PSA: Q1 GDP revised down to 6.6%
The Philippines, after all, remains largely a consumer-driven economy, and so government spending on a robust pipeline of big-ticket infrastructure projects in and out of the capital will move the production and consumption of goods and services at an unprecedented pace. File
MANILA, Philippines — The Philippines’ first quarter economic growth has been revised down.
In a statement Wednesday, the Philippine Statistics Authority said the country’s gross domestic product was adjusted to 6.6 percent from 6.8 percent, below the government’s 7-8 percent target range.
“Major contributors to the downward revision were other services, manufacturing, and agriculture and forestry,” the PSA said.
Meanwhile, gross national income and net primary income from the rest of the world were revised to 6.3 percent from 6.4 percent and to 5.0 percent from 4.3 percent, respectively.
The PSA will release the second quarter GDP data hours before the Bangko Sentral ng Pilipinas’ policy meeting on Thursday, August 9. — Ian Nicolas Cigaral
The Philippines is the third largest remittance recipient in the world in 2017 with $33 billion, a World Bank report states.
Topping the list were India with $69 billion, followed by China ($64 billion), the Philippines, Mexico ($31 billion), Nigeria ($22 billion) and Egypt ($20 billion).
The report adds that payments from immigrants back to their home countries reached a new record in 2017 but the costs of transferring funds also increased.
In a release April last year, the Philippine Statistics Authority said there were an estimated 2.2 million overseas Filipino workers abroad at any time during the period April to September 2016. — AFP
The Philippine Amusement and Gaming Corp. or PAGCOR reports 9.51% year-on-year net income increase to P1.55 billion in the first quarter of 2019 from P1.42 billion.
— Reicelene Joy Ignacio/BusinessWorld
Fitch Ratings has affirmed the Philippines' credit rating at “BBB” with a “stable” outlook considering the country’s “favourable” growth prospects, but it warns that overheating risks “remain in place.”
“The ratings on the Philippines balance favourable growth prospects, lower government debt, and a net external creditor position against lower per capita income levels, a weaker business environment and lower standards of governance compared with its rating category peers,” the international debt watcher says in a statement.
"However, Fitch believes that overheating risks remain in place, highlighted by rapid credit growth and a widening current-account deficit, although the central bank's stated intention is to remain vigilant against developments that could affect the inflation outlook," it adds.
The Bangko Sentral ng Pilipinas mildly hikes its policy rate, as inflation expectations remain elevated.
The policymaking Monetary Board lifts key rate by modest 25 basis points.
The BSP “deemed it necessary to respond with proactive policy action to help temper the risks to the inflation outlook including those emanating from continued uncertainty in the external environment,” it says.
The Bangko Sentral ng Pilipinas on Thursday mildly hikes its policy rate, as inflation expectations remain elevated.
The policymaking Monetary Board lifts key rate by modest 25 basis points.
The BSP “deemed it necessary to respond with proactive policy action to help temper the risks to the inflation outlook including those emanating from continued uncertainty in the external environment,” it says.
The Philippine economy grows even slower in the third quarter, the country’s statistics agency reports.
Gross domestic product — or the value of all finished goods and services produced in the country — eases to 6.1 percent, lower than the upwardly revised 6.2 percent in the previous quarter and 7.2 percent clip posted in the same period last year.
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