Latest news with #RosemarieEdillon
The Star
4 days ago
- 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
CNA
08-05-2025
- Business
- CNA
Philippines Q1 GDP grows slightly faster but lags expectations
MANILA :The Philippine economy expanded slightly faster in the first quarter even as growth lagged expectations, with household consumption and public spending underpinning momentum as the country faces rising external headwinds from U.S. tariffs. Gross domestic product rose by an annual 5.4 per cent in the January–March quarter, official data showed on Thursday, slightly ahead of the 5.3 per cent pace in the fourth quarter of 2024. However, the figure fell short of the 5.7 per cent growth projected in a Reuters poll. "This performance underscores the relative resilience of our economy in the face of global volatility," Economic Development Undersecretary Rosemarie Edillon said at a press briefing. On a seasonally adjusted basis, the economy expanded 1.2 per cent quarter-on-quarter, missing economists' median forecast of 1.6 per cent, according to the Reuters poll. Growth in the first quarter was largely driven by a surge in public spending, which jumped 18.7 per cent, the fastest pace since the second quarter 2020, as the government front-loaded infrastructure spending before a 45-day ban imposed ahead of the May 12 midterm election takes effect. Household consumption also picked up, growing 5.3 per cent from 4.7 per cent in the previous quarter, buoyed by easing inflation, which Edillon said may give the Bangko Sentral ng Pilipinas more leeway to loosen monetary policy. "There's really room for more easing," she said. Annual inflation in April slowed to its lowest level in over five years to 1.4 per cent, boosting expectations of a policy rate cut at the central bank's next meeting on June 19.
Reuters
30-01-2025
- Business
- Reuters
Philippines Q4 GDP grows 5.2% y/y, below expectations
MANILA, Jan 30 (Reuters) - The Philippine economy (PHGDP=ECI), opens new tab expanded an annual 5.2% in fourth quarter from a year earlier, official data showed on Thursday, missing the median forecast of 5.4% growth in a Reuters poll of economists. On a quarterly basis, the Philippines grew a seasonally adjusted 1.8% in the October-December quarter, data from Philippines Statistics Authority showed, below the 1.9% forecast in the poll. Fourth quarter growth, which matched the previous quarter's 5.2% expansion, brought full-year growth in 2024 to 5.6%, below the government's 6.0% to 6.5% growth target. The weaker than expected expansion in the last three months of 2024 came as a result of typhoons, droughts and other climate-related disruptions, with farm output contracting domestic demand weaker. "We faced numerous setbacks," Economic Planning Undersecretary Rosemarie Edillon told a media briefing. Last month, the government widened its growth target for 2025-2028 to a range of 6.0% to 8.0%, from 6.5% to 7.5% for 2025 and 6.5% to 8.0% in 2026-2028 to account for what it said were evolving global uncertainties. Get a look at the day ahead in Asian and global markets with the Morning Bid Asia newsletter. Sign up here.
