High cost of eating
A good friend messaged me yesterday citing food inflation numbers as well as the overall pulse of experts on what is to come. But for his part, my friend was concerned about the domino effect of food inflation for Filipinos.
Inflation latest news
Asian stocks build on Wall St records after US inflation data
HONG KONG, China — Asian traders extended a rally across world markets Thursday as they welcomed figures showing US inflation slowed further last month, tempering concerns about the Federal Reserve's forecast of just one interest rate cut this year.
Papal nuncio calls for respect for international rules
MANILA, Philippines — In the presence of China’s envoy, President Marcos and Papal Nuncio Archbishop Charles Brown yesterday highlighted the importance of respect for international law, with Marcos citing the Filipinos’ “sacrosanct” mandate to defend the country from “those who will try to cross the red lines.”
PH growth seen missing targets this year to 2026
THE World Bank continues to expect Philippine economic growth to fall below target this year up to 2026 amid a clouded regional outlook.
Frozen State Pension payments for nearly half a million people ‘forgotten’ in General Election pledge
The Liberal Democrats have launched their Party manifesto which pledges to maintain the State Pension Triple Lock, in a move similar to that of Labour and the Conservatives. They have also pledged to ensure women born in the 1950s, who have been affected by changes to the State Pension age, are “finally treated fairly and properly compensated”.
IMF adjusts projected FY24 GDP growth down to 6%
The International Monetary Fund (IMF) [link] re-edited its projected FY24 GDP growth for the Philippines to 6.0% due to weakness in household consumption and investment. The IMF started the year projecting a 6.0% GDP growth rate, but revised that projection up to 6.2% in April after what it called “carryover from a better-than-expected outturn in the last quarter of 2023.” The IMF projects FY25 GDP growth to be 6.2% due to stronger consumer demand, higher investments, and better exports. The IMF has made some assumptions in this projection, namely that “price inflation will come down faster due to the recently announced lower import tariffs on rice”; the IMF is expecting that policy shift to be implemented before the end of FY24.MB BOTTOM-LINE: So the confluence of high inflation, expensive debt, and lagging wages haven’t been great for consumption? I’m honestly surprised that household consumption has been as good as it is, though I’m sure readers are tired of hearing how my own anecdotal experience has been filled with stories of hardship and suffering. I don’t know any family that is living the YOLO life right now; most are playing defense and trying to regain a sense of stability. People are traveling and the blowout parties are back, but I don’t have anyone in my orbit setting any Big Hairy Audacious Goals.
IMF lowers Philippine 2024 growth forecast to 6% from 6.2% estimated in April
MANILA: The Philippine economy would likely grow 6% this year, less than forecast in April, the International Monetary Fund said on Monday, but the pace of expansion will pick up from last year as domestic demand recovers. The IMF's latest estimate is down from its April forecast of 6.2%, but exceeds the economy's 5.5% expansion in 2023. The figure was at the lowest end of the government's 6.0-7.0% target for 2024. The IMF maintained its 2025 growth forecast of 6.2%. "Growth is expected to rebound...on the back of stronger consumption demand, higher public and private investment, and a recovery in exports," the IMF said in a statement. The outlook is not without downside risks, the IMF said, due to geopolitical tensions, climate-related shocks, and higher interest rates. The Philippine central bank's key policy rate is at a 17-year high of 6.50% after a series of rate hikes last year to tame inflation which has come down from a 14-year peak of 8.7% in January last year.
Phivolcs: Kanlaon spewing more sulfur dioxide
MANILA, Philippines — The Philippine Institute of Volcanology and Seismology (Phivolcs) yesterday reported an elevated volcanic sulfur dioxide (SO2) gas emission from the summit crater of Kanlaon Volcano after it averaged 4,397 tons per day.