Approved foreign investments surge in Q2
Approved foreign investment pledges surged in the second quarter, driven by improved investor confidence. Foreign investment commitments jumped by 220.7% year on year to P189.5 billion in the April-to-June period, a turnaround from the revised 64% contraction in the first quarter.
NEDA says 10 reforms needed to boost PH economy
National Economic and Development Authority (NEDA) Secretary Arsenio Balisacan urged the passage of 10 economic measures to sustain the country's economic growth during the opening of the Senate Finance Committee's deliberations on the 2025 Budget.
Philippines ranks 112th in index on countries safety for FDI
The perceived safety of a country impacts on its ability to attract FDI. The Philippines ranked 112th with an overall SPI score of 0.40, just behind Burkina Faso, and ahead of Afghanistan. The country earned a “medium peace” ranking in IEP’s Global Peace Index (GPI).
‘Tax reforms bills to boost higher credit rating goal’
The tax reform measures awaiting the Senate’s approval will drive the country’s goal of attaining an A or AA credit rating. These reformed tax measures are the excise tax on single-use plastic bags, rationalization of the fiscal regime, PIFITA, and CREATE MORE.
Filipino households’ average annual income up 15% in 2023
The average annual income of Filipino families increased by 15% in 2023, as wages and quality of jobs improved, the Philippine Statistics Authority (PSA) said. Preliminary data from the PSA showed that the average annual income of Filipino households rose to P353,230 in 2023 from P307,190 in 2021.
2023 healthcare spending rises to 5.9% of GDP from 5.6% a year earlier
Healthcare spending in relation to the size of the economy rose to 5.9% in 2023 from a revised 5.6% a year earlier, the Philippine Statistics Authority (PSA) reported on Tuesday.
‘Balanced’ energy mix keeps power affordable — biz groups
In a joint statement on Tuesday, nine business groups led by the Management Association of the Philippines expressed support for Energy Secretary Raphael P.M. Lotilla’s policies, which they said were appropriate to the country’s particular context.
Philippines poverty rate at 15.5% in 2023, statistics agency says
The Philippines’ poverty rate dropped to 15.5% last year from 18.1% in 2021, with rising food prices limiting the reduction in the number of poor. The Philippine Statistics Authority (PSA) said there were 17.54 million people living below the poverty line, a decrease of 2.4 million from the previous survey two years earlier.
BSP cuts rate for 1st time since 2020
BSP cut policy rates for the first time in nearly four years amid an improving inflation outlook. The Monetary Board reduced the target reverse repurchase (RRP) rate by 25 basis points (bps) to 6.25% from the over 17-year high of 6.5%.
The Philippine Statistics Authority (PSA) is set to revisit and will likely adjust the methodology used in deriving the food threshold for poverty, as the agency also admitted the current level is deemed “insufficient.”
DA technical panel to evaluate ASF vaccine field trial reports
THE Department of Agriculture (DA) said that it has created a technical advisory group for the initial phase of the African Swine Fever (ASF) vaccine trials. The DA said 10,000 doses of ASF vaccines are set to arrive by Aug. 16, purchased via emergency procurement after a surge in cases was reported in Batangas province.
SMC eyes completion of Bulacan airport development by end-2028
Diversified conglomerate San Miguel Corp. (SMC) targets to finish airport development works at its P740-billion international gateway project in Bulacan by end-2028. In a recent analysts briefing, SMC said that progress on the New Manila International Airport (NMIA)’s land development and ground improvement works are ongoing with an overall progress of 84.6 percent.
Marcos hopes to gain insights from McKinsey in transforming PH economy
President Ferdinand Marcos Jr. on Thursday expressed hope to ”gain insights” from an international consulting firm in transforming the Philippine economy. Marcos made the pronouncement after meeting with McKinsey & Company CEO Bob Sternfels during the latter’s courtesy call at the Malacañang Palace.
Peso closes at P56.96 to $1, strongest level since April
The Philippine peso rallied against the United States dollar on Tuesday, allowing it to close at its strongest level since April this year, which augurs well for the country’s aspirations of becoming an Upper Middle Income Country (UMIC).
Q2 growth could lead BSP to keep rates
country’s most recent economic performance could create room to maintain key policy rates, according to the Governor of the Bangko Sentral ng Pilipinas (BSP). The Philippine Statistics Authority (PSA) said the country’s GDP growth reached 6.3 percent in the April to June period this year.
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