THE climate change crisis, if unaddressed, holds the potential to wipe out the economic gains made by the Philippines in recent years, the Department of Finance (DoF) said Tuesday. “People do not realize it, but climate change will hit us like a tsunami if we continue to do nothing about this worsening crisis. It could […]
Tag: economic
Carvajal: Played for fools
It is critical to the nation’s inclusive development because it insures that power is not exercised by the wealthy elite alone and economic benefits are not exclusively enjoyed by them. Yet, the 1987 Constitution’s ban on political dynasties has remained a paper ban. Our lawmakers, who are either members or proxies of political dynasties, have […]
RBA holds rates at record lows despite improved economic output
AUSTRALIA’S CENTRAL BANK left its cash rate at record lows on Tuesday and reiterated its lower-for-longer policy stance even as data showed the country’s economic output was above its pre-pandemic level and house prices were shooting through the roof. The Reserve Bank of Australia (RBA) left its policy settings at 0.1% for a sixth straight […]
APEC sees new waves of infection threatening projected 2021 rebound
THE STRONG economic rebound expected by the Asia-Pacific Economic Cooperation (APEC) bloc this year is facing downward pressure due to the rising case counts in many countries, APEC said in a report. In its Regional Trends Analysis paper released Thursday, APEC’s Policy Support Unit raised its gross domestic product (GDP) forecast for the region to […]
Market to take its cue from BSP, economic data
INVESTORS are expected to take their cue from the Bangko Sentral ng Pilipinas’ (BSP) recent policy decision and local economic data as the market reopens today after a one-day break. The benchmark Philippine Stock Exchange index fell by 90.43 points or 1.42% to close at 6,236.40 on Wednesday. The broader all shares index also declined […]
FIRB targets May 17 to pass CREATE IRR
THE FISCAL Incentives Review Board (FIRB) aims to sign by May 17 the implementing rules and regulations (IRR) of the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Act, the Department of Finance (DoF) said Sunday. In a statement, the DoF said the FIRB agreed during its first meeting last week, April 14, that it […]
Further amendments to charter needed, legislator says
MORE AMENDMENTS to the 1987 Constitution could still be needed beyond the economic measures certified as urgent by President Rodrigo R. Duterte, a senior legislator said. In a message to BusinessWorld Sunday, House Committee on Constitutional Amendments Chairman Alfredo A. Garbin, Jr. said the amendments to the Public Service Act, Foreign Investment Act and Retail […]
Manila may lose 80% of exclusive ecozone, says former justice
THE Philippines risks losing 80% of its exclusive economic zone in the South China Sea if it allows China’s continued militarization of the area, according to a former Supreme Court magistrate. “If we do not act as one, if we do not exert all effort, if we do not exhaust all remedies, we will lose […]
House Speaker says search is on for sources of funding for Bayanihan III
SPEAKER Lord Allan Jay Q. Velasco said economic managers are studying how to fund the proposed third stimulus package designed to revive the economy. In a statement Tuesday, Mr. Velasco said following a meeting with the Department of Budget and Management and the Department of Finance last week that both departments are looking into possible […]
Regional Updates (04/11/21)
Courts in Metro Manila, nearby provinces to remain closed COURTS in the capital region and neighboring provinces of Bulacan, Cavite, Laguna, and Rizal will remain physically closed until April 18, the Supreme Court ordered on Saturday. “Considering the unabated rise of Covid-19 (coronavirus disease 2019) cases, the requests of the judges and court personnel, and […]
Filipinos more hopeful of economic recovery for this year
Mactan Economic Zone to adopt e-payment, collection systems
AUTOMATED systems and processes including an online payment method accessible to applicant investors or current locators in economic zones will soon be adopted in the Mactan Economic Zone, the Philippine Economic Zone Authority (Peza) said. Peza Director General Charito Plaza said this is part of the agency’s initiatives in line with Republic Act 11032, also […]
PHL business optimism sinks to new low in second half of 2020
ECONOMIC OPTIMISM among Philippine midsized businesses continued to fall in the second half of 2020, as the pandemic continued to weigh heavily on the economy. Read the full story.
Q4 and full-year 2020 GDP forecast
THE Philippines’ gross domestic product (GDP) likely contracted slower in the fourth quarter due to a pickup in economic activity as lockdown restrictions were further eased and higher consumer spending during the holiday season. Read the full story.
NEDA board approves updated economic blueprint for next 2 years
The government will release the updated Philippine Development Plan on Feb. 4. — PHILIPPINE STAR/MICHAEL VARCAS THE NATIONAL Economic and Development Authority (NEDA) board, chaired by President Rodrigo R. Duterte, has approved the country’s medium-term economic development blueprint which was updated to consider the impact of the coronavirus disease 2019 (COVID-19) pandemic. “The Updated Philippine […]
Executive branch may not certify economic reform bills as urgent
By Kyle Aristophere T. Atienza THE ADMINISTRATION is focused on delivering the needed fiscal boost for the economic recovery and may not certify as urgent a number of economic reform bills pending in Congress, the President’s spokesman Herminio L. Roque said. At a televised briefing, Mr. Roque said the reform bills that are not on […]