Economy

MANILA, Philippines – Investment banks and think tanks upgraded their economic growth forecasts for the Philippines after it posted a stronger-than-expected gross domestic product (GDP) growth of 6.4 percent in the first quarter of the year. New York-based think tank Global Source Partners upgraded the country’s GDP growth forecast to five percent instead of 4.5…

Manila, Philippines – President Aquino assured the public yesterday that his government was committed to ensure inclusive growth benefiting all sectors as the country’s gross domestic product grew 6.4 percent in the first quarter of the year.

…Tops Asian average of 3.7%… The Philippine economy grew 6.4 percent during the first quarter, the highest in Asia except for China. National Economic and Development Authority (NEDA) director general Arsenio Balisacan said growth was high enough to generate 1.1 million new jobs for the quarter.

Asean reaffirms plan on economic integration The economic forecast for many countries these days ranges from shaky to dismal, especially among industrialized countries. Yet, the Philippines and Indonesia stand out as rare examples of emerging Asian economies with positive rating outlooks.

THE PHILIPPINE ECONOMY grew by 6.4% in the first quarter — way above market expectations as well as the official forecast — amid a “revitalized” service sector, higher exports and a jump in state spending. Growth in real gross domestic product (GDP) was the fastest since the 7.3% seen in the third quarter of 2010.…

MANILA, Philippines (Xinhua) – The Philippine economy is seen to grow 4.2 percent this year on back of strong domestic demand, investment, and increased government spending amid a global slowdown, the World Bank said Wednesday.

Islamabad—Despite visible economic slowdown, the United Nations has informed the world that Asia-Pacific part of the globe would remain a strong anchor of global economic stability, a message that would surely take tycoons optimism to new heights amid maddening entrepreneural competitions. “Demand for its exports declines and capital costs rise” in Asia-Pacific region but despite…

In an ironic and historic twist, the trade union movement and the Asian Development Bank (ADB), which normally do not see eye to eye on development issues, suddenly found themselves united on one: reversing the industrial hollowing out of the Philippine economy. The ADB wrote that the Philippines has an ampaw economy whose growth cannot…

THE ECONOMY could “surprise many” by growing 5% or even higher in the first quarter, First Metro Investment Corp. (FMIC) and the University of Asia and the Pacific (UA&P) have projected.

SINGAPORE — Asia’s economic growth probably troughed in the first quarter but a bounce-back may be muted, a Reuters poll showed.

THE Philippines is “on track” in achieving an ambitious growth target for 2012 “in light of the very good news in the economic front,” Secretary Gregory Domingo of the Department of Trade and Industry (DTI) said on Thursday.

MANILA, Philippines – Multilateral lender International Monetary Fund (IMF) yesterday said the Philippines would be the laggard in economic growth among the Association of Southeast Asian Nations-5 (ASEAN-5) this year and in 2013.

MANILA, Philippines – Multilateral lender International Monetary Fund (IMF) yesterday said the Philippines would be the laggard in economic growth among the Association of Southeast Asian Nations-5 (ASEAN-5) this year and in 2013.

MANILA, Philippines – If only the Philippines can tap all of its vast gold resources and reserves, poverty would be completely eradicated, according to the National Statistical Coordination Board (NSCB).

MANILA, Philippines – After a lackluster 3.7% economic growth in 2011, the Philippines would bounce back this 2012 with a 4.8% growth, the Manila-based Asian Development Bank (ADB) projected.

MANILA, Philippines – Developing Asia’s rapid growth in recent years has given rise to a widening rich-poor divide that threatens to undermine the region’s growth and stability, but governments can address the problem via shifts in spending priorities, the Asian Development Bank said.

THE PHILIPPINES will likely recover from last year’s sluggish growth amid increased public spending, investments and private consumption but “longstanding structural weaknesses” remain hurdles to achieving inclusive growth, the Asian Development Bank (ADB) yesterday said.

ALTHOUGH the mining industry’s contributions to economic growth have been cited as among the largest, the industry’s full impact particularly on employment and the domestic economy continues to be limited, according to an assessment made by the National Economic and Development Authority (Neda).

Higher public spending is key to sustained economic growth, said former Budget Secretary Benjamic Diokno. This spending he added could spur the development of the domestic market, ensure jobs for new graduates, and revive the country’s manufacturing sector.

Dr. Bernardo Villegas, one of the high priests of dead-end economics, on March 24 pronounced himself “more bullish than the government in forecasting a GDP growth of 6 to 7 percent for 2012” (Manila Times, “Geared toward faster growth”).

MANILA, Philippines – Zurich-based Credit Suisse Group hiked anew its economic growth forecast for the Philippines, this time raising next year’s gross domestic product (GDP) growth on the back of improved political stability and the take off of the government’s major infrastructure program.

UBS Investment Research projects Philippine economic growth at 3.3 percent in 2012 and will further grow to 4.7 percent in 2013. Paul Donovan, UBS deputy head of global economics, said the 2012 projection is still below the considered good growth level of 3.7 percent and .3 percent is lower than general indications/consensus.

BRAGGING that his administration has made headway against corruption and that the Philippines is no longer the “sick man of Asia,” President Benigno Aquino 3rd on Tuesday urged businessmen to put their money in three sectors—infrastructure, agriculture and tourism.

MANILA, Philippines – An upbeat President Aquino yesterday hinted that the Philippines might be able to get more upgrades from credit rating agencies this year, owing to significant improvements in the economy and brighter infrastructure prospects.

President Aquino III expressed his intention to revive Philippine manufacturing. That’s welcome news. But instead of counting chickens before they’re hatched, he should focus on fixing the things that need to be fixed to make the Philippines an attractive place for foreign and domestic manufacturers. The to-do list is quite formidable, however.

THE Philippine economy is poised for sustained and rapid inclusive growth with a trusted, credible and committed political leadership under President Aquino, an official of the Department of Trade and Industry (DTI) said.

THE GOVERNMENT’S 5-6% growth goal for this year will likely be achieved on the back of robust demand and increased spending, a Senate think tank said, notwithstanding challenges posed by continued global volatility. “[The] outlook for 2012 is relatively sanguine,” the Senate Economic Planning Office (SEPO) said in March report, noting that underspending had resulted…

In recent weeks, Filipino leaders, starting with President Aquino III, have gone into an aggressive PR offensive announcing to the world that the Philippine economy is doing well. The stock market is booming and the peso is strengthening. The the country’s credit ratings have been upgraded, though it remains notches below investment grade. And foreign…

MANILA, Philippines – The International Monetary Fund (IMF) recommended the adoption of a unitary sin tax system and indexation of excise taxes to inflation as proposed under House Bill 5727, which is currently pending before the House ways and means committee.

The P133-billion worth of projects recently approved by the government respond to the objectives of the Philippine Development Plan (PDP) 2011-2016, which is to generate employment and massive investment in infrastructure to attain inclusive and sustainable growth, the National Economic and Development Authority (NEDA) said over the weekend.