BSP SURPRISES WITH MASSIVE RATE HIKE TO CHOKE OFF RAPID INFLATION

MANILA — The Bangko Sentral ng Pilipinas hiked its key rate by massive 75 basis points at an emergency meeting on Thursday, in a bid to rein in rapid inflation and arrest the peso’s slump.

The jumbo rate increase was preceded by two rate hikes cumulatively worth 50 bps in May and June. As it is, BSP’s policy rate now stands at 3.25%, back to March 2020 level and reversing all of the central bank’s pandemic-era rate cuts.

"By taking urgent action, the Monetary Board aims to anchor inflation expectations further and temper mounting risks to the inflation outlook. In particular, policy action is intended to help manage spillovers from other countries that could potentially disanchor inflation expectations," Governor Felipe Medalla said in a statement.

The BSP’s surprise decision came over a week after the release of data showing inflation sizzling to 6.1% in June, the hottest in more than three years.

The move also came after last night’s data showed US inflation hitting a new four-decade high of 9.1% in June, fueling bets that the US Federal Reserve may fire off a supersized rate hike of 100 bps at its meeting later this month. Analysts have said the dissonance between the BSP and Fed’s policies has been weighing on the peso, which has sunk to 17-year lows. A falling currency is only exacerbating inflation in the Philippines by making imports more expensive at a time of rising global energy prices.

“It’s more than enough for now to calm the markets. Also it won't necessarily hurt the economy. We've lived and done well with much tighter policy settings for nearly a decade,” Jun Neri, lead economist at Bank of the Philippine Islands, said.

“I believe they have the flexibility to hike again in their August 18 meeting,” Neri added.

AFTER 6TH HAGUE RULING ANNIVERSARY, CHINA INSISTS TRIBUNAL DECISION IS 'ILLEGAL'

MANILA — After the anniversary of the 2016 Hague ruling, China continues to insist that it is "illegal, null and void."

During their regular press conference on July 13, Chinese Foreign Ministry Spokesperson Wang Wenbin said the tribunal's decision "seriously violates international law, including the United Nations Convention on the Law of the Sea."

"China neither accepts nor recognizes it and will never accept any claim or action based on the award," Wang said. "By doing so, we are upholding international rule of law."

The award invalidated Beijing's nine-dash claims over the South China Sea and provided that certain sea areas are within the Philippines' exclusive economic zone and continental shelf.

On July 12, the sixth anniversary of the ruling, the Philippines said that it is indisputable. Secretary of Foreign Affairs Enrique Manalo said that Manila will "reject attempts to undermine it."

But Beijing said that those who try to implement the award "will not succeed."

"China will respond to such attempts in accordance with law," Wang said.

15,000 COPS, SOLDIERS TO SECURE MARCOS SONA

MANILA — To ensure that the first State of the Nation Address (SONA) of President Marcos will be peaceful, at least 15,000 state security forces and force multipliers will be deployed to secure the event on July 25, the Philippine National Police (PNP) announced yesterday.

PNP spokesperson Col. Jean Fajardo said the initial deployment plan was among the matters presented by National Capital Region Police Office (NCRPO) director Maj. Gen. Felipe Natividad to Interior Secretary Benjamin Abalos Jr.

“They will be fielding around 15,000 composite teams from the PNP and other security forces,” Fajardo told reporters.

The security contingent also includes personnel of the Armed Forces of the Philippines, Philippine Coast Guard and Metropolitan Manila Development Authority.

According to Fajardo, NCRPO officials have been meeting with representatives from cause-oriented groups to ensure that protests to be be held during the SONA would be orderly.

She said militant groups may hold rallies at the Quezon City Memorial Circle, which is a designated freedom park.

It is unclear if the protesters will be allowed to use Commonwealth Avenue as a venue for protest actions just like in previous SONAs.

The Presidential Security Group (PSG) is coordinating security preparations with various agencies for Marcos’ SONA.

MARCOS 'FREE FROM ALL SYMPTOMS OF COVID-19,' SAYS PALACE

MANILA — President Ferdinand Marcos, Jr. is now "free from all symptoms of COVID-19", based on the assessment of his lead doctor, Malacañang said on Wednesday.

Marcos, who is on his sixth day of isolation, no longer has any cough, fever, clogged nose, or nasal itchiness, said Press Secretary Trixie Cruz-Angeles, citing the health bulletin released by his physician Dr. Samuel Zacate.

"Dr. Zacate gave the happy news that on the 5th and 6th day of his isolation, the President is now free from all symptoms of COVID-19," Angeles said in a press release.

“[He] told the President that that he still needs to complete his seven-day isolation as mandated by the health department’s protocol,” she added.

The President is "basically asymptomatic as of this time being" and could be released from isolation on Friday if his symptoms would not reappear in the next 24 hours, his doctor was quoted as saying by Angeles.

“The President’s vital signs are all within normal limit. He has no signs of respiratory distress and very comfortable,” the press secretary said, citing the health bulletin.

“If all the aforementioned conditions as stated in the DOH Protocol are met, the President will be given a Certificate of Home Isolation by Dr Zacate. Until then, he will be closely monitored by his lead physician," the official added.

Marcos attended his Cabinet meeting virtually on Tuesday.

‘SECOND CHANCE:’ HONTIVEROS SAYS DISSOLUTION OF MARRIAGE BILL TO GIVE PEOPLE ANOTHER SHOT AT LOVE

MANILA – Senator Risa Hontiveros on Thursday said her newly-filed dissolution of marriage bill gives people in problematic marriages another chance at love and building a family.

“Eh kung sira na ang kasal sa ngayon ito namang dissolution of marriage bill ay magbibigay ng bagong pagkakataon na magbuo ulit ng kasal at ng pamilya and, di ba, Sir Johnson, lahat naman nagde-deserve ng second chance na iyan…makapagsimulang muli sa pag-ibig, sa pagtataya, maging sa kasal at sa pamilya nga. Sa kaligayan sa buhay,” the lawmaker said.

Hontiveros had previously said that her proposed divorce bill aims to provide a divorcee a clean start, and remarry without any legal hitches.

“Itong dissolution of marriage ay isang urgent na reform measure para sa napakaraming Pilipino naipit na sa mga hindi na maayos na talaga na mga masira or abusado pa ngang mga relasyon. Napakadami sa ating mga kababayan…ay hindi makaalis sa mga mapang-abuso at mapanakit na mga relasyon,” she stressed.

Hontiveros, the lone opposition Senate candidate who won a seat in the 2022 elections, also said she is willing to cross party lines towards the passage of a divorce bill in the country.

Senators Robin Padilla and Raffy Tulfo have also filed their own versions of the divorce bill.

“Siguro mas maraming pagkakapareho kaysa pagkakaiba sa mga probisyon ang aming inihain na dissolution of marriage bills,” Hontiveros said.

“At tulad sa sinomang senador pa nung nakaraang Kongreso eh umaasa po ako Sir Johnson na magtutulungan kami kung magkakaparehong adbokasiya naman, as in the past 6 years lagi po akong handang tumawid sa party lines at makiisa sa ibang mga senador para magsulong ng mga importanteng batas.”

PHILIPPINES DROPS SLIGHTLY IN GLOBAL GENDER GAP INDEX

MANILA — The Philippines saw its ranking slide by two notches in the Global Gender Gap Report of the World Economic Forum (WEF), but it remains among the leading countries in terms of gender equality in the East Asia and Pacific region.

This year’s edition of the report showed the Philippines placed 19th out of 146 countries, with a score of 0.783 out of a parity score of one, down from 17th place and a 0.784 score in the previous year.

The Philippines’ latest score means it has closed 78.3 percent of the overall gender gap.

Within East Asia and the Pacific, the report showed the Philippines was among countries with the highest level of gender parity, placing second to New Zealand.

While the Philippines has improved upon its first gender parity score by 4.2 percentage points since 2013, WEF said its progress has hovered between 0.783 and 0.799.

It also said the country’s gender gap of 21.7 percent this year is similar to that of last year’s.

The Global Gender Gap report measures the progress being made in achieving gender parity in terms of economic participation and opportunity, educational attainment, health and survival and political empowerment.

WEF said no significant changes, whether positive or negative, were seen in terms of gender equality in health and survival or political empowerment in the country.

In terms of health and survival, the Philippines closed 97.9 percent of the gap, while a gap closure of 36 percent was achieved in political empowerment.

When it comes to educational attainment, WEF said gender parity in the country decreased at the level of enrollment in primary education, with boys having a larger share than girls.

The report showed the country closed 99.7 percent of the gap in educational attainment.

In terms of economic opportunity and participation, the Philippines ranked among the highest in the East Asia and Pacific region, having closed 79.4 percent of the gap.

WEF said the share of women participation in the country’s workforce, however, was still 24.5 percentage points, lower than the share of men.

“Gender parity for legislative, senior officers and managers, as well as for professional and technical workers, remains constant,” WEF said.

Iceland topped this year’s report once again, having closed more than 90 percent of its overall gender gap.

Other countries in the top five are Finland, Norway, New Zealand and Sweden.

EMPERADOR MARKS SECONDARY LISTING IN SINGAPORE EXCHANGE

MANILA - Billionaire Andrew Tan's liquor company Emperador Inc on Thursday listed on the main board of the Singapore Exchange, making it the first Philippine Stock Exchange-listed firm to conduct secondary listing on SGX.

Emperador's secondary listing on SGX will attract investors who don't trade at the PSE.

Starting July 14, EMI will trade in 2 exchanges. It will trade using the same symbol EMI.

"The Secondary Listing of Emperador on the SGX is a key milestone in the development of Emperador as a leading international brandy and whisky company, reflecting its global reach and the strength of its world-class portfolio of brands," the company said in a disclosure to the PSE.

"The listing will expand opportunities for participation by investors in Singapore and beyond as Emperador continues to invest in its ambitious international expansion," it added.

The secondary listing, also known as cross listing or dual listing came 11 years after it debut on the local bourse.

Emperador, the Philippines’ largest liquor company and the world’s largest brandy producer, has access to over 100 countries across 6 continents.

THE REST

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PH REPORTS 1,604 NEW COVID-19 CASES; ACTIVE INFECTIONS HIGHEST SINCE APRIL 22

MANILA — The Philippines on Tuesday recorded 1,604 new COVID-19 cases and no new death, data from the Department of Health (DOH) showed.

The number of people currently positive for the coronavirus stood at 14,862, the highest since April 22, ABS-CBN Data Analytics Team head Edson Guido said.

The country's total confirmed COVID-19 cases climbed to 3,723,014.

Of the additional cases reported during the day, 637 were from Metro Manila, the DOH said.

The positivity rate for July 10 to 12 is at 10.9 percent, Guido added.

The DOH data showed that the total number of COVID-related deaths in the country has reached 60,640.

Total recoveries, meanwhile, stood at 3,647,512.

GLOBE SAYS CALL SERVICES 'RESTORED' FOLLOWING 'TECHNICAL ISSUE'

MANILA - Globe Telecom said the issue on outgoing calls for its postpaid subscribers has been resolved.

On Wednesday, the Ayala-led telco issued an advisory on disruptions on outgoing calls for its postpaid and platinum subscribers.

"Our call services have been restored," the telco said in an advisory released late Wednesday.

"We apologize for any inconvenience this may have caused and thank you for understanding," it added.

It did not explain the technical issue that caused the disruption.

'AMAZING': QUEEN ELIZABETH II TELLS FILIPINA NURSE UPON HONORING NURSE, NHS WITH UK'S HIGHEST AWARD

MANILA — Queen Elizabeth II awarded last Tuesday the United Kingdom's highest honor, the George Cross, to the National Health Service (NHS), including Filipina May Parsons, the first nurse who delivered the first shot of the world’s COVID-19 vaccine rollout.

In the Royal Family’s official Facebook page, Queen Elizabeth said it’s her pleasure to award the highest non-military award for gallantry bestowed by the British government to the medical workers.

“It is with great pleasure on behalf of a grateful nation, that I award the George Cross to the National Health Services of the United Kingdom,” the queen said.

For her part, May said it’s an honor and privilege to be receiving the award from the queen herself.

“An honor and a privilege to be receiving the George Cross from Her Majesty the Queen on behalf of the NHS and Social Care people today. An emotional and wonderful recognition of our staff's bravery, passion and compassion in caring for our people and our communities during the pandemic and the last 74 wondeful NHS years,” May wrote on Facebook.

During the ceremony, May told the queen: "We're terribly, terribly proud of the vaccination roll-out."

"Yes, it was amazing," the queen replied.

Britain was the first country in the world to deploy an approved Covid-19 vaccine.

Queen Elizabeth II was joined by her son and heir Prince Charles at the ceremony in Windsor Castle, the queen's residence west of London.

AFTER 11 YEARS, CHED LIFTS MORATORIUM ON NEW NURSING PROGRAMS

MANILA — The Commission on Higher Education has lifted a moratorium on new undergraduate nursing programs that was imposed in 2011 to help keep the quality of nursing graduates up.

The moratorium was put in place to address a boom in nursing, hotel and restaurant management and information technology courses at the time that the CHED said would lead to graduates who did not receive quality training and education.

"Yesterday, the commission en banc, after a very thorough review and study of the moratorium on nursing, decided to lift the moratorium on nursing based on an exhaustive discussion," CHED Chairman Prospero "Popoy" De Vera III said in a briefing on Wednesday.

He said that the CHED is encouraging state universities and colleges to apply for nursing programs, and consider including return-service agreements — contracts that would require students to serve in the Philippines for a set period after graduation.

Data collected by CHED showed that the country had a total of 333 schools offering nursing programs, as of July 2021. National Capital Region, Calabarzon and Central Luzon had the most nursing schools, at 62, 49 and 29, respectively.

De Vera, however, noted that the total number of enrollees in nursing schools declined through the years.

ENTERTAINMENT & LIFESTYLE

FULL TRAILER OF 'LYRIC AND BEAT' LAUNCHED; TRENDS ON TWITTER

MANILA -- iWantTFC on Wednesday released the full trailer of the much-awaited youth-oriented musical series "Lyric and Beat," which will premiere on August 10.

The almost three-minute video introduces to the show's main characters Lyric and Beat, portrayed by Andrea Brillantes and Seth Fedelin, respectively.

Lyric will do everything to fulfill her dream to become a singer. She meets Beat at the fictional Philippine National Conservatory of Music where students are pitted against each other for the right to represent the school in the prestigious National Music Competition.

The preview also teased the characters played by AC Bonifacio, Darren Espanto, Kyle Echarri, Sheena Belarmino, Jeremy Glinoga, Angela Ken and Awra.

Also part of the series are Nyoy Volante, Agot Isidro, Joanna Ampil, Sheena and Lito Pimentel.

Fans showed their excitement for the upcoming musical series with the hashtag #LyricAndBeatTrailer making it to the top trending topics in the Philippines on Twitter.

"Lyric and Beat" also pays tribute to the music of prolific composer Jonathan Manalo of ABS-CBN Music.

Written and directed by Dolly Dulu, the series will premiere on August 10 on iWantTFC.

SPORTS

MERALCO DEF. GINEBRA, 90-73 (PBA 2022) JULY 13

Meralco Bolts (5-3) defeated Barangay Ginebra (6-3), 90-73 to grab their fifth victory in the 2022 PBA Philippine Cup on Wednesday, July 13 at the SMART Araneta Coliseum.

Chris Newsome led the Bolts in scoring with game-high 19 points (5/10 fg, 2/4 3pts, 7/8 ft) along with 7 rebounds, 4 assists and 2 steals. Chris Banchero with a solid game of 17 points, 2 rebounds, 2 assists and a steal while Cliff Hodge added 14 points, 8 rebounds, 4 blocks, 2 steals and 1 assist.

The Scores:

MERALCO 90 – Newsome 19, Banchero 17, Hodge 14, Quinto 10, Black 9, Maliksi 8, Almazan 6, Pascual 4, Johnson 3, Belo 0, Caram 0, Hugnatan 0, Pasaol 0, Jose 0, Baclao 0.

GINEBRA 73 – Thompson 14, Pinto 12, J. Aguilar 11, Standhardinger 10, Tenorio 7, Pringle 6, Chan 5, Caperal 4, David 2, Mariano 2.

Quarters: 24-16, 51-33, 72-50, 90-73.

PBA: RAIN OR SHINE SENDS BLACKWATER TO SECOND STRAIGHT LOSS

MANILA–Rain or Shine kept its playoff aspirations alive on Wednesday, stifling vengeful Blackwater, 107-90, in the 2022 PBA Philippine Cup at Smart Araneta Coliseum in Cubao.

The Elasto Painters drew 26 points from Rey Nambatac and 20 more from Gian Mamuyac to improve to 3-6 overall and move within the cusp of making the Top 8 teams that will make the quarterfinals.

“Our guys were able to put together two consecutive excellent performances. Being consistent is a talent, and being excellent is a habit. It showed tonight,” said coach Chris Gavina whose charges annexed a second-straight victory after taking down NLEX last weekend.

Brandon Ganuelas-Rosser had 19 points, while Baser Amer and Ato Ular chipped in 13 each, and JVee Casio 11 more for the Bossing who suffered a second-straight loss and slid to 5-3.

The Scores:

RAIN OR SHINE – Nambatac 26, Mamuyac 20, Belga 12, Norwood 10, Nieto 9, Torres 9, Ponferrada 7, Borboran 5, Ildefonso 4, Santillan 2, Demusis 2, Caracut 1, Asistio 0

BLACKWATER – Ganuelas-Rosser 19, Ular 13, Amer 13, Casio 11, Sena 9, Suerte 6, McCarthy 6, Torralba 5, Taha 4, Ayonayon 4, Dyke 0, Ebona 0, Melton 0, Escoto 0

Quarters: 28-22, 41-45, 78-68, 107-90.

INDICATORS

FOREX $1 = P 56.26

THOUGHT FOR THE DAY

Be assured those will be thy worst enemies, not to whom thou hast done evil, but who have done evil to thee. And those will be thy best friends, not to whom thou hast done good, but who have done good to thee. – Tacitus