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Philippines slips 9 notches in competitiveness ranking

May 24, 2018 - 10:21 AM

(UPDATED) The Philippines ranked 50th out of 63 countries in the 2018 World Competitiveness Yearbook– the worst decline among peers in the Asia-Pacific region

Gov't underspending leads to narrower budget deficit as of April

May 23, 2018 - 8:05 PM

The Philippines' budget deficit from January to April is at P115.9 billion, lower than the P167.1-billion projection

Philippines misses most of 2017 labor targets

May 21, 2018 - 7:56 PM

While the current unemployment rate has improved compared to previous decades, this is still behind the 5.1-5.4% target set in 2017

PH missed most of 2017 labor targetsQC Job Fair on Labor Day 2018. Photo by Angie de Silva/Rappler

PH hot money net inflows hit $279M in April

May 19, 2018 - 8:30 AM

Data from the Bangko Sentral ng Pilipinas show that the country had a net inflow of foreign portfolio investments for the second straight month in April with $279.28 million, 5 times more than in the same month last year

More jobs in a green economy – ILO report

May 16, 2018 - 9:38 AM

'The green economy can enable millions more people to overcome poverty, and deliver improved livelihoods for this and future generations,' says International Labor Organization Deputy Director General Deborah Greenfield, citing the findings of the World Employment Social Output 2018 report

FARMING IN BENGUET. A farmer checks on a farm planted with lettuce in preparation for harvest in Barangay Paoay, Atok town in Benguet province. Photo by Mau Victa/Rappler

Philippines posts sharpest drop in remittances in 15 years

May 15, 2018 - 7:16 PM

This comes on the heels of the repatriation of overseas Filipino workers from Middle East countries

Images from Shutterstock

Foreign direct investments in PH continue to strengthen in February

May 11, 2018 - 4:30 PM

The country's central bank governor says this reflects investor confidence in the country’s sound macroeconomic fundamentals and growth prospects

Bangko Sentral ng Pilipinas hikes interest rates for first time since 2014

May 10, 2018 - 6:16 PM

The country's central bank expects the inflation rate to be higher in the coming months

Philippine GDP grows by 6.8% in Q1 2018

May 10, 2018 - 10:04 AM

(4TH UPDATE) Socioeconomic Planning Secretary Ernesto Pernia says Philippine economic growth in the first quarter of the year would have been well within government's target if it were not for high inflation

Philippines' forex buffer hits 3-year low in April

May 07, 2018 - 6:55 PM

This is dragged by outflows arising from payments made by the national government for its maturing foreign obligations as well as the foreign exchange operations of the central bank

Majority of Filipinos still have no bank account – World Bank

May 06, 2018 - 9:00 PM

While the gap remains, the number of Filipino adults holding formal bank accounts is now higher, accelerated by mobile phones and the internet

Agriculture department asks P123.7-billion budget for 2019

May 04, 2018 - 1:41 PM

The proposed amount is more than twice the average allocation, and could be the agency's largest budget if approved

Philippine inflation rises to 4.5% in April 2018

May 04, 2018 - 10:15 AM

Inflation reaches another 5-year high amid price increases for alcoholic beverages and tobacco; transport; as well as housing, water, electricity, gas, and other fuels

ADB vows to fund more Mindanao projects

May 03, 2018 - 8:40 PM

As the Asian Development Bank holds its annual meeting, protesters outside demand an end to 'anti-poor and anti-development strategies'

ADB vows to fund more Mindanao projects

Amid high inflation, Bangko Sentral ready to raise interest rates 'if needed'

May 03, 2018 - 4:10 PM

While the Philippine central bank's medium-term inflation outlook remains within the government target, it says it will continue monitoring the figures in case a policy shift is needed

READY TO RAISE. If all considerations point to the need for the BSP to undertake some decisive action, Diwa Guinigundo says BSP 'will not have second thoughts.' File photo by BSP

Rising gas, food prices seen to push PH inflation faster

May 03, 2018 - 12:24 PM

The movement of prices of basic goods and services is seen to be faster in April

HIGHER PRICES. Higher price increases are noted for rice, corn, fish, fruits, and vegetables in March 2018. File photo by Noel Celis/AFP

U.S. Fed to hold fire amid rising market sensitivity

Apr 29, 2018 - 11:50 PM

Investors will be looking for signs of how concerned US officials appear to be about rising wages and inflation

WASHINGTON, DC - MARCH 21: U.S. Federal Reserve Chairman Jerome Powell speaks during a news conference March 21, 2018 in Washington, DC. The Fed today as expected announced a quarter-point increase in interest rates under its new chairman. Alex Wong/Getty Images/AFP

S&P raises credit rating outlook on Philippines

Apr 27, 2018 - 5:26 PM

A higher credit rating translates to more foreign investments, lower borrowing cost for both the government and private sectors, among others

Three Mindanao regions beat country's GDP in 2017

Apr 26, 2018 - 11:28 PM

The 3 Mindanao regions are Davao, Soccsksargen, and ARMM

Philippines to borrow more from foreign lenders

Apr 25, 2018 - 8:15 AM

Budget Secretary Benjamin Diokno says the government decided to hike the share of foreign borrowings to 25% of the total financing program for the next 5 years, from the initial 20%

Philippine economy to lose up to P1.96 billion over Boracay closure

Apr 24, 2018 - 4:10 PM

Socioeconomic Planning Secretary Ernesto Pernia says the growth rates of Western Visayas 'will be trimmed'

ECONOMIC IMPACT. Upon the orders of President Rodrigo Duterte, Boracay Island will be closed to tourists for 6 months starting Thursday, April 26. Photo by Angie De Silva/Rappler

NFA set to import 250,000 MT tons of rice in May

Apr 20, 2018 - 9:17 PM

The National Food Authority reopens government-to-government importation with invitations sent to the embassies of Thailand and Vietnam

Philippine inflation rate averages 3.8% for Q1 2018

Apr 20, 2018 - 10:40 AM

(3rd UPDATE) Inflation hits its highest quarterly average since 2014 as the tax reform law, higher oil prices, a weaker peso, and the tightening of US monetary policy take their toll

Taxes on sugary drinks hurt sari-sari stores – survey

Apr 19, 2018 - 4:40 PM

A Nielsen study shows consumers have been drinking less sugary drinks and even taking items out of their grocery baskets, as prices rose with the implementation of the tax reform law

PRICE HIKES.The retail price of a one-liter bottle of Coca-Cola, for instance, is projected to increase to P43 from the current P31, due to the tax reform law. Photo by Chrisee Dela Paz/Rappler

Philippine remittances growth slows down in February

Apr 16, 2018 - 4:00 PM

Cash remittances, or remittances formally channeled through banks, register $2.27 billion in February 2018, representing 4.5% year-on-year growth from the same month a year ago

OF REMITTANCES. Cash remittances from land-based workers and sea-based workers increased by 6.4% and 9.8%, respectively, data from BSP showed. Photo by LeAnne Jazul/Rappler

Trump considers rejoining Pacific trade pact he once spurned

Apr 13, 2018 - 11:24 AM

'Would only join TPP if the deal were substantially better than the deal offered to Pres. Obama,' US President Donald Trump says in a tweet

TRUMP ON TPP. In this file photo, US President Donald Trump meets with business leaders in the Roosevelt Room at the White House in Washington, DC, on January 23, 2017. File photo by Nicholas Kamm/AFP

World Bank expects stable 6.7% growth for PH in 2018, 2019

Apr 12, 2018 - 8:00 PM

'Any growth above 6.7% would require vigorous investment in physical and human capital to push the economy beyond its current potential output,' says the World Bank

Philippines in 'golden age' of growth – ADB

Apr 11, 2018 - 1:21 PM

The Asian Development Bank projects the Philippine economy to grow by 6.8% in 2018 and 6.9% in 2019

ADB Asian development outlook 2018

Philippines starts 2018 with foreign direct investments up by over 50%

Apr 10, 2018 - 6:45 PM

Foreign direct investment inflows reach $919 million in January 2018, up from the $587 million in January 2017

LIST: Planned developments in Boracay

Apr 10, 2018 - 10:39 AM

The 6-month Boracay closure will not impede the planned mega projects of property developers in the island

BORACAY NEWCOAST. Boracay Newcoast is a 150-hectare tourism estate in Boracay, being developed by Global-Estate Resorts Incorporated (GERI), a Megaworld Corporation subsidiary. Concept photo from Boracay Newcoast website

World Bank recommends free trade zone in Basilan, Sulu, Tawi-Tawi area

Apr 08, 2018 - 8:30 AM

'With zero tariff and few non-tariff barriers, Basulta could return to a version of the barter trade that made it prosperous in the past,' says the World Bank

UNLIKE ANY OTHER. Magnificent sunrise in Tandu Banak, Sibutu. Photo by Glen Santillan/Rappler

World stocks slide on Trump's $100B warning to China

Apr 06, 2018 - 7:17 PM

'Stock markets in Europe are in the red ... as trade war fears have been ramped up,' says analyst

JITTERY. Traders and financial professionals work at the opening bell on the floor of the New York Stock Exchange (NYSE), April 5, 2018 in New York City. Photo by Drew Angerer/Getty Images/AFP

With Boracay closure, airlines and hotels scramble for ‘interim plans’

Apr 06, 2018 - 5:03 PM

Philippine Airlines, Cebu Pacific Air, and AirAsia Philippines have announced flight suspensions, while hundreds of hotels and accommodations are drafting interim plans

Philippine inflation continues to rise at 4.3% in March

Apr 05, 2018 - 12:27 PM

(UPDATED) Higher price increases are noted in rice, corn, fish, fruits, and vegetables, according to data from the Philippine Statistics Authority

INFLATION. The Philippines' inflation rate accelerates to 3.5% in October 2017. File photo by Jay Directo/AFP

PH can become upper middle income country by 2019 – NEDA

Apr 03, 2018 - 4:20 PM

'Our target to become an upper middle income country is in 2022. But we think we will get to that stance much earlier,' says National Economic and Development Authority Undersecretary Rosemarie Edillon

Philippine economy likely to grow above 7% in Q1 2018 – First Metro, UA&P

Apr 02, 2018 - 2:40 PM

Higher jobs created, foreign direct investments, and manufacturing output, among others, point to a stronger gross domestic product growth for the Philippines

Bank lending, liquidity both up in February

Mar 28, 2018 - 5:25 PM

Bank loans expand by 19.5% in February, pushing domestic liquidity to an estimated P10.7 trillion for the month, according to the Bangko Sentral ng Pilipinas

Inflation concerns weaken consumer sentiment in Q1 2018

Mar 26, 2018 - 9:00 PM

The Bangko Sentral ng Pilipinas says the overall confidence index dropped to 1.7% in the 1st quarter of 2018 from 9.5% in the 4th quarter of 2017, as consumers fear higher prices and low income

36,000 jobs, P56 billion 'at stake' if Boracay closed for a year

Mar 22, 2018 - 1:45 PM

(UPDATED) 'More than the effect of closure [on] individual business entities, the contribution of this to the country's economy cannot be disregarded,' say Boracay Island stakeholders

ECONOMIC IMPACT. Aerial inspection of Boracay Island by Department of Tourism (DOT) shows overcrowding and over-development concerns. Photo from DOT

PH travel, tourism sectors girding for planned Boracay shutdown

Mar 21, 2018 - 11:30 AM

Airlines and hotels will take a hit, if the government pushes through with its planned temporary closure of Boracay. But some developers say it won't delay the construction of major commercial developments in the island.

Aerial view of Boracay image from ShutterStock

PH economy reverts to hot money outflows of $545 million in February

Mar 15, 2018 - 9:35 PM

The Bangko Sentral ng Pilipinas attributes the net outflows to investor concerns over the possibility of a US Federal Reserve rate hike

OFW cash remittances start 2018 strong at $2.37 billion

Mar 15, 2018 - 6:30 PM

Cash remittances or those channeled through banks are up 9.7% from January last year, while personal remittances are also up by 10.8% to $2.65 billion

Record high again for foreign investments in Philippines

Mar 12, 2018 - 3:10 PM

But the growth of foreign direct investments in the Philippines in 2017 was substantially lower than in 2016

PH economic managers hail ranking by U.S. firm, vow more reforms

Mar 06, 2018 - 10:40 PM

'Our efforts to create a more business- and investor-friendly environment are gaining traction,' says Socioeconomic Planning Secretary Ernesto Pernia, after an American firm ranked the Philippines as the best country to invest in

Philippine inflation hits new 3-year high at 4.5% in February

Mar 06, 2018 - 10:17 AM

(3rd UPDATE) Higher prices of food and drinks, among others, drive the cost of living up, with inflation at its fastest rate since August 2014

DOF expects February inflation to exceed projections

Mar 05, 2018 - 7:45 PM

The Department of Finance attributes this to the higher prices of sin products such as cigarettes and alcoholic beverages

SIN PRODUCTS. A visit to Puregold supermarket on January 8, 2018 shows that a pack of Marlboro Black 20s is more expensive at P87.50, from last year's P68. Photo by Chrisee Dela Paz/Rappler

Inflation seen to continue hitting poor Filipinos hard

Mar 05, 2018 - 10:21 AM

Dennis Mapa, dean of the UP Diliman School of Statistics, also says the P200 monthly subsidy for poor Filipino households is not enough to offset the impact of the tax reform law

A vendor sells vegetables at a market near an informal settlers area in Manila on February 16, 2011. Rising food prices have pushed about 44 million people into poverty in developing countries since last June, the World Bank warned February 15. AFP PHOTO/TED ALJIBE / AFP PHOTO / TED ALJIBE

Business confidence drops in first 3 months of 2018

Mar 02, 2018 - 3:58 PM

The overall confidence index of Q1 2018 slips to 39.5% from 43.3% for Q4 2017 due to the initial stages of the tax reform, lower demand, and high oil prices, says the Bangko Sentral ng Pilipinas. However, the BSP says the outlook is brighter for Q2 of this year.

DBM: Gov't underspending down to 3% at P85.2 billion in 2017

Feb 28, 2018 - 11:36 AM

If the debt burden is excluded, underspending in 2017 only amounts to P39.9 billion or less than 2% of the full-year fiscal program of P2.91 trillion

UNDERSPENDING. The government recorded a lower underspending rate for 2017. File Photo by Aika Rey/Rappler

Foreign investment pledges down 51.8% in 2017

Feb 22, 2018 - 10:55 PM

A significant 82.8% drop is recorded in the 4th quarter of 2017 alone, according to the Philippine Statistics Authority

SAN ANSELMO, CA - AUGUST 29: In this Photo Illustration, One and five dollar bills are displayed on August 29, 2017 in San Anselmo, California. The dollar fell to a two and a half year low to 91.77 Tuesday following the latest missile launch by North Korea. The U.S. dollar index has slipped over 10% since the inauguration of U.S. President Donald Trump. (Photo Illustration by Justin Sullivan/Getty Images)