Economy

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by Czeriza Valencia (The Philippine Star), 25 Dec 2020 YEARENDER MANILA, Philippines — Before the COVID-19 pandemic, the Philippine economy was already considered a rising star – one of the fastest-growing markets in Asia, with strong growth prospects, a vibrant consumption culture, and a young, skilled workforce.

by Amy R. Remo, Philippine Daily Inquirer, 21 Dec 2020 To accelerate economic recovery, the Philippine government continues to pursue the passage and implementation of critical economic reforms to support businesses and help millions of Filipinos get back on their feet amid the devastating impact of COVID-19.

by Ben O. de Vera, Philippine Daily Inquirer, 11 Dec 2020 Amid weak recovery in consumer confidence and spen­ding, the Asian Development Bank (ADB) further downscaled its outlook for the Philippines, saying the economy will suffer from a steeper drop of 8.5 percent this year.

by Ben O. de Vera, Philippine Daily Inquirer, 5 Dec 2020 The damage to be inflicted by the COVID-19 pandemic on the Philippine economy will be like a “long scar” that can take longer to heal, according to UK-based Oxford Economics.

by Ben O. de Vera, Philippine Daily Inquirer, 4 Dec 2020 MANILA, Philippines — The COVID-19 pandemic has not only ended decades of steady growth for the Philippine economy, but also plunged the country into its most serious recession since after World War II and even worse than the 1984 economic crisis that led to…

by Czeriza Valencia (The Philippine Star), 4 Dec 2020 MANILA, Philippines — The Philippines is expected to remain under a prolonged quarantine next year, with restrictions seen to be removed only in 2022, according to the National Economic and Development Authority (NEDA).

by Ben O. de Vera, Philippine Daily Inquirer, 1 Dec 2020 MANILA, Philippines — COVID-19’s impact on economies will spill over to next year, such that the pandemic-induced economic losses in the Philippines would exceed 10 percent of gross domestic product (GDP) both in 2020 and 2021 no thanks to slow recovery in consumer confidence,…

by The Straits Times/Asia News Network, 29 Nov 2020 SINGAPORE — Going green could bring up to US$1 trillion in annual economic benefits to Southeast Asian economies by 2030, a report by global management consulting firm Bain and Company said last Thursday (Nov 26).

by Lawrence Agcaoili (The Philippine Star), 27 Nov 2020 MANILA, Philippines — The Philippines may incur P3.4 trillion in economic losses this year due to the pandemic and the destruction brought about by the recent typhoons, a lawmaker and economist said.

By: Cristina Eloisa Baclig, INQINQUIRER.net, 26 Nov 2020 MANILA, Philippines — Department of Trade and Industry (DTI) Secretary Ramon Lopez on Wednesday said they are targeting a lower percentage of closed businesses before the year ends.

by Louella Desiderio (The Philippine Star ) – 22 Nov 2020 MANILA, Philippines — The Information Technology and Business Process Association of the Philippines (IBPAP) has trimmed its revenue and headcount projections until 2022 due to the pandemic.

by Daxim L. Lucas, Philippine Daily Inquirer, 21 Nov 2020 The central bank’s view that the worst is over for the pandemic-ravaged local economy has been reinforced by the latest data about the movement of money in and out of Philippines during the third quarter.

by Lawrence Agcaoili (The Philippine Star), 20 Nov 2020 MANILA, Philippines — The Philippines may fully recover from the impact of the pandemic only in the second half of 2022 as the country has to climb out of one of the deepest economic holes in Asia Pacific, according to Moody’s Analytics.

by ABS-CBN News, 19 Nov 2020 MANILA – The Bangko Sentral ng Pilipinas made a surprise 25 basis points policy rate cut on Thursday, bringing the overnight reverse repurchase facility to a new historic low of 2 percent.

by Luz Wendy T. Noble, 18 Nov 2020 A DEEPER-THAN-EXPECTED recession in the Philippines will increase the downside risks for the banking industry, S&P Global Ratings said.

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By: Ben O. de Vera, Philippine Daily Inquirer, 17 Nov 2020 Global financial giant Morgan Stanley is bullish about the Philippines’ strong econo­mic rebound next year against a backdrop of low inflation, the government’s infrastructure development push and the looming availability of vaccines against COVID-19.

by Lawrence Agcaoili (The Philippine Star), 15 Nov 2020 Despite improved output in Q3 MANILA, Philippines — Economists are expecting a deeper economic recession this year despite the partial easing of lockdowns to stop the spread of the coronavirus disease 2019 or COVID-19 pandemic.

by Christina Mendez (The Philippine Star), 12 Nov 2020 MANILA, Philippines — The economy is on its way to recovery from the scourge of the pandemic and its contraction of 11.5 percent in the third quarter is a welcome improvement, according to Finance Secretary Carlos Dominguez III.

by Daxim L. Lucas, 11 Nov 2020, Philippine Daily Inquirer MANILA, Philippines—Bank lending slowed further in September, the sixth consecutive month of deceleration for this key economic gauge of economic activity, as financial institutions continued to be gun shy on underwriting new loans during the COVID-19 pandemic.

By Ian Nicolas Cigaral (Philstar.com), 10 Nov 2020 MANILA, Philippines — The Duterte administration’s hesitation to deliver a fiscal bazooka to the economy is showing, derailing even the much heralded infrastructure program and exhausting private sector confidence to spend for a convincing bounce-back.

by Ben O. de Vera, Philippine Daily Inquirer, 10 Nov 2020 MANILA, Philippines — As most areas in the Philippines remained under prolonged COVID-19 quarantine, the economy again contracted in the third quarter as expected, although at a slower pace of 11.5 percent year-on-year compared to the record 16.9-percent fall during the second quarter.

by Czeriza Valencia (The Philippine Star), 10 Nov 2020 MANILA, Philippines — Economic output in the second quarter was found to have declined at a faster rate of 16.9 percent from preliminary estimates of 16.5 percent, the Philippine Statistics Authority (PSA) reported yesterday.

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.@BangkoSentral @GovBenDiokno: Philippine economic growth to return to pre-pandemic levels in 2022. "Full recovery will take place in 2022 so we will be a contraction this year, recovery next year, but we will be back to our 2019 GDP by 2022." pic.twitter.com/WRLpTrkcIH — Jon Viktor Cabuenas (@ViktorCabuenas) November 5, 2020

by Andrew J. Masigan (The Philippine Star), 4 Nov 2020 Alas, Vietnam, a backwater communist country just 40 years ago, has overtaken us in terms of per capita income. The Philippines, once the star economy in the 50’s and 60’s, has fallen behind in the region’s development race and is now only wealthier than Cambodia,…

by Ben O. de Vera, Philippine Daily Inquirer, 3 Nov 2020 The Philippines needed to step up fiscal support for its COVID-19 war chest next year as private-sector demand for financing would rise alongside economic recovery such that the government could not rely on the central bank’s assistance as much as it did this year,…

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by Czeriza Valencia (The Philippine Star), 26 Oct 2020 MANILA, Philippines — Economic output in emerging Asia hit worst by COVID-19 like the Philippines is expected to remain up to 15 percent below pre-pandemic level in the near term, according to the macroeconomy research firm Capital Economics.