Digital economy accounts for 8.4% of total economy
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BILATERAL STRATEGIC DIALOGUE Philippine Ambassador to the US Jose Manuel Romualdez, US Ambassador to the Philippines MaryKay Carlson, Undersecretary for Bilateral Relations and Asean Affairs Ma. Theresa Lazaro, and US Assistant Secretary of State for East Asian and Pacific Affairs Daniel Kritenbrink pose after the 11th PhilippinesUnited States Bilateral Strategic Dialogue in Washington, D.C. Full story in A13 News.
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IGITAL transactions including electronic commerce and online content contributed nearly a tenth of the country's GDP in 2023, according to the Philippine Statistics Authority (PSA). The data showed the digital economy amounted to P2.05 trillion, contributing 8.4 percent to the country’s Gross Domestic Product in 2023. This marked a growth of 7.7 percent from the P1.9-trillion Gross Value Added of the digital economy in 2022. “The digital economy is composed of digital transactions covering Digital-enabling infrastructure, E-commerce, Digital media/content, and Government digital services. The Government digital services is a newly added component to cover the
government services directly related to supporting the digital economy,” PSA said. According to PSA, of the digital subcomponents, Digital-enabling infrastructure made up the bulk, amounting to P1.7 trillion. The top three biggest shares under this component come from Telecommunication services, Professional and business services, and Computer, electronic and optical products with 32.9 percent, 30.1 percent, and 17.1 percent shares in the digital economy, respectively. E-commerce had a share of 14 percent, Digital media/content 2.9 percent, and Government digital services, 0.2 percent. See “Digital,” A2
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MIDEAST WAR TO DRIVE UP FOOD, GAS PRICES–WB www.businessmirror.com.ph
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Friday, April 26, 2024 Vol. 19 No. 192
P25.00 nationwide | 3 sections 32 pages | 7 days a week
By Cai U. Ordinario @caiordinario
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F the conflict in the Middle East escalates, the World Bank expects natural gas, fertilizers, and food to become even more expensive than they are today. In its latest Commodity Markets Outlook, the World Bank said a major outbreak of the conflict in the Middle East could stall the steady decline in inflation recorded in the past two years. Without the escalation of the conflict, the World Bank said food prices could decline to 6 percent in 2024 and 4 percent in 2025. Fertilizer prices are also expected to fall by 22 percent in 2024 and 6 percent in 2025. “Global inflation remains undefeated,” said Indermit Gill, the World Bank Group’s Chief Economist and Senior Vice President. See “Mideast,” A2
TECH-FOCUSED CSR CONFERENCE The League of Corporate Foundations (LCF) is gearing up for the 2024 CSR Conference and Expo, a highly anticipated annual event scheduled for July 3 to 4 at Dusit Thani Manila, Makati City. Themed “Reimagining a New and Inclusive Future,” this year’s CSR Expo will explore technology, AI and digitalization, highlighting how Corporate Social Responsibility (CSR) and Environment, Social and Governance (ESG) principles can promote inclusivity in these areas. The event aims to guide corporations in leveraging technology for positive impact, particularly benefiting the 51 percent of Filipinos living in poverty. In photo (from left): Ramon Derige from SEAOIL Foundation Inc.; Sebastian Quiniones Jr. from Pilipinas Shell Foundation Inc.; Shem Jose Garcia from Vivant Foundation Inc.; Engr. Sergio Ramos III from PCI Innovations Tech Center; Edric Calma from Knowledge Channel Foundation Inc.; Austere Panadero from Zuellig Family Foundation Inc.; Blessille Par from Manila Water Foundation Inc.; and Enrique Canoy from Radio Mindanao Network Foundation.
NCR FAMILIES: WE NEED P25K TO AVOID BEING TAGGED ‘POOR’
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ILIPINO families living in Metro Manila believe they need to earn P25,000 to keep them from being considered poor, according to the latest survey results of the Social Weather Station (SWS). Ba sed on t he Se l f -R ated Poverty (SRP) data, SWS said a Self-Rated Poverty Threshold of P25,000 is a new record. This is the highest threshold recorded by SWS in the past three administrations or since 2010. T he d at a a l so m a rk e d a threshold pover t y gap of P10,000, the third quarter that
this gap was recorded by SWS. This is the eighth time this gap was recorded in Metro Manila in three administrations. “The SRP Threshold, or the minimum monthly budget selfrated poor families say they need for home expenses in order not to consider themselves poor, has remained sluggish for several years despite considerable inflation. “ This indicates that poor families have been lowering their living standards, i.e., belttightening,” SWS said. See “NCR,” A2
Neda: Imports still needed, AO 20 vital to food security
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MPORTS remain necessary as local production is still unable to meet demand for key commodities like rice and pork, according to the National Economic and Development Authority (Neda). In a 14-page statement, Socioeconomic Planning Secretary Arsenio M. Balisacan defended Administrative Order No. 20 which aims to ensure the country’s food security by removing non-tariff barriers for agricultural products. (https://businessmirror.com.ph/2024/04/22/marcos-wantsnon-tariff-curbs-on-farm-products-out/). The Inter-Agency Committee on Inflation and Market Outlook (IACIMO) expects the local production of
key commodities such as rice, pork, onion,and sugar to fall short of domestic demand this year. “By streamlining administrative procedures and removing nontariff barriers, we aim to create a regulatory environment that enables—rather than hinders—the delivery of goods and services that our people need while safeguarding the welfare of our citizens,” Balisacan said. “It would be irresponsible not to augment local supply during periods of acute shortages. Failing to do so would lead to highly elevated prices, See “Neda,” A2
PESO exchange rates n US 57.4090 n japan 0.3698 n UK 71.5603 n HK 7.3306 n CHINA 7.9227 n singapore 42.1691 n australia 37.2929 n EU 61.4276 n KOREA 0.0417 n SAUDI arabia 15.3070 Source: BSP (April 25, 2024)