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Vegetable traders threaten to stop food runs to Metro Manila

By MBJ on May 4, 2009

Officials and traders from Benguet province in Northern Luzon threatened to stop their supply of vegetables and other farm products to Metro Manila due to rampant highway robberies by criminal elements and alleged unabated extortion activities by unscrupulous policemen.

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Arroyo signs law increasing deposit insurance to $10,000

By MBJ on May 1, 2009

President Gloria Macapagal-Arroyo signed a law that doubles the insurance for bank deposits to the equivalent of $10,000 as a vital part of the government’s response to the deepening global economic and financial turmoil.

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World Bank cuts Manila growth projection to 1.9% in ’09

By MBJ on April 14, 2009

Economic growth in the Philippines has been pruned to 1.9 percent in 2009 due to the country’s vulnerability to the worsening global economic and financial crunch, according to a report of the World Bank (WB).

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Manila offers indefinite visa to foreign investors

By MBJ on March 24, 2009

The Bureau of Immigration (BI) has started accepting and processing applications for indefinite visa to foreign investors and businessmen who employ at least 10 Filipino workers as part of the government’s employment-generation strategy.

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Manila’s January exports nosedive to eight-year low

By MBJ on March 13, 2009

The adverse impact of the worsening global economic and financial crisis showed in the dismal performance of Philippine exports, particularly electronics, which nosedived by 41 percent to $2.4 billion in January, the lowest in eight years

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Congress doubles insurance coverage of bank deposits

By MBJ on March 5, 2009

The bicameral committee of the Senate and the House of Representatives approved a bill which doubles the maximum insurance for bank deposits from the equivalent of $5,000 to $10,000, a senior member of the Senate reported.

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Manila mulls incentives for firms that won’t fire workers

By MBJ on March 5, 2009

The Arroyo administration is seriously considering the granting of incentives, particularly tax breaks, to companies that decide not to retrench their workers even in the face of the deepening global and financial crunch

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Arroyo signs law to strengthen cooperatives

By MBJ on February 19, 2009

President Gloria Macapagal-Arroyo signed a law which aims to strengthen the thousands of cooperatives in the country and enable them to contribute to economic growth especially in these hard and difficult times, a senior Malacanang official announced.

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Crisis forces European firms in Manila to cut working days

By MBJ on February 14, 2009

European companies operating in the country have agreed to reduce their working days by 70 days to enable them to cope with the deepening global financial and economic crunch

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Luzon export zone firms retrench 35,000 workers, labor group bares

By MBJ on January 25, 2009

Mostly foreign-owned companies located inside the export processing zones in Southern Luzon have started feeling the pinch of the global financial turmoil by retrenching their workers, a big labor group reported.

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World Bank blacklists 7 firms linked to corruption in Manila road project

By MBJ on January 17, 2009

Seven construction companies, three from the Philippines and four from China, have been blacklisted by the World Bank (WB) for alleged corruption in the international bidding on a major road project in the country

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Alarm sounded on rise in rate of unemployed Filipinos

By MBJ on January 12, 2009

Secretary Marianito Roque of the Department of Labor and Employment pointed out the number of jobless Filipinos could hit as high as 10 percent in January if the economic pump-priming in the developed countries fails. “The unemployment rate may increase from the present 6.8 to 7.8 percent to even as high as 10 percent if the crisis worsens this year,” Roque emphasized. However, he clarified that the double-digit unemployment rate is a “worst case scenario” projected by the government in the wake of widespread fears throughout the world of a worsening crisis in 2009.

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Arroyo aide named Asia’s best finance minister in 2008

By SiteRocker on January 11, 2009

According to the magazine, the decision to honor Teves with the prestigious award was the outcome of discussions among its editors and staff as well as a survey of views among bankers and economists worldwide.

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