THE PESO strengthened against the dollar on Friday after May inflation steadied at 4.5%. The peso closed at P47.75 against the dollar Friday after finishing Thursday at P47.825, according to the Bankers Association of the Philippines. Week-on-week, the peso strengthened from its P47.80 close on May 28. Since the start of 2021, the peso has appreciated by 0.6%. It closed at ...

The Philippines needs to support its labor market by incentivizing hiring and introducing unemployment insurance to prevent long-term damage to the work force, Asian Development Bank (ADB) officials said in a blog post. “The pandemic could create long-lasting effects on employment. Put simply, this temporary large shock to the economy might produce a persistently lower employment rate even after the ...

THE Government Service Insurance System (GSIS) said its loan disbursements have amounted to P208 billion since 2019, including P108 billion for loans to assist members who have run into difficulty during the public health crisis. In a statement Friday, the GSIS, the pension fund for current and retired civil servants, said the P108 billion was disbursed via the GSIS Financial Assistance ...

The Philippines is ready to serve as a production base for Japanese pharmaceutical companies, the Department of Trade and Industry (DTI) said. “As our country prepares the environment and standards through the implementation of ASEAN harmonization and other initiatives for good manufacturing practice, the Philippines can be a good production base for Japanese companies’ pharmaceutical exports,” Trade Undersecretary and Board ...

The Department of Energy (DoE) said Friday that red alerts on the Luzon grid are still possible until next week if power plants do not return to service during the period. “Iyon pong end of this week hanggang next week, makikita natin na kung wala pong makakapasok na planta, below the red line pa rin po tayo. Kulang pa rin ...

AGRICULTURAL damage caused by Tropical Storm Dante (international name: Choi-wan) was estimated at P63.61 million Friday, the Department of Agriculture (DA) said. The DA said in a bulletin Friday that losses were tallied at 2,309 metric tons (MT), with 1,780 farmers and 2,623 hectares of farmland affected. The storm-damaged regions were Western Visayas, Davao, SOCCSKSARGEN (South Cotabato, Cotabato, Sultan Kudarat, ...

THE Federation of Free Farmers (FFF) said Congress failed to hold hearings on resolutions questioning Executive Order (EO) No. 135, which lowered the tariffs on imported rice. The FFF said in a statement Friday that resolutions were filed by Senators Francis N. Pangilinan, Franklin M. Drilon, Ana Theresia N. Hontiveros-Baraquel, Leila M. de Lima, and Maria Lourdes Nancy S. Binay ...

AN association of private schools petitioned Malacanang Friday seeking intervention from President R. Duterte to reverse a Bureau of Internal Revenue’s (BIR) ruling barring for-profit educational institutions from availing of a 1% tax rate. The Coordinating Council for Private Educational Associations (COCOPEA) is seeking the recall of the BIR’s Revenue Regulation (RR) 5-2021, which excluded for-profit educational institutions from availing ...

France has declared its intention to offer a “highly concessional loan” to the Philippines to fund a cable car transport system in Metro Manila, the Department of Finance (DoF) said. In a statement, the DoF said French Ambassador to the Philippines Michèle Boccoz told Finance Secretary Carlos G. Dominguez III of French readiness to finance the proposed $100 million cable car system. The ...

Consumer price increases steadied for the third straight month at 4.5% in May, matching market expectations.  The figure was within the 4-4.8% estimate by the Philippine central bank for that month and matched the median estimate in a BusinessWorld poll last week.  Year to date inflation was 4.4%, higher than the 2-4% target of the Bangko Sentral ng Pilipinas (BSP) and its ...

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