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...
The Asian Development Bank (ADB) has substantially slashed its economic growth forecast for the Philippines due to “considerable uncertainty” over the coronavirus pandemic. In the latest Asian Development Outlook 2021 released on Wednesday, April 28, the Manila-based multilateral institution...
Fitch Ratings has lowered its GDP growth forecast for the Philippines to 6.3 percent this year from its previous estimate of 6.9 percent as it sees a tempered recovery due to limited fiscal space. However based on its latest “APAC Sovereign Credit Overview” for the second quarter, Fitch expects...
The government is not yet abandoning its growth target for the year as the National Economic and Development Authority (NEDA) believes there is still time to recover the losses incurred from recent lockdowns. Socioeconomic Planning Secretary Karl Kendrick T. Chua said on Monday, April 26 that any...
The recovery of the Philippines from the pandemic hinges on the pace of coronavirus vaccinations as efforts to reopen the economy have been undermined by the surge in new infections, the Asian Development Bank (ADB) said. Kelly Bird, ADB country director for the Philippines said on Wednesday, April...
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...
The national government’s debt ratio soared following its record budget deficit incurred last year due to unprecedented borrowings for the country’s coronavirus response, data from the Department of Finance (DOF) revealed. Finance Undersecretary Gil S. Beltran said on Sunday, March 21, that the...
Trade and Industry Secretary Ramon M. Lopez expressed confidence the domestic economy can recover in the third quarter this year as long as the government will not pull back the reopening of economic sectors into “quarantine in general,” but instead implement granular lockdowns in areas with...
Credit watcher Fitch Ratings said Philippine banks’ viability ratings (VRs) are vulnerable to downgrades if the economy fails to lift off this year, resulting to further deterioration of assets and loan quality amid a weak operating environment. “We see more prominent risks of a VR downgrade...
The national government’s budget deficit fell below the Duterte administration’s ceiling last year after public spending missed its target while revenues breached the revised full-year goal, data from the Bureau of the Treasury showed. Fiscal gap of the national government settled at...
