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Mexican government decisions fuel investor fears: Bank of America securities survey

Mexican government decisions remain the biggest risk to the country, on top of a slowdown in the United States or slow vaccination. This is how.....»»

Category: newsSource: inquirer inquirerApr 13th, 2021

Shared history will see PH-US relations through — solon

The long and amiable history between the Philippines and the United States will have a bearing in the prospective relationship between President Duterte and US President-elect Joe Biden. (MANILA BULLETIN FILE PHOTO) Kabayan Party-List Rep. Ron Salo on Thursdaysaid that both leaders “have the primordial interests of their respective countries and their people.” “I am confident that the Philippines and the US will have a robust and dynamic relationship under US President-elect Biden. The US and the Philippines have a shared history and long diplomatic ties,” said the former University of the Philippines (UP) law professor. Philippine-US relations as they appear today were arguably forged and tempered through the nations’ shared experiences in World War II nearly 80 years ago. The Americans were instrumental in liberating Filipinos from occupying Japanese forces in 1945. The aftermath of the war saw the signing of a Mutual Defense Treaty (MDT) between the two nations on August 30, 1951, in Washington, DC. Americans have consistently been viewed in high regard by Filipinos compared to other nationalities, as per surveys. Meanwhile, there are said to be 4.1 million Filipino Americans in the US as of 2018, according to the US Census Bureau’s American Community Survey (ACS) figures. “There are many Filipinos in America as well as Americans of Filipino heritage who continue to contribute in shaping American life, culture, and consciousness. Filipinos also remain to be American’s brown brothers in this part of the globe,” Salo said. “Certainly, it is to the interests of both countries to maintain a strong diplomatic relation,” added the lawyer-congressman. Some observers are waiting how the dynamics between Duterte and Biden would turn out. This is mostly due to Duterte’s critical stance on the US government when Barack Obama was still the American president. Biden, a seasoned diplomat, served as Obama’s vice president from 2008 to 2016......»»

Category: newsSource:  mb.com.phRelated NewsNov 12th, 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

Italy ‘second wave’ fears grow as virus cases top 5,000

Italy was grappling Friday with fears of a second coronavirus wave similar to the ones seen in Britain, France and Spain, as it registered over 5,000 new infections in 24 hours. “We’re under extreme pressure,” the World Health Organization’s Italian government adviser Walter Ricciardi said, warning that spaces in Covid-19 hospitals were running out in the worst-hit regions. Italy registered 5,372 new cases Friday, the health ministry said, nearly 1,000 more than on Thursday. The country has not seen such high numbers of recorded new infections since mid-April. New infections are still well behind Britain, France and Spain, which are registering between 12,000 and 19,000 cases in 24 hours. But Ricciardi said the rise in cases could reach those levels in Italy just as winter begins and common influenza strikes. “When the flu comes, we risk having 16 thousand cases in a day,” he said in an interview with broadcaster Sky TG24. “I am very worried… (about) sub-intensive units because there are infectious patients who need to be treated in a certain way and beds are already running out. And that’s before the flu hits,” he said. The government moved to tackle the sharp rise in case numbers earlier this week, making wearing face masks compulsory in outdoor spaces across the country, on top of all indoor spaces apart from homes. – ‘Dramatic decisions’ – Lazio, the region which houses capital Rome, has been performing particularly badly, along with Campania in the south and Lombardy in the north, where the pandemic broke out in Italy back in February. According to official figures, more than 36,000 people have died of the virus in Italy, where a nationwide lockdown — the first in any European country — lasted over two months. Drained by years of budget cuts, southern Italy’s overstretched health care system escaped the brunt of the virus after movement between regions was banned, preventing cases from travelling down the country. But there are fears it would not escape a second wave. The Italian Association of Hospital Anaesthesiologists said Friday that hospitals in the south, where infrastructure is weaker, were not ready for an escalating crisis, despite efforts made to boost beds and staff numbers. Campania’s regional president Vincenzo De Luca said on Facebook he thought “we’ve reached the point where dramatic decisions need to be taken”. He said he could not rule out a new lockdown of the region. Regional Affairs Minister Francesco Boccia said Friday that if the upward trend continued, movement of people between regions may be temporarily banned. “A rise in the number of contagions was predictable. Intensive care units have been reinforced,” he said. “However, I cannot rule out limits on movements. Nothing can be ruled out at the moment,” he told Radio Capitale......»»

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

Latin America to bear worst impact from coronavirus: World Bank

Latin America and the Caribbean will suffer the worst economic and health impact from the coronavirus, the World Bank said Friday, forecasting a nearly 8.0 percent drop in regional GDP. “Our region is suffering the worst economic and health impacts of Covid-19 of anywhere in the world,” according to Carlos Felipe Jaramillo, the Bank’s regional vice president. He said the findings in the report “calls for clarity on how to combat the pandemic and put the economies back on track for a swift recovery.”  In its report, “The Cost of Staying Healthy” the Bank addresses the impact of the pandemic in a region with with high Covid-19 mortality and infection rates such as Brazil, Mexico and Peru. “The number of deaths per million people is as high as in advanced economies, if not more, but the resources available to counter the shock are much more constrained,” it said.  The bank forecasts a recovery with growth of 4.0 percent in 2021. The report forecasts a region-wide 7.9 percent drop in GDP, a slightly more negative outlook for 2020 than its last assessment in June of a likely 7.2 percent contraction. Crisis-wracked Venezuela — in acute recession for several years and with a government that at least 50 countries refuse to recognize — is not taken into account in the figures. The Covid-related economic crisis follows “several years of disappointing economic growth and limited progress on social indicators, and right after a wave of social unrest,” the report said. “The social damage is immense” the institution warned, adding that unemployment rates had soared across the region, “sometimes substantially.”  Surveys conducted in 13 countries in the region showed that the share of households suffering a decline in income is higher than the share experiencing job losses, it said. The findings suggest that “the impact of the crisis is not only severe but also potentially long-lasting.”.....»»

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

Around 40% of firms remain closed – World Bank survey

Around 40 percent of firms in the country remain closed at the start of the second semester, with most expressing a high degree of uncertainty in the months ahead, results of a business survey conducted by the World Bank with the government showed......»»

Category: financeSource:  philstarRelated NewsOct 9th, 2020

Lockdowns sink FDI pledges deeper into 2-year low in second quarter

Foreign direct investment (FDI) pledges in the country’s economic zones further sank in the second quarter, a reminder of intense investor fears amid the pandemic that the government seeks to soothe through lower corporate taxes......»»

Category: newsSource:  philstarRelated NewsSep 11th, 2020

T-bills fetch lower rates

Rates for short-term government securities plunged yesterday following the central bank’s surprise 50-basis-point rate cut last week, according to the Bureau of the Treasury......»»

Category: financeSource:  philstarRelated NewsJun 29th, 2020

Philippines bond market grows 8% in Q1

The domestic bond market grew by 7.9 percent in the first quarter as both government and corporate issuances rose on the back of positive investor sentiment prior to the declaration of a pandemic, according to the latest Asian Bond Monitor of the Asian Development Bank......»»

Category: financeSource:  philstarRelated NewsJun 25th, 2020

SEC supports easing of bank secrecy law

The Securities and Exchange Commission is throwing its support behind proposals to ease the bank secrecy law, noting this will significantly help the country combat money laundering and other financial crimes......»»

Category: financeSource:  philstarRelated NewsJun 10th, 2021

The United States gave the plane to AMLO

During several consecutive morning conferences, the president was furious and accused the United States of interfering in Mexican politics because the US government, an agency.....»»

Category: newsSource:  inquirerRelated NewsJun 10th, 2021

BTr upsizes T-bill award to P21 billion

The government upsized yesterday the award of short-dated securities to P21 billion as rates fell across the board on strong demand and ample liquidity in the system......»»

Category: financeSource:  philstarRelated NewsJun 7th, 2021

ADB sees job woes continuing

The government should build up on better labor market programs as the pandemic would have longer scarring effects on the country’s labor force even in a post-COVID era, the Asian Development Bank said......»»

Category: financeSource:  philstarRelated NewsJun 7th, 2021

3 dead, 4 hurt as bus catches fire in North Cotabato

Initial reports from the local government unit of Mlang and the municipal police said one of the passengers of a unit of the Yellow Bus Company poured gasoline on the floor of the vehicle, lit the fuel with a disposable lighter and jumped out through its half-open hydraulic door......»»

Category: newsSource:  philstarRelated NewsJun 3rd, 2021

Treasury upsizes T-bill award to P21 billion

The government upsized the award of short-dated securities in yesterday’s auction to P21 billion to take advantage of lower rates and robust demand......»»

Category: financeSource:  philstarRelated NewsMay 31st, 2021

High power bills, fuel costs likely pushed up inflation to 4.8% in May — BSP

Rallying oil prices and power rates likely pushed up inflation in May, putting it beyond government target for fifth straight month, the Bangko Sentral ng Pilipinas reported Monday......»»

Category: newsSource:  philstarRelated NewsMay 31st, 2021

La Jornada – USA uses T-MEC to bring fresh potatoes to Mexico

After two decades of frustrated attempts to introduce fresh potatoes into all Mexican territory, the US government and that country’s producers have used the North.....»»

Category: newsSource:  thedailyguardianRelated NewsMay 31st, 2021

World Bank: Carbon tax to help secure additional revenue

The imposition of a carbon tax in the Philippines will help the cash-strapped government secure additional revenue needed to recover from the pandemic and address long-term risks of climate change, the World Bank said......»»

Category: financeSource:  philstarRelated NewsMay 26th, 2021

SWS poll: More than half of Filipinos prefer vaccines from USA

These survey results come in the middle of government efforts to withhold brand information from those already willing to be vaccinated. .....»»

Category: newsSource:  philstarRelated NewsMay 24th, 2021

US hits Myanmar ministers, central bank chief with sanctions

The US Treasury slapped sanctions on 16 senior Myanmar officials and family members Monday, citing their support for the government's "violent and lethal attacks" against the country's pro-democracy movement......»»

Category: sportsSource:  abscbnRelated NewsMay 19th, 2021

PBCom income steadies in 2020

Philippine Bank of Communications withstood the financial carnage of the pandemic last year as it kept its net income steady on gains made in trading and securities......»»

Category: financeSource:  philstarRelated NewsMay 19th, 2021