The Philippines Appears Poised Economic Growth in 2015
The economy of the Philippines hit some rough patches in 2014. The outlook for 2015, on the other hand, is fairly strong.
Category: Philippines
Third Quarter Cripples Growth for Philippine Economy
Economic expectations were left uncertain as recent reports showed Philippine’s growth for the third quarter to be slower than normal. GDP fell to 5.3%, significantly lower than the 6.4% gain during the second quarter, and lower than the 7% growth seen during the same period last year. Currently, the gross domestic product is at its slowest pace since 2011, and there are numerous factors to blame.
Philippine Economic Growth Hinges on Needed Reforms
The forthcoming ASEAN Economic Community (AEC) could help drive economic reform in the Philippines. But policymakers will have to embrace what could be difficult reforms and realise that ignoring them would raise the threat of being bypassed (again) by investment and foreign capital seeking opportunities in the Philippines. In particular, there are restrictions on the logistics chain and trade facilitation that stand in the way of efficient trade in goods and services. These should be lifted or removed.
Philippine Economy Heads for Long-Term Growth
Recent research has suggested that the Philippine economy may be set to experience long-term growth, expanding even further than the 7.2% estimated in the absence of common election-related costs. The department of finance are positive about the projected future for economic growth, and undersecretary of finance, Gil Beltran, suggested that the Philippines may even begin to pick up a greater amount of speed throughout the medium term, as a result of its strong macroeconomic fundamentals.
China Increases Haiyan Aid For Philippines After Criticism Over Meagre Initial Sum
China will send nearly 10 million yuan ($1.64 million) worth of aid to the Philippines for the Typhoon Haiyan disaster relief effort, reported the Wall Street Journal on Thursday, after the government changed its mind of pledging just $100,000 initially.
Philippines Introduce Tax ‘Star Ratings’ For Restaurants
Forget the Michelin guide, the Philippines government has created a new and unique ratings directory for dining at restaurants – ranking eateries by the taxes they pay rather than their menu in order to shame those cheating the state out of revenues.
Philippines Warn Against Toxic Lipstick From China
Women lipstick made in China could contain high levels of lead that have been linked to causing high blood pressure, joint pain and poor memory loss in adults, warned officials from the Philippines on Sunday, urging consumers to avoid unregistered lipstick brands and be wary of imitation products purporting to be legitimate brands.
The Philippines Food and Drug Administration (FDA) issued the advisory over the weekend after observing that many of these products were being sold widely on the streets of many urban areas without the agency’s approval.
Oil Smuggling Cost Philippines $731 Million Annually
The Philippines is losing as much as 30 billion pesos ($731 million) a year in potential tax revenues as a result of oil smuggling activities, claimed a Shell representative over the weekend, with close to 30-35 percent of oil products sold in the Filipino market believed to have been illegally brought into the country.
Philippines Ponder ‘SMS Tax’ To Boost State Funds
The Philippines government may attempt to revive a hugely unpopular 2009 bill that aimed to levy a tax for all mobile phone text messages, claimed a report by the Philippine Daily Inquirer on Monday, with a new ‘sin tax’ on alcohol and tobacco also expected to be passed as early as next week.
Philippines Stirs Tensions By Renaming Disputed Part Of South China Sea
China’s Foreign Ministry has expressed outrage and disappointment at the Philippines’ decision to officially request the United Nations to rename part of the South China Sea as the West Philippine Sea, but said that decision would not affect China’s territorial claim over the area, in the latest spat between the world’s second largest economy and its neighbours over sovereignty rights.
