Latest news with #RSJ
GMA Network
12 hours ago
- Business
- GMA Network
PH faces up to P6B in annual foregone revenues from US market access
The Philippines is estimated to incur up to P6 billion in foregone revenues each year from the markets it will open to the United States with zero tariffs under the latest trade agreement between the two countries, Finance Secretary Ralph Recto said Tuesday. According to Recto, the foregone revenues cover those collected from the importation of products that the Philippines has agreed to open to the US, which would ultimately benefit Filipino consumers. 'Unang estimate natin is P3 (billion) to P6 billion a year, depende kung lahat 'yan. Remember there's nothing final yet,' he told reporters on the sidelines of the Post-SONA Discussions in San Juan City. 'Assuming ibigay mo what we discussed with them like cars, soys, wheat, pharmaceuticals, soybeans, anywhere from P3 to P6 billion, pero wala pang final lahat 'yan,' he added. (Our initial estimate is P3 to P6 billion a year, depending on the scope. Remember, there's nothing final yet. Assuming we grant what we discussed with them like cars, soys, wheat, pharmaceuticals, soybeans, anywhere from P3 to P6 billion but none of that is final yet.) Just last week, US President Donald Trump announced a new 19% tariff rate for Philippine goods. This is lower than the 20% announced in a letter earlier this month, but higher than the 17% rate announced during the Liberation Day Tariffs in April. Posting on his Truth Social media platform, Trump initially said the Philippines is going open market with the United States with zero tariffs, while the Philippines would pay a 19% tariff. President Ferdinand 'Bongbong' Marcos Jr., who had a meeting with Trump before the 19% rate was announced, has since clarified that the zero tariffs on US products would only apply to certain markets such as automobiles. 'Not all imports will go down, so hihingin natin (so we will ask), especially those that do not compete with local industries and beneficial to consumers,' Recto said. Overall, Recto said the 19% rate on Philippine exports is still beneficial to the country, given its comparative advantage to other countries that have been slapped with higher rates. 'We have one of the lowest tariffs in the world if you take a look, so beneficial sa atin dun (so that's beneficial for us). Siyempre tatamaan din 'yung exports natin (Of course, our exports will be hit) initially, but as a whole, it looks like we have a better deal than many other countries,' he said. Economists earlier said the latest agreement will only have a limited impact on the country's economy given its low dependence on American demand compared with other Asian economies, with local exporters bearing the brunt. — RSJ, GMA Integrated News
GMA Network
20 hours ago
- Politics
- GMA Network
Bersamin: PH friendly to China but Beijing must compensate
The Philippine government's stance in issues in the West Philippine Sea remains constant as President Ferdinand 'Bongbong' Marcos Jr. will still not welcome China's aggressions in the region. Executive Secretary Lucas Bersamin made the assurance after Marcos, in his fourth State of the Nation Address (SONA 2025), said the government would remain 'patient' when it comes to protecting the country's rights. 'No, our position in the West Philippine Sea has remained very constant. Hindi siya naghesitate, hindi siya nagbago (It did not become hesitant, it did not change),' Bersamin said. 'We are still friendly to China but China must also compensate. If China continues to be aggressive to many things there against our sovereignty, definitely the President will not welcome that,' he added. Tensions continue as Beijing claims almost all of the South China Sea, a conduit for more than $3 trillion of annual shipborne commerce, including parts claimed by the Philippines, Vietnam, Indonesia, Malaysia, and Brunei. In 2016, the Permanent Court of Arbitration in the Hague ruled in favor of the Philippines over China's claims in the South China Sea, saying that it had "no legal basis." However, China has refused to recognize the ruling and continues its hostile actions in the region. Marcos has been consistent in saying that the Philippines would never give up a single inch of its territory to foreign aggressors. Aside from that, the Philippine President has always pushed for a rules-based order and the adoption of the Code of Conduct on the South China Sea to ease tensions in the region. — RSJ, GMA Integrated News
GMA Network
20 hours ago
- Politics
- GMA Network
68 jailed Filipinos in UAE granted pardon — DFA
A total of 68 Filipinos who were jailed in the United Arab Emirates for various offenses were granted pardon by the UAE government last month, the Department of Foreign Affairs said Tuesday. The DFA called the UAE's decision to extend clemency to the Filipinos during the Eid al-adha festival last month a "generous and benevolent gesture." "(It) is a testament to the robust bilateral relations between the Philippines and the UAE and a lasting gift to the families of the pardoned Filipinos," the DFA said in a statement. In his State of the Nation Address (SONA 2025) on Monday, Marcos expressed gratitude to the UAE and other countries in the Middle East, such as Oman, Qatar, Bahrain and Kuwait, for granting pardon to Filipinos detained in their countries. The Philippines is one of the world's top labor-exporting nations with more than 10 million skilled and unskilled workers scattered abroad, exposing them to abuses, unfair labor practices, and in some cases, civil strife and armed conflict. Remittances from Filipino migrant workers constitute a significant source of the country's foreign exchange as they send home at least $3 billion per year. — Michaela Del Callar/RSJ, GMA Integrated News
GMA Network
2 days ago
- Politics
- GMA Network
Marcos vows internet for all public schools by end of 2025
President Ferdinand Marcos Jr. vowed Monday that all public schools in the Philippines will have internet access before the end of 2025, as part of his administration's aggressive push to modernize education and bridge the country's digital divide. During his fourth State of the Nation Address (SONA), Marcos said the lack of connectivity in thousands of schools remains a major challenge, but one his administration is determined to solve within the year. 'Halos labindalawang libong pampublikong paaralan pa ang walang internet. Kaya sinisiguro ng DICT at DepEd na bago matapos ang taong ito, magkakaroon na ng koneksyon sa internet ang lahat ng pampublikong paaralan,' he noted. (Nearly 12,000 public schools still have no internet. That's why the DICT and DepEd are making sure that before the year ends, every public school will be connected to the internet.) Marcos emphasized that internet access is a vital tool in building a "Bagong Pilipinas"—a more connected, inclusive, and future-ready nation. 'Napakahalaga ng internet sa ating pagtahak patungo sa Bagong Pilipinas... Hindi lang ito para sa may kaya, o para lamang sa mga bata. Ito ay para sa lahat,' he said. (The internet is crucial in our path toward a New Philippines... It is not just for the privileged or for the young. It is for everyone.) He reported that the first three phases of the National Fiber Backbone project have been completed, significantly enhancing the country's internet infrastructure. At the same time, the number of Free Wi-Fi sites nationwide has jumped from just 4,000 in June 2022 to nearly 19,000 this year. Additionally, over a million SIM cards loaded with free data have been distributed to schools, particularly in far-flung areas, to support distance learning and digital access for students and teachers. 'Ngayong taon din, nagsimula na tayong mamigay ng mahigit isang milyong SIM cards na may libreng data para sa ating mga eskuwelahan, lalo na sa mga liblib na pook,' Marcos said. (This year, we began distributing over a million SIM cards with free data to our schools, especially in remote areas.) More towers and cell sites are also being constructed in geographically isolated and disadvantaged areas (GIDAs) to ensure even the most remote schools will not be left behind. The President's statement aligns with his broader education reforms, which include free higher education, teacher support, and digital learning tools like laptops and smart TVs. — RSJ, GMA Integrated News
GMA Network
5 days ago
- Business
- GMA Network
Mastercard cardholders can now tap their cards to pay MRT-3 fares
Commuters riding the Metro Rail Transit Line 3 (MRT-3) starting Friday, July 25, can use their Mastercard credit, debit, and prepaid cards to pay for fares —simply by tapping at designated contactless turnstiles. In a statement, Mastercard described the development as a 'significant step' toward a 'more seamless, secure, and digitally enabled public transport system.' It said the new contactless payment capability also extends to Mastercard cardholders using compatible e-wallets on NFC-enabled Android smartphones, offering commuters greater flexibility and convenience in their daily travel. The payments solutions company said the capability reflects the growing momentum behind open-loop payment systems across Southeast Asia, supported by collaboration between government agencies, transit operators, financial institutions, and payment technology partners. Mastercard said open-loop systems allow commuters to use existing bank cards or mobile wallets to pay directly for rides, eliminating the need for proprietary transit cards or cash and reducing friction in fare payments. Commuters paying with their Mastercard cards will also benefit from peace of mind with the embedded advanced safety and security features that protect them against card skimming and payment fraud, the payments tech firm said. Mastercard said the introduction of contactless payments on MRT-3 supports the government's push for smarter, more efficient urban mobility — while also encouraging the everyday use of digital payments. The company said it has enabled open-loop transit systems in major cities around the world — including London, Sydney, and Singapore. — Ted Cordero/RSJ, GMA Integrated News
