Tag: phl
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S&P Global trims PHL growth outlook
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S&P GLOBAL RATINGS trimmed its gross domestic product (GDP) forecast for the Philippines for this year and 2025 amid expectations that high interest rates will continue to crimp domestic demand. In a report, the credit rater cut its growth forecast for 2024 to 5.8% from 5.9% previously. It also lowered…
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Tourist arrivals in PHL seen returning to pre-pandemic level only in 2025
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TOURIST ARRIVALS in the Philippines are expected to jump by 33% this year, but will only return to the pre-pandemic level by 2025, Fitch Solutions’ unit BMI said. In a report, BMI said it maintains a “positive outlook” for Philippine tourist arrivals through 2028, driven by tourists from key markets…
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PHL posts $2-B BoP surplus for May
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THE COUNTRY’S balance of payments (BoP) position swung to a surplus in May, data from the Bangko Sentral ng Pilipinas (BSP) showed.
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PHL may grow below target until 2028
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THE PHILIPPINE ECONOMY may grow slower than the government’s targets this year through 2028, as high interest rates weigh on consumption, according to a global think tank. “High interest rates constrict domestic demand, so that’s one of the reasons why we’re a bit more bearish on the [Philippine] economy,” Andrew…
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PHL competitiveness still lags in Asia-Pacific
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THE PHILIPPINES saw its ranking in an annual global competitiveness report remain unchanged and continued to be one of the laggards in the Asia-Pacific region amid a drop in business efficiency.
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PHL gov’t should consider raising taxes, analysts say
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THE GOVERNMENT should consider raising taxes in order to ramp up revenues and meet its fiscal consolidation targets, analysts said.
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World Bank to support more agriculture projects in PHL
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THE WORLD BANK is seeking to fund more Philippine projects that seek to bolster productivity in the agriculture sector amid rising prices of food. “The World Bank is very supportive of agriculture and agricultural productivity in the Philippines,” Ndiamé Diop, World Bank Country Director for Brunei, Malaysia, Philippines and Thailand,…
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PHL banks fall short of lending quota for small, medium businesses
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PHILIPPINE BANKS failed to meet the mandated quota for small business loans in the first quarter, data from the Bangko Sentral ng Pilipinas (BSP) showed. Loans extended by the banking industry to micro-, small-, and medium-sized enterprises (MSMEs) amounted to P474.922 billion as of end-March. This made up only 4.41%…
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PHL has room to raise taxes — IMF
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THE PHILIPPINES’ fiscal consolidation plan may be too “ambitious,” the International Monetary Fund (IMF) said, noting that the government still has room to raise taxes to generate much-needed revenues.
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PHL eyes ODA from France to fund projects
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THE PHILIPPINES and France have signed a government-to-government agreement to secure funding for the former’s priority projects, the Finance department said. In a statement on Monday, the agency said the agreement would allow the Philippine government to obtain concessional official development assistance (ODA) and blended financing from France. This would…