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UN Security Council demands immediate Gaza ceasefire after US abstains
(1st UPDATE) The US abstains from the vote to allow the Security Council to demand an immediate ceasefire amid growing global pressure for a truce.....»»
UN Security Council demands immediate ceasefire in Gaza
The US abstains from the vote to allow the Security Council to demand an immediate ceasefire amid growing global pressure for a truce.....»»
Cebu Pacific receives fuel-efficient A321 aircraft
Gokongwei-led Cebu Pacific continues to ramp up its commitment to advance sustainability and strengthen its operational resiliency amid the rising demand in air travel as it received another Airbus A321neo last Thursday......»»
Recto sees ‘realistic’ 6-6.5 percent growth for Philippines
Finance Secretary Ralph Recto is looking at a “more realistic” economic growth of at least six to 6.5 percent for this year, with medium-term economic expansion likely to be tempered as well......»»
NAIA sale to pay debts
Amid the excitement over the successful privatization of NAIA’s rehab and operation, Finance Secretary Ralph Recto mused about the future of NAIA beyond the 15-year San Miguel concession period......»»
Philippines may import 200k MT of sugar next year
The Philippines may import 200,000 metric tons of sugar next year as the government projects less need to import amid ample stocks......»»
Energy firms see ample power supply in 2024
Energy executives expect the country’s power supply to be ample next year, but will likely be tight especially during summer amid higher demand......»»
Economy humming under PBBM — AMRO
Despite the challenges of spiraling prices resulting to a 5.3 percent inflation in August from the 4.7 percent recorded in the previous month, economic experts maintained that the economy is on strong footing under the charge of President Ferdinand “Bongbong” Marcos Jr. Growth was supported by resilient domestic demand with a strong recovery in the labor market despite weaker external demand, according to the ASEAN+3 Macroeconomic Research Office, or AMRO. AMRO held its Annual Consultation Visit to the Philippines from 29 August to 8 September. According to the report, the economy maintained its robust momentum in the first half following a multi-decade high growth rate of 7.6 percent in 2022. It added that notwithstanding a widening current account deficit, the external position remains sound with sufficient international reserve buffer and low external debt. Despite some moderation in 2023, inflation remained high, at a level above the 2 percent to 4 percent target, driven by buoyant demand, the report indicated. Favorable outlook “Economic growth is projected to moderate to 5.9 percent in 2023 due to high base effects and weaker external demand, before edging up to 6.5 percent in 2024 as external demand recovers,” AMRO group head and principal economist Runchana Pongsaparn said. “Meanwhile, domestic demand is expected to remain robust supported by continued improvement in labor market conditions, lower inflation, robust overseas remittances, and higher government infrastructure spending.” Headline inflation is projected to moderate to 5.5 percent in 2023 from 5.8 percent in 2022, and slow further to 3.8 percent in 2024. Despite some moderation, inflationary pressure will likely remain elevated as reflected in the high level of core inflation, due to a positive output gap and the second-round effects induced by increases in the minimum wages and expectations of persistently high inflation. Favorable indicators Other positive factors cited in the report include: On the external front, a widening current account deficit was partly offset by net capital inflows; External debt remained low and international reserve buffer was adequate; The banking sector has improved profitability, ample liquidity, and sufficient capital buffer; and Fiscal position continues to improve in 2023, attributed to robust revenue collection and moderate spending. Scar effects linger AMRO, however, warned that the outlook is clouded by risk factors and challenges. In the short term, the economy could be adversely affected by high inflation, especially due to local supply shocks in the food sector, the report added. An economic slowdown in major trading partners and volatility in the global financial market, along with tighter financial conditions, also pose risks. The long-term growth potential is largely affected by the scarring effects of the pandemic, the pace of infrastructure development, geopolitical risks, and the economic losses from natural disasters, which are being exacerbated by climate change. The Bangko Sentral ng Pilipinas, or BSP, tightened monetary policy aggressively to address rising inflation. Policy interest rate was raised by a cumulative 425 basis points, or bps, between May 2022 and March 2023. The 2024 budget aims to continue to reduce the budget shortfall, guided by the medium-term fiscal framework. Complementary tacks Tightened monetary policy and contractionary fiscal stance is an appropriate policy mix amid a positive output gap and persistent inflationary pressure. The “all-of-government approach” against inflation is welcomed as it addresses the supply side problems. Macroprudential tools can be used actively to address potential financial stability issues. The report added in the medium to long term, budget policy should balance between restoring fiscal buffer and supporting sustainable growth and development. Based on the report, fiscal consolidation is supported by strong commitment and well-defined targets and measures, anchored by fiscal rules and discipline. On the financial system side, close coordination between regulators is crucial in identifying, monitoring and mitigating financial stability risks. Meanwhile, the authorities should continue to improve the liquidity management framework, develop the bond and repo markets, and continue to expand financial inclusion, to enhance the system’s resilience to shocks and promote market activities. To do list The report said a comprehensive strategy is warranted to bolster the medium- to long-term economic growth potential. Overcoming the scarring effects of the pandemic mandates a sustained focus on upgrading and upskilling the workforce to embrace a more technology-driven economy, it added. Implementation of policies and measures to attract investments, particularly foreign investments, and promote exports of both goods and services are the underpinnings of long-term economic development, the report added. Furthermore, the government can enhance the country’s competitiveness through infrastructure investment, digitalization, and developing a green economy. The post Economy humming under PBBM — AMRO appeared first on Daily Tribune......»»
Marcos imposes rice price cap of P41/P45
President Ferdinand Marcos Jr. has imposed a price cap on rice amid what the Palace described Thursday as supply chain challenges and widespread hoarding to effect an artificial shortage. Mr. Marcos’ Executive Order 39, signed by Executive Secretary Lucas Bersamin, set a mandatory price ceiling of P41 per kilo for regularly milled rice and P45 per kilo for well-milled rice. With the order released yesterday, Malacañang said the President seeks to ease “the considerable economic strain on Filipinos, particularly the underprivileged and marginalized,” arising from the spiking inflation. In justifying the price cap, the EO cited reports from the Department of Agriculture and Department of Trade and Industry that members of a rice cartel have been actively engaged in hoarding and price manipulation. These illegal activities, coupled with global supply issues like the Russia-Ukraine conflict and the oil price swings, have contributed to the rising rice prices, it added. Nonetheless, the EO said the arrival of imported rice and the expected local production surplus are seen to stabilize the rice supply. Marcos, who concurrently heads the DA, last week inspected several rice storage facilities and ordered the Bureau of Customs and other agencies to raid warehouses storing hoarded rice. He also ordered the Philippine Competition Commission to take action against the cartels. Likewise, he ordered penalties for merchants who leverage their dominant market position or who collude with one another to mark up rice prices. Rice price increased The National Economic and Development Authority said the price of rice in the Philippines increased by 1 percent from January 2022 to 4.2 percent in July 2023. Early in his administration, Marcos said his aspiration was to bring down the price of rice to P20 per kilo. The DA last month projected the supply of rice for the second semester would hit 10.15 million metric tons (MMT), of which 2.53 MMT is ending stock from the first semester. Of the volume, 7.20 MMT is the expected output from domestic production, with 0.41 MMT representing imported rice. The overall supply would result in an ending stock of 2.39 MMT which would be good for 64 days, more than enough to meet the present demand of 7.76 MMT, the DA said. The price cap shall remain in force until lifted by the President upon the recommendation of the Price Coordinating Council and the agriculture and trade departments. The DA and the DTI will lead in the implementation of EO 39 by doing price checks in wet markets and supermarkets. “The EO primarily mandates the DTI and the DA to strictly implement the price ceilings. We will visit major wet markets and retail stores in the coming days,” DTI Secretary Alfredo Pascual told reporters. “This is not the sole responsibility of the DTI and DA because it’s a whole of government approach to ensure that rice in the markets is reasonably priced and remains a conveniently accessible staple food to Filipinos,” Pascual added. The DTI chief pointed out during the Laging Handa Public Briefing yesterday that the EO is not mainly on the retail price of rice but also its supply. Not a price freeze “There is no price freeze but a price cap, to be clear. Traders can still lower their prices. This EO is being implemented to prevent price manipulation in the market. Despite the ample supply, prices of rice surged in the past few days,” Pascual said. He maintained the price cap does not apply to other varieties of rice and is only meant for regular-milled rice and well-milled rice. “We have premium varieties that are not covered by the price cap. During our rounds, we will ensure that the subjects of EO 39 are not mislabeled as premium,” he added. Under the Price Act, retailers violating the price ceiling face imprisonment of from one to 10 years and/or fines of P5,000 to P1 million. Price manipulators and hoarders, on the other hand, face prison sentences from five to 15 years and fines of from P5,000 to P2 million. In a media interview in Palawan yesterday, where he opened the celebration of National Peace Consciousness Month, Marcos said the DA and DTI will be joined by the Department of Justice and Department of the Interior and Local Government in enforcing the price ceiling. “We have put together a structure for the continuing monitoring,” the President said. “These agencies already have regular inspections when it comes to other issues, so they will now apply the price ceilings that I have ordered in the EO that I signed on Thursday.” Focus on Metro Marcos said the government will focus on Metro Manila, where the problem of rising rice prices is most acute. However, he urged the public to report retailers who are selling rice above the price ceiling to the police, the DA, the DTI, or their local government. “If you find someone selling rice above the price ceiling, please report it,” he said. “We need your help to ensure that everyone has access to affordable rice.” The price ceiling on rice was set in response to the recent surge in rice prices. As of 28 August, the average price of regular milled rice in Metro Manila was P42 per kilo, while the average price of well-milled rice was P48 per kilo. The post Marcos imposes rice price cap of P41/P45 appeared first on Daily Tribune......»»
Philippines may import less rice this year
The Philippines is projected to import less rice this year – following the downtrend in international rice trade – amid ample stocks, according to the Food and Agriculture Organization of the United Nations......»»
BSP: Financial system sound
Despite the challenges that impacted the global banking industry, Bangko Sentral ng Pilipinas said the financial system in the Philippines had demonstrated strength and resilience. In its Report on the Philippine Financial System for the Second Semester of 2022, BSP underscored that the Philippine financial system sustained positive performance and overall stability amid a challenging macroeconomic environment in 2022. BSP added the Philippine banking system, as the core of the financial system, likewise remained sound and stable with continued growth in its assets, loans, deposits and profit, ample capital and liquidity buffers and provision for credit losses. Pre-pandemic normal “As the economy continues to recover, we expect the overall key performance indicators of banks to further improve and move closer to pre-pandemic levels,” BSP Governor Felipe Medalla said. “This will place banks in a stronger position to support domestic recovery,” Medalla added. The report also features the performance of foreign bank branches and foreign bank subsidiaries, foreign currency deposit unit of banks, trust entities, and other BSP-supervised non-bank financial institutions. Moving forward, the BSP will continue to pursue strategic reforms that will promote risk governance, digital transformation, and sustainability in the financial system. These efforts, together with BSP’s collaborative partnerships with other key stakeholders, will help promote a resilient, dynamic, and inclusive financial system that is supportive of sustainable economic growth. The post BSP: Financial system sound appeared first on Daily Tribune......»»
SIM registration deadline stays — DICT chief
Despite calls to extend the deadline amid low registration turnout, the Department of Information and Communications Technology said it will maintain the 26 April deadline for SIM card registrations as prescribed by the law. In an interview with reporters at the sidelines of an event in Pasay City on Monday, DICT Secretary Ivan John Uy said a significant chunk of the 165 million recorded nationwide subscribers is expected to ditch registration. “We see good progress with the registration, which is currently at 41 percent because out of the total of the 165 million, a big portion is really just SIM cards that were bundled and thrown away. It's not the percentage but the actual number,” Uy told reporters. Uy said around 100 to 120 million active subscribers are only expected to register their identities. The DICT, he said, will study the possibility of extending the registration beyond April but reiterated that “as much as possible,” the agency wants to keep the original schedule. “We will study that because what is it like, the deadline for filing a leave of absence. As much as possible, we want to stick to what the law allows us and so far it's to comply. As of today, the deadline is still on April 26,” he said. As of 16 April, consolidated DICT data showed that more than 71.95 million subscribers already registered their SIM cards -- that’s 42.82 percent of the 165 million subscribers. Last week, dominant telecommunications players Globe Telecom, Inc. and PLDT, Inc. appealed to the DICT to extend the SIM registration deadline due to subscribers’ lack of valid government identification cards and challenged digital literacy. PLDT’s wireless unit Smart Communications, Inc. already filed a formal letter of request to ask the DICT and the National Telecommunications Commission to give subscribers ample time to register. While Globe also supports the call for an extension, it added that the industry regulators should also provide alternative forms of identification for registrants, allow conditional registration, and create an always-on registration site. Under the implementing rules and regulations of the SIM Registration Act, users have until 26 April to register their cards or else their SIMs will be deactivated. The DICT, meanwhile, has the prerogative to extend the SIM Registration process for another 120 days. A deactivated SIM card can potentially affect several aspects of a person’s life. For instance, it will cut their access to online banks, e-commerce, transportation, healthcare, education, and entertainment, among others. The post SIM registration deadline stays — DICT chief appeared first on Daily Tribune......»»
BSP s term deposit facility rates decline amid ample liquidity
MANILA - The rates of the Bangko Sentral ng Pilipinas' (BSP) term deposit facility (TDF) declined on Wednesday which a ranking central bank official attributed to strong demand given the ample domestic liquidity situation.The average rate of the seven-day TDF, which is among.....»»
Investors swarm T-bill auction
Treasury bills fetched lower rates across-the-board yesterday as investors swarmed the auction facility amid ample liquidity in the financial system......»»
Rediscount loans plunge 78% to P27 billion in 10 months
The peso rediscounting loan facility of the Bangko Sentral ng Pilipinas plunged by 78 percent to P26.9 billion from January to October compared to P122.17 billion in the same period last year amid the ample liquidity in the financial system......»»
Rediscount loans down 77% in 9 months
The peso rediscounting loan facility of the Bangko Sentral ng Pilipinas plunged by 77.3 percent to P26.9 billion from January to September compared to P118.67 billion in the same period last year amid the ample liquidity in the financial system......»»
Cash-rich banks gobble up term deposits
Cash-rich banks gobbled up term deposits as tenders during yesterday’s auction reached as much as P645.18 billion, 1.5 times the P430 billion offering as liquidity in the system remains ample amid the coronavirus pandemic......»»
Cash-rich banks swarm safe assets
Cash-rich banks continued to swarm the liquidity absorption facilities of the Bangko Sentral ng Pilipinas amid ample excess funds in the financial system......»»
Mommy Dionisia, Mike Yamson 10 years nang magdyowa: Thank you, Lord!
SAMPUNG taon nang magkarelasyon ngayon ang nanay ni Manny Pacquiao na si Mommy Dionisia Pacquiao at ang boyfriend niyang si Mike Yamson. Yes, yes, yes mga ka-Marites! Ten years nang magdyowa ang dalawa at in fairness, going strong pa rin ang relasyon at mas lalo pa raw nagiging solid sa paglipas ng panahon. Twenty-seven years.....»»
Mayor Uy posts cryptic messages amid Igacos power problems
ISLAND Garden City of Samal (Igacos) Mayor Al David Uy posted cryptic messages regarding the power crisis in Igacos......»»