Economic recovery takes ‘one step back’
The Philippine economic recovery is taking a step back to curb the surging coronavirus outbreak and fix the fragile health system waging a “losing battle” against the pandemic. Finance Secretary Carlos G. Dominguez III said yesterday that the return of Metro Manila and nearly provinces to a stricter lockdown may take a toll on the drivers of economic rebound in the near-term. But Dominguez said that if the reimposed stricter modified enhanced community quarantine (MECQ) is correctly implemented, it will have a favorable impact on the nation’s long-term economic prospects. “In the short run, the return to MECQ may negatively affect livelihoods, consumer demand and production. However, if the time is used to boost all our medical resources and prevent further spread of the virus, then the MECQ will be positive for the long haul,” Dominguez said. As this is a new virus, Dominguez explained that nations, including the Philippines, continuously learn to adapt to the challenges posed by the new and uncertain environment induced by coronavirus. “The whole world is learning how to dance with this virus: two steps forward and one step back,” Dominguez said.Earlier, the DOF chief pushed for a shift of Metro Manila and Calabarzon—accounting for about 70 percent of the country’s gross domestic product (GDP)—“as quickly as possible” to the most lenient quarantine status to kickstart the economy. However, President Duterte ordered Metro Manila, Bulacan, Cavite, Laguna, and Rizal back under the MECQ from August 4 to 18 following a surge of COVID-19 cases and the appeal of healthcare workers. The two week shift to MECQ for Metro Manila and its adjacent provinces starting today ceased some businesses and public transport, while work and quarantine passes are also reinforced to restrict non-essential movements. Reverting to MECQ is an unwelcome develop for the economic managers as it could derail hopes for a recovery in the third quarter of the year. Acting Socioeconomic Planning Secretary Karl Kendrick T. Chua earlier said the economic impact of the quarantine measures in country was “more severe than expected.” Days before Metro Maila reverted to MECQ, Dominguez said the local economy had already hit bottom and started to recover from the coronavirus-induced crisis, noting business activities have begun to pick up. The government had gradually eased the tough virus lockdown measures after the economy shrank by 0.2 percent in the first quarter......»»
Philippine women s ice hockey back with a bang, trounces Kyrgyzstan in IIHF tiff
The Philippine women’s ice hockey reintroduced itself to the international stage Sunday night with a convincing 7-4 victory against hosts Kyrgyzstan at the 2024 IIHF Women’s Asia and Oceania Cup at the Bishkek Arena......»»
Aloguinsan nabs back-to-back wins in Cabaron hoops
Aloguinsan nabs back-to-back wins in Cabaron hoops.....»»
Agdao Public Market vendors want variety and vegetable sections merged
DAVAO CITY (MindaNews / 24 March) – Vendors of Agdao Public Market here are asking the city government to merge the Variety and Vegetable Sections into one section claiming they have difficulties in getting customers because of their location. In a letter addressed to Mayor Sebastian Duterte, the City Administrator’s Office, the City Economic Enterprise […].....»»
Exo s D.O. returning to Manila for Bloom Asia tour
Doh Kyungsoo or D.O. of the Korean boyband EXO is coming back to Manila as part of his upcoming "Bloom" Asia fan concert tour......»»
Poe: State of calamity won’t solve Metro traffic
With an estimated P3.5 billion in economic losses incurred per day due to traffic congestion, the government should listen to experts and stakeholders to address the monstrous traffic jams in Metro Manila, Sen. Grace Poe said yesterday......»»
Village chief rewardscouple for missing girl recovery
Village chief rewardscouple for missing girl recovery.....»»
PBA All Stars hopping over to Davao next
The PBA is looking at Davao as potentially the next venue for the annual All-Star Weekend as it considers bringing the annual festivities to Mindanao after back-to-back stops in the Visayas......»»
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......»»
Marcos, First Lady Liza have made full recovery from flu-like symptoms, says Palace
President Marcos 'has been in meetings today and will resume his public duties tomorrow,' Malacañang says on Monday, March 25.....»»
PUBG Mobile continues steady rise in Philippines
PUBG: Mobile has been a steady shooting game that Filipinos have been playing since its release back in 2018. Since then, the game has had Filipino-centric initiatives in 2022......»»
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......»»
Dovish Powell lifts markets to historic highs
Last week, US equities reached new all-time highs, thereby lifting global stock markets. This came on the back of Federal Reserve (Fed) Chair Jerome Powell’s dovish policy statement. In that speech, Powell touted considerable progress in bringing down inflation, notwithstanding the bumps in the road toward the two percent target......»»
Taal Volcano back to spewing high-volume of toxic gas
LUCENA CITY, Philippines – After spewing lower volumes of sulfur dioxide (SO2) for the past five days, Taal Volcano in Batangas province again emitted a high level of toxic gas on Saturday, March 23. A total of 14,287 metric tons (MT) of SO2 from Taal’s main crater was measured over the past 24 hours and.....»»
Mr. M gets star-studded birthday tribute
It takes a Mr. M — also known as Johnny Manahan — to gather a constellation of showbiz’s brightest stars in one place at one time. That’s exactly what happened on the night of March 16, when Mr. M’s many friends and admirers came together to pay tribute to the man they said they owed their careers to......»»
Business groups laud passage of Salt Industry Development Act
Business groups Philippine Exporters Confederation Inc. (Philexport) and Philippine Chamber of Commerce and Industry (PCCI) welcomed the approval of a law that aims to revive the salt industry which is seen to support economic growth and help create jobs......»»
Saso bounces back with 69 but still trails by 6
Yuka Saso rebounded from a previous round of 75 with a 69 but still found herself trailing significantly behind new leaders KoreanJiyai Shin and Alison Lee of the US after three rounds of the FIR Hills Seri Pak Championship at Palos Verdes Estates in California Saturday (Sunday Manila time)......»»
Tough love: La Salle captain Coronel takes De Jesus criticism in stride amid steady rise
Often the target of helpful criticism by legendary La Salle coach Ramil de Jesus, Lady Spikers captain setter Julia Coronel bravely absorbs his lessons as she leads their title defense.....»»
LA Tenorio, Eya Laure underscore importance of sports camps
Basketball icon LA Tenorio and volleyball star Eya Laure relished going back to their roots as they made an appearance in the launching of a barangay sports grassroots program this weekend......»»
In March, let’s inspire inclusion
Every year, the 8th of March is the day when we celebrate the multiple achievements of women: social, economic, cultural and political......»»
Airports and trains
Over breakfast some years back, in one of those times I had the opportunity to sit down with tycoon Ramon S. Ang or RSA, together with a small group of fellow journalists, he talked about the importance of having an airport express similar to Hong Kong’s much-touted MTR which connects the airport to the rest of the city. .....»»