Economy
Philippine Economy Rises 4.3% Last Quarter, Below All Estimates
|
|
(Bloomberg) — The Philippine economy expanded much slower than expected in the second quarter as inflation remains above target and borrowing costs are at their highest since 2007.
Gross domestic product in the three months through June rose 4.3% from a year earlier, the Philippine Statistics Authority said on Thursday. That’s below all 24 estimates in a Bloomberg survey with a median forecast for 6% growth and compares with 6.4% expansion in the first quarter.
Barring the pandemic years of 2020 and 2021, the April-June annual expansion was the slowest since 2011, according to data compiled by Bloomberg.
The economy fell 0.9% quarter-on-quarter, against a median estimate of 0.6% gain.
Last quarter’s disappointing performance underscores the challenges confronting one of Asia’s bright stars as inflation hovers above the central bank’s 2%-4% target and interest rates are among the highest in Southeast Asia against the backdrop of waning global demand.
Philippine central bank Governor Eli Remolona, who will deliver his first policy decision as the head of the monetary board next week, has cautioned against raising rates too much when asked last week if the economy can handle more tightening.
The Bangko Sentral ng Pilipinas has raised the policy rate by 425 basis points since May last year to 6.25%, the highest in 16 years.
–With assistance from Cecilia Yap and Manolo Serapio Jr..
We use cookies and data to
- Deliver and maintain Google services
- Track outages and protect against spam, fraud, and abuse
- Measure audience engagement and site statistics to understand how our services are used and enhance the quality of those services
If you choose to “Accept all,” we will also use cookies and data to
- Develop and improve new services
- Deliver and measure the effectiveness of ads
- Show personalized content, depending on your settings
- Show personalized ads, depending on your settings
If you choose to “Reject all,” we will not use cookies for these additional purposes.
Non-personalized content is influenced by things like the content you’re currently viewing, activity in your active Search session, and your location. Non-personalized ads are influenced by the content you’re currently viewing and your general location. Personalized content and ads can also include more relevant results, recommendations, and tailored ads based on past activity from this browser, like previous Google searches. We also use cookies and data to tailor the experience to be age-appropriate, if relevant.
Select “More options” to see additional information, including details about managing your privacy settings. You can also visit g.co/privacytools at any time.
Economy
Fed has low odds of achieving a soft landing because the economy is still too strong to entirely cool inflation, former central bank officials say – Fortune
We use cookies and data to
- Deliver and maintain Google services
- Track outages and protect against spam, fraud, and abuse
- Measure audience engagement and site statistics to understand how our services are used and enhance the quality of those services
If you choose to “Accept all,” we will also use cookies and data to
- Develop and improve new services
- Deliver and measure the effectiveness of ads
- Show personalized content, depending on your settings
- Show personalized ads, depending on your settings
If you choose to “Reject all,” we will not use cookies for these additional purposes.
Non-personalized content is influenced by things like the content you’re currently viewing, activity in your active Search session, and your location. Non-personalized ads are influenced by the content you’re currently viewing and your general location. Personalized content and ads can also include more relevant results, recommendations, and tailored ads based on past activity from this browser, like previous Google searches. We also use cookies and data to tailor the experience to be age-appropriate, if relevant.
Select “More options” to see additional information, including details about managing your privacy settings. You can also visit g.co/privacytools at any time.
Economy
Germany went from envy of the world to the worst-performing major developed economy. What happened? – Euronews
We use cookies and data to
- Deliver and maintain Google services
- Track outages and protect against spam, fraud, and abuse
- Measure audience engagement and site statistics to understand how our services are used and enhance the quality of those services
If you choose to “Accept all,” we will also use cookies and data to
- Develop and improve new services
- Deliver and measure the effectiveness of ads
- Show personalized content, depending on your settings
- Show personalized ads, depending on your settings
If you choose to “Reject all,” we will not use cookies for these additional purposes.
Non-personalized content is influenced by things like the content you’re currently viewing, activity in your active Search session, and your location. Non-personalized ads are influenced by the content you’re currently viewing and your general location. Personalized content and ads can also include more relevant results, recommendations, and tailored ads based on past activity from this browser, like previous Google searches. We also use cookies and data to tailor the experience to be age-appropriate, if relevant.
Select “More options” to see additional information, including details about managing your privacy settings. You can also visit g.co/privacytools at any time.
Post-ABC poll: Biden faces criticism on economy, immigration and age – The Washington Post
Moneris says widespread credit and debit card processing outage resolved – Global News
MPs hope Zelenskyy's visit counters creeping fatigue over cost of war support – CBC.ca
-
News16 hours ago
India-Canada news: How the visa office suspension affects travellers
-
News17 hours ago
Why is rent going up faster in Brampton than everywhere else in Canada?
-
Business19 hours ago
Vote “No” to Unifor’s sellout Ford Canada contract! Build rank-and-File committees to fight for a North America-wide strike against the Detroit Three!
-
News15 hours ago
India-Canada news LIVE updates: Justin Trudeau says evidence was shared ‘many weeks ago’
-
News14 hours ago
Canada is still processing visas for Indian nationals
-
Art21 hours ago
Opera House totem pole permanently removed from city’s art collection
-
Art21 hours ago
Can David Salle Teach A.I. How to Create Good Art?
-
Economy19 hours ago
Weak Euro-Area PMI Data Suggest Economy Facing Contraction