March 1, 2023
Philippines down 3 spots in Global Investment Opportunity list
Source: BusinessWorld
February inflation likely breached 9%
Philippine Star, March 1, 2023
Lawrence Agcaoili
Inflation likely remained stubbornly high and could have breached nine percent in February from a fresh 14-year high of 8.7 percent in January, according to the Bangko Sentral ng Pilipinas (BSP)...
PH gets better growth outlook
The Manila Times, March 1, 2023
Niña Myka Pauline Arceo
Global and domestic headwinds will weigh on Philippine economic growth this year, but the country could still perform much better than initially expected given its fundamentals and better-than-expected results last year, experts said Tuesday...
PH 2022 budget deficit shrinks on strong revenue growth
Philippine Daily Inquirer, March 1, 2023
Ronnel W. Domingo
The Philippine national government’s budget deficit narrowed by 3.4 percent or P56 billion to P1.61 trillion in 2022 from P1.67 trillion in 2021, according to the Bureau of the Treasury...
ADB readying new PH country strategy
The Manila Times, March 1, 2023
The Asian Development Bank is preparing to update its country strategy for the Philippines, and is looking to provide $3.5 billion in loans annually to support the country's development...
Marcos: PUV modernization 'necessary'
The Manila Times, March 1, 2023
Catherine S. Valente
President Ferdinand "Bongbong" Marcos Jr. on Wednesday said the government's Public Utility Vehicle (PUV) Modernization Program is "necessary" but admitted its implementation was not good...
Jeepney groups shun talks; strike plan gains backers
Philippine Daily Inquirer, March 1, 2023
Jane Bautista, Melvin Gascon, Nestor Corrales
The weeklong strike planned next week by various public transport groups will push through despite a call for dialogue from Transportation Secretary Jaime Bautista, an official of one of the organizers said on Tuesday...
House approves Con-con bill on 2nd reading
Manila Standard, March 1, 2023
Maricel Cruz
The House of Representatives on Tuesday took another step toward approving the bill that will review the economic provisions of the 1987 Constitution...
SC affirms COA rule disallowing P15M benefits to PhilHealth staff
Manila Standard, March 1, 2023
Rey E. Requejo
The Supreme Court has affirmed a decision of the Commission on Audit (COA) disallowing the grant of P15 million in allowances and incentives to employees of the Philippine Health Insurance Corp. (PhilHealth)...
Lawmaker wants greater accountability from private employment agencies
Philippine Daily Inquirer, March 1, 2023
Vance Chan
A bill seeking to impose greater accountability and responsibility to private employment agencies (PEA) has been filed in the Senate...
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Firms partner to provide payroll services worldwide
The Manila Times, March 1, 2023
Ed Paolo Salting
Remote work solutions provider RemotePass and fintech (financial technology) company MatchMove are partnering to provide fully digitalized and global payroll services...
Mark Zuckerberg Says Meta Is Building AI ‘Personas’
Philippine Daily Inquirer, March 1, 2023
Dale Arasa
Meta CEO Mark Zuckerberg said his company is creating a “new top-level product group… focused on generative AI.”...
Structural reforms needed – envoy
The Manila Times, March 1, 2023
Jenica Faye Garcia
Government efforts including President Ferdinand Marcos Jr.'s trips abroad have raised the Philippines' profile but more reforms are needed to lure investments, the Danish ambassador to the Philippines said on Tuesday...
Marcos, Malaysian PM tackle security ties
The Manila Times, March 1, 2023
Catherine S. Valente and Bernadette E. Tamayo
President Ferdinand Marcos Jr. and Malaysian Prime Minister Dato Seri Anwar Ibrahim will discuss the strengthening of political, security and economic relations between their countries during a bilateral meeting in Malacañang today, March 1...
Envoy: Japan, Australia may join patrols with US, PH
Philippine Daily Inquirer, March 1, 2023
Reuters
The Philippines is in talks to possibly include Australia and Japan in planned joint South China Sea (SCS) patrols with the United States, a senior diplomat said on Monday, in another sign of concern over Beijing’s activities in the strategic waters...
Zubiri favors Edca sites: ‘We have bullies within our borders’
Philippine Daily Inquirer, March 1, 2023
Daniza Fernandez
Senate President Juan Miguel Zubiri said on Wednesday that he is in favor of having Enhanced Defense Cooperation Agreement (Edca) sites in the Philippines as it has “bullies within its borders.”...
World not adequately prepared for disasters, report says
Philippine Star, March 1, 2023
Earthquakes, floods, storms -- the world is not adequately prepared to face increasing disasters, said a report published Tuesday calling for a rethink on global risk management...
Global dividends hit new hights in 2022: study
Philippine Star, March 1, 2023
Agence France-Presse
Companies around the world paid their shareholders $1.56 trillion in dividends last year, according to a study published on Wednesday...
Japan's lower house OKs $50-B defense budget
The Manila Times, March 1, 2023
Associated Press
The lower house of Japan's parliament approved on Tuesday a budget for the coming fiscal year that includes a record 6.8 trillion yen ($50 billion) in defense spending, part of Tokyo's effort to fortify its military as China's influence in the region grows...
U.S. businesses in China are more pessimistic about prospects -survey
Philippine Daily Inquirer, March 1, 2023
Reuters
U.S. businesses operating in China are increasingly pessimistic about their prospects in the world’s second-largest economy, according to a survey released Wednesday by the American Chamber of Commerce in China...
Soils of war: The toxic legacy for Ukraine’s breadbasket
Philippine Daily Inquirer, March 1, 2023
Reuters
When Ukraine recaptured Kherson in November, Andrii Povod returned to find his grain farm in ruins. Two tractors were missing, most of the wheat was gone and all 11 buildings used to store crops and machinery had been bombed and burned...
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Marcos: No need for special powers to curb inflation
The Manila Times, March 1, 2023
Catherine S. Valente
President Ferdinand "Bongbong" Marcos Jr. on Wednesday said there is no need to ask Congress for special powers to curb inflation...
SRA gets go-ahead to clear release of sugar imports
Philippine Daily Inquirer, March 1, 2023
Carla Gomez, Marlon Ramos
The Department of Agriculture (DA) has paved the way for the release of the imported refined sugar flagged by the Bureau of Customs (BOC) for arriving last Feb. 9 without the required permit...
Marcos Jr. asks transport groups to rethink planned week-long strike
Philippine Daily Inquirer, March 1, 2023
Daphne Galvez
President Ferdinand “Bongbong” Marcos Jr. on Wednesday appealed to transport groups to reconsider their planned week-long strike, assuring them that the government’s public utility vehicle (PUV) modernization program will be further studied and tweaked...
Marcos vows to repay people’s support with sufficient gov’t aid
Philippine Daily Inquirer, March 1, 2023
Dennis Gutierrez
President Ferdinand Marcos Jr. has vowed to repay the people’s full and unwavering support to his administration with sufficient government aid to improve their lives...
Drug war victims’ kin tell ICC: Don’t let PH gov’t stall probe
Philippine Daily Inquirer, March 1, 2023
Krixia Subingsubing
Families who lost loved ones in the Duterte administration’s war on drugs have invoked the right to object formally to the Philippine government’s effort to stop the prosecutor of the International Criminal Court (ICC) from investigating the thousands killed during the crackdown...
'Covid vaccine-related deaths alarming'
The Manila Times, March 1, 2023
Arlie O. Calalo
An official of the Public Attorney's Office (PAO) on Tuesday told a Quezon City court the more than 2,500 deaths linked to the Covid-19 vaccine was reason enough to stop the mass vaccination of minors...
Philippines has only 300 oncologists for cancer patients – expert
Philippine Star, March 1, 2023
Rhodina Villanueva
The number of oncologists that can attend to the needs of cancer patients nationwide is only 300, according to a cancer expert...
Senior citizens commission calls for calm amid 'misinformation drive'
The Manila Times, March 1, 2023
Aric John Sy Cua
The National Commission of Senior Citizens (NCSC) has appealed to senior citizens for calm and vigilance over a "misinformation drive" over issues surrounding them...
Coast Guard observes spill near capsized fuel tanker off Oriental Mindoro
Philippine Daily Inquirer, March 1, 2023
Madonna T. Virola
An aerial surveillance by the Philippine Coast Guard (PCG) on Tuesday showed a suspected oil spill near the fuel tanker that capsized in the waters off Naujan town in Oriental Mindoro province early Tuesday...
SC upholds COA ruling disallowing PhilHealth perks
Philippine Daily Inquirer, March 1, 2023
Tina G. Santos
The Supreme Court has affirmed a Commission on Audit (COA) ruling that disallowed the granting by Philippine Health Insurance Corp. (PhilHealth) of some P15.29 million in additional allowances to its employees in 2009 and 2010...
Senate committee set to tackle postponement of traditional jeepney phaseout
Philippine Daily Inquirer, February 28, 2023
Daniza Fernandez
The Senate committee on public services will discuss the postponement of the traditional jeepney phaseout on Thursday, March 2 in a bid to prevent various groups from mounting a nationwide strike...
As strike looms, Marcos says jeepney phaseout 'necessary' but can be improved
Philippine Star, March 1, 2023
President Ferdinand Marcos Jr. on Wednesday said the government drive to phase out traditional jeepneys is necessary, but acknowledged in the face of announcements by transports groups of a week-long strike in protest, that implementation could be improved...
PBBM orders steps to boost maritime trade
Manila Standard, March 1, 2023
Vince Lopez
President Ferdinand Marcos Jr. on Tuesday ordered a whole-of-government approach to bolster the new maritime industry program that is expected to bring substantial economic growth...
PCG: Oil tanker off Oriental Mindoro now fully submerged, oil spill worsens
Philippine Daily Inquirer, February 28, 2023
John Eric Mendoza
The oil tanker carrying 800,000 liters of fuel has fully submerged in waters off Naujan town in Oriental Mindoro province, according to the Philippine Coast Guard (PCG) on Wednesday...
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Philippine inflation yet to peak; Feb high pegged at 9.3%
Philippine Daily Inquirer, March 1, 2023
Ronnel W. Domingo
Inflation in the Philippines may have accelerated yet again in February, with the month’s average expected to range between 8.5 percent and 9.3 percent, according to the Bangko Sentral ng Pilipinas (BSP), exceeding January’s fresh 14-year high of 8.7 percent...
Rising production costs choke off Philippine factories' ascent in February
Philippine Star, March 1, 2023
Ramon Royandoyan
Local factories ran into some headwinds in February as operating conditions continued to pose challenges, despite the boons offered by the Philippine economy’s reopening...
Wage hike harmful to economy – NEDA
Philippine Star, March 1, 2023
Louella Desiderio
An increase in minimum wages amid rising prices would hurt the economy in the longer term, the National Economic and Development Authority (NEDA) said...
NEDA welcomes more PPP, provides more opportunities for agri
BusinessWorld, March 1, 2023
The private sector is confident after pronouncements made by the National Economic and Development Authority (NEDA) Secretary Arsenio Balisacan that Private-Public Partnership (PPP) will play a huge role in the country’s infrastructure development...
Angkas CEO: Startups could fuel economic growth
The Manila Times, March 1, 2023
Ed Paolo Salting
The head of the motorcycle hailing service Angkas said on Tuesday the government must invest in small, startup business if it wants to unlock the full potential of the economy...
President directs DA to improve local cropping system, fishery sector
Manila Standard, March 1, 2023
Vince Lopez and Maricel Cruz
President Ferdinand R. Marcos Jr. on Tuesday asked the Department of Agriculture to produce a detailed cropping schedule to ensure that agricultural imports will not harm local production...
Stocks fall after MSCI index rebalancing
Philippine Star, March 1, 2023
Iris Gonzales
The local stock market tumbled after the MSCI index rebalancing as well as due to lingering concerns over rate hikes...
SMIC earnings up 53% in 2022
Philippine Star, March 1, 2023
Iris Gonzales
SM Investments Corp. (SMIC), the Sy-led conglomerate, recorded a net income of P61.7 billion last year, up 53 percent as all its business units performed strongly...
Semirara Mining profit soars 146% to P39.9B
The Manila Times, March 1, 2023
Ed Paolo Salting
Semirara Mining and Power Corp. (SMPC) ended 2022 with a consolidated net income of P39.9 billion, more than double the previous year's all-time high of P16.2 billion...
Manila Water 2022 net income up 59% to P5.9B
Philippine Daily Inquirer, March 1, 2023
Meg Adonis
Steady customer demand and economic recovery boosted Manila Water Co. Inc.’s net income in 2022 to P5.9 billion, up by about 59 percent from P3.7 billion in the previous year, despite rising costs and expenses...
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