ECCP at Work

Government has no funds for firms’ 13th month subsidy

The government lacks funds to grant the proposed cash subsidy to help companies pay the 13th-month pay of their workers, according to the Department of Labor and Employment. Labor Secretary Silvestre H. Bello III issued the statement after Vice President Leonor “Leni” Robredo urged the government at the weekend to give a stimulus package for micro, small and medium enterprises so they could afford giving the 13th-month benefits. Instead of the wage subsidy, the government opted to extend “soft loans” to MSMEs to pay the 13th-month pay of their employees through the Small Business Corporation of the Department of Trade and Industry.

BSP sees no rate adjustments this year

There appears to be no need to adjust policy settings until the end of this year, Bangko Sentral ng Pilipinas (BSP) Governor Benjamin E. Diokno said. The Monetary Board has kept its key interest rate at a record low of 2% in its last seven meetings. It will hold two more policy review meetings this year, scheduled on Nov. 18 and Dec. 16. The BSP chief stressed that raising rates may be premature, considering the Philippine economy’s recovery is just starting to take hold.

Government set to launch sustainable finance roadmap

The government will launch a sustainable finance roadmap to address the country’s policy and regulatory gaps in promoting sustainable investments, the Department of Finance (DoF) said. The roadmap will tackle sustainable financing based on three pillars: policy, financing, and investments. It will be paired with a set of guide principles “that will serve as taxonomy for the sustainable finance ecosystem in the Philippines.”

Infra spending jumped 44.6% to P 570.4B as of end-August

The amount spent by the national government on infrastructure during the first eight months of 2021 jumped 44.6 percent to P570.4 billion as big-ticket projects continued implementation despite prolonged quarantine. The latest Department of Budget and Management (DBM) data showed end-August expenditures on infrastructure and other capital outlays climbed from P394.5 billion a year ago. During the month of August alone, infrastructure and other capital outlay expenditures amounted to P70.9 billion, up 60.2 percent from a year ago’s P44.3 billion but 2.5-percent lower than the P72.8 billion spent in July.

Alert Level 2 in Metro Manila possible by Christmas — health expert

Mobility restrictions in Metro Manila may be downgraded further by Christmas if COVID-19 figures continue to decline in the capital region, a health expert said. Metro Manila is under Alert Level 3 until the end of October, allowing establishments to expand their operations, with 50% outdoor venue capacity and an indoor venue capacity of 30% for fully vaccinated individuals. Dr. Edsel Salvaña, infectious diseases specialist and a member of the Health department's technical advisory group said that while the emergence of new coronavirus variants and gatherings that may lead to superspreader events pose threats to the improving COVID-19 situation, he said he is "cautiously optimistic" that the country passed the peak.

Philippines vaccinates more than 1,500 minors vs COVID-19; 4 report side effects

The Department of Health received four reports of adverse reactions of children with comorbidities following their COVID-19 vaccinations and these were all managed, its spokesperson said. The Philippines on Friday (15 October) began the inoculation of children aged 12 to 17 with health risks and has administered the jab to 1,509 as of 8 p.m. Saturday, Health Undersecretary Maria Rosario Vergeire said. The adverse reactions have yet to be officially reported to the Food and Drug Administration, Vergeire added.

EU providing P47 million in humanitarian aid to Philippines

The European Union is allocating P47 million (€800,000) in humanitarian aid funding for the Philippines to respond to the rapid increase in COVID-19 cases in recent months. The assistance will benefit 70,000 people in far-flung areas in Mindanao, it said. The funding will support a consortium of partners on the ground, such as the Action Against Hunger, CARE International and Oxfam International, in assisting the rollout of vaccination in Mindanao. This will also facilitate access to COVID-19 vaccines and support local governments and health care authorities in implementing their vaccination campaign

Senate expects to approve budget by end of November

The Senate aims to approve its version of the 2022 General Appropriations Act (GAA) by the end of November, the chamber’s President, Senator Vicente C. Sotto III, said. He said discussions will start on Nov. 6, the goal is to approve the P5.024-trillion budget in the same month, with Dec. 1 seen as the latest possible date to pass the chamber’s budget bill. The House on Sept. 30 approved with no abstentions its version of the 2022 GAA or House Bill 10153 on third and final reading, which will be transmitted to the Senate on Oct. 27.

Finance dep’t says funding available for UHC

The Department of Finance said it does not expect problems with the rollout of universal healthcare (UHC) even with funding pressures caused by the pandemic. “For 2022, we proposed an allocation of P80 billion for the premium subsidies for indirect contributors under the UHC law,” Finance Secretary Carlos G. Dominguez III said. The health insurance premiums of indirect contributors such as senior citizens and persons with disabilities are government-subsidized.

More vaccines for provinces pushed

A key member of the House of Representatives has called on the national government to distribute more vaccines to provinces across the country, especially now that the nation’s capital is approaching herd immunity. Albay Rep. Joey Salceda, House ways and means committee chairman, said this move will be crucial in attaining economic growth next year, provided that local government units play an “aggressive vaccination catch up.”

BIR clarifies COVID-19 drug VAT exemptions

The Bureau of Internal Revenue (BIR) clarified that only medicines and medical devices for the treatment of coronavirus disease 2019 (COVID-19) included in an updated government list will be exempt from value-added tax (VAT). The medical products are only those included in a list submitted by the Food and Drug Administration (FDA) in June, BIR said in a press release on Thursday. The clarification was done in response to stakeholders who have asked about the VAT exemption of medicines for diabetes, high cholesterol, hypertension, cancer, mental illness, tuberculosis, kidney diseases, drugs and vaccines, and medical devices prescribed and directly used for COVID-19 treatment under the Tax Code, as amended by the TRAIN Law and the CREATE Act.

PH on the way to recovery, say economists

Easing lockdown restrictions and ramping up mass vaccination against COVID-19 will sustain economic growth in the fourth quarter and next year, economists said on Friday. Economic managers had said the revert to stringent lockdowns in August to contain the spread of the more infectious Delta strain likely slowed year-on-year growth in the past quarter, although third-quarter GDP might be bigger than the second-quarter output given more mobility among workers.

Easing of COVID-19 restrictions to aid PH

The Philippines’ shift to granular lockdowns would augur well for its economic recovery, the World Bank said, while urging the country to ramp up mass vaccination outside Metro Manila, where jabs against COVID-19 have been slow in coming. The World Bank noted that the unemployment rate rose to 8.1 percent in August mainly due to the reimposed enhanced community quarantine in Metro Manila and other Delta variant “hot spots,” but overall, less stringent restrictions plus base effects jacked up factory output that month and overall manufacturing activities in September.

OCTA notes COVID-19 cases drop in NCR, infections rise in Zamboanga, Naga cities

The COVID-19 situation in Metro Manila continues to improve, but the cities of Zamboanga and Naga are experiencing a rise in infections, the OCTA Research group said on Sunday. According to OCTA fellow Dr. Guido David, the virus reproduction rate in the National Capital Region is now at 0.58. Health experts previously explained that a reproduction rate of less than one could mean the transmission is slowing down. The seven-day average of COVID-19 cases in the region is 1,681, while the positivity rate is at 10%, Dr. David added.

Walk-ins accepted at NCR hospitals for pediatric vaccinations

Beginning next week, minors with comorbidities will be allowed to take their initial COVID-19 dose in select hospitals, even without prior registration. This was confirmed by an official of the Department of Health (DOH) on Friday, the first day of the program's pilot rollout in Metro Manila.

Philippines starts giving COVID-19 vaccines to minors with comorbidities

The Philippines on Friday started the pilot COVID-19 vaccination of adolescents aged 12 to 17 with underlying medical conditions as it moved to expand the country’s inoculation program. Select hospitals in Metro Manila, including the Philippine General Hospital, held ceremonial vaccination activities. The Department of Health is targeting to vaccinate an estimated 1.2 million children with comorbidities. In a briefing, DOH Undersecretary Maria Rosario Vergeire said the consent from parents or legal guardians and the assent from children will be needed for the vaccination.