The Philippine Statistics Authority (PSA) reported that the headline inflation rate accelerated to 6.4 percent year-on-year (YOY) in August 2018, faster than the previous month’s 5.7 percent and the 2.6 percent of the same period last year. This brings the year-to-date inflation rate to 4.8 percent, beyond the upper-band of the government’s inflation target of 2 to 4 percent, and slightly below the BSP’s revised full-year inflation forecast of 4.9 percent. Meanwhile, month-on-month inflation (MOM) accelerated to 0.9 percent, from 0.5 percent in July 2018.
Read MorePresident Duterte has signed the Personal Property Security Act (PPSA) that will boost access to credit especially of micro, small and medium entrepreneurs (MSMEs) and farmers and fisherfolks, and improve competitiveness in the country.
Read MoreThe Bureau of Internal Revenue (BIR) has formed a task force to inventory sugar stocks and monitor shipments of the commodity into the country amid the increased demand for refined sugar to ensure that the correct taxes are paid on these imports.
Read MoreFinance Secretary Carlos Dominguez III has commended the Land Bank of the Philippines (LandBank) for extending P655 billion in loans to rural communities as of June this year, in step with the Duterte administration’s goal of stimulating the economy and encouraging the growth of enterprises in the countryside.
Read MoreBEIJING—The Philippines has submitted to the new aid agency of the People’s Republic of China an indicative list of 12 big-ticket infrastructure projects that will undergo feasibility studies with possible Chinese grant financing, according to Finance Secretary Carlos Dominguez III.
Read MoreIn a report released Wednesday, Malaysia-based RAM Ratings Services Berhad (RAM) announced that it upgraded the Philippines’ global credit rating by one notch to “gBBB2(pi),” or BBB equivalent, a notch above the minimum investment grade. The upgrade was on the back of the country’s sustained growth momentum, a persistent uptrend in foreign direct investment (FDI) inflows, and continuous progress in the government’s economic reform program.
Read MoreBEIJING—Finance Secretary Carlos Dominguez III has welcomed a proposal by the Asian Infrastructure Investment Bank (AIIB) to explore the possibility of local currency financing and a variable spread facility in providing loans to help fund the “Build, Build, Build” program of the Duterte administration.
Read MoreBEIJING—Underscoring the “strong synergy” between the economies of their countries, Philippine and Chinese officials have reaffirmed their commitment to bring bilateral relations between Manila and Beijing to a higher level through enhanced cooperation in the areas of trade, investment and people-to-people exchanges.
Read MoreBen Kritz hits government for being “completely adrift when it comes to economic policy and management” and his reason is that “the estimated second quarter GDP growth xxx figure is almost 10 percent higher than the actual GDP result. Kritz should be informed that government’s targets are annual and quarterly actuals may depart from this level. While the economy expanded less than the target, it can still catch up in the second half since many of the projects in the Build Build Build program are scheduled for full implementation in the second half. Note that the NG deficit in the first half is only 2.3% of GDP. Also, economic policy and management involves more complicated issues than formulating targets and therefore should not be made the basis for effectiveness.
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