Quit, PBBM orders Cabinet members By Samuel P. Medenilla
D
WORLD » A8
WALL STREET DROPS SHARPLY AS RISING TREASURY YIELDS FUEL FEARS OVER US DEBT AND INFLATION
ROTARY CLUB OF MANILA JOURNALISM AWARDS
2006 National Newspaper of the Year 2011 National Newspaper of the Year 2013 Business Newspaper of the Year 2017 Business Newspaper of the Year 2019 Business Newspaper of the Year 2021 Pro Patria Award PHILIPPINE STATISTICS AUTHORITY 2018 Data Champion
@sam_medenilla
AYS after announcing that he intends to be “tougher” in going after inefficiencies and corruption in his administration, President Ferdinand Marcos Jr. on Thursday ordered all Cabinet members to turn in their courtesy resignation as part of his efforts to achieve a “performance-driven approach.” Malacañang, however, said the affected Cabinet officials will con-
tinue their duties until Marcos decides to accept their resignation to prevent any disruption in government operations. In a statement on Thursday, the chief executive made the shocking announcement of the major overhaul of his Cabinet as part of his efforts “to recalibrate the administration following the results of the recent elections.” In the last polls, only half of administration-backed Alyansa Para sa Bagong Pilipinas (APBP) senatorial candidates made it to
the Magic 12 in the 2025 National and Local Elections (NLE). “It’s time to realign the government with the people’s expectations,” Marcos said. “This is not business as usual. The people have spoken, and they expect results—not politics, not excuses. We hear them, and we will act.” He said the move aims to “evaluate the performance of each department and determine who will continue to serve in line with his administration’s recalibrated pri-
orities.” Palace Press Officer Claire Castro said Marcos was disappointed with the performance of the APBP senatorial line up, which he attributed to shortcomings in the performance of his Cabinet.
Mass courtesy resignation
THE announcement immediately triggered mass courtesy resignations among government offices under the Executive branch of the government. See “Quit,” A24
BusinessMirror A broader look at today’s business
EJAP JOURNALISM AWARDS
BUSINESS NEWS SOURCE OF THE YEAR
(2017, 2018, 2019, 2020, 2021) DEPARTMENT OF SCIENCE AND TECHNOLOGY
2018 BANTOG MEDIA AWARDS
CABINET SHAKEUP: BUT ‘SPARE ECONOMIC TEAM’ www.businessmirror.com.ph
n
Friday, May 23, 2025 Vol. 20 No. 222
P25.00 nationwide | 2 sections 38 pages | 7 DAYS A WEEK
NCR regional wage board consults with labor groups
By Cai U. Ordinario & Reine Juvierre S. Alberto
T
HE President’s decision to call for the courtesy resignation of the entire Cabinet was an “aftershock” of the lackluster performance of the administration bets in the recent polls, according to local economists. However, some of them deem it “risky” to change those who are steering the country’s economic trajectory amidst domestic and external headwinds. “I think it is wrong to change the composition of the economic team at this point in time, considering the challenges locally and internationally in front of us,” De La Salle University Maria Ella Oplas said. Oplas believes the economic team is still able to deliver on the President’s promises. The President, in her view, was merely “signalling” and does not really intend
T
HE regional wage board in Metro Manila started its initial consultation with labor groups on Thursday for a possible wage hike. The meeting was led by Regional Tripartite Wages and Productivity Board-National Capital Region (RTWPB-NCR) Director Sarah Buena S. Mirasol. The meeting marks the start of a series of dialogues to review current economic conditions and assess the need to adjust the minimum wage to better support workers amid rising living costs. See related story in A3 Nation, “Lawmaker asks Marcos to certify wage-hike bill.” In her speech at the event, she assured that “wage rates shall be adjusted in a fair, reasonable and equitable manner.”
to revamp his economic team. Former Socioeconomic Planning Secretary and University of the Philippines economist Dante B. Canlas told BusinessMirror that the call for resignations was an expected move and could help the country achieve its economic goals. Canlas said if the replacements of the Cabinet officials and the Marcos administration can plug the deficit that has reached 3 percent of GDP and sustain growth, this will make the low end of the country’s growth targets attainable. See “Cabinet,” A2
NATURAL CAPITAL-ADJUSTED GDP TARGETED IN 5 YEARS
T
HE Philippine Statistics Authority (PSA) intends to release a natural capital-adjusted computation of the Gross Domestic Product (GDP) in five years and is consistent with the Natural Capital Accounting Roadmap until 2040. On Thursday, the PSA and its partner agencies held a ceremonial signing of the Implementing Rules and Regulations (IRR) of Republic Act No. 11995 or the Philippine Ecosystem and Natural Capital Accounting System (Pencas) Act. National Statistician Claire Dennis S. Mapa told BusinessMirror that while the country already has an environmental accounting, the impact of economic activities on the environment has yet to be included. “Of course, we are taking this one step at a time. First one is to really identify the different environmental accounts and come up with a framework,” Mapa told this newspaper. “The framework is there because we are following the UN Framework, applying it to the Philippine setting; it is [part] of the work moving forward,” he added.
Mapa said the IRR provides specific and actionable guidelines and procedures in doing ecosystem and natural capital accounting in the country. He said this will be guided by the System of Environmental Economic Accounting (SEEA) framework of the United Nations. The SEEA framework, Mapa said, sets procedures and standards such as reporting requirements, monitoring mechanisms, and accounting timelines. This means clarifying the roles and responsibilities of relevant agencies and ensures consistency in the application of concepts, frameworks, and methodologies. Mapa said the Pencas IRR outlines the expectations and requirements for implementing the ecosystem and natural capital accounting system in our country. “The Philippines is embarking on a new journey that will capture the interests of not only our local stakeholders but also our partners in the international community. We aim to be a model nation as we move forward to a more See “Natural,” A2
REGIONAL Tripartite Wages and Productivity Board-National Capital Region (RTWPB-NCR) Director Sarah Buena S. Mirasol
HIGH-VOLTAGE HEROES Around 350 line workers from various electric cooperatives across Luzon compete in the Luzon leg of the Line Workers Rodeo held at the Melvin Jones football field in Baguio City. Hosted by the Benguet Electric Cooperative (Beneco), the rodeo showcases technical skills such as pole climbing, conductor riding, knot tying, and emergency response. This marks Beneco’s second time hosting the event, leveling up from its 2019 exhibition at South Drive before the pandemic. MAU VICTA
During the meeting, the participants discussed current economic conditions in NCR to determine if there is a need to adjust the regional minimum wage to help workers cope with the rising living costs. A similar consultation with employer organizations will be conducted on 28 May 2025. The series of wage hike discussions will conclude with a public hearing for all concerned stakeholders on 17 June 2025. The RTWPB-NCR was the first regional wage board to start its consultation and public hearings for a minimum wage hike since its previous wage order took effect in July 2024. Under the Wage Rationalization Act, RTWPBs can only adjust minimum wage rates after the anniversary date of their previous wage order. Based on data from the National Wages and Productivity Commission (NWPC), NCR has the highest daily nominal minimum wage for non-agricultural workers (P645) and agricultural workers (P608). Samuel P. Medenilla
PESO EXCHANGE RATES n US 55.6130 n JAPAN 0.3871 n UK 67.5971 n HK 74.6215 n CHINA 7.7207 n SINGAPORE 43.1376 n AUSTRALIA 35.7870 n EU 63.0151 n KOREA 0.0405 n SAUDI ARABIA 14.8281 Source: BSP (May 22, 2025)