News

Labor group to insist on P334 wage hike in Metro Manila

Kevin Manalo, ABS-CBN News
Updated as of Oct 21 02:17 PM

A major labor group said Sunday it will insist on its petition for a P334 wage increase in Metro Manila despite possible objections from employers. Read more »

BSP: 6.2% inflation for Q3

Jonathan Cellona, ABS-CBN News
Updated as of Oct 20 01:27 AM

People buy from a vegetable market in Commonwealth Avenue Quezon City on Friday. The Bangko Sentral ng Pilipinas (BSP) released a report on Friday stating that inflation for the third quarter reached 6.2 percent. Read more »

Inflation may continue to rise, BSP says

ABS-CBN News
Posted at Oct 19 11:42 PM

The Bangko Sentral ng Pilipinas admitted inflation will continue to accelerate towards the end of the year because of the rise in transport and electricity costs. Read more »

Palace confident 'disinflation' to happen soon

ABS-CBN News
Posted at Oct 19 05:53 PM

MANILA - Malacañang on Friday said it is confident that inflation will soon taper in the coming months, after inflation for the third quarter averaged at 6.2 percent, data from the Bangko Sentral ng Pilipinas (BSP) released Friday showed. Read more »

China's GDP growth slows to 6.5 percent in third quarter

Agence France-Presse
Posted at Oct 19 04:59 PM

China's economy grew at its slowest pace in nine years in the third quarter, as a campaign to tackle mounting debt and trade frictions with the US had an effect. Read more »

Vietnam to ratify Pacific trade pact next month

Agence France-Presse
Posted at Oct 18 10:14 PM

Vietnam said Thursday it will ratify a sprawling Pacific trade pact that US President Donald Trump pulled out of last year, calling the deal a "disgrace" for American jobs. Read more »

FOCUS: Is Africa starting to choke on China's lending glut?

Saidu Bah, Agence France-Presse
Posted at Oct 18 09:32 PM

With China now accounting by itself for around of fifth of all of African debt, some voices, including the International Monetary Fund (IMF), have worried whether repayment is sustainable. Read more »

Gov't to tighten purse strings amid fuel tax hike suspension: Diokno

ABS-CBN News
Updated as of Oct 18 09:25 AM

The government will cut down on some expenses amid the suspension of the second round of higher excise tax on oil, Budget Secretary Benjamin Diokno said Thursday.   Read more »

US tops global competitiveness rating, despite 'worrying' trends: WEF

Nina Larson, Agence France-Presse
Posted at Oct 17 06:56 AM

The United States has the world's most competitive and innovative economy, a World Economic Forum ranking showed Wednesday, after a methodology shift helped unseat Switzerland after nearly a decade on top. Read more »

Investors gloomiest on world growth in decade, cut US equity holdings-BAML poll

Helen Reid, Reuters
Posted at Oct 16 10:18 PM

Global investors have the most pessimistic outlook on the world economy since the 2008 financial crisis, according to Bank of America Merrill Lynch's monthly survey, which also showed a sharp fall in US equity allocations.   Read more »

Gov't revises PH growth target, cites worldwide 'uncertainties'

ABS-CBN News
Updated as of Oct 16 04:00 PM

The DBCC also adjusted the inflation forecast for 2018, which is projected to range between 4.8 to 5.2 percent.   Read more »

Cash remittances from overseas Filipinos down 0.9 pct in August: BSP

ABS-CBN News
Posted at Oct 15 06:49 PM

Cash remittances from overseas Filipinos reached $2.5 billion in August, lower by 0.9 percent compared to the same month last year, the central bank said Monday. Read more »

Who runs the (economic) world? It might soon be women

Lucie Godeau and Peter Brieger, Agence France-Presse
Posted at Oct 12 04:34 PM

As the International Monetary Fund and World Bank meet this week in Bali, Lagarde no longer cuts quite the same lone figure she once did, now flanked by growing numbers of female finance ministers and economists. Read more »

IMF warns trade friction, market turmoil to hurt Asian growth

Leika Kihara, Reuters
Posted at Oct 12 10:44 AM

The IMF also warned in its twice-yearly report on the Asia Pacific region that the market rout seen in emerging economies could worsen if the US Federal Reserve and other major central banks tightened monetary policy more quickly than expected. Read more »

Trump says Fed 'out of control' but keeps Powell

Heather Scott, Agence France-Presse
Posted at Oct 12 08:13 AM

Trump blamed the Federal Reserve for the global stocks rout that continued Thursday for a second day amid concerns about rising interest rates. Read more »

Duterte touts 'upward trajectory of growth' of PH in ASEAN meet

Dharel Placido, ABS-CBN News
Posted at Oct 11 10:59 PM

MANILA - President Rodrigo Duterte on Thursday told his fellow Southeast Asian leaders that the Philippine economy is on an “upward trajectory of growth.” Read more »

'Build, Build, Build' may bring decade of 7 percent growth: Diokno

Sumeet Chatterjee and Fransiska Nangoy, Reuters
Posted at Oct 11 03:20 PM

The Philippines expects economic growth to recover to 7-8 percent target next year despite global uncertainties, as it pushes ahead with massive infrastructure spending plans, the country's budget secretary said on Wednesday. Read more »

World Bank launches 'human capital' rankings based on health, education

David Lawder, Reuters
Posted at Oct 11 10:30 AM

The bank's "Human Capital Index," showed poor African countries fared the worst in the rankings, with Chad and South Sudan taking the 2 lowest spots, while Singapore topped the list, followed by South Korea, Japan and Hong Kong. Read more »

Foreign direct investments reach $914-M in July, up 165 pct: BSP

ABS-CBN News
Posted at Oct 10 08:20 PM

Foreign direct investments rose significantly last July to US$914 million, up 165.5 percent from the $344 million posted in the same month last year, the Bangko Sentral ng Pilipinas said Wednesday.   Read more »

Leaders need to fix broken economic models: IMF chief

Peter Brieger, Agence France-Presse
Updated as of Oct 10 06:53 PM

World leaders need to fix global trading systems instead of trying to tear them down, International Monetary Fund chief Christine Lagarde said Wednesday, in a rebuke to nationalist politicians pushing tariffs and protectionism. Read more »