MANILA, Philippines — The country’s fiscal deficit ballooned to 7.5 percent of gross domestic product in 2020, but settled slightly lower than the government’s forecast as both revenues and expenditures went below their revised targets, according to the Department of Finance (DOF). In a presentation before the Management Association of the Philippines (MAP), Finance Secretary […]
Read MoreMANILA, Philippines — The Philippines continues to see an “opening” to roll back remaining movement restrictions despite a new coronavirus variant detected in the country, a necessary step for the economy to bounce back from last year’s recession. “Given the experience of other countries, I think there’s an opening,” Acting Socioeconomic Planning Secretary Karl Kendrick […]
Read MoreMANILA, Philippines — The Philippines is likely to recover from the pandemic-induced recession with a seven percent gross domestic product (GDP) growth this year, according to Moody’s Investors Service. Christian de Guzman, senior vice president of the sovereign risk group at Moody’s, said the rebound is expected to happen this year after a deeper GDP […]
Read MoreMANILA, Philippines — Inbound tourism receipts dropped 83 percent last year as the government banned international travel due to the worldwide outbreak of COVID-19, the Department of Tourism (DOT) reported yesterday. In a press briefing, Tourism Secretary Bernadette Romulo-Puyat said total receipts generated from inbound tourism reached P81.40 billion last year, a sharp decline from […]
Read MoreMANILA, Philippines — The national government closed 2020 with a heavier debt burden as expected, no thanks to rising pandemic costs and falling tax receipts that forced a borrowing binge. On Tuesday, Finance Secretary Carlos Dominguez III said emerging data showed outstanding state debt was equivalent to 53.5% of gross domestic product (GDP) last year, the […]
Read MoreMANILA, Philippines — Peso rediscounting loans extended by the Bangko Sentral ng Pilipinas plunged by 78 percent to P26.9 billion last year from a record P122.7 billion in 2019 due to lack of takers amid the massive liquidity released by the BSP in the financial system to cushion the impact of the pandemic. Latest data […]
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