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QUEZON City, Philippines – The exchange rate between the peso and the dollar may reach Php 50 for every dollar due to the negative remarks made by President Rodrigo Duterte, according to a Philippine senator. Senator Ralph Recto said that the President should refrain from giving negative remarks against the US because it affects the peso-dollar exchange rate. He said studies show that every time the President makes a negative remark against the US, the […]
MANILA, Philippines (AFP) — The Philippine economy expanded 7.0 percent in the second quarter, official data showed Thursday, but President Rodrigo Duterte’s new government said major changes were needed to fix one of Asia’s biggest rich-poor divides. The April-to-June period covered the final months of Benigno Aquino’s administration, capping six years of stellar growth that helped boost thePhilippines‘ credit ratings and end its reputation as one of the region’s economic laggards. However, Duterte won a landslide […]
(Eagle News) — Malacanang assured the public on Saturday that the country’s economy is strong enough to be affected by any shock created by the United Kingdom’s vote to volt from the European Union. Communication Secretary Herminio Coloma Jr., said that for instance, most of the Filipino workers in Britain are nurses who are subjected to British law rather than EU regulations citing a report by Labor Secretary Rosalinda Baldoz. “Ang kanilang paglilingkod doon ay hindi […]
The Philippine economy may have expanded at a slower pace in the first quarter from the previous three months, as strong consumer spending was offset by weak exports, a Reuters poll showed. GDP was seen expanding a seasonally adjusted 1.6 % (percent) in January to March — from the previous quarter —according to the median of the poll — slower than 2 percent growth in the last three months of 2015. The forecasts of six […]
TOKYO, Japan (AFP) — The yen weakened Tuesday as Japanese officials ramped up a bid to tame the surging currency, while the Philippine peso ticked higher with anti-establishment firebrand Rodrigo Duterte set to become the country’s new president. After soaring to 18-month highs against the dollar, the yen has sagged as officials threaten to intervene in currency markets to stop its “speculative” rally. On Tuesday, finance minister Taro Aso repeated warnings about possible action, after saying […]
MANILA, Feb. 10 (PIA) — Philippine products and services are bound to reach an even wider international market once the World Trade Organization’s (WTO) Trade Facilitation Agreement (TFA) is ratified. “The TFA enables streamlined, transparent, and efficient customs procedures which would result to a more conducive trading environment for business, and reduce prices for consumers and producers,” said Department of Trade and Industry (DTI) Secretary Adrian S. Cristobal Jr. “The procedures and provisions in the TFA establishes a more efficient […]
MANILA, Feb. 7 — Slower price adjustments in both food and non-food items pulled down inflation to 1.3 percent in January 2016 from 1.5 percent in the previous month, according to the National Economic and Development Authority (NEDA). Inflation for the food subgroup slowed down as prices of fish, fruits, vegetables, milk, cheese, and eggs became stable. “Good weather conditions at the onset of 2016 allowed prices of these food items to stabilize. This was an […]
MANILA, Feb. 3 — Malacañang has welcomed the results of the 2016 Economic Freedom Index that showed a big improvement in the Philippines’ world ranking. The country jumped to 70th place from 76th place last year, Presidential Spokesperson Edwin Lacierda said Tuesday. “We welcome the results of the 2016 Index of Economic Freedom, which shows the Philippines jumping from 76th place in 2015 to 70th place, having scored 63.1 out of a possible 100 points—up from […]
By Gilbert M. Llanto President of the Philippine Institute of Development Studies (PIDS) (Courtesy East Asia Forum) — The Philippines has performed well in the past few years relative to its peers. It demonstrated great resilience to exogenous shocks that would have undone less capable economies. But will it be able to sustain its positive economic position? There are positive signs. Revised forecasts put GDP growth in 2015 between 5.7–6 per cent and forecasters […]
MANILA, Feb. 2 (PNA) — The Philippines has jumped six notches in a Washington-based think-tank’s annual economic freedom report, improving its ranking from 76th to 70th place this year, an embassy report said Tuesday. Heritage Foundation reaffirmed economic freedom in the Philippines and recognized notable success in monetary freedom and management of public finance. The 2016 Index of Economic Freedom continued to grade the economies of 186 countries based on 10 independent factors called Economic […]
MANILA, Feb. 2 (PNA) — The Philippine government on Tuesday hailed another improvement on the country’s ranking on the 2016 Index of Economic Freedom after reaching the 70th place against 178 countries, up from 76th last year. US-based think tank Heritage Foundation said economic freedom in the country is now “moderately free” after getting a score of 63.1 percent out of 100 points. Improvement of the country’s ranking is among the best in the past […]
(Eagle News) — The Philippine economy grew 5.8 percent in 2015, which was below the earlier government growth target of 7-8 percent. “The acceleration of growth from the first quarter to fourth quarter has been very encouraging, bringing the average full-year growth to 5.8 percent. Though this is lower than what we targeted for the year, this growth is respectable given the difficult external environment, the onset of El Nino, and the challenges in […]
