PH climbs to 50th spot among 131 economies in Global Innovation Index 2020

Aileen Cerrudo   •   September 4, 2020   •   507

The Philippines has climbed up the rankings of the Global Innovation Index (GII) 2020, moving up to the 50th spot out of 131 countries.

Rising four notches from its 54th rank in 2019, the Philippines’ standing has been improving for two consecutive years. The Global Innovation Index ranks the innovation capabilities of countries across the globe.

According to the GII 2020 report, the Philippines stood out in the areas of innovation in the business sector as well as the innovative outcomes produced by its investments.

“The report disclosed that the country performed beyond expectation as it grabbed rank 6th in Productivity growth, rank 7th in Firms offering formal training, and rank 8th globally in the area of Utility models by origin,” the Department of Science and Technology (DOST) said in a statement.

Along with India, Vietnam, and China, the Philippines has made the most significant progress in the global ranking. -AAC

Inflation downtrend continues at 1.7% in August 2019

Aileen Cerrudo   •   September 5, 2019

The inflation rate in the Philippines continued to decline at 1.7% in August 2019, according to the Philippine Statistics Authority (PSA).

The August 2019 rate is lower compared with the 2.4% inflation rate in June. This is also the lowest rate since October 2016 (1.8%).

According to National Statistician Dennis Mapa, the inflation downtrend is due to the slow increase of food prices, including non-alcoholic beverages.

He also said that the low fuel and rice prices also decreased since the implementation of the rice tariffication law.

Meanwhile, the Bangko Sentral ng Pilipinas (BSP) estimates that the inflation rate will continue to go lower this September.

“The latest inflation outturn is consistent with the Bangko Sentral ng Pilipinas’ prevailing assessment that it will continue to decelerate in the third quarter of 2019 and picky up slightly in the fourth quarter,” according to BSP Governor Benjamin Diokno in a statement.—AAC (with reports from Harlene Delgado)

China becomes world’s largest goods trade country in 70 years

UNTV News   •   August 28, 2019

(Image grabbed from Reuters footage)

China’s goods trade has posted robust growth in the past seven decades thanks to the country’s reform and opening-up efforts.

Goods trade volume stood at only 1.13 billion U.S. dollars in 1950, while the number surged to 4.6 trillion dollars in 2018, the National Bureau of Statistics said Tuesday in a report.

Average annual trade growth remained less than 10 percent from 1950 to 1977 under the planned economy, but quickened to about 14.5 percent after China started the reform and opening-up drive in 1978.

The country’s goods trade only accounted for 0.8 percent of the global total in 1978, while the number soared to 11.8 percent in 2018.

China overtook the United States to become the world’s largest goods trade country in 2013 for the first time.

The country has also seen fast inflow of foreign direct investment (FDI), ranking the first place among the developing economies with the biggest FDI inflow for 27 straight years, the report showed. (REUTERS)

BSP sees PH inflation at 2.2 to 3 percent range in June

Robie de Guzman   •   June 28, 2019

MANILA, Philippines – The Bangko Sentral ng Pilipinas (BSP) said Friday that the country’s inflation could settle within the 2.2 to 3.0 percent range in June.

The BSP said the inflation pressure during the month will likely be tempered by lower prices of rice and oil, along with other factors.

“Lower rice and domestic oil prices along with downward adjustment in electricity rates and recent peso appreciation are seen to temper inflation pressure during the month,” BSP’s Department of Economic Research said in a statement.

The Philippines’ inflation picked up in May but still held within BSP’s target range for the fourth straight month.

The Consumer Price Index rose to 3.2 percent last month from April’s 3 percent, still within the government’s projected 2.8 to 3.6 percent range.

The BSP assured it will remain watchful of the evolving inflation environment to ensure that the monetary policy stance remains consistent with its price stability mandate.

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