MANILA, Philippines — The World Bank kept its growth outlook on the Philippine economy on expectations that “strong domestic conditions” would counter external headwinds. In its “Philippine Economic Update” report released Wednesday, the Washington-based multilateral lender projected the economy to grow 5.7% this year, unchanged from its previous report. If realized, World Bank’s forecast would […]
Read MoreMANILA, Philippines — The Philippines’ buffer funds slid down in May, due in part to the national government’s foreign currency withdrawals to pay back debts and declining value of gold. What’s new The Philippines’ gross international reserves amounted to $103.53 billion in May, down from $105.4 billion in April, the BSP reported Wednesday. The central […]
Read MoreHighest in more than 3 years MANILA, Philippines — The still elevated oil prices in the global market continued to spill over to other commodities in the local consumer basket, pushing the Philippines’ headline inflation to 5.4 percent in May, the highest rate in three-and-a-half years, with a slowdown still out of the picture. The […]
Read MoreMANILA, Philippines — The government may cut the budget deficit to as low as 3.2 percent of gross domestic product (GDP) by 2025 if it pursues the consolidation plan proposed by the Department of Finance. DOF chief economist Gil Beltran said yesterday the next administration can narrow the budget deficit to pre-pandemic levels if it […]
Read MoreMANILA, Philippines — The stock market ended in positive territory yesterday, ignoring the three-year high inflation of 5.4 percent in May, analysts said. The benchmark Philippine Stock Exchange Composite index (PSEi) finished at 6,754.01, up 37.13 points or 0.55 percent while the broader All Shares gauge rose by 12.66 points or 0.35 percent to end […]
Read MoreMANILA, Philippines — Economists raised their inflation forecasts for the next three years due to the impact of the ongoing Russia-Ukraine war on global oil and food prices, according to a survey conducted by the Bangko Sentral ng Pilipinas (BSP). Zeno Ronald Abenoja, managing director of the Department of Economic Research at the BSP, said […]
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