Economy

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.

by Edu Punay (The Philippine Star), 25 Oct 2020 MANILA, Philippines — The House of Representatives has increased by P6 billion the financial assistance fund for workers and poor families affected by the COVID-19 pandemic in the 2021 General Appropriations Bill (GAB).

(Philstar.com), 25 Oct 2020 MANILA, Philippines — Three government agencies signed a joint advisory Sunday urging businesses and local governments to look into staggering work shifts and eased curfew schedules, respectively, as the national government looks to further open up the nation’s economy after months of community quarantine.

by Tony Lopez, Manila Standard, 23 Oct 2020 “You cannot possibly get a better economic team than these two whiz kids of management and economics.” During the world’s worst crisis of the last 100 years, President Duterte has been blessed to have in his economic team the tandem of Finance Secretary Carlos “Sonny” Dominguez and…

by Alexis Romero (The Philippine Star), 23 Oct 2020 MANILA, Philippines — Requests for the release of P46 billion for various projects aimed at cushioning the impact of the raging pandemic have been submitted to President Duterte’s office for approval, the budget department said yesterday.

by Catherine Talavera (The Philippine Star), 22 Oct 2020 In GCQ, MGCQ areas, with DOT OK MANILA, Philippines — Hotels in areas classified under general community quarantine and modified GCQ may now be allowed to operate at full capacity, Tourism Secretary Bernadette Romulo-Puyat announced yesterday.

Read more here.

by Iris Gonzales (The Philippine Star), 22 Oct 2020 One of my favorite pastimes before COVID-19 struck was visiting the friendly neighborhood seamstress. I would often ask her to alter clothes to perfection or turn fabric patches into ornamental coverings, kitchen towels or what-have-you.

by Bilyonaryo, 21 Oct 2020 The Philippine economy is expected to fall by as much as 6 percent this year after the 15-day reimplementation of stricter quarantine measures in Metro Manila and four nearby provinces last August, Finance Secretary Carlos Dominguez III said.

by Daxim L. Lucas, Philippine Daily Inquirer, 20 Oct 2020 MANILA, Philippines — The central bank is urging Congress to prioritize several pending bills which, it said, would buttress the country’s chances of staging a strong economic recovery next year once the effects of the ongoing coronavirus pandemic wanes.

by Ma. Aurora Geotina-Garcia (The Philippine Star), 14 Oct 2020 (First of two parts) Economic recovery: Yes, there is light at the end of the tunnel. Economy recovery: Is there light at the end of the tunnel? was the theme of the second online SharePHIL Summit held last Aug. 28, following the first online summit…

by Lawrence Agcaoili (The Philippine Star), 14 Oct 2020 MANILA, Philippines — Multilateral lender International Monetary Fund (IMF) said the Philippines is expected to suffer the biggest blow from the coronavirus disease 2019 or COVID-19 pandemic in the region with a deeper economic recession this year despite the projected less severe global contraction.

by Ben O. de Vera, Philippine Daily Inquirer, 13 Oct 2020 MANILA, Philippines—The Philippines is seen shedding 8.3 percent off its economy this year, considered as the biggest annual gross domestic product (GDP) drop in history, as the COVID-19 pandemic battered consumer confidence and private investments through prolonged community quarantine measures, according to the International…

by Ben O. de Vera, Philippine Daily Inquirer, 12 Oct 2020 MANILA, Philippines—The Philippines cannot revert to stringent COVID-19 lockdowns if it wanted to save jobs and lift more out of poverty when the pandemic ends, according to economic managers as two weeks of strict quarantine in Metro Manila and four provinces last August weighed…

by Philippine Daily Inquirer, 10 Oct 2020 The Washington-based Institute of International Finance (IIF) has downgraded its 2020 and 2021 gross domestic product (GDP) projections for the Philippines due to the country’s slow COVID-19 containment.

by Ben O. de Vera, Philippine Daily Inquirer, 10 Oct 2020 The Washington-based Institute of International Finance (IIF) has downgraded its 2020 and 2021 gross domestic product (GDP) projections for the Philippines due to the country’s slow COVID-19 containment.

by Alexis Romero (The Philippine Star), 7 Oct 2020 MANILA, Philippines — The country’s financial position is still “good” despite the pandemic, but strict quarantine restrictions are holding back the economy, according to the Department of Finance (DOF).

Read more here.

by Lawrence Agcaoili (The Philippine Star), 6 Oct 2020 MANILA, Philippines — The Bangko Sentral ng Pilipinas (BSP) is now expecting a deeper gross domestic product (GDP) contraction of seven to nine percent this year as the economy stalled due to containment measures to slow the spread of COVID-19.

By Melissa Luz Lopez, CNN Philippines, 29 Sep 2020 Metro Manila (CNN Philippines, September 29) — The Philippine economy will see a deeper slump this year as the COVID-19 crisis remains uncontained in the country, pushing more people into poverty, the World Bank said.

by Christia Marie Ramos, Philippine Daily Inquirer, 28 Sep 2020 MANILA, Philippines — Around 90,000 businesses, mostly micro small & medium enterprises (MSMEs), remain closed as the coronavirus pandemic continues to cause chaos on the economy, Department of Trade and Industry (DTI) Secretary Ramon Lopez told senators Monday.

Read more here.

by Lawrence Agcaoili, Czeriza Valencia (The Philippine Star), 25 Sep 2020 MANILA, Philippines — The Philippines may post the biggest economic contraction in Asia-Pacific at almost 10 percent this year after imposing one of the world’s longest and strictest lockdowns to slow the spread of COVID-19, according to S&P Global Ratings.

by Ian Nicolas Cigaral (Philstar.com), 24 Sep 2020 MANILA, Philippines — Consumer confidence sank to historic low in the third quarter while business sentiment likewise took a heavy beating, posing a big challenge to the government relying on its citizens to rebound from an unprecedented economic damage caused by the pandemic.

by Ben O. de Vera, Philippine Daily Inquirer, 24 Sep 2020 MANILA, Philippines — The Philippines’ gross domestic product (GDP) is expected to fall at its worst rate in at least 36 years, no thanks to the COVID-19 pandemic’s debilitating impact on the domestic as well as global economies.

by Mary Grace Padin (The Philippine Star), 22 Sep 2020 MANILA, Philippines — The Bureau of the Treasury (BTr) made a full award of the P20 billion worth of Treasury bills (T-bills) auctioned yesterday even as rates moved up across-the-board.

by Ben O. de Vera, Philippine Daily Inquirer, 16 Sep 2020 UK-based think tank Oxford Economics has further downgraded its 2020 gross domestic product (GDP) projection for the Philippines to a negative 8.2-percent, no thanks to weak consumer spending and project delays due to restrictions amid a prolonged quarantine.

by Cathrine Gonzales, Philippine Daily Inquirer, 15 Sep 2020 MANILA, Philippines — The Philippine economy is seen to contract by 7.3 percent in 2020, but is expected to rebound next year as the economy is further reopened and the coronavirus disease 2019 is contained, according to a report from the Asian Development Bank (ADB) released…

Read more here.

by Czeriza Valencia (The Philippine Star), 10 Sep 2020 MANILA, Philippines — The government’s economic planning body is standing pat on its forecast 5.5 percent gross domestic product (GDP) contraction this year despite the emergence of other risk factors on top of the prevailing COVID-19 pandemic.