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Vietnamese man jailed for 5 years for spreading coronavirus

HANOI – Vietnam jailed a man on Monday for five years for breaking strict COVID-19 quarantine rules and spreading the virus to others, state media reported.

Le Van Tri, 28, was convicted of “spreading dangerous infectious diseases” at a one-day trial at the People’s Court of the southern province of Ca Mau, the state-run Vietnam News Agency (VNA) reported.

Vietnam has been one of the world’s coronavirus success stories, thanks to targeted mass testing, aggressive contact tracing, tight border restrictions and strict quarantine. But new clusters of infections since late April have tarnished that record.

“Tri travelled back to Ca Mau from Ho Chi Minh City … and breached the 21-day quarantine regulations,” the news agency said.

“Tri infected eight people, one of whom died due to the virus after one month of treatment,” it added.

Reuters did not immediately reach the Ca Mau court for comment.

Ca Mau, Vietnam’s southernmost province, has reported only 191 cases and two deaths since the pandemic began, much lower than the nearly 260,000 cases and 10,685 deaths in the country’s coronavirus epicentre, Ho Chi Minh City.

Vietnam is battling a worsening COVID-19 outbreak that has infected more than 536,000 people and killed 13,385, the vast majority in the past few months.

The country has sentenced two other people to 18-month and two-year suspended jail terms on the same charges. – Reuters

SSS approves 240,000 sickness benefit reimbursement applications online worth P1.75 billion

The Social Security System (SSS) has approved a total of 239,995 Sickness Benefit Reimbursement Applications (SBRA) that were submitted online from July 2020 to June 2021, amounting to P1.75 billion.

SSS President and Chief Executive Officer Aurora C. Ignacio said that more employers are now acquainted in submitting their SBRA applications online using their My.SSS employer accounts.

“Using our electronic services like SBRA is a good indication that employers are aware of their employee’s right to social security, specifically in availing their sickness benefits. Under the SSS Law, they are expected to pay in advance their employee’s sickness benefits and submit these claims to SSS,” Ignacio said.

The SSS implemented the mandatory online filing of SS Sickness Benefit Reimbursement Applications (SBRA) for employers through the My.SSS Portal last July 2020 to ensure the uninterrupted delivery of service while the country is still under various quarantine restrictions.

“At the onset of the Covid-19 pandemic last year, SSS has already fast-tracked its digital transformation initiatives so that our members and employers can conveniently transact with us,” Ignacio added.

To submit SBRAs online, employers must have a registered employer account in the My.SSS portal, with savings account number enrolled in the Disbursement Account Enrollment Module (DAEM). Only SS sickness applications for new or initial claims with approved notification shall be filed through the E-Services menu of the employer’s account. The date of submission by the employer shall serve as the date of filing of the SS SBRA. The step-by-step guide on the online submission of SBRAs can be accessed at MYSSSPH, the official YouTube channel of the Philippine Social Security System https://bit.ly/3B8RUuO.

Employers should also certify that the amount of sickness benefit was advanced to the employee based on the approved sickness notification in accordance with Section 14 of R.A. No. 11199, or the Social Security Act of 2018.

To avoid the reduction or denial of sickness claims, the online notification system for sickness benefits through the SSS website was established in 2015 to enable employers to notify the SSS of their employee’s fact of sickness or injury and be able to view online the status of said filed notification.

However, the deadline for filing of Sickness Notification (SN) and SBRA has remained extended for illnesses or injuries incurred on March 1, 2020, onwards until the lifting of the Enhanced Community Quarantine/General Community Quarantine in the country, after which they are still given 60 days to file their claims.

Other facilities available online in the SSS website for employers include:

  • viewing and updating of employer contact information
  • enrollment of disbursement account
  • status of payment for contribution, loan, and status of reimbursement claims
  • benefit reimbursement for Sickness and Maternity claims
  • submission of employment report for new hires
  • submission of collection lists for contribution and loan payment
  • filing of maternity notification, reimbursement application, and benefit adjustment of their employees
  • submission of sickness notification of their employees
  • certifying the employees’ salary loan applications and retirement claim applications, and
  • generation of payment reference number (PRN) for both contributions and loan payments

For more information, follow the SSS on Facebook and YouTube at “Philippine Social Security System,” Instagram at “mysssph,’ Twitter at “PHLSSS,” or join its Viber Community at “MYSSSPH Updates.

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El Salvador leads the world into cryptocurrency: bitcoin legal tender

SAN SALVADOR El Salvador on Tuesday became the first country in the world to adopt bitcoin as legal tender, a real-world experiment proponents say will lower commission costs for billions of dollars sent home from abroad but which critics warned may fuel money laundering.

The plan spearheaded by the young, charismatic and popular President Nayib Bukele is aimed at allowing Salvadorans to save on $400 million spent annually in commissions for remittances, mostly sent from the United States.

Last year alone remittances to El Salvador amounted to almost $6 billion, or 23% of its gross domestic product, one of the highest ratios in the world.

Polls show Salvadorans are skeptical about using bitcoin and wary of the volatility of the cryptocurrency that critics say could increase regulatory and financial risks for financial institutions. Still, some residents are optimistic.

“It’s going to be beneficial … we have family in the United States and they can send money at no cost, whereas banks charge to send money from the United States to El Salvador,” said Reina Isabel Aguilar, a store owner in El Zonte Beach, some 49 km (30 mi) southwest of capital San Salvador.

El Zonte is part of the so-called Bitcoin Beach geared toward making the town one of the world‘s first bitcoin economies.

In the run-up to the launch, the government has already been installing ATMs of its Chivo digital wallet that will allow the cryptocurrency to be converted into dollars and withdrawn without commission, but Bukele on Monday looked to temper expectations for quick results and asked for patience.

“Like all innovations, El Salvador‘s bitcoin process has a learning curve. Every road to the future is like this and not everything will be achieved in a day, or in a month,” Bukele said on Twitter, a platform he often uses to talk up his achievements or excoriate opponents.

On Monday, El Salvador bought its first 400 of the cyrptocurrency, temporarily pushing prices for bitcoin 1.49% higher to more than $52,680. The cryptocurrency has been notoriously volatile. Just this spring, it rose over $64,000 in April and fell almost as low as $30,000 in May.

Some analysts fear the move to make bitcoin legal tender alongside the U.S. dollar could muddy the outlook for El Salvador‘s quest to seek a more than $1 billion financing agreement with the International Monetary Fund (IMF).

After Bukele’s bitcoin law was approved, rating agency Moody’s downgraded El Salvador‘s creditworthiness, while the country’s dollar-denominated bonds have also come under pressure.

But Bukele, who does not shy away from controversy, on Monday retweeted a video that showed face superimposed on actor Jaime Foxx in a scene from Django Unchained, Quentin Tarantino’s film about American slavery. The video portrayed Bukele whipping a slave trader who had the IMF emblem emblazoned on his face.

Bukele later deleted the retweet.

His own tweet said: “we must break the paradigms of the past. El Salvador has the right to advance towards the first world.” – Reuters

Taliban claim control of Panjshir, opposition says resistance will continue

The Taliban claimed victory on Monday in the last part of Afghanistan still holding out against their rule, declaring that the capture of the Panjshir valley completed their takeover of the country and they would unveil a new government soon.

Pictures on social media showed Taliban members standing in front of the gate of the Panjshir provincial governor’s compound after days of fighting with the National Resistance Front of Afghanistan (NRFA), commanded by Panjshiri leader Ahmad Massoud.

Panjshir, which was the last hideout of the escapee enemy, is captured,” Taliban spokesman Zabihullah Mujahid told a news conference.

Massoud did not concede defeat, saying his force, drawn from the remnants of the regular Afghan army as well as local militia fighters, was still fighting.

“We are in Panjshir and our Resistance will continue,” he said on Twitter. He also said he was safe, but gave no details on his whereabouts.

The steep valley north of Kabul was long famed for holding out against attack, including both by Soviet troops in the 1980s and the Taliban during their previous rule in the 1990s. It was the main redoubt of the Northern Alliance resistance fighters who toppled the Taliban with U.S. air support in 2001 after the Sept. 11 attacks on the United States.

The Taliban assured the people of the valley – who are ethnically distinct from the mainly Pashtun Taliban – that there would be no “discriminatory act against them”.

“They are our brothers and would work together for a joint purpose and welfare of the country,” Mujahid said.

 

CURTAINS IN CLASSES

The Taliban have repeatedly sought to reassure Afghans and foreign countries that they will not reimpose the brutal rule of their last period in power, when they carried out violent public punishments and barred women and girls from public life.

But more than three weeks after they swept into Kabul, they have yet to announce a government or give details about the social restrictions they will now enforce.

Asked whether the United States would recognise the Taliban, U.S. President Joe Biden told reporters at the White House late Monday: “That’s a long way off.”

Teachers and students at universities in Afghanistan’s largest cities – Kabul, Kandahar and Herat – told Reuters that female students were being segregated in class with curtains https://www.reuters.com/world/asia-pacific/curtain-divides-male-female-students-afghan-universities-reopen-2021-09-06, taught separately or restricted to certain parts of the campus.

One female student said women sat apart from males in university classes before the Taliban took over, but classrooms were not physically divided.

“Putting up curtains is not acceptable,” Anjila, the 21-year-old student at Kabul University, told Reuters by telephone.

“I really felt terrible when I entered the class … We are gradually going back to 20 years ago.”

 

HUMANITARIAN AID

Inside Afghanistan, hundreds of medical facilities are at risk of closure because the Western donors are barred from dealing with the Taliban, a World Health Organization official said.

The WHO is trying fill the gap by providing supplies, equipment and financing to 500 health centres, and was liaising with Qatar for medical deliveries, the UN health agency’s regional emergency director, Rick Brennan, told Reuters.

U.S.-led foreign forces evacuated about 124,000 foreigners and at-risk Afghans in the weeks before the last U.S. troops left Kabul, but tens of thousands who fear Taliban retribution were left behind.

About 1,000 people, including Americans, have been stuck in northern Afghanistan for days awaiting clearance for charter flights to leave, an organiser told Reuters, blaming the delay on the U.S. State Department. Reuters could not independently verify the details of the account.

UNICEF Executive Director Henrietta Fore said the agency had registered 300 children who had been separated from their families during the chaotic evacuations from Kabul airport.

“Some of these children were evacuated on flights to Germany, Qatar and other countries … We expect this number to rise through ongoing identification efforts,” she said in a statement.

Inside Afghanistan, drought and war have forced about 5.5 million people to flee their homes, including more than 550,000 newly displaced in 2021, according to the International Organization for Migration.

Western powers say they are prepared to send humanitarian aid, but broader economic engagement would depend on the make-up of the Islamists’ new government in Kabul.

China’s ambassador to Afghanistan promised to provide humanitarian aid during a meeting with senior Taliban official Mawlawi Abdul Salam Hanifi in Kabul on Monday, Tolo news reported.

China has not officially recognised the Taliban as Afghanistan’s new rulers, but Chinese State Councillor and Foreign Minister Wang Yi last month hosted Mullah Baradar, chief of the group’s political office, and has said the world should guide the new government rather than pressure it.

U.S. Secretary of State Antony Blinken and Secretary of Defense Lloyd Austin meanwhile met Qatar’s ruling emir, Sheikh Tamim bin Hamad al-Thani, as Washington seeks to build a consensus among allies on how to respond to Taliban rule.

Blinken also spoke on Monday with Kuwaiti Foreign Minister Sheikh Ahmed Nasser Al-Mohammed Al-Sabah, and thanked him for Kuwait’s assistance with evacuations, the State Department said. – Reuters

Japan PM candidate Kishida calls for $270 bln-plus stimulus package -media

TOKYO – Japan‘s former foreign minister Fumio Kishida, a strong contender to become next prime minister, has called for a package of more than 30 trillion yen ($273 billion) to cushion the blow from the coronavirus pandemic, a magazine reported.

Mr. Suga’s shock Friday announcement he was stepping down has thrown a ruling Liberal Democratic Party (LDP) leadership race set for Sept. 29 wide open, with an array of candidates considering running.

Mr. Kishida, 64, is the only candidate to formally announce his candidacy for the leadership so far.

Mr. Kishida told Diamond magazine that if he were to become prime minister, he would have the Bank of Japan maintain its 2% inflation target and massive stimulus programme.

“We can’t touch it for the time being. Removing the goal could send the wrong message to markets,” Mr. Kishida said on the BOJ’s price target, which critics say is unrealistic for an economy long suffering from near-zero inflation.

“We must support the economy with large-scale monetary easing and fiscal stimulus to protect people’s lives from the pandemic,” he was quoted as saying in an interview that ran on Monday evening.

The remarks came after Mr. Kishida told a news conference last Friday that the government must compile a spending package worth “several tens of trillions yen,” without giving a specific number.

Mr. Kishida said under his plan, the government would compile a supplementary budget exceeding 30 trillion yen that will be funded by issuing bonds, according to the magazine.

Mr. Kishida is stressing the need for a short-term, targeted package, a view seen shared by another strong candidate Taro Kono,” said Chotaro Morita, a strategist at SMBC Nikko Securities, adding 30 trillion yen will be the ballpark number for any new stimulus regardless of who becomes next premier.

Kono, Japan‘s minister in charge of fighting COVID-19, has yet to formally declare his candidacy but has emerged as the top choice of voters according to two opinion polls.

Sanae Takaichi, who is also expressing interest in running and has the backing of former prime minister Shinzo Abe, has called for freezing a target for balancing the budget until the BOJ’s 2% inflation target is met.

Finance Minister Taro Aso declined to comment on Kishida‘s call for a stimulus package, but said he will consider compiling the budget for the year starting next April “with focus on digital, green, regional revival and ageing population.” – Reuters

Win faster with PLDT Home Fibr-powered WiFi 6 gaming router

Level up with ASUS ROG Rapture GT-AX11000!

WiFi 6 technology has been gaining popularity among gamers and streamers in the Philippines. No doubt it has become a new standard for WiFi home set-ups with its capability to strengthen internet signal and reduce latency.

This next-generation WiFi technology is now accessible to Filipinos, especially among the rising e-sports communities, as PLDT Home offers the best WiFi 6 router in the country – the ASUS ROG Rapture GT-AX11000.

Battle-Ready with WiFi 6

PLDT Home Fibr enables gamers to enjoy faster and better gaming experience as it delivers speeds of up to 1Gbps that allow equal upload and download speeds, bestfor multi-player and bandwidth-intensive online activities.

Aside from speeds, PLDT Home also gives gamers a levelled-up experience with its WiFi 6 gaming router. The ASUS ROG Rapture GT-AX11000 is known as “the beast of WiFi 6 gaming  routers” as it boasts of the most powerful router features for gamers such as the AiMesh Technology that ensures “whole home WiFi coverage” and WTFast Gaming Network Technology that optimizes connectivity for ultra-fast speeds.

Using a world-class smart technology, the WTFast Gaming Network enables devices to automatically select the fastest network traffic route, which is beneficial for those using their wireless internet for gaming as this enables triple-level game acceleration with reduced latency, lower ping, and fewer lost data packets.

Safe and Uninterrupted Gaming

This gaming-grade router also has superb security features. The ASUS ROG Rapture GT-AX11000 boasts of AiProtection Pro and Parental Control features that secure users from malware and internet-based threats even before they connect to their network.

As one of the best gaming routers in the world, the ASUS ROG Rapture GT-AX11000 is indeed a battle-ready gaming router featuring a 1.8GHz Quad-Core and 2.5GBase-T port for ultimate game performance. It also uses tri-band networking that lets users dedicate a 5GHZ band to gaming only, avoiding multiple devices at home to compete for bandwidth.

Using a dynamic frequency selection (DFS), this WiFi 6 router can also provide more bandwidth for multiple devices as it can unlock 15 channels in the least-congested 5GHZ bands. With the ASUS ROG Rapture GT-AX11000, users can increase their WiFi efficiency as it can accommodate up to 70 devices at the same time, without interrupting the internet speeds from the router.

PLDT Home subscribers can conveniently get their own ASUS ROG Rapture GT-AX11000 for as low as P1,349/month for 24 monthsby adding it on top of their internet subscription.

Now you can win faster and stream games better with a WiFi 6 gaming router from PLDT Home. Visit this link to know more.

 


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vivo named the top 5G smartphone brand in Asia Pacific for the second quarter of 2021

vivo’s growth attributed to providing leading smartphone technology alongside affordable prices

Leading smartphone brand vivo has been named the top 5G smartphone vendor in Asia Pacific for the second quarter of 2021 according to global market solutions company Strategy Analytics Inc.

“vivo is the leading [5G] smartphone vendor in Asia Pacific, with annual shipment growth of 215 percent,” says Yiwen Wu, Senior Analyst at Strategy Analytics.

In a report published last month, Ms. Wu noted that vivo has grown past other smartphone providers by capitalizing on the combination of leading technology and affordable prices. Asia Pacific’s 5G smartphone shipments have more than doubled over the last year (up 110 percent annually).

vivo currently hold 18.2% market share in the Philippines making one of the top smartphone brands in the country, with growth attributable to the brand’s focus on introducing affordable devices including the Y12s and top-of-the-line smartphones like V21 and X60.

The Philippine smartphone market has continued its upward trajectory for the fourth consecutive quarter after posting 22.6 percent year-on-year growth on the second quarter of 2021 according to the International Data Corporation’s (IDC) Quarterly Mobile Phone Tracker report released last month.

Meanwhile, 5G capable phones have accounted for more than 10 percent of total shipments in the second quarter of the year, growing by 56.1% from the previous quarter. This, according to IDC, reflects the willingness of Filipinos to spend more for better functionality.

For more information and new product updates visitwww.vivoglobal.ph, and vivo’s official Facebook, Twitter, and Instagram pages. Get first dibs on the newest vivo devices on its Lazada and Shopee official stores and its physical stores and kiosks nationwide.

 


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OFW-rich cities fuel demand for transit-oriented communities

OFW-rich cities abroad contributed to the stable demand on local properties in strategic locations, including transit-oriented cities Pasay, Cavite, Kalibo, Cebu and Davao. Responding to this demand, Lamudi opens the online housing fair once again, showcasing developments in popular airport cities.

Cities abroad with a large population of overseas Filipino workers (OFWs) contributed to the top sources of international demand for local properties. Lamudi data showed that property seekers from Singapore, Dubai, Los Angeles, London, and Sydney were the most eager markets looking at real estate assets in the country.

Foreign investors are also exploring assets in more stable markets outside of their respective countries. The Philippines is an ideal choice not only for its promising property sector, but also because of its English-speaking population, easing property-related transactions for business operations.

Preferred Locations of Overseas Market

Property seekers from the mentioned overseas locations have emerged as the top source of pageviews on transit-oriented locations such as Fort Bonifacio, Ortigas Avenue, Novaliches, and Cavite, as well as airport cities such as Pasay, Kalibo, and Davao.

The international interest in these airport cities may indicate that the overseas market is leaning towards locations that offer greater convenience and accessibility to air travel.

Pasay is an attractive property hotspot, buoyed by the improved Ninoy Aquino International Airport (NAIA). Last February, the aviation hub inaugurated an improved runway and an expanded terminal.

Similarly, the interest in Kalibo’s property market is likely supported by the aviation hub there, which was furnished with a newly rehabilitated passenger terminal building in June. Meanwhile, the modernization of Davao International Airport and the bidding for Cavite’s Sangley International Airport are ongoing. The initiatives are expected to fan the demand for properties in the area in the long run.

Online Housing Fair Addresses International Demand

Given the strong overseas demand for properties in the country, Lamudi is back with a developer lineup that includes trusted names behind some of the Philippines’ hottest developments in must-watch locations.

Offering special property previews and limited-time discounts, participating developers include RLC Residences, AboitizLand, SOC Land, Golden Topper, Taft Properties, P.A. Properties, Damosa Land, Solar Resources, Lumina Homes, Futura by Filinvest, Aspire by Filinvest, Priland, Worldwide Central Properties, Hausland Development Corp., and the brokerage firm PropertyPRO.

The event will also showcase webinars from companies in home-related industries. Lamudi will also have exciting weekly challenges and giveaways.

In partnership with Nook, AIDE App, KONE, and BDO, the event will run from Aug. 31 to Sept. 24 and will feature event partners the Pag-IBIG Fund, Zassy Green, Happy Helpers, Clean All PH, Great Eastern Termite and Pest Control, and Feng Shui Master Sofia Relosa, covering topics from pest prevention to availing of acquired assets.

The event’s official media partners are The Manila Times, Business Mirror, BusinessWorld, Malaya, Mindanao Times, Sunstar Davao, Sunstar Cebu, Manila Standard, Media Blast Digital and Real Estate Blog.

Visit the housing fair at lamudi.com.ph/housingfair.

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S.Korea tests first submarine-launched ballistic missile – Yonhap

SEOUL, Sept 7 (Reuters) – South Korea has test-fired a ballistic missile (SLBM) from a submarine, Yonhap news agency reported on Tuesday, becoming the first country without nuclear weapons to develop such a capability.

A new Dosan Ahn Chang-ho submarine successfully carried out the underwater ejection tests last week, after similar tests were conducted from a submerged barge last month, Yonhap reported https://en.yna.co.kr/view/AEN20210907001900325, citing unnamed military sources.

The defence ministry said it cannot confirm details of individual military unit capabilities due to security reasons.

The Agency for Defense Development had no comment and referred questions to the defence ministry.

Last week the defence ministry released its defence blueprint for 2022-2026 which called for developing new missiles https://www.reuters.com/world/skorea-says-it-is-developing-more-powerful-missiles-deter-nkorea-2021-09-02 “with significantly enhanced destructive power”.

SLBMs have been developed by seven other countries, including the United States, Russia, China, Britain, France, India, and North Korea. All of those countries also have arsenals of nuclear weapons, which have typically been used to arm SLBMs.

Yonhap said the conventionally armed South Korean missile has reportedly been codenamed the Hyunmoo 4-4 and is believed to be a variant of the country’s Hyunmoo-2B ballistic missile, with a flight range of around 500 kilometres (311 miles).

South Korea has developed increasingly powerful missiles designed to target heavily fortified bunkers and tunnels in North Korea, as well as a way to decrease its military dependence on the United States, which stations thousands of troops on the peninsula.

Both Koreas cite military developments in the other as reasons to boost their capabilities.

North Korea has unveiled a series of new SLBMs in recent years, and appears to be building an operational submarine designed to eventually carry them. – Reuters

Fewer Filipinos unemployed but job quality remains a concern in July

LATEST labor data show the ranks of jobless Filipinos declined in July, but at the same time, the number of employed Filipinos wanting more work increased, the Philippine Statistics Authority (PSA) reported this morning.

Preliminary results of PSA’s July 2021 round of the monthly Labor Force Survey (LFS) showed around 3.073 million unemployed Filipinos, down from 3.764 million in June and 4.569 million in July 2020.

Unemployment rate registered at 6.9% in July, down from the previous month’s 7.7% and last year’s 10%. This was the lowest since January 2020 when the jobless rate was recorded at 5.3%.

On the other hand, the underemployment rate — the proportion of those already working, but still looking for more work or longer working hours — worsened to 20.9% in July from 14.2% in June and 17.3% in July 2020.

The underemployment rate in July marked the highest reading since the PSA started releasing the LFS on a monthly basis. Including the quarterly releases, this was the highest since the 21% underemployment rate in July 2015.

The latest figure translates to 8.692 million underemployed Filipinos in July, up from 6.409 million the previous month and 7.136 million last year.

The size of the labor force was approximately 44.740 million in July, down from 48.840 million in June. This brough the labor force participation rate to 59.8% of the Philippines’ working-age population in July from 65% the previous month.

The employment rate went up to 93.1% in July from 92.3% in June. However, it was down in absolute terms with 41.667 million employed Filipinos in July compared with 45.075 million in June.

The rise in the employment rate despite a decline in the actual number of employed can be explained by the decline in employment being offset by the decline in the size of the labor force.

The service sector made up 57.9% of the total employment in July, slightly up from the 57.6% in June. The industry sector likewise saw its employment rate go up to 20% during the period from 18.1%.

On the other hand, agriculture had an employment rate of 22.1%, down from 24.3%. — Abigail Marie P. Yraola

Aug. inflation fastest in 32 months

PHILIPPINE STAR/ MICHAEL VARCAS

THE OVERALL year-on-year increase in prices of widely used goods rose to its fastest pace in 32 months in August, the Philippine Statistics Authority reported earlier this morning.

Preliminary data from the Philippine Statistics Authority (PSA) showed headline inflation at 4.9% in August, picking up from 4% in July.

The August inflation result marked the fastest pace in 32 months or since the 5.1% reading in December 2018.

The latest headline figure is higher than the 4.4% median in a BusinessWorld poll conducted late last week, but falls within the 4.1-4.9% estimate given by the Bangko Sentral ng Pilipinas (BSP) for August.

Year to date, inflation averaged 4.4%, still above the BSP’s 2-4% target this year and the 4.1% forecast for the entire year.

Core inflation, which discounted volatile prices of food and fuel, stood at 3.3% percent in August — faster than the previous month’s 2.9% and 3.1% a year earlier. It averaged 3.3% so far this year.

“The uptrend in the country’s inflation was mainly brought about by the higher annual increment in the index of the heavily-weighted food and non-alcoholic beverages at 6.5% during the month, from 4.9% in July 2021,” the PSA said in a statement.

“Moreover, recreation and culture index went up by 0.5% in August 2021, after recording annual decreases since August 2020,” it added.

The food-alone index likewise accelerated to 6.9% in August, from 5.1% in July 2021 and 1.7% last year. This marked food’s fastest year-on-year increase since the 7% in February.

The PSA also noted faster annual rates in the following indices: alcoholic beverages and tobacco (10.3% in August from 10.2% in July); transport (7.2% from 7%); restaurant and miscellaneous goods and services (3.8% from 3.6%); housing, water, electricity, gas and other fuels (3.1% from 2.6%); furnishing, household equipment and routine household maintenance (2.5% from 2.3%); and clothing and footwear (1.8% from 1.7%).

Similarly, the August inflation rate for the bottom 30% of households further picked up to 5.2% from 4.4% in July and 2.7% in August 2020. The inflation rate for this segment was the fastest in five months or since the 5.5% in March.

From January to August, the bottom 30% inflation averaged 4.9%. – Lourdes O. Pilar

Philippine Business Bank announces schedule of special stockholders’ meeting

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