President Ferdinand R. Marcos Jr. has appointed Undersecretary Ma. Cristina Aldeguer - Roque as the Acting Secretary of the Department of Trade and Industry (DTI), following the resignation of Secretary Alfredo Pascual, effective August 2, 2024.
BSP sees July inflation at 4%-4.8%
Headline inflation may have accelerated in July, possibly ending seven straight months of within-target inflation, the BSP said. The central bank’s month-ahead forecast showed that inflation likely settled within the 4%-to-4.8% range in July. This would be faster than the 3.7% print in June. Inflation stood at 4.7% in July 2023.
PH, Vietnam to lead SE Asia’s growth
The Philippines is likely to grow an average of 6.1 percent in the next 10 years in lockstep with neighboring Vietnam, as the two countries potentially lead the growth of Southeast Asia for the period. The growth is greater than the projected 5.1% growth for the region, which is seen to be fast becoming an alternative for companies diversifying their supply chain away from China.
PHL economy likely grew more than 6% in Q2 — Finance chief
The Philippine economy likely grew faster in the second quarter amid better state spending and increased household consumption, the DOF said. In the first quarter, GDP expanded at a weaker-than-expected 5.7% due to slower consumption and state spending. The government is targeting 6-7% GDP growth this year.
DTI’s Pascual urges successor to keep working on trade deals
“There are a lot of pending (free trade agreements) such as the Philippines-European Union FTA, the Philippines-United Arab Emirates FTA, the ratification of the FTA with Korea, and the review of the country’s FTA with Japan,” Mr. Pascual said. He also noted the start of negotiations with Canada and Chile.
Hot money outflows hit $27M in June
More short-term foreign investments flowed out of the Philippines in June, data from the BSP showed. Transactions on foreign investments registered with the BSP posted a net outflow of $27.26 million. This was a reversal of the $42.86-million net inflow in May, as well as the $280,000 inflow a year ago.
DBM confident debt-to-GDP ratio will dip below 60% by 2026
While the government expects its borrowing to hit over P17 trillion next year, it is confident that the debt-to-GDP ratio will decline to 60% by 2026 based on current revenue projections and the passage of a number of economic reform bills, Budget Undersecretary Joselito R. Basilio said.
Gov’t looking to raise $500 million from Samurai bonds
The Philippines government is eyeing to raise about $500 million (P29.22 billion) from an offering of Japanese yen-denominated bonds within the year, Finance Secretary Ralph G. Recto said. Mr. Recto said the government is also targeting to issue eurobonds in the second half, alongside its planned offerings of yen- and dollar-denominated papers.
BMI says Philippine consumer spending to accelerate this year
BMI expects household spending to expand by 6.2% this year. Household consumption, which accounts for more than three-fourths of economic output, rose by 4.6% in the first quarter. BMI expects inflation to settle at 3.2% this year, slightly below the central bank’s 3.3% full-year forecast.
PHL not ready to continue stock mart trading during typhoons — analysts
The Philippines is not ready to implement continuous stock market trading during typhoons as technical adjustments are required, analysts said. Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said that other processes should be automated to ensure uninterrupted trading during bad weather.
Manufacturing growth slows slightly in July
Manufacturing growth slowed slightly in July amid weaker expansion in production and orders, S&P Global said on Thursday. The S&P Global Philippines Manufacturing Purchasing Managers’ Index (PMI) stood at 51.2 in July, easing from 51.3 in June.
Inflation likely rose in July — poll
15 analysts yielded a median estimate of 4% for the consumer price index (CPI) in July. This matches the lower end of the 4%-4.8% forecast of the Bangko Sentral ng Pilipinas (BSP). July inflation could be faster than 3.7% in June but slower than 4.7% a year earlier.
Over 70% of PHL industries hit by cyberattacks in 2023 — report
More than 70% of Philippine industrial organizations experienced cyberattacks in their operational technology (OT) environments in 2023, according to a report from cybersecurity firm Palo Alto Networks. In the 2024 State of OT Security: A Comprehensive Guide to Trends, Risks, and Cyber Resilience report, 76.5% of the surveyed Filipino respondents reported that their organizations had at least one cyberattack in 2023.
DoE pushes 22 green energy projects for NGCP system impact study
THE Department of Energy (DoE) said it endorsed 22 renewable power projects to the National Grid Corp. of the Philippines (NGCP) in June for a system impact study (SIS). “In June 2024, the DoE issued 22 SIS endorsements to the NGCP which are all new applications,” the department said.
88 ESS projects cleared for system impact studies
A total of 88 power generation and energy storage system (ESS) projects were cleared to undergo system impact studies (SIS) with the National Grid Corporation of the Philippines (NGCP) as of end-June, data from the Department of Energy (DOE) showed.
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