PPA fee hike will hurt consumers—Experts
FILIPINO consumers already reeling from higher inflation could again be at the receiving end of the proposed increase in port storage fees, according to local economists.
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economy
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How China’s Belt and Road Initiative is changing after a decade of big projects and big debts
China’s Belt and Road Initiative looks to become smaller and greener after a decade of big projects that boosted trade but left big debts and raised environmental concerns.
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High interest rates prompt July universal and commercial banks’ lending slowdown
The latest data from the Bangko Sentral ng Pilipinas (BSP) reveals that high interest rates are affecting outstanding loans in the Philippines. Outstanding loans extended by universal and commercial banks (U/KBs) grew at a slightly slower pace of 7.7% YoY in July, compared to 7.8% in June. Consumer loans, including credit card and motor vehicle loans, drove growth but also saw a slight slowdown. The BSP is closely monitoring credit dynamics to ensure financial stability and price objectives.
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BSP keeps rates, but signals a hike in November
FILIPINO consumers waiting for interest rates to decline are in for a disappointment as the Bangko Sentral ng Pilipinas (BSP) intends to raise interest rates anew in its next meeting and maintain this rate until the end of the first semester of next year.
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Philippines a ‘key target’ for business in Southeast Asia–survey
HSBC survey reveals the Philippines as a top target for international businesses eyeing Southeast Asian markets. Competitive wages and a growing consumer sector make it an appealing destination. Learn more about key drivers and challenges.
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Finance Department warns against suspending oil taxes, citing economic risks
The Finance department warns against suspending oil taxes, citing adverse effects on the economy, fiscal recovery, and credit ratings. Finance Secretary Benjamin E. Diokno argues that such a move primarily benefits the wealthy and proposes targeted subsidies for the poor affected by high fuel prices. Lawmakers, including Senate Minority Leader Koko Pimentel, call for intervention to address rising fuel costs, while policy think tank Infrawatch PH urges immediate government action. Fuel prices have increased significantly in recent weeks, impacting Filipino households.
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External debt slides to $117.9B at end-June
The Philippines’s external debt declined by nearly a billion dollars as of end-June after the United States Federal Reserve tightened monetary policy in the second quarter, according to the Bangko Sentral ng Pilipinas (BSP).
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Speaker, Lower House to explore solutions with DOE, fuel firms vs gas price stampede
SPEAKER Ferdinand Martin Romualdez is set to gather major oil players and the Department of Energy’s officials today to explore “win-win” solutions that will address the seemingly endless series of oil price hikes.
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Paintings on pesos illustrate Argentina’s currency and inflation woes
In the face of Argentina's soaring inflation and plummeting peso, artists are turning nearly worthless banknotes into valuable works of art. The Money Art movement, led by Sergio Díaz and others, showcases the economic struggles facing Argentines. As prices surge, their paintings on banknotes are gaining value and highlighting the impact of runaway inflation.
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Department of Finance wants zero tariff on rice to ease prices
THE Department of Finance (DOF) is pushing for the reduction of rice tariffs to as low as zero percent to cushion the impact of rising world market rice prices and temper the increase of the price of the staple locally.
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Lowest-paid Pinoys belong to poorest classes–PSA
Low-paid workers in the Philippines, including those in agriculture and fishery sectors, face economic challenges as their average daily basic pay remains below the poverty threshold. According to the Philippine Statistics Authority, skilled agricultural, forestry, and fishery workers earned an average of P363 per day in July 2023, with poverty rates among farmers and fisherfolk reaching 30% and 30.6%, respectively. Elementary occupations and service and sales workers also struggle with daily pay rates of P392 and P491, highlighting the need for improved wages and economic support. In contrast, managers and professionals command higher pay, averaging P1,199 and P1,073 per day.
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Asian tourism recovery seen slowing down in H2
Tourism recovery in Asia may slow in the second half of the year due to moderating arrivals from major markets. Oxford Economics projects economic growth to sputter, citing factors like pent-up demand waning and consumer spending moderation. While Chinese tourists are expected to provide some impetus, capacity constraints in travel destinations persist. The recovery varies across Asia, with Vietnam and Singapore leading, while Taiwan lags behind. The Department of Tourism hopes to boost Chinese tourist arrivals with the launch of an electronic visa platform.
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Hotelier Richard Simmons returns for his third act
AUSSIE native Richard Simmons is a veteran hand at running hotels in the Philippines and other Asian destinations. As the new general manager of Marco Polo Ortigas, this is his third posting in the country, having led teams at Shangri-La Mactan in Cebu and Hyatt Hotels in Manila.
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Trade restrictions, inflation, El Niño dent Apec growth
TRADE restrictions imposed by Asia-Pacific economies in the post-pandemic era, coupled with inflation and lingering effects of El Niño are slowing down the economic growth of the region.
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PHL e-commerce purchase to hit $24 billion in 2025–USDA report
A United States Department of Agriculture (USDA) report on Monday showed that Philippine cross-border e-commerce (CBE) purchases could grow by at least 9 percent, reaching $24 billion by 2025.
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PRA cites ‘positive’ impact of land reclamation projects
An official of the Philippine Reclamation Authority (PRA) said island reclamation projects in Manila Bay would not likely trigger flooding in Metro Manila.
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Traders: Palay prices rise as supply still tight
Local rice traders said over the weekend that unmilled rice prices went up by P1 per kilogram as the supply of the staple remains tight.
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Climate change is helping pests and diseases destroy our food
Pests and diseases are exacerbating crop shortages that have sent prices for goods like cocoa, olive oil and orange juice soaring. That’s set to become even more prevalent as extreme weather events multiply.
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HK losing fight to repair image as shopping haven
Hong Kong has struggled to regain its appeal as a global retail paradise since the city reopened this year, underscoring the damage caused by years of isolation to its $360-billion economy.
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WFH seen to stay, to ease impact of traffic gridlocks
SEN. Joel Villanueva, chief author of the telecommuting law, sees the “Work-from-Home” option as the key to unlock worsening daily traffic gridlocks in metropolitan areas.
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Here’s what you need to know as Fukushima nuclear plant’s wastewater is discharged to the sea
TOKYO—Japanese officials plan to start discharging treated radioactive wastewater from the damaged Fukushima Daiichi nuclear power plant into the Pacific Ocean on Thursday, a contentious step more than 12 years after a massive earthquake and tsunami set off a battle against ever-increasing amounts of radioactive water at the plant.
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Rice price hike may dampen momentum to tame inflation
Rice may again be the cause of higher inflation in the coming months as Philippine Statistics Authority (PSA) data showed that prices returned to levels that were seen prior to the implementation of a law that sought to bring down the price of the staple.
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A review of policy issues in Philippine mining
IN recent decades, there have been several efforts to change the policy governing mining in the Philippines. The current proposal is to create a new fiscal regime for all large-scale mining operations. Estimates show that, if enacted, the new fiscal regime could yield P38 billion annually. The most relevant features of the current plan, which has been approved at the committee level of the House of Representatives (HOR), ensures additional revenue streams from mining activities by declaring all mining areas as mineral reservation area (or 5 percent royalty payment to the national government) and imposing a 10 percent tax on the market value of mineral exports. The proposals that were originally drafted by the Department of Finance (DOF) would increase the effective tax rate on mining from the existing 38 percent to 51 percent.
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European apparel brand moves out PHL orders, shifts to Vietnam
A MAJOR European apparel brand has pulled out its orders from the Philippines and is transferring the orders to Vietnam because Vietnam has a free trade agreement with the European Union, according to the Confederation of Wearables Exporters of the Philippines (Conwep).
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PHL end-June debt up 10.6% to record P14.1 trillion
THE Philippines’s outstanding debt as of end-June rose by 10.6 percent year-on-year to P14.15 trillion, a new record high for the country, from last year’s P12.791 trillion, according to the Bureau of the Treasury (BTr).
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Rising demand for PHL goods boosts July PMI
THE country’s manufacturing performance improved on the back of increased foreign demand for Filipino goods, among others, according to Standard & Poor’s Purchasing Managers’ Index (PMI).
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DTI sets its sights on finishing EU FTA negotiations before 2028
TRADE and Industry Secretary Alfredo E. Pascual said the Department of Trade and Industry (DTI) will exert “all efforts possible” to finish the formal negotiations on the trade agreement between the Philippines and the European Union before the end of the administration of President Ferdinand R. Marcos Jr.
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‘Quadruple whammy’ to hit Pinoys’ gut
INDIA’S rice export ban, Vietnam’s move to halve its exports, typhoons like Egay, and the scuttling of the Ukraine grain deal are “the quadruple whammy” that will hurt the Philippines, the world’s second and sixth biggest rice and wheat importer, said Deputy Speaker Ralph Recto on Tuesday.
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Japan firms keen on expanding Philippine business operations
A government investment mission to Japan resulted in new and expansion project applications, particularly in the areas of home building, chemical, rare earth magnets, among others, the Philippine Economic Zone Authority (PEZA) reported on Tuesday.
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‘Strong’ banks helped post-lockdown boost
THE strength of Philippine banks may have helped the country fight off the lingering effects of the lockdown on economic growth, according to the Bangko Sentral ng Pilipinas (BSP).
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