MANILA – The Philippine peso hits the 49:$1 territory on Friday, gaining 20 centavos to close at a level not seen since 2017. The strengthened local currency closed at an intraday high of P49.80 as inflation relaxes to a six month low in May and optimism among traders as they expect recovery of the economy affected by the Covid-19 pandemic. RCBC chief economist Michael Ricafort said the Peso continued to


MANILA – The Philippines expects to go to recession the damage wrought by the pandemic and lockdowns associated with it are affecting the nation’s economy. Finance Secretary Carlos Dominguez III said in a televised address earlier last month that Covid-19 has hit the economy hard and the estimated GDP (gross domestic product) growth will be 0% to -1%. Asian Development Bank’s outlook for the Philippines is at 2% full-year GDP


The economy rose at a slower rate of 5.5 percent in the second quarter, still below the 6 percent rate reported by the Philippine Statistics Authority (PSA) on Thursday. Growth in gross national product (GDP) during the April to June period was also slower than 6.2 percent published a year ago as government underspending persisted during the first half. To recall, GDP development in the first quarter dropped to a


The Asian Development Bank (ADB) has cut its 2019 growth prediction for the Philippines to 6.2 percent, primarily owing to government underspending at the beginning of the year that pushed first-quarter economic expansion to a four-year low. The Asian Development Outlook Supplement study published Thursday by the multilateral lender based in Manila showed a reduced gross national product (GDP) growth projection for this year from 6.4 percent earlier, even as


With rice tariffication in place, bulking up investments in research and development in agriculture and investing in irrigation, among others, can markedly increase rice yields and farm productivity in the long run, the National Economic and Development Authority (NEDA) said in a statement on Thursday. NEDA, in partnership with the International Food Policy Research Institute (IFPRI), conducted an assessment on the projected impact of the removal of the quantitative restriction


MANILA, Philippines — The stock market continued its upward momentum to close the week on a high note despite the Bangko Sentral ng Pilipinas (BSP)’s decision to adopt a prudent pause by keeping interest rates steady. Philippine Stock Exchange index concluded in the green for a fourth consecutive session yesterday, adding 33.05 points, or 0.41 percent, at 8,055.47. The broader All Shares index likewise finished in positive territory as it


MANILA, Philippines — According to Bangko Sentral ng Pilipinas, Governor Benjamin Diokno.The Philippines has entered a “Goldilocks” economy with the right mix of high economic growth and low inflation. Diokno, during a speech during the Wallace Business Forum (WBF), stated the Philippine economy has entered a state of having “just the right” mix of high growth and low inflation. “In other words, ladies and gentlemen, the Philippine economy continues to

transmission tower

Manila Electric Co.’s (Meralco) customers will find bills lower for the second month in a row in June, this time with a reduction of 19.48 centavos per kilowatt-hour, amid lower prices at the spot market. Meralco said in a statement that this month’s price cut would mean a cut in the bill of about P39 for a typical residential customer that consumes 200 kwh a month. The power distributor added

Philippine Statistics Authority

MANILA, Philippines —Rise in consumer prices gained pace in May, snapping a six-month slowdown, as prices of food, housing, utilities and fuels accelerated, the Philippine Statistics Authority (PSA) reported last Wednesday. Looking at PSA’s latest data, headline inflation – the rate of change in the average prices of goods and services typically purchased by consumers – rose at a faster pace of 3.2 percent in May from three percent in


Prices of liquefied petroleum gas (LPG) is anticipated be rolled back by P5.00 to P5.60 per kilogram this month making Filipino households will get financial relief on their cooking fuel budget. 11-kilogram cylinders used by households will have a total cost reduction of P55 to P61.60, according to initial calculations provided by the industry players. LPG firms qualified that trading will still wind up at 4:00pm on Friday (May 31),