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BusinessMirror Editorial
Staying the course amidst headwinds
The Philippines faces a daunting economic landscape in 2024, with higher-for-longer US interest rates, stubbornly high inflation, and the risk of spiking oil prices due to geopolitical turmoil. These challenges threaten to undermine the country’s growth trajectory, which international observers still project to be among the fastest in Asia this year. Socioeconomic Planning Secretary Arsenio M. Balisacan says that despite these concerns, international observers remain optimistic about the country’s economic performance. (Read the BusinessMirror report: “Government keeping growth goals despite risks,” April 24, 2024).
Extending RCEF: A key to boosting Philippine rice production
Among all the crops grown in the Philippines, rice is heavily favored in terms of the support it receives from the government. The increase in spending in agriculture in recent years has largely benefited the rice sector. Billions of pesos have been poured into activities that sought to increase rice production, such as the repair and rehabilitation of irrigation systems that primarily serve rice lands.
A renewed commitment: PBBM’s efforts to combat hunger, poverty, and crime
IN a bid to address pressing social issues and foster grassroots engagement, President Marcos has taken decisive steps to intensify government efforts against hunger, poverty, and crimes. Through two significant memoranda, the government aims to tackle these challenges head-on, forging partnerships and implementing comprehensive strategies. (Read the BusinessMirror report: “President orders intensified actions vs poverty, social ills,” April 22, 2024).
Alarming rise of hotel rates threatens growth of PHL tourism industry
The high cost of travel and accommodation in the Philippines has been a long-standing concern for domestic tourists, destination management companies, and lawmakers. The situation has reached a point where many people now prefer to travel abroad, where they can get more value for their money. The issue is not limited to expensive domestic airfare; even hotels, especially those in Metro Manila, have significantly raised their room rates, surpassing pre-pandemic levels. Unfortunately, this trend is projected to continue in the medium term, posing a serious threat to the government’s goal of attracting 12 million international arrivals by 2028. (Read the BusinessMirror story: ‘Keys Muna’: Imminent hotel room shortage—and resulting higher room rates—could derail PHL’s ambition to lure more visitors, April 20, 2024).
Addressing the delayed pandemic compensation for our health workers
The news that the Department of Health still needs an additional P23.4 billion to pay 4.3 million claims for Public Health Emergency Benefits and Allowances (HEA and Covid-19 Sickness and Death Compensation) is deeply concerning. Our healthcare workers have risked their lives on the frontlines of the Covid-19 pandemic, and they deserve to be compensated in a timely manner for their immense sacrifices. (Read the BusinessMirror story: “Payouts for pandemic duty of health workers lack P23 billion,” April 17, 2024).
Helping OFWs enhance their savings habit for sustainable prosperity
The latest data from the Bangko Sentral ng Pilipinas (BSP) reveals a positive trend in the remittance flows from overseas Filipinos, indicating a recovery from the pandemic-induced economic challenges. Cash remittances in February 2024 reached $2.65 billion, marking the highest level for that month in recent years. This surge in remittances aligns with the recovery in deployment, with overseas Filipino workers deployment reaching a 55-year high since records were first kept in 1969. However, while remittances show promise as a driving force for economic growth, there are concerns regarding the savings and investment habits of our OFWs. (Read the BusinessMirror story: “Remittances rise, but savings static—BSP,” April 16, 2024).
Untapped potential of eco-friendly fibers in PHL textile industry
Clothing is one of the basic needs of man, aside from food and shelter. Industries that supply these basic needs have been thriving for years. For one, the textile industry was regarded as one of the main drivers of the industrial revolution.
Examining PHL’s job creation efforts and forging a path forward
The country’s recent employment data has sparked both optimism and concern among citizens. While the numbers indicate some improvement, it is clear that the pace of job creation is falling short of expectations. Despite the modest increase in the number of employed individuals, the latest report reveals that job generation remains below target, raising questions about the effectiveness of the government’s efforts to address unemployment and alleviate poverty. (Read the BusinessMirror report: “Jobs generation remains below govt target—Ibon,” April 15, 2024).
Meralco’s partnerships with co-ops to bolster PHL economic growth
The Philippine economy is on the cusp of a transformative era, and Meralco, the country’s largest electric distribution utility company, has the potential to play a pivotal role in propelling it forward. Recent studies have unveiled a strong correlation between higher power consumption, higher power quality requirements, and an increased GDP per capita. Recognizing this connection, Meralco has wisely set its sights on partnering with electric cooperatives, presenting a promising opportunity to elevate the Philippine economy to new heights.
PBBM bares holistic plan to tackle traffic congestion in NCR
Traffic congestion has long been a pressing issue in Metro Manila, causing frustration, wasted time, and economic losses. Recognizing the need for a holistic plan, President Marcos has outlined a comprehensive approach that focuses on reducing the demand for private vehicles through an enhanced mass transit system and cracking down on colorum vehicles. This strategy demonstrates a promising step forward in addressing the root causes of traffic congestion. (Read the BusinessMirror story: “PBBM: Traffic-busting plan focuses on mass transit,” April 11, 2024).
De-escalation talks:A step towards peace in West Philippine Sea
The recent announcement by President Marcos regarding ongoing talks with Chinese leadership to de-escalate tensions in the West Philippine Sea (WPS) is a positive development that offers hope for a peaceful resolution to the longstanding disputes in the region. The President’s commitment to engaging in dialogue at various levels demonstrates a proactive approach aimed at preventing potential clashes and fostering a conducive atmosphere for constructive discussions. (Read the BusinessMirror report: “PHL, China talking to cool down tensions in WPS, says Marcos,” April 9, 2024).
Revitalizing rainwater harvesting in PHL for sustainable water management
The Christmas tree is one of the most ubiquitous holiday symbols that is seen everywhere in the Philippines during the so-called “ber” months. Some households put it up as early as September, to mark the beginning of the world’s longest Christmas celebration. Unlike in temperate countries where households use pine trees, Christmas trees in the Philippines are usually made of plastic and are stored in cabinets after the end of the holidays.
World Bank highlights investments’ vital role in PHL economic growth
The Philippines has set an ambitious goal to achieve upper-middle income economy status by the start of the next decade. This vision, supported by leaders in the business sector and the academe, can become a reality through unimpeded economic reforms and sustained fiscal policy support. One crucial step towards achieving this goal is to attract big foreign investors who can bring in more investments and create quality jobs.
Pinoys worry about high prices and low incomes
The latest survey conducted by Publicus Asia Inc. has shed light on a growing concern among Filipino households: the rising prices of basic commodities and the challenge of meeting their fundamental needs due to insufficient incomes. This alarming trend calls for immediate attention and decisive action from the government to alleviate the burden faced by the most vulnerable members of society. (Read the BusinessMirror story: “Prices, inadequate incomes top PHL household concerns,” April 3, 2024).
Chinese mafia members arrested for fraudulent govt document scheme
Identity fraud is a serious and pervasive issue that affects countries around the world. Criminals exploit vulnerabilities in identification systems to obtain fraudulent documents, which they then use for various illegal activities. The case of the Chinese nationals arrested in Palawan sheds light on the global nature of this problem and the need for robust measures to combat it.