The Philippine Statistics Authority (PSA) announced an upward revision of first-quarter economic growth from 5.7 percent to 5.8 percent. According to the PSA, key factors contributing to the revision included: Financial and insurance activities, which increased from 10.0 percent to 10.3 percent;...
Finance Secretary Ralph G. Recto said that the inflation rate may move at a much faster pace in July, while the impact of Typhoon Carina on the prices of goods is expected to be felt in the following months. “I think, coming from a low base, the inflation will be higher, but still within target...
The Department of Finance (DOF) said that the remittance of P89.9 billion in unused funds from the Philippine Health Insurance Corp. (PhilHealth) is projected to boost economic growth by 0.8 percentage points. Finance Secretary Ralph G. Recto said at the Post-State of the Nation Address...
The Philippines’ total savings rose to P6.60 trillion in 2023, breaching the pre-pandemic record, data from the Philippine Statistics Authority (PSA) showed. The PSA’s latest consolidated accounts and income and outlay accounts report released on Thursday showed the country’s 2023 gross...
The country posted the highest growth in the tourism sector last year despite coming from the pandemic period, data from the Philippine Statistics Authority (PSA) showed. The PSA reported that the share of tourism direct gross value added to the economy, as measured by the gross domestic product...
A plateau-like trend is forecasted for the Philippines’ gross domestic product (GDP) rate for the second quarter of 2024, attributed by higher employment and government spending, an economist from the University of Santos Tomas (UST) suggested. Carlos Manapat, UST economic department chairperson...
BAGUIO CITY —The economic growth, as measured by the gross domestic product (GDP), should grow by 6.1 percent for the next three quarters to achieve the lower end of the target, a chief economist said. Department of Finance Undersecretary Domini S. Velasquez said that the positive outlook...
The slowing economy is expected to persist for the remainder of the year, with consumers facing the challenge of rising prices, coupled with a slowdown in the growth of remittances from overseas Filipinos. Following the release of the first-quarter report, economists have observed a softening in...
The Philippine Statistics Authority reported on Thursday, May 09, that the local economy, as measured by its gross domestic product (GDP), slowed to 5.7 percent in the first quarter of the year. This growth fell short of the government’s target band of 6.0 percent to 7.0 percent this year and was...
Finance Secretary Ralph G. Recto said he expects the economy to grow within the target band of 5.8 percent to 6.3 percent in the first quarter of this year. These estimates were based on the high base effect from last year wherein the economy grew by 6.4 percent during the first quarter, Recto...
WASHINGTON (AP) — The nation's economy slowed sharply last quarter to a 1.6% annual pace in the face of high interest rates, but consumers — the main driver of economic growth — kept spending at a solid pace. Thursday's report from the Commerce Department said the gross...
WASHINGTON — Coming off a robust end to 2023, the U.S. economy is thought to have extended its surprisingly healthy streak at the start of this year, with consumers still spending freely despite the pressure of high interest rates. The Commerce Department is expected to report Thursday that...
