Manila Standard - 2024 January 6 - Saturday

Page 1

twitter.com/ MlaStandard

facebook.com/ ManilaStandardPH

Missed your copy of Manila Standard? Call or text our Circulation

instagram.com/ manilastandard

manilastandard.net Hotline at 0917-8848655 or email: circulation@manilastandard.net

For advertisement: email: advertise@manilastandard.net • 85646229

December inflation eases to 3.9% By Darwin G. Amojelar and Charles Dantes THE rate of inflation dropped to 3.9 percent in December 2023, its slowest pace since February 2022, the Philippine Statistics Authority said Friday as President Marcos vowed that the government would

VOL. XXXVII • NO. 326 • 2 SECTIONS 12 PAGES • P20 • SATURDAY, JANUARY 6, 2024 •

continue to work hard to make the prices of commodities affordable. In a post on his X social media account, the President said he was pleased by the lower inflation rate in December and said the government continues to work hard to improve the condition of the economy, and to Next page

3.9% SRP on rice eyed amid price hikes 6%

Inflation rate in December 2023, lowest in almost 2 years

DA to meet with stakeholders as rice inflation in Dec. highest in 14 years

By Othel V. Campos and Vito Barcelo

HE government will meet with farmers, millers, wholesalers, importers and traders soon to determine if it should impose a suggested retail price on regular and well-milled rice amid a recent spike in the price of the staple.

T

The move comes as Philippine Statistics Authority (PSA) observed that while December inflation had dropped, the rate of increase in the cost of rice accelerated to its fastest rate in 14 years. Assistant Secretary Arnel de Mesa of the Department of Agriculture (DA) said the government is concerned about the recent P2 per kilo price increase in certain markets and wants to address the issue early on. “We are hoping there will be no more price increases for the year. We spoke to Sinag and they told us that

Full-year inflation rate in 2023, higher than the 5.8 percent in 2022 and above the target range of 2 to 4 percent for the year

they have already imposed a price increase (on rice),” he said Friday, referring to an umbrella group of agricultural producers. De Mesa said the continuing volatility in the price and supply of rice in the global market may take its toll on the country’s supply of the grain since the months of January to March are considered the lean season, when imports are needed. In December, the DA announced that half a million metric tons (MT) of rice imported by the private sector will arrive in batches from December 2023 till February 2024. About 100,000 tons of imported rice have already arrived in the country, which is part of the 495,000 metric tons committed by import permit holders to the DA. A total 20,000 bags or about 1,000 metric tons of rice were delivered before the holidays, half of the rice donated by Taiwan. About 75,000 metric tons of rice from India were to arrive from the last week of December to early January. This is part of 295,000 metric tons of rice India has allocated to the Philippines.

19.6% Rice inflation in December, fastest rate in 14 years

Next page

House to start probe on PUV modernization DTI monitoring ‘shrinkflation,’ By Maricel V. Cruz, Darwin Amojelar, and Charles Dantes THE House of Representatives committee on transportation is set to conduct a hearing next week on allegations of corrupt practices surrounding the Public Utility Vehicle Modernization Program (PUVMP).

Antipolo City Rep. Romeo Acop, the committee chairperson, said his panel is drafting a resolution to investigate the allegations and is finalizing details on the resource persons to be invited to the hearing. Acop told the Manila Standard his committee also supported the call of Speaker Martin Romualdez to determine how Congress will be to protect jeepney drivers who will be affected

by the PUVMP. Meanwhile, the Department of Transportation (DOTr) decried what it called a disinformation campaign to sow fear among the drivers, operators, and the riding public against the PUVMP. To minimize the impact of the deadline for consolidation, there are existing social support programs available to provide training scholarships and Next page

says it is deceptive price hike By Othel Campos SMALLER and smaller products while the bill stays the same? “Shrinkflation” is here, according to the Department of Trade and Industry. Shrinkflation—reducing the size or quantity of a product while keeping its

US STRIKE GROUP ARRIVES IN MANILA NEWS / A5

FLEXING ITS MUSCLE. A United States carrier strike group led by USS Carl Vinson (CVN 70) arrives in the country for a scheduled port call on Friday, Jan. 5, 2024, following a two-day maritime cooperative activity in the South China Sea.

FOREIGN GOVTS PAID TRUMP FIRMS—REPORT NEWS / A2

DO NOT ABANDON SHS STUDENTS—POE NEWS / A5

Mixed movement in oil prices seen By Alena Mae S. Flores PUMP prices are seen to have a mixed movement next week amid concerns about the global economy. Industry sources said that based on the four-day trading period, both gasoline and diesel may have no price adjustment or a possible rollback of P0.20 per liter.

Sources said kerosene might have a minimal increase or even a rollback of P0.05 per liter. "The price of oil swung wildly as mounting tensions in the Red Sea were overshadowed by concerns about the global economy," Department of Energy director for the oil industry management bureau Rodela Romero said. Next page

price the same—has been observed as the economy struggles to recover postpandemic. But according to DTI Assistant Secretary Amanda Nograles, shrinkflation is actually a form of price increase, especially since the customer is usually un aware Next page

Marcos hits NGCP failure, orders swift reset of rates after blackout covered the Western Visayas since Jan. 2. "The National Grid Corporation of the Philippines, NGCP, had a crucial two-hour window to prevent the system collapse, as highlighted by the IndepenPRESIDENT Marcos on Friday blasted dent Market Electricity Operator of the the National Grid Corporation of the Philippines or IMEOP. Regrettably, durPhilippines (NGCP) for its failure to act ing this period, NGCP failed to resort to following the island-wide blackout that Next page

By Charles Dantes, Maricel V. Cruz, Alena Mae Flores and Macon Ramos-Araneta

RISING TENSIONS. People watch a television screen showing a news

broadcast with file footage of North Korea's artillery firing at a railway station in Seoul on Jan. 5, 2024. North Korea fired more than 200 artillery shells near two South Korean islands Friday. AFP

Nokor fires artillery shells near S. Korean islands NORTH Korea fired an artillery barrage near two South Korean border islands Friday, Seoul's defense ministry said, prompting a live-fire drill from the South Korean military.

Residents of both islands were ordered to evacuate and ferries were suspended as South Korea held a live-fire exercise after the North's barrage – one of Next page


Turn static files into dynamic content formats.

Create a flipbook
Issuu converts static files into: digital portfolios, online yearbooks, online catalogs, digital photo albums and more. Sign up and create your flipbook.