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Michael Gerard D. Enriquez, Sun Life Asset Management chief investment officer said the first-quarter gross domestic product (GDP) performance was “disappointing” as it contracted way below consensus.
The local economy sunk deeper into recession in January to March at minus 4.2 percent, worse than the consensus -3.2 percent and Sun Life Asset Management’s estimate -2.0 percent.
Enriquez said the worse than expected GDP was due to continued contraction in household spending at -4.8 percent as well as the private investments, falling -18 percent.
“This only suggests that the confidence in the economy on personal spending, mobility and forward capital deployment is still at the clutches of fear towards the pandemic,” Enriquez said in a virtual briefing.
BusinessWorld
May 27, 2021 | 6:45 pm
In our column two weeks ago, “Imminent existential threat, or outright fiscal meltdown?” (
BusinessWorld, May 14, 2021) we indicated that unless the military and uniformed personnel pension system is overhauled, the sponsor of the bill, Albay Rep. Joey Salceda underestimated its outcome. It’s not just an existential threat, but rather an outright fiscal meltdown.
There is another fiscal downside risk and the National Government’s (NG) response could be game changing.
Starting next year, we might be seeing the initial implementation of the Supreme Court decision on the Mandanas-Garcia case. The ruling affirmed the increase in the share of the local government units (LGUs) in the NG’s revenues or the Internal Revenue Allotment (IRA).
S&P Global Ratings on Thursday affirmed its credit ratings for the Philippines, but flagged that downside risks such as the government's rising debt stock.
Published May 25, 2021, 4:52 PM
The national government’s budget deficit decelerated last month owing to the substantial reduction in spending for coronavirus response compared with last year, data from the Bureau of the Treasury showed.
The Duterte administration incurred a P44.4 billion fiscal gap in April, down by 84 percent compared with P273.9 billion in the same month last year.
According to the Treasury, the significant decrease was attributable to substantial decline in COVID-19 spending from the height of the imposition of the enhanced community quarantines last year.
The April budget balance brought the year-to-date cumulative fiscal deficit to P365.9 billion, up 1.6 percent year-on-year from P360 billion.