Economy to shrink by over 5% in 2020

Credit to Author: Anna Leah E. Gonzales| Date: Thu, 06 Aug 2020 17:12:05 +0000

The interagency Development Budget Coordination Committee (DBCC) on Thursday further trimmed its economic growth forecast for this year to -5.5 percent from its earlier -2 to -3.4-percent range to take into account the worsening impact of the coronavirus crisis on tourism, trade and remittances. If correct, the revised outlook would become the fastest economic decline […]

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BIR, BoC surpass tax collection goals in July

Credit to Author: Mayvelin U. Caraballo, TMT| Date: Thu, 06 Aug 2020 16:59:44 +0000

The government’s main revenue-generating agencies exceeded their tax-take targets by single digits last month on improved spending and economic activities, the Department of Finance (DoF) reported on Thursday. At the joint press conference of the members of interagency Development Budget Coordination Committee on Thursday, Finance Secretary Carlos Dominguez 3rd said the Bureau of Customs (BoC) […]

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‘Spend more, boost liquidity to aid recovery’

Credit to Author: Anna Leah E. Gonzales| Date: Thu, 06 Aug 2020 16:57:08 +0000

A Chinese-Filipino business organization on Thursday urged consumers and entrepreneurs to spend more and financial institutions to increase liquidity to help the country recover from the coronavirus pandemic. In a statement listing his recommendations for that recovery, Henry Lim Bon Liong, president of the Federation of Filipino Chinese Chambers of Commerce and Industry Inc. (FFCCCII), […]

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Towards ‘New Normal’: InfiniVAN co-presents with The Manila Times’ Digital Forum

Credit to Author: The Manila Times| Date: Thu, 06 Aug 2020 16:56:23 +0000

AS we all continue to embrace “new normal’s” opportunities, part of it is adapting the current digital transformation among available online platforms with major support of a fast and readily available Internet for Business. This was proved by The Manila Times as they ventured this year’s online forum entitled, “Digital Transformation: Innovating and Adapting amid […]

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Govt shelves 8 infra projects, to add more

Credit to Author: Anna Leah E. Gonzales| Date: Thu, 06 Aug 2020 16:55:45 +0000

The government has shelved for now eight infrastructure projects worth P370 billion in its Infrastructure Flagship Program (IFP) as feasibility studies on them are being conducted, a Palace official said on Thursday. In a virtual briefing, Vince Dizon, presidential adviser for flagship programs and projects, identified the eight as the Bataan-Cavite Link Bridge; Dalton Pass […]

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Q2 growth data fails to stop PSEi rally

Credit to Author: Faye Almazan| Date: Thu, 06 Aug 2020 16:54:10 +0000

Despite worse-than-expected domestic output data, the stock market continued its advance toward the 6,000 territory on Thursday. The benchmark Philippine Stock Exchange Index (PSEi) inched up by 1.18 percent or 69 points to close at its intraday high of 5,902.58, while the wider All Shares increased by 0.85 percent or 29.32 points to end at […]

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Circular on bolstering local price councils signed

Credit to Author: Eireene Jairee Gomez| Date: Thu, 06 Aug 2020 16:52:21 +0000

Government agencies on Thursday signed a joint memorandum circular (JMC) calling for the strengthening of local price coordinating councils in managing the unreasonable and excessive costs of prime commodities nationwide after Metro Manila was again placed under modified enhanced community quarantine. The heads of the departments of Agriculture, Trade and Industry, Environment and Natural Resources, […]

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Inflation picks up to 2.7% in July

Credit to Author: Anna Leah E. Gonzales| Date: Wed, 05 Aug 2020 16:30:20 +0000

The country’s headline inflation accelerated for the second straight month to 2.7 percent in July from 2.5 percent in June on the back of higher transportation fares, the Philippine Statistics Authority (PSA) announced on Wednesday. The latest figure is higher than the 2.4 percent posted in the same month last year, and puts the year-to-date […]

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July inflation ‘non-issue’ for BSP, monetary policy – analysts

Credit to Author: Mayvelin U. Caraballo, TMT| Date: Wed, 05 Aug 2020 16:29:06 +0000

Inflation is still a non-issue for the country’s monetary authorities, which would give them more space to focus on supporting the Philippines’ economic recovery from the coronavirus pandemic, analysts said on Wednesday. “In our view, July’s gains are transitory, as demand conditions remain weak,” ANZ research analysts Kanika Bhatnagar and Sanjay Mathur said, adding that […]

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Trade gap narrows to $1.3B in June

Credit to Author: Anna Leah E. Gonzales| Date: Wed, 05 Aug 2020 16:28:34 +0000

The country’s trade deficit shrank to $1.30 billion in June from a month and a year earlier as exports and imports continued to fall by double digits, the Philippine Statistics Authority (PSA) reported on Wednesday. Data from the statistics agency showed that the gap was 1.5 percent and 50.6 percent smaller than the $1.32 billion […]

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