Standard Chartered expects Philippine economy to grow by 7.5 pct in 2022
The UK’s Standard Chartered Bank on January 21 estimated that the Philippines’ economic growth reached 5 percent in 2021 and will rise to 7.5 percent in 2022.
Manila (VNA) – The UK’s Standard Chartered Bankon January 21 estimated that the Philippines’ economic growth reached 5 percentin 2021 and will rise to 7.5 percent in 2022.
Both gross domestic product (GDP) projections arewithin the inter-agency Development Budget and Coordination Committee’s (DBCC)assumption of a 5 percent to 5.5 percent expansion for last year and a 7percent to 9 percent assumption for 2022.
In a virtual briefing the same day, Jonathan Kho,Standard Chartered Bank economist for Asia and the Philippines, said theprojected quarter-on-quarter output for the last quarter of 2021 is 6.5percent, attributing it to continued economic re-opening that boosts employmentgrowth, fiscal consolidation, and accommodative monetary policy.
The domestic economy snapped from a five-quartercontraction starting in the second quarter of 2021 when it posted a growth of12 percent, followed by a 7.1 percent expansion in the next three months./.
Philippine Secretary of Energy Alfonso Cusi has appealed to Indonesia to lift its coal export ban, saying the policy will be detrimental to economies heavily reliant on the fuel for power generation, Reuters reported.
The national task force against COVID-19 of the Philippines will extend the duration of pandemic prevention and control restrictions imposed in Metro Manila and other provinces until the end of January.
The Philippine Health Ministry reported on January 15 that the Omicron variant of SARS-CoV-2 is spreading in the community in the capital city of Manila, amid a record spike of new COVID-19 cases on third consecutive day.
The Philippines on January 17 logged 37,070 new COVID-19 cases and 23 deaths from the disease, bringing the respective figures to 3,242,374 and 52,929.
The Republic of Korea (RoK), China and Japan agreed on May 3 to reinforce the regional financial safety net, along with members of the Association of Southeast Asian Nations (ASEAN), by launching a new financing facility programme meant to extend greater support in case of a financial crisis.
A technical issue combined with an extreme heatwave was blamed for a series of explosions at a military base that killed 20 soldiers and injured several others in Cambodia on April 27, the country’s Ministry of Defence said in a May 2 statement as reported by the Xinhua news agency.
The Customs Department of Thailand is scheduled to commence the collection of value-added tax (VAT) on imported goods sent via postal services, regardless of the goods value, starting in May.
A lecturer from Chulalongkorn University’s Faculty of Medicine has warned Thais to be more vigilant against COVID-19, saying infection rates appeare to be worsening with higher hospital admissions, deaths and severe cases.
Malaysia should harness the collective expertise and resources to drive sustainable growth and development of the halal industry, according to Minister of Investment, Trade and Industry Zafrul Abdul Aziz.
Laos has officially restored the 10% value-added tax (VAT) rate starting May 1, in a bid to support the country’s budget revenue and socio-economic development.
The ASEAN Future Forum 2024 (AFF 2024) entered its second plenary session in Hanoi on the afternoon of April 23, discussing ways to ensure comprehensive security for the people-centred ASEAN Community.
The first session of the ASEAN Future Forum 2024 (AFF 2024) in Hanoi on April 23 focused on fast and sustainable growth for the Association of Southeast Asian Nations (ASEAN).
The Canada-ASEAN Business Council (CABC) and the ASEAN Alliance on Carbon Markets (AACM) have signed a Memorandum of Understanding (MoU) to strengthen collaboration and accelerate the implementation of carbon crediting programmes across Southeast Asia.
ASEAN Secretary-General Kao Kim Hourn reaffirmed ASEAN leaders' commitment to empowering the youth to unleash their full potential when he had a dialogue with ASEAN youth in Hanoi on April 22 on the sidelines of the ASEAN Future Forum (AF 2024).
The Thai Government is being urged to increase the proportion of renewable power generation to more than the target of 50% set in the power development plan (PDP).
The Centre for Volcanology and Geological Hazard Mitigation (PVMBG) of Indonesia on April 21 lifted its tsunami advisory issued previously following the eruption of Mount Ruang in Sitaro district of North Sulawesi province.
Thailand expects to export about 1 million tonnes of durian, valued at an estimated 130 billion THB (3.53 billion USD) this year, with most of the shipments to China, according to Minister of Agriculture Thammanat Prompao.
The 72nd meeting of the ASEAN Working Group on Intellectual Property Cooperation (AWGIPC) and related meetings are being held by the Ministry of Science and Technology’s Intellectual Property Office (IPO) of Vietnam in the central city of Da Nang on April 22-26.
Enhancing regional food security and tackling the pressing challenges of climate change will be key agendas defining Malaysia’s ASEAN Chairmanship in 2025, Speaker of the Dewan Rakyat (lower house) Johari Abdul told the press on April 19.
In a market in the Philippines (Photo: Internet) 
