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Confidence of business sector in the Philippine economy increased in 2nd quarter of 2016

by admin   |   Posted on Friday, May 27th, 2016

IMAGE_MAY-27-2016_UNTV NEWS_PHILIPPINE ECONOMY

From 41.9 percent, the confidence index or business outlook rose to 48.7 percent based on the latest survey of Bangko Sentral ng Pilipinas.

It means, the trust of businessmen and company owners in the Philippine economy has increased.

The survey was conducted nationwide with 1,482 business respondents from April 1 to May 17, 2016.

According to the report, among the factors that resulted in increased confidence are the May 9 election-related spending, sustained increase in orders and projects, anticipated increase in demand during summer, influx of tourists, low inflation, stable interest rates and sustained foreign investment inflows.

The deputy governor of the Bangko Sentral ng Pilipinas Diwa Guinigundo said, the result of the elections that secured the huge win of Rodrigo Duterte as incoming president, might have also affected the outcome of the survey.

“Business respondents are prepared to see how the new administration, the new political leadership will navigate the economic and financial waters and we hope that this is going to continue,” Guinigundo said.

The results of the survey also show the confidence of the business sector in the eight-point economic agenda of Duterte for the country.

“They have seen the eight-point program, and the first point in that eight-point program is precisely to continue with macroeconomic policies and to make sure that tax reforms are pursued. So, I think that should provide optimism to our business respondents,” Guinigundo further added.

The confidence of the business sector in the country’s economy is a good indication.

It translates to business expansions, economic growth, and more job opportunities for the people.

Even though the overall business confidence index rose in the second quarter of 2016, Bangko Sentral ng Pilipinas said, this may change a bit in the third quarter of the year because of the rainy season, enrollment period and the higher price of oil in the market.

(ROSALIE COZ/UNTV News)

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Internet abuzz over Google suspending business with Huawei

by Aileen Cerrudo   |   Posted on Monday, May 20th, 2019

Courtesy : Reuters

Google has suspended some business with Huawei after United States President Donald Trump added Huawei Technologies Co. Ltd. to a trade blacklist.

This includes the transfer of hardware, software and technical services except those publicly available via open source licensing.

“Huawei Technologies Co. Ltd. will immediately lose access to updates to the Android operating system, and the next version of its smartphones outside of China will also lose access to popular applications and services including the Google Play Store and Gmail app,” according to Reuters in an exclusive report.

Due to this, netizens are in a melting pot of emotions.

via GIPHY

Current Huawei users, however, have nothing to worry about since they will be able to use and download app updates provided by Google, according to a Google spokesperson.

“For users of our services, Google Play and the security protections from Google Play Protect will continue to function on existing Huawei devices,” the spokesperson said.—Reuters

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BSP: 3.8% PH inflation rate in Q1 2019 falls within target

by Robie de Guzman   |   Posted on Friday, April 26th, 2019

The Bangko Sentral ng Pilipinas (BSP) on Friday reported that the country’s headline inflation finally eased within the two to four percent target range of the government in the first quarter of 2019.

BSP Governor Benjamin Diokno said the inflation further slowed to 3.8 percent from 5.9 percent in the fourth quarter of 2018.

Inflation means the rate of increase in prices of goods and services.

The latest figure compares with the 3.8 percent inflation rate reported in the same quarter of 2018.

“Inflation is now within the target range of the government of 2 to 4 percent,” Diokno said at BSP’s inflation quarterly briefing in Manila on Friday.

The BSP said the improved food supply conditions in the first quarter of this year led to the deceleration of consumer prices in the country.

In the latest BSP quarterly inflation report, the March inflation rate settled at 3.3 percent as reported by the Philippine Statistics Authority last April 5. It was much slower than the 3.8 percent recorded in February and the lowest since January 2018 at 3.4 percent.

READ: PH inflation fate further eases to 3.3% in March

Based on data provided by the BSP, food inflation slowed to 4.1 percent from 7.7 percent in the fourth quarter of 2018.

The slower pace of increases in goods and services was driven by lower costs of food and non-alcoholic beverages, among others. 

Although the inflation rate is broadly seen to slow further in the coming months, the agency said there could be price pressures should El Niño turn out longer than expected.

The BSP added that aside from the adverse impact of weather conditions such as El Niño, the volatile global oil prices and foreign exchange market, and higher electricity rates remain as the key upside risks to inflation.

“While the risks to the inflation outlook are assessed to be evenly balanced this year, the BSP notes that further risks could emerge from a prolonged El Niño weather condition and higher-than-expected increase in global oil and food prices. For 2020, the risks lean toward the downside amid a slowdown in global economic activity,” Diokno said.

The Philippine Atmospheric, Geophysical and Astronomical Services Administration (PAGASA) earlier announced that 11 provinces in Luzon and six provinces in the Visayas may experience drought by end of May due to prolonged weak El Niño.

READ: PAGASA: 17 provinces face drought due to El Niño

Latest data from the Department of Agriculture’s (DA) showed damage and losses from the persistent weak El Niño to have reached P7.96 billion. This covers damage in 277,890 hectares of agricultural areas that have affected 247,610 farmers and fisherfolks.

READ: El Niño damage to agriculture hits P8-B

BSP Assistant Governor Francisco Dakila, Jr., meanwhile, assured that they will be assessing the impact of the prolonged drought, as it may be counted as among the factors that could hasten price increases of basic goods. — Robie de Guzman (with details from April Cenedoza)

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Banknotes with Diokno’s ‘worm looking’ signature out by June

by Marje Pelayo   |   Posted on Wednesday, April 3rd, 2019

Bangko Sentral ng Pilipinas (BSP) Governor Benjamin Diokno (right) and his signature (left)

MANILA, Philippines – Bangko Sentral ng Pilipinas (BSP) Governor Benjamin Diokno disclosed on Sunday (March 31) that the initial batch of Philippine banknotes bearing his signature will soon be in circulation some time in June this year.

President Rodrigo Duterte appointed Diokno as head the BSP shortly after former BSP Governor Nestor Espenilla Jr. succumbed to cancer in February 23.

It was in December 2017 when the BSP released banknotes bearing Espenilla’s signature, just five months after he assumed office in July 2017.

Banknotes bearing the signature of President Rodrigo Duterte were released by the BSP in December 2016, six months after he took office.

Though Diokno admits that the style of his signature could be easily forged, he is confident of the added security features that the BSP applied to the Philippine banknotes.

He said he used to have a more complicated signature but due to the loads of school papers when he was still a professor in the University of the Philippines, he got tired of using it.

He said he has no plans at all of changing his distinctive autograph.

“This is not a shortcut version, mukang lang talagang tatlong bulate (it just happened to look like three worms),” he quipped. – Marje Pelayo

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