10, 2023
Elijah Felice Rosale
The Civil Aviation Authority of the Philippines (CAAP) will cut the dividends it remits to the government to raise the P13 billion it requires to upgrade air traffic control facilities and prevent the airspace shutdown from happening again...
Over 500,000 devotees flock Quiapo for Black Nazarene feast
Philippine Star, January 10, 2023
Hundreds of thousands of devotees showed up at Quiapo Church in Manila for the first major celebration of the Black Nazarene since the start of the pandemic...
Pork supply exceeds demand, Senate panel finds, casting doubt on gov’t import policy
BusinessWorld, January 9, 2023
Alyssa Nicole O. Tan
The Senate Agriculture, Food and Agrarian Reform Committee was told that the supply of pork exceeded demand in each of the years since 2019, raising questions about the government’s pork import policy...
Asia-Pacific nations seen hiking rates till mid-2023
BusinessMirror, January 10, 2023
Cai U. Ordinario
With inflation expected to remain a concern in Asia and the Pacific, Moody’s Analytics expects monetary authorities in the region to continue raising interest rates until the middle of 2023...
Govt will prioritize big-ticket transport projects–Marcos
BusinessMirror, January 10, 2023
Samuel P. Medenilla
President Ferdinand R. Marcos Jr. on Monday said more big-ticket transportation projects are already in the works as part of government efforts to “revive” the country’s rail industry and boost the economy...
Government to borrow anew from foreign market
Philippine Star, January 10, 2023
Louise Maureen Simeon
The Marcos administration will borrow at least $500 million, marking its second foray in the international debt market with the issuance of dollar and green bonds amid expectations of higher amounts to be raised as interest rates start to taper...
PH rings up $3B in fresh foreign debt
Philippine Daily Inquirer, January 10, 2023
Ronnel W. Domingo
The Marcos administration successfully priced its $3-billion bond triple-trance dollar issuance, for which demand was so strong that the order book peaked at $28.2 billion, Finance Secretary Benjamin Diokno said in a statement Tuesday...
'Onion import won't stop price increase'
The Manila Times, January 10, 2023
Bella Cariaso
A farmers organization has opposed the decision of the Department of Agriculture (DA) to import 22,0000 metric tons of onions, saying it will not solve the steep increase in the prices of the bulbs...
Egg prices up amid tight supply
The Manila Times, January 10, 2023
Bella Cariaso
The retail prices of eggs rose to between P9 and P10 per piece, from P6.90 and P8.50 last December, and a farmers' group attributed the spike to the culling of at least 1.8 million chickens in Central Luzon affected with bird flu...
Philippine wages, skill gaps remain top concerns this year
BusinessWorld, January 10, 2023
John Victor D. Ordoñez
Josua T. Mata, a Filipino labor activist, said the government of President Ferdinand R. Marcos, Jr. should boost its public employment program this year...
Peso nears P54:$1; PSEi rebounds
The Manila Times, January 10, 2023
Ed Paolo Salting and Eireene Jairee Gomez
The peso neared the P54:$1 mark on Monday while the stock market also rebounded to post a strong start to the week...
Oil firms cut pump prices
The Manila Times, January 10, 2023
Eireene Jairee Gomez
After a series of increases, oil companies lowered pump prices on Tuesday, January 10. Shell, Caltex, Cleanfuel, Jetti Petroleum, Seaoil, Shell, PetroGazz, PTT Philippines and Unioil slashed the cost of diesel by P2.80 per liter, kerosene by P2.10 per liter and gasoline by P0.75 per liter...
Wholesale goods price growth eases in Oct.
BusinessWorld, January 9, 2023
Abigail Marie P. Yraola
Growth in wholesale prices of general goods slowed in October, according to preliminary data from the Philippine Statistics Authority (PSA)...
Business chambers see tourism, agriculture driving 2023 recovery
BusinessWorld, January 9, 2023
Revin Mikhael D. Ochave
Business groups said they expect tourism and agriculture to drive the economic recovery in 2023, with remittances providing a cushion against any possible external shocks...
PHL current account deficit forecast raised to 4.7% of GDP in 2023
BusinessWorld, January 9, 2023
Keisha B. Ta-asan
The current account deficit as a proportion of gross domestic product (GDP) is now projected at 4.7% this year from 4.5% previously, with easing commodity prices offset by strong imports of capital goods, Fitch Solutions Country Risk & Industry Research said in a report...
Airport authority sees 2023 revenue rising 36% to P11.5B
BusinessWorld, January 9, 2023
Arjay L. Balinbin
The Manila International Airport Authority (MIAA), which manages the Ninoy Aquino International Airport, said it expects revenue to rise 36% to P11.46 billion this year, with a capital expenditure target of P2.69 billion, up 98%...