Good day. Here are the stories for The Manila Times for Friday, November 10, 2023.
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READ: Economy recovers after slow quarter
THE Philippine economy grew by a better-than-expected 5.9 percent in the third quarter, the government reported on Thursday, with a rebound in state spending said to have particularly factored in the acceleration. The result, while down from 7.7 percent a year earlier, was an improvement from the disappointing 4.3 percent posted in the second quarter. It was also markedly higher than the 4.9 percent median forecast in a Manila Times poll of economists. The Philippine Statistics Authority said all economic sectors recorded positive results, with services by 6.8 percent, industry growing by 5.5 percent, and agriculture, forestry and fishing expanding by 0.9 percent.
BUSINESS: Inflation to stay above target 'til 2024
Meanwhile, inflation is expected to remain above the 2.0- to 4.0-percent target this year and the next, Monetary Board member Romeo Bernardo said during an economic forum on Thursday. Inflation is expected to average 6.2 percent this year from the previous baseline forecast of 5.8 percent while the 2024 figure will likely reach 4.7 percent instead of 3.5 percent previously. October's 4.9-percent print remained above target but was down from September's 6.1 percent. It also snapped a two-month run of consumer price hikes that began in August.
READ: Duterte gives up OVP confidential fund
VICE President Sara Duterte has given up her office's request for a 500-million peso confidential fund to end the divisiveness it has generated. Duterte on Thursday attended the Senate plenary debate for the proposed 2024 budget of the Office of the Vice President. The House of Representatives had slashed the O.V.P's original budget of 2.378 billion to 1.874 billion pesos, realigning the 500 million pesos intended for the confidential fund to agencies involved in securing national defense. Sen. Juan Edgardo "Sonny" Angara, Senate Committee on Finance chairman, said Duterte has informed him of the OVP's decision to forgo its C.F. for 2024.
READ: Philippines scraps China funding for rail projects
THE Philippines has decided to scrap a $4.9-billion funding deal with China for three rail projects. Transportation Secretary Jaime Bautista said the sudden withdrawal came after Beijing failed to respond to funding requests on the projects. The cancellation comes amid rising tensions in the South China Sea between the Philippines and China. Last month, Chinese vessels deliberately collided with Philippine vessels delivering supplies to soldiers stationed in Ayungin Shoal. Bautista, however, attributed the decision to China's disinterest, not territorial disputes.
READ: 47 provinces to experience dry periods by month's end
FORTY-SEVEN provinces will start experiencing El Niño-induced dry periods by the end of November, the Philippine Atmospheric Geophysical and Astronomical Services Administration (Pagasa) said Thursday. Pagasa Officer in Charge Nathaniel Servando said a dry spell would likely hit 10 provinces: Kalinga, Apayao, Cagayan, Nueva Ecija, Batangas, Cavite, Laguna, Oriental Mindoro and Palawan in Luzon, and Guimaras in the Visayas. Servando said 37 provinces would have dry conditions.
SPORTS: PBA top rookie pick debuts for Terrafirma
Over to sports, top rookie pick Stephen Holt makes his much-awaited debut in the Philippine Basketball Association as Terrafirma clashes with NorthPort in Season 48 Commissioner's Cup on Friday, November 10, at the Smart Araneta Coliseum in Quezon City. The 31-year-old Holt is coming in with an impressive pro basketball credential after spending the past decade playing in top-flight leagues in Europe. At 6-foot-4, Holt could easily play multiple positions and be an offensive threat for Dyip.
READ: Opinion and editorial
Rigoberto Tiglao and Francisco Tatad are today's front page columnists. Tiglao asks if the United States and Israel are exempted from a rules-based international order, while Tatad looks into what is the real challenge to the Senate.
Today's editorial discusses the global response to online disinformation. Read the full version in the paper's opinion section or listen to the Voice of the Times.
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