MANILA, Philippines — Unemployment soared in September, hitting its worse yet since the pandemic sent the economy into a historic meltdown. Data from the Philippine Statistics Authority found unemployment in September worsened to 8.9%, which according to the monthly Labor Force Survey yielded 4.25 million jobless Filipinos. This was the highest since July 2020 when […]
Read MoreMANILA, Philippines — The Philippines remained the second fastest growing market for motor vehicle assembly and sales in Southeast Asia, posting double-digit growth in the nine months to September. Data from the Association of Southeast Asian Nations (ASEAN) Automotive Federation showed 63,341 motor vehicles were manufactured in the Philippines as of end-September, 35.8 percent higher […]
Read MoreMANILA, Philippines — The country’s manufacturing sector expanded modestly in October, hitting a seven-month high, as mobility restrictions remain loose amid the continued decline in COVID-19 cases. Market intelligence firm IHS Markit said the Philippine headline purchasing managers’ index (PMI) marginally picked up to 51 in October from 50.9 in September. The October headline index […]
Read MoreMANILA, Philippines — Dutch financial giant ING Bank said the Philippines’ gross domestic product (GDP) growth likely slowed to 3.8 percent in the third quarter from 11.8 percent in the second quarter due to intermittent lockdowns. Nicholas Mapa, senior economist at ING Bank Manila, said despite the slower growth, the Philippine economy likely remained in […]
Read MoreMANILA, Philippines — The government will pursue amendments to the implementing rules and regulations or IRR of the Build-Operate-Transfer (BOT) Law to ensure that public-private partnership (PPP) projects implemented will not be disadvantageous to Filipinos. In a statement, the National Economic and Development Authority (NEDA) and the PPP Center said President Duterte has ordered the […]
Read MoreMANILA, Philippines — Local factories managed to temper a persistent drop in output in October, marking an improvement in manufacturing conditions that could have been stronger if not for material shortages that’s hampering production. A monthly survey of around 400 companies showed the Philippines’ purchasing managers’ index (PMI), a measure of factory output, rose to […]
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