Despite weaker consumer spending and slower domestic demand, the Philippine economy grew at 5.7% in the first quarter, slightly below the forecasted growth of 5.9% in a Reuters poll. The increase in gross domestic product was driven by a strong rebound in exports, particularly in the electronic products sector.
The country’s economic planning secretary, Arsenio Balisacan, expressed optimism about the country’s economic growth despite challenges both domestically and internationally. He highlighted the rebound in exports as a driving force behind this positivity and expressed confidence that the economy can still achieve the government’s full-year growth target of 6.0%-7.0%.
However, inflation remains a concern for the country, with domestic demand growing by only 4.6% in the first quarter, which is slowest rate since 2021. The government had to revise its growth target range last month due to high inflation and an anticipated global economic slowdown. Despite these challenges, Balisacan emphasized that the Philippine economy continues to show resilience and growth potential on a seasonally adjusted basis.
The dating app industry is rapidly evolving, with predictions that AI-powered dating concierges could soon…
In a recent op-ed published on May 15, House Speaker Ronald J. Mariano and Representative…
During a recent interview with CNN's Fareed Zakaria, former Reserve Bank of India (RBI) governor…
A Turkish drone was seen circling the area of the crash on Sunday, as reported…
Walmart has recently opened a new 1.5 million square foot fulfilment center in Greencastle, Pennsylvania,…
Ty Gibbs secured a spot in the All-Star Race by winning the All-Star Open, while…