Tag: Philippine Economy
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Philippines Exits FATF Grey List; Marcos Praised for Pivotal Role
On Saturday, Malacañang lauded President Ferdinand Marcos Jr. for his decisive leadership that paved the way for the Philippines’ removal from the Financial Action Task Force (FATF) grey list. Claire Castro, Palace press officer and Presidential Communications Office Undersecretary, emphasized that President Marcos spearheaded essential policy reforms that significantly boosted the country’s defense against money…
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Decline in Budget Deficit Praised by DBM Chief
Budget Secretary Amenah Pangandaman expressed satisfaction over the reduction in the national budget deficit. In her statement on Friday, she highlighted that the decrease surpassed initial expectations. “We are thrilled to report that our 2024 budget deficit has fallen to 5.7 percent of GDP, equivalent to P1.506 trillion. This achievement is beyond our projections,” stated…
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Philippine Central Bank Slashes Reserve Requirements to Boost Economic Growth
The Bangko Sentral ng Pilipinas (BSP) has announced a significant reduction in the reserve requirement ratio (RRR) for various financial institutions, effective from March 28, 2025. This move is aimed at enhancing the flow of funds into more productive sectors of the economy. Universal and commercial banks, along with non-bank financial institutions with quasi-banking functions…
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Overseas Filipino Remittances Soar to Record Levels in 2024
In a significant economic milestone, remittances from Filipinos working abroad reached an unprecedented high of USD38.34 billion in 2024, according to the Bangko Sentral ng Pilipinas (BSP). This figure represents a 3 percent increase from the USD37.21 billion recorded in the previous year. The BSP announced these figures on February 17, 2025, highlighting that December…
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Overseas Filipino Remittances Soar to Record Levels in 2024
In a significant economic milestone, remittances from Filipinos working abroad reached an unprecedented high of USD38.34 billion in 2024, according to the Bangko Sentral ng Pilipinas (BSP). This figure represents a 3 percent increase from the USD37.21 billion recorded in the previous year. The BSP announced these figures on February 17, 2025, highlighting that December…
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Senator Gatchalian Urges Enhanced Safeguards for Filipino Migrant Workers
Senator Sherwin Gatchalian has emphasized the need for robust protections for overseas Filipino workers (OFWs) as the Department of Migrant Workers (DMW) negotiates with foreign nations to secure more job opportunities. Gatchalian stressed that the DMW must vigilantly oversee the welfare, safety, and rights of OFWs to shield them from exploitation, neglect, and unjust labor…
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Finance Secretary Optimistic About Economic Growth as Inflation Stays Low
Finance Secretary Ralph Recto expressed optimism about the Philippine economy’s future, citing the country’s stable inflation rate as a key factor that could lead to further interest rate cuts by the Bangko Sentral ng Pilipinas (BSP). According to the Philippine Statistics Authority, the nation’s headline inflation held steady at 2.9 percent, while core inflation, which…
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Philippine Economy Shows Strong Performance Despite Challenges, Says NEDA Chief
MANILA – The Philippine economy has been performing remarkably well, according to Socioeconomic Planning Secretary Arsenio Balisacan. Speaking at a press conference in Pasay City, Balisacan highlighted the Marcos administration’s success in driving ‘rapid and inclusive’ growth, despite not meeting the set targets for 2024. He attributed the shortfall to uncontrollable external and domestic factors…
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Bicameral Committee Aligns on DEPDev Bill, Paving Way for Economic Planning Overhaul
In a significant development for the Philippine economy, the bicameral conference committee has successfully reconciled the differing provisions of the bill aimed at transforming the National Economic and Development Authority (NEDA) into the Department of Economy, Planning, and Development (DEPDev). The meeting, held at the Senate in Pasay City, was described as ‘quick and productive’…
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106 Municipalities in Eastern Visayas Upgrade to Higher Income Classifications
In a significant development for Eastern Visayas, 106 out of 136 municipalities have been elevated to higher income classifications, according to the Department of Finance’s new guidelines. This upgrade was announced by Maria Rosaura Espejo, the head of the regional financial, monitoring, and evaluation unit of the Bureau of Local Government Finance, during a press…
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