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IMF lifts global growth forecast for 2021, still sees ‘exceptional uncertainty’

WASHINGTON — The International Monetary Fund (IMF) on Tuesday raised its forecast for global economic growth in 2021 and said the coronavirus-triggered downturn last...

World’s Economic Recovery Delayed by Slow Vaccine Rollouts

The world economy is facing a tougher start to 2021 than expected as coronavirus infections surge and it takes time to roll out vaccinations. While...

Thais Dipping Into Gold Savings Undermine Steps to Rein in Baht

Gold sales in Thailand are surging as households reach for a financial lifeline amid the pandemic, a tactic that risks complicating government efforts to...

S&P sees PHL economy performing worst in SE Asia

S&P GLOBAL RATINGS expects the Philippine economy to shrink by 9.5% this year — the worst in Southeast Asia, due to the “stubbornly high” coronavirus disease 2019 (COVID-19) infections and low fiscal support.

Infrastructure spending falls 4.3% in first half after lockdown construction freeze

Government spending on infrastructure fell 4.3% year-on-year in the first half due to the suspension of construction during the lockdown.

Creative destruction: A high-risk idea that nobody wants to test

The US is usually better than Europe at reshaping its economy after recessions, partly because it’s easier for American entrepreneurs to streamline their business by firing workers, or even start a new one by going bankrupt.

An economic freefall? Hopefully, not for all

If we go by the statistics, the global economy is in a freefall. For the Philippines, there are obvious cushions.

Philippines still a lower-middle income economy — World Bank

THE Philippines remained as a lower-middle income economy, according to the latest data from the World Bank.

[B-SIDE Podcast] Private equity in light of the pandemic

https://open.spotify.com/episode/3MfEDifVO0sKVXFkCzu1wv Follow us on Spotify BusinessWorld B-Side Bain & Company, a management consulting firm based in the United States, said that the Philippines might benefit in...

Stimulus addiction grows as risk in emerging markets

Emerging-market (EM) inflation is dormant even as governments and policy makers hurl money into the economy. Investors shouldn’t count on it staying that way.

Philippine economy may shrink by 0.2% — S&P

S&P Global Ratings expects the Philippine economy to shrink by 2% this year — a sharp revision from its 4.2% growth estimate given in March — as the world comes to grips with the human and economic price of the novel coronavirus pandemic.

DA approves P1-billion loan program amid pandemic

THE DEPARTMENT of Agriculture (DA), through its Agriculture Credit Policy Council (ACPC), has approved an initial P1 billion for loans to help the sector amid threats to food security caused by the coronavirus disease 2019 (COVID-19) pandemic.

BIR extends other tax deadlines

THE BUREAU of Internal Revenue (BIR) has also extended deadlines of other tax returns for 30 days due to the Luzon-wide lockdown.

DBM extends deadline for agencies’ 2021 spending plans

THE DEPARTMENT of Budget and Management (DBM) has extended the deadline for state agencies preparing their 2021 budget plans (BP) to May 25 amid the 30-day Luzon-wide lockdown.

PHL has policy space to guard vs economic risks — IMF

THE PHILIPPINES has space to adopt expansionary fiscal and monetary policy if risks to economic growth emerge, the International Monetary Fund (IMF) said, even as it expects expansion to improve this year amid downside risks.

Prolonged coronavirus outbreak to hurt PHL growth

THE SPREAD of the novel coronavirus (2019-nCoV) is estimated to hurt the economic growth by 0.3% if the outbreak stays longer or until June largely due to impact on tourism sector, according to preliminary estimates by the National Economic and Development Authority (NEDA).

Fitch Solutions raises 2020 growth forecast to 6.3%

FITCH Solutions Macro Research has upwardly revised its 2020 gross domestic product (GDP) growth forecast for the Philippines, citing combined fiscal and monetary stimulus paired with better external demand and base effects which could help the country rebound from the less than six percent growth seen in 2019.

Gov’t debt slips as of October

THE GOVERNMENT’S outstanding debt slipped in October amid a stronger peso, the Bureau of the Treasury (BTr) reported yesterday.

CONFED forwards proposals to address sugar industry challenges

THE CONFEDERATION of Sugar Producers Association, Inc. (CONFED) has sent proposals to government officials to address industry challenges and prevent threats from import liberalization.

Money supply growth picks up in October on RRR cuts

MONEY SUPPLY expanded at a faster pace in October as the policy easing moves by the Bangko Sentral ng Pilipinas (BSP) were finally felt in the financial market.

Hot money reverses to net inflow in October

MORE foreign capital entered than left the country in October to yield a net inflow after two months of outflows, the central bank reported on Friday.

One-stop shops, electronic courts to boost PHL’s ‘Doing Business’ ranking

THE PHILIPPINES can make doing business easier for entrepreneurs through one-stop shops as well as by establishing electronic courts to streamline dispute resolution among entrepreneurs, World Bank analysts said on Friday.

Sugar groups get House backing vs liberalization of sugar imports

SUGAR GROUPS fighting against the liberalization of sugar importation have gained support from the House of Representatives (HoR) as legislators passed a resolution earlier this week condemning the Department of Finance (DoF)’s deregulation plan.

Faster spending, consumption to boost economic growth

FASTER state spending, slower inflation and robust overseas remittances are seen to boost economic growth this semester, according to the latest joint assessment by the First Metro Investment Corp. (FMIC) and the University of Asia and the Pacific (UA&P).

Inflation eases in Q2, seen slowing further

THE BANGKO SENTRAL ng Pilipinas (BSP) said inflation settled at the midpoint of its target band in the second quarter, driven by improved domestic food supply conditions.

Inflation slowest in almost two years in June

INFLATION eased in June to post its slowest reading in almost two years, the Philippine Statistics Authority (PSA) reported on Friday, giving more room for the central bank to continue loosening monetary policy.

Factory output continues to decline

FACTORY OUTPUT posted its sixth consecutive month of decline in May albeit at a slower pace, the Philippine Statistics Authority (PSA) reported on Friday.

Agriculture trade deficit widens in Q1

THE trade deficit in agriculture commodities widened in the first quarter, the Philippine Statistics Authority (PSA) said.

Duterte to woo Thai businessmen at ASEAN Summit

PRESIDENT Rodrigo R. Duterte is set to meet with Thai business leaders on the sidelines of the 34th Association of Southeast Asian Nations (ASEAN) Summit in Bangkok and invite them to do business in the Philippines, Trade Secretary Ramon M. Lopez said on Friday.

US-China tensions to push ASEAN to fast-track RCEP

THE TRADE WAR between the United States and China will compel member-states of the Association of Southeast Asian Nations (ASEAN) to fast-track negotiations on the Regional Comprehensive Economic Partnership (RCEP) in order to “isolate” the region from the impact of the tensions, Trade Secretary Ramon M. Lopez said on Friday.

Israeli envoy explores cooperation opportunities in tech, agri during Iloilo visit

ILOILO CITY — Israeli Ambassador to the Philippines Rafael Harpaz visited Iloilo earlier this week to explore cooperation opportunities in line with its goal to strengthen ties with the Philippine through local partnerships in the regions.

PHL, Mexico to wrap up bilateral negotiations

THE PHILIPPINES and Mexico are set to conclude negotiations for agreements on air services, disaster risk management, and the establishment of a Joint Economic Committee (JEC), according to the Department of Foreign Affairs (DFA).

Yields on one-week term deposits drop

YIELDS on the one-week term deposits eased on Wednesday as the central bank lowered the volume of its facility to a record low.

Risks to inflation “evenly balanced”

INFLATION RISKS are seen “evenly balanced” this year, even with the rise in prices expected to settle firmly within the government’s target, the Bangko Sentral ng Pilipinas (BSP) said.

Reserves climb further in March

GROSS international reserves (GIR) rose further in March for the fifth straight month, the central bank said on Friday, enjoying a boost from higher dollar deposits and income from offshore investments.

BSP signs currency settlement deals with ASEAN central banks

THE BANGKO SENTRAL ng Pilipinas (BSP) has forged agreements with the central banks of Indonesia, Malaysia and Thailand as they look to set up direct settlement systems across currencies.

Inflation for low-income households eases further in January

INFLATION, as experienced by low-income households, was lower in January as prices of food and utilities eased further, the Philippine Statistics Authority (PSA) reported on Friday.

Japan pledges 3.2-B yen in loans for Mindanao projects

JAPAN has pledged additional grants for the Philippines following a joint meeting held in Osaka this week, which include funding for train simulators as well as projects for healthcare and peace efforts in Mindanao.

BSP to simplify licensing requirements for e-payments firms

THE CENTRAL BANK will soon allow banks and other financial firms looking to offer basic digital financial services to start operations without securing prior approval from the regulator, amid an industry push towards e-payments.

ADB raises P5.22B via peso bonds for PHL projects

THE ASIAN Development Bank (ADB) raised over P5 billion in local currency bonds offered to foreign investors, with the funds meant to support projects in the Philippines.

From the Front Page: PHL to outpace China’s GDP growth

Your weekly recap of BusinessWorld news.

Economists see RRR cuts as inflation eases

THE CENTRAL BANK may now proceed with planned cuts in bank reserves next year as inflation is sure to go down, bank analysts said.

DENR, MICC push for lifting of MPSA applications

THE Department of Environment and Natural Resources (DENR) and the Mining Industry Coordinating Council (MICC) are lobbying for the lifting of the moratorium on applications for mineral production sharing agreement (MPSA), which can only be possible with a new fiscal regime, according to an official.

PHL online hiring up 3% in Q3: Monster.com

ONLINE HIRING in the Philippines rose 3% in the July to September period on the back of expectations that the country’s gross domestic product (GDP) would maintain a steady growth next year, a report by job hunt website Monster.com said.

UCPB income slips in first nine months

THE United Coconut Planters Bank (UCPB) saw its net income slip as of the third quarter as it reeled from lower trading gains and higher borrowing costs.