• DOH confirms first cases of Covid variants CH.1.1, XBB.1.5

    The Department of Health (DOH) on Tuesday confirmed the detection of first CH.1.1 and XBB.1.5 cases in the country. In a statement issued on Tuesday night, the DOH clarified that CH.1.1 is a sublineage of BA.2.75 while XBB.1.5 is a sublineage of XBB. "Both are reported under BA.2.75 and XBB

  • PHL to deploy disaster response specialists and healthcare workers to Turkey

    A 12-man team will be deployed by the Metropolitan Manila Development Authority (MMDA) while the Department of Health (DOH) said it will be sending 31 health emergency responders to Turkey following a 7.8-magnitude earthquake on February 6. The MMDA personnel will part of the Philippine contingent, with the Office of

  • Inflation at 8.7%; job losses seen

    PERSISTENTLY high inflation and bloated wage increases could lead to job losses nationwide, local economists warned on Tuesday. This, after the Philippine Statistics Authority (PSA) reported that inflation reached 8.7 percent in January 2023. This is the highest in 15 years or since November 2008 when inflation clocked in at

  • NG eyes targeted subsidies, Imee floats petrol VAT halt

    THE national government will extend targeted subsidies to specific sectors of the economy that are affected by the “elevated” inflationary pressures, the Department of Finance said on Tuesday, as official inflation data showed the January print accelerating to 8.7 percent, the highest since 2008. Finance Secretary Benjamin E. Diokno made

  • Marcos backs Joey’s luxury items tax bill

    PRESIDENT Ferdinand R. Marcos Jr. said he will back the bill proposed by Albay Representative Jose “Joey” S. Salceda to hike the tax for luxury items to help boost government revenue. In an interview with reporters on Tuesday, the President said he finds Salceda’s House Bill No. 6993 “reasonable” since

  • BSP: Fixing supply-side issues will ease inflation

    THE Bangko Sentral ng Pilipinas (BSP) called for “sustained efforts” to fight inflation by addressing supply-side constraints. In a statement on Tuesday, BSP said non-monetary government measures must be implemented to “combat price pressures.” BSP said the 8.7 percent year-on-year in January 2023 was above the BSP’s forecast range of

  • Inflation hits poor hardest, especially in NCR

    THE poorest Filipinos reeled from high food costs as inflation experienced by the Bottom 30 percent of the population soared 9.7 percent in January, according to the Philippine Statistics Authority (PSA). Based on PSA data, the inflation for the Bottom 30 percent of households in January was the highest in

  • With $11.9-B maritime sector, ‘blue economy needs push’

    To maximize the economic and social benefits of Philippine maritime industries, lawmakers called on the national government to prioritize programs that promote blue economy in the interest of national economic security. Citing the National State of Ocean and Coasts during the initial deliberations on House Bill No. 69 on Tuesday,

  • Peso back at January level of 55 to dollar

    IT took less than seven days to bring the peso back to its level at the start of the year by closing at P55.085 to the dollar on Tuesday, according to data from the Bankers Association of the Philippines (BAP). Data showed the peso opened at P54.65 and saw a

  • DTI’s RCEP pitch at Senate: ‘No simple trade agreement’

    THE Regional Comprehensive Economic Partnership (RCEP) is not just a “simple” trade agreement, Trade Secretary Alfredo E. Pascual told senators on Tuesday, noting that as an ASEAN-led free trade agreement, it will ensure the region’s “continued economic advantage” and will help maintain a “balance of power” within the region. “It

  • MPIC ventures into coconut sector via stake in Axelum

    Conglomerate Metro Pacific Investments Corp. (MPIC) has branched out into the coconut industry, as its unit has acquired a stake in Axelum Resources Corp. for P5.32 billion. Axelum is the leading manufacturer and exporter globally of high-quality coconut products, and one of the major suppliers of Vita Coco, the global

  • Income of Gokongwei-led REIT hits ₧4.4B in 2022

    RL Commercial REIT Inc. (RCR), the country’s largest real estate investment trust (REIT) led by the Gokongwei Group, said its unaudited net income reached P4.4 billion in 2022. The company said the figure excludes the fair value change in investment properties and is 16 percent higher than its goal under