NFA Rice Inventory Stands at 7 Million Bags

The current rice inventory of the National Food Authority stands at only seven million bags due to huge demand from local governments units and relief agencies amid the coronavirus lockdown. Despite the thin inventory, NFA administrator Judy Dansal said there is no reason to worry even as the lean season has already started. Dansal said, “Our current buffer stock, which …

Thailand’s Economy Shrinks Sharpest Since Asian Financial Crisis

Thailand’s economy saw its biggest annual contraction in 22 years and a record fall in the April to June period as the coronavirus pandemic and restriction measures hit tourism, exports and domestic activity, prompting an outlook downgrade. Southeast Asia’s second-largest economy, which is heavily reliant on tourism and exports, shrank by 12.2 percent in the second quarter from a year …

BIR: 59% Drop in Cigarette Tax Stamps Due to Lockdown

The Bureau of Internal Revenue saw a record double-digit drop in the issuance of tax stamps for cigarettes from March to June this year due to coronavirus lockdown measures in place during the period, according to the Department of Finance. The DOF said the BIR released 537 million cigarette tax stamps worth 18.88 billion pesos during four months of community …

ADB Pushes For Investments in Transportation Systems

The Asian Development Bank is pushing for investments in transportation systems that use new technologies to adopt to social distancing and increased take-up of non-motorized transport amid the coronavirus pandemic. In its new report titled “Guidance Note on COVID-19 and Transport in Asia and the Pacific,” the multilateral bank said future investments in transportation among developing countries in Asia should …

Loans Qualified As RRR Nears P100-B

Bank loans extended to micro, small and medium enterprises as well as to large enterprises, which qualify as compliance with the reserve requirements, soared close to 100 billion pesos as the Bangko Sentral ng Pilipinas continues to extend regulatory relief measures amid the COVID-19 pandemic. According to the BSP, loans extended by more than 100 banks to MSMEs and large …

Peso Strengthens, Pierces 48 to $1 Barrier

The peso pierced the 48 to one dollar barrier on August 11, hitting its strongest level in four years due to weak demand for the greenback. The local currency gained nine centavos to close at 48.92 from August 10’s close of 49.01 to one dollar. This is the peso’s strongest level since closing at 48.66 to one dollar on November …

US Milk Sales Rise Amid Pandemic

Due to COVID-19, US milk sales saw a sharp rise. Kids who were no longer having meals at school were drinking milk at home. Adults had time for a leisurely bowl of cereal. Many were buying milk to bake and cook at home. From January through July 18, U.S. milk sales were up 8.3% to 6.4 billion dollars. During the …

Return to MECQ Bitter But Necessary Pill to Swallow

The shift back to a modified enhanced community quarantine is a bitter but necessary pill to swallow, businesses said, with up to three million employees affected and more establishments expected to permanently close after the two-week period. Management Association of the Philippines president Francis Lim said the stricter lockdowns are warranted given the current situation of the country’s healthcare workers. …

Job Hunting: ‘Willing to Work Just to Bring in Money’

Nick McKerrell, 28, who has a degree in horticultural science, has been applying for jobs in the UK since March and says he is willing to work in any sector at any level, as bringing in some money is the most important thing. Nick said, “It’s kind of frustrating to not hear back at all. It’s just like silence. Do …