Economy

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…

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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.

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by Mary Grace Padin (The Philippine Star), 9 Sep 2020 MANILA, Philippines — Global rating agency Fitch Ratings expects the Philippines to suffer a deeper economic contraction of eight percent this year, and noted a continued erosion of the country’s fiscal buffers amid the coronavirus pandemic.

by Gabriel Pabico Lalu, Philippine Daily Inquirer, 9 Sep 2020 MANILA, Philippines — There are 40 percent of Filipinos who believe that the country’s economy would be in a more problematic state in the next 12 months compared to now, a Social Weather Stations (SWS) survey revealed.

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by Czeriza Valencia (The Philippine Star), 7 Sep 2020 MANILA, Philippines — The economy may not return to pre-pandemic growth trajectory by next year because of still rising infection rates and weakness in the recent jobs market and industrial data, according to Capital Economics.

by Lawrence Agcaoili (The Philippine Star), 4 Sep 2020 MANILA, Philippines — Moody’s Investors Service has revised to seven percent its 2020 economic contraction target for the Philippines after the country slipped into a pandemic-induced recession in the second quarter.

by Helen Flores (The Philippine Star), 22 Aug 2020 MANILA, Philippines — About four in 10 adult Filipinos expect their quality of life to worsen in the next 12 months, according to the latest survey by the Social Weather Stations (SWS).

by Bernie Cahiles-Magkilat & Chino Leyco, Manila Bulletin, 21 Aug 2020 Gov’t says worst part may be over as signs of recovery are emerging The Philippine Chamber of Commerce and Industry (PCCI), the country’s largest business organization, has warned that the country’s economic indicators are “truly disturbing” and called on the government to come up…

by Czeriza Valencia (The Philippine Star), 16 Aug 2020 MANILA, Philippines — Slower declines in economic output can be expected in the second and third quarters of the year leading to a full-year contraction of eight percent, according to a former head of the National Economic and Development Authority.

by Czeriza Valencia (The Philippine Star), 13 Aug 2020 MANILA, Philippines — The economy is expected to see a sharp contraction of between eight and nine percent this year amid the disruption caused by the pandemic, but its long-term growth prospects remain, the investment banking arm of the Metrobank Group said.

By Tyrone Jasper C. Piad, Businessmirror, 11 Aug 2020 WITH the Philippines returning to a stricter lockdown, the path to recovery of consumer spending—one of the major economic growth drivers—may be bumpy after quarantine measures ease.

by Beatrice M. Laforga, BusinessWorld, 10 Aug 2020 TWO major institutions downgraded their full-year growth forecasts for the Philippines in 2020 in the wake of the 16.5% contraction in second-quarter gross domestic product (GDP), with HSBC Research pricing in what would be a record contraction for the year of 9.6%.

By: Solita Collas-Monsod, Philippine Daily Inquirer, 8 Aug 2020 Our country has experienced negative growth for two quarters in a row in 2020 and is now technically in recession. In the first quarter of 2020, we contracted by 0.7 percent, and for the second quarter, the Philippine Statistics Authority announced another contraction—a negative 16.5 percent.…

By Anna Leah E. Gonzales, Manila Times, 7 August 2020 The interagency Development Budget Coordination Committee (DBCC) on Thursday further trimmed its economic growth forecast for this year to -5.5 percent from its earlier -2 to -3.4-percent range to take into account the worsening impact of the coronavirus crisis on tourism, trade and remittances.

by Ben O. de Vera, 7 Aug 2020 MANILA, Philippines — Without a vaccine yet to prevent COVID-19’s spread, President Duterte’s economic managers have tempered growth expectations for next year despite recovery from this year’s recession.

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by Ben O. de Vera, Philippine Daily Inquirer, 27 Jul 2020 MANILA, Philippines – The Philippines’ gross domestic product (GDP) likely slid by almost a fifth year-on-year during the second quarter at the height of the longest and most stringent coronavirus disease 2019 (COVID-19) lockdown in the region, London-based Capital Economics said.

by Ben O. de Vera, Philippine Daily Inquirer, 25 Jul 2020 The research arm of debt watcher Moody’s on Friday said that while Asia-Pacific as a whole was already leading global economic recovery, the Philippines’ COVID-19 lockdown—now the longest and most stringent in the region—would be a drag to the domestic economy.

By Melissa Luz Lopez, CNN Philippines, 24 Jul 2020 Metro Manila (CNN Philippines, July 24) — The Philippines will have trouble returning to its above-6 percent growth track in the next two years in the absence of strong spending to perk up economic activity, a bank analyst said Friday.

By ANNA LEAH E. GONZALES, Manila Times, 24 Jul 2020 The Asian Development Bank (ADB) expects the country’s gross domestic product to contract by as much as 5.3 percent this year, although it says there are encouraging signs that the worst may be over for the economy.

By Ian Nicolas Cigaral(Philstar.com), 7 Jul 2020 MANILA, Philippines — There is no chance for economic growth this year, the Bangko Sentral ng Pilipinas (BSP) chief said on Tuesday.