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2018-04-16 09:20:00

PHILIPPINES: KEY INVESTMENTS

PHILIPPINES: KEY INVESTMENTS

WBGInvestments in infrastructure and education, skills, and health, are not only key to sustaining high growth but will also ensure that poor and vulnerable families have access to better job opportunities. Delivering inclusive economic growth through good jobs remains the country's most pressing challenge, according to the World Bank.

The World Bank's Philippines Economic Update (PEU) released today said that in 2017 the Philippines was among the top three growth performers in the region. Monetary and fiscal policy supported this growth performance.

The Philippine economy will remain strong, projected to grow at an annual rate of 6.7 percent in both 2018 and 2019. The economy is currently growing at its potential, making productive investment in physical and human capital essential so that the economy can continue to grow along its current trajectory.

Released twice a year, the PEU also flags potential risks that could affect the growth prospects of the economy.

"There are several domestic risks facing the Philippines, including increasing inflation and an overheating of the economy as well as high fiscal deficits," said Birgit Hansl, World Bank Lead Economist and Program Leader for Equitable Growth, Finance and Institutions for Brunei, Malaysia, Philippines and Thailand. "External risks consist of greater policy uncertainty related to growing trade protectionism and increasingly inward-looking sentiments in several advanced and emerging economies, and potential market volatility from faster-than-expected U.S. Federal Reserve rate normalization."

Finally, slow progress in the medium term to implement structural policy reforms that would increase investment and create quality employment could prevent the Philippines from achieving more inclusive growth.

In particular, higher real wages are essential to achieve shared prosperity and inclusive growth. In recent years, the Philippine economy has made great strides in delivering inclusive growth, evidenced by the declining poverty rates and a falling inequality. Unemployment has reached historic low rates. However, underemployment remains high, near its 18-20 percent decade-long average. At the same time, mean wages remained largely stagnant.

"The main challenge facing the Philippines today is not unemployment, but rather the poor quality of jobs in the labor market," said Mara K. Warwick, World Bank Country Director for Brunei, Malaysia, Philippines and Thailand. "High-quality jobs and faster growth of real wages are the missing links to higher shared prosperity in the Philippines."

More can be done to create high-quality jobs in the Philippines. The government needs to affirm its commitment to the promotion of competition, secure property rights, less regulatory complexities, and an improved investment climate.

Investing in the future means prioritizing investment in both physical infrastructure and human capital, such as in education, skills, and health, as this will create better employment opportunities, especially among the poor.

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Earlier:

 CHINA - PHILIPPINES COOPERATION
2018, March, 28, 11:00:00

CHINA - PHILIPPINES COOPERATION

OGJ - The governments of China and the Philippines say they’re moving toward cooperative offshore oil and gas exploration.

 

 

 SOUTH CHINA SEA OIL
2018, March, 5, 11:25:00

SOUTH CHINA SEA OIL

REUTERS - Any deal between the Philippines and a Chinese firm to jointly explore for gas in the Reed Bank of the South China Sea will be illegal unless China recognizes the southeast Asian nation’s sovereign rights there, a Philippine judge said on Monday.

 

 SOUTH CHINA SEA SOVEREIGNTY
2017, April, 6, 18:45:00

SOUTH CHINA SEA SOVEREIGNTY

China claims almost all of a large stretch of sea between Taiwan, Malaysia, Indonesia, the Philippines, Brunei, Vietnam and Japan. The trouble is, between them, these seven other states all do too.

 

 

 PHILIPPINES NEED OFFSHORE
2016, July, 26, 19:00:00

PHILIPPINES NEED OFFSHORE

The Philippines relies overwhelmingly on imports to fuel its fast-growing economy. That reliance will grow further in a few years when the main source of domestic natural gas runs out, so the clock is ticking for it to develop offshore fields that China shows no sign of loosening its grip on.

 

 SOUTHEAST ENERGY WAR
2016, July, 5, 18:15:00

SOUTHEAST ENERGY WAR

About $5 trillion in ship-borne trade passes every year though the energy-rich, strategic waters of the South China Sea, where China's territorial claims overlap in parts with Vietnam, the Philippines, Malaysia, Brunei and Taiwan.

 

 CHINA & PHILIPPINES TALKS
2015, June, 15, 18:40:00

CHINA & PHILIPPINES TALKS

China’s ambassador to the Philippines has suggested that the two countries sit down for talks on the most squeamish territorial dispute in Asia. The question of who controls the fishery-rich, 3.5 million-square-kilometer South China Sea, also full of oil and natural gas as well as major world shipping lanes, could proceed from military preparations to a calm negotiating room. The two governments – both unusually aggressive in asserting rival claims to the sea — might be able to work something out. The Philippines is talking now to Taiwan to agree on law enforcement in their own overlapping waters.

 

 

 

Tags: PHILIPPINES, INVESTMENT

Chronicle:

PHILIPPINES: KEY INVESTMENTS
2018, June, 18, 14:00:00

U.S. IS BETTER

IMF - Within the next few years, the U.S. economy is expected to enter its longest expansion in recorded history. The Tax Cuts and Jobs Act and the approved increase in spending are providing a significant boost to the economy. We forecast growth of close to 3 percent this year but falling from that level over the medium-term. In my discussions with Secretary Mnuchin he was clear that he regards our medium-term outlook as too pessimistic. Frankly, I hope he is right. That would be good for both the U.S. and the world economy.

PHILIPPINES: KEY INVESTMENTS
2018, June, 18, 13:55:00

U.S. ECONOMY UP

IMF - The near-term outlook for the U.S. economy is one of strong growth and job creation. Unemployment is already near levels not seen since the late 1960s and growth is set to accelerate, aided by a near-term fiscal stimulus, a welcome recovery of private investment, and supportive financial conditions. These positive outturns have supported, and been reinforced by, a favorable external environment with a broad-based pick up in global activity. Next year, the U.S. economy is expected to mark the longest expansion in its recorded history. The balance of evidence suggests that the U.S. economy is beyond full employment.

PHILIPPINES: KEY INVESTMENTS
2018, June, 18, 13:50:00

U.S. INDUSTRIAL PRODUCTION DOWN 0.1%

U.S. FRB - Industrial production edged down 0.1 percent in May after rising 0.9 percent in April. Manufacturing production fell 0.7 percent in May, largely because truck assemblies were disrupted by a major fire at a parts supplier. Excluding motor vehicles and parts, factory output moved down 0.2 percent. The index for mining rose 1.8 percent, its fourth consecutive month of growth; the output of utilities moved up 1.1 percent. At 107.3 percent of its 2012 average, total industrial production was 3.5 percent higher in May than it was a year earlier. Capacity utilization for the industrial sector decreased 0.2 percentage point in May to 77.9 percent, a rate that is 1.9 percentage points below its long-run (1972–2017) average.

PHILIPPINES: KEY INVESTMENTS
2018, June, 18, 13:45:00

SOUTH AFRICA: NO BENEFITS

IMF - South Africa’s potential is significant, yet growth over the past five years has not benefitted from the global recovery. The economy is globally positioned, sophisticated, and diversified, and several sectors—agribusiness, mining, manufacturing, and services—have capacity for expansion. Combined with strong institutions and a young workforce, opportunities are vast. However, several constraints have held growth back. Policy uncertainty and a regulatory environment not conducive to private investment have resulted in GDP growth rates that have not kept up with those of population growth, reducing income per capita, and hurting disproportionately the poor.

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