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MANILA, Philippines — Beijing officials will not hamper Filipino access to Ayungin Shoal — a feature situated within the West Philippine Sea — but only if they tell Chinese officials in advance.
The British Chamber of Commerce Philippines (BCCP) expresses its support for the extension of lowered tariffs for pork and other agricultural commodities until 2028, as approved by President Ferdinand Marcos Jr. National Economic and Development Authority (NEDA) Secretary Arsenio Balisacan announced that Marcos, serving as the chair of the NEDA Board, has also ratified the newly established Comprehensive Tariff Program for the period 2024-2028 which seeks to minimize inflation and ensure the affordability of essential products.
NEW YORK (AP) — Stocks are mixed on Wall Street and Treasury yields are sharply higher Friday after the government released a jobs report whose headline numbers came in hotter than expected but still showed some signs of moderating.
HONG KONG, China — Asian markets fluctuated Friday and investors trod cautiously ahead of US jobs data that could play a key role in the Federal Reserve's plans for cutting interest rates, with the bank's next policy decision looming next week.
The Philippine Statistics Authority (PSA) [link] reported that the consumer price index (CPI) data for May revealed that headline inflation for that month was up 3.9% y/y (as compared to the CPI level for May 2023). This is the fourth straight month where inflation has quickened on a year-on-year basis, but the 3.9% inflation figure was actually lower than what economics expected (median estimate was 4.0%) and still within the BSP’s target inflation range (2.0% to 4.0%). The average inflation year-to-date is 3.5%, which is what the BSP expects we will average through all of FY24. The BSP’s Governor, Eli Remolona, said that the Monetary Board “could go first” in cutting interest rates ahead of the US Federal Reserve, and said that the first cut could come as early as August.
MANILA, Philippines — High power rates and fuel prices, as well as transport costs pushed inflation to slightly higher last month, the Philippine Statistics Authority (PSA) reported on Wednesday.
INFLATION edged up in May as power, housing and utility costs grew at a faster pace, the Philippine Statistics Authority (PSA) reported on Wednesday.
MANILA, Philippines — The Philippine Statistics Authority (PSA) reported a slow growth in rice inflation between April and May 2024, as well as a slight decrease in its retail prices.