THE Philippines loses billions of pesos every year in foregone earnings due to out-of-school-children, a study made by the United Nations Educational, Scientific and Cultural Organization (UNESCO) revealed, with the amount equating to nearly one percent of the country’s gross domestic product (GDP).
THE FISCAL DEFICIT could further narrow this year as revenue growth continues to outpace spending and debt payments decline as a share of the state’s expenses, Standard Chartered said.
ECONOMIC GROWTH in the second quarter could recover from the slowdown seen in the first three months of 2015 on the back of easing inflation, a pickup in public spending and gains in the labor market, First Metro Investments Corp. (FMIC) and the University of Asia and the Pacific (UA&P) said in a new report.
HSBC LTD. (HSBC) raised its growth forecast for the Philippine economy this year despite the weaker-than-expected gross domestic product (GDP) data from the last quarter, citing “promising” private consumption and state spending ahead.
SWISS financial services group UBS AG has trimmed its growth forecast for the Philippines this year following a lower-than-expected gross domestic product (GDP) result in the third quarter but kept its growth targets for next year and 2016.
MANILA, Philippines – Finance Secretary Cesar Purisima has once again been recognized as Finance Minister of the Year for Asia-Pacific. In recognition of his role in improving fiscal efficiency, instituting reforms against corruption, and elevating the Philippines in the eyes of international investors, the award from The Banker marks Purisima’s fourth straight year in receiving Finance Minister of the Year honors from different award giving bodies, a first in the history of the finance department and in the Philippines. Purisima emphasized his fourth award naming him Finance Minister of the Year is a testament to President Aquino’s guiding principle that good governance is good economics. Purisima thanked the President for his leadership and commitment to accountability and transparency, as well as his colleagues in the cabinet and fellow members of the cabinet’s Economic Development Cluster. Working together, they have achieved the economic gains for which Purisima is being honored. The country’s economy recently posted a 7.2 percent growth in 2013. Since the start of the Aquino administration, the Philippines has maintained an average of 6.3 percent growth and remains to be one of the fastest-growing countries in Asia. While the Philippines continues to improve its economic outlook with record-high GDP growth rates, investment grade ratings from major credit rating agencies, and strong macroeconomic fundamentals, Purisima stressed the current administration’s term is only half-done. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 “Our goals for 2014 include improving the revenue to GDP through the ongoing reforms in the Bureau Read More …
Philippine Stocks Exchange (MNS photo) MANILA (Mabuhay) – Despite the natural calamities last year, higher spending by the government and private sectors to fund the reconstruction of damaged areas will sustain the growth momentum this year, First Metro Investment Corp., the investment banker of the Metrobank Group said Monday. While the Philippines suffered the devastation wreaked by storms and earthquakes, 2013 was a watershed for the Southeast Asian market economy which gained investment grade rating from the top global debt watchers, Francisco Sebastian, FMIC chairman told reporters in a briefing in Makati City. “The country has shown resilience, we are still the best performing economy in ASEAN with a 7.4 percent GDP growth in the first nine months of 2013, Sebastian said. “Our fundamentals remain intact and will be able to withstand volatilities in 2014, be it domestic or global,” he added. “In 2014, the country’s GDP is projected at 7 to 7.5 percent – buoyed by the same growth drivers that continue to fuel the economy plus the robust reconstruction and rehabilitation work in typhoon- and earthquake-stricken Visayas, which will further spur public and private spending,” Sebastian noted. The economy grew at 7.4 percent on average in the first three quarters of 2013, the fastest among the Association of Southeast Asian Nations. Inflation, remittances, exports Inflation, according to FMIC, will register at a manageable level between 3.8 percent and 4 percent in 2014. So far, inflation was 2.8 percent on average in the first 11 months of 2013 The Read More …
2013 Citi-Moty Awardees honored and recognized for their exemplary performance and accomplishments as microentrepreneurs Christmas is fast approaching, and in a few days this year will end. I must say that contrary to earlier expectations, it has been a very difficult year for many of our countrymen especially those hit by quite a number of calamities. While we always try to look at the bright side, it is but a reality to deal with the present challenges and help each other recover from the emotional and physical traumas brought about by these disasters. We see the outpouring of support to those affected and it is like seeing the spirit of Christmas happening a month earlier. However, there is this one massive calamity that needs a lasting solution. It is poverty that remains pervasive in over a quarter of the country’s population. Dole outs and donations are temporary remedies. As they say, “giving a man a fish will feed him for a day, but teaching him how to fish will feed him a lifetime”. How can we help to teach a man how to fish? How can we help change a mindset of entitlement, that government and other sectors must give them everything they need? How can we empower them to take a different kind of thinking, that one can pursue his or her dream, and move up in life? How can one take action and have better control of his or her destiny? Yes, it is true the country has Read More …
MANILA, Philippines – The country is expected to see a sustained robust inflow of remittances amid an improving global economy and as Filipinos abroad are expected to send more money to their families following recent calamities. The research arm of the Metropolitan Bank and Trust Co. said in a weekly report that remittances growth is expected to hit six percent this year, faster than the five-percent assumption of the Bangko Sentral ng Pilipinas. “Research forecasts annual remittances growth this year to be at six percent amid prospects of more positive growth in some major OFW (overseas Filipino workers) host countries,” the bank said. Money sent home by Filipinos living and working abroad summed up to $16.480 billion in the nine months January to September, up 5.8 percent from the $15.571 billion recorded in the same period last year. Metrobank noted that aside from rosy prospects in countries with a big number of Filipino workers, the 7.2-magnitude earthquake and the Super Typhoon Yolanda that devastated the Visayas region are expected to boost remittances. “The recent calamities that struck the Visayas region is seen to further prop remittance inflows as we close the year, in addition to the expected surge in time for the holiday season,” Metrobank noted. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Last year, remittances amounted to $21.391 billion, 6.3 percent higher than the $20.117 billion seen in 2011. The continued growth in remittances this year is foreseen to further boost the country’s economic output as money Read More …
President Benigno Aquino III (in yellow), returning to typhoon-hit Tacloban City on Monday, is pictured with Interior Secretary Mar Roxas and Social Welfare and Development Secretary Dinky Soliman (in red). RTVM MANILA, Philippines (Xinhua) – Due to the vast devastation and huge loss of lives wrought by super typhoon Haiyan (locally named Yolanda) that slammed the Visayas a week ago, the country’ economic growth could slow down and the incidence of poverty could rise. On Friday, the Philippines’ National Economic and Development Authority (NEDA), the top economic policy-making body of the government, said that the country’s gross domestic product (GDP) could grow by only 4.1 percent in the fourth quarter. The NEDA is now saying that the full-year GDP growth could range from 6.5 and 7 percent, slower than the earlier forecast of 7.3 percent. But the full-year GDP growth forecast still remains at the high end of the government’s 2013 target of 6 to 7 percent. In a statement, NEDA Director General Arsenio Balisacan acknowledged the need for massive relief, rehabilitation and reconstruction efforts to ease the impact of the calamity on the economy. “To ensure that we regain lost ground the soonest, we need to accelerate the implementation of social and economic development projects,” Balisacan said. Earlier, Balisacan also said that Haiyan and other natural calamities that have struck the Philippines could push more households into “transient” poverty. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 He said that a significant portion of the country’s poor are Read More …