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Economic News Of The Philippines
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News and activities NEWS UPDATE 2023 Despite inflationary pressures, in 2024 the Philippine economy has been driven to strengthen.
MANILA, Philippines (April 4, 2023) – Economic growth in the Philippines is expected to moderate this year from the 2022 forecast, but it will remain in a good position to expand. This is due to the increase in domestic demand and the recovery of the service sector. especially tourism According to a new report released today by the Asian Development Bank (ASIA).
The leading business publication Asian Development Outlook (ADO) in April 2023 predicts that the Philippine economy will grow by 6.0% this year and 6.2% in 2024, recovering jobs and retail sales. The ongoing expansion and expansion in the manufacturing sector has contributed to the growth in public infrastructure spending.
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However, the decline has been faster than expected in the major developed economies. The possibility of rising political tensions and inflationary pressures could affect the outlook for gross domestic product (GDP) growth.
Philippines Country Director Kelly Bird said: “The Philippines will have huge growth potential this year and in the years to come and is on track to become a high income country. in the middle.” Many others, the Philippines will face more problems. . The impact of climate change and the impact of emerging technologies on the labor market. ”
“The key to maintaining a strong growth rate is to keep government spending above 5.0% of GDP as planned this year and in the medium term. Infrastructure projects that have the following effects “above all, they connect communities with markets and public services. Increase rural incomes that will support jobs and livelihoods. And support inclusive growth,” he said.
The report predicts that inflation will average 6.2% in 2023 before falling to 4.0% in 2024. Internal food supply constraints and high global commodity prices have caused inflation to be above. 2023 and 2024.
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The national unemployment rate has improved from 6.4% to 4.8% in January 2023, which is even lower than pre-crisis levels. The service sector added about 4.1 million jobs this year. As the tourism industry recovers from the COVID-19 pandemic, this provides a great opportunity for continued personal use. This will be supported by continuous funding from Overseas Filipino Workers (OFW).
Especially working in foreign businesses. The current account deficit is expected to narrow Partly due to the recovery of higher OFW travel receipts and remittances, strong domestic demand will continue to drive consumer goods and goods growth.
This is despite remarkable economic growth and poverty reduction. But the country also faces challenges in dealing with climate change and food security risks. This is especially true of the two lowest groups. The prevalence of malnutrition and hunger remains low.
This challenge requires a multi-pronged approach that considers both supply and demand factors. This includes increasing household income and incentives for local food production. Agricultural products and trade and for good health and nutrition outcomes social security Including the food voucher program. It has an important role to play in reducing poverty and hunger, the report said, as the new decade draws to a close. It is clear that the Philippine growth engine will face both internal and external challenges. The economy is currently facing a global environment caused by several developments, including the trade war between the United States and China. Brexit uncertainty; Riots in Hong Kong and the Middle East All this makes for a healthy lifestyle. Economic growth makes it difficult to maintain growth above last year’s 6 percent next year. There is no doubt that the current government’s Build, Build, Build program is at the heart of economic stability. Lessons learned from the 2019 budget delay ensure that the proposed infrastructure program remains an important part of economic growth.
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However, the uncertainty of the corporate tax reform has led to some negative concerns, as evidenced by the investment figures. Thus Fears of a slowdown in real estate and a decline in the BPO sector are also reflected in the growing POGO rules. This is because businesses create their own investment plans.
Economists from Ateneo’s Eagle Watch will provide a perspective on how to navigate and identify potential candidates under this environment. What economic indicators can be analyzed as a result of the described changes? Including industrial processes and downstream processes. As usual, standard inflation and sector forecasts will be discussed in economic figures regarding profits and markets.
We have only limited channels. For reservations, contact Ms. Grace Antiporda at (+632) 8830.2038 / +639327919190 or email gantiporda@ateneo.edu. You can confirm your participation by email with your name and contact details. Manila/Washington, D.C. – Conflict between China and the Philippines over the sinking of a warship at Ayungin Shoal, also known as Second Thomas Shoal, in the Spratlys. Inside the Philippines’ Exclusive Economic Zone (EEZ) in the West Philippine Sea. It’s heating up. It is new because experts say it is one of the highlights of the “war” in the Pacific.
The Philippine military has declared war by spraying Chinese coast guard ships on Philippine coast guard ships. in what Beijing called a ‘warning’ for Manila
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Philippine ships deliver cargo to the BRP Sierra Madre warship in the South China Sea. After that, Chinese warships and volunteer ships from the Chinese Coast Guard tried to prevent the soldiers from taking the soldiers to the base. An old warship used as a military base in the Philippines.
President Ferdinand Marcos Jr. has asked the Philippines to dismantle the BRP Sierra Madre as China claims it is its territory, and the AFP said the old vessel will remain an AFP military base in Ayungin Shoal.
The incident alarmed security chiefs in the Philippines and the United States. he confirmed their relationship with United States Secretary of Defense Lloyd Austin III Condemns the firing of Chinese water cannons at Philippine ships in the West Philippine Sea.
In a statement released by the Pentagon in Washington, DC, Austin and Philippine Defense Secretary Gilberto Teodoro Jr. it was “bilateral training.” He reiterated the commitment of both countries to strengthen cooperation. including cooperation and development support for the Armed Forces of the Philippines.
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During the call Officials also touched on China’s recent intervention in disputed waters. This comes after the blockade of a relief mission by a Philippine Coast Guard ship to the BRP Sierra Madre in Ayungin Shoal.
Austin III reiterated that the Mutual Defense Treaty (MDT) between the United States and the Philippines applies to Filipino citizens, government ships and aircraft.
“I am not aware of any agreement. that the Philippines must move its BRP Sierra Madre to Ayungin Shoal instead,” Marcos said in a video shared by the presidential office.
Marcos’ announcement came a day after National Security Council deputy chief Jonathan Malaya denied that he intended to dismantle the ship
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“And let me go. If there is such an agreement I will also withdraw the agreement,” the president said.
“PH will not make any agreements. That removes sovereignty and power over Ayungin Shoals,” he said in a statement.
AFP Chief of Staff Romeo Broner Jr. he said that if China uses water cannons against Philippine Navy warships in Chinese Coast Guard waters,
“This means that there is a strong response to the warship. And it’s a battle,” Brawner said.
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“They know this. The book is written. The study of the world Witchcraft is witchcraft… குக்கு திக்குக்குக்க்கு- குட்டுக்குத்து திக்குதுருத்துக்க்குக்குக்குக்குக்கள் The book is written and written. They are considered actions, which means that they are not extreme actions, but they are actions. “Yes,” he continued.
Ayungin Shoal has a strong relationship with the BRP Sierra Madre. People’s story Work with AFP and work with AFP. showed
“The truth is, the story of people The story of Ayungin Shoal was recorded in Ayungin Shoal.
