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Current Business News In The Philippines

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News and Events News Philippine economy projects strong growth in 2023, 2024 despite inflationary pressures –

MANILA, Philippines (4 April 2023) – Philippine economic growth is expected to slow this year from beating the 2022 forecast, but will remain on a healthy expansion mode, powered by increased housing demand and work progress, especially in tourism, a According to the new Asian Development Bank (ADB) report released today.

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The leading economic publication Asia Development Association (ADO) in April 2023 projected the Philippine economy to grow by 6.0% this year, rising further to 6.2% in 2024. Improvements in employment and retail trade, continued growth in the manufacturing sector, and public infrastructure spending will support growth.

However, a slower-than-expected slowdown in major advanced economies, heightened geo-political tensions and inflation stabilization may dampen the outlook for gross domestic product (GDP) growth.

“The Philippines will grow from its potential this year and beyond, and is on its way to its goal of becoming a top-income country,” said Kelly Bird, Philippines Country Director. The effects of climate change and the effects of emerging technologies on the labor market.

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“The key to maintaining strong growth momentum is to keep public infrastructure spending at a level higher than 5.0% of GDP, as the government plans for this year and over the medium term. High-impact infrastructure projects that will help connect communities to public goods and services and provide access to jobs and livelihoods will help raise rural incomes and support full growth,” he said.

According to the report, inflation is expected to average 6.2% in 2023 before easing to 4.0% in 2024. Regional food supply constraints and rising global commodity prices are expected to lead to higher inflation rates initially. 2023. Inflation is projected to decline in the second half of 2023 and through 2024 as a series of monetary policy tightening takes effect and global market prices ease.

The national unemployment rate is set to rise to 4.8% in January 2023 from 6.4% in the same period a year ago, which is still lower than the pre-pandemic level. Some 4.1 million jobs were added during the year, mainly from the service sector, as tourism recovered from the COVID-19 pandemic. This bodes well for continued private consumption, which should receive an additional boost from continued remittances from overseas Filipino workers (OFWs).

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The current account deficit is expected to narrow, especially on the back of strong labor exports, significant trade outsourcing, recovery in tourism receipts, and higher OFW remittances. Strong domestic demand will increase imports of both consumer and capital goods.

The report notes that despite impressive gains in economic growth and poverty reduction, the country faces the challenge of addressing climate change and threats to food security, especially for the two tax groups that are in bottom. , due to the occurrence of scarcity and hunger.

The challenge requires a multidisciplinary approach that considers both supply and demand factors. This includes removing barriers to local food production and agricultural production and trade, and increasing household incomes and incentives for better health and nutrition outcomes. The report notes that social security, including food stamp programs, plays a central role in reducing poverty and hunger. 12, 161, 196.00 6/55 GrandLotto – 25 30 22 5 40 41 p…read more

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An agency official said that the Tourism Infrastructure and Enterprise Zone Authority is monitoring foreign investment for the country’s accommodation and tourism sector.

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The Department of Labor and Employment will conduct overseas job fairs to help provide new jobs to displaced Filipino workers in Qatar and other countries in the Middle East.

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News and News News Strong housing demand issues to drive Philippine economic growth in 2022, 2023 –

MANILA, Philippines (6 April 2022) – The economic recovery of the Philippines is expected to pick up this year and next, according to a new report, as domestic investment and energy consumption as the pandemic restrictions has eased, leading to more manufacturing and construction jobs being released. Asia Development Bank () released today.

The Asian Development Outlook (ADO) 2022, a leading economic publication, predicts the Philippine economy to grow by 6.0% in 2022, followed by a further 6.3% in 2023. Government measures issued last month to reopening the economy, lifting mobility restrictions, expanding coronavirus disease (COVID-19) vaccinations, and easing international travel restrictions will provide a boost to the labor sector.

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“Almost all indicators point to higher growth for the Philippines this year and into 2023, barring the effects of externalities from geopolitical tensions that have slowed growth worldwide, including in Europe and the United States, exports national export.” can slow down. Country Director for the Philippines Kelly Byrd said.

“Policies to build the reform of small, small and medium enterprises (MSMEs), which play an important role in the recovery of the national economy, to be stronger to support the digital transformation, entrepreneurship and the development of knowledge of the sector” Must go,” added Mr. Bird. Currently helping the government to provide employer management skills

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