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Marcos caps rice prices in Philippines inflation fight
Philippine President Ferdinand Marcos on Friday imposed a price cap on rice, the national staple cereal, blaming "cartels" and hoarders for surging food charges. Marcos fixed the maximum retail price of regular milled rice, consumed by many Filipinos, at 41 pesos (73 US cents) per kilogram (2.2 pounds) and 45 pesos for the higher-quality "well-milled" rice. The new ceilings, which went into immediate effect, were as much as 25 percent lower than those quoted on Manila markets earlier this week, the presidential palace said in a statement. Rice is a basic staple in the country of 110 million people. But the nation cannot produce enough for itself and has been one of the world's top importers of the grain. "The current surge in retail prices of rice in the country has resulted in a considerable economic strain on Filipinos, particularly those who are underprivileged and marginalized," Marcos said in an executive order. Despite a "steady supply", Marcos alleged widespread "illegal price manipulation, such as hoarding by opportunistic traders and collusion among industry cartels in light of the lean season" were to blame. A ban on rice exports by major producer India, the war in Ukraine, and unstable world oil prices have also "caused an alarming increase in the retail prices of this basic necessity", he added. Marcos said the government, with police help, would "intensify ongoing inspections and raids of rice warehouses to combat hoarding and illegal importation". Price caps are "not ideal", Victor Abola, an economist at Manila's University of Asia and the Pacific told AFP. "But now that it is implemented the challenge for the government is to make sure that we have enough rice harvest these coming months so they can bring down the prices of rice to their desired price." "It's really a difficult balancing act at this time," Astro del Castillo, managing director of Manila securities firm First Grade Finance told AFP. Failing to rein in high inflation would hamper economic growth, he added. Inflation rose 6.8 percent in the January-July 2023 period compared with the previous year, government data show, after peaking at a 14-year high of 8.7 percent in January. Wilbert Lee, who represents the agriculture sector in the House of Representatives, called the price cap a "stopgap measure" and warned it could backfire. "The government must ensure strict compliance as this may result in supply drop in the market. It may discourage the private sector from selling with little or no profit," Lee said in a statement. The post Marcos caps rice prices in Philippines inflation fight appeared first on Daily Tribune......»»
G7 to squeeze Russia, weigh risk of China’s ‘economic coercion’
G7 leaders arrived in Hiroshima, Japan, on Thursday to weigh tighter sanctions on Russia and protections against China's "economic coercion", surrounded by reminders about the harrowing cost of war. Japanese Prime Minister Fumio Kishida is hosting leaders from six other wealthy democracies in his hometown -- a city synonymous with nuclear destruction and now peppered with peace monuments. Leaders including US President Joe Biden will try over three days to forge a united front on Russia and China, where the allies' interests do not always neatly align. Biden's delicate diplomatic offensive in Asia hit a bump even before Air Force One left US soil: A domestic budget row forced him to cancel stops in Papua New Guinea and Australia. He arrived in Hiroshima Thursday, becoming just the second US president after Barack Obama to visit a city levelled by his country's "Little Boy" atomic bomb. Russia's 15-month-old invasion of Ukraine will top the agenda when the G7 summit gets underway Friday, after a new spate of aerial attacks on Kyiv and a long winter of grinding warfare in Bakhmut and other frontline towns. "We stand up for the shared values including supporting the people of Ukraine as they defend their sovereign territory and holding Russia accountable for its brutal aggression," Biden said as he met Kishida Thursday. The United States and its allies have poured weaponry into Ukraine to stall the Russian advance, but a long-anticipated spring counteroffensive by Kyiv's forces has yet to materialize. Ukrainian President Volodymyr Zelensky is expected to address the group by video link. US National Security Advisor Jake Sullivan said leaders would discuss battlefield developments and tightening a sanctions regime that, according to official statistics, caused Russia's economy to contract a further 1.9 percent last quarter. G7 nations have already adopted sanctions on Russian banks and military firms, and placed price caps on Russian crude. Discussions are expected on tighter enforcement, and new measures on a range of goods, including Moscow's roughly $5 billion annual trade in diamonds. Nuclear shadow Putin's repeated threats to turn the Ukraine conflict nuclear have been roundly condemned by G7 leaders and dismissed by some commentators as little more than an attempt to shake European and American resolve. But a leaders' visit to the Hiroshima Peace Memorial Park on Friday is likely to pull those threats into sharper focus. The bombing on 6 August 1945 obliterated Hiroshima, claimed an estimated 140,000 lives and forever changed the world. Kishida wants to use the summit to press his guests -- nuclear powers Britain, France and the United States -- to commit to transparency on stockpiles and arsenal reductions. But expectations for a breakthrough are low. 'Economic coercion' Summit discussions on China are expected to focus on efforts to insulate G7 economies from potential economic blackmail, by diversifying supply chains and markets. In disputes with countries from Australia to Canada, President Xi Jinping's administration has shown a willingness to block, tax or hamper trade with little warning or explanation. White House official Sullivan said leaders were expected to decry this "economic coercion" and work to bridge transatlantic differences about how to engage with China. Washington has taken an aggressive approach, blocking China's access to the most advanced semiconductors and the equipment to make them, and has pressed Japan and the Netherlands to follow suit. But European policymakers -- most notably those in Berlin and Paris -- are keen to make sure that "de-risking" does not mean shattering ties with China, one of the world's largest markets. "This G7 is not an anti-Chinese G7," an adviser to French President Emmanuel Macron told journalists before the summit. "We have a positive message for China, which is that we are ready to cooperate on condition that we negotiate together," the adviser added. Host Japan is also keen to talk to developing nations that have been wooed by Chinese investment, with leaders from India, Brazil and Indonesia among those invited by Kishida to Hiroshima. Evidence of Beijing's growing economic and diplomatic clout was on display Thursday in the former imperial capital Xi'an. There, Xi is hosting the leaders of five Central Asian countries that were once seen as firmly in Moscow's orbit but are increasingly drawn to Beijing. The post G7 to squeeze Russia, weigh risk of China’s ‘economic coercion’ appeared first on Daily Tribune......»»
KaTribus todo-suporta sa Daily Tribune mall tour!
Pinasimulan ngayon ng Daily Tribune ang serye ng mga pagbisita sa iba’t-ibang shopping at commercial malls sa bansa sa pagbisita sa SM Mall of Asia sa Pasay City. Namigay ng masks, t-shirts, mugs, caps at kung anu-ano pang souvenir ang staff ng pahayagang kilala sa slogan nitong “Without fear, Without favor” sa mga shoppers na […] The post KaTribus todo-suporta sa Daily Tribune mall tour! appeared first on Daily Tribune......»»
Philippines beats India for back-to-back wins in women’s Asia ice hockey tiff
The Philippine women’s ice hockey team picked up where they left off after their opening win in the 2024 IIHF Women’s Asia and Oceania Cup with a 7-0 shutout of India at the Bishkek Arena in Kyrgyzstan on Wednesday......»»
Survey shows Cha-cha still unpopular with Filipinos — Senate leaders
Senate President Juan Miguel Zubiri said that the findings of the survey by private pollster Pulse Asia, which was released on Wednesday, show that Charter change is an "unpopular move.".....»»
Kaspersky Shares Cybersecurity Tips for a Peaceful Getaway during the holy week
As the holiday season approaches, the urge to unwind and kick back is natural. And it’s all too common for people to let their guard down completely when connecting to the Internet too– but shouldn’t. Recently, the Philippine National Police (PNP) Anti-Cybercrime Group shared its findings on identity theft cases in the country. Between November […].....»»
MLB season begins
Shohei Ohtani and the Los Angeles Dodgers take center stage on Thursday as Major League Baseball’s new season gets under way on US soil against the backdrop of a gambling scandal that has engulfed its brightest star......»»
Unlock business success at Franchise Asia Philippines Expo
The Franchise Asia Philippines Expo 2024 is set to hold a series of dynamic seminars designed to empower entrepreneurs, investors and business enthusiasts with the knowledge and tools needed to thrive in the ever-evolving world of franchising. Slated from April 12 to 14 at the SMX Convention Center Manila, these seminars offer invaluable insights into key aspects of franchising and business growth......»»
88% of Pinoys oppose Cha-cha – Pulse Asia
Public opinion on Charter change, which last year was roughly divided among Filipinos, is now largely skewed toward those opposed to changing the country’s Constitution, a survey conducted by Pulse Asia showed......»»
Boracay, Palawan named among ‘Best Islands in Asia-Pacific’
Two island destinations in the Philippines were included in the 10 “Best Islands in Asia-Pacific” by a foreign travel magazine......»»
‘Danger’ level heat index recorded in 9 areas
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UAAP volleyball enters break amid wide-open semis race
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Holy Week 2024: A peek into 7 Metro Cebu churches for Visita Iglesia
The Lenten Season is also about reflection and prayer about the passion of Christ. There are days to fast and during the Holy Week on Maundy Thursday and Good Friday, the Catholic faithful usually practice the Visita Iglesia or the tradition to visit 7 or 14 churches, where they pray and reflect and do.....»»
Gilas women off to great start in FIBA 3x3 Asia Cup
The Gilas Pilipinas women had a strong start in the 2024 FIBA 3x3 Asia Cup after coming up unscathed in the first day of the competition Wednesday at the Singapore Sports Hub......»»
Most Filipinos reject Charter change, lifting foreign ownership restrictions
An overwhelming majority of Filipinos oppose changing the 1987 Constitution at this time, according to a new Pulse Asia Survey, with results showing Filipinos in all regions and all socio-economic classes did not support the lifting of foreign ownership restrictions in key industries......»»
'MahalNaAraw2024: Mga Tradisyon tuwing Semana Santa
MAHALAGA ang paggunita ng Semana Santa o Holy Week lalo na sa mga Pilipino na may sagradong paniniwala bilang Katoliko. Sa katunayan, tinaguriang “Asia’s Bastion of Christianity” ang Pilipinas at isa rin ito sa mga bansang may malaking bilang ng mga Katoliko. Kaya naman hindi na rin kataka-taka na talagang binibigyan ng importansya ang Mahal.....»»
Live your faith
‘Tis the season to be holy, to contemplate matters of the spirit and repent for one’s sins in hopes of redemption......»»
MPL PH Season 13: Smart Omega stays winless; AP.Bren takes solo lead
It's been a bad start for Smart Omega as the barangay remains winless in the 13th season of the Mobile Legends Bang Bang Professional League (MPL) Philippines......»»
‘Our Dream’: K-pop boy band BtoB to hold fan-con in April
The K-pop boy band BtoB, also known as Born to Beat, is poised to come back to Manila on April 7 at the SM Mall of Asia for a fan-con labeled as “2024 BTOB Fan-Con Our Dream.”.....»»
Xinhua Asia-Pacific news summary at 1600 GMT, March 25
JAKARTA -- One was killed and nine others, including children, went missing after a landslide struck a village in the Indonesian province of West Java on Sunday, a local official said Monday. The disaster took place in Cibenda village in West Bandung regency on Sunday after torrential rain reportedly poured over the area for around two hours. (Indonesia-Landslide) - - - - SYDNEY -- Local media repo.....»»