January 4, 2023
Manufacturing Purchasing Managers’ Index (PMI) of select ASEAN economies, December 2022
Source: BusinessWorld
Philippine debt hit new record high of P13.6T in Nov 2022
Philippine Daily Inquirer, January 4, 2023
Ronnel W. Domingo
The country’s total outstanding debt hit a new record high of P13.644 trillion at the end of November 2022, but the month-on-month increase has been slowing down due to the stronger peso, a lull in borrowing from abroad plus less inflows from domestic lenders, according to the Bureau of the Treasury (BTr)...
PHL factory activity hits 6-month high in December
BusinessWorld, January 4, 2023
Luisa Maria Jacinta C. Jocson
Factory activity in the Philippines continued to expand in December, hitting a six-month high thanks to a rise in production and new orders, a survey by S&P Global showed on Tuesday...
Philippine debt barely moves in November
Philippine Star, January 4, 2023
Louise Maureen Simeon
The country’s outstanding debt remained at a record high P13.64 trillion as of end-November last year as the peso appreciated against the dollar, but larger increases are still expected to happen as the government moves to finance the budget deficit, according to the Bureau of the Treasury...
IMF says carbon pricing may raise $7-B revenues
BusinessWorld, January 4, 2023
Keisha B. Ta-asan
The implementation of carbon pricing in the Philippines could raise around $7 billion in revenues by 2030, the International Monetary Fund (IMF) said...
Peso gains limit rise in govt debt
The Manila Times, January 4, 2023
Eireene Jairee Gomez
A stronger peso helped temper the rise in government debt in November, the Treasury bureau reported on Thursday...
EO extending lower tariff on MDM hangs
BusinessMirror, January 4, 2023
Jasper Y. Arcalas
Local meat processors urged President Marcos Jr. to issue the new executive order (EO) that would extend the lower tariff rate on mechanically deboned meat (MDM) of poultry to prevent the possible “aggravation” of port congestion in the country...
Palace issues EO 10 extending tariff cuts on pork, corn, rice, coal
BusinessMirror, January 4, 2023
Samuel P. Medenilla
The supply constraints, expected global food supply shortage and rise in price of commodity prices prompted President Ferdinand R. Marcos, Jr. to extend once again the temporary tariff reduction for pork, corn, rice and coal...
Palace urged to likewise defer SSS, Pag-IBIG premium rate increases
BusinessMirror, January 4, 2023
Jovee Marie De La Cruz
A House deputy minority leader on Tuesday called on Malacañang to also defer premium hikes of the Social Security System (SSS) and the Home Development Mutual Fund, or Pag-IBIG Fund...
Proposed rules on accreditation of company service providers and service agents
The Manila Times, January 4, 2023
Kelvin Lester K. Lee
Last year, the Securities and Exchange Commission (SEC) issued a draft memorandum circular (MC) pertaining to the accreditation of company service providers (CSPs) and company service agents (CSAs). This was released on the commission's website (www.sec.gov.ph) on Dec. 12, 2022 for public comment...
Microsoft aims for AI-powered version of Bing – The Information
BusinessWorld, January 4, 2023
Reuters
Microsoft Corp. is in the works to launch a version of its search engine Bing using the artificial intelligence behind OpenAI-launched chatbot ChatGPT, The Information reported on Tuesday, citing two people with direct knowledge of the plans...
VR technology for domestic ferry safety may take time, says stakeholder
The Manila Times, January 4, 2023
Yashika F. Torib
The use of virtual reality (VR) technology to improve domestic ferry safety in the Philippines might take time and a paradigm shift, said Mary Ann Pastrana, chairman of Archipelago Philippines Ferries Corp. (APFC)...
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As holiday online sales surged, so did fraud attempts
Philippine Daily Inquirer, January 4, 2023
Tyrone Jasper C. Piad
More potential fraud attempts involving e-commerce transactions were detected during the holidays in the Philippines when online retail activities hit their high, according to TransUnion...
Marcos, Xi to discuss trade and security issues
BusinessWorld, January 3, 2023
John Victor D. Ordoñez
Philippine President Ferdinand R. Marcos, Jr. on Tuesday said he aims to boost cooperation with China on agriculture, trade and industry, energy and regional security issues when he meets with his Chinese counterpart during his three-day state visit...
Experts sceptical that China travel curbs will be effective
Philippine Star, January 4, 2023
Isabelle Tourne, Agence France-Presse
International measures on travellers from China will likely have little effect on containing Covid, health experts said Tuesday, pointing to a surging variant in the United States that may pose a larger threat...
Beijing slams 'unacceptable' COVID rules on travelers from China
Philippine Star, January 4, 2023
China on Tuesday condemned fresh COVID test requirements by around a dozen countries on passengers traveling abroad from its territory, warning it could take "countermeasures" in response...
US regulators warn banks over crypto risks
Philippine Star, January 4, 2023
Agence France-Presse
US bank regulators warned Tuesday that crypto assets and exposure present risks to lenders, urging organizations to ensure they manage the dangers...
Japan's PM to meet Biden in Washington, visit other G7 allies
The Manila Times, January 4, 2023
Agence France-Presse
Japanese Prime Minister Fumio Kishida said Wednesday he will hold talks with US President Joe Biden at the White House on January 13 and will also visit other G7 allies this month...
Asian stocks in 2022 suffer biggest foreign outflows since 2008 global crisis
Philippine Daily Inquirer, January 4, 2023
Reuters
Foreign investors withdrew more money from emerging Asian equities in 2022 than they had done in any year since the global financial crisis in 2008, as rising U.S. interest rates pulled funds towards dollar assets...
Oil falls again as worries grow over global economy, China COVID cases
Philippine Daily Inquirer, January 4, 2023
Reuters
Oil edged lower on Wednesday after slumping in the previous session, weighed down by concerns about weak demand due to the state of the global economy and China’s rising COVID cases...
Dollar falls as Europe inflation cools and China lifts the Aussie
Philippine Daily Inquirer, January 4, 2023
Reuters
The dollar fell broadly on Wednesday, losing out to commodities currencies like the Australian dollar and against the euro, which got a lift from a raft of data that suggested European inflation may finally have peaked...
Russia says toll from Ukraine strike rises to 89
Manila Standard, January 4, 2023
Agence France-Presse
The toll from a Ukrainian New Year strike in Makiivka has risen to 89, Moscow said Wednesday, after Russians gathered to mourn the troops in a rare public display of anger and grief...
Euro zone recession may not be as deep as expected -PMI
Philippine Daily Inquirer, January 4, 2023
Reuters
Euro zone business activity contracted less than initially thought at the end of last year as price pressures eased, according to a survey which suggested the bloc’s recession may not be as deep as expected...
Tech billionaires see wealth shrink amid 2022 stock crunch
Philippine Daily Inquirer, January 4, 2023
Agence France-Presse
The fortunes of Silicon Valley billionaires took a beating in 2022 as share prices of the world’s tech giants plummeted...
US FDA allows abortion pills to be sold at retail pharmacies
BusinessWorld, January 4, 2023
Reuters
The US Food and Drug Administration (FDA) will allow retail pharmacies to offer abortion pills in the United States for the first time, the agency said on Tuesday, even as more states seek to ban medication abortion...
South Korea’s Yoon warns of ending military pact if North violates airspace again -Yonhap
BusinessWorld, January 4, 2023
Reuters
South Korean President Yoon Suk-yeol said on Wednesday he would consider suspending a 2018 inter-Korean military pact if North Korea violates its airspace again, Yonhap news agency reported, citing his press secretary...
Stock markets rally on New Year boost but US equities falter
Philippine Star, January 4, 2023
Agence France-Presse
Global stocks mostly rallied Tuesday thanks to a New Year boost, clouded however by rising interest rates, recession worries and Russia's war on Ukraine...
China urges ‘final victory’ over COVID as global concern mounts over spread
BusinessWorld, January 4, 2023
Reuters
Global health officials tried to determine the facts of China‘s raging COVID-19 outbreak and how to prevent a further spread as the government’s mouthpiece newspaper on Wednesday rallied citizens for a “final victory” over the virus...
Dramatic rise in US children ingesting marijuana edibles: study
Manila Standard, January 4, 2023
Agence France-Presse
The number of American children accidentally ingesting cannabis edibles has jumped nearly 15 times in recent years as more states have legalized the recreational use of marijuana, according to a scientific study published Tuesday...
Australia defends COVID tests for China arrivals
Manila Standard, January 4, 2023
Agence France-Presse
Australia’s government on Wednesday criticised Beijing’s lack of COVID-19 transparency, after overruling its chief medical officer and ramping up testing for travellers from China...
Up to 70% of Shanghai population infected with COVID — top doctor
Philippine Star, January 3, 2023
Agence France-Presse
A senior doctor at one of Shanghai's top hospitals has said 70% of the megacity's population may have been infected with COVID-19 during China's huge surge in cases, state media reported Tuesday...
Last tranche of govt wage hike takes effect in 2023
The Manila Times, January 4, 2023
Moises Cruz
Starting in 2023, the lowest monthly salary for a government employee is at P13,000, a lawmaker at the House of Representatives said on Tuesday...
LTFRB: Fewer buses plying EDSA Carousel
Philippine Star, January 4, 2023
Romina Cabrera
The Land Transportation Franchising and Regulatory Board (LTFRB) has trimmed down the number of buses plying the EDSA Carousel as the government ended the free rides for commuters...
Fireworks-related injuries climb to 262
Philippine Star, January 4, 2023
Rhodina Villanueva
Fifity-one additional firecracker-related injuries in the country were recorded, bringing the total to 262, according to the fireworks-related injury surveillance report released by the Department of Health (DOH) yesterday...
Leptospirosis cases up 119%
Philippine Star, January 4, 2023
Rhodina Villanueva
More than 4,000 leptospirosis cases have been recorded nationwide...
‘‘No diversion of radar funds by ex-DOTr chief Tugade’
BusinessMirror, January 4, 2023
Lorenz S. Marasigan
Former Department of Transportation (DOTr) Secretary Arthur P. Tugade did not commit malversation of funds for the Communications, Navigation, and Surveillance/Air Traffic Management (CNS/ATM) System of the Philippine Airports, his spokesman clarified on Tuesday evening...
300 police officials linked to illegal drugs asked to resign
The Manila Times, January 4, 2023
Christian Crow Maghanoy and Francis Earl Cueto
The Department of the Interior and Local Government (DILG) disclosed on Wednesday that about 300 ranking officials in the Philippine National Police are involved in the illegal drug trade and has asked them to resign from their posts...
Bank lending sustained double-digit growth momentum in November
Philippine Daily Inquirer, January 4, 2023
Ronnel W. Domingo
Lending activities of the largest banks in the Philippines grew by 13.7 percent in November 2022 compared to the same month of 2021...
Price of onions to drop to P170/kilo – farmers' group
The Manila Times, January 4, 2023
Bella Cariaso
The farmers' group Samahang Industriya ng Agrikultura (Sinag) president Rosendo So on Tuesday said that he expects the retail prices of onions to normalize at P170 per kilo beginning Jan. 15, 2023 with the start of the peak harvest season...
Rain, flood damage to agriculture reaches P315.3M
The Manila Times, January 4, 2023
Bella Cariaso
The Department of Agriculture (DA) reported P315.3 million damage in the agriculture sector amid rains and floods brought by the shearline and northeast monsoon in parts of the country...
Gov’t weighs multiple airport PPP projects
Philippine Daily Inquirer, January 4, 2023
Tyrone Jasper C. Piad
The Department of Transportation (DOTr) continues to assess unsolicited proposals for public-private partnership (PPP) projects involving several regional airports, which it expects to draw more investor interest moving forward...
Rain, flood damage to agriculture reaches P315.3M
The Manila Times, January 4, 2023
Bella Cariaso
The Department of Agriculture (DA) reported P315.3 million damage in the agriculture sector amid rains and floods brought by the shearline and northeast monsoon in parts of the country...
Peza to accept more transfer applications to BOI until mid-January
Philippine Daily Inquirer, January 4, 2023
Alden M. Monzon
The Philippine Economic Zone Authority (Peza) on Tuesday said it would still accept applications from business process outsourcing (BPO) firms that want to transfer to the Board of Investments (BOI), extending the period of submission until around the middle of this month...
Real estate exposure of Philippine banks eases in September
Philippine Star, January 4, 2023
Lawrence Agcaoili
The exposure of Philippine banks and trust entities to the volatile property segment eased to 21.19 percent in end-September from 21.8 percent in end-June last year as the industry’s non-performing loan (NPL) ratio to the sector improved to below five percent...
Stocks kick off 2023 on a high note
Philippine Star, January 4, 2023
Richmond Mercurio
The Philippine stock market opened 2023 on a positive note, indicating optimism for the year...
Recessions in key markets to weigh on electronics growth
BusinessWorld, January 3, 2023
Luisa Maria Jacinta C. Jocson
The electronics industry, which produces the Philippines’ leading exports, is expected to come under pressure in 2023 as its most important markets go through recessions, analysts said...
Infrastructure spending sharply lower in October on month-on-month basis
BusinessWorld, January 3, 2023
Luisa Maria Jacinta C. Jocson
Infrastructure spending fell 38.3% month on month in October to P61.2 billion, according to the Department of Budget and Management (DBM)…
Nuclear decision to hinge on economics of BNPP rehab, compliance with safety rules
BusinessWorld, January 3, 2023
Ashley Erika O. Jose
The decision to incorporate nuclear power into the energy mix now rests on project economics and the Philippines’ ability to comply with safety requirements, a government think tank said...
USDA hikes PHL corn import outlook to 1 MMT for market year 2022-2023
BusinessMirror, January 3, 2023
Jasper Y. Arcalas
The country’s corn imports in market year 2022-2023 could reach 1 million metric tons (MMT) on the back of the extension of lower tariffs on the commodity and anticipated easing of global prices...