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Philippine economy 2022

August 15, 2022 | 10:11am
Location: PHILIPPINES
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Philippine economy 2022
1 day ago

Poverty rate in 2021 hit 18.1%, the Philippine Statistics Authority reports.

Poor families numbered 3.5 million. There are 19.99 million of poor Filipinos in 2021, 17.67 million in 2018.

Full-year poverty rate in 2018 is at 16.7%, it adds. 

August 5, 2022

National government debt hit P12.79 trillion by end of June, comprising mostly domestic borrowings.

Two things stood out: Domestic debt rose due to P96.3 B issuance of government securities and the weakening peso that cost public coffers P5.36 B. — Ramon Royandoyan

August 5, 2022

Inflation in July quickened to 6.4%. In June, inflation stood at a three-year high of 6.1%, the Philippine Statistics Authority reports. This latest print landed at upper range of BSP's month-ahead forecast.

In July last year, inflation stood at 3.7%. The domestic economy was wading through lockdowns and surging infections then. — Ramon Rayondoyan

July 14, 2022

The Bangko Sentral ng Pilipinas raises interest rates by 75 basis points to 3.25%.

This was from an off-cycle meeting, weeks before their August meet. — Ramon Royandoyan

July 7, 2022

Unemployment in May slid up to 6% month-on-month, equivalent to 2.93 million Filipinos, the Philippine Statistics Authority says.

Compared to a year ago, unemployment down 21.66%. In April, jobless rate stood at a pandemic-low of 5.7%. — Ramon Royandoyan

 

June 10, 2022

The number of unemployed Filipinos continued to fall in April. Results of a PSA survey of 43,500 households show there were 2.76 million Filipinos who were either unemployed or out of business in April, down from 2.87 million in March. Jobless rate fell to 5.78%.

Job quality also improved in April. The PSA recorded 6.40 million underemployed persons in April, down from 7.42 million in March. Underemployed people are those who are looking for more working hours to augment their income. Underemployment rate eased to 14%. — Ian Nicolas Cigaral

May 27, 2022

The government recorded a budget surplus of P4.9 billion in April, according to the Bureau of the Treasury. A budget surplus happens when revenue collections outpace public spending.

Treasury data shows revenues grew 19.19% year-on-year in April, thanks to improved collections from BIR and Customs, as wells as higher dividend contributions from state-run firms.

Spending grew a measly 1.98% year-on-year due to high base from last year’s financial aid for areas under ECQ. — Ian Nicolas Cigaral

May 12, 2022

Philippine economy expands 8.3% in the first quarter of 2022.

This is from the -3.8% recorded in the first quarter of last year, the Philippine Statistics Authority reports.

"Sa seasonally-adjusted national accounts, sa unang quarter ng taong 2022, ang GDP ay nagtala ng pagtaas na 1.9% quarter-on-quarter," PSA says.

May 6, 2022

There were 2.87 million Filipinos who were either jobless or out of business in March, down from 3.13 million recorded in February, the PSA reports.

That translates to an unemployment rate of 5.8% in March, down from 6.4% in February.

The unemployment rate eased as the Omicron onslaught waned, which allowed workers to find jobs again. But the jobs they found were low quality. — Ian Nicolas Cigaral

May 5, 2022

The government’s debt load has gotten heavier.

Data from the Bureau of the Treasury shows the state’s liabilities amounts to P12.68 trillion in March, up 4.8% month-on-month.

Since the beginning of the year, debts have piled up by P951.2 billion. — Ian Nicolas Cigaral

May 5, 2022

Philippine inflation breaches target, quickening to 4.9% year-on-year in April.

This was faster than the 4% clip recorded in March, according to the Philippine Statistics Authority.

This is the fastest pace inflation moved in seven months. — Ramon Royandoyan

April 7, 2022

The Philippine Statistics Authority reports that unemployment in February settled at 6.4%. This was the same as the January print.

Employment rate then landed at 93.6%.

The number of underemployed fell 14% from 14.9% in January. — Ramon Royandoyan

The Philippine Gross Domestic Product grows by 7.7% in the fourth quarter of 2021, the Philippine Statistics Authority says.

This is a rebound from a decline of -8.3% in the fourth quarter of 2020.

"On an annual basis, 2021 GDP grew by 5.6% from a decline of -9.6% in 2020," the PSA says.

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