KUWTT: Economics Team: Food Supply, Oil Prices Stable | February 27, 2022
BANNER: Economics Team: Food Supply, Oil Prices Stable
DESPITE concerns about the impact the ongoing Russian-Ukrainian conflict could have on the Philippines in terms of rising prices, particularly in food and energy, economic managers are confident that these will remain stable. Socioeconomic Planning Secretary Karl Kendrick Chua refers to Senate Bill (SB) 139, or the “Philippine Livestock Development Industry Act”, and SB 2176, or the “Affordable Pork Act”, which according to the Development Budget Coordinating Committee, will help ease potential domestic supply constraints and prevent secondary price effects. For his part, Governor of Bangko Sentral ng Pilipinas, Benjamin Diokno, noted that while rising oil prices are expected to have a bigger impact than rising food prices, the contribution of oil prices to inflation is significantly lower. The Department of Trade and Industry (DTI), for its part, said that despite geopolitical concerns outside the Philippines, daily necessities and commodity prices remained stable. Nomura, a Tokyo-based global investment firm, warned last week that a sharp spike in oil and food prices induced by the conflict in Ukraine could hit Asian economies hard, with the Philippines among the “most big losers”. Diokno said, however, that “all analyzes on the impact of the Russian-Ukrainian conflict on individual jurisdictions, at present, are speculative” and that “there are simply too many uncertainties”. The consequences of the conflict on Russia, Ukraine and some European countries, or those dependent on gas from Moscow, the head of the central bank stressed, could be significant. However, the impact of the conflict on the Philippine economy is considered minimal to nil compared to those directly affected by the crisis, he said.
Ukrainian soldiers repel Russian attack on capital as battle begins
Ukrainian soldiers repelled a Russian attack in the capital, the army said on Saturday, just hours after President Volodymyr Zelensky warned that Moscow would try to take Kiev before dawn. Russian leader Vladimir Putin on Thursday launched a full-scale invasion that killed dozens, forced more than 50,000 to flee Ukraine in just 48 hours and sparked fears of a new Cold War in Europe. Western nations announced personal sanctions targeting Putin as his soldiers advanced into Ukraine on Friday, with Zelenskyy urging the nation to defend itself.
7 VP bets clash in the first debate
SEVEN of the nine vice-presidential candidates faced off in a debate for the first time on Saturday. Davao City Mayor Sara Duterte-Carpio and Buhay Party List Representative Jose “Lito” Atienza Jr. did not attend the CNN Philippines event titled “Philippine Votes: vice-presidential debate. Duterte-Carpio, running mate of former Sen. Ferdinand “Bongbong” Marcos Jr., cited a scheduling conflict while Atienza, running mate of Sen. Emmanuel “Manny” Pacquiao was recovering from knee surgery. In attendance were former Akbayan Representative Walden Bello, Rizalito David, Manny SD Lopez, Dr. Willie Ong, Senator Francis “Kiko” Pangilinan, Attorney Carlos Serapio and Senate President Vicente Sotto 3rd.
Duterte promises fair and peaceful elections
PRESIDENT Rodrigo Duterte has promised Filipinos a fair and peaceful national election in his final year in office. In an interview by Presidential Office of Communications Secretary Martin Andanar, which aired on Friday, the president said he had tasked Defense Secretary Delfin Lorenzana with ensuring the May elections were free, orderly and peaceful. He reminded law enforcement authorities to respect the Constitution in elections, warning politicians who are considering doing otherwise.
Largest vessel delivered to PCG
THE largest vessel acquired to date by the Philippine Coast Guard (PCG), the 97 Meter Multi-Role Response Vessel (MRRV)-9701, finally arrived in the country on Saturday morning. PCG officers and staff, led by the Officer in Charge, Vice Admiral Eduardo Fabricatore, greeted the ship in the Manila port area. Once commissioned as BRP Teresa Magbanua, the vessel will be used to assist in the operation of PCG Task Force Pagsasanay. The PCG Pagsasanay Task Force is at the forefront of promoting maritime safety, security, law enforcement, search and rescue, and marine environmental protection in the Philippine waters. The MRRV-9701 – modeled after the Japanese Coast Guard’s Kunigami-class vessels – is the first of two 97-meter vessel projects funded by the Japanese government under Phase 2 of the Capability Enhancement Project. Maritime Security (MSCIP) between the Philippine government through the DoTr and Japan in October 2016.
BUSINESS: Upgrading the taxiway to improve traffic
In business terms, the completion of taxiway repairs and upgrades will significantly improve flight movement and air passenger safety at Ninoy Aquino International Airport (NAIA), the Department of Transportation (DoTr ). The Department of Transportation and the Manila International Airport Authority (MIAA) have inaugurated the modernized Taxiway Charlie, the main taxiway serving all airport terminals.
SPORTS: Gilas facing litmus test against New Zealand
Top of the sports, the Philippines cruised to an easy 88-64 win over India on Friday night, but the newly formed Gilas side will face their toughest test on Sunday February 27 against New Zealand’s Tall Blacks. . Their victory over India was the team’s first game as a unit in the FIBA World Cup Asian Qualifiers and counting the forfeit victory over arch-rivals South Korea on Thursday, the Philippines are currently 2-0 in the qualifying tournament.
Opinion and editorial
Today’s front page columnist is Marlen Ronquillo. He looks at the situation in Ukraine.
Our editorial today calls on people to remain cautious, amid a drop in new cases of Covid-19. Read a full version in the opinion section of the newspaper or listen to the voice of the times.
For more news and information, get a copy of The Manila Times on paper, subscribe to his digital edition or log on to www.manilatimes.net. follow us on Twitter, Facebook Where instagram and Track times.
For Manila timeThis is Paulo Dimaapi.