Good day. Here are the top stories of The Manila Times for Friday, Dec. 9, 2022.
READ: Marcos rules out recession
AMID high inflation, President Ferdinand "Bongbong" Marcos Jr. is confident the Philippines will not fall into a recession. In a video message on Thursday, the President said his administration has been prioritizing the generation of jobs. A country is considered in recession, a period of economic slump, when the gross domestic product drops in two successive quarters. The 4.5 percent in October is the lowest since the similar 4.5 percent in pre-pandemic October 2019. The preliminary results of the Philippine Statistics Authority's (PSA) latest labor force survey released on Wednesday showed the number of unemployed was down to 2.24 million in October from 3.5 million a year ago, with 1.26 million securing jobs this year. The employment rate in October also rose to 95.5 percent, from 95 percent in the previous month, the highest since January 2020. Inflation jumped to 8 percent in November, the fastest since November 2009's 9.1 percent and surpassing the 14-year high of 7.7 percent in October, the PSA said. Marcos gave assurances that the government is implementing measures to bring down inflation and reduce the soaring prices of commodities.
READ: Hidilyn bags 3 golds in World Championships
HIDILYN Diaz-Naranjo won three gold medals to rule the 55-kilogram category of the World Championships of the International Weightlifting Federation (IWF) in Bogota, Colombia on Wednesday (Thursday in Manila). The 31-year-old Zamboanga City native had a total lift of 207 kilograms. The Athlete of the Year of the Philippine Sportswriters Association (PSA) also lifted 93 kilos in the snatch and 114 kilos in the clean and jerk for her two other golds. Rosalba Morales of Colombia won the silver and Ana Gabriela Lopez of Mexico the bronze. The Tokyo Olympics champion tried for 117 and 121 kg but registered no lift in both attempts. The golds were the first for Diaz-Naranjo at the World Championships, and came a year after she handed the Philippines its first Olympic gold medal. She previously won golds in the Southeast Asian Games, the Asian Games, Asian Championship, the Asian Indoor and Mixed Martial Arts Games, and the World Cup. The World Championships also served as a qualifying event for Diaz-Naranjo who hopes to compete in the 2024 Paris Olympics.
READ: Inflation, wages among Filipinos' top concerns
CONTROLLING inflation, improving wages, and access to affordable food are the top three major concerns the government of President Ferdinand Marcos Jr. must address, according to a survey by OCTA Research. In OCTA's non-commissioned survey conducted from October 23 to 27, 57 percent of respondents said the Marcos administration should focus on controlling the rise in prices of basic goods and services, 48 percent said the government should raise workers' salaries, and 46 percent said there should be more access to affordable food. Respondents in Balance Luzon are less concerned with inflation than are those in the National Capital Region (NCR), Visayas or Mindanao. NCR had the lowest percentage of respondents who said they are concerned with access to affordable food. NCR respondents are more concerned with improving and increasing wages than those in Balance Luzon or Mindanao. Respondents from the socioeconomic classes A, B and C are also less concerned with access to affordable food than those from classes D and E. OCTA said the number of respondents concerned with controlling the increase of prices and access to affordable food has increased by 11 percentage points and 10 percentage points respectively, due to the increasing inflation rate which began to rise around the survey period. From as high as 43 percent in 2021, only 9 percent of Filipinos now consider controlling the spread of Covid-19 as an urgent concern for the government.
READ: Time magazine names Zelenskyy 'Person of the Year
Time magazine named President Volodymyr Zelenskyy as well as "the spirit of Ukraine" as its 2022 person of the year on Wednesday, for the resistance the country has shown in the face of Russia's invasion. Calling Zelenskyy's decision to remain in Kyiv and rally his country "fateful," Time editor in chief Edward Felsenthal said this year's decision was "the most clear-cut in memory." Since Russia's February 24 invasion, Zelenskyy has delivered daily speeches that are followed not only by Ukrainians but by citizens and governments around the globe. He has appeared on the front lines and recently celebrated in the streets of Kherson when Ukraine pushed Russia from the critical southern city. Zelenskyy's response to the Russian invasion has transformed the 44-year-old former comedian from an embattled leader of a struggling European outlier to a global household name. He has also become the standard-bearer of opposition to Russian leader Vladimir Putin, who himself was Time's person of the year in 2007.
Topping Business
READ: PH dollar reserves shrink
THE Philippines' foreign exchange buffer shrank in November due to government debt payments and central bank foreign exchange operations, the Bangko Sentral ng Pilipinas (BSP) announced late on Wednesday. At $93.95 billion, the country's gross international reserves (GIR) were down from October's $94.03 billion and $14.84 billion less than the $108.79 billion in hand at the end of last year. The $93.95 billion is "more than adequate," the BSP said, being enough to service 7.5 months' worth of imports of goods and payments of services and primary income. By convention, it noted, a three-month buffer is considered sufficient. The latest GIR level is also about 6.9 times the country's short-term external debt based on original maturity and four times based on residual maturity, the central bank added.
In Sports
READ: Magic snap 9-game losing streak
ORLANDO, Florida: Rookie Pablo Banchero scored 10 of his 23 points in overtime and the Orlando Magic snapped a nine-game losing streak with a 116-111 win over the Los Angeles Clippers on Wednesday (Thursday in Manila). Banchero, the top overall pick in the NBA draft, made all six of his free throws in the final seven seconds of overtime, rallying the Magic from a 111-110 deficit. Terrance Mann came off the bench to lead the Clippers with 19 points. Nicolas Batum scored 16 points and center Ivica Zubac had 16 points and 13 rebounds before fouling out with seven seconds left in overtime. Bol Bol and Mo Wagner each scored 20 points for the Magic, who trailed by 18 points in the first quarter and by 17 late in the third.
READ: Yankees sign Judge to record deal
Superstar slugger Aaron Judge has agreed to a Major League Baseball record nine-year deal worth $360 million to return to the New York Yankees, according to multiple reports on Wednesday (Thursday in Manila). The 30-year-old US free agent outfielder, who smashed an American League record 62 home runs last season, had rejected a seven-year Yankees offer worth $213.5 million before the 2022 campaign.His new deal, according to ESPN and MLB's website plus multiple New York media outlets, means Judge made $150 million by betting on himself in the 2022 campaign, when he led MLB in homers, runs scored with 133 and runs batted in with 131. Judge, who batted .311, was named the 2022 American League Most Valuable Player. At an average of $40 million per season, Judge's contract is the richest in MLB history for any non-pitcher, $4 million more per season than Mike Trout's 12-year deal worth $426.5 million.
The Times, in its editorial, discusses the heavy yoke of climate justice. Read the full version on print or digital or listen to the Voice of the Times. Featured columnists on the front page are Rigoberto Tiglao, Ruben Torres and Ki Tatad. Tiglao, in his column asks, should Marcos be blamed for the soaring ginflation; Tatad on a frontal challenge; and Torres on endangered fish and exploited children.
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This is Kim Dignadice reporting.