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Business Standard
5 days ago
- Politics
- Business Standard
Three more crew members rescued from ship attacked by Houthis in Red Sea
Three more Filipino crew members of Liberian-flagged ship 'Eternity C,' which sank in the Red Sea after being attacked by Houthis off Yemen's coast, have been safely pulled out, bringing the total number of rescued Filipino seafarers to eight, Philippines state media reported Friday. The Philippines News Agency (PNA) cited the country's Migrant Workers Secretary Hans Leo Cacdac telling Radio Radyo Pilipinas that the number of Filipinos rescued from the ship, which was sunk on Wednesday, after being hit with sea drones and rocket-propelled grenades fired from speedboats on Monday, July 7. "Three more were found, so there are now eight of them. I will not disclose their current location," Cacdac said adding that reports of three to four possible fatalities are still being verified. The Liberian-flagged Merchant Vessel Eternity C had on board 22 crew members when it sank following damage it sustained in the Houthi attack. In a statement on Thursday, the European Union's Aspides naval mission said during the night July 9-10, three additional crew members of Filipino nationality from the 'Eternity C' and one from the Maritime Security Team (Greek nationality), have recovered from the sea - bringing the total number of those rescued to 10. A Reuters report stated that the Greek operator of the vessel, Cosmoship Management had yesterday confirmed that so far 10 people have been rescued and 10 remain unaccounted for. One person is believed dead and another four have not been seen since the attack on the ship, the company said. Maritime security sources told the Reuters news agency that the Houthis were holding six crew members. 'Eternity C' was the second Greek-owned vessel that was sunk this week by the Iran-backed terrorist group off the coast of Yemen, in their attempt to disrupt shipping in the Red Sea, which is a vital maritime trade route for oil and commodities to the world. Reports have claimed that Houthis attacked the cargo vessel 'Magic Seas' on Sunday with drones, missiles, rocket-propelled grenades and small arms fire, forcing its crew of 22 to abandon the vessel. The rebels later claimed that they sank the Greek-owned and Liberian- flagged ship in the Red Sea. As per Al Jazeera the incidents are a revival of a Houthi campaign launched in November 2023 after the start of Israel's war on Gaza. More than 100 ships have since been attacked in operations the Houthis say are in solidarity with Palestinians, the outlet reported. Meanwhile, Houthi military spokesman Yahya Saree was cited by Al Jazeera as saying on Thursday that the group had carried out a "qualitative military operation" targeting Israel. The Israeli military confirmed the attempted strike but said it had intercepted the missile, according to the media organization.. After the Israel-Hamas ceasefire collapsed in March 2025, US President Donald Trump's administration ramped up the American military campaign against the Houthis. The Trump administration signed an agreement with the Iran-aligned Houthis in May this year in which the militant group pledged not to target American ships in the Red Sea in return for a US commitment not to attack them.
The Sun
25-06-2025
- Business
- The Sun
No significant impact on Philippine economy from Iran-Israel conflict
MANILA: Philippine President Ferdinand R. Marcos Jr has assured that the ongoing tensions in the Middle East have had 'no significant effect' on the Philippine economy, though the government is closely monitoring for potential price manipulation, Philippines News Agency (PNA) reported. Speaking to reporters in Tarlac on Wednesday, Marcos said the impact of the Iran-Israel conflict remains manageable, based on assessments made during a meeting with his economic team at Malacañang on Tuesday. 'So far, there is no effect. No significant effect on the economy,' he said. Marcos, however, noted that the government is on alert for price gouging, citing instances of unjustified price increases despite stable oil prices. 'We're monitoring price gouging, because I've seen many prices going up even though oil prices haven't increased. That's our focus now,' he added. He acknowledged that while the crisis in the oil-rich region could potentially affect global prices, crude oil had declined to US$69 from US$79 following the ceasefire agreement between Iran and Israel. Asked whether fuel subsidies would be extended to public utility drivers and other sectors despite the drop in prices, Marcos said such assistance would only be considered if prices surge. 'If prices don't increase, then there's no need for subsidies. We're not referring to aid but to targeted subsidies, which will only be triggered if oil prices rise,' he explained. Marcos stressed that for now, it remains 'business as usual' for the country. 'The price of oil hasn't gone up. It rose for a day and then came back down. So we don't need to talk about subsidies yet,' he said.
New Straits Times
25-06-2025
- Business
- New Straits Times
No significant impact on Philippine economy from Iran-Israel conflict: Marcos
MANILA: Philippine President Ferdinand R. Marcos Jr has assured that the ongoing tensions in the Middle East have had "no significant effect" on the Philippine economy, though the government is closely monitoring for potential price manipulation, Philippines News Agency (PNA) reported. Speaking to reporters in Tarlac on Wednesday, Marcos said the impact of the Iran-Israel conflict remains manageable, based on assessments made during a meeting with his economic team at Malacañang on Tuesday. "So far, there is no effect. No significant effect on the economy," he said. Marcos, however, noted that the government is on alert for price gouging, citing instances of unjustified price increases despite stable oil prices. "We're monitoring price gouging, because I've seen many prices going up even though oil prices haven't increased. That's our focus now," he added. He acknowledged that while the crisis in the oil-rich region could potentially affect global prices, crude oil had declined to US$69 from US$79 following the ceasefire agreement between Iran and Israel. Asked whether fuel subsidies would be extended to public utility drivers and other sectors despite the drop in prices, Marcos said such assistance would only be considered if prices surge. "If prices don't increase, then there's no need for subsidies. We're not referring to aid but to targeted subsidies, which will only be triggered if oil prices rise," he explained. Marcos stressed that for now, it remains "business as usual" for the country. "The price of oil hasn't gone up. It rose for a day and then came back down. So we don't need to talk about subsidies yet," he said.
The Sun
27-05-2025
- Business
- The Sun
Philippines deepens regional ties with Vietnam, Laos through expanded partnerships
KUALA LUMPUR: The Philippines is strengthening regional ties with Vietnam and Laos, as President Ferdinand R. Marcos Jr. held separate bilateral meetings with their leaders on the sidelines of the 46th ASEAN Summit in Malaysia on Monday, Philippines News Agency (PNA) reported. In his meeting with Vietnamese Prime Minister Pham Minh Chinh, Marcos said the two countries are discussing the possibility of elevating their strategic partnership to a comprehensive strategic partnership. 'Our ministers are in discussion on the possibility of elevating the strategic partnership to a comprehensive strategic partnership. I believe there are already productive conversations between our two countries,' Marcos said, as quoted in a Malacanang news release. Pham acknowledged the progress in bilateral relations since Marcos' state visit to Vietnam in January 2024 and expressed hope that the partnership can be further elevated. Both leaders also discussed enhanced cooperation in trade, agriculture, food security, tourism, education, and cultural exchanges. Marcos extended his condolences over the recent passing of former Vietnamese President Tran Duc Luong. In a separate bilateral meeting, Marcos and Lao Prime Minister Sonexay Siphandone reaffirmed their commitment to strengthen cooperation as the Philippines and Laos mark 70 years of diplomatic relations. The two leaders identified key sectors for deeper collaboration, including trade, education, defense, digital innovation, agriculture, skills development and tourism. Marcos also underscored the potential of expanding trade ties, noting Laos' rapid economic growth. Trade between the two countries has nearly doubled, from US$7 million in 2019 to approximately US$13.72 million in 2024. He raised the idea of establishing direct flights between Manila and Vientiane to further boost tourism and connectivity. Siphandone commended the Filipino community in Laos -- over 2,000 strong -- for their contributions in education, research and architecture. He also thanked the Philippine government for supporting Lao ministries through scholarships and language training. He welcomed increased Filipino investments in Laos' priority sectors, including clean energy, advanced technology, health services, and infrastructure. Siphandone extended a formal invitation for Marcos to undertake a state visit to Laos, signalling a forward-looking agenda for broader cooperation in the years ahead.
Euronews
13-05-2025
- Business
- Euronews
The Philippines is introducing a digital nomad visa. Are you eligible?
If you've dreamed of living and working in one of the many paradisiacal destinations in the Philippines, now might be your chance to make that dream a reality. The country is launching a new digital nomad visa, which will allow remote workers to stay for up to two years. President Bongbong Marcos announced the upcoming programme at the end of April. 'To further boost tourism and economy in the country, there is a need to establish a legal framework to facilitate the entry of digital nomads in the country, or foreign nationals who desire to temporarily stay in the Philippines while engaging in remote work activities for overseas employers or clients," he said. The initiative aims to boost tourism and strengthen the Philippine economy. Here's everything we know about the Philippines' digital nomad visa so far. Following the signing of the executive order by the president, the Philippines' Department of Foreign Affairs (DFA) is now able to issue digital nomad visas. These are available to qualifying non-immigrant foreigners for an initial period of one year, with the option to renew for a second year. To qualify for the visa, applicants must: Additionally, applicants cannot be employed within the Philippines and must not pose any security threat to the nation. With 7,600 islands fringed with pristine beaches, energetic cities like Manila, and renowned surf spots like Siargao, the country offers plenty of attractive options for remote workers. 'With our unparalleled natural beauty, vibrant culture, and the warmth of the Filipino people, the Philippines stands ready to welcome digital nomads to travel, work, and thrive across our islands,' Philippine tourism secretary Christina Frasco told the Philippines News Agency. While applications aren't yet open, the programme is expected to launch in the coming months. The Philippines joins other popular destinations like South Korea, Italy, Japan, and Thailand in offering specialised visas for digital nomads. Expedia Group said Friday that reduced travel demand in the United States led to its weaker-than-expected revenue in the first quarter, and Bank of America said credit card transactions showed spending on flights and lodging kept falling last month. The two reports add to growing indications that the US travel and tourism industry may see its first slowdown since the end of the COVID-19 pandemic fuelled a period of 'revenge travel' that turned into sustained interest in getting away. Expedia, which owns accommodation reservation platforms and VRBO as well as an eponymous online travel agency, was the latest American company to report slowing business with both international visitors and domestic travellers. Airbnb and Hilton noted the same trends last week in their quarterly earnings reports. Most major US airlines have said they plan to reduce scheduled flights, citing a decline in economy passengers booking leisure trips. The US Travel Association has said that economic uncertainty and anxiety over President Donald Trump's tariffs may explain the pullback. In April, Americans' confidence in the economy slumped for a fifth straight month to the lowest level since the onset of the pandemic. Bank of America said Friday that its credit card holders were willing to spend on 'nice to have' services like eating at restaurants in March and April, but 'bigger ticket discretionary outlays on airfare and lodging continued to decline, possibly due to declining consumer confidence and worries about the economic outlook.' Abroad, anger about the tariffs as well as concern about tourist detentions at the border have made citizens of some other countries less interested in travelling to the US, tourism industry experts say. The US government said last month that 7.1 million visitors entered the US from overseas this year as of the end of March, 3.3 per cent fewer than during the first three months of 2024. The numbers did not include land crossings from Mexico or travel from Canada, where citizens have expressed indignation over Trump's remarks about making their country the 51st state. Both US and Canadian government data have shown steep declines in border crossings from Canada. Expedia Chief Financial Officer Scott Schenkel said that while the net value of the travel company's bookings into the US fell 7 per cent in the January-March period, bookings to the US from Canada were down nearly 30 per cent. In a conference call with investors on Friday, Expedia CEO Ariane Gorin said demand for US travel was lower in April than in March. 'We're still continuing to see pressure on travel into the US, but we've also seen some rebalancing,' Gorin said. 'Europeans are travelling less to the US, but more to Latin America.' Airbnb said last week that foreign travel to the US makes up only 2 to 3 per cent of its business. But within that category, it's seeing declining interest in the US as a destination. 'I think Canada is the most obvious example, where we see Canadians are travelling at a much lower rate to the US but they're travelling more domestically, they are traveling to Mexico, they are going to Brazil, they're going to France, they're going to Japan,' Airbnb Chief Financial Officer Ellie Mertz said in a conference call with investors. Hilton President and CEO Christopher Nassetta said the company saw international travel to its US hotels fall throughout the first quarter, particularly from Canada and Mexico. But Nassetta said he remained optimistic for the second half of this year. 'My own belief is you will see some of — if not a lot of — that uncertainty wane over the next couple of quarters, and that will allow the underlying strength of the economy to shine through again,' he said.
