Infrastructure spending has fallen sharply as government agencies, particularly the Department of Public Works and Highways (DPWH), adopted a more cautious approach to budget disbursement following an investigation into alleged irregularities involving multi-billion-PHP flood control projects.
In a statement released on March 14, the bank said the Philippines Growth and Jobs Development Policy Loan supports reforms aimed at boosting economic growth and improving employment opportunities.
The Philippine economy expanded by 6.4% year-on-year in the first quarter of 2023, higher than the expected 6.2%, according to the Philippine Statistics Authority (PSA).
Driven by pent-up demand from consumers, the Philippine economy is forecast to grow 7.2% in 2022 before tapering off to an average of 5.7% in 2023, according to a report released by the World Bank on December 6.
The Philippine government on August 18 revised its economic growth projection for 2021 from 6-7 percent to 4-5 percent due to the re-imposition of lockdown in Metro Manila to curb the spread of COVID-19 in the country, Xinhua news agency reported.
The Philippine economy shrank by more than expected in the first quarter of 2021, supporting views that the central bank will keep interest rates at a record-low at a policy meeting slated for May 12.
Foreign direct investment (FDI) poured into the Philippines in January grew 41.5 percent year on year to 961 million USD, according to the country’s central bank Bangko Sentral ng Pilipinas (BSP).
The Philippines’s gross domestic product (GDP) shrank 9.5 percent in 2020 due to severe impact caused by the COVID-19 pandemic, according to the Philippine Statistics Authority (PSA).
The Philippines saw a year-on-year inflation rate of 3.5 percent in December 2020, up from 3.3 percent in the previous month, driven by price hikes in food and non-alcoholic beverages, the Philippine Statistics Authority (PSA) said.
ANZ Research predicts that the Philippine economy will fall 9.2 percent in the second half of 2020 as the economy is likely to book a double-digit contraction in the third quarter due to the coronavirus pandemic.
The Philippine economy may contract by 8 percent in the second quarter of 2020 due to containment measures against COVID-19, according to Moody’s Analytics.
The Philippine economy is projected to contract 1.9 percent this year due to the economic fallout triggered by natural disasters and COVID-19, the World Bank said in an updated report released on June 9.
A bill has been introduced in the Philippines’ parliament, aiming at taxing big tech firms such as Facebook, Google and Youtube, Netflix and Spotify, to raise funds for the COVID-19 fight.
The Philippine economy is likely to experience the first annual contraction in more than two decades this year due to the COVID-19 pandemic before it pulls back up for a U-shaped recovery in 2021.
The International Monetary Fund (IMF) has further slashed its economic growth forecast for the Philippines for 2019 and 2020 to 5.7 percent and 6.2 percent, respectively, as the economy slowed down in the second quarter and external environment worsens.
The Philippine economy slowed in the second quarter to 6 percent from the 6.6 percent recorded in the first quarter, the lowest growth since the third quarter of 2015.
The Philippines' total external trade in goods in May reached 15.22 billion USD, up 5.1 percent from 14.48 billion USD recorded in the same month last year, according to the Philippine Statistics Authority (PSA).
The Philippine economy grew by 6.8 percent in the first quarter of 2018, faster than the growth recorded in the same quarter of 2017, the Philippine Statistics Authority (PSA) reported on May 10.
