Economy

MANILA, Philippines – Filipino consumers were more pessimistic in the first quarter of the year because of rising oil and food prices, and natural disasters that occurred overseas, according to the 1st Quarter 2011 Consumer Expectation Survey (CES) conducted by the Bangko Sentral ng Pilipinas (BSP).

MORE than a fourth of Japanese firms operating in the Philippines have suffered delays in production resulting in the cancellation of orders because of the disaster in Japan, according to the Japan External Trade Organization (Jetro).

MANILA, Philippines –  The Philippines is keeping this year’s target of a seven percent to eight percent growth despite uncertainties in the Middle East and Japan, the country’s socioeconomic chief said yesterday.

The National Economic and Development Authority on Tuesday presented the economic blueprint for the next six-years, committing to achieve a rapid economic expansion that will generate more jobs and reduce poverty in the country.

MANILA, Philippines – New York-based think-tank Global Source Partners has downplayed the impact of the ongoing tensions in Middle East and North African (MENA) nations as well as the magnitude 8.9 earthquake and that devastating tsunami in Japan on the Philippine economy.

IN WAKE OF MIDDLE EAST, JAPAN CRISES THE Philippine central bank revised downwards its economic growth forecast for the country, as the Aquino administration’s economic managers braced for a slowdown amid the political tensions in the Middle East and North Africa (MENA), as well as the disaster in Japan.

MANILA, Philippines – The Aquino administration is keeping the economic growth targets for the year at seven percent to eight percent despite the huge blows that the economy may experience as a result of the earthquake that battered Japan last March 11.

Technology firms are facing major disruption to supplies in the wake of the earthquake and tsunami which have devastated parts of Japan.

THE Bangko Sentral said Monday it will review its economic assumptions for the year, including remittance and inflation forecasts, taking into consideration the recent earthquake and tsunami and Japan as well as the political tension in the Arab nations.

CONSENSUS is building up both in government and in the private sector that this year’s economic growth target would not be met.

MANILA, Philippines –  US investment bank Citigroup has upgraded the country’s growth forecast this year after the Philippines posted its strongest economic growth in 34 years last year.

MANILA, Philippines – The International Monetary Fund (IMF) yesterday urged the Aquino administration to broaden its tax base and strengthen tax administration by overhauling its excise tax system on sin products and rationalizing its fiscal incentives to raise much needed revenue to bankroll social and infrastructure spending.

THE PHILIPPINES’ growth potential has increased but policy and fiscal reforms are needed, the International Monetary Fund (IMF) said in reports released yesterday.

MANILA, Philippines – The Philippines was ranked third in a global survey on business optimism, reinforcing the renewed confidence of businessmen in the country’s economic environment.

MANILA, Philippines – Businessmen expect a more buoyant economy this year as business optimism hit a new all-time high for the next quarter after a slight dip in the current quarter due to the usual slowdown in business activity after the Christmas and harvest seasons, results of a survey conducted by the Bangko Sentral ng…

Citigroup notes potential high growth rate MANILA, Philippines—Global banking giant Citigroup has identified the Philippines as one of 11 countries that will likely stand out in a globally integrated economy in terms of high growth rates and investment returns over the next 40 years.

MANILA, Philippines – The World Bank (WB) forecasts the Philippine economy to grow around 5 percent in 2011 and 5.4 percent in 2012, but could be higher if investment climate continues to improve.

MANILA, Philippines – The conditions are ripe for the Philippines to break free from years of subpar growth but an environment that draws and keeps investors is needed, the chief of the oldest foreign bank in the country said.

MANILA, Philippines – The Philippine economy will likely fall short of the government’s 7%-8% growth target this year and will expand at an even slower pace towards 2015, an analysis of International Market Assessment (IMA) Asia showed.

MANILA, Philippines – The National Economic and Development Authority (NEDA) said it is not ready to recommend to the interagency Development Budget Coordinating Committee (DBCC) upward changes in this year’s economic growth projections despite the higher-than-expected performance of the economy last year.

THE economy unexpectedly accelerated last quarter as investment and consumption rebounded, spurring expansion in 2010 to the fastest pace since the Marcos era.

MANILA, Philippines –  The Philippine economy galloped to its highest annual growth after the Marcos administration, surging by 7.3 percent in 2010 on the back of a global economic recovery.

The so-called low base factor coming from a slim 1.1 growth in 2009 coupled with spending related to the national elections in May last year and the dependably strong remittance from Filipinos working abroad mostly contributed to a 7.3 percent growth last year, the fastest pace in more than three decades, government data showed.

The Philippine economy grew by a robust 7.3 percent last year, its strongest performance since the Marcos administration, the National Statistical Coordination Board (NSCB) said Monday.

Investments yardstick of ‘Prophet of Boom’ MOST forecasters see the Philippine economy slowing down this year relative to 2010 when the country held national elections—but not Dr. Bernardo Villegas, a co-founder and trustee of the University of Asia and the Pacific (UA&P).

MANILA, Philippines (UPDATE) – The local economy likely grew between 6.2% and 7.2% in the fourth quarter from a year earlier, pushing full-year growth to 7% to 7.4%, the head of the National Economic and Development Authority (NEDA) said on Tuesday.

MANILA, Philippines – The year of the Metal Rabbit, which begins on February 3, will be a better year for Philippine business and the economy in general.

THE 36 million Filipino workers whose quality of life did not improve in 2010 need to face another set of economic challenges this year—a triple whammy of price increases that would further lower their living standards if the necessary interventions will not be put in place on time by the government and social partners.

The government is sticking to a seven to eight percent economic growth target this year despite independent projections and the government’s own estimate in drafting the budget that the gross domestic product (GDP) expansion will not exceed five percent for the year.

SEVERAL Southeast Asian economies enjoyed as much as a five-fold increase in foreign direct investments (FDI) last year while the Philippines was recording a decline, United Nations data released on Monday showed.