PHL resilient but vulnerable to domestic and external shocks
The Philippine economy and financial sector remain resilient, but tighter institutional interconnectedness has heightened the risk of domestic and external shocks spreading more quickly across the system, according to a report by the Financial Stability Coordination Council (FSCC).
Philippine unemployment rate falls to 4.7% in April
The number of jobless Filipinos further eased to 2.41 million in April from 2.58 million in March, bucking expectations of a weaker labor market amid the energy crisis, the Philippine Statistics Authority (PSA) reported on Tuesday.
9 offshore wind bidders advance to infrastructure evaluation stage
The DoE had received 20 prospective offers for the fifth round of the green energy auction (GEA-5), according to Energy Undersecretary Mylene C. Capongcol, but nine have been shortlisted and are being assessed for their infrastructure plans.
Energy firms see strong demand amid oil crisis
Philippine energy companies expect electricity and fuel demand to remain strong in the second half, although rising oil prices and supply risks linked to the Iran war are likely to keep pressure on costs and project execution.
Asian airlines brace for plunge in profit
Airlines in the Asia-Pacific region are bracing for a 36-percent reduction in profit per passenger this year due to cost pressures in jet fuel and currency depreciation against the dollar.
PPP project pipeline hits P3.15 trillion at end of May
The public-private partnership (PPP) projects in the pipeline amounted to P3.15 trillion at the end of May, according to the PPP Center.
PEZA approves P15.4B in investment pledges
Investment pledges approved by the Philippine Economic Zone Authority (PEZA) surged in May, driven by an increase in export-oriented manufacturing and information technology-business process management (IT-BPM) projects. The projects are expected to generate $364.73 million in exports.
World Bank pipelines over $3 billion loans to Philippines
Zafer Mustafaoğlu, division director for the Philippines at the World Bank told reporters that the multilateral lender is preparing the pipeline of projects to be supported in the Philippines for the next fiscal year, which will start on July 1.
April bank lending growth fastest in 9 mos.
Based on preliminary central bank data, the total outstanding loans of universal and commercial banks, net of reverse repurchase agreements, rose by 11.4% year on year in April to P14.755 trillion from P13.249 trillion.
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Foreign investments dip cited in GIR plunge
The country’s foreign reserves, its buffer against external shocks, dropped to a 16-month low as of the end of May, due to lower gold holdings and foreign investments amid increased market volatility due to the Middle East conflict.
A PREEMPTIVE MOVE: Analysts still see BSP rate hike despite softer inflation
Analysts still expect the Bangko Sentral ng Pilipinas (BSP) to raise interest rates at its Monetary Board meeting on June 18, even after May inflation came in lower than expected.
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