Peso slides to 58 to $1 for first time in almost 2 years

Ian Nicolas P. Cigaral 05/21/2024

MANILA — The Philippine peso touched the 58-per-dollar level for the first time in almost two years during the morning trade on Tuesday. As of 9:47 a.m., the local currency’s weakest showing stood at 58 against the…

PH economy seen to accelerate in 2024 but faces high inflation, El Niño-driven risks

Ian Nicolas P. Cigaral 04/29/2024

The Philippine economy is expected to grow faster this year, but it might not reach the government’s target due to the impact of the El Niño climate phenomenon on food supply and the risk of high inflation.…

Chinese tourist absence hampers PH tourism recovery

Ian Nicolas P. Cigaral 04/15/2024

Bank of America’s (BofA) recent report pointed out that the Philippines, along with China, Hong Kong, and Taiwan, are still struggling to catch up in tourism recovery compared to other parts of Asia, as tourist arrivals in…

Unemployed Filipinos down to 1.8M in Feb from 2.15M in January

Ian Nicolas P. Cigaral 04/12/2024

MANILA, Philipines — The Philippine Statistics Authority reported Thursday that the number of unemployed Filipinos decreased in February to 1.8 million, down from 2.15 million in January. That brought the country’s unemployment rate to 3.5 percent, lower…

Gov’t sees stronger peso this year

Ian Nicolas P. Cigaral 04/11/2024

MANILA, PHILIPPINES — The Marcos administration doesn’t expect the peso to reach 58 per dollar this year anymore due to lower import forecasts. Now, the interagency Development Budget Coordination Committee (DBCC) predicts the peso will average between…

Recto vows no new taxes under Marcos term, eyes fiscal efficiency

Ian Nicolas P. Cigaral 03/25/2024

Finance Secretary Ralph Recto announced that there won’t be any new taxes for the rest of the Marcos administration. He emphasized the government’s focus on reducing unnecessary spending and enhancing revenue collection efficiency to improve its financial…

Creative economy contributes P1.72 trillion to GDP in 2023

Ian Nicolas P. Cigaral 03/22/2024

MANILA, Philippines — The local creative economy surged ahead in 2023, surpassing national output growth to reach a total value of P1.72 trillion. This sector not only generated more jobs but also made a significant contribution to…

Jobless Pinoys reach 2.15 million in January

Ian Nicolas P. Cigaral 03/08/2024

MANILA, Philippines — The jobless rate in the country rose in January to 4.5 percent  from December’s record low of 3.1 percent. This increase was accompanied by a decrease in the number of people looking for jobs.…

Gov’t debt stock rose to P14.79 trillion as of Jan

Ian Nicolas P. Cigaral 03/02/2024

MANILA, Philippines — The government’s outstanding debt rose in January due to a weak peso and after the Marcos administration borrowed more from local creditors than what it paid for its maturing liabilities, the Bureau of the Treasury (BTr)…

Remittances soar to P33.5 billion in 2023 – BSP

Ian Nicolas P. Cigaral 02/16/2024

MANILA, Philippines — Filipinos abroad sent a record amount of money back home in 2023 as remittances hit $33.5 billion, boosted by a stronger peso. This increase in the value of remittances helped households cope with high…

Tech-savvy families drive PH leisure spending surge

Ian Nicolas P. Cigaral 02/15/2024

The increasing number of tech-savvy families in the middle and upper-income brackets is boosting the demand for leisure items in the Philippines, said BMI, a unit of the Fitch Group. This trend is expected to benefit the…

PH economy to grow 6.2% in ’24 buoyed by strong consumer spending

Ian Nicolas P. Cigaral 02/05/2024

The Philippines’ consumption-driven economy is expected to benefit from a mix of lower inflation and a strong job market, according to BMI, a unit of the Fitch Group. Using 2010 as the base year, BMI is projecting…

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