Economy

Despite the weak growth in the remittance sector, the country’s strong domestic market pushed the Philippine economy to maintain a steady progress in the first three months of this year, the International Monetary Fund (IMF) said.

The Philippine economy may have grown 6 percent in the first quarter, riding on consumer and government spending that offset poor export performance, a ranking International Monetary Fund (IMF) official said Wednesday.

Jeany Rose Callora left her home on the Philippine island of Negros last year to work at a soft- drinks factory in Manila, hoping to earn money for college. When her contract ended six months later, she said she couldn’t get another job in Southeast Asia’s fastest growing economy.

MANILA, Philippines – The Philippines is a “rising star” in a gloomy world economy and could grow by as much as eight percent by 2016 if reforms in governance and business policies continue, a unit of debt watcher Moody’s Investors Service said.

THE PHILIPPINES has been branded as “Asia’s rising star” by Moody’s Analytics, with the country’s growth expected to outstrip much of the world in coming years. In a report released yesterday, the research arm of credit rater Moody’s Investors Service called the Philippines “among the brightest parts of a generally gloomy global picture.”

Set to be ‘one of world’s fastest growth rates’ The Philippines has grabbed the spotlight amid a lackluster global economy, with a think tank describing it as a “rising star” poised to record one of the fastest growth rates in the world and a credit-rating firm raising its growth forecast for the country.

Farmer Rene Ravalo loads coconuts onto a truck in the Philippines for the 30-minute trip to market on a road built last year. It previously took half a day for a water buffalo to inch the goods down a mountain track.

Poverty level remains unchanged since 2006 – govt survey Poverty level remains unchanged since 2006 – govt survey. A street dwelling couple with their mobile cart-home looks for a place to settle down before nightfall along Sto. Domingo Street in Quezon City on Tuesday. Economic indicators may show the country is getting richer, but the…

Although elsewhere the prospect for high growth this year was seen ranging no more than 5 percent in terms of gross domestic product (GDP), the sovereign-credit watcher Moody’s Investor Service anticipates accelerating local output as high as 7 percent.

(Updated 4:30 p.m.) Philippine output this year and the next is seen settling within the government’s growth goals, driven by the construction and business process outsourcing sectors and domestic demand, a unit of debt watcher Moody’s Investors Service said Wednesday.

There is a need to speed up the implementation of necessary programs and policies to improve the competitiveness of Philippine exports, the National Economic and Development Authority (NEDA) said on Monday.

THE Philippine economy will continue to do better than the Asia-Pacific average although it will likely slow to 6.2 percent in 2013 due to external factors, according to the United Nations Economic and Social Commission for Asia and the Pacific (Escap).

The National Economic and Development Authority (NEDA) is optimistic that the negative growth of the Philippine merchandise exports will not dampen the country’s economy.

MANILA — The International Monetary Fund (IMF), a recipient of a $1-billion loan from the Philippines, kept its projection for the country’s growth amid risks the country faces.

To sustain the upward momentum of the country’s economy, the World Bank has urged the Philippines to increase its infrastructure spending.

THE WORLD BANK yesterday maintained its 2013 Philippine growth forecast of 6.2% even as it trimmed projections for the East Asia and the Pacific region, noting continuing risks tied to global weaknesses and also the possibility of overheating.

Urges PH, other countries to start containing inflation The World Bank has warned that the Philippines and a few other Asian countries were facing threats of overheating and suggested that policymakers start shifting focus from boosting economies to containing the buildup of inflationary pressures.

Philippine export earnings in February fell by a hefty 15.6 percent from last year, the National Statistics Office reported last week. The fall largely traces to an even heftier drop during the same period (-36.5 percent) in our electronics exports, which still comprise our single largest export product category. Global demand for personal computers has…

After the euphoria-inducing investment-grade rating given to the Philippines during the Lenten break, a string of not-so-good news has hit the economic front. Foreign direct investments—or money that goes into productive undertakings like tourism, agriculture, or industrial projects—registered a net inflow of $576 million in January, down by nearly half from $1.05 billion posted in…

MANILA, Philippines – The World Bank has maintained its gross domestic product (GDP) growth forecasts for the Philippines at 6.2 percent and 6.4 percent for 2013 and 2014, respectively, as the country continues to show signs of sustained growth.

GROWTH LIKELY remained strong in the first quarter given healthy domestic demand and supply conditions, monetary authorities noted during a policy meeting last month.

MANILA – The Philippine economy is likely to sustain its strong growth this year until 2014, but unemployment and underemployment remain a key concern, the Asian Development Bank (ADB) said on Tuesday.

THE BENEFITS of the first ever investment-grade upgrade are grossly exaggerated. The behavior of the stock market last Monday, rising tentatively, retreated, and finally fell, supported this view. The stock markets’ hyperactive reaction to the upgrade before the Holy Week break was totally irrational.

Fitch Ratings on Wednesday gave the Philippines a historic thumbs up, rating the economy “investment grade” for the first time ever. There is no spoiling this development. It is good news. Our leaders deserve credit as well as some basking in the limelight. By leaders though, it’s important to stress that this refers to both…

Early Easter gift for PH “It’s an early Easter for the market,” said a fund manager after Fitch Ratings raised the Philippine credit rating to investment grade on Wednesday, a move expected to boost investments and lift the country’s long-term growth potential.

MANILA – (UPDATE 4, 5:19 p.m.) Fitch Ratings has lifted the Philippines’ credit ratings to investment grade, the first time the country has bagged the seal of good fiscal housekeeping. In a statement, the international credit rating firm on Wednesday said it hiked the country’s long-term foreign-currency issuer default rating (IDR) to ‘BBB-‘ from ‘BB+’.…

MANILA – (UPDATE 3, 5:17 p.m.) The business community on Wednesday welcomed the Philippines’ upgrade from Fitch Ratings, but reminded the government that foreign direct investments (FDI) — the kind that creates jobs — won’t be forthcoming if constraints to doing business in the country remain.

The following statement was released by Fitch Ratings on Wednesday, as it upgraded the Philippines to investment grade:

Traders urged to strengthen forex sources other than remittances The Bangko Sentral ng Pilipinas wants an export sector development agenda drawn up to ensure that the country’s foreign exchange reserves remain at a healthy level in the face of worsening global economic conditions.

FOR the first time, the Philippines has attained investment-grade status, courtesy of the UK-based Fitch Ratings, in the first of an expected series of upgrades seen to result in even more foreign inflows to help accelerate the economy down the line.