Economy

The Asian Development Bank (ADB) slashed its growth forecast for the country this year to 4.7 percent from five percent previously as a result of “subdued government spending” and weak exports receipts, saying that increased public and private investment may see a pickup in economic activity next year.

MANILA, Philippines – The Asian Development Bank (ADB) has downgraded its full-year growth outlook for the Philippines to 4.7 percent from a five percent forecast in July, the Manila-based lender said.

MANILA/HONG KONG – Asia’s emerging economies will grow robustly into 2012, led once again by China, although troubles in the United States, Europe and Japan will clip their momentum, the Asian Development Bank said in an updated economic outlook released on Wednesday.

MANILA, Philippines – The economy is likely to grow anywhere from 4.3 percent to 4.8 percent this year, lower than the official growth assumption of five percent to six percent and the government’s aspirational target of seven percent to eight percent, a government think-tank said in its latest report on the economy.

Last of two parts “THE revision of growth targets is a possibility,” Economic Planning Secretary Paderanga said after the release of GDP data. “The DBCC will study what we can do in terms of improving government spending and guarding against the global slowdown. We will also take into consideration the upside factors such as the…

MANILA, Philippines – Zurich-based Credit Suisse has lowered the economic growth forecast of the Philippines together with other countries in the Asia Pacific Region this year and next year as advanced economies led by the US are teetering on the brink of recession.

Even from her sickbed, Gloria Arroyo doesn’t stop. The full-page ad boasting of her achievements does it all over again. She made similar preposterous claims in January last year and we destroyed them in an article entitled “Fairyland”. I guess we have to do it all over again.

The current policy of the Aquino administration to screen budget releases may have done the economy more harm than good, minutes of the last Monetary Board (MB) meeting showed.

First of two parts A HOPEFUL chorus from top government officials heralded the August 31 release of Philippine economic data. A week and a half before, Finance Undersecretary Gil Beltran put April-June real growth in gross domestic product at “slightly better than 4.9 percent [in the first quarter], because of higher government spending and power…

MANILA, Philippines – More companies in the Philippines are planning to expand their operations and hire more workers in the fourth quarter of the year in anticipation of a strong domestic demand during the Christmas season, a survey conducted by the Bangko Sentral ng Pilipinas (BSP) showed.

MANILA, Philippines – The Bangko Sentral ng Pilipinas (BSP) believes that strong domestic demand would give the Philippines enough internal buffer to survive the impact of the recent downgrade of the triple A credit rating of the US by Standard & Poor’s as well as the ongoing debt concerns in Europe.

MANILA, Philippines – The Philippine economy likely grew 4.5 percent to 5.5 percent in the second quarter of the year, Socioeconomic Planning Secretary Cayetano Paderanga Jr. said yesterday.

MANILA, Philippines – The Philippines is among the countries in Southeast Asia less likely to feel the pinch of the economic woes in the United States and the European Union, the Department of Trade and Industry (DTI) said yesterday.

Asia’s economic growth will likely be hurt by the slowdown in the United States and Europe, but the impact should be minimal, an Asian Development Bank (ADB) official said yesterday.

Bank of America-Merrill Lynch has tempered its growth outlook for Southeast Asia, including the Philippines, noting that the region was “resilient but not immune” to a US slowdown or recession. In an August 19 economic commentary titled “Asean: Recession Guide,” the investment banking unit of Bank of America projected a 35-percent risk of the United…

ECONOMIC GROWTH will likely pick up in the second half as the government spends more and Philippine businesses benefit from a Japanese recovery, a planning official yesterday said. Worries over the economy should be tempered since sluggish first quarter gross domestic product (GDP) was due more to global troubles and the new administration’s adjustment phase,…

MANILA, Philippines – The economy will become more resilient in the next few months, the Makati Business Club (MBC) believes.

STRUCTURAL CHANGES are necessary if the Philippines is to fully shake off its reputation as Asia’s laggard and grow at a pace that truly cuts poverty, an economist yesterday said.

TOKYO — Asia could be as wealthy as Europe by mid-century, but only if it tackles key challenges from inequality and corruption to climate change, an Asian Development Bank (ADB) study said.

The word “Aquinomics” has gained some popularity among people who think and talk economy, business and finance since former Economic Planning Secretary Cielito Habito used it in an opinion article last month. He said it’s two things: the rise in total private investment even as foreign investment and government spending drop, and (related to the…

MANILA, Philippines – Investors laud President Aquino’s anti-corruption and good governance campaigns to plug the holes in the tax system and cut waste in the national budget. But while these have generated gains and savings for government — as evidenced by the improved fiscal situation — the same are blamed in part for the slowdown…

HIGHER economic growth can be achieved if the business climate improves and government tax efforts are intensified, the International Monetary Fund (IMF) yesterday said. “If there is a decisive expansion in public investment and private investment, growth will go up,” IMF Asia Pacific Department Assistant Director Vivek Arora told reporters.

Changing times in the face of unchanging laws defines the conflict of the ages: reform vs. status quo, a more prosperous future vs. prosperity for the few, have-nots vs. haves. The restrictive economic provisions of the constitution represent the unchanging laws. The demands for economic reform constitute the pressure to adjust to the needs of…

A COUPLE of weeks from now, President Benigno “Noynoy” Aquino 3rd will deliver his second State of the Nation Address. He gave a preview of it when he commemorated his first year in office, and expectedly he touted his effort to fight graft and corruption. There would be no poverty if there was no corruption,…

MANILA, Philippines – The country’s growth prospects this year and next year are bright, with the Aquino administration’s anti-corruption campaign seen to perk up investor interest, the World Bank (WB) said in a report. In its June 2011 quarterly report, the World Bank said gross domestic product (GDP) growth “could potentially be higher as the…

THE INTERNATIONAL Monetary Fund (IMF) has maintained its 2011 Philippine growth outlook of 5% but the risk that this could be missed has increased, a senior official said. “The staff’s growth outlook for the Philippines for 2011 is unchanged at 5%,” IMF Resident Representative Dennis Botman told BusinessWorld in a e-mail when asked if estimates…

LUBAO, Pampanga ,Philippines – Former President and now Pampanga Rep. Gloria Macapagal-Arroyo slammed yesterday the Aquino administration and warned of “danger signs” in the country’s economy because of what she claimed was a lack of leadership in government.

FITCH Ratings Inc. lifted the Philippines’ credit score to a notch below investment grade on the back of the country’s strong external finances and the government’s efforts to trim its fiscal deficit. In a statement on Thursday, Fitch said it upgraded the sovereign’s long-term foreign currency rating to “BB+” from “BB.” The long-term local currency…

MANILA, Philippines – The Philippines received another credit rating upgrade under the Aquino government, this time from London-based Fitch Ratings that upgraded the sovereign rating by one notch from the previous “BB” to “BB+” following the country’s strong economic growth. This is the fourth upgrade received by the Philippines since President Aquino assumed office in…

The two legislative leaders of the country – Senate President Juan Ponce Enrile and Speaker of the House Feliciano Belmonte Jr. – agreed to place on the legislative agenda this year the amendment of restrictive economic provisions of the Constitution. If this enterprise succeeds, it will be a momentous achievement for the nation.