Economy

Financial watchers noted that PHP 63.52 to the US dollar is the weakest peso value in Philippine history.  The BBM Administration has indeed been making historic records. It happened last Thursday, even as the Bangko Sentral ng Pilipinas (BSP) revealed its most hawkish fang, increasing rates by 50 basis points. A weak peso will further speed up inflation.  This is …

The government’s budget deficit widened slightly in September despite double-digit revenue growth that outpaced the rise in government spending, the Bureau of the Treasury (BTr) said. The fiscal gap inched up by 0.33% to P248.9 billion in September from P248.1 billion in the same month a year earlier, Treasury data released on Thursday showed. “The deficit marginally increased as expenditure …

The Bangko Sentral ng Pilipinas (BSP) raised its policy rate by half a percentage point to 5.5 percent on Thursday, delivering a bigger-than-expected increase as it stepped up its fight against runaway inflation. The decision by the Monetary Board, the central bank’s top policymaking body, brought the overnight borrowing rate to its highest level since February 2025. It was the …

The Bangko Sentral ng Pilipinas (BSP) welcomes Japan Credit Rating Agency’s (JCR) favorable assessment of the Philippines’ external position in its latest issuer report.  BSP Governor Eli M. Remolona, Jr. said, “JCR’s recognition of the country’s strong external buffers reflects confidence in the Philippine economy’s ability to weather global headwinds, including those arising from the Middle East conflict.” “The BSP …

On June 30, 2022 newly elected President Ferdinand “Bongbong” Marcos Jr. started his term, and among the reforms he made in the Cabinet was to appoint a new secretary of the Department of Agriculture — himself. Two to three months later, the price of onion in the market increased to a stupendous P800 per kilo, clear evidence that an onion …

Remittances from overseas Filipino workers (OFW) grew by less than 2% for the third straight month in August. Cash remittances sent by Filipinos through banks climbed by 1.9% to $3.035 billion in August from the $2.977 billion seen a year ago, preliminary Bangko Sentral ng Pilipinas (BSP) data showed. This matched the annual growth posted in July, and the lowest …

The Philippine Deposit Insurance Corporation (PDIC), in partnership with the Philippine Information Agency (PIA), hosted the “PDIC 101” media education workshop in Balanga City, Bataan. PDIC President and CEO Roberto B. Tan highlighted the vital role of local media as community educators in bridging the gap between financial regulations and public awareness, reinforcing consumer trust in the Philippine banking system …

The Philippines  has signed a €212.7-million (around P14.9 billion) loan agreement with the World Bank to finance water supply and sanitation projects in Bohol, Siargao and Jolo, according to a document released by the multilateral lender. “The objectives of the project are to increase access to safely managed water supply and sanitation services and improve the performance of water service …

Chris Humphrey, executive director of the European Union-Asean Business Council, said the EU-Asean Business Council welcomes the  agreement between European Commission President Ursula von der Leyen and Philippine President Ferdinand Marcos Jr on a free trade deal between the EU and the Philippines. He said they congratulate the negotiating teams for achieving this significant milestone with determination and strong political …

Factories in the Philippines showed laggard production in September,  as weaker demand and stronger international competition weighed on production and new orders. This isn’t new, and in fact has been expected by many since the Philippine economy is now in a slippery downtrend. S&P’s Global Philippines Manufacturing Purchasing Managers’ Index (PMI) fell to 49.6 from the near 10-year high of …