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  • 菲律賓國旗

  In Q3, the Philippines' agricultural output drops more gradually

  According to Philippines' agricultural output shrinks at slower pace in Q3 | The Star, During the July-September period, the Philippines' farm and fisheries annual production by value decreased for the second consecutive quarter as agricultural and fisheries output decreased. However, the rate of loss moderated, lessening the impact of the rural sector on growth.According to data released by the Philippine Statistics Authority (PSA) on November 8, livestock and poultry output increased 2.5% and 2.9% in the third quarter, respectively, offsetting the 0.4% and 6.1% decline in crop and fisheries production.Almost half of the product produced by the agriculture industry is made up of crops. According to Philippines' agricultural output shrinks at slower pace in Q3 | The Star, the agriculture sector contributes less than 10 percent of the total production of the domestic economy.During the September quarter, according to Philippines' agricultural output shrinks at slower pace in Q3 | The Star, the nation's paddy rice crop increased by 0.2% over the previous year, which was less than the 1.1% growth of the previous quarter.The government was closely observing the possible effects of El Nino on food prices, according to President Ferdinand Marcos Jr., who previous recently resigned from his position as secretary of agriculture and gave the position to an executive from a local corporation.According to Philippines' agricultural output shrinks at slower pace in Q3 | The Star, the consumer price index for the Philippines, which includes food as half of its total price, increased 4.9% in October after rising 6.1% in September, but this was insufficient to allay concerns about inflation held by the central bank.As the risk to its inflation projection through 2025 was heavily skewed to the upside, the central bank warned late on November 7 that it was ready to take further policy action if required to fix inflation expectations.Concerned that inflation would get out of control, it provided an off-cycle boost of 25 basis points last month. With an average inflation rate of 6.4% so far this year, it is still much higher than the comfortable range of 2% to 4%.The 3rd quarter annual economic growth figures, which are scheduled for release on Thursday, would be available by the time the central bank convenes on November 16. Second-quarter growth of 4.3% would be surpassed in the third quarter, according to Finance Secretary Benjamin Diokno.Additionally, according to Philippines' agricultural output shrinks at slower pace in Q3 | The Star, the statistics office said on November 8 that the nation's jobless rate increased slightly from 4.4% to 4.5% in September.

  2023-11-09 03:00
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  • 菲律賓國旗

  October saw a 4.9% decrease in Philippines inflation

  According to PH inflation eased to 4.9% in Oct | Inquirer Business, the slower rate of growth in food prices in October contributed to a considerable decrease in inflation, according to a November 7 data from the Philippine Statistics Authority.The consumer price index, which measures inflation, decreased from 6.1 percent in September to 4.9 percent in October.With the most recent report, the 10-month average increased to 6.4 percent, which is still higher than the 2 to 4 percent yearly objective set by Bangko Sentral ng Pilipinas.Additionally, the number exceeded the BSP's own projection, which put the rate of inflation from the previous month at 5.9 to 5.1 percent.According to PH inflation eased to 4.9% in Oct | Inquirer Business, National Statistician Claire Dennis Mapa stated at a news conference that the slower rise in the prices of staple foods was the primary cause of last month's lower inflation figure. According to data, food inflation decreased to 7% in October from 9.7% in September.According to PH inflation eased to 4.9% in Oct | Inquirer Business, the decline was also influenced by the restaurants and lodging services index, which saw an increase in inflation from 7.1 percent in September to 6.3 percent in October.For a central bank that has yet to choose whether to tighten monetary policy further at its meeting on November 16 or slam the brakes on rate rises, the October inflation statistic would be a crucial piece of information. This comes after an unexpected decision to raise the main rate by 25 basis points to 6.50 percent in late October—a new 16-year high.According to PH inflation eased to 4.9% in Oct | Inquirer Business, Bangko Sentral ng Pilipinas (BSP) Governor Eli Remolona Jr. justified the recent off-cycle rise by stating that the Monetary Board (MB) acknowledged the necessity of this immediate monetary action to convey to the market that the BSP is making every effort to return inflation to its goal range of 2 to 4 percent.

  2023-11-07 03:00
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  • 菲律賓國旗

  PH Vice President Sara sends her condolences to the Israeli envoy for those lost in Israel

  According to VP Sara relays to Israeli envoy her condolences to people killed in Israel | Global News (inquirer.net), the Philippines' vice president, Sara Duterte, expressed her condolences to the families of those who had perished in Israel as a result of the country's continuing conflict with Hamas.VP Sara Duterte conveyed her feelings to Ilan Fluss, the Israeli ambassador to the Philippines, during their encounter. Fluss and Duterte first met in Pasig City's Department of Education.Also, according to VP Sara relays to Israeli envoy her condolences to people killed in Israel | Global News (inquirer.net), the Vice President expressed gratitude to Fluss for Israel's acknowledgement of Filipinos lost in the fighting. Because innocent civilians—especially children—are the main casualties, the Philippines would continue to seek a nonviolent solution to bring about enduring peace, the VP said.

  2023-10-29 03:00