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‘Lack of fiscal support a drag on Philippines recovery’

The pace of economic recovery in the Philippines would be the slowest in Asia amid a lackluster fiscal response to the pandemic, with the threat of long-term scarring effects now more visible than ever, an international think tank said......»»

Category: financeSource: philstar philstarJul 22nd, 2021

Wider fiscal deficit seen to support Philippines recovery

The Philippines may run wide fiscal deficits in the near term to support full recovery from the pandemic-induced recession, according to Fitch Solutions Country Risk & Industry Research......»»

Category: financeSource:  philstarRelated NewsJun 11th, 2021

Boxer Marcial to be PH flagbearer in Tokyo Olympics

CEBU CITY, Philippines — Embattled boxer Eumir Felix Marcial will be replacing pole vaulter Ernest John Obiena as the Philippines’ male flagbearer in the opening ceremonies of the Tokyo Olympics on July 23 at the Tokyo National Stadium in Japan.  The 25-year-old boxer who aired his sentiments about the lack of financial support given to […] The post Boxer Marcial to be PH flagbearer in Tokyo Olympics appeared first on Cebu Daily News......»»

Category: newsSource:  inquirerRelated NewsJul 15th, 2021

Google promotes inspiring LGBTQ+ businesses you can support this Pride month and beyond

To promote inclusive economic recovery and help digitize LGBTQ+ MSMEs, Google hosted a social media event called Pride Conversations: Championing LGBTQ+ MSMEs. You can watch the forum on Google Philippines’ YouTube channel to learn about the inspiring stories of the featured businesses below--from food to creatives--that you can support this Pride month and beyond......»»

Category: techSource:  thestandardRelated NewsJun 13th, 2021

Too much focus on debt limits to hinder recovery

Too much focus on not exceeding its borrowing threshold may hinder government’s efforts in pandemic recovery amid lack of necessary fiscal stimulus, a research group said......»»

Category: financeSource:  philstarRelated NewsMay 24th, 2021

Embattled boxer Marcial finds solid ally in Chooks-to-Go

CEBU CITY, Philippines — Embattled Filipino boxer Eumir Marcial has found a solid ally in his fight against the lack of financial support extended to boxers and other national athletes. Renowned sports patron Ronald Mascariñas, the president of Chooks-to-Go Philippines came to Marcial’s aid after pledging to support the boxer who will represent the country […] The post Embattled boxer Marcial finds solid ally in Chooks-to-Go appeared first on Cebu Daily News......»»

Category: newsSource:  inquirerRelated NewsMay 21st, 2021

Thirdy Ravena reaches out to Eumir Marcial; offers support for Olympic bid

Marcial, who had recently opened up about his grievances on the lack of financial support from the Amateur Boxing Association of the Philippines and the Philippine Sports Commission, posted on social media on Sunday that Ravena contacted him to offer help......»»

Category: newsSource:  philstarRelated NewsMay 16th, 2021

ASEAN gets $300 million for green recovery program

South Korea-based Green Climate Fund has earmarked $300 million (P14.57 billion) to support Asian Development Bank’s green recovery program in Southeast Asia, with the Philippines among the top priorities......»»

Category: financeSource:  philstarRelated NewsMar 23rd, 2021

ROUNDUP: Japan envoy is die-hard Thirdy Ravena fan

Japanese Ambassador to the Philippines Koshikawa Kazuhiko is an avid fan of basketball star Thirdy Ravena. The ambassador even wished Ravena speedy recovery and showed his support by donning his No. 0 Pilipinas jersey. Two photos of the Japanese diplomat showing his basketball love have been posted on his Twitter feed. Ravena, a former player of the Ateneo […].....»»

Category: newsSource:  tempoRelated NewsMar 13th, 2021

Primary responsibility for recovery lies with fiscal policy

The recent BSP (Bangko Sentral ng Pilipinas) statement on the Philippine banking system’s 2020 lending operations has provided fresh support for the belief that the primary responsibility for reviving an economy from a severe slowdown lies with fiscal policy, not monetary policy......»»

Category: newsSource:  thestandardRelated NewsFeb 23rd, 2021

KFC Philippines to donate vaccines to government

KFC Philippines has joined the GoNegosyo-initiated private-sector campaign to bring into the country ample doses of COVID-19 vaccines in support of the government’s massive inoculation program to speed up socioeconomic recovery......»»

Category: financeSource:  philstarRelated NewsFeb 7th, 2021

Nissan to bring Leaf electric vehicles to PH& nbsp;

Nissan Philippines Inc. said it will roll out the first batch of Nissan Leaf, the company’s full electric vehicle model this year, in anticipation of fiscal support from the government......»»

Category: financeSource:  thestandardRelated NewsJan 28th, 2021

China to donate 500,000 doses of COVID-19 vaccines to PH — Palace

Malacañang said Saturday that the Chinese government will donate 500,000 doses of COVID-19 vaccines to the Philippines as the two countries reaffirmed ties and cooperation against the pandemic. Chinese State Counselor and Foreign Minister Wang Yi (DFA OFFICIAL TWITTER ACCOUNT/ MANILA BULLETIN) The Office of the President (OP) made the statement as Chinese State Councilor and Foreign Affairs Minister Wang Yi made a 40-minute courtesy call to President Duterte in Malacañang Saturday. In a statement, the OP said that Wang assured Duterte of China’s commitment to support the Philippines’ efforts to combat COVID-19, a disease that originated in Wuhan, China. “He (Wang) announced that China will donate 500,000 doses of COVID-19 vaccine to the Philippines. He likewise affirmed China’s resolve to do everything to ensure that vaccines become a global good,” Malacañang said. According to Malacañang, Duterte lauded the continued high-level engagement between the Philippines and China even amid the pandemic and stressed the importance of both sides delivering on the promises of the Comprehensive Strategic Cooperation. Duterte stressed that cooperation on public health must be strengthened, particularly access to safe and effective vaccines, to safeguard the health of the people and in order to hasten the economic recovery of both nations and their neighboring countries. “The recovery of nations… sits on the back of stronger economies,” Duterte told Wang. “China plays a very key role in reviving our region’s economy. Let us do all we can to revive economic activities between the Philippines and China,” he added. Malacañang said that Duterte thanked China for its continuing support and cooperation in the country’s fight against COVID-19 in terms of medical equipment and supplies and sharing of experiences and expertise as well as in the repatriation of Filipinos. Economic cooperation Wang declared that China will continue to support the Philippines’ recovery through enhanced economic cooperation. He likewise reiterated his country’s determination to complete pending infrastructure projects. The Palace said that Wang underscored China’s commitment under President Xi Jinping to work closely with the Philippines to sustain the positive trajectory of the valued and special bilateral relations. At the start of his presidency in 2016, Duterte has expressed his desire to build stronger relations with China — even temporarily setting aside the country’s victory over the West Philippine Sea in The Hague to make it happen......»»

Category: newsSource:  mb.com.phRelated NewsJan 17th, 2021

DTI backs easing of age restrictions for economic recovery

MANILA, Philippines — Trade Secretary Ramon Lopez on Friday expressed support for the gradual easing of age restrictions possibly down to 10 years old to help the economic recovery of the country. In a televised briefing, Lopez agreed with the call of Acting Socioeconomic Planning Secretary Karl Kendrick Chua to let more children and families […] The post DTI backs easing of age restrictions for economic recovery appeared first on Cebu Daily News......»»

Category: newsSource:  inquirerRelated NewsJan 15th, 2021

JICA disburses additional P4.7 billion for disaster recovery

The Japan International Cooperation Agency has disbursed another 10 billion yen (around P4.7 billion) to the Philippines under the Post Disaster Standby Loan 2 (PDSL 2) facility to support recovery efforts following the onslaught of strong typhoons in the last quarter of 2020......»»

Category: financeSource:  philstarRelated NewsJan 8th, 2021

World Bank approves $900-m loan for two PH recovery projects

The World Bank said Wednesday it approved two loans amounting to $900 million (about P43.2 billion) to support the Philippines’ recovery from the COVID-19 pandemic, boost competitiveness and resilience against shocks and natural disasters......»»

Category: financeSource:  thestandardRelated NewsDec 18th, 2020

ADB commits $9.4b in loans to PH in the next three years

The Asian Development Bank said Wednesday it will scale up lending support to more than $9 billion for the Philippines’ infrastructure, health and job recovery from 2021 to 2023......»»

Category: financeSource:  thestandardRelated NewsDec 17th, 2020

Lemi empowers small businesses with digital solutions

Lemi, a technology company building a digital ecosystem for small local businesses, announced that it is expanding its efforts to bring micro, small and medium enterprises (MSMEs) in the Philippines onto its digital platform to support their recovery efforts from COVID-19......»»

Category: techSource:  thestandardRelated NewsNov 19th, 2020

Gov’t pushes digitalized, mechanized farm sector

The Department of Finance (DOF) said the government is rapidly digitalizing the country’s agricultural systems and mechanizing farm production to ensure food security over the long run. During the virtual 2020 Annual Meetings of the International Monetary Fund and the World Bank Group, Finance Secretary Carlos G. Dominguez III said the government wants to turn the coronavirus-induced health emergency into an opportunity. Finance Secretary Carlos G. Dominguez III (MANILA BULLETIN FILE PHOTO) To do so, Dominguez said efforts to implement the twin measures are being done to expand Filipinos’ market access for food producers while keeping food supply available and prices affordable. “We are confident that the innovative measures we are putting in place today will transform Philippine agriculture into a dynamic, high-growth sector that will fuel our country’s strong recovery,” Dominguez said during the high-level Food Security Roundtable at the meeting. Dominguez said the government is also promoting digital marketing to support ongoing efforts to boost consumer spending in the new normal and sustaining public investments in rural infrastructure. He added that the government is accelerating the move towards agricultural technology-based farming and value chain development to ensure long-term food security.  To channel more funds into the agriculture sector, the government is also encouraging more private-sector financing in the sector by proposing reforms in the Congress that will provide more access to credit for the entire agricultural value chain, Dominguez said.   “We all aspire for greater food and nutrition security for our people. Only an efficient and modern agriculture sector can fully deliver that,” Dominguez, who was Agriculture secretary during the administration of the late President Corazon Aquino, said. Amid pandemic, Dominguez III said the Philippines has been handling the COVID-19 crisis “with strength on the food security front” duets reforms, particularly with the passage of the Rice Tariffication Law (RTL). According to Dominguez, the agriculture sector was “one of the brightest spots” of the Philippines’s response to the pandemic owing in large part to the RTL. He pointed out that agriculture sector even continued to grow when the rest of the economy contracted because of the COVID-19 pandemic.  Dominguez said rice tariffication was among the main reasons why the government has succeeded in keeping food prices and supply stable, and inflation low during the COVID-19 emergency.  Keeping rice prices stable has been helpful for low-income households that spend a fifth of their budgets on rice alone, he added.   “The Philippines faced the COVID-19 pandemic with strength on the food security front,” Dominguez said.  He pointed out that despite logistical restrictions resulting from the lockdowns imposed to protect people and communities from the lethal coronavirus, the government was able to sustain the flow of produce from local farms to Filipino consumers.   “A food crisis did not happen. This is credited to the effective management of the food supply by our Agriculture Department,” Dominguez said......»»

Category: newsSource:  mb.com.phRelated NewsNov 8th, 2020

Cooperation, not competition

SPEAKING OUT Ignacio R. Bunye The Ayala Group is widely recognized in the Philippines and in Asia as a pioneer in ESG (Environment, Social, and Governance) with its formal adoption of the Ayala Sustainability Framework. In a recent webcast conversation with ATR Asset Management’s Julian Tarrobago, Jr., Jaime Augusto Zobel de Ayala (JAZA), Chairman and CEO of Ayala, explained the genesis of this corporate philosophy. In a nutshell, this is about using the economic engine and for-profit discipline of enterprises to address social issues – not as a philanthropy but as an integral part of doing business. This is a new philosophy designed to foster an environment where there is inclusive growth. This is achieved by engaging disenfranchised sectors and going beyond just the financials. This is reflected in how Ayala purposively evolved over the years and how it has operated during the crisis. This explains how and why Ayala Land continues to make urban centers more livable and more friendly, why Ayala Land projects aim to become carbon-neutral a few years down the road, why AC Energy continues to improve its mix of energy sources, consistently increasing reliance on renewables, why Ayala has ventured into health and into education, and why BPI has dramatically upsized its microfinance. This explains why during the crisis, Ayala’s first concern was to ensure both the physical and financial well-being of its stakeholders. This includes Ayala’s employees and those of the various eco-systems (read that as 250,000 SMEs) which support Ayala. This meant P10 billion, to date, of foregone revenue, to help in their recovery and fostering sustainable growth beyond the crisis. Finally, JAZA explains why “this is a time for us to learn to cooperate rather than be at odds with each other. Our modern capitalist system is massively integrated in a way that it wasn’t in the past. And because we have an integrated system, we are tied to each other in ways that we either all succeed together, or not. If one component of that system is allowed to fail, then you start to break up what makes modern capitalism so strong. The supply chain, the integration, the way we work off each other, each person providing their own component of the system. If we don’t help each other, particularly in the public-private sector to reenergize and restart that great engine, then we will fail. Perhaps, this is a period in time where cooperation is being demanded more from all of us both in the private sector alone and in the private-public interaction, to see how we can all work together to address the many pain points that we will face as a nation if we are to get out of this pandemic.” Change your passwords often Even prior to the pandemic, incidents of unauthorized ATM withdrawals by third parties have been reported on the rise. It is perhaps opportune to issue this reminder. Essentially, it is about keeping our User IDs and passwords safe. One normally reads this reminder on our bank’s website. This is what the bank usually tells us. The bank will never ask you to provide your User IDs or Passwords through e-mail or SMS so don’t fall for unsolicited messages that your account has been temporarily disconnected and that you have to change your password. Never click on links from suspicious e-mails and SMS. Hackers can gain access to your account, plant malware, and steal your identity. Monitor your accounts regularly and immediately report any discrepancies. If I may just add, don’t ask anybody to withdraw money from the ATM for you. For added protection, you may want to use Code Red, an RFID and NFC Anti-Scanning Card. It is a smart card that provides protection from identity theft by manipulating the radio signals using E-field technology. Simply put it inside your wallet and it will make your personal data invisible to electronic thieves and hackers. (Thanks BPI EVP Mon Jocson for this last tip.) Note: You may wish to share the foregoing article via Facebook, Twitter and/or Linked-In......»»

Category: newsSource:  mb.com.phRelated NewsOct 18th, 2020

As COVID-19 ravages the Philippines, a bible thumper insults our intelligence

RJ Nieto We have been made too aware of the speakership catfight in the House of Representatives. On one side is Speaker Alan Peter Cayetano who, last year, agreed to a term sharing deal that entails his voluntary resignation this month. On the other side, the PDP-Laban Lord Allan Velasco, head of the House’s biggest political party. If Cayetano just complied with the term-sharing agreement that he himself insisted on having, then the nation could have moved on and returned its focus on the COVID-19 pandemic that has been ravaging the erstwhile flourishing Philippine economy. But that was not the case: after getting a taste of his lucrative position for 15 months, Cayetano didn’t want to let go. In mid-September, Cayetano said he should remain as the speaker as he claims to enjoy majority support. Days later, his camp even went a step further when Camarines Sur Rep. LRay Villafuerte accused Velasco of planning to delay the passage of the crucial 2021 National Budget. President Rodrigo Duterte, acting as head of the Kilusang Pagbabago Coalition, mediated the rift when he called for a meeting with Cayetano and Velasco. There are various versions of what happened during the meeting, but what’s clear is that both sides agreed to a vote on the speakership on October 14th. At this point, minus the speakership drama, pretty much everything else in the House, especially the 2021 budget deliberations, was going quite smoothly . At this point, the Cayetano-Velasco catfight was still a purely political skirmish. But things took a turn for the worse during the October 7 House session. While the budget debates were still ongoing, Cayetano abruptly declared the end of debates. He then moved to suspend House sessions until mid-November, effectively cancelling the October 14th vote for speaker. Cayetano’s move squarely violated Section 16(5), Article VI, of the Constitution, which forbids the House from adjourning for more than three days without the Senate’s nod. The term he used — “suspension” — is just semantic acrobatics for adjournment. Cayetano’s move effectively delayed the transmission to the Senate of the budget’s House version from October 14 to mid-November at the earliest. For the sake of holding onto power, he escalated the purely political skirmish into a full-blown national crisis. If Cayetano and his allies did not want a speakership change because his replacement will just delay the budget, then why did he delay the budget himself? The COVID-19 pandemic is creating a New Normal, and we need a national budget that takes this New Normal into account. However, the speaker’s latest political stunt risks the reenactment of the previous national budget, a budget that was written before COVID-19 ravaged us. How can the nation address the rampaging pandemic without a national budget that recognizes COVID-19 as a national disaster? We need more IT infrastructure funding as more Filipinos engage in e-commerce and as schools shift to online learning. We need more healthcare funding as Filipinos continue to get infected with this virus. We need more fiscal support for ailing businesses as thousands have gone bankrupt after the economy ground to a halt. But all of these may not happen because of what Cayetano did. He can bicker with anyone as much as he wants, but he should not sacrifice the welfare of this nation for the sake of his ambitions. Cayetano loves to quote the Bible every chance he gets, but it appears that the Bible he reads excludes all the verses that mention greed. I know for a fact that politicians want power. Running for office, after all, is inherently a quest to gain power. But power is sought not for power’s sake. Power is just a means to towards an end, and that end should be public welfare. Too bad for us earthlings, Cayetano may not share the same view of power. And even if he does, his notion of power is a warped, twisted version that serves his aspirations more than those of the Filipino people. And despite what he’s done, he has the gall to insult our intelligence by claiming that he has the nation’s best interests in mind. If there’s anything we can learn from Cayetano, that would be new and more creative ways to cringe. Alan Peter Cayetano’s latest stunt suggests that while Alan Peter Cayetano may still love this country, Alan Peter Cayetano happens to love Alan Peter Cayetano more. For comments and reactions, please email TP@ThinkingPinoy.net or visit Facebook.com/TheThinkingPinoy.....»»

Category: newsSource:  mb.com.phRelated NewsOct 9th, 2020