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Unemployment steady in June, but underemployment rises

ABS-CBN News
Updated as of Aug 03 10:20 AM

The Philippines' unemployment rate was steady in June but the underemployment rate was higher, the state statistics bureau said on Tuesday. Read more »

IMF raises growth forecasts for rich nations, dims outlook for developing world

David Lawder, Reuters
Posted at Jul 28 08:52 AM

The IMF forecast lower prospects for Indonesia, Malaysia, the Philippines, Thailand and Vietnam where recent waves of COVID-19 infections are weighing on activity. The Fund forecast that emerging Asia would grow 7.5 percent this year, down 1.1 percentage points from the April forecast.   Read more »

Global growth to stay strong but virus the top risk, say economists

Reuters
Posted at Jul 27 01:12 PM

Global economic growth prospects are holding strong for this year and next, despite a significant majority of economists in Reuters polls warning new variants of the coronavirus pose the biggest risk to that outlook. Read more »

Dissecting Data: Underemployment falls to record low in May

Warren de Guzman and Edson Guido, ABS-CBN News
Posted at Jul 01 04:13 PM

Employment bounced back in May in step with the rollback of quarantine conditions, after the return to tighter lockdowns in April to address a spike in COVID-19, according to the Philippine Statistics Authority.  Read more »

Unemployment, underemployment further ease in May: PSA

ABS-CBN News
Updated as of Jul 01 02:56 PM

The Philippines’ unemployment rate further eased to 7.7 percent in May from 8.7 percent in April, while underemployment also declined to 12.3 percent from 17.2 percent in April, the state statistics bureau said on Thursday.  Read more »

PH to start vaccinating economic frontliners starting June

ABS-CBN News
Posted at May 31 10:17 PM

The private sector bats for the easing restrictions for vaccinated individuals. Read more »

Hong Kong Disneyland records worst-ever HK$2.66 billion loss amid COVID-19 pandemic

Kathleen Magramo, South China Morning Post
Posted at May 17 07:58 PM

With the park open just 40 percent of the time and tourists non-existent, losses were far worse than the previous year. Despite the downturn, the resort, which is majority owned by the local government, has pressed forward with expansion plans that will last through 2023. Read more »

Cash remittances hit $2.5 billion in March, up 4.9 percent

ABS-CBN News
Posted at May 17 04:17 PM

Cash remittances from overseas Filipinos rose 4.9 percent to $2.514 billion in March, from $2.397 billion in the same month last year, the Bangko Sentral ng Pilipinas said on Monday. Read more »

BSP to keep rates steady; economy remaining in recession: Reuters poll

Reuters
Posted at May 10 03:59 PM

The Bangko Sentral ng Pilipinas is expected to keep its benchmark interest rate at a record low on Thursday, after the economy likely contracted for a fifth straight quarter in the January to March period, a Reuters poll showed. Read more »

Asian finance chiefs discuss online cooperation amid pandemic

Kyodo News
Posted at May 03 03:17 PM

TOKYO - Asian finance chiefs held a videoconference Monday to discuss ways to enhance cooperation as well as to compare notes on their economies and how they have been impacted by the novel coronavirus with the global pandemic showing no signs of abating. Read more »

One in two people globally lost income due to the pandemic - Gallup

Nita Bhalla, Thomson Reuters Foundation
Posted at May 03 01:25 PM

One in two people worldwide saw their earnings drop due to the coronavirus, with people in low-income countries particularly hard hit by job losses or cuts to their working hours, research showed on Monday. Read more »

Gov't urged to fast-track vaccine rollout as Metro Manila again put under ECQ

ABS-CBN News
Posted at Mar 29 09:46 PM

The head of the Financial Executives Institute of the Philippines (FINEX) on Monday called on the government to fast-track the acquisition and rollout of vaccines as the country's capital is again put on the strictest quarantine level.  Read more »

IMF sees signs of stronger global recovery, but significant risks remain

Andrea Shalal, Reuters
Posted at Mar 21 09:56 AM

The No. 2 official at the International Monetary Fund on Saturday pointed to emerging signs of a stronger global economic recovery, but warned that significant risks remained, including the emergence of mutations of the coronavirus. Read more »

Dissecting Data: Jobless rate is third worst since April 2005

Warren de Guzman and Edson Guido, ABS-CBN News
Posted at Mar 09 02:56 PM

The PSA noted that while the jobs data has improved, including labor participation and employment, the gains would likely be derailed by any form of quarantine tightening.   Read more »

4 million Filipinos jobless in January even as economy further reopens

ABS-CBN News
Updated as of Mar 09 12:50 PM

Unemployment rose in January with around 4 million adult Filipinos, representing 8.7 percent of the labor force, jobless in the first month of the year.  Read more »

Dissecting Data: Remittances defy bleak forecasts but still fall in 2020

Warren de Guzman and Edson Guido, ABS-CBN News
Posted at Feb 16 04:23 PM

Remittances remained surprisingly resilient in 2020 but still declined for the first time since 2001 due to the disruptions caused by the COVID-19 pandemic.  Read more »

Decline in cash remittances not as steep as forecast: BSP

ABS-CBN News
Posted at Feb 15 05:38 PM

For the whole of 2020, cash remittances amounted to$29.9 billion, lower by 0.8 percent than the $30.133 billion registered in 2019, the BSP said.    Read more »

Palace stresses need for further safe reopening of economy amid high jobless rate

Pia Gutierrez, ABS-CBN News
Posted at Feb 02 08:34 PM

Malacañang on Tuesday welcomed a new survey which showed there were fewer Filipinos without jobs in the fourth quarter of 2020, and stressed the Philippines' need to further re-open its economy. Read more »

China’s economic recovery continued in January at slower pace as virus outbreak takes toll

Amanda Lee in Beijing, South China Morning Post
Posted at Jan 31 03:55 PM

China’s official manufacturing purchasing managers’ index (PMI) fell to 51.3 in January from 51.9 in December. The official non-manufacturing PMI, which measures sentiment in the service and construction sectors, fell to 52.4 from 55.7. Read more »

As prices go up, labor chief wary of wage hike

Jamaine Punzalan, ABS-CBN News
Updated as of Jan 28 04:22 PM

Labor Secretary Silvestre Bello III on Thursday warned of possible business closures and loss of employment if his agency endorsed a wage hike for workers, as the prices of basic goods go up.    Read more »