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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. ....

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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 ....

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Philippines: Redeeming the time - BusinessWorld


BusinessWorld
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Last Wednesday’s broadsheets quoted Vaccine Czar Carlito Galvez, Jr. warning the Filipino public “to brace for another surge in COVID-19 infections by June or July.” This sounds good, but it could also be bad.
How Secretary Galvez came to this conclusion escapes us. However, this is a good indication that a sense of anticipation has finally dawned among our health authorities. All we need to see is decisive action to be fully convinced. He could not have said it better: “We have to expect the worst when we are planning something and we are now preparing for it. Until such time that there is a definite cure for COVID, that is the time that we will see what we call economic recovery.” ....

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