Monday, May 29, 2023
manilastandard.net
ADVERTISEMENT
  • About
  • News
    • Top Stories
    • National
    • World News
    • Pinoy Abroad
    • Features
  • Opinion
    • Editorial
    • Columns
    • Soundbytes
  • LGUs
    • NCR
    • Luzon
    • Visayas
    • Mindanao
  • Business
    • Corporate
    • Economy & Trade
    • Stocks
    • Money
    • Agri & Mining
    • Power & Tech
    • IT & Telecom
  • Sports
    • Basketball
    • Volleyball
    • Fightsports
    • Active
    • Sports Plus
    • One Championship
    • Columns
  • Entertainment
    • TV & Movies
    • Celebrity Profiles
    • Music & Concerts
    • Digital Media
    • Columns
  • Lifestyle
    • Food
    • Culture & Media
    • Fashion
    • Health and Home
    • Leisure
    • Shopping
    • Columns
  • Others
    • Pets
    • Pop.Life
      • Newsmakers
      • Hangouts
      • A-Pop
      • Post Its
      • Performances
      • Malls & Bazaars
      • Hobbies & Collections
    • Technology
      • Gadgets
      • Computers
      • Business
      • Tech Plus
    • MS ON THE ROAD
      • Sedan
      • SUV
      • Truck
      • Bike
      • Accessories
      • Motoring Plus
      • Commuter’s Corner
    • Home & Design
      • Residential
      • Commercial
      • Construction
      • Interior
    • Spotlight
    • Gallery
      • Photos
      • Videos
    • Events
      • Seminars
      • Exhibits
      • Community
    • Biyahero
      • Travel Features
      • Travel Reels
      • Travel Logs
  • Advertise with Us
No Result
View All Result
  • About
  • News
    • Top Stories
    • National
    • World News
    • Pinoy Abroad
    • Features
  • Opinion
    • Editorial
    • Columns
    • Soundbytes
  • LGUs
    • NCR
    • Luzon
    • Visayas
    • Mindanao
  • Business
    • Corporate
    • Economy & Trade
    • Stocks
    • Money
    • Agri & Mining
    • Power & Tech
    • IT & Telecom
  • Sports
    • Basketball
    • Volleyball
    • Fightsports
    • Active
    • Sports Plus
    • One Championship
    • Columns
  • Entertainment
    • TV & Movies
    • Celebrity Profiles
    • Music & Concerts
    • Digital Media
    • Columns
  • Lifestyle
    • Food
    • Culture & Media
    • Fashion
    • Health and Home
    • Leisure
    • Shopping
    • Columns
  • Others
    • Pets
    • Pop.Life
      • Newsmakers
      • Hangouts
      • A-Pop
      • Post Its
      • Performances
      • Malls & Bazaars
      • Hobbies & Collections
    • Technology
      • Gadgets
      • Computers
      • Business
      • Tech Plus
    • MS ON THE ROAD
      • Sedan
      • SUV
      • Truck
      • Bike
      • Accessories
      • Motoring Plus
      • Commuter’s Corner
    • Home & Design
      • Residential
      • Commercial
      • Construction
      • Interior
    • Spotlight
    • Gallery
      • Photos
      • Videos
    • Events
      • Seminars
      • Exhibits
      • Community
    • Biyahero
      • Travel Features
      • Travel Reels
      • Travel Logs
  • Advertise with Us
No Result
View All Result
manilastandard.net
No Result
View All Result
Home Business Economy & Trade

ING Bank bullish, expects economy to grow over 6%

Julito G. RadabyJulito G. Rada
January 6, 2020, 8:00 pm
in Economy & Trade
Reading Time: 2 mins read
A A
Share on FacebookShare on TwitterShare on Email

The local unit of Dutch financial institution ING Bank expects the Philippines’ growth story to continue this year, saying the gross domestic product will likely expand over 6 percent.

“Growth is expected to remain above 6 percent as the economy fires on all cylinders but as the Philippine economy revs up for faster growth we do see a very different 2020 from 2019,” ING Bank Manila senior economist Nicholas Mapa said Monday in a report.

Mapa said economic expansion this year could come from three sectors, namely consumption (robust spending due to low inflation), timely passage of the P4.1-trillion national budget, and investment.

The GDP growth in the first half of 2019 averaged at 5.5 percent, well below the target range of 6 percent to 7 percent, due to the delay in the approval of the P3.7-trillion national budget. President Rodrigo Duterte signed the budget only in April after months of the impasse between the two houses of Congress.

However, economic growth in the third quarter accelerated to 6.2 percent from 5.5 percent a quarter ago as the government increased fiscal spending, especially on big-ticket infrastructure projects. The third-quarter expansion was faster than 6 percent in the same period last year.

It brought economic growth in the first three quarters to 5.8 percent, near the low end of the target range.

Mapa also said the narrowing trade gap of 2019 would not hold as both public (budget passage) and private (Bangko Sentral ng Pilipinas rate cuts) investment outlays would push up the import bill, reminiscent of the 2018 episode.

“This combined with a narrowing interest rate differential on projected BSP rate cuts attract less portfolio flows to Philippine shores, which was one main factor for the peso’s strong performance in 2019.  Thus, we expect a very different landscape for 2020 with growth, interest rates, inflation and USD/PHP all seeing nowhere to go but up,” he said.

In a previous report, Mapa said fiscal and monetary stimulus were needed to make the economy reach the low end of the target range of 6.5 to 7.5 percent this year.

He said a “double-headed” dose of stimulus could easily be the antidote to sluggish growth to catapult the economy to 6.5 percent in 2020 even in the face of a projected global economic slowdown.

His comments came after the BSP in December 2019 kept the benchmark interest rates steady at 4 percent amid the continuing benign inflation environment.

Inflation in November 2019 accelerated to a three-month high of 1.3 percent from 0.8 percent a month ago on higher prices of electricity, fuel and selected food items.

Tags: gross domestic productING BankNational BudgetNicholas Mapa
ADVERTISEMENT
Julito G. Rada

Julito G. Rada

Related Posts

Japan firm gets incentives for Subic expansion

byOthel V. Campos
May 28, 2023, 7:20 pm
0
8
Japanese firm to break ground on P40-b facility

The Fiscal Incentives Review Board approved Nidec Corp.’s application for incentives for its P4.2-billion expansion project in Subic Bay Freeport...

Read more

Diokno: Key reforms boost economy

byJulito G. Rada
May 28, 2023, 6:55 pm
0
8
Traditional sweet factory in central England enjoys global sugar rush

Finance Secretary Benjamin Diokno said over the weekend structural reforms provide the domestic economy the needed boost to continue growing...

Read more

IWG announces opening of 7 new sites in PH

byOthel V. Campos
May 28, 2023, 6:35 pm
0
8
IWG announces opening of 7 new sites in PH

Global leader in hybrid working IWG Plc is expanding to seven new sites in the Philippines to serve the increasing...

Read more

Biden vows ‘no default’ on US debt even as lawmakers go on 10-day break

byAFP
May 26, 2023, 8:25 pm
0
8
Emotional Biden mourns on anniversary of Uvalde school massacre

WASHINGTON, USA—President Joe Biden declared Thursday the United States would avoid a disastrous credit default even as lawmakers went on...

Read more

Washington concerned over China moves against US companies

byAFP
May 26, 2023, 8:20 pm
0
8

WASHINGTON, USA—US Commerce Secretary Gina Raimondo expressed concern to her Chinese counterpart Wang Wentao on Thursday over Beijing’s restrictions on...

Read more

ECCP pushes for elimination of duties on car imports from Europe

byOthel V. Campos
May 25, 2023, 7:05 pm
0
8
PH asked to ensure incentives’ certainty

The European Chamber of Commerce of the Philippines said it strongly supports adopting measures in the EU-Philippines Free Trade Agreement...

Read more

Print Edition

View More

Recent Posts

  • 4 Angeleño centenarians get P100K each from DSWD
  • Power Mac Center opens in SM City Bataan
  • Lucky Me! Go Cup ditches sachets
  • AboitizPower leads groundbreaking for new Maco de Oro science lab
  • Beat the summer heat with Urbanize’s The Coldest Water Shaker Bottle!
  • In Less Than 2 Years This Beauty Brand Is Making A Statement In The Beauty Industry 
  • Cebuana Lhuillier expands its affordable healthcare insurance with the launch of HealthMax
  • Miss Universe PH 2023 Michelle Marquez Dee comes out as bisexual

Advertisement

Latest News

In Less Than 2 Years This Beauty Brand Is Making A Statement In The Beauty Industry 

byManila Standard
May 29, 2023, 3:51 pm
0
8
In Less Than 2 Years This Beauty Brand Is Making A Statement In The Beauty Industry 

Y.O.U Beauty an international brand from HEBE Beauty Cosmetics Inc. Upholding the brand philosophy of “Long-Lasting Beauty”, committed to provide...

Read more

Cebuana Lhuillier expands its affordable healthcare insurance with the launch of HealthMax

byManila Standard
May 29, 2023, 3:38 pm
0
8
Cebuana Lhuillier expands its affordable healthcare insurance with the launch of HealthMax

Making affordable HMO available for every Filipino Aside from the toll it has taken on human lives and the local...

Read more

Miss Universe PH 2023 Michelle Marquez Dee comes out as bisexual

byPatricia Bianca S. Taculao
May 29, 2023, 3:02 pm
0
8
Miss Universe PH 2023 Michelle Marquez Dee comes out as bisexual

In a bold and empowering move, Miss Universe Philippines 2023 Michelle Marquez Dee came out as bisexual in the latest...

Read more

Four dead after boat overturns on Italy’s Lake Maggiore

byAFP
May 29, 2023, 3:00 pm
0
8
Southwoods nails Seniors’ Fil golf crown

Rome, Italy - Four people died when a boat carrying tourists overturned on Lake Maggiore in strong winds, Italy's fire brigade...

Read more

No glory for bullies: South Korea’s school violence epidemic

byAFP
May 29, 2023, 2:00 pm
0
8
Southwoods nails Seniors’ Fil golf crown

Busan, South Korea - Pins hidden in her shoes, head forced down a toilet, kicked in the stomach: Korean hairdresser Pyo...

Read more

Advertisement

ADVERTISEMENT
Facebook Twitter Instagram Youtube

ABOUT US

Manila Standard

Manila Standard website (manilastandard.net), launched in August 2002, extends the newspaper’s reach beyond its traditional readers and makes its brand of Philippine news and opinion available to a much wider and geographically diverse readership here and overseas.

Digital Edition

In tone and content, the online edition mirrors the editorial thrust of the newspaper. While hewing to the traditional precepts of fairness and objectivity, MS believes the news of the day need not be staid, overly long or dry. Stories are succinct, readable and written in a lively style that has become a hallmark of the newspaper.

Download – Today’s Paper

Search

No Result
View All Result

6th Floor Universal Re Bldg., 106 Paseo De Roxas cor. Perea Street, Legaspi Village, 1226 Makati City Philippines

Trunklines: 832-5554, 832-5556, 832-5558

© 2021 Manila Standard - Designed and Developed by Neitiviti Studios.

No Result
View All Result
  • About
  • News
    • Top Stories
    • National
    • World News
    • Pinoy Abroad
    • Features
  • Opinion
    • Editorial
    • Columns
    • Soundbytes
  • LGUs
    • NCR
    • Luzon
    • Visayas
    • Mindanao
  • Business
    • Corporate
    • Economy & Trade
    • Stocks
    • Money
    • Agri & Mining
    • Power & Tech
    • IT & Telecom
  • Sports
    • Basketball
    • Volleyball
    • Fightsports
    • Active
    • Sports Plus
    • One Championship
    • Columns
  • Entertainment
    • TV & Movies
    • Celebrity Profiles
    • Music & Concerts
    • Digital Media
    • Columns
  • Lifestyle
    • Food
    • Culture & Media
    • Fashion
    • Health and Home
    • Leisure
    • Shopping
    • Columns
  • Pop.Life
    • Newsmakers
    • Hangouts
    • A-Pop
    • Post Its
    • Performances
    • Malls & Bazaars
    • Hobbies & Collections
  • Technology
    • Gadgets
    • Computers
    • Business
    • Tech Plus
  • MS ON THE ROAD
    • Sedan
    • SUV
    • Truck
    • Bike
    • Accessories
    • Motoring Plus
    • Commuter’s Corner
  • Home & Design
    • Residential
    • Commercial
    • Construction
    • Interior
  • Spotlight
  • Gallery
    • Photos
    • Videos
  • Events
    • Seminars
    • Exhibits
    • Community
  • Biyahero
    • Travel Features
    • Travel Reels
    • Travel Logs
  • Pets
  • Advertise with Us

© 2021 Manila Standard - Designed and Developed by Neitiviti Studios.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Install Manila Standard Web App

Install App