I am not referring to the monetary board’s key interest rate policy. ‘Am talking about the national government’s budget deficit target for this year.
The deficit level stays at 8.5 percent of Gross Domestic Product (GDP) for this year and hopefully go down further to 7.2 percent in 2022 from a blazing 9.6 percent in 2020.
This is despite the contraction of the domestic economy for the fifth consecutive quarters since the declaration of the pandemic with GDP shrinking 4.2 percent during the first three months of 2021.
All things considered, the landscape of the Philippine economy is still on a cliffhanger, but the National Economic Development Authority (NEDA) is seeing some signs of hope.
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Officials expect, plan for continued ZamPen economic slowdown in 2021
Philippine Information Agency
07 May 2021, 16:38 GMT+10
ZAMBOANGA CITY, May 7 (PIA) - The Region s economy declined significantly in 2020 due to the pandemic, and this trend is expected to continue in 2021.
According to Philippine Statistics Authority (PSA) Regional Director Mewchun Pamaran, the regional economy declined 5.2 percent in 2020, as compared to 2019. She said major industries that were affected include agriculture, forestry & fisheries, industries including construction and manufacturing, and services including transportation, accommodation, real estate, education and information and communications.
PSA data indicates that employment rate also dropped from 96.3 percent before the pandemic to 90.1 percent by the end of 2020. Demand for meat has also declined due to the partial or full closure of restaurants. Moreover, household consumption declined by 6 percent.
Amended economic blueprint for Bicol aims to reshape flagging economy
Philippine Information Agency
06 May 2021, 16:38 GMT+10
LEGAZPI CITY (PIA) Bicol Region is seeking to reverse the damage wrought by the COVID-19 pandemic on its economy by invigorating the agriculture, education and health sectors and pushing its key infrastructure projects through its modified economic stimulus measures, a state economist said.
Assistant Regional Director Edna Cynthia S. Berces of the state planning agency National Economic Development Authority (NEDA) said the Updated Bicol Regional Development Plan (RDP), which serves as the region s blueprint to enhance Bicolanos lives, would prioritize the completion of the Bicol International Airport, construction of farm-to-market roads and key infrastructures in innovation centers, implementation of the Universal Health Care Act, settlement programs, social protection, and improving the quality of instruction in education.
TESDA/FB
In a statement on Tuesday, May 4 the agency said the high inflation rate has significantly affected assessors and operation costs of assessment centers (ACs).
TESDA said factors considered for the new rates are utilities, space rentals, tools and equipment, supplies and materials, assessor’s fees and AC’s personnel salary.
“Included in the new charges are the adjustments in assessors’ fee on TESDA’s top three priority sectors: agriculture, forestry and fishery; health and construction. Based on a memorandum issued in June 2020, the current assessor’s fee is up by 36.4 percent – from the previous rate of P234.00 to the current rate of P319.00,” it said.