MANILA, Philippines — The country’s budget shortfall slightly narrowed last year, with its share to the overall economy also easing, after the government secured better revenue streams as business activities returned to normalcy with COVID cases declining. Data from the Bureau of the Treasury showed that the deficit in 2022 shrank by 3.35 percent to […]
Read MoreMANILA, Philippines — Local factories ran into some headwinds in February as operating conditions continued to pose challenges, despite the boons offered by the Philippine economy’s reopening. A survey of around 400 manufacturers in the country found that the Philippines’ Purchasing Managers’ Index (PMI), a gauge of manufacturing output, grew at a softer pace of […]
Read MoreMANILA, Philippines — The government’s budget balance settled into deficit territory again but proved lower in 2022, as revenues scored the benefits of a reopened domestic economy. However, concerns loomed as a limited fiscal space continued to narrow spending on sorely needed socioeconomic programs. Data released by the Bureau of the Treasury on Wednesday showed that […]
Read MoreMANILA, Philippines — Credit growth softened in January, as the impact of the Bangko Sentral ng Pilipinas’ aggressive interest rate hikes to tame consumer demand fueling painfully-high inflation seeped into the economy. Excluding lending among each other, outstanding loans of universal and commercial banks rose 10.4% year-on-year in January. This was slower than the 13.4% […]
Read MoreMANILA, Philippines — The Bangko Sentral ng Pilipinas on Tuesday said there are chances that brutally-high inflation sizzled beyond 9% in February, which could give it more reason to tighten monetary policy. In a statement on Tuesday, the BSP said inflation likely quickened between 8.5 to 9.3% in February. If the upper range is realized, consumer price growth would be faster […]
Read MoreAmid rising consumer prices MANILA, Philippines — An increase in minimum wages amid rising prices would hurt the economy in the longer term, the National Economic and Development Authority (NEDA) said. During the Development Budget Coordination Committee’s briefing for the House committee on appropriations yesterday, NEDA Secretary Arsenio Balisacan said forcing increases in minimum wages […]
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