MANILA, Philippines (UPDATE 1 11:50 a.m., May 11) — The Philippines stayed in recession in the first quarter as expected, making official intuitions that once Southeast Asia’s fastest growing economy would crawl back to prosperity in the face of soaring prices, more infectious coronavirus variants and sluggish vaccinations. Gross domestic product (GDP) shrank 4.2% year-on-year from January to […]
Read MoreMANILA, Philippines — Philippine banks reported a three percent decline in net income to P53.98 billion in the first quarter from P55.68 billion in the same period last year as the value of bad debts written off by the banking industry tripled during the review period, according to the Bangko Sentral ng Pilipinas (BSP). Preliminary […]
Read MoreMANILA, Philippines — Moody’s Analytics has further slashed the projected gross domestic product (GDP) growth of the Philippines to five instead of 6.3 percent this year due to the imposition of strict lockdown and quarantine measures amid the resurgence of COVID-19 infections. Shahana Mukherjee, economist at Moody’s Analytics, said the country’s GDP likely contracted by […]
Read MoreMANILA (REUTERS) – The Philippine economy shrank more than expected in the first quarter, though sequential momentum showed a recovery was underway and suggested the central bank will keep rates at a record low at this week’s policy review to support the revival. Gross domestic product fell 4.2 per cent in the March quarter from a […]
Read MoreMANILA, Philippines — Car sales plummeted to their lowest level in 10 months in April, adding to growing evidence that consumer demand suffered a fresh blow from reinforced lockdowns that likely halted the economy’s already slow bounce-back. A total of 17,843 units were sold by members of the Chamber of Automotive Manufacturers of the Philippines […]
Read MoreMANILA, Philippines — Gross domestic product (GDP) likely inched up 0.8 percent in the January to March period, according to London-based think tank Capital Economics. “Given the spike in (COVID) cases and reintroduction of strict containment measures from the very end of March, first quarter GDP data are already news,” Capital Economics said in its […]
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