philippines-recession | ABS-CBN News

Unemployment jump to show lockdown toll on Philippines: economist

ABS-CBN News
Updated as of Jun 04 10:24 AM

Unemployment likely soared during the virus lockdown, an economist said Thursday on the eve of the official data release, as the Philippines started easing restrictions. Read more »

Economic rebound rests on preventing second wave: Bangko Sentral

ABS-CBN News
Posted at May 18 09:38 AM

Bangko Sentral ng Pilipinas Governor Benjamin Diokno said Monday downgraded macroeconomic assumptions would hold as long as the Philippines escapes a second or third wave of infections. Read more »

Philippines sees economy shrinking by 2 to 3.4 percent due to COVID-19

ABS-CBN News
Updated as of May 13 11:29 AM

The Philippine economy will likely contract by 2 to 3.4 percent this year, according to revised government assumptions released Wednesday, as the country moved to slowly restart businesses shuttered by the COVID-19 pandemic. Read more »

Economy to reopen slowly as Duterte cautions vs second wave

Arianne Merez, Jessica Fenol and Joel Guinto, ABS-CBN News
Posted at May 12 04:21 PM

The Philippines is set to identify businesses that can resume at limited capacity as it begins to ease pandemic lockdowns that caused the first economic contraction in 22 years, officials said Tuesday. Read more »

Philippines needs 'sizable' new COVID-19 budget fast: Nomura

ABS-CBN News
Updated as of May 11 10:38 AM

The Philippines needs to deploy a "sizable" supplementary budget fast to counter the economic fallout from the COVID-19 pandemic, an analyst said Monday. Read more »

Philippines needs fresh budget for jobs, 'new economy': Bangko Sentral

ABS-CBN News
Updated as of May 11 02:07 PM

Bangko Sentral ng Pilipinas Governor Benjamin Diokno said Monday the Philippines would need a supplemental budget "very badly" to build the new economy borne out of the COVID-19 pandemic. Read more »

First since 1998: Philippines GDP shrinks due to COVID-19 pandemic

ABS-CBN News
Updated as of May 07 10:45 AM

The Philippine economy, Asia's pace-setter, shrank in the January to March period after the COVID-19 pandemic put the economy in the freezer, officials said Thursday, as the nation looked to a possible recession. Read more »

Through the fire with pandemic, businessmen in Philippines brace for recession

Jessica Fenol and Joel Guinto, ABS-CBN News
Updated as of May 06 09:19 PM

Through fire, drought and a botched military putsch, Jojo Tan's convenience store franchise remained open for 14 years, until the COVID-19 pandemic struck, plunging his business and many others into a day-to-day existence. Read more »

Philippines tipped for recession this year, rebound in 2021: BSP

ABS-CBN News
Updated as of Apr 27 10:03 AM

Bangko Sentral ng Pilipinas Governor Benjamin Diokno said Monday the economy was poised to slide into a recession in 2020, contracting by 0.2 percent for the full year due to an extended lockdown to stop the COVID-19 pandemic. Read more »

'We still have a lot of bullets in our arsenal,' BSP says on fight for economy

ABS-CBN News
Updated as of Apr 19 12:06 PM

Diokno last week slashed 50 basis points off the benchmark interest rate in an unscheduled move, underscoring his pledge to use the central bank's entire arsenal to salvage the economy. Read more »

Infrastructure can lead calibrated lockdown lifting: business group

ABS-CBN News
Updated as of Apr 16 10:13 AM

Construction and road works can resume under a calibrated lifting of the Philippines' coronavirus lockdown, the head of one of the country's largest business groups said Thursday. Read more »

Philippines looks to restart economy under 'new normal' from COVID-19

ABS-CBN News
Updated as of Apr 14 10:10 AM

The Philippines is looking for ways to restore the public's confidence in the economy, once it restarts under a "new normal" due to the COVID-19 pandemic, the country's deputy social economic planning chief said Tuesday. Read more »

Recession risk 'real,' Bangko Sentral ready to cut interest rates further: Diokno

ABS-CBN News
Updated as of Apr 05 01:40 PM

MANILA - The Philippine central bank has space to cut interest rates further faced with a "real risk" of recession due to the coronavirus pandemic, Bangko Sentral ng Pilipinas Governor Benjamin Diokno said Sunday. Read more »

Coronavirus impact in poverty may be 'transitory,' says economic planning chief

ABS-CBN News
Updated as of Mar 24 10:55 AM

The Philippines hopes that the coronavirus pandemic would have a "transitory" impact on poverty numbers, Socioeconomic Planning Secretary Ernesto Pernia said Tuesday. Read more »

Philippine economy could contract if coronavirus crisis drags, stimulus 'good' for now: Pernia

ABS-CBN News
Posted at Mar 24 10:39 AM

The Philippines' billion-peso stimulus package against the coronavirus pandemic is "good enough" for now, the socioeconomic planning chief said Monday, adding that it was "possible" for the economy to contract should the crisis persist until June. Read more »