DIRS.INFO The most relevant business & tech news

[1/3] Edwin Gariguez, a Catholic priest from the Philippines, who is touring top European banks on environmental issues, is pictured in Frankfurt, Germany, May 10, 2023. "It's really frustrating on my part," Gariguez said on a stopover in Frankfurt after meetings with Deutsche Bank and DWS (DWSG.DE). Barclays and San Miguel didn't respond. On its website, San Miguel says: "As sustainability champions, we hold ourselves accountable." The nation's Department of Energy sees LNG as a "transition fuel", as it moves away from coal-fired power generation toward more renewable energy.

☆ Philippines' Q1 GDP slows to 6.4%, beats forecast
▼ + stars: | 2023-05-11 | by ( ) www.reuters.com time to read: 1 min

MANILA, May 11 (Reuters) - The Philippine economy expanded 6.4% in the first quarter from a year earlier, the statistics agency said on Thursday, weaker than the previous quarter's downwardly revised 7.1% growth. Analysts polled by Reuters had expected first quarter gross domestic product (GDP) to grow 6.1% on an annual basis. Reporting by Neil Jerome Morales and Enrico dela Cruz; Writing by Karen Lema; Editing by Martin PettyOur Standards: The Thomson Reuters Trust Principles.

☆ Joint Philippines-U.S. patrols in South China Sea may begin by third quarter - envoy
▼ + stars: | 2023-05-08 | by ( ) www.reuters.com time to read: +2 min

MANILA, May 8 (Reuters) - Joint patrols between the Philippines and the United States in the South China Sea may begin later this year, a top diplomat said on Monday, just days after Washington clarified its commitment to defend Manila from an attack at sea. Discussions were continuing on the joint maritime patrols, which were announced in February, said Philippine ambassador to the United States, Jose Manuel Romualdez. U.S. Defense Secretary Lloyd Austin announced in February he and his Philippine counterpart, Carlito Galvez, have agreed to restart joint maritime patrols in the South China Sea, which former President Rodrigo Duterte, who sought warmer ties with China, had suspended after he took office in 2016. But Philippine Defense Secretary Galvez told reporters on Monday there were no formal discussions on the joint patrols with the United States and Australia. China claims most of the South China Sea, through which more than $3 trillion of world trade is shipped every year.

☆ Philippines, China to discuss fishing rights in South China Sea - Marcos
▼ + stars: | 2023-05-01 | by ( ) www.reuters.com time to read: +2 min

MANILA, May 1 (Reuters) - Philippines President Ferdinand Marcos Jr said China has agreed to discuss fishing rights in the South China Sea, as he pushed for a "direct communication line" with Beijing on maritime differences. China has agreed to "sit down" and talk about Filipinos' fishing rights in the South China Sea, Marcos said, adding he has asked the Philippine Coast Guard and the Department of Foreign Affairs "to put together...a map of these fishing grounds" that will be presented to Beijing. The Philippines accused China's coast guard on Friday of "aggressive tactics" following a recent incident during a Philippine coast guard patrol close to the Philippines-held Second Thomas Shoal, a flashpoint for previous altercations located 105 nautical miles (195 km) off its coast. The United States has urged China to stop harassing Philippine vessels in the South China Sea, while Beijing said it was willing to handle maritime differences with countries of concern through friendly consultations, while warning Washington against interference. China claims sovereignty over almost the entire South China Sea, with a "nine-dash line" on maps that stretches more than 1,500 km (930 miles) off its mainland and cuts into the exclusive economic zones of Vietnam, the Philippines, Malaysia, Brunei and Indonesia.

However, confusing the picture core inflation accelerated to 8.0% in March from February's 7.8%, the fastest pace since 1999. Nicholas Mapa, an economist at ING bank, said a sustained downtrend in inflation could make the BSP consider hitting the pause button on its most aggressive interest rate hiking cycle for years. "Today's inflation reading could be one additional data point that could convince Governor Medalla that inflation is finally moderating," Mapa told Reuters. "We expect inflation to moderate further in April which could open up the door for a BSP pause at the May meeting." Finance Secretary Benjamin Diokno, who is one of the seven members of the central bank's policy making monetary board, said on Tuesday, the central bank has probably done enough to address inflation.

☆ Philippine annual inflation eases to 7.6% in March
▼ + stars: | 2023-04-05 | by ( ) www.reuters.com time to read: +1 min

MANILA, April 5 (Reuters) - Philippine annual inflation eased for a second straight month in March but still remained above target, the statistics agency said on Wednesday, reflecting slower increases in food and transport costs. The consumer price index (PHCPI=ECI) rose 7.6% in March, below the 8.0% forecast in a Reuters poll, and marked the slowest pace of price increase in six months. But core inflation, which strips out volatile food and fuel items, accelerated to 8.0% in March from February's 7.8%, indicating price pressures remain. The Philippine central bank, which projected inflation to be between 7.4% to 8.2% in March, raised its benchmark interest rate (PHCBIR=ECI) by 25 basis points to 6.25% last month, to bring inflation back to its 2%-4% target this year. The central bank said its future policy moves would be would be data-dependent.

☆ Top US, Philippine officials to meet after expanding defense pact
▼ + stars: | 2023-04-05 | by ( ) www.reuters.com time to read: +2 min

April 5 (Reuters) - The top foreign and defense officials of the United States and the Philippines will meet in Washington next week, the U.S. State Department announced on Wednesday, just as the two countries have expanded their defense cooperation agreement. U.S. Secretary of State Antony Blinken and Secretary of Defense Lloyd Austin will receive Philippine Foreign Affairs Secretary Enrique Manalo and defense chief Carlito Galvez on Tuesday. The near doubling of EDCA sites was achieved at a time of growing concern over China's conduct in the South China Sea and tension over self-ruled Taiwan. The locations are significant, with Isabela and Cagayan facing north towards Taiwan, while Palawan is near the disputed Spratly Islands in the South China Sea, where China has built artificial islands equipped with runways and missile systems. Reporting by Daniel Trotta, editing by Donna Bryson & Shri NavaratnamOur Standards: The Thomson Reuters Trust Principles.

☆ Philippines reveals locations of 4 new strategic sites for U.S. military pact
▼ + stars: | 2023-04-03 | by ( Karen Lema | ) www.reuters.com time to read: +3 min

The locations are significant, with Isabela and Cagayan facing north towards Taiwan, while Palawan is near the disputed Spratly Islands in the South China Sea, where China has built artificial islands equipped with runways and missile systems. Defence chief Carlito Galvez called the sites "very strategic" and stressed the Philippines had a responsibility to the international community in the South China Sea. "Their locations are in areas where they are needed," said Jay Batongbacal, a South China Sea expert at the University of the Philippines. "It also provides us with coverage not only on the West Philippine Sea (South China Sea) but also on the Pacific side," he added. The United States has committed more than $80 million worth of infrastructure at the five existing sites - the Antonio Bautista Air Base in Palawan, Basa Air Base in Pampanga, Fort Magsaysay in Nueva Ecija, Benito Ebuen Air Base in Cebu and Lumbia Air Base in Mindanao.

☆ Philippine leader cheers EC move as job losses for 50,000 seafarers averted
▼ + stars: | 2023-04-02 | by ( ) www.reuters.com time to read: +1 min

MANILA, April 2 (Reuters) - Philippine President Ferdinand Marcos Jr on Sunday welcomed the European Commission's (EC) decision to continue recognising certificates issued by his country for Filipino seafarers, saying it averted job losses for roughly 50,000 sailors. The EC had warned in 2021 it would withdraw its recognition of Filipino seafarers' certificates unless serious measures were taken, including compliance with the International Convention on Standards of Training, Certification and Watchkeeping for seafarers. Marcos had met with EC President Ursula von der Leyen in December, when he attended the ASEAN-EU summit in Brussels, to discuss the 15-year-old issue involving Filipino seafarers. The EC said it intends to provide the Philippines with technical assistance to further improve its education, training and certification system for seafarers. Reporting by Enrico Dela Cruz; Editing by Christopher CushingOur Standards: The Thomson Reuters Trust Principles.

☆ Factbox: Asia's carbon pricing and emission trading systems
▼ + stars: | 2023-03-31 | by ( Matthew Chye | ) www.reuters.com time to read: +5 min

Here is a look at some of the carbon emissions trading systems (ETS) and pricing mechanisms in Asian countries aimed at reducing greenhouse gas emissions and achieving net zero targets. * A carbon levy will be introduced from around 2028/29 on fossil fuel importers such as refiners, trading houses and electricity utilities. INDIA* Parliament in December passed the Energy Conservation (Amendment) Bill 2022 that sought to establish carbon trading. * Authorities are studying the implementation of a carbon exchange and plan to set up agencies to monitor and verify emission volume. MALAYSIA* The stock exchange launched a voluntary carbon market (VCM) in December with the introduction of the Bursa Carbon Exchange, the world's first Shariah-compliant carbon exchange.

☆ Philippine minister says pause in rate rises likely at next bank meeting
▼ + stars: | 2023-03-26 | by ( ) www.reuters.com time to read: +1 min

MANILA, March 26 (Reuters) - Philippines Finance Secretary Benjamin Diokno said on Sunday he believed that the central bank was leaning towards a pause in interest rate rises at its next monetary policy meeting scheduled for May. "Non-monetary measures to ease inflation could address the problem more effectively", including those already adopted by fiscal authorities, Diokno said in a statement. The Bangko Sentral ng Pilipinas' decided on Thursday to continue fighting inflation with a rate increase, although at the slower pace of 25 basis points (bps) to 6.25% (PHCBIR=ECI). And monetary policy is not the only game in town. Besides ... monetary policy works with a long lag," said Diokno, who sits as a member of the seven-man monetary board of the central bank.

☆ Philippines beefs up efforts to contain oil leak from sunken tanker
▼ + stars: | 2023-03-14 | by ( ) www.reuters.com time to read: +2 min

[1/2] An aerial view shows the oil spill from the sunken fuel tanker MT Princess Empress on the shores of Pola, in Oriental Mindoro province, Philippines, March 8, 2023. REUTERS/Eloisa Lopez/File PhotoMANILA, March 14 (Reuters) - Philippine authorities have increased efforts to contain an oil spill from a sunken fuel tanker that has affected coastal towns and was still spreading, the environment ministry said on Tuesday, as the country grapples with cleanup challenges. The vessel was carrying about 800,000 litres (211,338 gallons) of industrial fuel oil when it sank, according to the coast guard. Resorts in Oriental Mindoro, also known for world-class beaches and dive spots, have already been reeling from the impact of the oil spill, as tourists cancel reservations during what is supposed to be peak season. They also raised concerns about whether the tanker owner could file insurance claims despite questions about the ship's permit to operate.

☆ Philippines to deploy underwater vehicle to pinpoint location of stricken tanker
▼ + stars: | 2023-03-06 | by ( ) www.reuters.com time to read: +3 min

[1/2] A view of an oil spill at a beach in Caluya, Philippines March 4, 2023 in this still image obtained from social media video. A remotely operated autonomous vehicle would be deployed to help determine the exact location of the tanker, it said. Authorities want to know how much oil is inside and how to pump the remainder out and stop any leaks, experts said. The tanker's owner has contracted local agencies, Harbor Star Shipping Services and Malayan Towage and Salvage Corp., for the cleanup. If sea conditions are bad, it is also unsafe for our contractors to work," Rodrigo Bella, vice president of Harbor Star, told the media briefing.

☆ Philippines growth to hit at least 6% this year
▼ + stars: | 2023-02-27 | by ( ) www.reuters.com time to read: 1 min

MANILA, Feb 27 (Reuters) - Economic growth in the Philippines will reach at least 6% this year, the central bank governor said on Monday, consistent with the government's 6%-7% target for 2023. Bangko Sentral ng Pilipinas Governor Felipe Medalla told an economic forum "pent-up" demand will be a key driver of growth this year. Reporting by Enrico dela CruzOur Standards: The Thomson Reuters Trust Principles.

☆ Marcos seeks unity as Philippines marks 'people power' anniversary
▼ + stars: | 2023-02-25 | by ( ) www.reuters.com time to read: +2 min

MANILA, Feb 25 (Reuters) - Philippine President Ferdinand Marcos Jr. called for reconciliation and unity on Saturday as the Southeast Asian nation marked the 37th anniversary of the "people power" revolution that toppled his dictator father. Marcos, 65, clinched a landslide victory in last year's presidential election on a simple message of unity. Despite its fall from grace, his family returned from exile in the 1990s and has remained a powerful force in local politics. The family has denied siphoning off billions of dollars of state wealth during the dictatorship, and has waged a decades-long campaign to resurrect its reputation. Reporting by Enrico Dela Cruz; Editing by William MallardOur Standards: The Thomson Reuters Trust Principles.

Elected last June, President Ferdinand Marcos Jr has struggled to fulfil campaign promises to bring down inflation, which hit 8.7% in January, driven by an 11.2% jump in food prices, the biggest since 2009. Imported onions, bought mostly from India and China, require sanitary and phytosanitary permits for quarantine and biosecurity purposes. Steep price rises for eggs and sugar have also whacked up the cost of putting food on the table. Reuters Graphics Reuters Graphics'UNSOLVED' SUPPLY PROBLEMSOfficials say the high inflation was transitory and should ease once supply issues are addressed. Philippines' onion demand and supply($1 = 54.52 Philippine pesos)Additional reporting by Karen Lema and Eloisa Lopez; Editing by Simon Cameron-MooreOur Standards: The Thomson Reuters Trust Principles.

Summary Jan CPI at fresh 14-year high of 8.7%Faster-than-expected inflation raises odds of bigger rate hikeEconomic planning chief says inflation to moderate this yearMANILA, Feb 7 (Reuters) - Philippine annual inflation blew past expectations in January to reach a fresh 14-year high on surging food prices, raising the chance of the central bank delivering a bigger interest rate hike to tame prices when it meets this month. Given the faster-than-expected inflation in January, Bangko Sentral ng Pilipinas (BSP) looks certain to hike interest rates by at least 25 basis points and with a bigger 50 bps likely to be on the table, ING economist Nicholas Mapa said in a Tweet. The Philippines' broader stock index (.PSI) dropped 0.4% in early trade on expectations of a larger rate hike, while the peso had slipped 0.5% at 54.73 per dollar as of 0211 GMT. The main factor behind January's red-hot inflation was the 11.2% annual rise in food inflation, the quickest pace since 2009, and compared to the previous month's 10.6%, and the 1.6% rate in the same month last year. Elevated inflation, plus the need to maintain interest rate differentials between the U.S. and the Philippines, have forced the central bank to embark on aggressive tightening, with the benchmark rate (PHCBIR=ECI) rising by a total of 350 bps last year.

☆ Philippine Jan annual inflation accelerates to 8.7%
▼ + stars: | 2023-02-07 | by ( ) www.reuters.com time to read: +1 min

MANILA, Feb 7 (Reuters) - Philippine inflation accelerated to a fresh 14-year high in January, the statistics agency said on Tuesday, keeping the pressure on the central bank to tighten monetary policy. The consumer price index (CPI) rose 8.7% in January, way above the 7.7% forecast in a Reuters poll and topping the 8.1% rate in December. Core inflation, which strips out volatile food and fuel items, increased to 7.4% from December's 6.9%. The Philippine central bank, which had forecast January CPI to be between 7.5%-8.3%, said on Saturday it will focus on inflation rather than the Federal Reserve's 25-basis point hike when it meets on Feb. 16 to review key interest ratesIts governor has previously signalled further interest rates hikes at the central bank's first two policy meetings this year to bring inflation back within a target range of 2% to 4%. Reporting by Neil Jerome Morales and Enrico dela Cruz; Writing by Karen Lema Editing by Ed DaviesOur Standards: The Thomson Reuters Trust Principles.

☆ Musk's Starlink internet service to be offered in the Philippines in Q1
▼ + stars: | 2023-02-03 | by ( ) www.reuters.com time to read: +1 min

MANILA, Feb 3 (Reuters) - Starlink, the satellite internet unit of Elon Musk's SpaceX, is on track to enter the Philippine market this year, with its broadband service to be introduced within the first quarter, its local partner said in a statement on Friday. "We are excited to finally introduce Starlink to the Philippine market by Q1 2023," said Anthony Almeda, Vice Chairman and CEO of Data Lake Inc, a Manila-based firm he co-owns with tycoon Henry Sy Jr.Almeda said in a statement the high-speed, low-latency broadband internet service will be "game-changing" for the Southeast Asian archipelago, where broadband coverage is patchy. In the Philippines, only seven out of every 100 people have fixed broadband subscriptions, lagging behind regional peers like Singapore, Malaysia and Thailand, data from the World Bank shows. Data Lake Inc said Philippine customers would have to shell out an initial $599 per unit and $99 for monthly connectivity service for a download speed of 200 Mbps. Reporting by Enrico dela Cruz and Karen Lema; Editing by Kanupriya KapoorOur Standards: The Thomson Reuters Trust Principles.

☆ Philippines to offer value-added tax refund to foreign tourists by 2024
▼ + stars: | 2023-01-29 | by ( ) www.reuters.com time to read: +1 min

MANILA, Jan 29 (Reuters) - Philippines President Ferdinand Marcos has approved a value-added tax refund programme for foreign tourists by 2024 to attract more visitors, the Presidential Communications Office (PCO) said on Sunday. The plan is to allow foreigners to get a VAT refund on items they are taking out of the Philippines, similar to what many other countries offer. The Philippines recorded 2.65 million international visitors last year, who brought in an estimated $3.68 billion in revenue, exceeding its 2022 target of 1.7 million tourists, according to the Department of Tourism. Last year's total comprised of 2.02 million foreign nationals and 628,445 Filipinos based abroad, which compared with only 163,879 tourists recorded in 2021 and was still significantly lower than the pre-pandemic annual level of 8.26 million. The government aims to boost visitor arrivals this year to 4.8 million tourists.

[1/2] Construction of new buildings alongside older establishments is seen within the business district in Makati City, metro Manila, Philippines January 25, 2017. "We are confident that we will remain in our high growth trajectory," Baliscan told a media briefing on Thursday. On a quarter-on-quarter basis, GDP growth came in at 2.4% in October-December, compared with expectations for a 1.5% rise and the previous quarter's upwardly revised 3.3% expansion. Like the rest of the world, the Philippines is battling red-hot inflation, currently running at 14-year highs, which if not tamed could crimp domestic consumption, a major driver of growth. "We expect a difficult year ahead for the Philippines," Capital Economics said in a note, citing the impact of high inflation and tighter monetary policy on domestic spending.

☆ Philippines Q4 GDP grows 7.2%, faster than forecast
▼ + stars: | 2023-01-26 | by ( ) www.reuters.com time to read: 1 min

Economists in a Reuters poll had expected gross domestic product (GDP) to rise 6.5% in the last three months of 2022 from a year earlier. Third quarter growth was 7.6%. On a quarter-on-quarter basis, GDP came in at 2.4% in October-December, compared with expectations for a 1.5% rise and the previous quarter's 2.9% growth. For the full-year of 2022, growth was 7.6%, above the government's target of 6.5 to 7.5%, and stronger than the previous year's 5.7% expansion. Reporting by Neil Jerome Morales and Enrico dela Cruz; Writing by Karen Lema; Editing by Martin PettyOur Standards: The Thomson Reuters Trust Principles.

☆ ICC prosecutor gets approval to reopen Philippines drug war probe
▼ + stars: | 2023-01-26 | by ( ) www.reuters.com time to read: +3 min

The ICC on Thursday said it had granted its prosecutor's request to reopen an investigation into drug war killings and other suspected rights abuses. The court suspended the probe in November 2021 at Manila's request after the country said it was implementing its own investigations and prosecutions. In a statement, the ICC said it was "not satisfied that the Philippines is undertaking relevant investigations that would warrant a deferral of the investigation." Human Rights Watch said the ICC investigation was the only credible path to justice for victims and their families. Meanwhile, the families of many drug war victims are still seeking justice in long, drawn-out cases.

☆ Philippines defiant, says won't cooperate with ICC investigation
▼ + stars: | 2023-01-26 | by ( ) www.reuters.com time to read: +4 min

Jesus Crispin Remulla said the ICC should not impose on the Philippines, which is no longer a signatory to the international tribunal. The ICC, which had suspended the investigation in November 2021 at Manila's request, said in a statement it was "not satisfied that the Philippines is undertaking relevant investigations that would warrant a deferral of the investigation." Current Philippine President Ferdinand Marcos Jr and the vice president, who is Duterte's daughter, did not comment on the latest ICC decision. Human Rights Watch said the ICC investigation was the only credible path to justice for victims and their families. Families of many drug war victims are still seeking justice in long, drawn-out cases.

DAVOS, Switzerland/MANILA, Jan 18 (Reuters) - Philippines President Ferdinand Marcos Jr said his country would resist global recessionary headwinds, but warned that increasing tensions in the South China Sea were harming trade. "My belief is that as long as the unemployment rate stays low, we will be able to resist the recessionary forces," he said. He said the upskilling of his country's labour force was powering economic growth, including remittances from overseas workers. "The future of the region has to be decided by the region, not outside powers," he said. Marcos was in Davos, Switzerland this week for the World Economic Forum, accompanied by his economic team and several Philippine business executives.

Search resuls for: "Dela"

25 mentions found