National Government fiscal performance

Source BusinessWorld

The Marcos administration unveiled on Tuesday its 8-point socioeconomic agenda to address headwinds including soaring consumer prices, and to bring back the “high-growth trajectory” of the economy...

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Finance Secretary Benjamin E. Diokno on Tuesday said there is no need for the Philippine government to ramp up borrowings as it did during the height of the pandemic in 2020...

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The National Government’s budget deficit widened in June, as revenues grew by double digits but was outpaced by faster spending for road and transport infrastructure projects, military modernization efforts, and social welfare programs...

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Multilateral lender International Monetary Fund (IMF) has raised its 2022 gross domestic product (GDP) growth forecast for the Philippines to 6.7 percent from the original target of 6.5 percent despite the expected slowdown in the second half...

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The Marcos administration is aiming to raise Filipinos’ average earning to around P20,000 per month in two years, an income level that would propel the Philippines towards the much coveted upper-middle income status...

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The Department of Health (DoH) stepped up its booster vaccination efforts as cases of Covid-19 continue to increase in the country...

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A peasant group and lawmakers on Tuesday welcomed President Ferdinand Marcos Jr.’s plan to condone P58 billion in loans owed by more than 600,000 agrarian reform beneficiaries (ARBs), but they advised the government to balance this with the need for funds for its recovery program...

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President Marcos’ chief economic manager on Tuesday said the new administration would catch up with spending requirements after first-half disbursements went slightly below target, allowing the budget deficit to narrow by 5.8 percent to P674.2 billion...

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A 7.3 magnitude earthquake struck inland in the northern province of Abra at 8:43 a.m., the Philippine Institute of Volcanology and Seismology reported...
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Despite the controversial provisions of the Vape bill from the previous administration, President Ferdinand “Bongbong” R. Marcos Jr. allowed the legislation to lapse into law...

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Individuals aged 50 to 59 as well as people 18 to 49 years of age with comorbidities can now get a second booster shot to further protect them against Covid-19, the Department of Health (DOH) said...

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Negros Oriental 3rd District Rep. Arnolfo "Arnie" Teves Jr. has filed a bill that seeks to declare ghosting as an emotional offense...

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President Ferdinand "Bongbong" Marcos Jr. is hoping he can do what his predecessor fell short of doing — convince Congress to pass the long-stalled Land Use Act...

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Sen. Grace Poe has refiled a bill seeking to create a Department of Water Resources to improve the improvement of water resources nationwide...

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The Department of Trade and Industry is eyeing to impose a maximum of 6 to 8 percent increase in prices for some 30 percent of the total basic goods listed in the Suggested Retail Price (SRP) bulletin...
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The independent foreign policy of President Ferdinand “Bongbong” Marcos Jr., which included the country’s position on the maritime dispute in the West Philippine Sea (WPS), drew applause and standing ovation from the attendees of his first State of the Nation Address (SONA) on Monday, July 25...

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The Association of Southeast Asian Nations (Asean) said they are “strongly disappointed” and is denouncing the execution of four opposition activists in Myanmar...

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Global central banks may get “antsy” about the swiftness of economic pain brought on by monetary tightening to fight inflation and be tempted to cut interest rates before the job is done, the International Monetary Fund’s chief economist said on Tuesday...

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Surging inflation and severe slowdowns in the United States and China prompted the IMF Tuesday to downgrade its outlook for the global economy this year and next, while giving an even starker assessment of what may lie ahead...

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Taiwan simulated intercepting Chinese attacks from the sea in annual war games on Tuesday, with its leader Tsai Ing-wen hailing the "determination" of the East Asian island's military as she watched from onboard a destroyer...

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The International Association of Ports and Harbors (IAPH) said missile attacks that struck the port of Odesa impede the efforts to resume maritime traffic in Ukraine...

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Myanmar’s ruling military on Tuesday defended its execution of four democracy activists as “justice for the people”, brushing off a deluge of international condemnation including from its closest neighbours...

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New York City asked the World Health Organization (WHO) on Tuesday to rename the monkeypox virus to avoid stigmatizing patients who might then hold off on seeking care...

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The European Union’s foreign policy chief said on Tuesday he has proposed a new draft text to revive the 2015 Iran nuclear deal, saying there is no room left for further major compromises...

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The U.S. Justice Department is investigating Donald Trump’s actions in its criminal probe of the former president’s attempts to overturn his 2020 election defeat, the Washington Post reported on Tuesday, citing sources...

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European Union countries bracing for further cuts in Russian gas supply on Tuesday, July 26, approved a weakened emergency plan to curb demand, after striking compromise deals to limit reductions for some countries...

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The rapidly spreading monkeypox outbreak constitutes a global health emergency, the World Health Organization’s highest alert level, WHO director-general Tedros Adhanom Ghebreyesus declared on Saturday, July 23...

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China's troubled property sector suffered another blow this month when frustrated homebuyers stopped making mortgage payments on units in unfinished projects...

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From the way 45-year-old Swiss glaciologist Andreas Linsbauer bounds over icy crevasses, you would never guess he was carrying 10 kg of steel equipment needed to chart the decline of Switzerland’s glaciers...

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Moscow said Tuesday it was leaving the International Space Station "after 2024" amid tensions with the West, in a move analysts warned could lead to a halt of Russian-crewed flights...

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The global economy is facing a worrisome slowdown, but the critical priority for policymakers is to bring raging inflation under control, the IMF's chief economist said Tuesday...

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The BA.5 subvariant of Omicron was estimated to make up 81.9% of the circulating coronavirus variants in the United States for the week ended July 23, the US Centers for Disease Control and Prevention (CDC) said on Tuesday...

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An experimental chewing gum that "traps" SARS-CoV-2 particles in saliva holds promise for curbing transmission of new variants of the virus, according to new data, as researchers prepare to launch the first human trial...

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The Federal Reserve does not have adequate systems to counter a “malign” effort by China to gather inside information on the U.S. economy and monetary policy, according to a report that was prepared by Republican staff of the Senate Homeland Security Committee, and promptly rejected by the Fed as “unfair, unsubstantiated, and unverified.”...

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Oil prices rose on Tuesday for a second day on increasing concerns about tightening European supply after Russia, a key oil and natural gas supplier to the region, cut gas supply through a major pipeline...

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U.S. and Taliban officials have exchanged proposals for the release of billions of dollars from Afghan central bank reserves held abroad into a trust fund, three sources familiar with the talks said, giving a hint of progress in efforts to ease Afghanistan’s economic crisis...

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In June, the World Health Organization recommended that scientists continue to research all possible origins of the COVID-19 pandemic, including a lab leak. Two newly published studies take totally different approaches but arrive at the same conclusion: The Huanan Seafood Market in Wuhan, China, was most likely the epicenter for the coronavirus...

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President Ferdinand “Bongbong” R. Marcos, Jr. missed his chance to announce his position on key labor issues including contractualization and higher pay during his first State of the Nation Address (SONA) last Monday, according to labor groups...

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The first day of enrollment period for school year (SY) 2022-2023 was a success, reaching a total of 3.3 million students, an official of the Department of Education (DepEd) said on Tuesday...

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The national government did not spend as much as it should have during the first half of this year, according to figures issued on Tuesday by the Bureau of the Treasury (BTr)...

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A day after President Ferdinand Marcos Jr. mentioned an infrastructure push by his administration during his State of the Nation Address (Sona), the Department of Transportation (DOTr) on Tuesday said it would resubmit three railway projects, whose loan agreements with China were earlier withdrawn by the government, to the state planning agency National Economic and Development Authority (Neda) for approval...

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The Department of Energy (DoE) on Tuesday revealed some of its major plans that the Marcos administration will need to realize to ensure sufficient, reliable and affordable energy supply in the Philippines...

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Senate Majority Leader Emmanuel Joel Villanueva on Monday, July 25, echoed Senate President Juan Miguel Zubiri's call on President Ferdinand "Bongbong" Marcos Jr. to convene the Legislative-Executive Development Advisory Council (Ledac) to discuss directions and requests of the executive branch in terms of legislation...

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This developed as national tourism groups welcomed the goal of President Ferdinand Marcos Jr. to help the tourism sector recover and regain its place as a driver of economic growth...

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The Philippine Economic Zone Authority (Peza) lauded the call of President Ferdinand “Bongbong” R. Marcos Jr. to bring strategic industries outside Metro Manila, saying the move could make the country a viable investment destination in the region...

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The Proposed P5.268-trillion national budget for 2023 will focus on the Marcos administration’s top priorities such as education, health, infrastructure, social safety nets, and agriculture, Budget Secretary Amenah F. Pangandaman said on Tuesday...

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The Philippines needs to diversify its sources of energy for the security of supply, the Energy chief said on Tuesday, as he outlined the administration’s priorities to include developing indigenous sources and possibly adopting nuclear energy...

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The Department of Public Works and Highways said the administration wants to build more bridges across the Marikina and Pasig rivers...

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Members of the Sulu Sultanate are seeking government assistance in taking a solid approach to the realization of the $14.5 billion award granted by the French arbitral court...

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Agriculture stakeholders have high hopes after President Ferdinand R. Marcos Jr. finally laid out “doable and timely plans” to uphold the livelihood and dignity of the farmers and fishers through financial and technical support...

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Local pharmacies must expand the production of generic medicines, heeding a marching order of President Ferdinand Bongbong Marcos Jr. for the Department of Trade and Industry (DTI) to secure an adequate supply and affordable medicine for Filipinos, Trade Secretary Fred Pascual said...

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Economic managers vowed full support behind the private sector, as the Department of Finance (DOF) asked investors to trust President Ferdinand R. Marcos Jr.’s government...

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The number of enrollees for the school year (SY) 2022-2023 breached 2 million within the first day of enrollment period, the Department of Education (DepEd) announced...

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Using English as the main medium of instruction may cause the quality of education in the Philippines to “further deteriorate,” the Alliance of Concerned Teachers said in a statement issued on Tuesday...

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The Commission on Elections (Comelec) has logged 2,937,807 newly-registered voters, according to John Rex Laudiangco, spokesperson of the poll body...

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The Sandiganbayan has upheld its December 2019 decision dismissing a P200 billion forfeiture case against the family of President Ferdinand Marcos Jr. for lack of evidence...

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President Ferdinand Marcos Jr. is looking into the possibility of holding a separate State of the Nation Address (SONA) with various stakeholders, Senate President Juan Miguel Zubiri said Tuesday...

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Neophyte senator Raffy Tulfo got six Senate committee chairmanships after a caucus that ran until evening Tuesday...

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The House of Representatives will transmit the 2023 national budget bill to the Senate by early October if Malacañang submits the National Expenditures Program (NEP) a month after the State of the Nation Address, Speaker Martin Romualdez told Senate leaders Tuesday...

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Trade Secretary Alfredo E. Pascual said the IT-BPM sector is expected to grow at the rate of 10-15 percent annually, the highest growth potential of any local undustry...

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If the Philippine economy attains the government’s economic targets this year and next year, the average per capita income in the country could increase to over $4,000 annually by 2024, according to the National Economic and Development Authority (Neda)...

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Bangko Sentral ng Pilipinas (BSP) Governor Felipe Medalla assured markets on Tuesday of another rate hike in their scheduled meeting in August after the surprise 75 basis points rate hike earlier this month...

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Over a million vacancies from the Information Technology and Business Process Management (IT-BPM) firms, “green” industries, and other sectors are expected to be facilitated by the government in the next six years, according to the Department of Labor and Employment (DOLE)...

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The Bangko Sentral ng Pilipinas (BSP) has ruled out another huge 75-basis-point rate hike as it is looking at further raising key policy rates by 25 to 50 basis points next month...

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Demand for long-term government securities picked up yesterday, allowing the government to borrow another P35 billion in Treasury bonds (T-bonds) at lower rates than secondary markets...

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The Philippine Competition Commission (PCC) vowed to ensure fair market competition in the pharmaceutical industry in line with the directive of President Marcos to make medicines more accessible and affordable...

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Private economists praised the economic priorities laid out by President Ferdinand "Bongbong" Marcos Jr. in his first State of the Nation Address (SONA) but said it lacks details...

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President Marcos’ first State of the Nation (Sona) address failed to perk up the stock market on Tuesday as the benchmark index continued its sideways movement...

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The so-called “revenge spending” in the country may be fizzling out as the majority of the Filipinos preferred to save more money for the rainy days amid the surging consumer prices, according to a study by credit reporting firm TransUnion...

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The Department of Agriculture (DA) is targeting to launch by October this year two programs that are aimed at bolstering the country’s rice production, an official of the department said on Tuesday...

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Those who want to borrow money from banks, be they individual consumers or corporate groups, might be better off doing it sooner than later before interest rates increase further, as the Bangko Sentral ng Pilipinas (BSP) had signaled another round of hikes in August...

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The peso strengthened against the greenback anew on Tuesday as it returned to the ₱55-per-dollar level after two weeks...

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