The Philippine economy weathered 2023’s global headwinds, marked by ongoing conflicts in Ukraine and the Middle East, elevated inflation and rising interest rates. Its gross domestic product (GDP) grew 5.9 percent in the third quarter, the fastest expansion in the Association of Southeast Nations (ASEAN). Easing inflation Inflation surged to 8.7 percent in January, threatening […]
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President Ferdinand Marcos Jr. has ordered the Department of Agriculture to use the excess collections of the Rice Competitiveness Enhancement Fund (RCEF) to help rice farmers. The President, in a meeting with Agriculture officials recently, said that the excess collections beyond the P10 billion requirement of the RCEF should be used to provide rice farmers […]
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Farmers groups on Friday called for the resignation of Finance Secretary Benjamin Diokno and National Economic and Development Authority (NEDA) Secretary Arsenio Balisacan for their support for moves to cut tariff rates on rice imports from 35 percent to 10 percent. “Today, we stand together to oppose, in the strongest terms, the efforts of Secretaries […]
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Finance Secretary Benjamin Diokno and private sector economists are in favor of seeing National Economic and Development Authority (NEDA) Secretary Arsenio Balisacan lead the Department of Agriculture. Diokno, the head of the economic team, said it was a “sound proposal.” “He [Balisacan] has heard it many times, and Arsi’s undergrad degree is in Agriculture Economics,” […]
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The country’s unemployment rate in July 2023 fell to 4.8 percent from 5.2 percent a year ago as the economy continues to reopen, resulting in more economic activities, the Philippine Statistics Authority said Friday. National statistician and civil registrar general Dennis Mapa said in an online briefing that the July 2023 jobless rate was, however, […]
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The rate of inflation rose to a two-month high of 5.3 percent in August after dropping for the last six months, the Philippine Statistics Authority (PSA) said Tuesday, blaming higher prices of food — particularly rice — and non-alcoholic beverages for the increase. National Statistician and Civil Registrar General Dennis Mapa said in an online […]
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The government is allocating a bigger P1.42-trillion budget for infrastructure development under the 2024 National Expenditure Program in a bid to spur higher economic growth, Budget Secretary Amenah Pangandman said. In a statement Tuesday, she said the amount is 6.6 percent higher than the P1.33 trillion allotted for this year. “To create more jobs and […]
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