Latest news with #DennisMapa
Fibre2Fashion
9 hours ago
- Business
- Fibre2Fashion
Philippine GDP growth picks up a bit in Q2; exports up 4.4% QoQ
Economic growth in the Philippines picked up a bit to 5.5 per cent in the second quarter (Q2) this year—one of the fastest-growing in emerging Asia—from 5.4 per cent in the first. In a briefing at the Philippine Statistics Authority office in Quezon City on Thursday, National Statistician Dennis Mapa said the economic growth during the quarter was slightly higher than the 5.4 percent expansion recorded in the first quarter of this year. Philippine economic growth picked up a bit to 5.5 per cent in Q2 2025 from 5.4 per cent in Q1. Agriculture, in particular, saw a 7-per cent growth during Q2 2025, a turnaround from the 2.3-per cent contraction in Q2 2024. Industry growth, however, slowed to 2.1 per cent from 7.9 per cent in Q1 2025. Exports grew by 4.4 per cent quarter on quarter in Q2 2025, while imports expanded by 2.9 per cent. While growth slowed from the 6.5 per cent in Q2 2024, department of economy, planning and development (DEPDev) secretary Arsenio Balisacan said: "With this performance, we maintain our place among the fastest-growing economies in emerging Asia, behind Vietnam's 8-per cent growth, but ahead of China's 5.2-per cent and Indonesia's 5.1 per cent." "While our growth is slower than India's projected 6.5-per cent expansion, we are expected to outpace Malaysia's 4.3 per cent and Thailand's 2.4 per cent," he was cited as telling a press conference organised by the Philippine Statistics Authority in Quezon City. The agriculture sector, in particular, recorded a 7-per cent growth during Q2 2025, a turnaround from the 2.3-per cent contraction in Q2 2024, domestic media outlets reported. Industry growth, however, slowed to 2.1 per cent from 7.9 per cent in Q1 2025. On the demand side, household consumption growth accelerated to 5.5 per cent from 4.8 per cent in Q2 2024. Balisacan said government final consumption expenditures went up by 8.7 per cent. Despite global uncertainties, exports grew by 4.4 per cent quarter on quarter (QoQ) in Q2 2025, while imports expanded by 2.9 per cent. Fibre2Fashion News Desk (DS)
Filipino Times
08-07-2025
- Business
- Filipino Times
More Filipinos employed in May, but underemployment also rises
The number of employed Filipinos increased in May 2025, with 50.29 million people landing jobs—up from 48.87 million the previous year—bringing the unemployment rate down to 3.9%, according to the Philippine Statistics Authority (PSA). Key sectors that saw major employment gains include wholesale and retail trade, agriculture, administrative services, hospitality, and other service industries. However, underemployment—people working but seeking more hours or better pay—also rose to 13.1% (6.6 million people), up from 9.9% last year. PSA Chief Dennis Mapa explained that while labor force participation grew by 1.35 million and many were absorbed into jobs, a large portion only found part-time or insufficient work. Despite this, National Economic and Development Authority (NEDA) Secretary Arsenio Balisacan welcomed the development, saying that a growing workforce indicates a robust and competitive labor market, which can help fuel economic growth. He added that the government is focused on upskilling initiatives and attracting high-value industries like IT-BPM and AI-related sectors.
The Star
06-06-2025
- Business
- The Star
Philippines' jobless rate rises to 4.1 per cent in April
MANILA (Xinhua): The Philippines' unemployment rate in April rose to 4.1 per cent, up from 3.9 per cent in March, the Philippine Statistics Authority (PSA) said Friday. PSA Chief Dennis Mapa told a press conference that an estimated 2.06 million Filipinos were out of work in April this year, higher than the number of unemployed people in April 2024 at 2.04 million. Despite the slight uptick in unemployment, Department of Economy, Planning, and Development officer in charge and Undersecretary for Policy and Planning Rosemarie Edillon said in a statement that the Philippine labor market continues to demonstrate resilience amid global headwinds. "We remain on track to meet our target unemployment range of 4.4 to 4.7 percent set under the Philippine Development Plan 2023-2028," she said. Meanwhile, the Philippines' gross international reserves rose slightly to US$105.5 billion at the end of May from US$105.3 billion a month earlier, the central bank said on Friday, citing preliminary data. The forex reserves represent an external liquidity buffer equivalent to 7.3 months worth of imports of goods and payments of services and primary income, which the central bank said was robust. - Xinhua
Filipino Times
07-05-2025
- Business
- Filipino Times
PH inflation in April slows to 1.4%, lowest in over 5 years — PSA
The Philippines' inflation eased to 1.4% in April, the lowest level since November 2019, driven by declining rice prices and slower increases in transport and food costs, the Philippine Statistics Authority (PSA) reported. National Statistician Dennis Mapa highlighted the significant role of falling rice prices in pulling down the overall inflation rate. Rice inflation registered -10.9% last month, with regular-milled rice averaging P44.45/kg, well-milled at P50.54, and special rice at P60.69. 'Itong April 2025 rice inflation… malaking contribution sa pagbaba ng presyo ng overall bilihin at serbisyo ng bansa,' Mapa said. Despite this, pork prices remained a major inflation driver, with fresh pork kasim at P364.79/kg and liempo at P381.02/kg — figures affected by the ongoing impact of African Swine Fever. The Department of Agriculture's price control measures continue to face low compliance. Other upward pressures came from electricity, poultry, rentals, and dining out, which could contribute to a potential rise in inflation in the coming months, according to Mapa. April's inflation brings the year-to-date average to 2%, within the government's target band of 2% to 4%. The Department of Economy, Planning, and Development emphasized the need for continued coordination to stabilize prices, especially for essential goods.
The Star
06-05-2025
- Business
- The Star
Philippines signals more rate cuts after inflation slowdown
MANILA: The Philippine central bank on Tuesday (May 6) signalled further monetary easing ahead after inflation slowed to the lowest level since 2019, and warned of a "more challenging external environment.' Consumer prices rose 1.4% last month from a year earlier as rice costs continued to drop, the Philippine Statistics Authority said. That was the lowest rate since November 2019 and was below the 1.8% median estimate in a Bloomberg News survey. "The more manageable inflation outlook and the downside risks to growth allow for a shift toward a more accommodative monetary policy stance,' the Bangko Sentral ng Pilipinas said in a statement after the release of the latest inflation data. "Looking ahead, the BSP will continue to take a measured approach in deciding on further monetary easing.' Rice prices fell 10.9% in April, declining for a fourth straight month. The government declared a food security emergency in February to further bring down prices of the national staple and last week announced plans to sell some of its rice inventories at heavily subsidized prices. National Statistician Dennis Mapa said that plan will likely have a significant impact on inflation for May. The central bank said the risks to the inflation outlook continue to be broadly balanced for this year through 2027, but noted the "more challenging external environment' which may pose a "downside risk to domestic economic activity.' The price data would help the central bank - which had forecast April inflation to come in within a range of 1.3% and 2.1% - to continue cutting its key interest rate for the rest of the year. The BSP lowered its benchmark rate last month and signalled further policy easing ahead as the risks of a global slowdown due to higher US tariffs confront the South-East Asian nation. BSP Governor Eli Remolona last month said that while he sees more rate cuts this year, he doesn't expect it to happen at every policy meeting. The central bank's Monetary Board will meet next on June 19. The Philippines' benchmark stock index edged higher after the inflation data release, while the peso was little changed against the US dollar. "The combination of low inflation, weaker growth prospects, and a relatively resilient peso together give Bangko Sentral ng Pilipinas the green light to continue easing,' said Tamara Henderson, an economist with Bloomberg Economics. She sees another 25-basis point cut in the central bank's key rate at the June meeting. - Bloomberg
