MANILA, Philippines — Higher fuel and food prices, compounded by a surge in power rates and a weak currency, likely stoked inflation in July, the Bangko Sentral ng Pilipinas said. In a statement on Friday, the BSP said it expects inflation to settle between 3.9-4.7% in July. If the upper-end of the forecast range is realized, it […]
Read MoreMANILA, Philippines – Economic managers will revisit their goals after President Rodrigo Duterte approved a proposal to tighten restrictions in Metro Manila to slow down a new surge in infections believed to be fueled by the Delta variant. The interagency Development Budget Coordination Committee (DBCC) will “review” this year’s economic targets once the second quarter […]
Read MoreMANILA, Philippines — The Philippines faces the likelihood of a credit rating downgrade from debt watchers if the country fails to immediately address the scarring effects caused by the COVID-19 pandemic, according to Dutch financial giant ING Bank. Nicholas Mapa, senior economist at ING Bank Manila, said at least two credit rating agencies recently flagged […]
Read MoreMANILA, Philippines — Retail prices of construction materials in the capital region did not budge in June, the Philippine Statistics Authority (PSA) said. The Construction Materials Retail Price Index (CMRPI) in the National Capital Region stayed at 1.2 percent, the same level in May and in June last year. The unchanged index indicated the stable […]
Read MoreMANILA, Philippines — A “knee-jerk” imposition of fresh restrictions in Metro Manila and nearby areas would be extremely damaging to the economy, the country’s largest business group said, as it denies endorsing renewed lockdowns to curb the spread of the Delta variant. In a Thursday morning statement, the Philippine Chamber of Commerce and Industry (PCCI) […]
Read MoreMANILA, Philippines — Pandemic-related risks are expected to delay the Philippines’ economic recovery and may raise the prospects of long-term economic scarring, according to Moody’s Investors Service. “Pandemic risks have weighed on the Philippines’ economic recovery compared to its more export-oriented peers in Asia-Pacific, delaying fiscal consolidation and raising the prospects of long-term economic scarring. […]
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