All commodity groups post price hikes in Aug
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THE WORLD ›› A13
US SAYS RUSSIA TO BUY ROCKETS, ARTILLERY SHELLS FROM N. KOREA
HE reopening of the economy may be driving commodity prices to increase as inflation nationwide averaged 6.3 percent in August, according to the Philippine Statistics Authority (PSA). On Tuesday, National Statistician Claire Dennis S. Mapa said that while inflation in August was slower than the 6.4 percent posted in July 2022, all commodity groups posted price increases. The slowdown, Mapa said, was mainly caused by the recent rollback in pump prices as well as the
arrival of fish imports. However, the start of the new school year, among others, has increased house rental rates and electricity prices. “What’s clear here is [the role of] housing, water, electricity, gas, and other fuels because of their weight [in the Consumer Price Index]. We’ve seen rentals contributing to this also because as you know, it’s August and back to school and house rentals are rising,” Mapa explained, partly in Filipino. Based on PSA data, the inflation for actual rentals for housing
increased 3.1 percent in August 2022 year on year compared to July 2022. Mapa said housing rental accounts for 12.81 percentage points or more than half of the weight of the housing, water, electricity, gas, and other fuels commodity group in inflation whose weight in the CPI is 21.4 percent. This was followed by the increase in Electricity, Gas and Other Fuels prices—CPI weight of 4.6 percent. Inflation of Electricity, Gas and Other Fuels reached 15.7 percent year on year in August
2022 and 1.9 percent compared to July 2022. Mapa also noted an increase in Maintenance, Repair and Security of the Dwelling which include construction material prices. Data showed inflation of the Maintenance, Repair and Security of the Dwelling reached 3.7 percent year on year and 0.3 percent month on month in August 2022. Apart from these, Mapa said education services posted an inflation of 3.8 percent year on year in See “PSA,” A2
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Wednesday, September 7, 2022 Vol. 17 No. 334
DOF, BSP SEE INFLATION STAYING WITHIN RANGE n
By Bianca Cuaresma
Manila hopes to improve trade balance with Jakarta
@BcuaresmaBM
& Bernadette D. Nicolas @BNicolasBM
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HE country’s inflation is expected to peak in the third quar ter before slow ing down in the fourth quarter of this year, Finance Secretary Benjamin E. Diokno said on Tuesday, as the Bangko Sentral ng Pilipinas (BSP) signalled it will take further action to curb inflation, even after backto-back hikes in recent months. The statement came after the government announced that local inflation hit 6.3 percent in August, easing slightly from the 6.4 percent in the previous month. Despite his projection of inf lat ion pea k ing in t he t hird quarter, Diokno said they still expect inflation to settle within See “BSP,” A2
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By Samuel P. Medenilla @sam_medenilla
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HE country is poised to further increase its imports from Indonesia despite its aspiration to reverse its “trade imbalance” with its Southeast Asian neighbor. This after President Ferdinand “Bongbong” R. Marcos Jr. announced on Tuesday that he talked with Indonesian President Joko Widodo about the possible
SUGAR FIASCO PROBE Shortly after members of the Blue Ribbon Committee (chaired by Sen. Francis Tolentino, at right) voted to subpoena him, Executive Secretary Victor Rodriguez appears before the panel Tuesday, September 6, 2022, to clarify what transpired before the controversial issuance of the Sugar Order No. 4 (SO4). “I would like to sincerely apologize if you have to resort to the issuance of the subpoena to compel my presence today. I have no intention whatsoever to disrespect the honorable members of the Senate, and the Senate as an institution," he added. Stories on the Senate hearing in Second Front Page, A18. SENATE PRIB PHOTOS
See “Jakarta,” A3
ONLY 40% OF PINOYS HAVE QUALITY JOBS–UNESCAP By Cai U. Ordinario
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@caiordinario
ESS than half of the Philippine work force is holding down a quality job, according to a report released by the United Nations Economic and Social Commission for Asia and the Pacific (Unescap). In the report, “The Workforce We Need: Social Outlook for Asia and the Pacific,” Unescap said only 40 percent of working Filipinos have decent jobs. These workers earn more than twice the income of those with poor quality jobs in the Philippines. “In the Philippines, 43 percent of workers in sectors with
a strong urban component such as electricity, gas, steam and air conditioning supply, are found in good quality jobs, compared to only 6 percent of rural workers in the agriculture, hunting, forestry and fishing sectors,” the report stated. Unescap added that in the Philippines, individuals with secondary and tertiary education are four to five times more likely to have a good quality job than those with no education. Decent work in the Philippines is defined as jobs that allow workers to earn more than a minimum wage, with duty hours of at least 40 hours per week. This also means workers
are formally employed; their jobs are full-time or permanent jobs; and are not in vulnerable employment. “People of working age make up two thirds of the region’s population and more than half of the global labor force. We depend on them to power the economic growth, competitiveness and sustainable development needed to accelerate the region’s progress towards all 17 Sustainable Development Goals,” Unescap said. “Our work force generates the tax revenues needed to pay for essential public goods and services and ensures the well-being of dependent family members.
Yet the working-age population of Asia and the Pacific is under pressure, denied the decent work opportunities it needs to fulfil its potential,” the report lamented. Decent work, according to Unescap, entails equality of opportunity and treatment at work, dignity and safety in the workplace, a fair income and freedom for workers to organize and participate in decisions related to their work and lives. It provides workers with access to social protection and health care, thereby ensuring that negative coping strategies, See “Unescap,” A2
PESO EXCHANGE RATES n US 56.9410 n JAPAN 0.4050 n UK 65.6188 n HK 7.2545 n CHINA 8.2131 n SINGAPORE 40.5707 n AUSTRALIA 38.6800 n EU 56.5595 n KOREA 0.0416 n SAUDI ARABIA 15.1500 Source: BSP (6 September 2022)