DIRS.INFO The most relevant business & tech news

☆ Philippines urges China to halt any "provocative act" after laser aimed at vessel
▼ + stars: | 2023-02-13 | by ( Karen Lema | ) www.reuters.com time to read: +3 min

Aguilar also quoted the Philippine defence chief as saying the action of the Chinese coast guard was "offensive" and unsafe." Images supplied by the PCG showed a green light emanating from a Chinese vessel with bow number 5205. China has said it was ready to manage maritime issues "cordially" with the Philippines during President Ferdinand Marcos Jr's visit to Beijing in January. In February last year, Australia accused Beijing of an 'act of intimidation' after a Chinese navy vessel directed a laser at an Australian military surveillance aircraft. The VFA provides rules for the rotation of thousands of U.S. troops in and out of the Philippines for exercises.

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.

☆ Philippines coast guard chief says boosts South China Sea presence
▼ + stars: | 2023-02-06 | by ( Karen Lema | ) www.reuters.com time to read: +3 min

"We're making sure that the presence of coast guard vessels is felt by the fishermen in the area," Admiral Artemio Abu, Commandant of the Philippines Coast Guard (PCG), said in an interview. "At a moment's notice, the coast guard vessels we will be there because they are exclusively and primarily dedicated for that purpose," said Abu. The 26,000-strong coast guard has 25 primary ships that can be used for deployment and patrols. Since 2002, the Philippines has filed 200 diplomatic notes and protests against China's actions in the South China Sea. The Pentagon also said separately the United States and the Philippines had "agreed to restart joint maritime patrols in the South China Sea to help address these challenges."

☆ Philippines central bank to focus on inflation at next policy meeting -governor
▼ + stars: | 2023-02-03 | by ( ) www.reuters.com time to read: 1 min

MANILA, Feb 4 (Reuters) - The Philippine central bank will focus on inflation rather than the Federal Reserve's recent policy action when it meets on Feb. 16 to review key interest rates, its governor said on Saturday. "Next meeting will focus on inflationary expectations in PH, not the Fed's 25 bps rate increase," Bangko Sentral ng Pilipinas Governor Felipe Medalla told reporters in a phone message. Philippine inflation was likely to be within a range of 7.5% to 8.3% in January, the central bank said on Tuesday, following the 8.1% rate in December, which was a 14-year high. The statistics agency will release inflation data on Feb. 7. Reporting by Karen Lema Editing by Chris ReeseOur 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 grants U.S. greater access to bases amid China concerns
▼ + stars: | 2023-02-02 | by ( ) www.reuters.com time to read: +1 min

MANILA, Feb 2 (Reuters) - The Philippines has granted the United States expanded access to its military bases, the countries said on Thursday, amid mounting concern over China's increasing assertiveness in the disputed South China Sea and tensions over self-ruled Taiwan. Statements from the defence ministries of both countries said Washington would be given access to four more locations under an Enhanced Defense Cooperation Agreement (EDCA) dating back to 2014. The United States had allocated more than $82 million toward infrastructure investments at the existing five sites under the EDCA, the statements said. EDCA allows U.S. access to Philippine military bases for joint training, pre-positioning of equipment and the building of facilities such as runways, fuel storage and military housing, but not a permanent presence. His visit follows a three-day trip by U.S. Vice President Kamala Harris to the Philippines in November which included a stop on Palawan.

☆ Austin's Manila visit to bring deal on expanded base access - Philippines official
▼ + stars: | 2023-02-01 | by ( David Brunnstrom | ) www.reuters.com time to read: +4 min

WASHINGTON/MANILA, Feb 1 (Reuters) - U.S. Defense Secretary Lloyd Austin's visit to the Philippines this week is expected to bring an announcement of expanded U.S. access to military bases in the country, a senior Philippines official said on Wednesday. "There's a push for another four or five of these EDCA sites," the a senior Philippines official said. The Philippines official said increased U.S. access needed to benefit both countries. "The deal with Russia was very attractive because for a certain budget we were able to get something like 16 of these heavy-lift helicopters," the official said. He said the U.S. and Philippine marines were pursuing similar capabilities with ground-based rockets, with Manila's particular interest being to protect its South China Sea claims.

[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.

☆ 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.

☆ 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.

Bangladesh Bank has accused RCBC and several others, including top executives, of conspiring to steal its money. The New York Supreme Court ruled on Jan. 13 that, contrary to Rizal bank's argument, it does have jurisdiction over the case, and dismissed Rizal bank's motion against Bangladesh Bank. In the same ruling, the court ordered the Bangladesh central bank and RCRC to initiate mediation. In response to the ruling, Rizal bank said it would continue to fight the case. Bangladesh Bank has welcomed the court ruling, saying in a statement this week that it clears the way for the matter to progress in court in New York as needed.

☆ Philippines' Nobel laureate Ressa cleared of tax evasion, calls verdict win for justice
▼ + stars: | 2023-01-18 | by ( ) www.reuters.com time to read: +2 min

[1/4] Rappler CEO and Nobel Laureate Maria Ressa speaks to the press after a Manila court acquitted her from a tax evasion case, outside the Court of Tax Appeals in Quezon City, Philippines, January 18, 2023. The tax evasion case stemmed from accusations by the state revenue agency that Rappler had omitted from its tax returns the proceeds of a 2015 sale of depositary receipts to foreign investors, which later became the securities regulator's basis to revoke its licence. The Philippine's justice department said it respected the decision of the court. Ressa, 59 is currently on bail as she appeals a six-year prison sentence handed down in 2020 for a libel conviction. Reporting by Karen Lema; Editing by Ed Davies, Jacqueline Wong and Michael PerryOur Standards: The Thomson Reuters Trust Principles.

☆ Philippines top court voids old South China Sea energy deal
▼ + stars: | 2023-01-10 | by ( ) www.reuters.com time to read: +2 min

Companies Philippines Oil FollowMANILA, Jan 10 (Reuters) - The Supreme Court in the Philippines on Tuesday declared the country's 2005 energy exploration agreement with Chinese and Vietnamese firms was illegal, ruling the constitution does not allow foreign entities to exploit natural resources. The decision, on an agreement that expired in 2008, could complicate efforts by China to revive oil and gas exploration talks with the Philippines in areas of the South China Sea that are not in dispute. China and the Philippines have sparred for decades over sovereignty and natural resources in the South China Sea, which led to a landmark arbitration case in 2016 won by Manila. Efforts to find a legally viable way to work together on energy exploration have repeatedly hit walls. China claims jurisdiction over almost the entire South China Sea and the risk of energy activities being disrupted have made it tricky for the Philippines to find foreign partners, despite an arbitration court clarifying what Manila's entitlements were.

☆ Philippines' Marcos picks ex-military chief and COVID tsar as defence minister
▼ + stars: | 2023-01-09 | by ( ) www.reuters.com time to read: +1 min

[1/2] President of the Philippines Ferdinand "Bongbong" Marcos Jr. attends a news conference after the European Union (EU) and the Association of South-East Asian Nations (ASEAN) commemorative summit in Brussels, Belgium December 14, 2022. REUTERS/Johanna GeronMANILA, Jan 9 (Reuters) - Philippine President Ferdinand Marcos Jr has chosen a former military chief who led the country's fight against the coronavirus as his new defense minister, his office said on Monday. He replaces Jose Faustino, whose resignation as acting defence chief was announced by the president's office, without providing a reason. Galvez, who served as armed forces chief in 2018, will be responsible for protecting the Philippines maritime territory and its exclusive economic zone, amid tension with China over the prolonged presence in the South China Sea of fishing boats believed to be manned by militia. Reporting by Karen Lema; Editing by Martin PettyOur Standards: The Thomson Reuters Trust Principles.

Speaking ahead of his flight, Marcos said he looked forward to meeting President Xi Jinping and that "the issues between our two countries are problems that do not belong between two friends such as the Philippines and China". Last week, a Philippine foreign ministry official said talks with Xi would include China's actions in the South China Sea. While the Philippines is a defence ally of the United States, under Duterte it set aside a territorial spat over the South China Sea in exchange for Chinese investment. Beijing claims much of the South China Sea, where about $3 trillion in ship-borne trade passes annually, with the area becoming a flashpoint for Chinese and U.S. tensions around naval operations. But while De Castro expects the South China Sea issue to be brought up, he does not expect Beijing to alter its position.

☆ Philippines orders strengthened military presence after 'Chinese activities' near islands
▼ + stars: | 2022-12-22 | by ( ) www.reuters.com time to read: +2 min

MANILA, Dec 22 (Reuters) - The Philippines' defence ministry on Thursday ordered the military to strengthen its presence in the South China Sea after monitoring "Chinese activities" in disputed waters close to a strategic Philippine-held island. The ministry did not specify what activities those were and its statement follows a report this week of Chinese construction on four uninhabited features in the disputed Spratly islands, news that Beijing has dismissed as "unfounded". The Chinese embassy in Manila reiterated that China strictly abides by a consensus reached among claimants that included not developing uninhabited reefs and islands. China claims most of the South China Sea, through which billions of dollars worth of goods pass each year. Brunei, Malaysia, the Philippines, Taiwan and Vietnam also have overlapping claims to various islands and features.

☆ Thailand hosts Myanmar junta figures in talks, key ASEAN nations skip
▼ + stars: | 2022-12-22 | by ( ) www.reuters.com time to read: +4 min

Foreign ministers of Myanmar, Laos and Cambodia and Vietnam's deputy foreign minister joined the talks hosted by Thailand's foreign minister, according to Thai foreign ministry spokeswoman Kanchana Patarachoke. "The consultation was a non-ASEAN meeting but intended to complement ASEAN’s ongoing collective efforts to find a peaceful political resolution," Kanchana said in a statement. Myanmar Foreign Minister Wunna Maung Lwin attended along with Kan Zaw, minister for investment and foreign economic relations, and Ko Ko Hlaing, minister for international cooperation, Myanmar's foreign ministry said in a statement. The Philippines said its foreign minister would also not join, without elaborating. "Any meeting convened under ASEAN, formal or informal, should not divert from this decision," it said, according to the source.

☆ U.S. and China trade barbs over South China Sea
▼ + stars: | 2022-12-20 | by ( ) www.reuters.com time to read: +2 min

MANILA, Dec 20 (Reuters) - China's embassy in Manila accused the United States on Tuesday of driving a wedge between the Philippines and Beijing, deploring Washington's "unfounded accusations" that it said sought to stir up trouble in the South China Sea. The South China Sea has become one of many flashpoints in the testy relationship between China and the United States, with Washington rejecting what it calls unlawful territorial claims by Beijing in the resource-rich waters. Price said China's actions "reflect continuing disregard for other South China Sea claimants and states lawfully operating in the region". He reiterated that the United States stands by the Philippines in upholding rules-based international order. China claims vast swathes of the South China Sea that overlap with the exclusive economic zones of Vietnam, Malaysia, Brunei, Indonesia and the Philippines.

☆ Philippines extends tariff cuts on imported rice, other food items to fight inflation
▼ + stars: | 2022-12-18 | by ( ) www.reuters.com time to read: +1 min

MANILA, Dec 18 (Reuters) - Philippine President Ferdinand Marcos Jr has approved the recommendation of the economic ministry to extend up to the end of next year lower tariff rates on rice and other food items to help combat inflation, his office said on Sunday. The modified rates approved in 2021 were due to expire at the end of this year, but an inflation rate running at 14-year highs warranted an extension of the tariff reprieve until Dec. 31, 2023. That means the tariff rate for imported rice will stay at 35%, while the import levies on corn and pork products will remain at 5%-15% and 15%-25% respectively, the press secretary's office said in a statement. At 8.0% in November, consumer price inflation is well beyond the Philippine central bank's target range of 2%-4% for this year and the medium term. "We are determined to steer the Philippine economy to meet the 6.0%-7.0% economic growth target for 2023," Balisacan said.

☆ Self-exiled Philippine communist leader Sison dies at 83
▼ + stars: | 2022-12-17 | by ( ) www.reuters.com time to read: +2 min

[1/4] Jose Maria Sison, founder of Philippine Communist Party, reacts after he was released from Scheveningen prison in the Netherlands September 13, 2007. REUTERS/Ronald FleurbaaijMANILA, Dec 17 (Reuters) - Philippine communist leader Jose Maria Sison died on Friday night at the age of 83 after a two-week confinement in a hospital in the Netherlands, his party said on Saturday. Sison is the founder of the Philippine Communist Party, whose military wing - the New People's Army (NPA) - has been waging an armed rebellion in one of the world's longest-running insurgencies. The self-exiled communist leader has lived in Europe since the late 1980s, after his release from jail following the fall of dictator Ferdinand Marcos, whose namesake son was elected president in a May election this year. The party said Sison died peacefully at around 8:40 p.m. (1240 GMT) on Friday after being confined in the hospital in Utrecht.

☆ Philippine artist creates paintings using his own blood
▼ + stars: | 2022-12-16 | by ( Adrian Portugal | ) www.reuters.com time to read: +1 min

[1/5] Filipino artist Elito Circa, 52, paints with his own blood in his studio in Nueva Ecija province, Philippines November 29, 2022. REUTERS/Eloisa LopezMANILA, Dec 16 (Reuters) - Philippine artist Elito Circa has blood on his hands, literally - but only to create art with. Using blood taken from his own veins, the 52-year old produces canvas paintings that have drawn both praise and criticism because of his unusual choice of medium. Born in a low-income household with little access to school supplies and art materials, Circa explored different mediums, including plums and tomatoes, but it was when he scraped himself as a young boy that his fascination with using blood began. "Every time I got scraped, I would use my own blood since bloodstains are also hard to remove," said Circa, while dabbing a white canvass using a paint brush dipped in blood.

☆ Philippine economic managers back bill creating sovereign fund
▼ + stars: | 2022-12-09 | by ( ) www.reuters.com time to read: +2 min

MANILA, Dec 9 (Reuters) - Philippine economic officials have thrown their support behind the creation of a sovereign wealth fund backed by President Ferdinand Marcos Jr amid opposition from some groups due to concerns over the risk of corruption and transparency. The economic managers "strongly support" the proposed sovereign wealth fund to generate additional income for the government, Finance Secretary Benjamin Diokno told a media briefing, as he called for the speedy passage of the bill creating the fund. "Direct benefits of the (fund) include increased investments in and funding of big ticket infrastructure projects, high return on green and blue projects, and countryside development including agriculture," Diokno said, reading a joint statement. Authors of the bill have agreed to remove that contentious provision, and instead proposed utilising the profits of the Philippine central bank to bankroll the fund. The plans come as neighbours like Malaysia and Singapore and more recently Indonesia have established sovereign wealth funds, with mixed results.

Costlier vegetables drove food inflation up to 10.0% in November from a year earlier, the fastest pace since September 2018, due to supply constraints caused by a typhoon. Excluding the volatile food and energy components, the core CPI rose 6.5%, faster than October's 5.9%. Year-to-date inflation stood at 5.6%, well outside the central bank's 2%-4% target for the year. ING economist Nicholas Mapa said the central bank would likely opt for a 50-basis point rate hike this month, which would take the policy rate (PHCBIR=ECI) to 5.50%. "Demand side pressures persist with revenge spending related items like restaurant and personal services seeing higher inflation," Mapa said in a message on Twitter.

Search resuls for: "lema"

25 mentions found