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Time to plant our feet on the ground

Time to plant our feet on the ground BusinessWorld 4 hrs ago © Provided by BusinessWorld Last Wednesday, nearly all the broadsheets reported that the Government’s Development Budget Coordination Committee (DBCC) finally slashed the Philippines’ growth target for 2021 from 6.5-7.5% to 6-7%. We can only surmise that the Philippine Statistics Authority’s (PSA) release of the first quarter real GDP growth of minus 4.2% must have forced the hands of the authorities. In a joint statement, our economic managers declared that “the emerging GDP growth projection is slightly adjusted… in view of the emergence of new COVID-19 variants and the reimposition of enhanced community quarantine (ECQ) in the National Capital Region (NCR) Plus area during the second quarter of the year.”

Imminent existential threat, or outright fiscal meltdown?

Imminent existential threat, or outright fiscal meltdown? BusinessWorld 1 hr ago © Provided by BusinessWorld The guardians of the Republic consist of the Armed Forces of the Philippines, the Philippine National Police, the Philippine Coast Guard, the Bureau of Fire Protection, the Bureau of Jail Management and Penology, the Bureau of Corrections, and the hydrography branch of the National Mapping and Resource Information Agency. Officially, they are the military and uniformed personnel or MUPs. When they retire from public service, they get their pension. The big problem is that these MUPs do not make mandatory contributions to their retirement. They are different from their counterparts in the civil service whose salaries are deducted monthly by the Government Service and Insurance System (GSIS). Instead, the government sources the funding from the national budget.

Beggar thy neighbor - BusinessWorld

BusinessWorld PHILIPPINE STAR/ MICHAEL VARCAS The health pandemic has necessary global and cooperative dimensions. In April last year, the IMF noted the $8 trillion fiscal actions across the globe with support from massive monetary measures. The Fund itself pursued its own assistance program to member countries. Yet some impoverished countries continue to grapple with the consequences of the health crisis on poverty and social inequality. In hindsight, this international response hardly sufficed because the world remains open to a second or a third wave of infection. Perhaps the early guidance from the Fund missed on something very fundamental to ensure that the pandemic is flattened across the globe within a collaborative framework. Through its Managing Director Kristalina Georgieva, the Fund outlined in a four-point plan its strategy in building the road to recovery. The first in the list was the essential containment measures and support for health systems. The

India weeps: Price of complacency and bad governance

India weeps: Price of complacency and bad governance
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