PHL 2022 economic growth zooms to its fastest pace in 46 years

Source: BusinessWorld

More ‘hot money’ came in than went out of the Philippines in 2022 for a total net inflow of $887 million in short-term investments, according to data from the Bangko Sentral ng Pilipinas (BSP), a reversal of the net outflow of $574 million in 2021 that was helped partly by rising interest in government securities...

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The Philippine trade deficit widened in December from the previous month after exports declined to the lowest in more than two years, while imports continued to fall for the second straight month, the Philippine Statistics Authority (PSA) said on Thursday.

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The Philippines' economic growth beat expectations last year, fueled by strong consumer spending despite rising prices, officials said Thursday...

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The Philippines’ gross domestic product (GDP) grew by 7.6 percent in 2022, the fastest since the 8.8 percent posted in 1976, or 46 years ago, National Statistician Dennis Mapa announced on Thursday...

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The Asian Development Bank (ADB) has approved a $500-million loan to help the Philippine government address the impact of the COVID-19 pandemic on jobs, livelihoods, and the labor market...

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Major stakeholders in the maritime industry, with backing from top business groups, have united in asking President Ferdinand “Bongbong” R. Marcos Jr. to immediately revoke a Philippine Ports Authority (PPA) order imposing an additional container monitoring system in the current ports operations. Implementation of the order will “result in an almost 50 percent increase in the logistics cost of imported goods,” according to them...

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The House Committee on Constitutional Amendments on Thursday began its deliberations on Charter change (Cha-cha)...

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The Department of Justice (DOJ) is expected to come out before the end of the month with draft guidelines on case build-up to improve the conviction rate in criminal cases...

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Starting Feb. 1, dogs, cats and other pets will be allowed inside the Light Rail Transit (LRT) Line 2, which runs from Antipolo to Recto in Manila, according to the Light Rail Transit Authority (LRTA) administrator Hernando Cabrera...

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A chatbot powered by reams of data from the internet has passed exams at a US law school after writing essays on topics ranging from constitutional law to taxation and torts...

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Artificial intelligence proved over the past few months that it could create essays and images. More importantly, its content often matches those made by humans...

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The Department of Agriculture (DA) has partnered with Denmark through Franz-Michael Mellbin, ambassador of Denmark to the Philippines and Palau, to further explore areas of collaboration for boosting the productivity and sustainability of the agri-fishery sector, particularly the fisheries and swine industries...

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Amid the unresolved territorial disputes in the West Philippine Sea, President Ferdinand Marcos Jr. on Thursday reminded the Philippine Coast Guard (PCG) to always be ready while guarding the country's boundaries...

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President Ferdinand “Bongbong” Marcos Jr. has ordered the expansion of the electronic visa (e-visa) program to include Chinese, Indian, South Korean and Japanese nationals in order “to capture the tourism markets of these countries,” Malacañang said on Thursday...

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The pre-trial chamber of the International Criminal Court has granted its prosecutor’s request to resume the investigation of the Philippines’ war on drugs during the administration of former president Rodrigo Duterte...

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As most Grade 5 students in the Philippines and its poorer neighbors do not have the minimum reading and mathematical skills expected at the end of primary education, the United Nations Children’s Fund (Unicef) stressed the need to “harness the potential” of early childhood education (ECE)...

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A global recession looked like a no-brainer just a few weeks ago, but that picture has changed dramatically...

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The number of daily coronavirus deaths in China has fallen by nearly 80 percent since the start of January, authorities said, a sign that the East Asian country's unprecedented infection surge may have started to abate...

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An asteroid the size of a delivery truck will whip past Earth on Thursday night (Friday in Manila), one of the closest such encounters ever recorded...

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Egyptologists have uncovered a Pharaonic tomb near the capital Cairo containing what may be the oldest and “most complete” mummy yet to be discovered in the country, the excavation team leader said on Thursday...

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Japan launched on Thursday a rocket carrying a government intelligence-gathering satellite on a mission to watch movements at military sites in North Korea and improve its natural disaster response...

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The United States and Germany have announced plans to arm Ukraine with dozens of battle tanks in its fight against Russia, which denounced the decisions as an “extremely dangerous” step...

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Opium cultivation in military-ruled Myanmar jumped by 33% last year, reversing a six-year downward trend in the strife-torn country, the United Nations (UN) said in a report on Thursday...

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A group of Peruvian lawmakers on Wednesday submitted a motion seeking to impeach President Dina Boluarte after a little over a month in power citing “permanent moral incapacity”...

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The government and the private sector need to work together to head off an energy crisis, the country's chief energy regulator said Thursday...

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One of the framers of the 1987 Constitution on Thursday advised lawmakers who sought his views on Charter change (Cha-cha) to defer making amendments and instead pass an enabling law banning political dynasties—if the goal is to reduce mass poverty and social inequalities...

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The country’s new COVID-19 caseload stayed below 200 for three straight days, according to the latest data from the Department of Health’s (DOH) daily tracker...

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Rights watchdog Amnesty International (AI) on Wednesday expressed deep concern about the dismissal of murder charges against 17 police officers implicated in the so-called Bloody Sunday killings of nine activists in March 2021 under the Duterte administration...

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Private education stakeholders are urging the government to review the voucher system and educational service contracting (ESC) program to sustain the operations of private schools in the country...

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The Department of Labor and Employment (Dole) on Thursday said the government will assist some 25,000 workers who might find themselves jobless should Congress enact legislation banning Philippine offshore gaming operators (Pogos)...

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President Ferdinand “Bongbong” Marcos Jr. is pushing for the digitalization of government transactions, particularly at the Bureau of Customs (BOC), to arrest rampant smuggling...

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The Light Rail Transit Authority (LRTA) is just waiting for additional funding from the national government so that it can finally push through with its Light Rail Transit Line 2 (LRT 2) West Extension project...

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The Philippines' independent foreign policy "prospers on partnerships" that acknowledge the multifaceted interests that the country shares with its neighbors in the region and the world...

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The Department of Foreign Affairs (DFA) on Thursday said 68 diplomatic protests over maritime incidents have been filed against China since the Marcos administration began in July...

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The Department of Labor and Employment (DoLE) said on Thursday that it will ensure Filipinos working in offshore gaming companies get the appropriate separation benefits in case the industry is ordered to shut down...

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An official of the Department of Agriculture (DA) on Thursday said the eggs sold in Metro Manila markets are overpriced by at least P1.50 per piece...

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As part of promoting the bamboo industry, the Micro Small and Medium Enterprise Development Council and Bamboo Industry Development Council gathered to discuss projects to strengthen bamboo production in Nueva Ecija...

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Philippine demand for oil would probably grow at an average 3.4% between 2022 and 2031, according to Fitch Solutions Country Risk and Industry Research, citing the country’s overcrowded market.

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Global real estate management firm Colliers said that real estate firms must continue developing outside Metro Manila as property demand continues to remain high and with infrastructure projects on track to completion...

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The price of red onions has started to ease in Mindanao after six weeks of constant increase, especially during the Christmas holidays, the price monitoring of the Department of Agriculture (DA) in key localities showed...

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Tourism officials are hopeful for the full recovery of Boracay Island as visitors continue to flock to this resort island in Malay, Aklan, as health and travel restrictions are further eased...

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Philippine shares fell lower on Thursday on concerns elevated prices would hurt spending this year despite new government data showing the economy grew at its fastest pace in over 40 years in 2022...

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The European Chamber of Commerce of the Philippines (ECCP) is expecting the Philippines to attract “billions” worth of investments after various industries were cleared to receive up to 100% foreign ownership...

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Foreign portolio investment funds entering the Philippines outweighed those exiting in 2022, the Bangko Sentral ng Pilipinas (BSP) said on Thursday, representing a turnaround from the net outflow posted in 2021...

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Imports of round scad, known as galunggong, topped 25,000 metric tons (MT) as the closed fishing season neared its end in northern Palawan, the main fishery for the species...

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Meat processing companies said they met with the Department of Agriculture (DA) to review the import inspection process and whether to adopt the international system for classifying regions where livestock diseases have broken out...

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Revenge travel in most parts of the world will lead a number of regions to return to pre-pandemic tourism levels this year, but global political and economic realities could impact on plans...

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