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‘Revenge spending’ lifts GDP PH economy grows by 7.6% in Q3, the second highest in ASEAN region By Julito G. Rada and Maricel V. Cruz
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HE economy grew 7.6 percent in the third quarter despite soaring inflation, spurred by an increase in household spending as people get back to a “pre-pandemic life.”
The growth in the gross domestic product (GDP) beat expectations of 6.3 percent as well as the 7 percent growth posted in the same quarter last year, Socioeconomic Planning Secretary Arsenio Balisacan
said in a briefing Thursday. The country’s third-quarter performance meant the Philippines had the second-highest growth in the region next to Vietnam’s 13.7 percent and
ahead of Indonesia’s 5.7 percent. The surprising performance was driven by increased spending on restaurants, hotels, and travel, as well as investment, as schools restarted faceto-face classes and COVID-19 restrictions were lifted. “This turnout signifies that Filipino families are close to returning to prepandemic life,” Balisacan said. “Having been deprived of mobility for two Next page
VOL. XXXVI • NO. 269 • 3 SECTIONS 12 PAGES • P20 • FRIDAY, NOVEMBER 11, 2022 • www.manilastandard.net • mst.daydesk@gmail.com
BRISK TRADE. A market merchant of various food ingredients transacts with her customer at Quinta market in Manila. The Philippine Statistics Authority (PSA) reported on Thursday the acceleration of the economy in the third quarter of the year by 7.6 percent. Danny Pata
DOLE reviews PBBM meets Cambodian king, Vietnamese PM minimum wage for possible hike AS PRICES of basic commodities continue to increase, the Department of Labor and Employment (DOLE) has ordered a review for a possible minimum wage increase next year. According to Labor Secretary Bienvenido Laguesma, the Regional Tripartite Wage and Productivity Boards are obligated to conduct a review to “keep pace with whatever developments in the work sector.” The DOLE has started to pitch the idea to the private sector regarding the issue. However, he noted that minimum wage adjustments could be implemented only once a year. The last wage hikes were granted in 14 regions in June this year. Increasing the daily take-home pay of minimum wage earners will be a “very tough balancing act,” Laguesma told ABS-CBN News, as small businesses are still reeling from the effects of the COVID-19 pandemic. The DOLE chief said a possible wage increase may also have an adverse effect on the labor market. Inflation hit 7.7 percent in October, which is the highest in nearly 14 years, largely due to higher food and transport Next page
GOOD BUSINESS. President Ferdinand Marcos Jr. beams as he meets with leaders of various companies in Cambodia to encourage them to set up business in the Philippines on Thursday. Meanwhile, Speaker Martin G. Romualdez receives a token of appreciation from Vietnam National Assembly Chairman Vuong Dinh Hue during the ASEAN Inter-Parliamentery Assembly at Shoka Hotel in Phnom Penh. Hue will also visit the Philippines on November 23 to 25. Ver Noveno
By Maricel V. Cruz, Vince Lopez, and Vito Barcelo THE Philippines and Vietnam vowed to work toward balancing trade between them, as President Ferdinand Marcos Jr. expressed elation over the warm
welcome he received from Cambodian King Norodom Sihamoni on Thursday. Cambodia is hosting regional leaders for the 40th and 41st Association of Southeast Asian Nations (ASEAN) Summit and Related Summits in Phnom Penh, where Mr. Marcos also held bilat-
eral talks with the Vietnamese side led by Prime Minister Pham Minh Chinh. Earlier, the President agreed with a group of Cambodian business leaders to enhance collaboration in digitization, low-cost housing, and other fields that can help accelerate post-pandemic eco-
nomic recovery. While the Philippines considers Vietnam an “important partner” in ensuring food security, Mr. Marcos noted a significant trade imbalance between the two countries. Next page
Experts notes worst over in Omicron strain cases By Willie Casas THE worst of the COVID-19 wave of infections in the Philippines brought about by the highly transmissible BA.5 and BA.4 Omicron subvariants is already over, an infectious diseases specialist said Thursday. “We already passed the worst of the BA5 and BA4,” Dr. Rontgene Solante said during a televised briefing, noting a decline in cases in the country. “That means, we have passed what we call a wave. So the cases are going down. And because it has come down, we also developed some sort of population immunity, we get it from Next page
NUTRIBUN GIVEAWAY. Senator Imee Marcos, Malabon Mayor Jeannie Sandoval, and former Congressman Ricky Sandoval distribute nutribun bread to children during the Assistance to Individuals in Crisis Situations (AICS) program held at Malabon Sports Complex on Thursday. Marcos will turn 67 on November 12. Andrew Rabulan
No fare increase just yet on LRT1 By Darwin G. Amojelar THE Light Rail Transit Authority (LRTA) on Thursday said there will be no fare increase at the LRT Line 1 despite the request of the rail system’s private operator. Hernando T. Cabrera, LRTA administrator, said the Light Rail Manila Corp.
(LRMC) filed a request to increase the boarding fare by P5 and P1.50 additional fare for every kilometer. LRT-1 passengers are currently paying P30 on a trip going to Baclaran in Paranaque City from Roosevelt in Quezon City. Cabrera, however, clarified that there
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Iwahig prisoner tags BuCor exec in Lapid murder By Rey Requejo and Macon Ramos-Araneta AN INMATE brought to the New Bilibid Prison from the penal colony in Palawan has pointed to Bureau of Corrections (BuCor) Senior Superintendent Ricardo Zulueta as the person who delegated the order to kill broadcaster Percival “Percy Lapid” Mabasa. Denver Mayores, who was transferred from the Iwahig Penal Colony, said in a sworn statement that Zulueta asked him to find a person who could kill Mabasa. Zulueta was named in the murder complaints filed by the National Bureau of Investigation (NBI) and the Philippine National Police this week along with suspended BuCor directorgeneral Gerald Bantag, and inmates linked to the death of Mabasa and Bilibid inmate Cristito Villamor Palaña or Jun Villamor. Next page
UP-MANILA GRAD UK MAG: PALAWAN NO ‘TRASLACION’ TOPS PHYSICIAN ‘MOST DESIRABLE’ ANEW NEXT YEAR LICENSURE EXAM ISLAND IN WORLD DUE TO COVID-19 NEWS / A3
NEWS / A4
NEWS / A4