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BusinessMirror Editorial
Alarming drop: Over a million women exit workforce in January
The latest data from the Philippine Statistics Authority (PSA) reveals a concerning trend: over a million women left the workforce in January. This significant decline in female labor force participation should serve as a wake-up call for policymakers and employers to address the underlying factors contributing to this alarming development. (Read the BusinessMirror report, “PSA: Over 1-M women left workforce in January as holiday spending wanes,” March 9, 2024).
Tackling poverty as prerequisite to PHL’s UMIC goal
The recent report by the French Development Agency (AFD) highlights a crucial aspect that the Philippines must address before it can achieve its goal of becoming an upper-middle-income country (UMIC). The AFD report emphasizes that the country needs to significantly reduce poverty, especially when using UMIC standards. This revelation should serve as a wake-up call for the government and policymakers to prioritize poverty alleviation as a fundamental step towards achieving broader economic development. (Read the BusinessMirror story: “PHL must cut poverty rates before pursuing UMIC dream,” March 4, 2024).
China’s aggression undermines calls for peaceful dialogue
The recent actions of China in the West Philippine Sea (WPS) have once again demonstrated its disregard for peaceful dialogue and the de-escalation of tensions in the region. National Security Council Assistant Director General Jonathan Malaya rightfully called out China’s “illegal and irresponsible” behavior, emphasizing that such actions negate any credibility it may have in advocating for peaceful resolutions. (Read the BusinessMirror story: “NSC exec: Chinese ‘aggressive’ actions in WPS negate peaceful dialogue calls,” March 6, 2024).
Taylor Swift’s exclusive concert deal: A prelude to diplomatic discord?
The exclusive concert deal between Taylor Swift and Singapore has sparked controversy and potential tensions among members of the Association of Southeast Asian Nations (Asean). While Singapore’s Prime Minister Lee Hsien Loong defended the deal, asserting its benefits for his country’s tourism industry, concerns have been raised about the implications for regional relations.
Challenges plague PHL fisheries sector as growth target remains elusive
More than a decade ago, the government considered a modest increase in fisheries production a feasible target. The former chief of the Bureau of Fisheries and Aquatic Resources (Bfar) in 2008 told this newspaper that the agency attached to the Department of Agriculture (DA) expected fisheries output to increase by around 7 percent. The only major threat to the target seen by the government at the time were natural disasters, such as typhoons, which could destroy fish pens and small- and medium-sized fishing vessels.
PHL secures Guinness World Record for ‘Most Variety of Pork Dishes’
The National Federation of Hog Farmers has achieved a momentous feat by securing the Guinness World Record for the “Most Variety of Pork Dishes on Display” at the Hog Festival 2024 held in Quezon City on Friday. This accomplishment not only highlights the Filipino people’s love for pork but also showcases the country’s rich gastronomic heritage. (Read the BusinessMirror story: “PHL sets new Guinness World Record for ‘Most Variety of Pork Dishes on Display,’” March 2, 2024).
Rising inflation and the struggle of Filipino minimum wage earners
The recent announcement by the Bangko Sentral ng Pilipinas (BSP) that inflation could average 2.8 to 3.6 percent in February is concerning news for Filipino consumers, especially for minimum wage earners who are already grappling with the rising cost of living. The increase in prices, particularly in essential food items such as rice, meat, and fish, will further strain the budgets of those who are already struggling to make ends meet. (Read the BusinessMirror story: “Costlier food items to fuel February inflation,” March 1, 2024).
APAC employersvalue human skillsin the age of AI
IN today’s rapidly evolving economy, it is no surprise that soft skills are highly valued by employers across the Asia Pacific region. According to the latest research conducted by LinkedIn, communication skills, in particular, remain in high demand among APAC countries. The data, obtained from various APAC markets including the Philippines, Australia, China, India, Indonesia, Japan, and Singapore, highlights the increasing importance of human skills in the workplace. (Read the BusinessMirror story: “Demand for human skills still strong in Asia Pacific,” February 28, 2024).
Let’s help uphold Boracay’s status as a global treasure
The recent decision by the Sangguniang Bayan (SB) of Malay in Aklan province to adopt the proposed Corporate Social Responsibility (CSR) program of PetroWind Energy Inc. has raised concerns among locals and businesses. The expansion of PetroWind’s wind-farm project, which could potentially affect Boracay Island’s main water source, has sparked a heated debate over the long-term sustainability of the island’s ecosystem (Read the BusinessMirror story: “Malay approves controversial wind project’s CSR plan affecting river,” February 26, 2024).
UN: Climate change and food insecurity threaten global peace
Climate change and food insecurity are intertwined challenges that have far-reaching implications for global peace and security. The consequences of climate change, such as rising temperatures, extreme weather events, and changing rainfall patterns, directly impact food production systems, leading to decreased agricultural yields, disrupted supply chains, and increased food prices. These effects are particularly devastating in vulnerable regions where communities heavily rely on agriculture for their livelihoods and sustenance.
Regional cooperation needed to save South China Sea ecosystem
The recent revelations by American analysts from a Washington-based think tank regarding China’s alleged destruction of coral reefs in the South China Sea (SCS) are deeply concerning. According to satellite data and accounts from fishermen and the Philippine Coast Guard, China has reportedly destroyed around 243 square kilometers of coral reefs, equivalent to the size of Manila, Valenzuela, and Quezon cities combined. This extensive damage not only poses a threat to the marine ecosystem but also affects the seafood diet of people in Southeast Asia. (Read the BusinessMirror story: “US think tank says China destroyed, damaged 243 square kilometers of coral reefs in SCS,” February 24, 2024).
Harnessing remittances to pave the way for new and better jobs for OFWs
The Philippines has long been recognized for its robust remittance inflows, with data from the Bangko Sentral ng Pilipinas (BSP) highlighting a steady growth in cash remittances sent by our OFWs. In 2023, these remittances reached $33.5 billion, marking a 2.9-percent increase from the previous year. While this is undoubtedly a positive trend, Jeremaiah M. Opiniano, executive director of the Institute for Migration and Development Issues (IMDI), says that it is time for the Philippines to pursue structural reforms that would allow the nation to chart a new employment path for its citizens. (Read the BusinessMirror story: “Remittances hit $33.5 billion; new strategy pushed,” February 16, 2024).
BIR action against beauty products giant tells tax cheats it means business
Tax evasion is a significant issue in many countries, including the Philippines. It refers to the illegal practice of intentionally avoiding paying taxes owed to the government by underreporting income, inflating deductions, or engaging in fraudulent transactions. This not only deprives the government of much-needed revenue but also undermines the integrity of the tax system and creates an uneven playing field for honest taxpayers.
Don’t fault economic provisions for low foreign investments
The discussion surrounding Charter change has been ongoing for years, with proponents arguing that amending the 1987 Constitution’s economic provisions is necessary to attract more foreign investments. However, a recent Senate hearing highlighted the voices of three key resource persons who disagreed with this perspective.