Tag: Philippine economy

PHL economy grows by 5.7% in Q1 of 2024

(Eagle News)–The Philippine economy grew by 5.7 percent in the first quarter of 2024. Based on Philippine Statistics Authority data, this was slightly higher than the  5.5% growth recorded the previous quarter. According to the PSA, the main contributors to the first quarter growth were the following: Financial and insurance activities: 10.0 percent Wholesale and retail trade Repair of motor vehicles and motorcycles: 6.4 percent Manufacturing: 4.5 percent The PSA said all major economic sectors—agriculture, […]

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PHL economy posts 5.9% growth in third quarter of 2023

(Eagle News) — The Philippine economy posted a growth of 5.9 percent in the third quarter of 2023, the Philippine Statistics Authority said on Thursday, Nov. 9. According to the National Economic and Development Authority, this makes the Philippines the fastest-growing economy among major emerging economies in Asia that have released their third-quarter Gross Domestic Product data. Vietnam’s growth for the same period was at 5.3%, Indonesia’s and China’s at 4.9%, and Malaysia’s at 3.3%, […]

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PHL economy posts 6.4% growth in first quarter of 2023

(Eagle News) — The Philippine economy posted a growth of 6.4% in the first quarter of 2023. According to the Philippine Statistics Authority, this was the “lowest growth registered after seven quarters when the country started to recover from the pandemic in the second quarter of 2021.” The PSA said the following were the major contributors to the Philippine economy’s first quarter growth for 2023: Wholesale and retail trade repair of motor vehicles and motorcycles, […]

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Philippine economic growth accelerates by 7.6% in third quarter of 2022

(Eagle News) — Philippine economic growth accelerated by 7.6% in the third quarter of 2022. According to the Philippine Statistics Authority, the 7.6% growth reported in the July and September period is faster than the 7.5% growth reported in the second quarter. The PSA said the main contributors to the third quarter growth were the following: Wholesale and retail trade Repair of motor vehicles and motorcycles, 9.1 percent Financial and insurance activities, 7.7 percent Construction, […]

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PSA revises second quarter economic growth to 7.5%

(Eagle News) — The Philippine Statistics Authority has revised the country’s second-quarter economic growth. In a statement, the PSA said second quarter gross domestic product (GDP) grew by 7.5% instead of the 7.4% it earlier announced. The PSA said the revision was made following higher recorded growth in construction. The PSA said construction grew by 19.5%, and not 19.0% as earlier announced. Real estate and ownership of dwellings also rose to 4.4% from 3.9%, while manufacturing […]

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PHL GDP shrinks by 4.2 percent in first quarter of 2021

(Eagle News) — The Philippines’ Gross Domestic Product shrank by 4.2 percent in the first quarter of 2021. According to the Philippine Statistics Authority, this is less compared to the 8.3 percent shrinking of the Philippine GDP in the fourth quarter. The PSA said the contributors to the decline were the following industries: Construction: -24.2 percent Other Services: -38.0 percent Real Estate and Ownership of Dwellings: -13.2 percent The following industries, on the other hand, […]

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PHL economy posts full contraction in 2020, with GDP at -8.3 percent in fourth quarter

(Eagle News)– The Philippines’ gross domestic product fell 8.3 percent year-on-year during the fourth quarter, a reversal of the 6.7 percent growth recorded in the same quarter in 2019, pre-COVID-19 pandemic. The Philippine Statistics Authority said the -8.3 percent compares to the -11.4 percent posted in the third quarter of 2020, completing the Philippine economy’s full-year contraction, with 2020 GDP shrinking at an overall 9.5 percent. The -9.5 percent GDP is the biggest Philippine economy […]

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PHL economy in technical recession

(Eagle News) — The Philippine economy contracted by a record-16.5 percent in the second quarter, from April to June, officially plunging the country into a technical recession. A technical recession takes place when there are two successive quarters of negative gross domestic product caused mainly by an isolated event. This is distinct from a recession, which is defined as two consecutive quarters of negative GDP due to an underlying economic problem. During the first quarter, Philippine […]

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PHL, ADB sign $400-million loan agreement to help boost country’s domestic capital markets

(Eagle News)–The Philippines and the Asian Development Bank have signed a $400-million loan agreement that aims to help boost  domestic capital markets amid the COVID-19 pandemic. The Department of Finance said the  loan for the Support to Capital Market Generated Infrastructure Financing, Subprogram 1 (SCMGIF1) is set for accelerated disbursement this year. The loan is expected to be effective by June 10 and be fully disbursed by June 15, with a maturity period of 15 […]

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PHL economy contracts by 0.2 percent in first quarter of 2020

PSA says this is PHL’s first economic contraction since 1998 (Eagle News) — The Philippine economy contracted by 0.2 percent in the first quarter of 2020, its first contraction since the fourth quarter of 1998, the Philippine Statistics Authority said. According to the PSA, the main contributors to the decline were manufacturing, transportation and storage, and accommodation and food service activities. Agriculture, forestry and fishing; and industry—both major economic sectors—contracted by 0.4 percent and 3.0 […]

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PHL eyeing $5.6-billion loan from foreign banks to boost economy amid COVID-19 emergency

(Eagle News)–Finance Secretary Sonny Dominguez on Thursday, April 9, said he was eyeing a  $5.6-billion loan from the World Bank and the Asian Development Bank to help boost the Philippine economy amid the coronavirus disease 2019 pandemic. According to Dominguez, “kung kulang pa, we will probably be going sa commercial market.” “We are confident we have the financial capability to bridge this problem that COVID-19 has brought us,” he said, assuring the public that  “at […]

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PHL economy grows 6.2 percent in third quarter of 2019

(Eagle News) — The Philippine economy grew 6.2 percent in the third quarter of 2019, the government reported on Thursday, Nov. 7. According to data provided by the Philippine Statistics Authority, this was 0.2 percent higher than the 6.0 percent economic growth recorded in the third quarter in 2018. It is also higher than the 5.5 percent growth recorded in the second quarter. The PSA said net primary income from the rest of the world […]

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