MANILA, Philippines — The country’s total savings last year dropped to P4.43 trillion as consumers and businesses were forced to tap their kept resources to survive the pandemic. Latest data from the Philippine Statistics Authority (PSA) showed that gross savings in 2020 declined 28 percent from the 2019 level of P6.15 trillion. Non-financial corporations contributed […]
Read MoreMANILA, Philippines — The Philippine Economic Zone Authority (PEZA) is targeting a seven percent uptick in approved investments in economic zones this year as it expects a new law that introduces changes to the incentives system would make the country more attractive to investors. In a press conference yesterday, PEZA deputy director general Tereso Panga […]
Read MoreMANILA, Philippines — Singapore-based ASEAN+3 Macroeconomic Research Office (AMRO) further slashed its economic growth outlook for the Philippines this year as the country continues to face multiple downside risks in containing COVID-19. In a briefing yesterday, AMRO said it has lowered its gross domestic product (GDP) growth forecast to 6.4 percent from the 6.9 percent […]
Read MoreMANILA, Philippines — Inflation for the year is seen breaching the government’s upper target and to average at 5.3 percent, more than double the 2020 level, as elevated oil prices and meat supply remain a concern, a foreign think tank said. In its weekly monitor, UK-based Pantheon Macroeconomics said headline inflation the rate of increase […]
Read MoreMANILA, Philippines — The Philippines is ramping up its drive to further tighten anti-money laundering and terrorist financing regulations in an effort to be removed from the watchlist of global dirty money watchdog Financial Action Task Force (FATF) as early as January 2023. Bangko Sentral ng Pilipinas (BSP) Governor and Anti-Money Laundering Council chairman Benjamin […]
Read MoreMANILA, Philippines — The Duterte administration can still afford to unleash a bigger pandemic stimulus, thanks to still “sufficient” fiscal space that the government should use to prevent a massive economic scarring. Although last year’s pandemic spending ballooned government debt, as a share of the economy, to 54.6% from a record-low 39.6% in 2019, it […]
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