Good day. Here are the stories for The Manila Times for Tuesday, March 8, 2022.
READ: Stocks plunge, oil soars on war fears
Equity markets plunged Monday, while oil prices soared to a near 14-year high and safe-haven gold broke $2,000 as investors grew increasingly fearful about the impact of the Ukraine war on the global economy. Trading floors were a sea of red in early exchanges with experts warning of a period of stagflation with the spike in crude likely to light a fire under already high inflation. The commodity at one point rocketed almost 18 percent to $139.13 — a level not seen since mid-2008 — after US Secretary of State Antony Blinken said the White House and allies were in talks about banning imports from Russia. With the country the third-biggest producer of oil, such a move would compound a supply crisis just as demand takes off. Other commodities sourced from the region, such as wheat and metals, were also sharply higher.
READ: Massive fuel price hike today
A STEEP increase in fuel prices, the biggest so far this year, will be in effect starting today, March 8. Local oil companies Petro Gazz, Seaoil, Caltex and Shell will raise their pump prices effective 6 a.m. The per-liter price of biodiesel will go up by P5.85, unleaded gasoline by P3.60 and kerosene by P4.10. The price of gasoline had gone up by 31.3 percent, diesel by 44.1 percent and kerosene by 34.2 percent from a year ago. The Department of Energy said the escalation of the conflict between Ukraine and Russia has pushed up global oil and gas prices. Bangko Sentral ng Pilipinas (BSP) Governor Benjamin Diokno said the oil price rise could trigger inflation. In a statement issued on Sunday, Diokno said that if global oil prices reach $120 to $140 per barrel this year, inflation could hit 4.4 to 4.7 percent. The BSP earlier said inflation for this year could settle within the 3.7 to 3.4 percent range. In 2021, it settled at 3.9 percent.
READ: Sustaining economic activity pushed
SUSTAINING economic activity will help the country cushion the impact of the Russia-Ukraine conflict, Presidential Adviser for Entrepreneurship Jose Maria "Joey" Concepcion 3rd said Monday. Concepcion said the Philippines, being a consumer-driven economy, is highly dependent on mobility, which is why the National Capital Region and other key areas must stay at Alert Level 1 until the end of the year. Continuous observance of health protocols, he stressed, will keep the coronavirus disease at bay and prevent lockdowns and restrictions. The country's micro, small and medium enterprises (MSMEs), although severely affected by restrictions, still generate 63.2 percent of employment in the country, Concepcion said.
READ: 6 cities very low risk for Covid
FOUR highly urbanized cities (HUCs) in Luzon and two in the Visayas were classified as very low risk for coronavirus disease 2019 (Covid-19), the independent analytics group OCTA Research said on Monday. Data provided by OCTA Research fellow Guido David on Twitter identified the very low risk cities as Angeles, Dagupan, Lucena and Olongapo in Luzon, and Bacolod and Tacloban in the Visayas. Classified as low risk are the National Capital Region (NCR) and the cities of Baguio, Naga, and Santiago in Luzon, and Cebu, Lapu-Lapu, Mandaue and Ormoc in the Visayas. Puerto Princesa City in Palawan and Iloilo City are still at moderate risk.
READ: Law raising age of sexual consent signed
PRESIDENT Rodrigo Duterte has signed into law a measure raising the age of sexual consent from 12 to 16 years to further shield minors from rape and other acts of sexual abuse. The President signed on March 4, 2022 Republic Act 11648 amends Republic Act 8353 of 1997, also called the Anti-Rape Law of 1997. The new law provides additional protection to minors aged 16 and under against the following sexually related offenses: qualified seduction, child prostitution and other sexual abuse, child trafficking and forceful hiring of minors for obscene publications and indecent shows. RA 11648 also mandates the stricter protection of minors from "other acts of neglect, abuse, cruelty or exploitation prejudicial to the child's development."
BUSINESS: PH stock stays in the red
In business, the local bourse extended its decline on Monday amid inflation worries and the ongoing conflict between Russia and Ukraine. The 30-member Philippine Stock Exchange index dipped 0.73 percent or 53.94 points to 7,288.07, while the wider All Shares also shed 0.73 percent or 28.54 points to finish at 3,866.98.
SPORTS: WKA-PH holds first tourney for 2022
Meanwhile, in sports, the World Kickboxing Association-Philippines (WKA-PH) held its online National Age-Group Kickboxing Form and Shadow Kickboxing Championship, the first in its long line of events for the year last February 27. Originally known as a full contact combat sport, form and shadow kickboxing tournaments were recent developments in kickboxing, aiming to demonstrate the beauty of its techniques.
READ: Opinion and editorial
Antonio Contreras and Yen Makabenta are today's front page columnists. Contreras corrects the misconceptions about the separation of church and state, while Makabenta analyzes Russia's economic collapse.
Speaking of Russia, today's editorial discusses the economic sanctions against Moscow and who will blink first. Read a full version on the paper's opinion section or listen to the Voice of the Times.
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On behalf of The Manila Times, this is Aric John Sy Cua reporting. Have a safe Tuesday ahead.