Foreign direct investments yield $481M net inflow in June, up 7.1% — BSP

MANILA, Sept 16 (Mabuhay) — Foreign direct investments (FDI)—investments made by foreign companies or individuals in the Philippines— saw further improvement in June amid the easing of lockdown restrictions during the period, the Bangko Sentral ng Pilipinas (BSP) reported...

Adult joblessness surged to record-high 45.5% in July — SWS poll

MANILA, Aug 17 (Mabuhay) — Adult joblessness in the Philippines rose to a record-high of 45.5% in July with half of the unemployed saying they lost their jobs during the coronavirus pandemic, a recent poll of the Social Weather Stations (SWS) revealed. According to the...

1 in 4 MSMEs closed due to COVID-19 pandemic– trade chief

MANILA, Aug 8 (Mabuhay) — The COVID-19 pandemic has shuttered about a quarter of the country’s micro, small, and medium enterprises (MSMEs), the trade department said Friday, as authorities lined up measures to lift the economy from recession. About 26 percent of 1.5...

Palace concerned as economy plunges into recession

MANILA, Aug 7 (Mabuhay)– Malacañang on Thursday expressed concern over the state of the economy which slipped into a recession for the first time in nearly three decades. The economy shrank by a record 16.5% in the April to June period when lockdowns meant to prevent the...

Philippine economy nosedives into recession

MANILA, Aug 6 (Mabuhay) — The Philippine economy plunged further in the second quarter to mark its worst performance on record, bringing the country to a technical recession amid the COVID-19 pandemic. In a virtual briefing on Thursday, the Philippine Statistics Authority...

Philippine economic managers expecting deeper economic slump of -5.5% for 2020

MANILA, Aug 6 (Mabuhay) — The Philippines’ economic managers have revised their economic performance assumptions for the entire 2020, seeing a deeper contraction than earlier projected as they took into consideration the country’s plunge to recession and Metro Manila return...

PH cannot afford total reopening of economy — Duterte

MANILA, (Mabuhay) — The Philippines cannot follow other countries’ move to completely reopen the economy amid the coronavirus disease 2019 (Covid-19) pandemic, President Rodrigo Duterte said on Tuesday. In a taped public address aired on state-run PTV-4 early Wednesday,...

BSP pegs Q2 economic performance at -5.7% to -6.7%, bringing Philippines to technical recession

MANILA, June 29 (Mabuhay) — The Philippine economy could contract by as much as 6.7% in the second quarter, which would put the Philippines in a technical recession, Bangko Sentral ng Pilipinas (BSP) Governor Benjamin Diokno said Monday. According to Diokno, the economy is...

$3.1B of ‘hot money’ exited PHL in January-May — BSP

MANILA, (Mabuhay) — Foreign portfolio investments (FPI) or “hot money” yielded a net outflow of $3.1 billion million in the first five months of 2020 due to the impact of COVID-19 pandemic and other external pressures, the Bangko Sentral ng Pilipinas (BSP) said Thursday....

‘A minus’ credit rating affirmation of PH’s economic strength

MANILA, June 16 (Mabuhay) — Malacañang on Monday welcomed Japan Credit Rating Agency Ltd.’s (JCR) decision to upgrade its rating on the Philippines from BBB+ to A- with “stable” outlook amid fears of global economic downturn due to the coronavirus disease 2019 (Covid-19)...