The National Food Authority (NFA) perceived a boost in inventory that the largely rice stocks in the country increased by 20.5% to 2.63 million metric tons (MMT) as of April 1 from a year ago, as the Philippine Statistics Authority (PSA) said. The latest inventory is also 18.4% higher month-on-month. High quantity of rice is estimated to be sufficient for around 82 days. Notwithstanding the 14.4% year-on-year drop in household
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Malacañang uttered confidence the Philippine economy will still reach the government target of 6 to 7 percent growth by the end of 2019 as seen that the budget impasse has been resolved. Philippine economy cultivated at its slowest pace in 4 years, missing forecasts, pulled by a delay in the enactment of the P3.7-trillion national budget, officials stated Thursday. Salvador Panelo stated President Rodrigo Duterte and the other members of
Auto sales finally curved positive in February, breaking a year-long decline and raising hopes of a 2019 improvement. Car manufacturers sold a total of 26,327 units the previous month — up 0.6 percent from a year former when the obligation of higher sales taxes led to a 3.2-percent contraction that worsened to as much as 30 percent as 2018 ended. Monthly, car sales were down 2.1 percent from January, data
Stock market recoiled on Friday joining a global rout generated by a renewed worry of a global economic slowdown. The Philippine Stock Exchange index (PSEi) benchmark fell 1.07 percent or 84.68 points closed at 7,797.11 while the broader All Shares weakened by 0.59 percent or 28.74 points to finish at 4,817.22. Matthew Cabangon, president of AAA Southeast Equities Inc. remarked that market players were sold on news that Chinese exports
Bangko Sentral ng Pilipinas (BSP) claims a $410-million growth in the Philippines’s Gross International Reserves (GIR) as of February this year from the previous month, reported Thursday. This interpreted to a GIR level of $82.9 billion in February this year, up from the $82.5-billion level of dollar reserves in the previous month. It is also $2.5 billion higher than the $80.4-billion level seen in the same month last year. Central
Philippine Stock Exchange index (PSEi), yesterday, closed lower as investors dealt with news on slower inflation rate and sudden appointment of Budget Secretary Benjamin Diokno as the new head of Bangko Sentral ng Pilipinas. PSEi ended at 7,670.62, down 0.06 percent or 4.85 points, while the broader all-shares index also lost 0.17 percent or 8 points to 4,740.90 on Tuesday. Markets responded as inflation slowed to 3.8 percent in February.
The country’s outstanding debt peaked higher of P7.49 trillion by January of 2019 as the national government borrowed more both locally and abroad in despite good yields. Bureau of the Treasury reported the 2.8-percent month-on-month rise in unsettled obligations from end of 2018’s P7.29 trillion was “mainly due to net availments of both foreign and domestic loans amid efforts to take advantage of generally favorable market conditions to raise foreign
Benjamin Diokno, Budget Secretary has been selected by President Rodrigo Duterte to replace late Bangko Sentral ng Pilipinas Governor Nestor Espenilla Jr., confirmed by Diokno himself on Monday. The former BSP Espenilla, 60, passed away on February 23 battling cancer for over a year. BSP Deputy Governor Almasara Tuano-Amador was as officer-in-charge following Espenilla’s passing. “During the Duterte Administration, Sec. Diokno was instrumental in presenting a budget which laid down
Government economic managers supposes the economy to experience low inflation for the rest of President Duterte’s term of President after struggling with last year’s sharpest spike in consumer prices to hit the country for a decade. The Bangko Sentral ng Pilipinas (BSP) stressed that it will remain vigilant in guaranteeing that the inflation rate would remain within the targeted level of 3 percent, +-1 percentage point from this point on
The peso continued unchanged on Friday, however stocks declined anew as investors sold heavily following adjustments made in the benchmark index of MSCI. Local currency closed off at 51.70 compared to US dollar and on its strongest since finishing the trade at 51.675 last May 4th of 2018. “The peso depreciated in the morning as market players factored in the latest GDP (gross domestic product) print from the US and