BusinessWeek M I N DA N A O CREDIBLE
Volume XI, No. 3
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Shrinking economy
HAMMERED by natural disasters and the coronavirus disease 2019 (Covid-19) pandemic, the Philippine economy is projected to contract by 1.9 percent in 2020. But there are good chances that the country can bounce back in the next two years, according to the World Bank’s latest Philippines Economic Update released Tuesday. The eruption of Taal Volcano and most importantly, the global outbreak of Covid-19 including the strict containment measures against the pandemic have led to severe disruptions in manufacturing, agriculture, tourism, construction and trade, according to the report, titled Braving the New Normal. Affecting millions of households nationwide as well as overseas Filipinos, the cumulative impact of these events on the economy has been broad-based, steep and deep, halting investment activity and leading to the lowest consumption growth in three decades.
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Normin posts 11.2% unemployment rate www.businessweekmindanao.com
AS OF 6:00 PM JUNE 11, 2020 (THURSDAY)
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By MARK FRANCISCO, Reporter
ESULTS of the April 2020 Labor Force Survey shows that unemployment rate in the region registered at 11.1 percent. This is the highest recorded unemployment rate since 2005. Unemployment rate in January 2020 was reported at 3.2 percent while April 2019 unemployment rate posted at 5.0 percent. In terms of magnitude, the total number of unemployed individuals as of April
2020 reached to 236,000, higher than the recorded RATE/PAGE 7
Lanao Sur reports surge in COVID-19 cases By FROILAN GALLARDO, MindaNews
LANAO del Sur reported Thursday its highest spike yet in new COVID-19 cases after over a month of having
none in the province. Z i a A l onto Ad i ong , Bangsamoro Parliament SURGE/PAGE 7
New ecozones A DOZEN new economic zones approved this year are expected to attract P6.4 billion worth of investment, including seven new zones proclaimed in the last month. The Philippine Economic Zone Authority (PEZA) said in a statement Wednesday that President Rodrigo R. Duterte signed the proclamation of seven new ecozones starting May 5. The ecozones include nine information technology (IT) centers, two manufacturing ecozones, and one IT park.
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BORED NO MORE. Deprived of their summer because of the quarantine, children in Siargao Island fly kites at the back of the public market in the municipality of Dapa. mindanews photo by roel n . catoto
Misor SP okays ordinance granting realty tax relief By MARK FRANCISCO, Reporter
THE Sangguniang Panlalawigan (SP) of Misamis Oriental has approved an ordinance on third and final reading extending the grant
EASING UP LIQUOR BAN. A neighborhood store in Digos City has put up a sign advising customers that buying/selling of liquor is already allowed, although drinking is only permitted at home and not in public places. Buying/selling liquor was absolutely prohibited under enhanced community quarantine (ECQ) and general community quarantine (GCQ). Digos is now under the more lax modified GCQ. mindanews photo taken 10 june 2020 by eric sb libre
of tax relief on interests of the unpaid real property taxes effective January 1 to December 31 this year. The ordinance – authored
by SP member Dexter Yasay – states that all unpaid and partially paid real property taxes in 2014 and prior years shall become due and collectible with penalty after ORDINANCE/PAGE 7
P23B bridge expected to transform Samal island’s economic landscape By ANTONIO L. COLINA IV, MindaNews
DAVAO City – Mayor Al David T. Uy said the P23.04-billion Davao City-Island Garden
City of Samal (IGACOS) bridge project would open up a lot of opportunities that
would change the economic landscape of the island. Uy said in an interview that this mammoth bridge BRIDGE/PAGE 7
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