Philippines - Latest News/Current Events, Economic Overview & Trade Relations
Quick Facts about Philippines
| Official Name | Republic of the Philippines |
| Capital | Manila |
| Location | Southeastern Asia, archipelago between the Philippine Sea and the South China Sea, east of Vietnam |
| Area | total: 300,000 sq km land: 298,170 sq km water: 1,830 sq km |
| Climate | tropical marine; northeast monsoon (November to April); southwest monsoon (May to October) |
| Terrain | mostly mountains with narrow to extensive coastal lowlands |
Editor PicksBrowse Asia News Archive
Philippine Inflation To Ease Further In March
The Bangko Sentral ng Pilipinas (BSP) said inflation is likely to fall within the range of 5.9 percent and 6.8 percent in March due to the downward adjustments in transport fares and electricity rates.
The Bangko Sentral ng Pilipinas (BSP) said inflation is likely to fall within the range of 5.9 percent and 6.8 percent in March due to the downward adjustments in transport fares and electricity rates. Inflation in February was at 7.3 percent. The BSP projected inflation to decline to 3.9 percent this year from 9.3 percent las year due to slower economic activities and lower oil and food prices. Inflation is expected to reach 4.7 percent in 2010. The BSP had set an inflation target range of 2.5 percent to 4.5 percent for this year and 3.5 percent to 5.5 percent for 2010.read source article
Philippine External Debt Continues Decline In November
The Philippines' external debt has declined as of the end of November last year on the back of prepayments and continued economic expansion.
The Philippines' external debt has declined as of the end of November last year on the back of prepayments and continued economic expansion. Consequently, the debt-to-gross domestic product (GDP) ratio has eased further. The country's external debt declined from $54.427 billion in 2007 to $53.492 billion at the end of November in 2008. The external debt to GDP ratio declined from 40.22 percent in November 2007 to 31.77 percent in November 2008.Philippine Factory Output Slumps to Asian Crisis Levels
The National Statistics Office said Tuesday that factory output in January have slumped to levels not seen since the 1997 Asian financial crisis due to the current global economic downturn.
The National Statistics Office said Tuesday that factory output in January have slumped to levels not seen since the 1997 Asian financial crisis due to the current global economic downturn. The country's volume of production index fell in January by 19.9 percent. The country's manufacturing firms have been cutting production since last November with a 6.6 percent contraction and continued in December at -15.4 percent. Factory output declined by 24.4 percent in November 1998, the year when the Asian financial crisis peaked.read source article
Philippine Government Mulls Insurance For Crisis-Hit Workers
The National Economic and Development Authority (NEDA) said it is recommending a P6-billion unemployment insurance program for Filipinos who lost their jobs due to the global financial crisis. Such a program would cover 100,000 to 200,000 jobless Filipinos.
The National Economic and Development Authority (NEDA) said it is recommending a P6-billion unemployment insurance program for Filipinos who lost their jobs due to the global financial crisis. Such a program would cover 100,000 to 200,000 jobless Filipinos. NEDA projects that around 60,000 to 200,000 jobs could be lost under the current crisis. The financial assistance, which would be provided by the Social Security System (SSS), could last up to six months, with each member getting either P5,000 or P10,000 a month, depending on the number of beneficiaries.Philippine Peso Least Volatile Currency In Asia
Bangko Sentral ng Pilipinas Governor Amando M. Tetangco Jr. said that the Philippine peso has been the least volatile currency in the region, despite the steady depreciation of the peso against the dollar.
Bangko Sentral ng Pilipinas Governor Amando M. Tetangco Jr. said that the Philippine peso has been the least volatile currency in the region, despite the steady depreciation of the peso against the dollar. The Philippines' central bank has expressed its confidence that it will not need to intervene to prop up the peso. The peso has only depreciated by 1.55 percent as of Friday. The peso's volatility rate from January up to Friday was recorded at 1.36 percent. A stable peso is important in providing a stable operating environment for businesses that plan ahead based on what they expect the foreign exchange rate would be.read source article
Moody's Cuts Outlook On Philippine Banks
Moody's Investors Service cut its credit outlook for the Philippine banking industry to negative over the next 12 to 18 months, saying that the slowing economy would have an adverse impact on the profits of local lenders.
Moody's Investors Service cut its credit outlook for the Philippine banking industry to negative over the next 12 to 18 months, saying that the slowing economy would have an adverse impact on the profits of local lenders. The quality of the banks' assets are expected to decline as they are burdened by non-performing assets and slowing economic growth. The declining trend in overseas Filipino worker remittances would also negatively impact the banks' strategic plans and positioning. Moody's still maintains a positive outlook for the Philippine banks' foreign currency deposit and debt ratings as wel las for the country's sovereign ratings.Browse Asia News Archive
Trade Agreements
ASEAN - China Free Trade Area
The ASEAN - China Free Trade Agreement will apply in an area involving 1.7 billion consumers, making it the world's largest trading area. The agreement currently establishes a zero-tariff market. The agreement now contains trade in goods, services and dispute settlement. Investment is still under negotiation.
ASEAN - Korea Free Trade Area
Under the ASEAN- Korea Free Trade Agreement, Korean businesses will gain access to the ASEAN market, which contains nearly 500 million people. The agreement contains trade in goods and tariffs will be either eliminated or reduced on Korean products. http://www.aseansec.org/18063.htm
ASEAN Free Trade Area
Initiated in 1992, ASEAN Free Trade Area (AFTA) main mechanism used to reduce tariffs in ASEAN. It originally contained six members (Brunei, Indonesia, Malaysia, Philippines, Singapore and Thailand) the other four members (Vietnam -1995, Laos -1997, Myanmar-1997 and Cambodia-1999) joined after the original agreement was signed. In order to join ASEAN, they had to agree to AFTA. The overall objective of AFTA is to encourage more foreign investment to ASEAN and establish ASEAN as a world competitor by eliminating both tariff and non-tariff barriers within ASEAN. Over the next 15 years, ASEAN agreed to reduce tariffs 0-5%. http://www.aseansec.org/19346.htm
Global System of Trade Preferences among Developing Countries
Algeria
Argentina
Benin
Bolivia
Brazil
Cameroon
Chile
Colombia
Cuba
Ecuador
Egypt
Ghana
Guinea
Guyana
Iran
Iraq
Libya
Mexico
Morocco
Mozambique
Nicaragua
Nigeria
Peru
Sudan
Tanzania, United Republic Of
Trinidad And Tobago
Tunisia
Venezuela
ZimbabweThe Global System of Trade Preferences arose out of the United Nations Group of 77. The Group first appeared interested in 1976 to develop a global system of trade for developing countries. Over years of negotiations, the agreement was signed by the participating members of the Group of 77. The members are currently looking to expand their economic ties to other developing countries in Asia, Latin America and Africa. http://www.unctadxi.org/templates/Page____6207.aspx
Trade and Investment Framework Arrangement between the United States of America and the Association of Southeast Asian Nations
United States of AmericaThe Enhanced partnership between ASEAN and the United States will increase cooperation and understanding in the areas of politics, economics and safety. EAI, Enterprise ASEAN Initiative, will strengthen economic cooperation and will allow and increase of trade and investment between both parties. Both sides have also vowed to work together on various projects in the development arena including, fighting infectious disease and disaster relief. http://www.ustr.gov/assets/Trade_Agreements/TIFA/asset_upload_file932_9760.pdf
Trade Organizations
ASEAN Plus 3
Forum as a coordinator of cooperation between ASEAN and China, Japan and South Korea.
Asia Cooperation Dialogue (ACD)
The Asia Cooperation Dialogue (ACD) is an International Organization to promote Asian cooperation at a continental level, helping to integrate the previously separate regional organizations of political or economical cooperation such as ASEAN, SAARC
Asia-Pacific Economic Cooperation (APEC)
Asia-Pacific Economic Cooperation (APEC) is a forum for 21 Pacific Rim countries or regions (styled 'member economies') to discuss the regional economy, cooperation, trade and investment. The membership is claimed to account for approximately 41 percent of the world's population, approximately 56 percent of world GDP and about 49 percent of world trade. The activities, including year-round meetings of the members' ministers, are coordinated by the APEC Secretariat.
Association of Southeast Asian Nations (ASEAN)
Association of Southeast Asian Nations, commonly referred to as ASEAN, is a geo-political and economic organization of 10 countries located in Southeast Asia, which was formed on August 8, 1967 by Indonesia, Malaysia, the Philippines, Singapore and Thailand. Its aims include the acceleration of economic growth, social progress, cultural development among its members, and the promotion of regional peace.
BIMP-East ASEAN Groth Area (BIMP-EAGA)
A subregional economic cooperation initiative involving 4 Southeast Asia Nations
Centre on Intergrated Rural Development for Asia and the Pacific (CIRDAP)
The Centre for Integrated Rural Development for Asia and the Pacific (CIRDAP) is a regional intergovernmental and autonomus organization
Council for Security Cooperation in the Asia Pacific (CSCAP)
The Council for Security Cooperation in the Asia Pacific (CSCAP) is a non-governmental (second track) process for dialogue on security issues in Asia Pacific.
East Asia Summit (EAS)
The East Asia Summit (EAS) is a Pan-Asia forum of 16 countries in East Asia, with ASEAN in a leadership position.