MANILA, Philippines (Update 1, 3:20 p.m.) — The Bangko Sentral ng Pilipinas hiked its key policy rate again on Thursday in a bid to arrest red-hot inflation dampening the economy’s recovery efforts. The Monetary Board raised the benchmark rate by 50 basis points to 3.75% after its rate-setting meeting. Today’s announcement came as no surprise as BSP […]
Read MoreRate hike expected at 25-50 bps today MANILA, Philippines — The Bangko Sentral ng Pilipinas is not ruling out further tightening after the widely expected interest rate hike today to tame inflation back to within the BSP’s two to four percent target range starting next year. BSP Governor Felipe Medalla told participants of the 2022 […]
Read MoreMANILA, Philippines — The National Economic and Development Authority (NEDA) said sugar importation should be allowed if local production is unable to meet the rising demand to prevent further price increases. “Local production has to grow. Now if it cannot grow, imports should be allowed. Otherwise, prices will continue to skyrocket,” Socioeconomic Planning Secretary Arsenio […]
Read MoreTHE National Economic and Development Authority (NEDA) is confident that the Philippines can reduce poverty by at least 9 percentage points by the end of the Marcos administration in 2028, as the government aggressively pushes for economic recovery. “We firmly believe that we can reduce poverty by at least nine percentage points by 2028: we aim to lower poverty incidence, which is at […]
Read MoreFINANCE Secretary Benjamin Diokno said the country’s gross domestic product (GDP) growth in the second quarter of this year proves that the Philippine economy is moving steadily toward a robust resurgence and expansion. In his keynote speech during the Economic Journalists Association of the Philippines-San Miguel Corp. Economic Forum on Wednesday, Diokno said the three major sectors — agriculture (0.2 […]
Read MoreMANILA, Philippines — Investment pledges from foreign sources more than doubled in the second quarter from a year ago amid the further easing of pandemic-induced restrictions and approval of reforms that seek to make it easier for foreign investors to enter the country. Data from the Philippine Statistics Authority released yesterday showed total foreign investments […]
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