IMF continues to lower Philippine GDP forecast to 6.2 percent
The International Monetary Fund (IMF) has revised its economic growth outlook for the Philippines this year to 6.2 percent from its earlier forecast of 6.7 percent, announced the Philippine media.
The Philippines' capital city of Manila from above (Photo:VNA)
The International Monetary Fund (IMF) has revised its economic growth outlook for the Philippines this year to 6.2 percent from its earlier forecast of 6.7 percent, announced the Philippine media.
According to IMF Resident Representative for the Philippines Shanaka Jayaneth Peiris, the country’s gross domestic product (GDP) growth forecast was modified downwards due to GDP adjustments in the first quarter and the lagging global economy.
In the first three months of the year, GDP growth was trimmed to 5 percent from the initial forecast of 5.2 percent.
Economic growth stood at 5.6 percent from April-June, bringing the economy in the first six months to 5.3 percent.
This is far below its target of 7 percent for the whole year, Peiris said, highlighting that in a bid to realise its set goal, the country needs to strive for 8 percent growth in the last two quarters.
Peiris also said that the below-expected performance was due to global factors, including temporary factors such as agricultural recessions affected by El Nino and slowdowns in exports and public spending.
However, the IMF remains optimistic about the Philippine economy, as it believes the temporary exogenous factors will dissipate at the end of this year.
The organisation said that the Philippine economy is expected to grow at a speed of 6.5 percent given that the government is addressing infrastructure gaps, unemployment and income inequality.-VNA
The Philippines’ export turnover reached 5.28 billion USD in June, down 3.3 percent year-on-year, a fall for the third consecutive month, announced the Philippine Statistics Authority (PSA) on Aug 11.
The Philippines is likely to miss its 2015 target for rice output after dry weather hurt the first-half harvest, raising the prospect of increased imports to boost stocks.
A delegation of 15 Philippine businesses operating in food, packing and business franchises attended a trade exchange in Ho Chi Minh City on August 18 to seek cooperation opportunities in Vietnam.
Personal remittances by overseas Filipino workers grew 5.3 percent to 13.37 billion USD in the first six months of 2015, according to the Manila Times.
Philippine President Benigno S. Aquino III and visiting Thai Prime Minister Prayut Chan-o-cha agreed to further strengthen relations between the two countries at their meeting in Manila on August 28.
The facility will integrate multiple components, including mining operations, a smelter, high-pressure acid leach (HPAL) processing, and production of precursors and cathodes.
A participant in the Malaysia Economic Forum 2025 said despite challenges, there are significant opportunities in AI, digital transformation, and green technologies, requiring the country to balance both risk and potential thoughtfully.
Themed “emerging trends in terrorism and violent extremism”, the event drew over 200 participants from domestic and international agencies, discussing the rapid evolution of terrorism and the need for stronger regional and global cooperation.
Indonesia aims to start nuclear power generation by 2034, with a government roadmap already in place to develop small modular reactors (SMRs) with capacities ranging from 300 to 500 megawatts.
The package, endorsed on June 24, comprises 481 projects designed to boost GDP by an additional 0.4% and generate temporary employment for about 7.4 million people nationwide.
An Indonesian official emphasised that energy security is extremely essential amid global geopolitical and economic fragmentation, highlighting the need for the energy industry to strengthen resilience and responsiveness in the face of fluctuating oil prices and the shift to clean energy.
ASEAN must deepen collaboration through platforms such as the ASEAN Senior Officials Meeting on Transnational Crime (SOMTC) to ensure regional responses keep pace with the rapidly evolving cyber threat landscape.
Speaking at the launch of the Indonesia Economic Prospects June 2025 edition on June 23 in Jakarta, Turk noted that Indonesia’s gross domestic product (GDP) expanded 4.9% in the first quarter of 2025 compared to the same period last year.
Anti-dumping duties will continue to be imposed on producers from China and Japan while those on relevant exporters from the RoK and Vietnam will be terminated, starting from June 23.
A specialist police unit has acquired a fleet of off-road vehicles to help officers navigate rough, unpaved terrain – and flood waters – to respond more quickly to public security incidents.
The pact covers goods, services, investments, intellectual property rights, customs facilitation, competition policy, sanitary and phytosanitary, trade and sustainable development, government procurement and economic cooperation.
The talent programmes mark another milestone in the technical partnership between PETRONAS and the Energy Institute, which focuses on three pillars: promoting decarbonisation and operational excellence through innovative solutions, enabling informed decision-making with expert advice, and nurturing the next generation of energy professionals.
The firefighters found an active blaze at the lorry depot located in the city of Pasir Gudang near the state capital of Johor Bahru, with flames spreading quickly due to strong winds and igniting a neighboring disused oil storage area.
Investigators believe the operation is part of a broader scam network involving romance scams, where victims are lured into fake relationships and persuaded to transfer money.
Ambassadors, Consuls General, along with staff and their families, joined traditional sports and cultural activities of Southeast Asia and performances bearing regional identity, thus contributing to strengthening unity and the ASEAN community spirit in New York.
The Philippines' capital city of Manila from above (Photo:VNA)
