Category Archives: Economy

Mines and Geosciences Bureau Recommends Lifting of Ban on Open-Pit Mining

The Mines and Geosciences Bureau (MGB) has recommended to Environment Secretary Roy Cimatu the lifting of the ban on open-pit mining. The agency said that it is an internationally accepted mining method, with even Duterte himself telling industry executives and officials that the law allows this practice. The issue will likely be taken up during the next meeting of the Mining Industry Coordinating Council (MICC), which is… Continue reading

Finance Chief Warns Rejection of Tax Reform Proposals to Affect Infrastructure Buildup

Finance Secretary Carlos Dominguez has upped the pressure on the Senate to approve the administration’s tax reform program by saying that the government will not be able to fund half the infrastructure spending planned until 2022 if the proposals are rejected or considerably watered-down. He added that Congress should likewise pass succeeding tax reform packages, as revenues from the first package currently under Senate review… Continue reading

June Remittances Up 6.8%

Remittances climbed 6.8 percent to $2.75 billion in June from $2.57 billion in the same month last year, the highest since the record $2.91 billion last March. For the first half, personal remittances grew 5.5 percent to $15.36 billion from $14.57 billion in the same period last year. The bulk or 80 percent, of remittances came from the US, Saudi Arabia, United Arab Emirates, Singapore, Japan, United Kingdom, Qatar, Kuwait, Germany, and… Continue reading

Philippine GDP Up 6.5% in Second Quarter of 2017

Gross domestic product (GDP) increased by 6.5 percent in the second quarter of 2017, lower than the 7.1-percent growth in the same period last year but slightly higher than the 6.4-percent growth in the first quarter of 2017. It is on track to meet its full-year expansion target of 6.5 to 7.5 percent. The industry sector recorded the fastest growth of 7.3 percent, followed by the services sector with 6.1 percent and agriculture with 6.3… Continue reading

Government Debt Up 66%

Government’s outstanding debt increased by 66 percent to P505.76 billion as of the end of the first half of the year after the successful sale of retail treasury bonds. Of the amount, P366.55 billion came from domestic sources, while the remaining P139.21 billion came from external creditors. President Rodrigo Duterte’s economic team earlier… Continue reading

July 2017 GIR Down to $80.787 Billion

Gross international reserves (GIR) went down to $80.787 billion in July from the $81.321 billion recorded in June. It is also lower than the $85.506 billion posted in July last year. The decline was attributed to outflows arising from payments made by the national government for its maturing foreign exchange obligations, as well as the Bangko Sentral ng Pilipinas’ (BSP) foreign exchange operations. The BSP sometimes uses reserve funds… Continue reading

June Trade Deficit Narrows by 9.3%

Trade deficit narrowed 9.3 percent in June from $2.37 billion to $2.15 billion, as import growth slowed while exports accelerated modestly. Socioeconomic Planning Secretary Ernesto Pernia said trade is expected to grow at faster pace within the second half of the year in line with the recovery of the global economy. Exports earlier recorded a steady… Continue reading