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By Jorgelina do Rosario

LONDON, May 11 (Reuters) – Rising fuel and food prices look set to stoke an “inevitable” rise in civil unrest, with developing middle-income countries such as Brazil or Egypt particularly at risk, a report by a risk consultancy said.

Three quarters of nations expected to be at high-risk or extreme risk of civil unrest by the fourth quarter of 2022 were middle-income countries, as defined by the World Bank, Verisk Maplecroft said in an update to its political risk monitor.

“Unlike low-income countries, they were rich enough to offer social protection during the pandemic, but now struggle to maintain high social spending that is vital to the living standards of large sections of their populations,” the report found.

Argentina, Tunisia, Pakistan and Philippines were also among the countries to watch in the next six months, the authors said, pointing to their high dependency on food and energy imports.

Russia’s war in Ukraine has accelerated a rise in food prices, which hit an all-time record in February and again in March. Energy prices also rose sharply. nL2N2X12RV O/R

“With no resolution of the conflict in sight, the global cost of living crisis will continue deep into 2023,” the report said.

Lebanon, Senegal, Kenya and Bangladesh face similar pressures.

The report pointed to Sri Lanka and Kazakhstan as examples of middle income countries that have already suffered unrest this year. The former saw rising food and fuel prices contribute to escalating tensions, while an attempt to cut fuel subsidies sparked protests in Kazakhstan. nS0N2VC00E

Civil unrest could hamper a potential economic recovery but also deter investors focused on environmental, social and governance (ESG) factors, it said.

“Some countries risk falling into a vicious cycle, whereby worsening governance and social indicators make them ESG investment pariahs, impeding the inflows needed to improve economic performance and address societal needs.”

The report found that more than 50% of the almost 200 countries covered by the index have experienced an increase in civil unrest since the COVID-19 pandemic hit.

(Reporting by Jorgelina do Rosario; Editing by Karin Strohecker and Richard Pullin)

((jorgelina.dorosario@thomsonreuters.com;))

Refiles to correct day from Tuesday to Wednesday

MANILA, May 11 (Reuters) – China will continue to work together with the Philippines under its incoming president, Ferdinand Marcos Jr, who won this week’s election by a landslide, its embassy in Manila said on Wednesday.

China will remain committed to a friendship with its neighbour, and focus on post-COVID growth, expand win-win cooperation, and bring more tangible benefits to both peoples, said the statement, quoting China’s foreign ministry spokesperson Zhao Lijian.

(Reporting by Neil Jerome Morales; Editing by Martin Petty and Kanupriya Kapoor)

((neiljerome.morales@thomsonreuters.com; +632 8841 8914;))

By Jorgelina do Rosario

LONDON, May 11 (Reuters) – Rising fuel and food prices look set to stoke an “inevitable” rise in civil unrest, with developing middle-income countries such as Brazil or Egypt particularly at risk, a report by a risk consultancy said.

Three quarters of nations expected to be at high-risk or extreme risk of civil unrest by the fourth quarter of 2022 were middle-income countries, as defined by the World Bank, Verisk Maplecroft said in an update to its political risk monitor.

“Unlike low-income countries, they were rich enough to offer social protection during the pandemic, but now struggle to maintain high social spending that is vital to the living standards of large sections of their populations,” the report found.

Argentina, Tunisia, Pakistan and Philippines were also among the countries to watch in the next six months, the authors said, pointing to their high dependency on food and energy imports.

Russia’s war in Ukraine has accelerated a rise in food prices, which hit an all-time record in February and again in March. Energy prices also rose sharply. nL2N2X12RV O/R

“With no resolution of the conflict in sight, the global cost of living crisis will continue deep into 2023,” the report said.

Lebanon, Senegal, Kenya and Bangladesh face similar pressures.

The report pointed to Sri Lanka and Kazakhstan as examples of middle income countries that have already suffered unrest this year. The former saw rising food and fuel prices contribute to escalating tensions, while an attempt to cut fuel subsidies sparked protests in Kazakhstan. nS0N2VC00E

Civil unrest could hamper a potential economic recovery but also deter investors focused on environmental, social and governance (ESG) factors, it said.

“Some countries risk falling into a vicious cycle, whereby worsening governance and social indicators make them ESG investment pariahs, impeding the inflows needed to improve economic performance and address societal needs.”

The report found that more than 50% of the almost 200 countries covered by the index have experienced an increase in civil unrest since the COVID-19 pandemic hit.

(Reporting by Jorgelina do Rosario; Editing by Karin Strohecker and Richard Pullin)

((jorgelina.dorosario@thomsonreuters.com;))

May 11 (Reuters) – Bloomberry Resorts Corp BLOOM.PS:

• SIGNED TERM SHEET WITH PH TRAVEL AND LEISURE

• TERM SHEET COVERS CO’S PROPOSED INVESTMENT INTO LAPULAPU LEISURE & CLARK GRAND LEISURE

Source text for Eikon: ID:nPSX4q1HCK

Further company coverage: BLOOM.PS

((Reuters.Briefs@thomsonreuters.com;))

May 11 (Reuters) – DMCI Holdings Inc DMC.PS:

• QTRLY EARNINGS UP 165% TO 11.3 BILLION PESOS

Source text for Eikon: ID:nPSX2mVkd4

Further company coverage: DMC.PS

((Reuters.Briefs@thomsonreuters.com;))