The Philippines just notched its fastest economic growth since disco music was rattling the airwaves and Gerald Ford was US president. Sustaining that pace against a gloomy global backdrop will be a challenge. The economy grew 7.6% in 2022, data showed Thursday, its best performance since 1976. President Ferdinand Marcos Jr. is betting the country […]
Tag: economic
Peso rises to new 7-month high on GDP
THE PESO climbed to a new seven-month high against the dollar on Thursday as the Philippine gross domestic product (GDP) growth was above target in 2022. The local currency closed at P54.40 versus the greenback on Thursday, rising by 23 centavos from Wednesday’s P54.63 finish, data from the Bankers Association of the Philippines showed. This […]
PHL shares climb ahead of key economic reports
PHILIPPINE STOCKS finished higher on Monday despite being in the red for most of the session due to profit taking ahead of the release of key economic data. The bellwether Philippine Stock Exchange index (PSEi) went up by 13.06 points or 0.18% to close at 7,069.68 on Monday, while the broader all shares index added […]
PHL invited to participate in WEF tech center
THE PHILIPPINES has been invited by the World Economic Forum (WEF) to join a soon-to-be established technology-sharing center, the Palace said in a statement. The Presidential Communications Office (PCO) said in a statement that the invitation was extended by World Economic Forum founder Klaus Schwab to President Ferdinand R. Marcos, Jr. at a meeting on […]
Philippine economy at a glance: Looking back on 2022
The Philippine economy continued its recovery from the coronavirus pandemic this year, as evidenced by the improvement in economic indicators. However, elevated inflation and the Russia-Ukraine war may have dented the Philippines’ recovery momentum. The infographic shows the Philippines’ economic performance based on select indicators obtained from latest government data.
Main index ends flat ahead of key economic data
THE MAIN INDEX closed almost flat on Thursday after Wall Street declined and on window dressing as investors wait for the release of key economic data. The bellwether Philippine Stock Exchange index (PSEi) inched down by 0.15 point to close at 6,566.39 on Thursday, while the broader all shares index rose by 12.71 points or […]
Manila archbishop puts spotlight on vigilance in Christmas message
THE ARCHBISHOP of the Philippine capital Manila has highlighted the importance of vigilance and sense of urgency in his Christmas message, citing the virtues of the often overlooked shepherds in the nativity story. “We can learn three spiritual virtues from those shepherds: keeping watch, crossing over, and going in haste,” Cardinal Jose Lazaro F. Advincula […]
Economic team pushes for approval of Maharlika Wealth Fund
Economic managers said they “strongly support” the creation of the Maharlika Wealth Fund (MWF), after lawmakers agreed to remove a provision in the bill that would have sourced its funding from state-run pension funds.“We, the economic managers of the Marcos Jr. administration, strongly support the creation of the Maharlika Wealth Fund as a vehicle to […]
Opposition told to learn from US midterm results
By Kyle Aristophere T. Atienza, Reporter THE PHILIPPINE opposition should temper right-wing populism that enabled Rodrigo R. Duterte’s rise to power by promising voters enough social protection amid economic challenges, political analysts said on Sunday, as US Democrats retained control of the Senate in this year’s midterm elections. The preparations of opposition forces for the […]
Stocks inch lower ahead of key economic data
PHILIPPINE SHARES inched lower on Tuesday as investors await the results of the US midterm elections and the release of key local and foreign economic data this week. The benchmark Philippine Stock Exchange index (PSEi) declined by 6.48 points or 0.1% to finish at 6,289.10 on Tuesday, while the broader all shares index went down […]
IMF cuts Asia’s economic forecasts as China’s slowdown bites
TOKYO — The International Monetary Fund (IMF) cut Asia’s economic forecasts on Friday as global monetary tightening, rising inflation blamed on the war in Ukraine, and China’s sharp slowdown dampened the region’s recovery prospects. While inflation in Asia remains subdued compared with other regions, most central banks must continue raising interest rates to ensure inflation […]
ONERHT partners Democratic Republic of Congo for sustainable economic development and growth
SINGAPORE, Oct 25, 2022 – (ACN Newswire via SEAPRWire.com) – Sustainability consultancy RHT Green and strategic advisory firm RHT Consulting Asia have entered into a Memorandum of Understanding (MOU) with the Ministry of Environment and Sustainable Development of the Democratic Republic of Congo (DRC) to support the implementation of multisectoral sustainable development projects in the […]
PHL, UNIDO reaffirm commitment to sustainable industrial, economic development
THE PHILIPPINES and the United Nations Industrial Development Organization (UNIDO) have signed a joint declaration reaffirming their commitment to accelerating sustainable industrial and economic development, according to a statement released Monday by the Department of Foreign Affairs. “The Philippines’ partnership with UNIDO has been transformative to the country’s development landscape and has been instrumental in […]
G20 Sherpa committed to address global solutions
JAKARTA, Oct 1, 2022 – (ACN Newswire via SEAPRWire.com) – The third G20 Sherpa meeting in Yogyakarta has concluded with G20 member countries agreeing to seek solutions to myriad global problems. The 3rd Sherpa Meeting G20 Indonesia delegations travel around Borobudur Temple in Magelang, Central Java, Indonesia, Tuesday (29/9). (ANTARA PHOTO/Andreas Fitri Atmoko/POOL/rwa/FR) “During this […]
Diokno to US investors: PH is primed for a bright economic future
FINANCE Secretary and chairman of the Economic Development Cluster Benjamin Diokno showcased the Philippines’ solid macroeconomic fundamentals and “bright economic future” before American and international business communities at the Philippine Economic Briefing (PEB) in New York City, United States of America on Sept. 22, 2022.“As we pursue the economic transformation of the Philippines in the […]
Moody’s affirms PHL credit rating
MOODY’S INVESTORS SERVICE on Thursday kept the Philippines’ “Baa2” credit rating with a “stable” outlook, as economic recovery is unlikely to be hampered by “challenging global credit conditions.” In a statement on Thursday, the credit rater affirmed the country’s long-term local and foreign currency issuer and senior unsecured ratings at “Baa2.” “The rating action […]
IMF sees further global economic slowdown in third quarter
WASHINGTON – Downside risks continue to dominate the global economic outlook and some countries are expected to slip into recession in 2023, but it is too early to say if there will be a widespread global recession, IMF spokesman Gerry Rice said on Thursday. Rice told reporters that high-frequency data pointed to a further loss […]
Amazon, Apple and Google pledge training for women in Indo-Pacific
Fourteen US companies including Amazon.com Inc. and Visa Inc. each pledged to provide at least 500,000 digital training and education opportunities for women and girls in the Indo-Pacific region as part of a Biden administration initiative. The program, undertaken within the broader 14-nation Indo-Pacific Economic Framework for Prosperity, is focused on Brunei, Fiji, India, Indonesia, […]
Carvajal: Heroes as liberators
“Each and every one of us has been born into a given historical reality, ruled by particular norms and values, and managed by a unique economic and political system. We take this reality for granted, thinking it is natural, inevitable and immutable. We forget that our world was created by an accidental chain of events, […]
PEZA eyes more Bangsamoro ecozones
THE PHILIPPINE Economic Zone Authority (PEZA) is working with the Bangsamoro Autonomous Region in Muslim Mindanao to set up its own ecozone to boost economic growth in the region. An ecozone in Bangsamoro can generate jobs, exports and revenue, while creating opportunities for its people, PEZA Promotions and Public Relations Group Manager Aleem Siddiqui Guiapal […]