The Marcos administration amassed a total of P1.2 trillion in new debt during its first full-year in Malacañang. Data from the Bureau of the Treasury showed that the national government concluded 2023 with a total outstanding debt of P14.616 trillion, nine percent or P1.197 trillion higher...
The country’s economic growth fell short of the government's target last year, largely due to higher consumer prices that discouraged spending, data from the Philippine Statistics Authority (PSA) showed. The economy, as measured by the gross domestic product (GDP), expanded by 5.6 percent from...
The Philippine Statistics Authority (PSA) said the economy posted a slight improvement in the third quarter of last year than earlier reported, following revisions related to manufacturing, financial insurance, and service activities. The PSA said the expansion of the manufacturing industry...
Despite the country's economic improvement, the number of poor people did not decrease, as only those with higher incomes benefited from the gains, a study by the Philippine Institute for Development Studies (PIDS) revealed. Based on a PIDS discussion paper titled “Poverty Transitions and the...
Ahead of the release of the country's full-year growth figures, the National Economic and Development Authority (NEDA) announced that the economy had performed well in 2023, despite the significant challenges it encountered. NEDA Secretary Arsenio M. Balisacan said the local economy, as measured by...
Finance Secretary Ralph G. Recto has dismissed worries about the country's ballooning debt stock, affirming the government's capability to meet all maturing financial obligations. Recto said that the current total government debt, which amounted to P14.51 trillion as of November last year,...
Finance Secretary Ralph G. Recto has urged Congress to work with the Department of Finance (DOF) to quickly pass key reforms necessary to lower the government’ budget deficit and debt levels. Recto, who served as a legislator in both the upper and lower houses, said that the DOF is currently...
The country’s economy is expected to reach six percent this year with the help of robust private consumption and government infrastructure spending, the Metrobank Group’s investment arm First Metro Investment Corp. said. In a breifing, First Metro President Jose Patricio Dumlao said that the...
CEBU CITY – The year 2023 was a year of growth for the province of Bohol, Gov. Aris Aumentado reported. Data from the Philippine Statistics Authority (PSA) showed that the province posted a 7.1 percent Gross Domestic Product (GDP) growth in Aumentado’s first full year as governor. AUMENTADO...
The Department of Finance (DOF) said the Philippine economy is prepared to withstand any potential negative impacts of this year's El Niño phenomenon. In a statement, the DOF said that the national government's 2024 gross domestic product (GDP) target of 6.5 percent to 7.5 percent has...
The Development Budget Coordination Committee (DBCC) has maintained the government's economic growth target for the year and has marginally adjusted its forecast for next year. The DBCC, an inter-agency body tasked with determining the government’s macroeconomic assumptions, kept its gross...
ILOILO CITY – The province of Iloilo and this city posted an economic growth in 2022, the Philippine Statistics Authority (PSA) said on Monday, December 4. A VIEW of the Diversion Road in Iloilo City. (Tara Yap) The Gross Domestic Product (GDP) of Iloilo – composed of 42 towns...
