Economy

Stay up to date with the country’s Economic growth and development, issues on the economy and latest trends.

OceanaGold

Didipio, Nueva Vizcaya – OceanaGold Philippines, Inc. (OGPI) recently published information on its contributions to the local economy from its years of commercial manufacturing. The firm has provided the region with a total of P39.5 billion in the form of taxes, jobs, agricultural and social development assistance. It has remitted nearly 780-million pesos from a combination of 580-million in local business and 210-million in real estate taxes for Nueva Vizcaya

financial team

The financial team of President Rodrigo Duterte is confident that the sky-high inflation in 2018 will not occur again for the remainder of his term, as the government is ramping up reforms and external forces are becoming favourable. The Development Budget Coordination Committee (DBCC) even lowered the inflation outlook for 2019 to between 2.7% and 3.5% at its 176th session. The previous outlook was 2% to 4%. Due to the

ADB

The Asian Development Bank (ADB) has cut its 2019 growth prediction for the Philippines to 6.2 percent, primarily owing to government underspending at the beginning of the year that pushed first-quarter economic expansion to a four-year low. The Asian Development Outlook Supplement study published Thursday by the multilateral lender based in Manila showed a reduced gross national product (GDP) growth projection for this year from 6.4 percent earlier, even as

money

France’s finance minister said that the post-war global monetary order required to be reinvented or become increasingly dominated by China. Since its founding at the Bretton Woods Conference in New Hampshire in July 1944, the pillars of that order, the International Monetary Fund and its sister institution the World Bank, have been governed by the United States and Europe. But globalization, the increasing populist backlash against it, and the rise

petrol station

PETRON Corp. is placing its development plans on the back burner in the Philippines as it is waiting to stabilize worldwide crude oil prices. Earlier, the listed oil refiner said it was spending $1 billion to upgrade its refinery and expand its retail network over the next three years. About $600 million of this expenditure was allocated for its development of the refinery in Limay, Bataan. Petron’s business is getting

rice

With rice tariffication in place, bulking up investments in research and development in agriculture and investing in irrigation, among others, can markedly increase rice yields and farm productivity in the long run, the National Economic and Development Authority (NEDA) said in a statement on Thursday. NEDA, in partnership with the International Food Policy Research Institute (IFPRI), conducted an assessment on the projected impact of the removal of the quantitative restriction

PSA

Low-income families felt inflation had accelerated in May after six straight months of slowing down, the Philippine Statistics Authority (PSA) reported on Monday. The inflation rate for the country’s bottom 30% income households clocked in at 4.6% in May, faster than the year-on-year overall price increase of 4.3% in April, but was slower than 6.4% in May 2018. The latest reading brought the year-to-date pace for this income segment to

stock market

The local stock barometer is seen aggressive to stay above the 8,000 level and revisit recent highs. Last week, the main-share Philippine Stock Exchange index (PSEi) trodden up by 65.27 points, or 0.82 percent, to close on Friday at 8,055.47. Local stock brokerage Papa Securities stated resistance remained at the recent high of 8,139 but it’s “highly likely for this to be breached in the coming days,” citing clarity in

PSEi

MANILA, Philippines — The stock market continued its upward momentum to close the week on a high note despite the Bangko Sentral ng Pilipinas (BSP)’s decision to adopt a prudent pause by keeping interest rates steady. Philippine Stock Exchange index concluded in the green for a fourth consecutive session yesterday, adding 33.05 points, or 0.41 percent, at 8,055.47. The broader All Shares index likewise finished in positive territory as it

philippines

MANILA, Philippines — According to Bangko Sentral ng Pilipinas, Governor Benjamin Diokno.The Philippines has entered a “Goldilocks” economy with the right mix of high economic growth and low inflation. Diokno, during a speech during the Wallace Business Forum (WBF), stated the Philippine economy has entered a state of having “just the right” mix of high growth and low inflation. “In other words, ladies and gentlemen, the Philippine economy continues to