The Philippines’ plan to temper spending on public goods and services in a bid to narrow its budget deficit to pre-pandemic levels may slow economic growth, according to the think tank Capital Economics. “Monetary easing across the region should support consumption and investment, but tighter...
While the share of the Philippine government's budget deficit and debt to the economy are going down and "stabilizing," respectively, the ASEAN+3 Macroeconomic Research Office (AMRO) is urging fiscal authorities across the region to remain prudent in spending on public goods and services as a...
US President Donald J. Trump's protectionist policies remain the top risk to Philippine economic prospects this year, according to the think tank Capital Economics. "A key uncertainty over the coming year is whether and to what extent Donald Trump follows through with his threats to impose tariffs...
Soaring interest payments, especially for debts that piled up to fight the Covid-19 pandemic, may slow down fiscal consolidation or budget-deficit reduction in the Philippines, according to the think tank Oxford Economics. "Because government deficits have ballooned quickly in the last few years, a...
The Marcos administration's efforts toward fiscal consolidation may proceed at a slower pace, as economic managers are considering revising down their growth forecasts for the medium term, the Department of Budget and Management (DBM) said. Budget Secretary Amenah F. Pangandaman said the...
The ASEAN+3 Macroeconomic Research Office (AMRO) said the Marcos administration needs to expedite the pace of fiscal consolidation given the national government’s tight buffer to absorb future shocks. In AMRO’s Annual Consultation Report released on Wednesday, July 20, the think tank raised...
ILOILO CITY – Aklan Rep. Ted Haresco Jr. has urged the Marcos administration to adopt the fiscal consolidation plan of the Duterte government to solve the country’s economic woes. “The needs of the times require the government to prioritize seeking additional sources of revenue to pay off...
Incoming Finance Secretary Benjamin E. Diokno wants to put in place a formal fiscal plan that will take control of government expenditures, set clear borrowing and revenue programs, as well as design policies to manage budget deficits in the next six-years. Diokno, who is currently governor of the...
Finance Chief Economist Gil S. Beltran said the government would need an additional P250-billion per year to bring down the government’s financing gap to a figure comparable to the pre-pandemic level of 3.4 percent. This developed as the Department of Finance (DOF) warned Tuesday, June 7, that...
The Marcos administration has no plan to reduce government spending to temper the nation’s ballooning debt load, the incoming chief of the Department of Finance (DOF) said on Monday, June 6. Bangko Sentral ng Pilipinas Governor Benjamin E. Diokno, who is President-elect Ferdinand R. Marcos...
As the pandemic begins to slowdown and the economy further reopens, the national government’s borrowing requirement was significantly reduced in April mainly due to less financing coming from overseas lenders. Data from the Bureau of the Treasury on Sunday, June 5, showed that the government...
Finance Secretary Carlos G. Dominguez III said the administration of presumptive president Ferdinand “Bongbong” R. Marcos Jr. needs to increase government revenues while eliminating wasteful expenditures to get ahead of the country’s debt problem. After the Bureau of the Treasury reported...
