MANILA, Philippines (Updated 1:34 p.m.) — Philippine consumers reeling from soaring prices finally got their much-awaited reprieve in November, which saw a softer inflation print on the back of slower price increments for food and tumbling oil prices, the country’s statistics agency reported Wednesday. Inflation cooled down to a four-month low of 6 percent in November from […]
Read MoreMANILA, Philippines — The Philippine Chamber of Commerce and Industry (PCCI) is in favor of withdrawing the suspension of the second tranche of excise taxes on petroleum products under the Tax Reform for Acceleration and Inclusion (TRAIN) Law. “While PCCI championed TRAIN, it was among the first organizations to call for the suspension of the excise tax on oil because […]
Read MoreMANILA, Philippines — The government’s inflation target for next year would not be affected by the further hike in excise tax on fuel products scheduled to be levied in January, Budget Secretary Benjamin Diokno said Wednesday. President Rodrigo Duterte’s economic managers last week called off their previous plan to defer the next round of oil tax increase […]
Read MoreMANILA, Philippines — The proportion of employed Filipinos declined in October, the country’s statistics agency reported Wednesday, although job quality improved during the month. The unemployment rate was at 5.1 percent in October, a tad higher than 5 percent recorded in the same month last year. On the other hand, employment rate stood at 94.9 […]
Read MoreMANILA, Philippines — The national government’s debt pile rose to a new record high of P7.167 trillion as of end-October, driven largely by higher domestic borrowings, according to the Bureau of the Treasury. Based on the latest BTr data, the debt figure was 0.10 percent or P7.3 billion higher than the P7.16 trillion recorded as of […]
Read MoreMANILA, Philippines — Dutch financial giant ING Bank expects the Philippine economy to slow down further next year as inflation is expected to remain elevated while rate hikes may take its toll on growth. In a report, ING Bank Manila senior economist Nicholas Mapa said the Philippines’ gross domestic product (GDP) growth may ease to 6.1 percent in 2019 from the […]
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