January 23, 2023
Analysts’ Q4 and full-year 2022 GDP growth estimates
Source: BusinessWorld
Economic growth likely slowed in Q4
Philippine Star, January 23, 2023
Louella Desiderio
The country’s economic growth likely moderated in the fourth quarter from the previous quarter, with high inflation dampening consumption spending, but full-year 2022 gross domestic product (GDP) growth is expected to have been higher than 2021’s amid easing of pandemic curbs. Seven economists asked about their GDP forecasts expect the economy to have posted slower growth in the fourth quarter last year compared to the 7.6 percent in the third quarter...
PH 2022 GDP growth seen overshooting gov’t target at 7.7%
Philippine Daily Inquirer, January 23, 2023
Ronnel W. Domingo
The growth of the Philippine economy may have surpassed the government’s target at 7.7 percent, thanks mainly to brisk consumer spending as households reclaimed their lifestyles before the onset of the COVID-19 pandemic by going out for meals, entertainment and travel, according to ING Bank...
PH lauded for spearheading growth
The Manila Times, January 23, 2023
Kristina Maralit
The international business community hailed the Philippines for leading the economic recovery not only in the Asia-Pacific but in the whole world, President Ferdinand "Bongbong" Marcos Jr. said...
Growth goal hit – analysts
The Manila Times, January 23, 2023
Niña Myka Pauline Arceo
The economy likely slowed in the fourth quarter of 2022 but full-year growth would still hit the upper end of the government's target, analysts polled by The Manila Times said...
Asean countries seen to lead growth in 2023
The Manila Times, January 23, 2023
Kristina Maralit
Despite a somber global economic outlook for 2023, countries in Southeast Asia are expected to post relatively high levels of economic growth...
Lagman flags 'reengineered' Maharlika bill over problems with fund sources
Philippine Star, January 23, 2023
Christina Chi
A lawmaker flagged the revised version of the Maharlika Investment Fund bill on Monday, saying that proposals to use dividends from government-owned and -controlled corporations for the wealth fund would strip the national treasury of an important fund source...
House to prioritize passage of bills for gov’t digitalization
Manila Standard, January 23, 2023
Rio N. Araja
Speaker Martin Romualdez on Sunday said the House of Representatives will prioritize digital transformation bills such as the E-Governance or E-Government Act when it resumes its session today..
Proposed Magna Carta on Religious Freedom hurdles House on 3rd reading
Philippine Daily Inquirer, January 23, 2023
Gabriel Pabico Lalu
The proposed Magna Carta on Religious Freedom Act, which would prohibit the hampering or curtailing of a person’s right to religious belief, has been passed on third reading at the House of Representatives...
Mark Villar files Maharlika Investment Fund bill at Senate
Philippine Daily Inquirer, January 23, 2023
Daniza Fernandez
A measure seeking to set up a Maharlika Investment Fund has been filed in the Senate...
Manila extends deadline for business permit renewal
The Manila Times, January 23, 2023
Christian Crow Maghanoy
The Manila City government has extended the deadline for the renewal of business permits until Feb. 3, 2023...
ILO urged to look into violations of Filipino nurses’ rights
Philippine Star, January 23, 2023
Gaea Katreena Cabico
An association of nurses called on the International Labour Organization-High Level Tripartite Mission to the Philippines to examine the violations of nursing workforce standards in the country, especially during the COVID-19 pandemic...
ASEAN economies urged to boost infrastructure investments
Philippine Star, January 23, 2023
Louella Desiderio
The expanded Association of Southeast Asian Nations economies should increase infrastructure investments to take advantage of opportunities and to address the climate change challenge, the ASEAN+3 Macroeconomic Research Office (AMRO) said...
Asian markets mixed in holiday-hit trade
Philippine Star, January 23, 2023
Agence France-Presse
Asian markets were mixed in holiday-thinned trade Monday, while the dollar dropped as investors lowered their expectations for US interest rate hikes...
Pakistan hit by nationwide power outage
Philippine Daily Inquirer, January 23, 2023
Agence France-Presse
A massive power breakdown in Pakistan on Monday affected most of the country’s more than 220 million people, including in the mega cities of Karachi and Lahore...
Weapons deliveries to Kyiv to lead to 'global tragedy'
Philippine Star, January 23, 2023
Xinhua News Agency
The deliveries of weapons to Ukraine will lead to a "global tragedy," a high-ranking Russian official warned on Sunday...
Ukraine lambasts allies' indecision
The Manila Times, January 23, 2023
Agence France-Presse
Ukraine on Saturday (Sunday in Manila) blasted the "global indecision" of its allies after Germany refused to supply its vaunted Leopard tanks to bolster Kyiv's fighting capacity in the nearly yearlong war with Russia...
EU foreign policy chief hopes bloc agrees next tranche of military aid to Ukraine
Philippine Daily Inquirer, January 23, 2023
Reuters
The European Union’s foreign policy chief Josep Borrell said he hopes member states will approve another 500 million euro ($545.00 million) tranche in military aid for Ukraine during a foreign ministers’ meeting on Monday...
China, Afghanistan vow to fight terror
The Manila Times, January 23, 2023
Xinhua News Agency
Chinese Foreign Minister Qin Gang on Saturday held a phone conversation with Amir Khan Muttaqi, acting foreign minister of the Afghan interim government, with both sides pledging to strengthen cooperation and vowing to combat terrorism...
Russia, Estonia expel envoys amid 'destroyed' ties
The Manila Times, January 23, 2023
Associated Press
Russia and Estonia on Monday were expelling the ambassadors from each other's countries in a tit-for-tat move, saying their diplomatic missions would be headed by charges d'affaires...
France still 'very sexist' – report
The Manila Times, January 23, 2023
Associated Press
Five years into the #MeToo movement, French society "remains very sexist in all of its spheres," a government-created equality watchdog said in an annual report on Monday that also sounded the alarm about double-digit rates of sexual violence reported by women...
China logs nearly 13,000 Covid deaths in a week
Philippine Star, January 23, 2023
China reported nearly 13,000 Covid-related deaths in hospitals between January 13 and 19, after a top health official said the vast majority of the population had already been infected...
Londoners escape worst of inflation crisis with big salary increases
BusinessMirror, January 23, 2023
Bloomberg News
London residents ware weathering the cost-of-living crunch better than people in the rest of the UK, one research group concluded...
Marcos: Military unrest dealt with
The Manila Times, January 23, 2023
Catherine S. Valente
President Ferdinand Marcos Jr. has tamped down concerns about a spreading unrest among military officials, saying the problem has been dealt with...
Marcos Jr. ups budget for climate change programs by 48%
Philippine Star, January 23, 2023
Helen Flores
President Marcos has increased the funds allocated for climate change programs this year by about 48 percent, Climate Change Commission (CCC) vice chairman and executive director Robert Borje said yesterday...
Comelec to create own cybersecurity unit
The Manila Times, January 23, 2023
William B. Depasupil
The Commission on Elections (Comelec) will form its own cybersecurity department to protect voters and vital election-related information from cyberattacks...
Defense chief Galvez to address ammunition wastage
Philippine Daily Inquirer, January 23, 2023
John Eric Mendoza
Drawing from his experience as the country’s COVID-19 vaccine czar, Defense Secretary Carlito Galvez Jr. on Monday vowed to address the wastage of ammunition in the Armed Forces of the Philippines (AFP)...
Marcos says he will cut down on overseas trips for the rest of the year
BusinessMirror, January 23, 2023
Samuel P. Medenilla
After going on eight official foreign trips in the first seven months of his term, President Ferdinand R. Marcos Jr. said he will be limiting his travels this year...
DTI: PHL in process of ratifying accord on fisheries subsidies
BusinessMirror, January 23, 2023
Trade Secretary Alfredo E. Pascual said the Philippines “is in the process of ratifying the Agreement on Fisheries Subsidies,” as he affirmed the Philippines’s commitment “to contribute to the second wave of the fisheries negotiations.”...
Rep. Acop tells commuters: Lodge complaint against ‘abusive’ transport service providers
BusinessMirror, January 23, 2023
Jovee Marie De La Cruz
The chairman of the House Committee on Transportation urged commuters to file complaints against abusive transportation service providers...
PIDS: Right investments key to more affordable food
BusinessMirror, January 23, 2023
Andrea E. San Juan
The government must focus on improving productivity, particularly identifying the right investments along the value chain, among others, to make food more affordable to Filipino consumers, according to a recent study published by the Philippine Institute for Development Studies (PIDS).
MMDA to establish motorcycle riding academy
Philippine Daily Inquirer, January 23, 2023
Zacarian Sarao
To decrease motorcycle accidents, the Metropolitan Manila Development Authority (MMDA) announced its plan to establish a Motorcycle Riding Academy in Metro Manila to provide training to both beginners and experienced riders on Monday...
Artificial habitats: Not enough to save PH coral system
Philippine Daily Inquirer, January 23, 2023
Cristina Eloisa Baclig
As scientists, environmentalists, and experts revive dying coastal communities due to the degradation of coral reefs, a recent policy brief found that deploying artificial habitats (AH)—formerly known as artificial reefs—might not be enough to solve plunging coral cover in the country...
Target completion of PNR Clark Phase 2 moved to June 2025
Philippine Daily Inquirer, January 23, 2023
Zacarian Sarao
The Department of Transportation (DOTr) said on Monday that the target completion date for Philippine National Railways (PNR) Clark Phase 2 has been extended to June 2025 due to delays in the turnover of the construction site to the agency’s project contractor...
More Filipinos turn to online lending apps – report
Philippine Daily Inquirer, January 23, 2023
Francis Earl Cueto
Over two million Filipinos spent 75,305 hours — equivalent to nine years — using digital lending applications last year, a report from consumer credit service Digido said...
GOCC agency working to resolve salary issue
The Manila Times, January 23, 2023
Ed Paolo Salting
The Governance Commission for Government-Owned or -Controlled Corporations (GCG) is working to amicably resolve issues involving the implementation of the Compensation and Position Classification System (CPCS)...
Why is Ethical Marketing important?
Manila Standard, January 22, 2023
Nicole Fajardo
Ethical marketing methods have many positive outcomes for businesses and the public. The most significant advantages are improved corporate image and trust. People will trust a firm that markets itself in a way that meets public expectations and ethical standards...
Foreign borrowings down to $10.3 billion in 2022
Philippine Star, January 23, 2023
Lawrence Agcaoili
Foreign borrowings approved by the Bangko Sentral ng Pilipinas (BSP) declined for the second straight year, as the Philippines continues to recover from the impact of the COVID-19 pandemic...
Government targets more investors from Europe
Philippine Star, January 23, 2023
Louise Maureen Simeon
The government’s economic team will lay out prospects for European investors to come and do business in the Philippines as it banks on a strong recovery moving forward...
BSP raises interest cap on credit card transactions to 3% per month
Philippine Daily Inquirer, January 23, 2023
Ronnel W. Domingo
The Bangko Sentral ng Pilipinas (BSP) has raised the interest cap on credit card transactions to 3 percent a month or 36 percent a year...
PEZA exec: Davos trip to lure foreign investors
The Manila Times, January 23, 2023
Ed Paolo Salting
The Philippine Economic Zone Authority (PEZA) expects foreign direct investments (FDIs) to pick up following President Ferdinand "Bongbong" Marcos Jr.'s trip to the World Economic Forum meeting in Davos, Switzerland...
Salceda backs Marcos’ vision of PH economy with no recession, inflation dip to 4.0%
Philippine Daily Inquirer, January 23, 2023
Gabriel Pabico Lalu
Economist and Albay 2nd District Rep. Joey Salceda has backed President Ferdinand Marcos Jr.’s vision of a good Philippine economy for 2023, saying that headline inflation rates would ease down to 4.0 percent by mid-year...
Market seen consolidating this week
Philippine Star, January 23, 2023
Iris Gonzales
The benchmark stock index rallied last week, but would likely consolidate this week even as better economic numbers and corporate earnings are expected...
Public warned vs fake online e-travel pass
BusinessMirror, January 23, 2023
Manuel Cayon
The Bureau of Quarantine here has warned travelers to be wary of registering in an online travel pass with illegitimate online registration sites...
‘Absolutely, there’ll be no recession in PHL’
BusinessMirror, January 23, 2023
Jovee Marie De La Cruz
An economist-lawmaker on Sunday seconded President Ferdinand Marcos Jr.’s statement in the World Economic Forum that the Philippine growth outlook remains bright despite global recession fears, with the House tax panel chairman asserting that, “absolutely there will be no recession for the Philippines in 2023.”...
Stock index likely to stay above 7,000
Manila Standard, January 22, 2023
The benchmark index of the Philippine Stock Exchange is expected to stay above 7,000 points as the market attempts to test key resistance levels, analysts said over the weekend...
MB okays $2-B Q4 foreign borrowing
The Manila Times, January 22, 2023
Eireene Jairee Gomez
Covering October to December 2022, the Monetary Board (MB) on Friday approved one public sector foreign borrowing of $2 billion for the fourth quarter of 2022, according to the Bangko Sentral ng Pilipinas (BSP)...