World Bank GDP growth forecasts for select East Asia and Pacific economies

Source: BusinessWorld

The Philippine economy — seen as having been on target last year — will likely underperform this year and the next due to a sharp and extended global slowdown, the World Bank said on Wednesday...

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Monetary authorities could raise benchmark interest rates further during their first two meetings this year before inflation starts to return back to target levels, the chief of the Bangko Sentral ng Pilipinas (BSP) said on Wednesday...

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Foreign direct investment (FDI) net inflows grew by 6.3 percent year-on-year to $923 million in October, the Bangko Sentral ng Pilipinas (BSP) reported late on Tuesday...

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Government employees can look forward to receiving higher pay as the fourth and last tranche of mandated salary increases under the Salary Standardization Law (SSL) V of 2019 took effect on Jan.1, according to the Department of Budget and Management (DBM)...

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Another important food commodity is adding to price woes that the Marcos administration must now grapple with: eggs, which are a key source of protein for many Filipinos...

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The Department of Budget and Management (DBM) said it is reviewing the current benefits received by some government employees to assess if there is a need for adjustments in the future...

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The House Committee on Local Government has approved the substitute bill that seeks to establish the Negros Island Region (NIR)...

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The Makati Business Club (MBC) on Wednesday said it was backing the review of three major government policies concerning the electricity sector, supporting these measures that are among the initiatives of the Energy Regulatory Commission (ERC)...

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Senate President Miguel Zubiri sees his fellow senators passing within the first quarter of the year the rest of the priority measures from the Legislative-Executive Development Advisory Council (LEDAC) list that have been passed in the House and still pending in the Senate...

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The agriculture department has reactivated its price and volume watch body to ensure proper coordination with the livestock and poultry stakeholders in securing the country’s meat supplies...

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A lawmaker on Wednesday pushed the passage of a bill that seeks to pay back martial law victims who were denied benefits under an old law for lack of evidence...

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The Supreme Court on Wednesday announced that digital wallets, such as GCash and GrabPay, have been added as payment channels to the Judiciary ePayment System (JePS), a platform that allows the assessment and payment of legal fees and other collections by the judiciary...

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Electronic wallet platforms GCash and GrabPay are now included in the judiciary’s e-payment system for court and other legal fees, the Supreme Court (SC) announced on Wednesday...

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The Philippines may need to expand production after President Ferdinand "Bongbong" Marcos Jr. secured a $2-billion fruit deal from China following his recent state visit there...

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Most Filipinos are optimistic about securing higher salaries this year despite half of the population believing that the country will enter into a recession in 2023, reflecting mixed sentiments in a culture known for being happy despite hard times...

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The Philippine passport placed 78th out of 109 in the 2023 Henley Passport Index (HPI), with Japan leading the list.

In January last year, it was 77th out of 111, but it ended up at 80th by the end of 2022...

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Nearly a year under Russian invasion, Ukraine is counting on the Philippines to support the establishment of a “special international tribunal” that will hold Russian President Vladimir Putin to account for alleged war crimes perpetrated on the Ukrainian people...

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Global growth is slowing "perilously close" to recession, the World Bank said Tuesday as it slashed its 2023 economic forecast on high inflation, rising interest rates and Russia's invasion of Ukraine...

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The cost-of-living crisis will be the biggest global risk over the next two years, a study by the World Economic Forum (WEF) warned on Wednesday ahead of its meeting next week...

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The top national security officials from Japan and the United States unveiled plans on Wednesday to strengthen their alliance to help counter threats from North Korea and China, which they called the greatest challenge in the region...

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China on Wednesday renewed its threats to attack Taiwan and warned that foreign politicians who interact with the self-governing East Asian island are "playing with fire."...

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Newsrooms around the world are hoping to win back audiences by producing more solutions-oriented stories and better climate coverage, according to an annual forecast of challenges and opportunities for the media...

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Mosquitoes that transmit dengue and other viruses have evolved growing resistance to insecticides in parts of Asia, and novel ways to control them are desperately needed, new research warns...

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A US Federal Aviation Administration (FAA) system outage has led to delays at airports across the country due to “ground stops,” Austin-Bergstrom International Airport said on Wednesday...

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The U.S. health department on Wednesday extended the COVID-19 pandemic’s status as a public health emergency, allowing millions of Americans to continue receiving free tests, vaccines and treatments...

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Most symptoms from long COVID-19 clear up within a year for people who had mild initial infections, a large Israel study said Thursday, with the findings welcomed as "reassuring"...

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Russia ordered its top general on Wednesday to take charge of its faltering invasion of Ukraine in the biggest shake-up yet of its malfunctioning military command structure after months of battlefield setbacks...

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The WHO reiterated Wednesday the need for China to share more data on its explosive COVID-19 outbreak, while praising Washington's "radical transparency" in its efforts to battle a new sub-variant...

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Republican US lawmakers passed legislation Wednesday shoring up their anti-abortion credentials — despite accusations from within their own ranks that they were out of step with more moderate public opinion on the deeply-sensitive issue...

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Global stock markets mostly rallied Wednesday as investors were buoyed by optimism over China's reopening and upcoming data expected to show a further slowdown in US inflation...

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Philippine National Police chief Gen. Rodolfo Azurin Jr. on Wednesday said the ranking officials who had submitted their courtesy resignations, including himself, will undergo lifestyle check...

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Defense Secretary-designate Carlito Galvez Jr. on Wednesday told officials in the agency to "stay in place" despite the reported submission of courtesy resignation by its officials...

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Sen. Risa Hontiveros on Wednesday raised alarm over the impending importation by the Department of Agriculture (DA) of almost 22,000 metric tons (MT) of onions, urging its officials to wait for the turnout of local harvests next week before making a decision...

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Some top Philippine National Police officials are having second thoughts about heeding Interior Secretary Benhur Abalos’ appeal to voluntarily step down to pave the way for the government’s campaign to rid the organization of policemen with links to illegal drugs...

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Senate President Miguel Zubiri signaled readiness to actively participate in the Senate Public Services Committee inquiry on Thursday into the New Year’s aviation fiasco involving the Civil Aviation Authority of the Philippines (CAAP), that paralyzed air traffic control and navigation systems, disrupting nearly 300 flights and stranding 65,000 passengers...

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Immigration Commissioner Norman Tansingco on Wednesday called on agencies involved in airport operations as well as airline companies to work together in addressing passenger woes, particularly the long queues in various airports...

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The Commission on Elections (Comelec) will move the filing of certificate of candidates (CoC) to an earlier date as part of its systems reform to address the recurring problem of candidates which the law considers as mere "nuisance."...

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The Department of Energy (DoE) has approved implementation of a "gas swapping arrangement," calling it a "win-win solution" to a projected electricity supply shortage from March to July, considered the peak months for power demand...

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The Bureau of Internal Revenue (BIR) yesterday called on vape traders to comply with the business registration requirement and tax obligations amid the continued smuggling of vaporized cigarettes despite the enactment of the Vape Law...

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The Department of Information and Communications Technology (DICT) targets to activate its fiber connectivity project by the first half and roll out more free WiFi sites across the country amid the increasing digitalization of the economy...

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After a five-year pause, the Quezon City government said it will resume the collection of real property taxes this year based on the 2017 schedule of fair market values (FMV) of the land...

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The Land Transportation Franchising and Regulatory Board (LTFRB) on Wednesday approved a resolution from the Light Rail Transit Authority (LRTA), increasing its boarding fare by P2.29 and distance fare by 21 cents...

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The Philippines on Wednesday reported 128 more coronavirus infections involving Omicron subvariants, as local health authorities warned of a potential surge next month...

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The Philippine economy remains resilient but growth will likely slow this year given external headwinds, First Metro Investment Corp. (FMIC) and the University of Asia and the Pacific (UA&P) said on Wednesday...

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The amount of Philippines-bound foreign direct investments (FDI) that exceed outbound flows increased by 6.3 percent to $923 million in October 2022 from $868 million in the same month of 2021 despite expectations of a global economic slowdown in 2023...

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An official of the Department of Agriculture (DA) on Wednesday said that they expect the retail prices of onions to go down between P100 and P150 per kilo with the expected arrival of 21,060 metric tons (MT) of onions...

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Local swine farmers said on Wednesday that the country's importation of pork reached an all-time high of 710 million kilos in 2022, 300 percent higher than the 180 million kilos recorded in 2020...

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Household consumption as well as infrastructure projects are expected to boost economic growth this year to 6 percent, according to First Metro Investment Corporation-University of Asia & the Pacific Capital Markets Research...

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Yields on the term deposits of the Bangko Sentral ng Pilipinas (BSP) ended mixed on Wednesday as the market anticipates further rate hikes, but lower global oil prices and a stronger peso helped ease bets of large increases...

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Vehicle sales in the country rose by 33.8 percent to a monthly record of 37,259 units in December, the Chamber of Automotive Manufacturers of the Philippines Inc. (CAMPI) and Truck Manufacturers Association (TMA) reported on Wednesday...

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The American Chamber of Commerce of the Philippines Inc. (AmCham) said the government should consider reducing food waste amid the spike in commodity prices...

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The newest province of Davao Occidental registered the second fastest-growing local economy in the region and among the few pilot provinces to emerge from the financially-debilitating Covid-19 pandemic...

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The Department of Trade and Industry (DTI) said it is hoping that the US Agency for International Development’s (USAID) program on strengthening digital economy will support the DTI’s electronic commerce-related targets...

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As stated in the Philippine Development Plan (PDP), which was released last Jan. 1, the government wants an economy that would be “beneficial for every Filipino.”...

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(First of two parts)

As the government scrambles to find ways to bring down prices of onion in the market, several reasons have emerged for the soaring prices of the staple vegetable...

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Senator Cynthia A. Villar on Wednesday called out the Department of Agriculture (DA) for its continuing reliance on importation instead of focusing on building up self-sufficiency through programs that will help farmers improve their yield...

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Vehicle sales surpassed the industry’s target for 2022, selling a total of 352,596 units or an increase of 31 percent from the previous year...

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