Telco giants PLDT Inc. and Globe Telecom Inc. have stepped up their home broadband services to bring better connectivity to... Philippines among nations facing debt payment shock next year — Moody's, Japan approves P1.44 billion loans for 4 infrastructure projects. About In addition, the law would allow the government to temporarily take over or direct the operations of public utilities and privately owned health facilities, including the distribution and storage of medical relief during the public emergency. Start working with the reports used by the world’s major financial institutions, multinational enterprises & government agencies now. The good prospects entertained for 2020 have been shattered by the onslaught of the pandemic, which required extreme measures that has put the economy to a halt. This takes wise, insightful and persuasive leadership. “The main downside risk to GDP (gross domestic product) growth in 2020 comes from COVID-19 and is, therefore, highly unpredictable. Wilcon Depot, the listed home building materials provider, posted a lower net income in the nine months to September amid... Banks continued to impose tighter overall credit standards for real estate loans amid less favorable economic conditions and... GOCCs subsidies hit P200 billion in 9 months. The improving economy is surely one factor in the President’s approval rating. Philstar Global Corp. All Rights Reserved. The Philippines received investment-grade credit ratings on its sovereign debt under the former AQUINO administration and has had little difficulty financing its budget deficits. Press Find Out. Demand needs to be restored and the sinews of the economy have to flex somehow. Merchandise exports shrank 18.6% in annual terms in August, following July’s 9.1% plunge. Despite having more transportation options resuming, they... DEPARTMENT OF INTERIOR AND LOCAL GOVERNMENT, WHO COVID-19 vaccine trial seen to start in December. All treats no tricks at Ortigas Malls’ Halloweek Mask-erade! Still missing, in my view, are improvements in the country’s program of attracting more investments in the country. Amidst rising global uncertainties, the Philippine economy remains strong and is projected to grow 5.8% in 2019, before recovering to 6.1% and 6.2% in 2020 and 2021, respectively. The Philippines, however, was one of the few economies to increase its ranking on the social pillar in 2018,” the report noted. The impact of the closure of major refineries on inflation is not worrisome amid the continued decline in oil prices in the... Australia's Vaxine eyes coronavirus vaccine trial in Philippines — DOST. Philippine markets are highly concentrated limiting market competition. This site uses cookies. In the short term, fast tracking the implementation of recently approved game-changing reforms would help to achieve inclusive growth. Implementing these reforms will be critical: Address unclear or restrictive regulations in infrastructure sectors and professional services to create more competitive conditions; Eliminate restrictions on foreign and domestic investors to help level the playing field; Minimize the scope of controlled prices to incentivize firms to compete; Lessen the involvement of state-owned enterprises and other operations in typically competitive markets to promote a more effective use of public funds; and. The impact on the economy will be larger than currently assumed if the global outbreak is prolonged beyond the first half, or if there is a sustained prolonged local transmission in the Philippines,”. My email is: gpsicat@gmail.com. The economic growth target for the year is in fact at least six percent per the economic development plan. The government could take advantage of the facilities that multilateral global institutions are offering to mitigate the impact of COVID-19 and help restore economic growth. Based on my personal observation, the Philippines continue to grow quickly especially in economy. The IMF and the World Bank, and other development banks are devising programs to help those challenged by the pandemic. LinkedIn At its 1 October monetary policy meeting, the Central Bank of the Philippines (BSP) decided to leave the overnight reverse repurchase facility rate at a record low of 2.25%. Let’s not forget the adage that economic crisis often makes difficult reforms. | Philippines Economy | Privacy Policy | Cookies Policy | Terms & Conditions | Sitemap | RSS feed, Economic Growth (GDP, annual variation in %), Inflation Rate (CPI, annual variation in %, eop), Inflation Rate (CPI, annual variation in %), Philippines: Remittances decline year-on-year in August, Philippines: Merchandise exports drop at a quicker pace in August, collapse in imports suggests suppressed demand, Philippines: Inflation falls to lowest level since May in September, Philippines: Central Bank keeps rates unchanged in October, Philippines: Manufacturing sector stabilizes in September. Philippines: Central Bank keeps rates unchanged in October. In the short-term, resuming public investment and fast tracking the effective implementation of game-changing reforms such as the Ease of Doing Business Law, the Rice Tariffication Law, the creation of a foundational ID system, and other such transformational policy changes would be critical to set the country to a higher path toward accelerating inclusive growth. Copyright © 2020. The national government has extended nearly P200 billion in subsidies to state-run firms from January to September to support... Closure of refineries not worrisome — BSP. Twitter #BeTheFocus with all-new vivo V20 series, available today! This is Republic Act 11469 known as “Bayanihan to Heal as One Act.” The law gives the President the power to reallocate and to reprogram P275 billion (or 62 percent) of the already approved P438 billion budget for 2020. The government has to adopt important fiscal and monetary policies to help restore the path of growth.