Marcos meets with Ukrainian President Zelenskyy
President Ferdinand Marcos Jr. meets with Ukrainian President Volodymyr Zelenskyy during a courtesy call at the Malacañang Palace on Monday, June 3, 2024. The Ukranian leader made a surprise appearance in Singapore to drum up support from Asian leaders for the Global Peace Summit in Switzerland on June 15-16.
13 projects added to PPP pipeline
The Public-Private Partnership (PPP) Center said 13 additional PPP projects are now awaiting, most of which are local government projects. “These are in various stages of the project development process. Some are in the more advanced stages, while others are still undergoing investment studies,” PPP Center Deputy Executive Director Jeffrey I. Manalo said.
Debt service bill declines by 21% in April — Treasury
The National Government’s (NG) debt service bill fell in April amid a drop in amortization payments, the Bureau of the Treasury (BTr) said. Data from the BTr showed that debt repayments declined by 21% to P161.695 billion in April from P204.763 billion in the same month a year ago.
Inflation pickup seen for 4th straight month
Economists believe inflation may have picked up for a fourth straight month in May, possibly hitting the central bank’s upper four percent target, due to unfavorable base effects and high electricity rates. The Philippine Statistics Authority will release its May inflation data on June 5.
The BSP will likely begin easing by the fourth quarter when inflation is expected to have firmly settled within target, Metropolitan Bank & Trust Co. (Metrobank) said. The central bank earlier said inflation could temporarily accelerate above the 2-4% target from May to July due to base effects. However, inflation is expected to return to the target after July.
Filipino-Chinese business group backs lower rice tariffs
The Federation of Filipino Chinese Chambers of Commerce and Industry, Inc. (FFCCCII) supports the suggestion of Finance Secretary Ralph Recto to further lower the tariff on rice from the current 35 percent. Recto earlier bared the government’s plan to temporarily reduce rice tariffs further until the end of 2024 “presumably”, citing the importance of reducing the price of the staple in the local market.
Ukraine to open embassy in Manila in 2024—Zelensky
Ukraine will open an embassy in Manila within the year, Ukrainian President Volodymyr Zelensky told President Ferdinand Marcos. Zelensky said this while thanking Marcos for the Philippines’ support of their plight, particularly Manila’s condemnation of Russia’s invasion of Ukraine.
Visa-free entry seen driving travel growth in Asia-Pacific
Visa-free entry is driving the growth of inbound travel to the Asia-Pacific (APAC) region, according to Singapore travel booking service Trip.com Group. Trip.com Chief Operating Officer Schubert Lou said visa-free policies are yielding results within the region.
Farmers see reduced rice tariffs depressing palay farmgate prices
Farmers said that the further reduction of rice import tariffs could dampen palay (unmilled rice) farmgate prices, and estimated the income lost to farmers at P33 billion The Federation of Free Farmers (FFF) said in a statement that every P5 per kilogram drop in the retail price of the grain could bring down the palay farmgate price by P3 per kilo if “imported rice is being dumped into retail markets.”
Fisherfolk leaders urges Marcos to certify bill creating fisheries dep’t as urgent
A fisherfolk council formed through a program under the Bureau of Fisheries and Aquatic Resources (BFAR) has adopted a resolution urging President Marcos Jr. to certify a bill aiming to establish a department managing the country’s aquatic resources.
LGUs must do their part for fruitful EPRA impact–Villar
While modest progress has been made in coaxing compliance by manufacturers with the Extended Producers Responsibility Act (EPRA), the local government units, the parties primarily tasked with solid waste disposal, must step up and mobilize communities in a holistic effort to push proper trash collection and recycling.
DTI secures voluntary price freeze commitments for more basic goods
The DTI has welcomed additional commitments from major manufacturers to implement a voluntary price freeze in support of Filipino consumers amid rising prices of goods and the ongoing El Niño phenomenon.
BSP supports eTravel customs system rollout in PH airports
The Bangko Sentral ng Pilipinas (BSP) said Monday it is supporting the efficient roll-out of the eTravel Customs System in all international airports. The system enables all arriving and departing travelers to fill-out the electronic customs baggage declaration form (e-CBDF) and electronic currencies declaration form (e-CDF) using the eTravel website.
Solon calls for hike in dialysis coverage
A House leader proposed an increase in Philhealth’s dialysis coverage from the current P2,600 to P4,200 as the National Kidney Transplant Institute described the rise in kidney diseases as alarming.
PH, Netherlands to boost defense ties
Defense Secretary Gilberto Teodoro Jr and Dutch Defense Minister Kajsa Ollongren vowed to enhance defense relations of the countries during a meeting on Sunday. Teodoro and Ollongren met on the sidelines of the 21st International Institute for Strategic Studies Shangri-La Dialogue in Singapore.
EU’s wobbly budget rules may bolster shaky economy
Europe’s new budget rules can work only if Brussels can stretch them. 11 countries including France, Italy and Belgium, posted 2023 deficits above 3 percent of GDP, the official high water mark for debt. But not all of them may end up being sanctioned. The regime includes ample wiggle room, allowing countries plenty of time to adjust. That’s good news for a bloc that needs growth more than guardrails.
The Bases Conversion and Development Authority (BCDA) yesterday offered alternative landfills for Central Luzon local government units with the impending closure of the waste management contractor in New Clark City.
Meralco warns power rates to go up in June
Power rates are expected to go up this month, due to higher settlement costs in the reserve market and the implementation of the new feed-in tariff allowance (FIT-All) rate, according to Manila Electric Co. (Meralco). A spike in generation charges amid tight supply, coupled with the peso depreciation, might also contribute to the higher electricity rates, the company said on Monday.
May manufacturing growth slows
Factory activity in the Philippines expanded at a slower pace in May as employment fell for the first time in five months, S&P Global said on Monday. The S&P Global Philippines Manufacturing Purchasing Managers’ Index (PMI) stood at 51.9, slightly down from 52.2 in April, indicating “modest improvement” in factory activity.
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