Philippines: Balance of payments

Source BusinessWorld

President Ferdinand “Bongbong” Marcos Jr. projects the debt-to-GDP ratio to go below the international threshold of 60% by 2025 and 51.2% by the end of his presidential term in 2028...

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Nearly half of the Philippine population was displaced by various disasters that occured in just one decade, according to a study released by the Asian Development Bank (ADB) and the Internal Displacement Monitoring Centre (IDMC)...

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The Philippines’ balance of payments (BoP) position remained in a deficit for a fifth straight month in August, mainly due to the National Government’s foreign debt payments, the central bank said on Monday...

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After netizens cried foul over the zero-budget allocation for the special education (SPED) program next year, the Department of Education (DepEd) said it originally proposed a P532-million SPED budget but it was later scrapped in the 2023 National Expenditure Program (NEP)...

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Nearly half of Filipinos surveyed by the Social Weather Stations (SWS) in June 2022 were optimistic that their quality of life would improve in the next year...

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Following the release of the expounded rules for telecommuting, the country’s largest labor group urged more companies to implement the work-from-home (WFH) scheme to boost the productivity of their operations...

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A House of Representatives panel on Monday approved with amendments a proposed measure that would ban the “no permit, no exam” policy in both public and private schools...

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A House bill filed on Monday by Camarines Sur 1st District Rep. Luis Raymund Villafuerte Jr. proposes calling a constitutional convention by December 2023 to amend the Constitution...

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Congressmen on Monday approved on third reading a bill that will require the registration of subscriber identity modules (SIM) cards to prevent mobile phone scams...

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Parañaque City Rep. Gus Tambunting wants students to be trained on how to fact-check online content, particularly on social media, and identify fake news or misinformation from what they see on the internet...

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Sen. Christopher “Bong” Go has filed two bills to create more divisions in the Court of Appeals and the National Labor Relations Commissions (NLRC) to speed up their handling of cases...

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The House Committee on Higher and Technical Education panel has agreed to focus on positive provisions instead of penalizing private schools that adopt the “no permit, no exam” policy...

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The Bangsamoro government is eyeing the passage of the remaining priority codes stated in the Bangsamoro Organic Law within the end of the year or early next year, according to Bangsamoro Autonomous Region in Muslim Mindanao Interim Chief Minister Ahod Murad Ebrahim...

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Senate Majority Leader Joel Villanueva is pushing for the immediate passage of his bill that would prohibit and penalize any form of online gambling activities in the country...

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A first-of-its-kind database for tracking the world's fossil fuel production, reserves and emissions launches on Monday to coincide with climate talks taking place at the United Nations General Assembly in New York...

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The National Government should proceed with the exploration of the South China Sea for oil and gas, a congressman said on Monday...

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President Ferdinand "Bongbong" Marcos Jr. said he wants to meet with United States President Joe Biden and other heads of state who will attend the 77th United Nations General Assembly (UNGA) to strengthen alliances and attract more investments to the Philippines...

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President Ferdinand “Bongbong” Marcos Jr. is confident that the Philippines and the United States will enjoy stronger ties under his watch...

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UN Secretary-General Antonio Guterres warned Monday that unequal education was quickly dividing the planet as he sought to keep development on the agenda ahead of a week of diplomacy focused on global crises...

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United States President Joe Biden said his country's forces would defend Taiwan if China tried to invade the self-ruled, democratic island claimed by Beijing as part of its territory, adding to displays of official American support for Taipei...

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Britain said farewell to Queen Elizabeth 2nd on Monday at a state funeral attended by world leaders, before a historic last ceremonial journey through the streets of London packed with sorrowful mourners...

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U.S. Secretary of State Antony Blinken will host the Partners in the Blue Pacific (PBP) countries on Thursday with the aim of better coordinating assistance to the region in the face of competition from China, a White House official said...

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Ukraine said its troops have marched farther east into territory recently abandoned by Russia, paving the way for a potential assault on Moscow’s occupation forces in the Donbas region as Kyiv seeks more Western arms...

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It took a Queen to shake up this year’s high-level week at the United Nations General Assembly – an annual whirlwind shindig known as UNGA that will begin on Tuesday...

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A 7.6-magnitude earthquake has struck just off the southwestern coast of Mexico, in Michoacan state, according to the US Geological Survey (USGS)...

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A lack of international collaboration risks undermining efforts to decarbonise polluting sectors and could lead to decades of delay on the road towards net zero emissions, the International Energy Agency (IEA) said Tuesday...

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US President Joe Biden said in an interview aired Sunday that the Covid pandemic in the United States is over. With Covid restrictions largely eliminated in the country and travel having rebounded to pre-pandemic levels, the comments were reflective of the current status of much of US society...

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Central banks worldwide are using aggressive interest rate hikes to lasso galloping inflation, at the risk of pulling down the global economy with it...

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One person was confirmed dead in Japan on Monday after Typhoon Nanmadol slammed into the country, injuring dozens, but authorities downgraded warnings as the storm weakened after landfall...

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Beijing on Monday said President Joe Biden's latest comments that the United States would defend Taiwan against a Chinese invasion "severely violate" Washington's policy towards the island...

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US stocks closed higher Monday thanks to a technical rebound and bargain-hunting after last week's nightmarish run...

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Speaking in early September at the Eastern Economic Forum, Russian President Vladimir Putin recommitted to decoupling his country's economy from EU states that have imposed hefty sanctions on Russia...

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People suing Johnson & Johnson over the company’s talc products urged an appeals court on Monday to revive their claims, saying the profitable company should not be allowed to use a bankrupt subsidiary to block lawsuits alleging the products cause cancer...

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President Joe Biden issued forceful warnings to China and Russia on Sunday and expressed optimism over the US economic rebound, but surprised many by hedging on whether he’ll seek reelection...

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Inflation in Japan hit 2.8 percent in August, the highest level since 2014, government data showed Tuesday, as soaring energy prices bite....

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Iran opens its legal battle before the UN’s top court Monday to unfreeze billions of dollars in US assets, which Washington says must go to victims of terrorist attacks blamed on Tehran...

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President Ferdinand “Bongbong” R. Marcos Jr. has called on Filipinos living in the United States and other nations to become “ambassadors” to help bring in more investments and tourists for the country’s economic recovery...

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The Department of Budget and Management (DBM) has allocated P23.6 billion to construct, rehabilitate and upgrade the country’s health-care facilities and services nationwide...

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Metro Manila and at least five provinces in Luzon have seen increases in their COVID-19 positivity rates over the past week, according to independent pandemic monitor OCTA Research...

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Senate President Juan Miguel Zubiri on Monday indicated that he would support a move by other senators to ban Philippine offshore gaming operators (POGOs) following reports of serious crimes, including killings and abductions, that had victimized POGO workers from China...

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The National Irrigation Administration (NIA) is seeking the filing of criminal and administrative charges against two lawyers after the agency lost a case early this year, which resulted in the payment of P205 million in damages to a construction firm...

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Five “lucky” companies have been cornering billions of pesos worth of “juicy” contracts to supply the Department of Education (DepEd) with computers for several years, Sen. Jinggoy Estrada said on Monday...

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The Department of Trade and Industry (DTI) expressed support for the transfer of the attachment of the Technical Education and Skills Development Authority (TESDA) to the Department of Labor and Employment (DOLE)...

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The National Irrigation Administration (NIA) said many irrigation projects are currently unattractive for public-private partnership (PPP) financing because of the low likelihood of earning commercial returns, but added that it is considering ways to raise the return on investment (RoI) for private partners...

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The Energy Regulatory Commission should pursue a physical audit of the transmission network concessionaire National Grid Corporation of the Philippines after the agency called out the private firm for its failure to perform its contractual commitments...

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The Department of Education has defended its P150-million confidential funds in its proposed 2023 budget, saying these expenses are allowed for all civilian offices...

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Police have confiscated firearms from a group of men who had been encamped within the vicinity of the Masungi Georeserve in Rizal province for over a week now, administrators of the site said on Monday...

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COVID-19 case fatality rate is highest among senior citizens from June to September this year, independent analytics group Octa Research said Monday, citing data from the Department of Health (DOH)...

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The Commission on Elections (Comelec) is set to release within the week its legal opinion on who should govern Maguindanao del Norte and Maguindanao del Sur after a plebiscite supported a division of the entire province into two, Comelec Chairman George Garcia said Monday...

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The Supreme Court (SC) is asking senators for an additional P2.8 billion budget for next year after the Department of Budget and Management (DBM) slashed the judiciary’s proposed allocation of P74.18 billion down to only P52.7 billion...

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When the pandemic hit, many tourism establishments stopped operating as international travel restrictions along with local lockdowns and community quarantines were put in place. Steven (surname withheld) said he opted to resign as chief concierge from the hotel he had been working for, for years...

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Sardines industry stakeholders have urged the government to initiate a tripartite meeting to prevent a “looming” shortage of the fish product amid concerns, such as bad weather, that are affecting the current catch of vessels...

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Oil prices are going down for the third consecutive week...

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The share of the private sector’s outstanding debt in Philippine gross domestic product (GDP) eased in the second quarter, data from the Institute of International Finance (IIF) showed, amid a rebound in business activity and improved economic conditions...

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The local market returned to 6,400 levels, dropping 111.35 points on Monday to close at 6,437.42...

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The Monetary Board (MB) is widely expected to raise the Bangko Sentral ng Pilipinas (BSP) policy rate again by 0.5 percentage point (ppt) to 4.25 percent considering that inflation in the Philippines remained high and could remain so amid rising interest rates abroad...

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The recent decision of the interagency Fiscal Incentives Review Board (FIRB) to allow work-from-home (WFH) arrangements for information technology and business process management (IT-BPM) firms will help the industry grow and create more jobs, the IT and Business Process Association of the Philippines (IBPAP) said on Monday...

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The country’s balance of payments position yielded a deficit of $572 million in August, a reversal of the $1-billion surplus registered a year ago after the government settled some of its foreign debt, the Bangko Sentral ng Pilipinas said Monday...

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The Social Security System (SSS) on Monday encouraged farmers, fisherfolk and other self-employed persons in the informal economy to register with SSS...

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The Bangko Sentral ng Pilipinas (BSP) siphoned off some P1.8 trillion excess liquidity or money supply from the financial system during the second quarter, lower compared to P1.9 trillion in the first quarter...

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Asian equities fell ahead of a slew of central bank meetings this week, including a rate decision by the US Federal Reserve...

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Extending privileges granted to the business process outsourcing sector will help maintain productivity and keep the momentum of generating jobs, the industry group said on Monday, as it welcomed policy pronouncements from the government...

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