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Daily Archives: May 4, 2020 | 9:19 pm

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Stimulus spending seen producing 6.5% deficit

PROPOSED spending measures laid out in the stimulus bill currently in Congress will increase the budget deficit as a proportion of Gross Domestic Product (GDP) to about 6.5%, more than double the level considered prudent, a former socioeconomic planning secretary said.
Benjamin E. Diokno

Declining inflation provides room for further easing — Diokno

THE DOWNTREND in inflation will give the central bank room for further monetary easing to support to the economy during the pandemic emergency, Bangko Sentral ng Pilipinas Governor Benjamin E. Diokno said.

Fitch Solutions cuts 2020 PHL growth outlook to 0.5%, contraction possible if Q1 weak

FITCH SOLUTIONS Country Risk and Industry Research reduced its economic growth forecast for the Philippines to 0.5% in 2020 due to the impact of the lockdown, and warned that a full-year contraction is possible if first-quarter gross domestic product (GDP) comes in lower than expected.

Remittance, BPO revenue declines seen widening current account deficit

THE current account (CA) deficit could widen due to declining overseas worker remittances and business process outsourcing (BPO) revenue, according to Mitsubishi UFJ Group (MUFG) Global Research.

LANDBANK distributes over P308-M subsidy to rice farmers

THE Land Bank of the Philippines (LANDBANK) has distributed over P308 million to farmer beneficiaries eligible for the Department of Agriculture’s (DA) financial subsidy for rice farmers.


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On relief packs and tax relief

Establishments have been looking forward to the lifting of the enhanced community quarantine (ECQ), especially as most economic activity ground to a halt after March 16. For more than six weeks, the COVID-19 pandemic and the resulting ECQ have crippled some businesses and the economy. The most vulnerable have been reduced to relying on emergency relief goods after being denied the opportunity to work. The government’s revenue-collecting agencies have missed their targets for the first quarter of this year, mainly due to the lockdown, which runs until May 15.

Peso weakens on US-China tensions, PMI contraction

THE PESO weakened versus the greenback on Monday amid risk-off sentiment following tensions between US-China’s as well as the further contraction of the local manufacturing sector.

PSE index falls on PMI data, US-China tensions

THE MAIN INDEX snapped its three-day climb on Monday due to record low manufacturing data in April and brewing tensions between the United States and China.

Fighting the virus of bad thinking

The Coronavirus has made many of us very afraid. Our fears are justified. While not enough is known about how to deal with the disease, the online Department of Health (DoH) COVID-19 Case Tracker reported on April 30 that we already had 8,488 confirmed cases of the disease, 568 deaths, and 1,043 recoveries. As the cases and deaths continue to rise, we all hope that the government and health authorities can find manageable solutions soon and that the people affected by the lockdowns will have the support and patience they need to weather this catastrophe.

The pandemic isn’t changing everythingIt is just speeding up trends that were already underway

A CRISIS as life-altering as the coronavirus pandemic naturally inspires speculation about how it will change everything. But it is worth recalling that a far deadlier predecessor, the Spanish Flu, killed 50 million to 100 million people between 1918 and 1920, and was followed by the Roaring ’20s. So did it change anything?

There’s no escaping the slump even for virus stars

YOU CAN HAVE a good war and still be seriously wounded.

Social protection for the working class

AS WE CELEBRATED Labor Day, it seems a cruel irony that working class families in the country and in most of the world, especially those living under a lockdown, are currently experiencing perhaps the most difficult period in their lives.

Pandemics of ignorance and populism

THE NUMBERS are staggering: 99.9% of travel ground to a halt in Japan; the World Food Program (WFP) says that some 130 million people -- in addition to the 135 million already facing acute food shortages prior to the pandemic -- face hunger this year. The chief economist of the WFP, Arif Husain, estimates that 265 million people may face starvation.

Pacers’ Turner staying productive and active during time of COVID-19

WITH all National Basketball Association activities suspended until further notice because of the coronavirus disease 2019 (COVID-19) pandemic, Indiana Pacers big man Myles Turner is making the most of the forced downtime by staying productive and active.

NFL on track for full season starting on September 10

NORTH CAROLINA -- The National Football League (NFL), the only major American sporting league so far largely unaffected by the coronavirus outbreak, says it is on course to begin its season on time in September.

Fritz, Rae win glitchy Mario Tennis charity tournament

TOKYO -- American tennis player Taylor Fritz and his doubles partner, Tik Tok personality Addison Rae, won the virtual Stay At Home Slam on Sunday as real-life tennis remains on hold because of the coronavirus crisis.

AFC campaign continues to underline solidarity against pandemic

OMAN HEAD COACH Branko Ivankovic, Thailand and Chiangrai United midfielder Ekanit Panya as well as Northern Mariana Islands international Enrico Del Rosario are the latest Asian football stalwarts to lend their voices in containing the transmission of the coronavirus pandemic in the Asian Football Confederation’s (AFC) #BreakTheChain series.

Team Lakay members highlight Igorot traits as they deal with crisis

AFFECTED like everybody else in the country by the coronavirus disease 2019 (COVID-19) pandemic, members of Baguio-based Team Lakay are turning to their Igorot heritage to get themselves through the crisis.
cards chips dice casino

Regulator says Chinese offshore gaming offers essential services

By Gillian M. Cortez, Reporter and Genshen L. Espedido THE LOCAL gaming regulator on Monday said offshore gaming operators in the country — mostly Chinese companies...

Coronavirus cases hit 9,485 with 623 deaths, DoH says

THE Department of Health reported 262 new coronavirus infections on Monday, bringing the total to 9,485.

Press freedom was among coronavirus casualties — FMFA

GOVERNMENT rules amid a Luzon-wide lockdown meant to contain the coronavirus pandemic have restricted press freedom and free expression, according to a media watchdog.

#COVID-19 Regional Updates (05/04/20)

Cebu COVID-19 cases expected to keep increasing with targeted testing CORONAVIRUS disease 2019 (COVID-19) cases in the Central Visayas region, which breached the 1,000 mark...

Nationwide round-up

FOLLOWING uproar from overseas Filipino workers (OFWs), President Rodrigo R. Duterte has ordered the Philippine Health Insurance Corp. (PhilHealth) to make their higher premium contributions voluntary.

COVID-19 disrupts TV viewing—study

More TV viewers during quarantine as networks shift to ‘thoughtful programming’ Television has gained an additional 3.8 million viewers upon the onset of the coronavirus...

COVID-19 CASES IN ASEAN AS OF MAY 3

As of May 3, there are 48,116 confirmed COVID-19 cases in ASEAN, with 11,802 recoveries, and 1,619 deaths. Singapore has the highest number of...

This pandemic is posing an array of cybersecurity challenges

The Covid-19 outbreak is having a significant impact on cybersecurity. Cybercriminals are taking advantage of the pandemic to lure businesses and individuals through spam campaigns, phishing emails, and the like.

BUSINESSWORLD INSIGHTS: Philippine economy during and after COVID-19

By Adrian Paul B. Conoza Special Features Writer, BusinessWorld The deep impact of the coronavirus disease 2019 (COVID-19) pandemic to the economy has been widely observed...

Slower Q1 GDP growth seen — poll

PHILIPPINE gross domestic product (GDP) growth likely sharply slowed in the first three months of 2020, as the economy faced supply and demand shocks due to the coronavirus disease 2019 (COVID-19) pandemic, a BusinessWorld poll showed.

Inflation likely eased further

INFLATION likely slowed further in April, with the continued decline in oil prices amid the pandemic seen offsetting the slight uptick in food costs due to the extended lockdown of Luzon island.

ITR payment deadline extended anew

THE deadline for the filing and payment of annual income tax returns (ITR) has been moved for a third time, following the extension of the enhanced community quarantine in high risk areas in the country.

BusinessWorld’s Analysts Polls

PHILIPPINE gross domestic product (GDP) growth likely sharply slowed in the first three months of 2020, as the economy faced supply and demand shocks...

Congress to focus on COVID-19 relief measures

CONGRESS on Monday resumes session amid the continued lockdown in Metro Manila, with House and Senate leaders saying they will prioritize measures to address the impact of the coronavirus disease 2019 (COVID-19).

Gov’t surveys large companies for post-pandemic programs

THE government rolled out an online survey for big companies to assess the impact of the coronavirus disease 2019 (COVID-19) pandemic and the lockdown on their businesses, which will help the state craft programs for the affected sectors.

Pyramiding ‘not registrable security,’ SEC warns

THE country’s corporate regulator is warning the public against engaging in groups that employ pyramiding schemes as such a money-making method is not authorized by the government.
Securities and Exchange Commission (SEC) logo

SEC to lenders: extend loan payment grace period

THE Securities and Exchange Commission (SEC) is directing financing and lending companies to extend the grace period for all loans covering the re-extended enhanced community quarantine (ECQ).

A minute with:Tim Gunn on pajamas and post-quarantine fashion

LOS ANGELES -- Even Tim Gunn, the immaculately dressed fashion mentor from Project Runway and Amazon’s new competition show Making the Cut, is finding it hard to get out of his pajamas these days.

DTI allows delivery of ‘next essentials’

THE e-commerce delivery of non-essential goods like appliances and clothing is now allowed under the extended enhanced community quarantine (ECQ).

WFH during the ECQ: Mindanaoan educator Joji Ilagan-Bian

JOJI Ilagan-Bian, an ASEAN Outstanding Women Entrepreneurs awardee, gets ready for her work-from-home (WFH) day the same way she did when heading to the office before the enhanced community quarantine (ECQ) measures were imposed.
vegetable farmer

Critical agri firms denied ECQ exemptions, legislator says

A PARTY-LIST legislator representing farmers said workers in the agricultural sector were not given sufficient priority for food aid and other assistance, while allied businesses were not granted frontliner exemptions, putting the entire sector at risk.

Security Bank earnings whet investors’ appetite

INVESTORS took positions on Security Bank Corp. last week after the release of its first-quarter earnings report.

Healthy Options opens select branches

HEALTHY Options, which specializes in “natural” products, has announced that it has reopened select branches around the country. This after it had to limit its services to online delivery via its website due to the enhanced community quarantine which was imposed in Luzon and other parts of the country in March thanks to the COVID-19 pandemic.

Treasury bills to fetch lower rates on demand for safe-haven assets

RATES OF Treasury bills (T-bills) on offer this week will likely decline on inflation data and as investors continue to park their funds in short-term safe-haven assets.
coconut farmer

Coco oil study receives P5M in funding to validate COVID-19 treatment claims

A STUDY to validate claims that virgin coconut oil (VCO) could be useful in treating coronavirus disease 2019 (COVID-19) patients has received P5 million worth of funding, the Department of Agriculture (DA) said.

Toyota app reminds on service dates

TOYOTA Motor Philippines Corp. (TMP) is launching a mobile app for customers to book maintenance appointments for their vehicles, especially after the quarantine measures declared to help contain the coronavirus disease 2019 (COVID-19).

Peso seen rising further vs dollar

THE PESO is expected to continue climbing this week, with markets anticipating developments on the coronavirus disease 2019 (COVID-19).