Press Release - Co-sponsorship speech of Senate President Pro Tempore Loren Legarda on Senate Bill No. 2534
Thank you, Mr. President.
Inflation latest news
Recto encouraged by further drop in inflation, pushes for more deliberate implementation of inflation reduction strategies
Finance Secretary Ralph G. Recto was encouraged by the further drop in the Philippines’ headline inflation to 2.8% in January 2024 and pushed for a more deliberate implementation of the Reduce Emerging Inflation Now (REIN) plan to keep the prices of goods and services stable.
PH’s full-year 2023 GDP growth strongest among major Asian economies
The Philippines finished strong in 2023 with a full-year gross domestic product (GDP) growth rate of 5.6 percent, outpacing major economies in Asia, such as China (5.2 percent), Vietnam (5.0 percent), and Malaysia (3.8 percent) based on the latest available data.
Philippines posts 5.6% GDP growth in 2023, misses gov't target
MANILA, Philippines — The country’s gross domestic product (GDP) grew 5.6% in 2023, falling short of the government target of 6 to 7%, the Philippine Statistics Authority (PSA) reported on Wednesday.
Recto pushes for passage of refined DOF priority tax measures
Alongside the enhancement of tax administration efficiency, Finance Secretary Ralph G. Recto is pushing for the passage of the refined priority tax measures of the Department of Finance (DOF) which are critical to meet President Ferdinand R. Marcos, Jr.’s 8-point socioeconomic agenda, particularly on ensuring sound fiscal management.
El Niño destroys Zamboanga del Norte crops worth P700K
MANILA, Philippines — Agricultural products worth P717,503 have been damaged in Zamboanga del Norte due to the effects of El Niño, the Department of Agriculture (DA) said on Thursday.
Recto: No new tax on junk food, sweetened drinks
MANILA, Philippines — Finance Secretary Ralph Recto is not inclined to impose additional consumption-based taxes such as on junk food and sweetened beverages as these measures can be inflationary, while the debt level remains manageable and does not warrant extra burden on Filipinos.
BSP governor says February rate cut 'not likely'
In statements made to the press, BSP Governor Eli Remolona [link] said that due to the “numbers we are seeing” a rate cut “is not likely (on) February 15”, which is the next scheduled meeting date for the BSP’s Monetary Board. Mr. Remolona underlined the need to maintain policy settings that were sufficiently tight to handle the evolving risks to inflation posed by geopolitical tensions (Ukraine/Palestine/Houthi militants) and a prolonged El Niño weather event.