Economy

by Romeo L. Bernardo, BusinessWorld, 28 Jun 2020 I am pleased to share with readers recent posts to GlobalSource Partners subscribers (globalsourcepartners.com) written by Christine Tang and me on the recent BSP cut in policy rates and on our concerns on public transportation and the T3 ( test, trace, and treat ) program.

by Lawrence Agcaoili (The Philippine Star), 27 Jun 2020 MANILA, Philippines — Credit watchdog S&P Global Ratings now expects a deeper economic contraction for the Philippines, which is going through one of the world’s longest lockdowns to prevent the further spread of the coronavirus disease 2019 or COVID-19.

by Associated Press, 24 Jun 2020 WASHINGTON — The International Monetary Fund (IMF) has sharply lowered its forecast for global growth this year because it envisions far more severe economic damage from the coronavirus than it did just two months ago.

by Ben O. de Vera, Philippine Daily Inquirer, 24 Jun 2020 The International Monetary Fund (IMF) has further downgraded its economic outlook for the Philippines, with the Washington-based multilateral lender projecting gross domestic product (GDP) to shrink by 3.6 percent this year.

Read more here.

by Czeriza Valencia (The Philippine Star), 21 Jun 2020 MANILA, Philippines — Economic recovery in the Philippines will likely be among the slowest in Asia because of prolonged lockdowns and the continued rise in the number of cases of the coronavirus disease 2019, according to London-based Capital Economics.

Read more here.

by Prinz Magtulis (Philstar.com), 18 Jun 2020 MANILA, Philippines — The Asian Development Bank (ADB)’s economic outlook in the Philippines turned gloomier two months since projecting the local economy would weather the pandemic with a respectable growth.

By: Ben O. de Vera, Philippine Daily Inquirer, 12 Jun 2020 The Washington-based Institute of International Finance (IIF) expects the Philippines’ gross domestic product (GDP) to shrink year-on-year for all four quarters of 2020 and end the year with a 3-percent contraction amid the uncertainties caused by the new coronavirus disease (COVID-19) pandemic.

by Beatrice M. Laforga, BusinessWorld, 11 Jun 2020 THE Philippines could be among the worst-hit ASEAN economies with a projected contraction of 5% in 2020, second only to a projected decline of 6% for Singapore, Oxford Economics said.

by Agence France-Presse, 10 Jun 2020 PARIS, France — The global economy will contract at least six percent this year due to economic shutdowns to contain the coronavirus outbreak, the OECD said Wednesday, warning that recovery will be “slow and uncertain”.

LOOK: Latest revisions on macroeconomic and fiscal assumptions as of May 27. Some changes from May 12: -Higher 2021 GDP growth target (from 7.1-8.1%)-Wider 2020 and 2021 budget deficits-A bigger 2021 budget proposal pic.twitter.com/IjsqareuDE — Prinz Magtulis 프린즈 (@prinzmagtulis) June 10, 2020

WASHINGTON – The global economy is on track to shrink by 5.2 percent this year amid the coronavirus disease 2019 (Covid-19) pandemic, the deepest recession since the Second World War, the World Bank Group said in its latest Global Economic Prospects released Monday.

by Mary Grace Padin (The Philippine Star), 9 Jun 2020 MANILA, Philippines — The Department of Finance (DOF) hopes Congress will come up with a downscaled economic stimulus bill in response to the coronavirus pandemic, as it warned that the pending pieces of legislation are “fiscally unsustainable.”

Presidential spokesperson Harry Roque issues a statement on the re-opening of the economy in relation to mass transportation. @BusinessMirror pic.twitter.com/lgb7pQwqQT — Samuel Medenilla (@sam_medenilla) June 7, 2020

by Bilyonaryo, 5 Jun 2020 “Senators all wanted a bigger stimulus package of up to P670 billion but economic managers complained, claiming they could not afford it especially after the massive spending for Bayanihan first phase.”

Economic managers say the government can only afford P130 billion for spending programs. Lawmaker Stella Quimbo says that is ‘a pitiful response to the biggest economic catastrophe since the World War.’ by Ralf Rivas, 5 Jun 2020 MANILA, Philippines – Lawmakers are aiming to pass a massive P1.3-trillion economic stimulus package to jolt the economy…

Over 40 business groups call on the Philippine government to swiftly produce a law for economic recovery by Ralf Rivas, 4 Jun 2020 MANILA, Philippines – Forty-four of the country’s biggest business groups urged the Duterte administration to quickly implement a “more substantial” stimulus plan to revive the economy from the coronavirus pandemic.

By Jovee Marie de la Cruz, Businessmirror, 1 June 2020 THE Philippine economy could contract to as deep as 9.6 percent in the second quarter of the year with the continuing impact of the Covid-19 pandemic, the House Ways and Means panel chairman said at the weekend.

Read more here.

By: Neil Arwin Mercado, INQINQUIRER.net, 26 May 2020 MANILA, Philippines — To cushion the effects of the coronavirus disease 2019 (COVID-19) pandemic, the House of Representatives’ Defeat COVID-19 Committee (DCC) on Tuesday approved a P568 billion economic stimulus package for 2020 which includes a budget for massive testing.

By: Daxim L. Lucas, Philippine Daily Inquirer, 25 May 2020 The Philippines needs to make several key “structural reform initiatives” to prepare the economy for the post-pandemic environment that will look very different from what it was less than three months ago, according to the chief of the central bank.

by Andrew J. Masigan (The Philippine Star), 20 May 2020 As of last month, our economic managers were still hopeful that the economy would grow by three percent in the first quarter and -.8 percent to +2.5 percent for the whole year. Well, to everyone’s great disappointment, the National Economic Development Authority (NEDA) reported that…

by Lawrence Agcaoili (The Philippine Star), 18 May 2020 MANILA, Philippines — The Philippines is facing a prolonged U or W-shaped recovery as the economy is expected to shrink by up to seven percent this year due to the coronavirus disease 2019 or COVID-19 pandemic, according to New York-based think tank Global Source Partners Inc.

Read more here.

By: Ben O. de Vera – Reporter, Philippine Daily Inquirer, 13 May 2020 MANILA, Philippines — The country’s economic managers have projected gross domestic product (GDP) to contract year-on-year during all four quarters of 2020 to bring full-year contraction to 2-3.4 percent.

by Ben O. de Vera, Philippine Daily Inquirer, 12 May 2020 The Philippines and Malaysia are expected to lag behind their Asia-Pacific peers in bouncing back from the socioeconomic fallout from the COVID-19 pandemic due to the slow containment of the disease, a United Kingdom-based think tank said.

by Prinz Magtulis (Philstar.com), 12 May 2020 MANILA, Philippines — As the Philippines slowly re-opens its economy from stringent lockdowns, the government is banking on resilient Filipino consumers to propel a quick recovery from the outbreak, but unpaid bills that piled up are likely to get in the way.

By DOF, 12 May 2020 MANILA, May 12 — Finance Secretary Carlos Dominguez III has recommended accelerating the implementation of the “Build, Build, Build” program and scaling up food production and its logistics chain as part of the five priority measures that the government needs to undertake to stimulate domestic consumption and get the economy…

by Ian Nicolas Cigaral (Philstar.com), 11 May 2020 MANILA, Philippines — Fresh from saying the central bank “has done a lot in so little time,” Bangko Sentral ng Pilipinas (BSP) Governor Benjamin Diokno took to task his former colleagues at the economic team to do more to salvage the economy from the coronavirus pandemic.