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BusinessWorld
May 11, 2021 | 9:00 pm
COURTESY OF PHILIPPINE STOCK EXCHANGE, INC.
PHILIPPINE shares went up on Tuesday on last-minute bargain hunting following the market’s decline as data showed the economy contracted worse than expected in the first quarter.
The Philippine Stock Exchange index (PSEi) went up by 9.42 points or 0.14% to close at 6,326.83 on Tuesday, while the all shares index increased by 1.25 points or 0.03% to finish at 3,907.96.
Philstocks Financial, Inc. Senior Research Analyst Japhet Louis O. Tantiangco said last-minute bargain hunting after the index’s drop during the day caused it to post a gain.
“Investors took opportunity out of the market’s dip within the trading day caused by the dismal Q1 2021 GDP (gross domestic product) figures. The progress in the country’s COVID-19 (coronavirus disease 2019) vaccine procurement helped spur positive sentiment. Trading lacked conviction,” Mr. Tantiangco said in a Viber message.
PH GDP shrinks 4.2% in Q1 2021, marking longest recession in recent history
May 11, 2021 10:05 AM PHT
The Philippine Statistics Authority on Tuesday, May 11, announced that the country’s gross domestic product (GDP) shrank 4.2% in the first quarter of 2021, confirming experts fears that the economy will recover much slower than expected.
It is the fifth consecutive quarter that the country has registered negative GDP growth due to the pandemic, making it the longest recession since the Marcos years.
Agriculture fell 1.2%, while services and industry contracted by 4.4% and 4.7%, respectively.
The main contributors to the GDP decline were construction (-24.2%), other services like entertainment and recreation (-38%), and real estate (-13.2%).
Published May 11, 2021, 11:07 AM
Amid COVID-19 lockdown restrictions and lack of support in the livestock sector, which contributes more than 14 percent to the Philippines’ total farm output, it is unlikely for the agriculture sector to recover soon and achieve the Department of Agriculture’s (DA) growth target by the end of this year.
Photo by Amber Kipp on Unsplash
“With the MECQ [modified enhanced community quarantine], which continue to affect demand for pork and chicken and challenges in the supply chain, it will be wishful thinking to achieve the target of DA of an annual growth of 2.5 percent for the whole year,” Philippine Chamber of Agriculture and Food Inc. (PCAFI) President Danilo V. Fausto told Business Bulletin.
DOLE to stop accepting applications for P5,000 assistance for tourism workers
Published May 10, 2021 2:30pm The Department of Labor and Employment (DOLE) will stop accepting applications for the COVID-19 Adjustment Measures Program (CAMP) for the tourism sector, as the number of target beneficiaries has been reached. Labor Secretary Silvestre Bello III said the department will no longer accept online applications for the P5,000 financial assistance for the tourism sector under CAMP starting 5 p.m. on May 10, 2021. The Department has reached the target beneficiaries and is currently evaluating and processing payment of the remaining applications, Bello said in Labor Advisory 10 dated May 5, 2021.