INFRASTRUCTURE spending fell 38.3% month on month in October to P61.2 billion, according to the Department of Budget and Management (DBM). The DBM said on Tuesday that on a year-on-year basis, expenditure on infrastructure and other capital outlays rose 0.5%. The DBM said in October, disbursements fell for the Armed Forces of the Philippines Modernization […]
Tag: spending
Asian consumers spend more carefully amid inflation pressures
CONSUMERS in Asia are spending more carefully as inflation continues to hurt purses, with the food, beverage and home care sectors driving growth in the third quarter of the year, according to a new analysis from Kantar. “Shoppers are feeling the squeeze on their wallets and are using different strategies to adapt depending on the […]
Peso drops to near one-month low
THE PESO declined to a near one-month low on Wednesday, returning to the P56 level against the dollar, on less need for cash as the holiday season nears its end. The local currency closed at P56.20 versus the greenback, down by 30 centavos from Tuesday’s P55.90 close, data from the Bankers Association of the Philippines […]
Become financially fit this 2023: 5 money pitfalls you need to avoid
GIVEN today’s economy, consumers all have financial concerns. While worrying doesn’t solve much, having a plan to manage these challenges can help ease some of the stress. Jed Velarde, an investing advocate of COL Financial, one of the country’s leading stockbrokers, shared five money traps to avoid and ways to spare consumers from serious financial […]
Peso seen to move sideways on holiday spending
THE PESO is expected to move sideways this week on the further increase of holiday spending, especially as trading reaches the tail-end of the season. The local unit closed at P55.15 per dollar on Friday, weakening by six centavos from its P55.09 finish on Thursday, Bankers Association of the Philippines data showed. However, week on […]
Gov’t agencies’ cash usage hits 94% at end of Nov.
GOVERNMENT agencies raised their cash utilization rate to 94% by the end of November, the Department of Budget and Management (DBM) said on Tuesday. The National Government, local governments and state-owned firms used 94% of the P4.01 trillion worth of Notices of Cash Allocation (NCAs) issued to them in the first 11 months, leaving P257.94 […]
Japan lawmaker in Taiwan says China’s threat needs higher military spending
TAIPEI — Japan needs to increase its military spending in the face of the “grim reality” of the threat from China and North Korea, a senior member of Japan’s ruling Liberal Democratic Party (LDP) said on Sunday during a visit to Taiwan. Although Chinese-claimed and democratically governed Taiwan and Japan do not have formal diplomatic […]
Solar estimated to have eliminated $78M in PHL fossil fuel spending
SOLAR POWER helped do away with an estimated $78 million in Philippine spending on fossil fuels in the first half of 2022, with the potential to realize more in savings, three think tanks said in a report. According to a report issued by Ember, the Centre for Research on Energy and Clean Air (CREA) and […]
Consumers eager to normalize seen boosting economy towards yearend
THE boost to the economy typically provided by the year-end holidays will be given added impetus by consumers seeking to return to normal after the pandemic, First Metro Investment Corp. (FMIC) and the University of Asia and the Pacific (UA&P) said in a report. “With consumers and firms eager to normalize, the coming Christmas season […]
Healthcare spending up by 18.5% on pandemic-related expenses
Healthcare spending grew by 18.5% in 2021 to P1.09 trillion, with most of the spending from the government as it addressed the coronavirus disease 2019 (COVID-19) pandemic, an analyst said. Preliminary data from the Philippine Statistics Authority (PSA) showed that the 2021 rise in total current health expenditure (CHE) was higher than the revised 12.8% […]
Budget monitor urges Congress to ensure GAA aligned with recovery, climate change goals
A NON-GOVERNMENT organization that monitors budget spending said Congress needs to review the government’s spending plans thoroughly to ensure they aid the economic recovery and help mitigate climate change, adding that legislators must not be rushed by the Palace’s certification of the 2023 budget bill as urgent. The proposed P5.268-trillion budget for next year must, […]
Japan warns of rising security threats in annual defense report
TOKYO — Japan warned on Friday of escalating national security threats, including repercussions from Russia’s war with Ukraine, Chinese intimidation of Taiwan, and vulnerable technology supply chains, in its annual defense white paper. The report sets out the government’s security concerns as it prepares the defense ministry budget request due next month, aiming to build […]
Consumers expected to show ‘moderation in spending’ over the next three months
PHL recovery could lag Asia’s because of election spending ban
ELECTION-RELATED government spending restrictions could prove to be a drag on economic expansion next year, bucking the trend in emerging Asia, Pantheon Macroeconomics said in a report. Pantheon Senior Asia Economist Miguel Chanco said the Philippines is the only economy in which it expects growth to slow down next year, which would force the central […]
Christmas spending expected to top P37,000 per household
HOUSEHOLDS are expected to spend about P37,106 each to celebrate Christmas, according to a study conducted by a remittance company. The Philippines’ estimated Christmas spend is eighth-largest among 15 economies surveyed by WorldRemit. “Christmas celebrations begin as early as September and extend until January in the Philippines, making it challenging for many families to afford the […]
PHL consumer spending to pick up in 2022 – Fitch Solutions
The improving employment rate and consumer sentiment in the Philippines could back a projected 5.1% household spending growth next year, Fitch Solutions Country Risk and Industry Research said. In a report released on Friday, Fitch Solutions said consumer spending could grow by a total of P11.1 trillion in 2022, accelerating from the estimated 3.5% growth […]
New prexy must build better infra
WHOEVER runs for presidency in the upcoming May 2022 elections must focus on building high-quality infrastructure, an economist said. “We have to build better,” said Ronilo Balbieran, vice president of think-tank Research, Education and Institutional Development Foundation in a recent virtual summit. Balbieran said it is not enough for the country to continue the Build, […]
Dynasties
When people talk about Philippine politics, the issue of political dynasties is — and will always be — at the forefront of discussions. Now that we are approaching an election year, the seemingly accepted “truth” that dynasties are bad for us becomes all the more salient, in the media, and among voters as well. Is […]
Infrastructure seen key to preserving momentum amid weak consumption
INFRASTRUCTURE SPENDING holds the potential to support an economic recovery via job creation, with the consumption component that the economy traditionally depends on remaining weak, Maybank Investment Bank Economist Zamros Dzulkifli said. “If the government could push for infrastructure spending this year, we can expect the share of expenditure to keep rising and support the […]
DBM sees on-time submission of P5-T 2022 nat’l budget proposal to Congress
THE DEPARTMENT of Budget and Management (DBM) expects to transmit to Congress the proposed P5.024-trillion National Expenditure Program for 2022 by the deadline of Aug. 23. In a Viber message Monday, DBM Officer-in-Charge and Undersecretary Tina Rose Marie L. Canda said President Rodrigo R. Duterte approved the proposed spending plan before Budget Secretary Wendel E. […]