PH economy ‘on the mend’ as unemployment eases

The country’s top economic managers said the easing of the unemployment rate and the generation of quality jobs for May this year point to improving economic conditions. The Labor Force Survey for May 2021 showed that the unemployment rate in May 2021 eased to 7.7 percent from 8.7 percent in April, while underemployment fell to its lower rate since 1987 …

Over 35K permits released with ARTA’s help

The release of over 35,000 permits has been expedited with the help of the Anti-Red Tape Authority as of last month. Data from the Authority showed that it has expedited the release of at least 35,000 pending permits. This is in line with the ARTA’s commitment to fight corruption in government through streamlining and the eradication of red tape. These …

Remote work is inspiring new ways to work, travel and live

Broader support of remote work is inspiring new ways to work, travel and live. The “workation,” which combines remote work with longer-period vacation rentals, is one of the fastest-growing travel trends aimed at attracting remote workers to help boost the local economy. After a bleak year, the travel industry and tourism-dependent countries are keen to embrace digital nomads, who for …

China increases data security scrutiny on overseas-listed companies

China pledged to speed up revising regulations on data security regarding company’s issuance and listing shares overseas, according to a notice on Tuesday. The notice, published by the General Office of the Communist Party of China Central Committee along with the General Office of the State Council, also stressed on improvement of laws and regulations of cross-border data flow and …

Inflation slows to 4.1% as transport costs ease

Price increases in basic goods and services eased in June, the slowest pace in six months, as transport costs decelerated with base effects fading from last year’s pandemic-related restrictions despite still elevated global oil prices. Headline inflation the rate of increase in the consumer price index slid to 4.1 percent in June after being stuck at 4.5 percent the last …

IMF urges Biden administration to remove Trump-era tariffs

The International Monetary Fund urged the Biden administration to remove tariffs on imported steel and aluminum, washing machines, solar panels and other goods from China. The tariffs imposed by the Trump administration on imports from China have remained in place. The Biden administration also committed to prioritizing US producers in public procurement, strengthening “Buy American” requirements put in place by …

May ’21 unemployment rate 2nd lowest during pandemic

The country logged its second-lowest unemployment rate in May amid the Covid-19 pandemic, the Philippine Statistics Authority reported. National Statistician and Civil Registrar General Dennis Mapa said the unemployment rate in May was at 7.7 percent easing from 8.7 percent in April and slightly above the lowest unemployment rate during the pandemic in March at 7.1 percent. Mapa said, “This …

U.S. deficit to top $3 trillion again: budget office

The U.S. economy is recovering faster than previously predicted, but the government will see a deficit of over 3 trillion dollars again this year, the Congressional Budget Office said. The deficit is slightly lower than in the 2020 fiscal year, but higher than projected in February estimates due to the massive stimulus program approved in March with the projected total …

San Miguel to start charging Skyway 3 motorists, but at lower rates

Conglomerate San Miguel Corporation will begin charging motorists using its newly opened elevated expressway this week, but at much lower fees than initially proposed. After nearly seven months of allowing the public to use its 8-kilometer Skyway Stage 3 project for free, SMC said it would start collecting toll fees on Monday, July 12, using a revised matrix, which set …