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Yellen says US ‘carefully’ monitoring China economy
The United States is "carefully" monitoring China's challenges, US Treasury Secretary Janet Yellen said Friday, as the slowdown in the world's second-largest economy raises concerns for global growth. Many are worried about the Asian giant's struggles, with the threat of recession in Europe and high inflation in many major economies contributing to a plunge in demand for Chinese goods. "China faces a variety of both short and longer-term global challenges, economic challenges that we've been monitoring carefully," Yellen told reporters in New Delhi, ahead of a two-day G20 summit. "That said, China has quite a bit of policy space to address these challenges," she added. China's President Xi Jinping will miss the leaders' meeting at a time of heightened trade and geopolitical tensions with the United States and India, with which it shares a long and disputed border. China's challenges included "less of a pick up in consumer spending that had been anticipated in the aftermath of the Covid restrictions, as well as long-standing issues with respect to the property sector and... debt related to that", she said. G20 host India overtook its northern neighbor as the world's most populous country earlier this year, and Yellen added that China's "labor force is beginning to shrink". Xi's absence will impact Washington's bid to keep the G20 the main forum of global economic cooperation and its efforts towards a financing push for developing countries. That includes a plan to increase World Bank and International Monetary Fund lending power for emerging nations by some $200 billion as a better alternative to Beijing's "coercive" Belt and Road Initiative. While "aware of the risks to global growth", Yellen said she had "been surprised by the strength of global growth and how resilient the global economy has proven to be". "While there are risks and some countries that have certainly been affected, overall, the global economy has been resilient," she added. Yellen added that the "most important negative influence is Russia's war on Ukraine." The post Yellen says US ‘carefully’ monitoring China economy appeared first on Daily Tribune......»»
China stops releasing youth jobs data as economic figures disappoint
China said it would stop publishing data on its rising youth unemployment rate on Tuesday, as it released a raft of disappointing figures that stoked concerns over the state of the world's second largest economy. Shortly before the latest uninspiring indicators were published, the central bank cut a key interest rate in an effort to boost flagging growth. Tuesday's data added to a slew of disappointing figures in recent months reflecting a slump in China's post-Covid rebound, with joblessness among 16- to 24-year-olds hitting a record 21.3 percent in June. The country slipped into deflation for the first time in more than two years in July, due to waning consumption and flagging exports. The National Bureau of Statistics on Tuesday said it would no longer release age-group-specific unemployment data starting this month, citing the need to "further improve and optimise labour force survey statistics". "Starting from this August, the release of urban unemployment rates for youth and other age groups across the country will be suspended," bureau spokesman Fu Linghui said at a press conference. Overall, unemployment rose to 5.3 percent in July compared with 5.2 percent in June, the NBS said. As indicators of an economic slowdown have piled up, many experts have called for a large-scale recovery plan to boost activity. But for the time being, authorities are sticking to targeted measures and declarations of support for the private sector -- with little in the way of tangible steps. Slowing retail sales Tuesday's announcement that youth unemployment data would be suspended came as Beijing released a series of weak economic indicators for July. Retail sales, a key gauge of consumption, grew 2.5 percent year-on-year in July, the NBS said, down from 3.1 percent in June and falling short of analyst expectations. Industrial production grew 3.7 percent in July from a year ago, down from 4.4 percent in June. The suspension of youth jobs data "may further weaken global investors' confidence in China", Ting Lu, China economist at Nomura, said in a note. Chinese social media users on Tuesday were skeptical of officials' explanation for the move, with the topic receiving over 140 million views and tens of thousands of comments on the Weibo platform. "Can you solve the problem by gagging and blindfolding yourself?" asked one Beijing-based user in a post liked by more than 3,000 people. Chinese leaders have sought to boost domestic consumption in recent weeks, with the State Council last month releasing a 20-point plan to encourage citizens to spend more in sectors including vehicles, tourism and home appliances. The country's top brass has warned that the economy faces "new difficulties and challenges" as well as "hidden dangers in key areas". The recent data suggests China may struggle to achieve a five percent growth target set for the year. The economy grew just 0.8 percent between the first and second quarters of 2023, according to official figures. Rate cut In a surprise move, the central bank on Tuesday cut the medium-term lending facility rate -- the interest for one-year loans to financial institutions -- from 2.65 percent to 2.5 percent. A lower MLF rate reduces commercial banks' financing costs, in turn encouraging them to lend more and potentially boosting domestic consumption. "We believe the Chinese economy is faced with an imminent downward spiral with the worst yet to come, and the rate cut this morning will be of limited help," Lu of Nomura said. The Consumer Price Index, the main gauge of inflation, fell 0.3 percent in July, the National Bureau of Statistics said last week. China slipped into deflation in July for the first time in more than two years, after a short period of deflation at the end of 2020 due largely to a collapse in the price of pork, the most widely consumed meat in the country. While cheaper goods may appear beneficial for purchasing power, falling prices pose a threat to the broader economy as consumers tend to postpone purchases in the hopes of further reductions. A lack of demand then forces companies to reduce production, freeze hiring or lay off workers, and agree to new discounts to sell off their stocks -- dampening profitability even as costs remain the same. The post China stops releasing youth jobs data as economic figures disappoint appeared first on Daily Tribune......»»
More migrants cross dangerous jungle route
Panama has reported a surge in migrant crossings in the dangerous jungle route along the Panama-Colombia border. As of Sunday, 248,901 migrants have walked through the 265-kilometer Darien Gap, Maria Isabel Saravia, Panama’s deputy director of migration told a news conference on Monday. That figure exceeds last year’s total by more than 600 people, and is approaching double the total of 133,000 in 2021. Panama Public Security Minister Juan Manuel Pino warned that the number passing through the Darien Gap could reach 400,000 by the end of the year. Along the journey are wild animals, rivers and criminal gangs who rob migrants or demand money to guide them through the jungle. Panamanian authorities do not know the exact number of migrants who die in the dense jungle area, with many deaths unreported. Just over a fifth of the migrants recorded so far this year are children and adolescents, half of whom are five years old or younger, Saravia said. More than 100,000 of the migrants were Venezuelans. Also passing through the route were roughly 33,000 Haitians, 25,000 Ecuadorans and 8,500 people from China. The migrants were heading to the United States, which warned months ago that it would not allow access to anyone who crossed into Panama without proper authorization. WITH AFP The post More migrants cross dangerous jungle route appeared first on Daily Tribune......»»
EU moves closer to launching digital euro
The European Union (EU) on Wednesday took its first significant step towards launching a digital version of the euro, a controversial project that has been questioned by politicians and banks. From China to the United States, Jamaica to Japan, more than 100 central banks worldwide are exploring or preparing to put in place digital currencies as electronic payments grow, changing the way people spend their money. The move to create a digital version of the single currency began in 2020 when European Central Bank (ECB) President Christine Lagarde suggested the idea and her Frankfurt-based body launched a public consultation. The European Commission, the EU's executive arm, published a proposal on Wednesday that will be the legal foundation on which the ECB could launch a digital euro. The currency would be available to individuals living in the euro area and for visitors. It would offer an additional payment option for citizens to use online and offline with their digital wallets, thus ensuring as much anonymity as coins and banknotes. The final law must be backed by the EU's 27 member states and the European Parliament. Digital euro enthusiasts say it will complement cash and ensure the ECB does not leave a gap later filled by private -- usually non-EU -- players and other central banks. "Given that the euro is already the world's second most-traded currency, it is not an area where can afford to stay behind the curve. We need to move ahead with a digital currency," commission vice president Valdis Dombrovskis told reporters. Critics question the need for a digital euro and banks warn of major risks, while the ECB's own study found the public was concerned over payment privacy. The ECB and the commission "have yet to make a compelling case of why we need the digital euro and what added value it will deliver," German MEP Markus Ferber said. Benefits 'outweigh' costs The commission's proposal argued that the digital euro's "long-term benefits... outweigh its costs" and warned, "the costs of no action can potentially be very large". Lagarde said in March that the digital currency was important for resilience and to "safeguard European payment autonomy". Many means of payment are "not necessarily European", she noted, adding it was "very unhealthy to rely on one single source of payment". US giants Visa and Mastercard currently dominate the global card payment market. Others argue, however, that the bloc's plans spell trouble unless the EU takes necessary other steps. Banks have warned of the risk of bank runs as customers could hold their funds in digital euro accounts and wallets, moving them away from the banks' balance sheets. "To shield banks from the risk of deposit flight and to limit the negative impact on banks' ability to finance the economy, it is important to set appropriate and firm limits in holdings and transactions," the European Banking Federation said on Wednesday. The proposal indicates there will be a limit to how much money people can keep in digital euros. ECB officials have suggested a cap of 3,000 euros ($3,300). The digital currency will be granted "legal tender" status, meaning it must be accepted as payment. But there would be exceptions, including for small businesses that do not accept any form of digital payment. The ECB is set to give the formal green light to a digital euro in October and the expectation is it would be available from 2027 onwards. The ECB welcomed the commission's proposal, which it said offered "private intermediaries appropriate economic incentives to distribute the digital euro as they do other digital means of payment while preventing excessive fees for merchants". Privacy concerns The ECB has a difficult battle to win over Europeans. A public consultation showed that the number one priority when it comes to the digital euro is privacy. To calm people's fears, the ECB has stressed it would not attempt to control how people can spend digital currency or use it for surveillance, as critics claim is the case in China. "This is not a Big Brother project for online payments," the EU's financial services commissioner, Mairead McGuinness, said during a press conference in Brussels. "With the digital euro, the data privacy will be the same as for existing private digital means of payment. For offline payments, the data privacy will be even higher." The commission's proposal said the digital euro "will be designed so as to minimize the processing of personal data by payment services providers" and the ECB. The post EU moves closer to launching digital euro appeared first on Daily Tribune......»»
Korean fugitive Arrested at NAIA
The Bureau of Immigration (BI) at the Ninoy Aquino International Airport (NAIA) arrested a South Korean fugitive wanted for involvement in telecommunications fraud in South Korea. In a report given to BI Commissioner Norman Tansingco, the BI Border Control and Intelligence Unit (BI-BCIU) identified the arrested fugitive as Jeon Jihoon, 37, who was intercepted on June 2 at the NAIA 1 terminal upon his arrival via China Eastern Airways flight from Shanghai, China. BI-BCIU Deputy Chief for Operation Joseph Cueto said that his men arrested the Korean after the BI officer who processed him noticed that Jeon's name was on the Interpol hit list of wanted foreign fugitives. Cueto added that after conferring with the BI Interpol unit, the immigration supervisors on duty were able to confirm Jeon's identity as the same person whose name registered a hit in the Interpol database. Jeon was later brought to the BI Warden Facility in Camp Bagong Diwa, Taguig, pending deportation proceedings. Tansingco has reportedly ordered that the Korean immediately undergo deportation for being an undesirable alien, so he could be sent back to Korea to stand trial for his alleged crime. He will then be placed on the immigration blacklist, which will ban him from entering the country in perpetuity. According to Interpol’s National Central Bureau (NCB) in Manila, Jeon was charged with telecom fraud before the Busan District Court in South Korea and issued a warrant of arrest on Feb. 24 last year against him. Jeon is accused of allegedly being a member of a voice phishing syndicate that impersonates himself as an agent of financial institutions by making random calls to other victims who are promised huge returns on their money. Hundreds of victims were reportedly lured into the scheme and enticed to deposit money, totaling more than 4.5 billion won, or roughly US$3.5 million, into the syndicates’ bank accounts. The post Korean fugitive Arrested at NAIA appeared first on Daily Tribune......»»
BoI-approved investments total over P.5T as of May
Approved investments of the Board of Investments as of May 2023 are now more than half a trillion pesos, proving that the investment promotion agency is upbeat in bringing in investors to tame economic headwinds being faced by the country. Based on BoI records, the total value for 106 approved investments come to P532.268 billion as of 23 May 2023. The figure is more than 100 percent higher compared to the P205.734 billion BoI posted during the same period in 2022. Broken down, the BoI said P403.86 billion of the total approved investments are from foreign investors, while P128.41 billion are local investments. Mostly in renewable energy BoI said the approved investments are mostly in renewable energy; total approved investments are expected to provide more than 18,000 jobs for the Filipino workforce. “It (total investments approved) was driven by investments in renewable energy because of the shift in policy. You can see that, and it’s very clear when the President instructed and then the (Department of Energy) removed the ceiling for foreign equity participation in renewable energy,” BoI managing head, Assistant Secretary Ceferino Rodolfo said in an ambush interview. Pursuit of RE transition Earlier, Trade Secretary Fred Pascual maintained that the Philippine government is already in pursuit of the renewable energy transition. “The Philippines stands at the threshold of a significant transformation. Our geographical position puts us in an enviable position to harness the power of renewable energy. Renewable energy isn’t merely an option for us but a necessity. Thus, our government is ardently promoting using and developing renewable energy sources,” Pascual said during the Offshore Wind Conference on Thursday in Taguig City. The conference was organized by the China Energy Engineering Group Guangdong Electric Power Design Institute Co., Ltd., which gathered various government agencies and Philippine and Chinese companies to discuss the country’s plan and policies for developing renewable energy. The DTI Secretary emphasized that the Philippines’ abundant natural resources together with its long coastline and excellent wind resources are significant in the country’s pursuit of sustainable power generation. Priority As the energy demand in the country continues to rise, he said renewable energy remains one of the priority sectors of the Marcos Jr. administration. During President Ferdinand Marcos Jr.’s recent trip to Beijing, he encouraged Chinese and other foreign firms to invest in renewable energy projects in the Philippines. Last 21 May 2023, the President signed Executive Order 21, mandating the creation of a policy and administrative framework for the optimal development of offshore wind resources in the country. This includes the integration into the Energy Virtual One Stop Shop System of applicable permits required by relevant Permitting Agencies for offshore wind activities. The DoE also issued a circular allowing 100 percent foreign equity in renewable energy projects in the Philippines, which the trade chief considers a significant stride in the efforts to attract more investments in renewable energy. Chinese investors Pascual noted, “Chinese investors and businesses can rely on the country’s roadmap in offshore wind development. Launched in April 2022 and initiated by The World Bank Group in partnership with the DoE, the roadmap identified the country’s offshore wind potential, opportunities, and challenges, among others.” As of December 2022, the country has already awarded 190 onshore and offshore Wind Energy Service Contracts — with offshore contracts mainly in Luzon alongside Panay and Guimaras Strait. The post BoI-approved investments total over P.5T as of May appeared first on Daily Tribune......»»
Iraq unveils $17-B transport project linking Europe and Mideast
Iraq on Saturday presented an ambitious plan to turn itself into a regional transportation hub by developing its road and rail infrastructure, linking Europe with the Middle East. Once completed, the $17 billion project known as the "Route of Development" would span the length of the country, stretching 1,200 kilometers (745 miles) from the northern border with Turkey to the Gulf in the south. Prime Minister Mohamed Shia al-Sudani announced the project during a conference with transport ministry representatives from Iran, Jordan, Kuwait, Oman, Qatar, Saudi Arabia, Syria, Turkey, and the United Arab Emirates. "We see this project as a pillar of a sustainable non-oil economy, a link that serves Iraq's neighbors and the region, and a contribution to economic integration efforts," Sudani said. While further discussions are required, any country that wishes "will be able to carry out part of the project", the Iraqi parliament's transport committee said, adding the project could be completed in "three to five years". "The Route of Development will boost interdependence between the countries of the region," Turkey's ambassador to Baghdad Ali Riza Guney said, without elaborating on what role his country would play in the project. War-ravaged and beset by rampant corruption, oil-rich Iraq suffers from dilapidated infrastructure. Its roads, riddled with potholes and poorly maintained, are in terrible condition. Those connecting Baghdad to the north cross areas where sporadic attacks are still carried out by remnants of the Islamic State group. Sudani has prioritized the reconstruction of the country's road network, along with upgrading its failing electricity infrastructure. Lack of 'fluidity' Developing the road and rail corridor would allow Iraq to capitalize on its geographical position, with the aim of making the country a transportation hub for goods and people moving between the Gulf, Turkey, and Europe. Work has already started to increase capacity at the commercial port of Al-Faw, on the shores of the Gulf, where cargo is to be unloaded before it embarks on the new road and rail links. The project also includes the construction of around 15 train stations along the route, including in the major cities of Basra, Baghdad, and Mosul, and up to the Turkish border. The Gulf, largely bordered by Iran and Saudi Arabia, is a major shipping zone, especially for the transportation of hydrocarbons extracted by countries of the region. Zyad al-Hashemi, an Iraqi consultant on international transport, cast doubt on the plan to develop the country into a transportation hub, saying it lacks "fluidity". "Customers prefer to transport their goods directly from Asia to Europe, without going through a loading and unloading process," that would see containers moved between ships and road or rail, he said. Transport is a key sector in the global economy and Iraq's announcement is the latest in other planned international mega-projects, including China's "Belt and Road Initiative" announced in 2013 by its President Xi Jinping. The planned works in that project would see 130 countries across Asia, Europe, and Africa connected through land and sea infrastructure providing greater access to China. The post Iraq unveils $17-B transport project linking Europe and Mideast appeared first on Daily Tribune......»»
PH eyes modest $31-M export deals at China expo participation
The Philippine delegation is targeting to attract over 1,300 buyers and generate a modest $31 million worth export deals at the upcoming China International Import Expo (CIIE), significantly lower than the $300 million the Philippines realized during last year’s China International Import Exposition (CIIE). Trade and Industry Secretary Ramon M. Lopez said the apparently lower sales target this year may mean on the spot deals only and may not include post CIIE sales attributed to said expo. “Factoring also that this year is Pandemic year. This is a hybrid show this year, where the goods are displayed but negotiations are done via the online B2B facility. The target is also based on the reduced pavilion size this year, as well as the projected decrease in the number of buyers attending CIIE this year,” said Lopez. Philippine mango and pili nuts are among the products that will be showcased under the FOODPhilippines Pavilion. Already, DTI’s Export Marketing Board and the Center for International Trade Expositions and Missions (CITEM) facilitated initial talks with the Philippine delegation and 40 Chinese buyers in a video conferencing. These Chinese buyers are importers, distributors, and retailers. During last year’s CIIE, Philippine exhibitors booked around $300 million in sales at the second CIIE, more than double the $124 million recorded sales in 2018. This year’s third CIIE will be held on Nov. 5-10 in Shanghai. In the B2B session, Chinese buyers expressed interest in working together with Philippine companies that produce fresh fruits and vegetables, chocolates, healthy snacks, seafood, beverages, and condiments. For this hybrid participation, there will be a mix of physical product presentation in the pavilion that will be facilitated by onsite officers from the DTI trade posts in China and online B2B matching activities between our companies in Manila and the Chinese buyers who will visit the Philippine booth in Shanghai, according to CITEM Executive Director Pauline Suaco-Juan. With the theme “Healthy and Natural,” 40 Philippine companies will exhibit and sample the country’s wide range of tropical fruits and vegetables, processed fruits and nuts, healthy snacks, seafood and marine products, and other premium food selections. The FOODPhilippines pavilion will feature interactive conference pods for the first time in CIIE to enable virtual business-to-business (B2B) activities and video conferencing. In place of actual Philippine exhibitors manning the booths, Philippine Commercial Counsellors will represent the government and exhibitors, promote exhibitor brands and products onsite, and relay all business leads and contacts generated during the show. The participation in CIIE is organized in partnership with the Foreign Trade Services Corps (FTSC) through the Philippine Trade & Investment Centers (PTICs) in Beijing, Shanghai, Guangzhou, and Hong Kong, and the Export Marketing Bureau (EMB). Government partners are the Department of Agriculture (DA) through the Office of the Agricultural Counsellor in Beijing (DA-OAC-Beijing) and the Department of Foreign Affairs (DFA). The Philippine mango and pili nuts are among the products that will be showcased under the FOODPhilippines Pavilion.project is likewise supported by business associations such as the Philippine Exporters Confederation, Inc. (PHILEXPORT) and the Federation of Filipino-Chinese Chambers of Commerce & Industry, Inc. (FFCCCII). Leading the FOODPhilippines’ opening in CIIE are representatives from the Philippines and China, namely the Philippine Ambassador to China Jose Santiago Sta. Romana, Philippines’ DTI Secretary Ramon M. Lopez, FFCCCII President Dr. Henry Lim Bon Liong, and Deputy Director General Yang Weiqun from the Department of Asian Affairs of China’s Ministry of Commerce (MOFCOM). Under the FOODPhilippines delegation, 40 companies that will highlight tropical fruits and vegetables will be Hilas Marketing Corporation, Agrinurture, Inc., Mancoco Food Processing, Inc., Excellent Quality Goods Supply Company, Castillo Import Export Ventures Inc., Doxo International Trading, Magsasakang Progresibo Marketing Cooperative, See’s International Food Mfg, Corp., Century Pacific Agricultural Ventures, Inc., Team Asia Corporation, Eau de Coco, Inc., Eng Seng Food Products, Greenlife Coconut Products Philippines, Inc., Tongsan Industrial Development Corporation, Islandfun Inc., Limketkai Manufacturing Corporation (LMC), KLT Fruits, Inc., Zigmund Enterprise, Business Innovations Gateway, Inc., Sangkutsa Food Products, Inc., AG Grays Farm, Marigold Manufacturing Corporation, and the Federation of People’s Sustainable Development Cooperative. To show its goodwill to the Chinese market, the Philippine delegation will donate healthy products to Food Bank China as part of the launch of the Shanghai Food Bank Project with Liwayway China on November 5. The donation will include 200 packs of banana chips from Excellent Quality Goods Supply Company, 50 tuna packs of premium handline tuna from Century Pacific Food Inc., and bundles of virgin coconut oil (VCO) and various coconut products from Team Asia Corporation. The food donation to the Food Bank China serves as a way of giving back and a token of appreciation to the Chinese community for its continued support towards the Filipino representatives and communities in China, according to Commercial Vice Consul Mario Tani of the PTIC in Shanghai. Meanwhile, healthy snack varieties will be showcased by Magic Melt Foods Inc., Sandria’s Delicious Concept, Vegetari Vegetarian Products, Market Reach International Resources, SL Agritech Corporation, and the Philippine Franchise Association. Tuna and other seafood selections will be presented by Century Pacific Food Inc., Universal Canning, Inc., Fisher Farms, Incorporated, Jam Seafoods, Inc., Phil. Union Frozen Foods, Inc., and Gerabuenas Trading. Likewise, premium food selections will be offered by Global Basic Co., Ltd, Subic Superfood Incorporated, Chocoloco, Inc., Filipinas de Oro de Cacao, Inc., and Seabeth Food Processing......»»
Thailand Moves a Step Closer to Welcoming Back Foreign Tourists
Thailand will start issuing special visas to foreign tourists starting October, easing a more than five-month-old ban on visitors to revive the nation’s ailing tourism-reliant economy. Prime Minister Prayuth Chan-Ocha’s cabinet approved a proposal to issue visas to tourists planning to stay between 90 and 280 days in Thailand, according to government spokeswoman Traisuree Taisaranakul. The tourists will undergo a mandatory 14-day state quarantine on arrival at partner hotels or hospitals and follow health and safety regulations, she said. The government expects about 1,200 visitors to avail themselves of these visas each month, generating about 1.2 billion baht ($38.5 million) in revenue. The easing of border restrictions may boost the nation’s pandemic-battered tourism industry and cushion the blow to an economy projected to contract 8.5% this year. The news of cabinet approval for special visas triggered a rally among hotel and travel operators in Bangkok. A measure of Thai tourism and leisure stocks jumped 4.5%, the biggest gainer among the Stock Exchange of Thailand’s 28 industry groups. It was also the index’s largest increase since May 26. While Hotel operators Erawan Group Pcl and Central Plaza Hotel Pcl surged more than 8%, Minor International Pcl advanced 5.5%. Thailand’s tourism and hospitality sectors are counting on the return of international visitors, who contributed to two-thirds of tourism income before the pandemic, to reverse the slump in businesses and save millions of jobs. A government campaign to boost travel by locals through hotel and air travel concessions has failed to make up for the slump in earnings, but the move to allow foreigners in small batches will still be a relief to the industry. “There will not be a huge economic impact from this as it still can’t compensate for the revenue lost, but it will help,” Somprawin Manprasert, chief economist at Bank of Ayudhya Pcl said. “This plan still targets a higher-spending group of foreign visitors which will not benefit tourism industry operators that have lower to mid-price points, who will still suffer.” The move to relax curbs on foreign tourists also follows Thailand’s relative success in containing the coronavirus outbreak. The nation went without a local transmission for 100 days before the virus-free run was ended early this month. Though Thailand was the first country outside China to report the deadly virus, its cumulative cases stand at 3,480 with most patients already discharged from hospitals. The reopening to foreign tourists may be risky, but it is a manageable risk worth taking, Bank of Thailand’s Senior Director Don Nakornthab wrote in an article on the central bank’s website. The country may be headed for a second straight year of contraction in 2021 if it continued to restrict foreign visitor arrivals, Don wrote......»»
ANZ raises Philippine inflation forecast to 3.8% this year
ANZ Research hiked its inflation forecast for the Philippines to 3.8 percent this year, from 3.5 percent previously, as risks may drive inflation up to above the central bank’s two to four percent target in the coming months......»»
‘Trade with China should continue’
The Philippines should continue to pursue stronger trade ties with China despite rising tensions in the West Philippine Sea, according to the Federation of Filipino-Chinese Chambers of Commerce and Industry Inc. and the Department of Trade and Industry......»»
US, UK accuse China of cyberespionage that hit millions of people
The aim of the global hacking operation was to 'repress critics of the Chinese regime, compromise government institutions, and steal trade secrets,' Deputy US Attorney General Lisa Monaco says.....»»
Resumption of FTA talks seen to spur higher EU investments
The Philippine Economic Zone Authority expects investments from European companies to increase with the resumption of the Philippines – European Union free trade agreement negotiations......»»
Fish catch in West Philippine Sea grows despite tensions with China
Despite rising tensions with China, the Philippines expanded its fish catch in the West Philippine Sea (WPS) last year to a four-year high of over 200,000 metric tons on the back of higher state support to fishermen......»»
Philippines-European Union FTA talks resume in H2
The Philippines and the European Union (EU) are looking to resume formal negotiations for a free trade agreement (FTA) in the early part of the second half of the year, according to the Department of Trade and Industry......»»
CHMSU to host region-wide RASUC-VI Culture and the Arts Conference, Festival
CHMSU to host region-wide RASUC-VI Culture and the Arts Conference, Festival.....»»
BPI unit targets to onboard more wealthy clients
The wealth management arm of Ayala-led Bank of the Philippine Islands (BPI) aims to onboard more clients with high to ultra-high net worth by the end of the year......»»
Big Dome, MOA eyed for FIVB world meet
The Philippines will be the only second Asian country, next to Japan, to host the FIVB Men’s World Championship when the 32 best teams in the world converge on local soil to duke it out for the coveted volley crown on Sept. 12 to 28 next year......»»
Biden to Host Japan PM Kishida, Philippines President Marcos
WASHINGTON - President Joe Biden will host Japanese Prime Minister Fumio Kishida and Philippines President Ferdinand Marcos Jr. for a White House summit next month amid growing concerns about North Korea's nuclear program, provocative Chinese action in the South China Sea and differences over a Japanese company's plan to buy an iconic American steel company.White House press secretary Karine Jean-Pierre in a sta.....»»
Biden to host trilateral summit with Japan, Philippines on April 11
Washington, DC [US], March 19 (ANI): US President Joe Biden will host a three-way summit with Japanese Prime Minister Fumio Kishida and Philippine President Ferdinand Marcos in Washington on April 11, as announced by the White House, as reported by Kyodo News. This historic summit, the first of its kind involving the United States, Japan, and the Philippines, aims to bolster defence cooperation in response to China's asse.....»»