The Asian Development Bank (ADB) maintained its growth forecasts for the Philippines despite the resurgence of coronavirus infections in Southeast Asia that also posed a threat in the local economy. ADB HQ In its Asian Development Outlook Supplement released Tuesday, July 20, the ADB said it is...
President Duterte’s economic team is now seeing a brighter light at end of the tunnel as the inter-agency Development Budget Coordination Committee (DBCC) expressed optimism that the Philippine economy may return to its pre-pandemic levels by next year. DBCC The DBCC, which sets the macroeconomic...
The contribution of the tourism industry to the country's economy plunged by a whopping 61.2 percent in 2020 amid the ongoing global pandemic, the Department of Tourism (DOT) revealed. Boracay Island when it reopened to domestic tourists in October 2020. (Photo by Tara Yap) Citing a recent report...
Sun Life Asset Management Co., Inc. said the Philippine economy may need two years before returning to its pre-pandemic levels owing to uncontrolled coronavirus infections and anemic household consumption. Screen Shot 2021-05-27 at 3.14.47 PM Michael Gerard D. Enriquez, Sun Life Asset Management...
The Philippines is the “clear laggard” in Asia, Moody’s Analytics declared, noting that its economy will likely return to its pre-pandemic levels only by the end of next year. Decentralized health advice alongside the sluggish COVID-19 vaccine rollout is denting the nation’s recovery, an...
The country’s recovery is not out of the woods just yet as risks posed by the coronavirus continue to threaten recent gains, the Department of Finance (DOF) said. In its latest economic bulletin on Friday, May 14, the DOF said that the pace of economic contraction in the first three-months of the...
Senator Sherwin Gatchalian on Tuesday urged state economic managers to allocate more funds for the education sector in next year’s proposed national budget to help the sector’s recovery from the negative impact of the coronavirus disease (COVID-19) pandemic. Gatchalian said the government...
While deemed as one of the Philippines’ economic drivers during the COVID-19 pandemic, the agriculture sector is also at risk of having its national budget allocation reduced due to fiscal adjustments post COVID. Ibit Integrated Farm is a five-hectare land in San Fernando, La Union that has been...
Agriculture Secretary William Dar said the drop in the agriculture sector’s contribution to the country’s gross domestic product (GDP) in 2020 was “negligible” and even took this as a sign of recovery for the sector. Department of Agriculture Secretary William Dar (Department of Agriculture...
The Philippines posted its worst economic performance on record last year after the coronavirus pandemic crippled consumer spending and business activity. Jeepney drivers wearing face masks queue up to receive food packs from a concerned citizen on a road in Manila on August 6, 2020. (AFP / FILE...
Michael Gerard “Mike” Enriquez Sun Life Philippines expects the Philippine economy to undergo a “U-shaped,” a longer type of recovery and a return to trend line growth in the next two years. Michael Gerard D. Enriquez, Sun Life chief investments officer, said the country’s economy,...
The World Bank expects the Philippine economy to slip deeper than initially estimated, but the level of contraction will be less severe than the Duterte administration’s projection. A motorcyclist travels along a deserted road in Bonifacio Global City, Metro Manila, the Philippines. (Geric...
