News & Events
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U.S. economy entered recession in February
Jun 25, 2020The designation was expected, but notable for its speed, coming a mere four months after the recession began. The committee has typically waited longer before making a recession call in order to be sure. When the economy started declining in late 2007, for example, the group did not pinpoint the start of the recession until a year later.
U.S. gross domestic product fell at a 4.8% annualized rate in the first three months of the year. The outcome for the April to June period is expected to show an even worse annualized decline of perhaps 20% or more. The unemployment rate rose from a record low of 3.5% in February, hitting 14.7% in April and 13.3% last month.
Read more:
https://www.reuters.com/article/us-usa-economy-recession/its-official-u-s-economy-entered-recession-in-february-idUSKBN23F28L
Cargo volume decreased by 4.5% in first quarter as COVID-19 hit shipping industry
Jun 24, 2020
State-run Philippine Ports Authority said Monday passenger traffic and cargo volume fell in the first quarter amid the outbreak of the coronavirus disease 2019.
Data from PPA showed that total cargo volume reached 56.70 million metric tons from January to March, down by 4.49 percent from 59.37 million MT registered in the same period last year.
Domestic cargoes dropped 3.26 percent in the first quarter to 25.44 million MT from 26.30 million MT a year ago, while foreign cargoes decreased 5.4 percent to 31.26 million MT from 33.06 million.
The PPA said import cargoes fell 5.8 percent to 23.24 million MT from 24.68 MT, while export cargoes declined 4.4 percent to 8.01 million MT from 8.38 million MT.
Read more:
https://manilastandard.net/business/biz-plus/325540/cargo-volume-decreased-by-4-5-in-first-quarter-as-covid-19-hit-shipping-industry.html
Business and industry groups, SMEs cite measures for econ recovery
Jun 17, 2020The list of recommendations was presented by Philippine Chamber of Commerce and Industry (PCCI) President Benedicto Yujuico to Socioeconomic Planning Secretary Karl Chua and Finance Department Secretary Carlos Dominguez 3rd during the Sulong Pilipinas online conference held on Monday.
The groups also said that the government must improve internet connectivity and accessibility in the country; improve the availability of public transportation as the country manages the impact of and recovery from Covid-19 a by allowing the operation of mass public transportation; and strengthen the manufacturing sector.
Read more:
| https://www.manilatimes.net/2020/06/09/business/business-top/business-and-industry-groups-smes-cite-measures-for-econ-recovery/730492/ |
Quarantine change possible next week
Jun 17, 2020But Palace spokesman Harry Roque Jr. said officials would have to examine the situation in Metro Manila before deciding if it could be placed under modified general community quarantine.
“Well, it’s an even chance, I would say. Pero titignan po natin ang datos dahil, alam niyo naman, talagang ang sentro ng Covid-19 ay dito sa Metropolitan Manila (We will have to look at the data because, as you know, the center of Covid-19 is in Metro Manila),” he added.
Read more:
| https://www.manilatimes.net/2020/06/09/news/national/quarantine-change-possible-next-week/730391/ |
Stocks plummet on coronavirus fears
Mar 16, 2020This as the World Health Organization (WHO) on Wednesday officially declared the spread of the coronavirus as a global pandemic.
he benchmark Philippine Stock Exchange index (PSEi) gave up 616.99 points or 9.71% to 5,736.27 on Thursday — its biggest single-day decline since the 12.27% drop in Oct. 27, 2008 at the height of the global financial crisis.
Thursday also saw the PSEi close at its lowest since the 5,636.59 finish on Dec. 18, 2012.
https://www.bworldonline.com/stocks-plummet-on-coronavirus-fears/