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☆ Philippines needs to find ways to exploit South China Sea resources, says Marcos
▼ + stars: | 2022-12-01 | by ( ) www.reuters.com time to read: +2 min

MANILA, Dec 1 (Reuters) - The Philippines must find a way to explore for oil and gas in the South China Sea even without a deal with China, President Ferdinand Marcos Jr said on Thursday, emphasising his country's right to exploit energy reserves in the contested waterway. Talks over joint energy exploration between Manila and Beijing in the South China Sea had been terminated, the previous government said in June, citing constitutional constraints and issues of sovereignty. I think there might be other ways so it does not have to be G-to-G (government-to-government)," Marcos said. During a three-day visit last week, U.S. Vice President Kamala Harris affirmed American defence commitments to the Philippines and reiterated support for a 2016 arbitration ruling that invalidated Beijing's expansive South China Sea claims. The ruling, which China refused to recognise, states that the Philippines has sovereign rights to exploit energy reserves inside its 200-mile Exclusive Economic Zone.

☆ Philippine military says China 'forcefully retrieved' floating object in South China Sea
▼ + stars: | 2022-11-21 | by ( ) www.reuters.com time to read: +2 min

MANILA, Nov 21 (Reuters) - A Chinese coast guard ship on Sunday "forcefully retrieved" a floating object being towed by a Philippine vessel in the South China Sea by cutting a line attaching it to the boat, a Philippine military commander said. The team tied the object to their boat and started towing it before the Chinese coast guard vessel approached and blocked their course twice before deploying an inflatable boat that cut the tow line, then took the object back to the coast guard ship, the statement said. The statement did not say what the object was or whether the Chinese coast guard vessel indicated why it took the object. Harris, whose three-day trip includes a stop on Palawan, an island on the edge of the South China Sea, will also reaffirm Washington's support for a 2016 international tribunal ruling that invalidated China's expansive claim in the disputed waterway, a senior U.S. official said..China claims most of the South China Sea, a strategic waterway through which billions of dollars of goods passes each year. Thitu, one of nine features the Philippines occupies in the Spratly archipelago, is the Southeast Asian country's strategically most important outpost in the South China Sea.

Harris also plans a highly symbolic stop on the Philippine islands of Palawan in the South China Sea to show U.S. support for its ally. "So if they want American support in the South China Sea, the Americans will expect Philippine support on Taiwan." "The second Philippine demand is a continued clear commitment to defend Filipinos in the South China Sea," Poling said. If there was a Chinese attack on a Philippine base in the South China Sea tomorrow, could the Americans actually do anything about it? China claims 90% of the South China Sea as its sovereign territory, but is opposed by five Southeast Asian states and Taiwan.

☆ U.S. Vice President Harris to affirm defense commitment to Philippines
▼ + stars: | 2022-11-20 | by ( Karen Lema | ) www.reuters.com time to read: +3 min

MANILA, Nov 21 (Reuters) - U.S. Vice President Kamala Harris will reaffirm American commitments to the defence of the Philippines when she meets with President Ferdinand Marcos Jr. in Manila on Monday, a senior U.S. administration official said. "The vice president will underscore our commitment to stand up for the international rules and norms because we recognise the impact that that has on Philippine lives and livelihoods," the U.S. official said. "The vice president will tell President Marcos that we are pleased to see our security ties in such strong position," the U.S. official said. Washington and the Philippines have moved ahead with an Enhanced Defense Cooperation Agreement (EDCA) that dates back to the Obama administration and that languished under Duterte. Last week, Philippine military chief Bartolome Bacarro said the United States had proposed including five more bases in the EDCA, including one in Palawan.

☆ With Philippines visit VP Harris seeks to reset relations
▼ + stars: | 2022-11-20 | by ( Trevor Hunnicutt | ) www.reuters.com time to read: +6 min

REBUILDING TIESThe visit by Harris will be the highest-level trip to the Philippines by an administration official and marks a sharp turnaround in relations. With Marcos in office, the Biden administration is attempting a reset. China claims 90% of the South China Sea as its sovereign territory, but is opposed by five Southeast Asian states and Taiwan. Arsenio Andolong, a Philippine defense department spokesman, told Reuters there is no reason for China to fear Harris' visit. A senior Biden administration official offered a different summary.

☆ Kamala Harris, Philippines' Marcos to discuss Taiwan -envoy
▼ + stars: | 2022-11-17 | by ( ) www.reuters.com time to read: +1 min

Vice-President Kamala Harris delivers remarks at the Pennsylvania Democratic Party's third annual Independence Dinner in Philadelphia, Pennsylvania, U.S., October 28, 2022. Reuters/Tasos KatopodisMANILA, Nov 17 (Reuters) - Tension over Taiwan is expected to be on the agenda when U.S. Vice President Kamala Harris meets Philippine President Ferdinand Marcos Jr next week, Manila's ambassador to Washington said on Thursday. "I'm sure they will touch on the Taiwan situation," Ambassador Jose Manuel Romualdez told Reuters by telephone, adding that the Philippines wants to play a role in peaceful co-existence between the United States and China. It has frequently accused the United States in recent years of encouraging Taiwan independence. If there is a conflict that happens in Taiwan, nobody is going to be spared," Romualdez said.

☆ Philippine Q3 GDP growth "much better than consensus forecast" -finmin
▼ + stars: | 2022-11-10 | by ( ) www.reuters.com time to read: +1 min

MANILA, Nov 10 (Reuters) - Philippine economic growth in the third quarter was "much better than consensus forecast", the finance minister said on Thursday ahead of the official release of data. "All these will be summarised by the higher than expected Q3 GDP growth rate," Diokno said. Analysts polled by Reuters forecast third-quarter GDP grew 6.3% on an annual basis. Official data will be released at around 0200 GMT. The Southeast Asian nation's second-quarter GDP grew 7.5% versus a year ago.

The economy would likely grow above the government's 6.5%-7.5% growth target for 2022, Economic Planning Secretary Arsenio Balisacan told a media briefing. On a quarterly basis, gross domestic product (GDP) rose 2.9% versus a 0.1% contraction in April-June and an expected 1% rise, the data showed. "While these developments are remarkable, I want to underscore that our nation still faces a considerable burden in the form of high inflation," Balisacan said. Balisacan said the government remained committed to fighting inflation to protect people's purchasing power, including by tightening monetary policy. "In the face of surging prices, that's a big upside surprise," said ING economist Nicholas Mapa.

☆ ASEAN summit begins with Myanmar likely to dominate agenda; 'little progress expected'
▼ + stars: | 2022-11-10 | by ( ) www.reuters.com time to read: +4 min

Cambodian Prime Minister and ASEAN host Hun Sen addressed Friday's opening ceremony with a call for vigilance and wisdom during times of economic and geopolitical turmoil. The junta has blamed a lack of progress on the pandemic and obstruction from armed resistance movements that it calls terrorists. James Crabtree, Executive Director of the International Institute for Strategic Studies-Asia, said ASEAN was struggling to cope with internal divisions over Myanmar and other issues. One Western diplomat who will attend the meeting said that while the bloc may try to make the Myanmar peace plan more action-oriented, "little progress is expected". G20 leaders are meeting in Bali next week and the Asia-Pacific Economic Cooperation (APEC) forum will take place in Bangkok after that.

☆ Philippines' Marcos to address Myanmar situation at ASEAN summit
▼ + stars: | 2022-11-09 | by ( ) www.reuters.com time to read: 1 min

MANILA, Nov 9 (Reuters) - Philippines' President Ferdinand Marcos Jr said on Wednesday the situation in Myanmar will be among several issues that will be addressed at the ASEAN summit. "We will also address regional issues such as the pandemic and the situation in Myanmar, developments in the South China Sea and the ongoing conflict between Russia and the Ukraine among other important matters," Marcos said in a speech ahead of his departure for Cambodia where the summit is being hosted. Reporting by Karen Lema and Neil Jerome Morales; Editing by Kanupriya KapoorOur Standards: The Thomson Reuters Trust Principles.

☆ Philippines' unemployment hits new low since start of pandemic
▼ + stars: | 2022-11-08 | by ( Lucy Craymer | Kantaro Komiya | ) www.reuters.com time to read: +1 min

MANILA, Nov 8 (Reuters) - The Philippines' unemployment rate in September fell to a new low since the COVID-19 pandemic began, highlighting more green shoots of recovery as the country fully reopens its domestic economy. The unemployment rate eased for a third month in a row to hit 5% in September, the statistics agency said on Tuesday, which bodes well for third quarter growth. "The recent survey results show the gains of the full reopening of our economy," Economic Planning Secretary Arsenio Balisacan said in a statement. Gross domestic product was 7.4% in the second quarter, bringing the average growth in the first half of the year to 7.8%, above the government's 6.5-7.5% growth target for 2022. Reporting by Karen Lema; Editing by Kanupriya KapoorOur Standards: The Thomson Reuters Trust Principles.

☆ Death toll from floods, landslides in Philippines' south rises to 31 - govt official
▼ + stars: | 2022-10-28 | by ( ) www.reuters.com time to read: +1 min

[1/4] Philippine Coast Guard (PCG) rescuers evacuate residents from their flooded homes due to a tropical storm, locally named Paeng, in Maguindanao province, Philippines, October 28, 2022. Philippine Coast Guard/Handout via REUTERSMANILA, Oct 28 (Reuters) - Flooding and multiple landslides in a southern Philippines province killed at least 31 people, a senior government official said on Friday, as rescuers searched for missing residents. A heavy downpour caused by an approaching tropical storm caused floods and landslides that affected several municipalities in Maguindanao province, Naguib Sinarimbo, interior minister of the Bangsamoro Autonomous Region in Mindanao, said via phone. Sinarimbo said rescue operations are ongoing for people who are missing, but he could not say how many. Reporting by Karen Lema; Editing by Kanupriya KapoorOur Standards: The Thomson Reuters Trust Principles.

☆ IMF cuts Asia's economic forecasts as China's slowdown bites
▼ + stars: | 2022-10-28 | by ( Leika Kihara | ) www.reuters.com time to read: +4 min

"Asia's strong economic rebound early this year is losing momentum, with a weaker-than expected second quarter," said Krishna Srinivasan, director of the IMF's Asia and Pacific Department. "Further tightening of monetary policy will be required to ensure that inflation returns to target and inflation expectations remain well anchored." The IMF cut Asia's growth forecast to 4.0% this year and 4.3% next year, down 0.9% point and 0.8 point from April, respectively. Among the biggest headwinds is China's rapid and broad-based economic slowdown blamed on strict COVID-19 lockdowns and its worsening property woes, the IMF said. The IMF expects China's growth to slow to 3.2% this year, a 1.2-point downgrade from its April projection, after an 8.1% rise in 2021.

☆ Climate inaction risks damaging Philippines growth - World Bank
▼ + stars: | 2022-10-25 | by ( ) www.reuters.com time to read: +2 min

MANILA, Oct 25 (Reuters) - Extreme weather events and rising temperatures could see 13.6% of the Philippines' economic output lost by 2040, inflicting a heavy toll on the country's poorest if it does not address climate change, a World Bank report said on Tuesday. The report warned that temperatures in the Philippines will continue to rise and rainfall could become more intense due to climate change, putting at risk the country's ability to meet its development goals. "Without action, climate change will impose substantial economic and human costs, affecting the poorest households the most," said Ndiamé Diop, World Bank country director for the Philippines, Malaysia, Thailand and Brunei at the launch of the report. Support for renewable energy, energy efficiency, sustainable transport, and for building smart cities, should be scaled up to mitigate the impact of climate change, the report said. "Adaptation must be a priority for the Philippines," Diop said, adding these measures could reduce the economic losses from climate change by around two-thirds.

☆ Korean Air says jet overran runway in Philippines, no injuries reported
▼ + stars: | 2022-10-23 | by ( ) www.reuters.com time to read: +2 min

Oct 24 (Reuters) - A Korean Air Lines Co Ltd (003490.KS) jet with 173 people on board overshot the runway at Cebu International Airport in the Philippines late Sunday, the airline said, adding that there were no injuries and all passengers had evacuated safely. The Airbus SE (AIR.PA) A330 widebody flying from Seoul to Cebu had tried to land twice in poor weather before it overran the runway on the third attempt at 23:07 local time, Korean Air said in a statement on Monday. "Passengers have been escorted to three local hotels and an alternative flight is being arranged," the airline said of flight KE361. Korean Air President Keehong Woo issued a letter of apology regarding the flight on the airline's website, noting that a thorough investigation would be performed with local aviation authorities and Korean authorities to determine the cause. Korean Air has not had a fatal passenger crash since 1997, according to Aviation Safety Network, a website that compiles aviation accidents.

☆ U.S. grants Philippines $100 million in foreign military financing
▼ + stars: | 2022-10-14 | by ( ) www.reuters.com time to read: +2 min

ABOARD USS RONALD REAGAN, Oct 14 (Reuters) - The United States has made available $100 million in foreign military financing to the Philippines, its ambassador in Manila said on Friday, part of efforts to boost the Southeast Asian country's defence capabilities and military modernisation. The new military financing underscores improved defence ties between the treaty allies under President Ferdinand Marcos Jr, whose predecessor, Rodrigo Duterte, shifted his country's foreign policy away from the United States to pursue warmer ties with China. "The United States has now made available $100 million in foreign military financing in part for the Philippine military to use as it wishes," Ambassador MaryKay Carlson told a media briefing aboard the USS Ronald Reagan, which was on a scheduled port call in Manila. Manila is looking to buy heavy-lift Chinook helicopters from the United States. The amount includes $475.3 million worth of foreign military financing to Philippines, among the biggest in Southeast Asia.

☆ Philippines' Nobel laureate Ressa to fight conviction at Supreme Court
▼ + stars: | 2022-10-11 | by ( ) www.reuters.com time to read: +2 min

MANILA, Oct 11 (Reuters) - Philippine Nobel laureate Maria Ressa plans to appeal her cyber libel conviction at the country's Supreme Court, her lawyer said on Tuesday, after losing her legal battle and having months added to her sentence. The appeals court in its Oct. 10 decision upheld its earlier ruling that affirmed a lower court's conviction, and added eight months to her six-year jail sentence. Ressa and Rappler have been fighting numerous legal battles, including alleged tax offences and violation of foreign ownership rules on domestic media. "The ongoing campaign of harassment and intimidation against me and Rappler continues, and the Philippines legal system is not doing enough to stop it," Ressa said in a statement after losing her appeal. Register now for FREE unlimited access to Reuters.com RegisterReporting by Karen Lema; Editing by Martin PettyOur Standards: The Thomson Reuters Trust Principles.

☆ Capital outflows likely 'temporary', Taiwan can keep markets stable-finmin
▼ + stars: | 2022-09-28 | by ( Karen Lema | ) www.reuters.com time to read: +3 min

MANILA, Sept 28 (Reuters) - Capital outflows are a "temporary phenomenon" and Taiwan, with its foreign currency reserves, has enough capacity to maintain its financial markets stable, Finance Minister Su Jain-rong said on Wednesday. Register now for FREE unlimited access to Reuters.com Register"So the capital outflow maybe is just a temporary phenomenon. Foreign investors sold $33.8 billion worth of stocks as of the end of August, according to Taiwan's stock exchange. With $545.48 billion in foreign exchange reserves as of August, Taiwan has ample capital to support the currency and economy if needed. Su said Taiwan - which participates in the bank as "Taipei, China" despite the government's objections - hoped a Chinese attack would not happen.

☆ World Bank cuts 2022 East Asia growth outlook, cites China slowdown
▼ + stars: | 2022-09-27 | by ( ) www.reuters.com time to read: +2 min

A participant stands near a logo of World Bank at the International Monetary Fund - World Bank Annual Meeting 2018 in Nusa Dua, Bali, Indonesia, October 12, 2018. REUTERS/Johannes P. Christo/MANILA, Sept 27 (Reuters) - Economic growth in East Asia and the Pacific will weaken sharply in 2022 due to China's slowdown, but the pace of expansion will pick up next year, the World Bank said on Tuesday. "As they prepare for slowing global growth, countries should address domestic policy distortions that are an impediment to longer term development," World Bank East Asia and Pacific Vice President Manuela Ferro in a statement. These have caused capital outflows and currency depreciations, the World Bank said. "Controls and subsidies muddy price signals and hurt productivity," World Bank East Asia and Pacific Economist Aaditya Mattoo, said in a statement.

"As a key long-term partner, the ADB stands ready to provide further support," the bank's president, Masatsugu Asakawa, told reporters at its annual gathering. read more"So we are working closely with the government in supporting the country in this challenging time," he added. However, Asia has become more resilient against financial turmoil, with an improved current account balance and sufficient accumulation of foreign reserves, than it was during the Asian financial crisis of the late 1990s, he added. "It's always a good thing to be very vigilant on this broader capital movement," he added. "I'm also trying to enhance our regional financial co-operation efforts, including that of ASEAN+3," he said, referring to a grouping of China, Japan and South Korea with southeast Asian nations.

☆ ADB plans $14 bln program to ease food crisis in region
▼ + stars: | 2022-09-27 | by ( ) www.reuters.com time to read: +1 min

MANILA, Sept 27 (Reuters) - The Asian Development Bank plans to provide at least $14 billion over 2022-2025 in a comprehensive program of support to ease a food crisis in Asia and the Pacific, its president said on Tuesday. "Our response will be comprehensive, bringing into focus both the immediate and long term aspects of food security," ADB President Masatsugu Asakawa told a news briefing. The ADB said assistance under the program will begin this year, and will be drawn from across the lender's sovereign and private sector operations. Register now for FREE unlimited access to Reuters.com RegisterRussia's invasion of Ukraine has sparked a global food crisis as the conflict has disrupted supplies of food staples, fertilizer, straining a global food system already weakened by climate change impact. Register now for FREE unlimited access to Reuters.com RegisterReporting by Karen Lema; Editing by Martin PettyOur Standards: The Thomson Reuters Trust Principles.

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