MANILA, Philippines — Bank of the Philippine Islands (BPI) expects the peso to weaken back to 50 to $1 level on the back of declining foreign exchange inflows amid the displacement of more overseas Filipino workers (OFWs) due to the global coronavirus pandemic. BPI lead economist Jun Neri said the local currency is likely to […]
Read MoreMANILA, Philippines — The Bangko Sentral ng Pilipinas (BSP) has revised the inflation assumption for this year amid the uptick in July and rising global oil prices. In a virtual press briefing, BSP Deputy Governor Francisco Dakila Jr. said the Cabinet-level Development Budget Coordination Committee (DBCC) has revised the inflation target to a range of […]
Read MoreMANILA, Philippines — The Philippines may not be alone on suffering an economic downturn because of the pandemic, but the decline in the local economy is by far the worst, at least compared with neighboring developing countries. That observation is true both for the second quarter and the first half of the year, a period […]
Read MoreMANILA, Philippines — After a surprising positive performance in the second quarter, the Department of Agriculture is optimistic the farm sector will continue to grow despite the tough challenges brought about by the coronavirus pandemic. The farm industry managed to pull off a 0.5 percent growth in April to June. Agriculture Secretary William Dar said […]
Read MoreWe’re not out of the woods yet, says BSP chief MANILA, Philippines — The worst economic performance on record logged in the second quarter has forced monetary authorities and economists to further downgrade their year-end forecasts for the Philippines. While they believe the worst is over for the Philippine economy as gross domestic product (GDP) […]
Read MoreMANILA, Philippines (UPDATE 3 1:03 p.m., Aug. 6) — The Philippines officially entered a recession in the second quarter, an expected economic collapse brought by the pandemic that has gone beyond government control with the country likely to become Southeast Asia’s coronavirus hotspot on Thursday. Gross domestic product (GDP) plummeted 16.5% year-on-year from April to June, sinking deeper […]
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