Think tank sees PHL raising rates further by 50 bps By Jasper Emmanuel Y. Arcalas
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HE Philippines could further increase its interest rates by 50 basis points to keep up with the anticipated strengthening of the US dollar, according to a UK-based think tank. Oxford Economics made the forecast as it projected that most economies in the Asia-Pacific region, including the Philippines, would experience a slowdown
this year due to dampened business investments as a result of weaker global trade and high interest rates. “Most of the region’s economies will experience a marked slowdown in 2023, with China, Hong Kong and Thailand the only likely exceptions,” Oxford Economics said in its outlook report released on Thursday. “Indeed, in many, a sharp deterioration was already evident at the end of 2022; of the nine
economies that report seasonally adjusted real GDP, four showed a [quarter-on-quarter] fall in Q4, while several others made only the smallest of gains,” it added. Oxford Economics said the weakness in economic expansion in the fourth quarter would continue to linger this year as “impetus“ from economic reopening has “faded” with real income and spending growth of consumers being “limited by relatively high inflation.”
“The weakness in Q4 was largely driven by a sudden drop in global trade. China reopening and the most aggressive phase of the global IT downturn probably being behind us may result in less extreme pressure in early 2023,” it said. Oxford Economics also noted that Asian central banks would also be forced to further hike their interest rates to keep up with the strengthening of the US dollar. See “Think,” A2
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OF PUV DEADLINE URGED S DBM: Fuel aid to farmer, transport grps ₧4B this year
By Lorenz S. Marasigan @lorenzmarasigan
ENATORS and transport groups have urged the Land Transportation Franchising and Regulatory Board (LTFRB) and the Department of Transportation (DOTr) to extend the deadline for the consolidation of public utility vehicle (PUV) franchises indefinitely until they come up with a more realistic and fair PUV Modernization Program (PUVMP).
At the Senate Committee on Public Services hearing chaired by Sen. Grace Poe on Thursday, lawmakers said the agency should stop trifling with the timelines for the consolidation of PUVs and take a pause to review the program’s design. “Stop giving us short extensions. Tell us how long it really takes to implement this,” Deputy Minority Leader Senator Risa Hontiveros said. Majority Leader Joel Villanueva even said the department should temporarily implement the program and review if it is really viable, citing the mere income of jeepney drivers of P650 per day. See “Indefinite,” A2
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BAKERS FAIR Senators Mark Villar, Koko Pimentel, former Manila Mayor Isko Moreno, Manila Vice Mayor Yul Servo Nieto and Filipino-Chinese Bakery Association Inc. (FCBA) president Gerik Chua are joined by leaders of various Asian and Asean bakery industry stakeholders in cutting the ceremonial ribbon opening FCBA’s Bakery Fair 2023, the country’s biggest bakery industry event showcasing the latest trends from local and international master bakers. The trade fair runs until Friday, March 3, 2023, at the World Trade Center in Pasay City. ROY DOMINGO
PHL KEEPS RATING IN WOMEN, BIZ, LAW INDEX By Andrea E. San Juan
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HE Philippines’s rating remains unchanged in the Women, Business and the Law Index 2023,according to the World Bank. Data from the report showed the Philippines scored an average of 78.8 out of 100, the same rating it had since last year. The country’s rating, however, remained above the global average of 77.1 out of 100. This indicates that women, on average, enjoy 77 percent of the legal
rights that men do. Women, Business and the Law 2023 measures laws and regulations across 190 countries in eight areas impacting women’s economic participat ion—mobi l it y, work pl ace, pay, marriage, parenthood, entrepreneurship, assets and pensions. In the Philippines, the country’s average rating for marriage, parenthood, and assets received the rating of 60 out of 100. In terms of marriage, there
are legal constraints related to marriage and divorce. In fact, the Philippines does not allow divorce so women could not obtain divorce in the country and women do not have the same rights to remarry as men. Meanwhile, the country’s score was at 75 out of 100 in terms of mobility and pension. In terms of mobility, a woman still cannot apply for a passport in the same way as a man in the country while in terms of pension, periods of absence due to childcare are not accounted for
in pension benefits. The areas where the country received a perfect score of 100 were workplace, pay and entrepreneurship. These indicators take into consideration legal and implementation gaps in financial inclusion; guarantee protection and privacy for women who have made a complaint of violence; gender-sensitive occupational health and safety; and wage transparency, among others. See “PHL,” A2
HE Department of Budget and Management (DBM) on Thursday confirmed that the national government has allotted a total of P4 billion to provide fuel assistance to transport workers and farmers this year to help them mitigate the impact of high oil prices. In a statement, the DBM said the funds are charged against the regular budgets of the Department of Transportation (DOTr) and the Department of Agriculture (DA). “As directed by President Ferdinand Marcos Jr., this administration will continue providing fuel subsidies to our kababayan, especially in the most vulnerable sectors—public transport and agriculture,” Budget Secretary Amenah F. Pangandaman said. “We are banking on our transport and agriculture sector to boost economic recovery. And so we need to provide them the help and boost they need,” she added. The DBM explained that P3 billion is lodged in the 2023 national budget to bankroll fuel vouchers to qualified public utility vehicle, taxi, tricycle, and full-time ridehailing and delivery services drives nationwide. The amount, the DBM pointed out, was P500 million higher than the P2.5 billion fuel subsidy allocated by the national government last year. “The program’s implementation is subject to guidelines issued by the DOTr, the Department of Energy [DOE], and the DBM,” it said. “Beneficiaries will be validated and identified by the Land Transportation Franchising and Regulatory Board [LTFRB],” it added. See “DBM,” A2
PESO exchange rates n US 55.0770 n japan 0.4045 n UK 66.2852 n HK 7.0167 n CHINA 8.0136 n singapore 41.0502 n australia 37.2376 n EU 58.7617 n KOREA 0.0422 n SAUDI arabia 14.6778 Source: BSP (March 2, 2023)