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The country’s trade deficit narrowed anew in July, Philippine Statistics Authority (PSA) data showed. In a report released Friday last week, the PSA said the trade deficit during the month dropped by 30 percent to USD4.2 billion from USD5.9 billion in July last year. It was, however, slightly higher than the USD3.9 billion trade deficit in June this year. The …

The National Economic and Development Authority (NEDA) assures the public that the government will strengthen its measures to ensure food security, protect consumers, and provide assistance to farmers.  The Philippine Statistics Authority reported today that inflation in August rose to 5.3 percent from 4.7 percent in July 2023, bringing the year-to-date inflation to 6.6 percent. This development is mainly due …

The country’s headline inflation rate rose to 5.3 percent in August 2023 from the 4.7 percent recorded in the previous month. This brings the  year-to-date inflation rate to 6.6 percent, higher than the Development Budget Coordination Committee (DBCC) assumption of 5.0 to 6.0 percent for full year 2023. “The government is resolute in its commitment to mitigate the impact of …

The Bangko Sentral ng Pilipinas (BSP) has selected Hyperledger Fabric as the distributed ledger technology (DLT) for its wholesale Central Bank Digital Currency (CBDC) pilot project: Project Agila, formerly known as Project CBDCPh. Project Agila aims to orient the BSP and participating financial institutions on CBDC technology solutions that have the potential to enhance the country’s large-value payment system. With …

Philippine Economic Zone Authority (PEZA) Director General Tereso O. Panga and Bureau of Customs (BOC) Commissioner Bienvenido Y. Rubio recently solidified a legacy reform project through the signing of a Data Sharing Agreement for the further enhancement of the monitoring of movements of ecozone goods under the Electronic Transfer of Containerized Cargo (E-TRACC) system.  Launched in 2020 through Customs Memorandum …

The Securities and Exchange Commission (SEC) has successfully secured the conviction of six individuals involved in an investment scam operated by GDM Finance SARL, marking the 22nd conviction for violations of the country’s securities law. In a joint decision dated April 17, the Pasig City Regional Trial Court Branch 158 found Anita E. Armada, Milany P. Cabrera, Josephine D. Maranan, …

The National Economic and Development Authority (NEDA) underscored the need for strategic national investments to promote human and social development in rebuilding a resilient, post-pandemic health sector.   During a high-level meeting between the Philippine government and the World Bank on Health Sector Rebuilding, held on September 5, 2023, Department of Health (DOH) Secretary Teodoro J. Herbosa presented the DOH’s …

With assistance from the Public-Private Partnership (PPP) Center, the National Power Corporation (NPC) conducted on September 7, 2023 its market sounding activity for its Accelerated Hybridization Project (AHP), which it intends to undertake through private sector participation. The activity was conducted at the Fiesta Hall of the National Power Corporation Building in Quezon City. The AHP, which will utilize renewable …

Building on Albert Einstein’s work, a Filipina physicist and an international team of researchers recently discovered that a special class of subatomic particles can be described using concepts from the famous scientist’s Theory of Relativity. UP Diliman College of Science National Institute of Physics (UPD-CS NIP) associate professor Dr. Gennevieve Macam and her colleagues were investigating Weyl fermions, exotic subatomic …

Philippine Amusement and Gaming Corporation (PAGCOR) Chairman Alejandro H. Tengco today said he welcomes the reported filing of charges against him and previous members of the PAGCOR board of directors over the alleged disappearance of a Php75 million performance bond posted by an e-sabong company. The PAGCOR chairman and chief executive officer said that while the alleged disappearance of the …