Economy

by Lawrence Agcaoili (The Philippine Star), 17 Jun 2021 MANILA, Philippines — The International Monetary Fund (IMF) now expects a slower economic recovery for the Philippines this year as it slashed its gross domestic product (GDP) growth forecast to 5.4 percent amid delays in vaccinations and the resurgence of COVID-19 cases.

by Louise Maureen Simeon (The Philippine Star), 11 Jun 2021 MANILA, Philippines — London-based Oxford Economics further slashed its growth forecast for the Philippines to 4.5 percent this year, among the lowest projections for the country, due to a weaker-than-expected performance in the first quarter and slim prospects of recovery in the second quarter.

By Melissa Luz Lopez, CNN Philippines, 8 Jun 2021 Metro Manila (CNN Philippines, June 8) — The Philippine economy will record an even slower economic growth this year following a steep crash in 2020, the World Bank said Tuesday.

by Mayen Jaymalin (The Philippine Star), 8 Jun 2021 MANILA, Philippines — The Department of Labor and Employment (DOLE) sees economic recovery, and more Filipinos going back to work, following the rollout of vaccines for essential workers.

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by Paolo Romero (The Philippine Star), 8 Jun 2021 MANILA, Philippines — Senators are likely going to push for the second extension of Republic Act 11494 or the Bayanihan to Recover as One Act until the end of the year, instead of passing another emergency spending bill as about half of the funding for the…

by Alexis Romero, Paolo Romero (The Philippine Star), 1 Jun 2021 MANILA, Philippines — Malacañang does not see the need to immediately pass an extension of the law that funded the government’s pandemic response.

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By Kris Crismundo, 26 May 2021 MANILA – Department of Trade and Industry (DTI) Secretary Ramon Lopez said the number of businesses that closed their operations due to community quarantine restrictions has declined as the government gradually reopened economic activities.

Top 2 items in Bayanihan 3: 1) Ayuda (cash transfers) – P216b (54%)2) Pensions for military, police – P54.6b (14%) ??? Galeng ano, sa isang ayuda bill naisingit pa yung pensions for military, police. ? https://t.co/L13c9fbm6v — JC Punongbayan (@jcpunongbayan) May 25, 2021

by Lawrence Agcaoili (The Philippine Star), 25 May 2021 MANILA, Philippines — The Philippines may return to pre-pandemic level of economic output only by the end of next year, making it the laggard in the region as the country continues to grapple with the COVID-19 outbreak, according to Moody’s Analytics.

by Czeriza Valencia (The Philippine Star), 19 May 2021 MANILA, Philippines — Economic managers lowered economic growth expectations for this year, taking into account the emergence of new COVID-19 variants and the reimposition of strict lockdown in the National Capital Region and four nearby provinces or NCR Plus in the second quarter of the year.

by Czeriza Valencia (The Philippine Star), 15 May 2021 MANILA, Philippines — While there are signs that the economy is on the mend, recovery continues to be threatened by restrictions enforced to control the spread of COVID-19, the Department of Finance (DOF) said yesterday.

Update on ASEAN growth rates in Q1 2021:?? +4.5%?? +0.2%?? -0.5%?? -0.7%?? -4.2% We're still lagging behind. pic.twitter.com/BNNdyojm6B — JC Punongbayan (@jcpunongbayan) May 13, 2021

by Business World, 12 May 2021 THE PHILIPPINE economy contracted more than expected in the first quarter, extending the recession to five straight quarters as the pandemic dragged on, data from the Philippine Statistics Authority (PSA) showed on Tuesday.

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By MARLEN V. RONQUILLO, Manila Times, 9 May 2021 With his establishment credentials and obvious lack of intemperance, former Economic Planning secretary Ernesto Pernia is beyond the harsh and brutal blowback routinely given to government critics. And because his resignation was based on disagreements over policy responses, he can’t be accused of sour graping either.…

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by Louise Maureen Simeon (The Philippine Star), 3 May 2021 MANILA, Philippines — Businesses all over the globe have become more optimistic as COVID-19 vaccines are rapidly deployed, but many remain cautious with the virus proving to be unpredictable.

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By Louise Maureen Simeon(Philstar.com), 23 Apr 2021 MANILA, Philippines — A global think tank expects the Philippines to suffer the most from the pandemic in Asia-Pacific as its continued failure to control COVID-19 infections is making a huge dent on the economy.

NEDA estimates that around P83.3B in income may have been lost during the five-week stricter lockdown. Acting Socioeconomic Planning Secretary Karl Chua said that about P19.6B in workers’ income is lost for every week of ECQ, while it dwindles to P14.7B for MECQ. @UTradePH — Unicapital Research (@usi_research) April 21, 2021

By Ben O. de Vera, Philippine Daily Inquirer, 12 Apr 2021 While most other multilateral institutions had slashed their respective 2021 gross domestic product (GDP) growth forecasts for the Philippines, the Washington-based International Monetary Fund (IMF) even raised its projection to 6.9 percent from 6.6 percent previously.

By Ana Olivia A. Tirona, Researcher, 9 Apr 2021 THE PHILIPPINE ECONOMY performed worse than previously reported in 2020, as the coronavirus pandemic continues to dampen business activity, the Philippine Statistics Authority (PSA) reported on Thursday.

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by Ian Nicolas Cigaral (Philstar.com), 26 Mar 2021 MANILA, Philippines — Failure to control a renewed spike in coronavirus infections has dampened World Bank’s growth prospects for the Philippines, with the economy seen regaining less ground this year due to delays in mass vaccinations and underspending.

The @WorldBank today cuts its 2021 economic growth forecast for the Philippines to 5.5% from the 5.9% it last tipped during its December review. But it raised its growth projection for 2022 to 6.3% from 6% previously. @cnnphilippines — Lois Calderon (@Lois_Calderon) March 26, 2021

By CAI ORDINARIO, Businessmirror, 22 Mar 2021 THE President’s economic team may have miscalculated the situation when they recommended loosening mobility restriction in their bid to boost the economy, according to economists.