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☆ China blasts US for forcing it to accept South China Sea ruling
▼ + stars: | 2023-07-12 | by ( ) www.reuters.com time to read: +3 min

[1/3] Filipino activists gather outside the Chinese consular office to commemorate the anniversary of the Philippines' victory against China in the UN arbitral ruling on the South China Sea, in Makati City, Metro Manila, Philippines, July 12, 2023. The ruling, handed down by the Permanent Court of Arbitration in The Hague seven years ago, concluded that Beijing's claim to almost the entire South China Sea was groundless. China, whose actions in the South China Sea have been the subject of hundreds of diplomatic protests filed by the Philippines, also maintained that it does not accept any claim or action based on the ruling. "We firmly reject attempts to deliberately diminish or undermine the Award's definitive legal effects in international law," Philippines Foreign Ministry undersecretary Theresa Lazaro told a forum on the South China Sea. About $3 trillion worth of sea-borne goods pass through the South China Sea every year.

Persons: Eloisa Lopez, Wang Wenbing, Matthew Miller, Theresa Lazaro, Karen Lema, Bernard Orr, Raissa Kasolowsky, Mark Porter Organizations: China, UN, REUTERS, Foreign Ministry, U.S . State Department, Wednesday, Beijing, Philippines Foreign, Thomson Locations: Philippines, China, Makati City, Metro Manila, Eloisa Lopez BEIJING, United States, South China, Washington, Beijing, The Hague, U.S, United Kingdom, Japan, Australia, Manila

☆ Philippine central bank on hold for rest of year, cut in early 2024
▼ + stars: | 2023-06-20 | by ( Veronica Dudei Maia Khongwir | ) www.reuters.com time to read: +2 min

All 24 economists polled June 13-19 forecast the BSP will hold its benchmark overnight borrowing rate (PHCBIR=ECI) at 6.25% at its policy meeting on June 22. A strong majority of respondents, 14 of 17, forecast rates will stay at 6.25% for the rest of the year with the remaining three predicting a rate cut by end-2023. The central bank, which had previously closely followed the U.S. Federal Reserve in hiking interest rates, is now charting a distinct course. "In later meetings if the Fed hikes, the BSP is likely to stay on hold. The Fed kept interest rates unchanged at 5.00%-5.25% last week but signaled it may still hike by as much as half of a percentage point by end-2023.

Persons: Eloisa Lopez, Felipe Medalla, Francisco Dakila Jr, Shreya, Veronica Dudei Maia Khongwir, Anant Chandak, Madhumita Gokhale, Hari Kishan, Ross Finley, Sharon Singleton Organizations: REUTERS, ng Pilipinas, U.S . Federal Reserve, Fed, Barclays, BSP, Thomson Locations: Makati City, Metro Manila, Philippines, BENGALURU, Philippine

☆ Protesters mark Myanmar coup anniversary, junta due to make statement
▼ + stars: | 2023-02-01 | by ( ) www.reuters.com time to read: +5 min

[1/3] Filipino activists stage a protest in solidarity with Myanmar citizens, two years since Myanmar's military coup, outside the Embassy of Myanmar in Makati City, Philippines, February 1, 2023. REUTERS/Eloisa LopezFeb 1 (Reuters) - Protesters marked the two-year anniversary of Myanmar's military coup with a "silent strike" in major cities and rallies overseas on Wednesday, as exiled civilian leaders vowed to end what they called the army's "illegal power grab". Myanmar's military took power after complaining of fraud in a November 2020 general election won by Suu Kyi's party. PROTESTS IN BANGKOKIn the main commercial cities of Yangon and Mandalay, images on social media showed deserted streets in what coup opponents said was a silent protest against the junta. State media recently announced tough requirements for parties to contest, a move that critics say could sideline the military's opponents and cement its grip on politics.

[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’ inflation soars to 14-year high, fueling expectations of more rate hikes
▼ + stars: | 2022-12-06 | by ( Lee Ying Shan | ) www.cnbc.com time to read: +1 min

Philippines' annual inflation data for November soared 8% year-on-year, marking the country's highest inflation in 14 years as food prices soar, according to data from the Philippines Statistics Authority. Its surge was driven primarily by costlier food prices. Recent typhoons have hammered the production of crops like vegetables, rice and fruits, driving food prices higher. Core inflation, which excludes volatile energy and food prices, rose by 6.5%. He said the Philippines will be ramping up food production in a bid to ease price pressures.

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