THE International Monetary Fund (IMF) has raised its forecast for Asia's growth to 4.5 percent from 4.2 percent, with the region also expected to contribute two-thirds to global economic expansion. "Global growth has proven surprisingly resilient and inflation continues to decline steadily. For the Philippines, IMF Regional Office for Asia and the Pacific Director Akihiko Yoshida reiterated that growth likely bottomed out last year and rebound to 6.0 percent in 2024. These include high inflation that could lead to further monetary tightening, a slowdown in global economic growth, increased geoeconomic fragmentation, a broadening array of global risks and more restrictive global financial conditions. Srinivasan said that average inflation in Asia fell from 3.8 percent in 2022 to 2.6 percent last year, particularly improving in emerging economies.

Senate hearings on economic Cha-cha to start next weekMANILA, Philippines — Senate President Juan Miguel Zubiri said that the Senate will begin deliberating its proposal to amend the economic provisions of the 1987 Constitution next week amid heightened political tensions that seemed to have sprung from differing views on how to change the Charter. “Next week, hearings for RBH 6 will start. … We want to lower the political temperatures in this country,” Zubiri said. Zubiri filed last January 15 the RBH 6, which limits Charter amendments to relaxing the foreign ownership restrictions in public utilities, advertising and educational institutions. This resolution was seen as a move by the Senate to prevent attempts to insert political amendments, including controversial term extension limits that seek to lengthen officials’ hold on power.

Philippines posts 5.6% GDP growth in 2023, misses gov't targetMANILA, Philippines — The country’s gross domestic product (GDP) grew 5.6% in 2023, falling short of the government target of 6 to 7%, the Philippine Statistics Authority (PSA) reported on Wednesday. The most recent economic print indicated that the GDP growth for 2023 was beneath the 7.6% recorded in the year 2022. In a press conference, National Statistician Dennis Mapa said that for the fourth quarter of 2023, GDP growth was at 5.6%, slower than the 7.1% that was recorded in the same quarter the previous year. On a quarter-on-quarter basis, the country’s GDP growth weakened to 2.1% in the fourth quarter from the 3.3% posted in the third quarter. The Development Budget Coordination Committee on Dec. 15, 2023, revised its GDP growth target for 2024 to a range of 6.5% to 7.5%, down from the earlier estimate of 6.5% to 8% expansion.

Thus, I can write an anecdotal, non-PR piece about the airlines I took, comparing their services, food and the smiles (or lack of it) of their crew. In 2017, I took a Malaysian Airlines plane to bring me to Kuala Lumpur for my job. When I was in Malaysia (2017), I took a Vietnam Airlines flight to Hanoi for an international conference. In 2007, I took a similar Vietnam Airlines flight from Ho Chi Minh to Hanoi for an international teachers' conference. Last year, I took a Saudia Airlines plane from Manila to New York.

THE peso and the stock market rose on Wednesday following the release of Philippine growth data, which, while lower than targeted, was seen to have signaled continued economic strength. The peso strengthened by 12.6 centavos to P56.275 against the dollar, while the benchmark Philippine Stock Exchange index (PSEi) gained 24.43 points, or 0.37 percent, to 6,646.44. Rizal Commercial Banking Corp. chief economist Michael Ricafort said that the country's growth outlook and likely lower inflation in January had lifted the peso. Managing Director Juan Paolo Colet, meanwhile, said last year's 5.6-percent growth — below the targeted 6.0-7.0 percent — still "signaled that the economy remains strong." Managing Director Luis Limlingan echoed this, saying local shares rose as Philippine growth was "ahead of the latest Bloomberg consensus of 5.2 percent."

DA: Palay production hit 20.06 million MT in 2023A farmer dries rice grains at a road in Baliuag, Bulacan on October 9, 2023. MANILA, Philippines — Palay production hit a record high of 20.06 million metric tons in 2023, according to the Department of Agriculture (DA). Data from the Philippine Statistics Authority showed that palay output was 1.5 percent higher than the 19.76 million MT recorded in 2022. Rice imports declined to 3.5 million MT in 2023 from 3.8 million MT in 2022. The Philippines has a total rice consumption of 13.5 million MT annually, plus 1.85 million MT for a 50-day buffer.

KUALA LUMPUR: In the last decade of the last century, South Africa finally abolished its notorious apartheid sociopolitical system. And there continued to be armed conflicts among the various South African tribes. Even the universally well-regarded Mandela had his hands full trying to resolve all these explosive differences that threatened to tear South Africa apart. The main functions of the commission included the investigation of the various misdeeds done during the apartheid era, especially those involving loss of lives. It is often very difficult to weigh the scale of justice against the dire needs of the public purse.

Former senator Gregorio 'Gringo' Honasan 2nd proposes a ceasefire between the camps of President Ferdinand Marcos Jr. and his predecessor, Rodrigo Duterte, amid bickering over the move to amend the Constitution and allegations of drug use. Video from Former Sen. Gringo Honasan FB PageGet the latest newsdelivered to your inbox Sign up for The Manila Times newsletters By signing up with an email address, I acknowledge that I have read and agree to the Terms of Service and Privacy Policy

MANILA, Philippines — The Department of Transportation (DOTr) on Tuesday said that it will prioritize the digitalization of trains to improve commuter experience. Transportation Secretary Jaime Bautista said digitization is important to keeping up with technology, for the efficiency of railways. ADVERTISEMENT“Digitizing Philippine railway operations means building a solid and fully connected technology stacked rail sector,” Bautista said during the RAILDX 2024 forum. Bautista added that the Japanese government gave a training simulators grant to the Philippine Railways Institute, the railway research department of the DOTr, which can be used for its railway projects. “We need to embrace this digital evolution towards a people-centric transport sector transformation,” he said.

THE International Rice Research Institute (IRRI) and global chemical company BASF will collaborate to reduce greenhouse gas emissions (GHG) from rice production. According to IRRI, rice ranks among the top five cereal crops cultivated worldwide with the majority of its production coming from Asia. "Due to this large carbon footprint, it is estimated that rice production has the greatest potential within agricultural crop production to reduce GHG emissions," said the IRRI. The IRRI has started to enhance its crop modeling system called Oryza, integrating new algorithms to estimate GHG emissions. Moreover, both BASF and IRRI targets to support farmers growing rice in transitioning to low-carbon production systems.

Over the past 20 years, meanwhile, the International Monetary Fund has helped shape policies on anti-money laundering and combating the financing of terrorism (AML/CFT) globally and within its members' national frameworks. For many years, these organizations and other stakeholders have been working together to combat terrorism financing. Measures to combat terrorist financing need to be implemented in all jurisdictions around the world. It also lays out critical steps to execute the new strategy:– improve understanding of the threat of terrorist financing, in particular, the financing of ISIL;– ensure countries have up-to-date tools to identify and disrupt terrorist financing activity and use them effectively;– facilitate better and deeper international cooperation and information sharing between authorities and the private sector; and– identify and shut off any potential safe havens for terrorist financing. Combating terrorist financing has been a priority since 2001.

SEOUL: North Korea fired another round of cruise missiles on Tuesday, Seoul's military said, extending a recent flurry of tests of weapons that analysts warned could be destined for Russia's war in Ukraine. This month, Pyongyang has conducted tests of what it called an "underwater nuclear weapon system," a solid-fueled hypersonic ballistic missile, and a new generation of strategic cruise missiles. Unlike their ballistic counterparts, the testing of cruise missiles is not banned under current United Nations sanctions on Pyongyang. "It is believed that North Korea has commenced mass production of cruise missiles ordered by Russia," Ahn Chan-il, a defector-turned-researcher who runs the World Institute for North Korea Studies, told Agence France-Presse (AFP). "During the Ukraine war, cruise missiles have played a significant role for Russia in targeting strategic facilities in Ukraine," he told AFP.

Following a successful campaign in 2023, pole vaulter Ernest John 'EJ' Obiena was named the 2023 Philippine Sportswriters Association's (PSA's) Athlete of the Year. Obiena's parents Jeanette and Emerson received the trophy for their son during the Awards Night in Manila on Jan. 29, 2024. Obiena, who is in Italy training for the Paris Olympics, delivered his speech via the video sharing platform Zoom. Video by Niel Victor Masoy

Marcos: Philippines firm on sovereignty, seeks peaceful talks with ChinaMANILA, Philippines — President Ferdinand Marcos Jr. stressed Tuesday the Philippines’ resolute stance in defending its sovereignty against Chinese provocations, while emphasizing the country’s commitment to resolving issues through peaceful dialogues. Marcos acknowledged that the South China Sea “remains to be a point of contention” during his meeting with Vietnamese President Vo Van Thuong in Hanoi. Marcos’ state visit also witnessed the signing of memoranda of understanding on “incident prevention and management in the South China Sea” and on cooperation between the coast guards of the Philippines and Vietnam. “We are firm in defending our sovereignty, sovereign rights, and jurisdiction against these Chinese provocations,” Marcos said. The Philippines and China earlier agreed to improve communication and “calmly deal” with incidents in the strategically and economically important waterway.

Premier Volleyball League (PVL) superstar Diana Mae 'Tots' Carlos is named 'Ms. Volleyball' during the 2023 Philippine Sportswriters Association (PSA) Awards Night in Manila on Jan. 29, 2024. Carlos received her Ms. Volleyball trophy and joined teammates Jema Galanza, Michele Gumabao, Kyle Negrito, and former Ms. Volleyball herself Alyssa Valdez for the Special Citation Award of the Cool Smashers, who ruled two of PVL's three conferences last year. Video by Niel Victor Masoy