Filipinos’ food costs’ share to net minimum wage narrows; minimum pay increases

Source: BusinessWorld

The Philippines posted a $612-million balance of payment (BoP) surplus in December, bringing the full-year level to a record deficit of $7.3 billion...

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President Ferdinand R. Marcos, Jr. on Wednesday said the Philippines would resist global recessionary headwinds, but warned that increasing tensions in the South China Sea were harming trade...

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An estimated 3 million families, or 11.8 percent of families in the country, said they experienced involuntary hunger in the last quarter of 2022, according to the latest Social Weather Stations (SWS) survey conducted on Dec. 10 to Dec. 14...

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President Marcos sees the Philippines unlocking demographic dividends from its young workforce and supporting strong growth for the long haul as his economic team affirmed that the country’s inflation rate, currently at a 14-year high, could be tamed by next year...

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President Ferdinand "Bongbong" Marcos Jr.'s participation at the annual World Economic Forum (WEF) meeting is expected to generate billions of investments as well as hundreds of new jobs, members of his Cabinet said...

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The Philippine stock market slipped back into negative territory yesterday following the decline in US bourses...

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Metro Manila last year saw the highest increase in construction material retail prices in 14 years, according to data released by the Philippine Statistics Authority (PSA)…

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The Joint Foreign Chambers (JFC) called on the Senate to commence deliberation on the Open Access in Data Transmission Act upon resumption of session next week...

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The Joint Foreign Chambers of the Philippines (JFC) on Thursday called on lawmakers in the Senate to begin deliberations on a piece of legislation that is meant to improve internet quality and prices, one of the key reforms that the private sector has been pushing under the Marcos administration...

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The House of Representatives will give the proposed E-Government Act its full attention when the chamber resumes session, Speaker Ferdinand Martin G. Romualdez said...

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The Social Security System (SSS) has decided to proceed with the scheduled contribution rate hike in a bid to protect the actuarial life of the fund...

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Metro Manila mayors on Thursday approved the final draft of the traffic code intended to harmonize traffic penalties and violations across cities in the capital region...

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The National Electrification Administration (NEA) said on Thursday that National Power Corp. (Napocor) will reduce services to areas served by its Small Power Utilities Group (SPUG) due to the high price of diesel fuel...

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The Philippine Ports Authority (PPA) yesterday asked the public to give the Trusted Operator Program – Container Registry and Monitoring System (TOP-CRMS) a chance amid backlash from business and other groups...

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The West Philippine Sea is something that keeps him “awake at night, in the day and most of the time,” said President Marcos as he asserted the Philippines’ sovereign and territorial rights to a global audience...

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Indian traders in the Philippines are keen on starting ventures outside of Metro Manila...

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World Economic Forum (WEF) President Børge Brende lauded the Philippines Wednesday for its remarkable gross domestic product (GDP) growth, describing it as the "fastest growing" economy in the Association of Southeast Asian Nations (Asean)...

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At least nine international companies have expressed interest to invest or expand their business in the Philippines, members of President Ferdinand "Bongbong" Marcos Jr.'s economic team said...

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The introduction of a global minimum corporate tax rate should generate an additional $220 billion in annual revenues for governments, according to updated estimates published on Wednesday...

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Japan's consumer prices rose 4% in December from a year earlier, a level not seen since December 1981, fuelled in part by higher energy bills, government data showed Thursday...

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World stocks fell on Thursday and U.S. benchmark 10-year Treasury yields bounced up off of four-month lows, as worries mounted that an aggressive stance by central banks could push the global economy into a slowdown...

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Hong Kong will scrap its mandatory isolation rule for people infected with the coronavirus from January 30 as part of its strategy to return the southern Chinese city to normalcy, the city's leader said on Thursday...

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New Zealand Prime Minister Jacinda Ardern, widely considered a global figurehead of progressive politics, shocked her country on Thursday by announcing she would resign from office in a matter of weeks...

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A Canadian company supplying battle-ready armored vehicles to Ukraine plans to deliver the 200 vehicles Ottawa promised to Kyiv before summer, the firm’s Chief Executive Officer Roman Shimonov said on Thursday...

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Denmark said Thursday it would donate 19 French-made Caesar howitzers to Ukraine, including some still on order, following a slew of pledges of heavy weapons from Kyiv’s Western allies...

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The war in Ukraine, China’s reopening and climate change will continue making commodities expensive this year, according to London-based think tank the Economist Intelligence Unit (EIU)...

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Philippine President Ferdinand R. Marcos, Jr. has approved zero tariff on electric vehicles to encourage consumers to use “cleaner and greener” cars...

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The Senate blue ribbon committee has found that the 39,000 laptops purchased in 2021 for public school teachers for P979 million were overpriced and recommended the filing of criminal charges against officials of the Department of Education (DepEd) and Department of Budget and Management (DBM)...

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Unused government assets will be leveraged for a planned Philippine sovereign wealth fund that will be used to kick-start crucial infrastructure projects, President Ferdinand "Bongbong" Marcos Jr. said...

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The Philippines will not see any "alarming" spikes of Covid-19 in the coming months unless a new variant in the mold of Delta arrives in the country, a senior fellow of OCTA Research said...

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He never expected to enter politics, much less to be president. But he reckoned it was necessary for the survival of his family. And now that he has been elected CEO of the Philippines for six years, President Ferdinand “Bongbong” Marcos Jr. vowed to a global audience that he would “work hard” and “do it well.”...

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President Ferdinand Marcos Jr. said during his meeting with World Economic Forum (WEF) President Børge Brende here that the Philippines is not inclined to militaristic solutions to territorial disputes, adding it "will end badly for everyone involved"...

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The public should immediately report to their telecommunication provider if their subscriber identity module (SIM) card was stolen to avoid scammers using their identity, the Department of Information and Communications Technology (DICT) said on Thursday...

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Philippine President Ferdinand R. Marcos, Jr. has secured investment commitments from at least two foreign companies during his trip to Switzerland, according to the presidential palace...

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House Appropriations Vice Chairman and Makati Rep. Luis Campos said on Thursday that Congress has set aside P200 million this year to begin building a new Zamboanga International Airport...

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The Department of Education (DepEd) on Thursday promised “transparency” and “accountability” following the recommendation of the Senate Blue Ribbon committee to file criminal and administrative charges against DepEd and the Procurement Service – Department of Budget and Management (PS-DBM) over purchased laptops that were allegedly overpriced by at least P 979 million...

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The proposed importation of as much as 450,000 metric tons (MT) of sugar this year has drawn some apprehension among agricultural stakeholders, who expect data on production and consumption to dictate the volume being brought in...

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The Philippine Economic Zone Authority (PEZA) is set to launch a sustainability reporting initiative this year as part of its earlier signed memorandum of understanding (MOU) with the Global Reporting Initiative (GRI)...

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The Department of Agriculture (DA) has directed the Bureau of Animal Industry (BAI) to ease the shortage of eggs in the country triggered by the avian flu and the high cost of feeds...

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The Philippines will continue to lean on its young and well-trained workforce to fuel future economic growth, President Ferdinand Marcos Jr. said Thursday, as he noted the country was currently in a “demographic sweet spot” that will play a “major role” going forward...

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President Marcos’ “timely” debut on the World Economic Forum (WEF) stage as the Philippines’ new CEO—one who is pitching a robust growth story while the rest of the world is facing a looming recession—would bring home investments and business partnerships that could benefit Filipinos for the long term, his top economic managers said...

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Interest rates in the Philippines might start receding in the second half of this year after rising further in the first quarter as central banks across Asia, including the Bangko Sentral ng Pilipinas (BSP), may take their cue from American regulators who are expected to react to a recession, according to Deutsche Bank...

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Local producers welcomed a proposal to import up to 450,000 metric tons (MT) of sugar this year to temper skyrocketing retail prices yet others advised the Marcos administration to defer such plans until at least after the milling season...

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The Department of Agriculture (DA) warned the public on Thursday not to buy onions as big as apples or fists from local markets because they were most likely smuggled and could have food safety risks...

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The Department of Energy (DoE) on Thursday signed a partnership with the Pilipinas Shell Petroleum Corp. (PSPC), and Shell Energy Philippines Inc. (SEPH) to conduct a pilot study of electric vehicle charging stations supplied by renewable energy (RE)...

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The United Sugar Producers Federation (UNIFED) said on Thursday that it supports a government plan to import sugar, with volumes initially estimated at 450,000 metric tons (MT), in light of the imminent establishment of a two-month buffer stock for the commodity...

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The number of companies registered as tourism establishments grew 5.5% in the six years to 2020, driven by optimism about the industry’s growth before the pandemic set in, the Philippine Statistics Authority (PSA) said...

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The broiler industry is in the black, but Filipino producers are still being cautious, according to Elias Jose “Bong” M. Inciong, president of the United Broiler Raisers Association (UBRA), a group of small- and medium-scale poultry producers...

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The Department of Agriculture (DA) said it will seek to enhance domestic corn production in order to meet the needs of the feed and livestock industries...

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The Makabayan bloc of legislators said a wealth tax will generate more revenue than a proposed tax on luxury goods...

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The Japan International Cooperation Agency (JICA) said it hopes to sign a financing agreement soon for the next financing tranche of the Metro Manila Subway project...

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The Philippines has been invited by the World Economic Forum (WEF) to join a soon-to-be established technology-sharing center, the Palace said in a statement...

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The Philippine Ports Authority (PPA) said the completion of the Zamboanga port passenger terminal building, which is set to become the country’s largest, will be delayed until next year...

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The number of families experiencing hunger in Metro Manila and Mindanao were on the decline but their numbers in Balance Luzon and the Visayas were on the rise even if the country was already in the thick of Christmas preparations, according to the latest Social Weather Stations (SWS) survey...

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Philippine banks and the government may need to make additional investments to guard against possible cyberattacks, according to experts....

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