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A broader look at today’s business Friday, April 12, 2024 Vol. 19 No. 178
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FEB EXPORT EARNINGS
UP 15.7%, A 16-MO HIGH By Cai U. Ordinario @caiordinario
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S the demand for semiconductors turned a corner, the country’s export earnings posted a 16-month high in February 2024, according to the latest data released by the Philippine Statistics Authority (PSA). The Philippine Export and Import Statistics in February 2024 showed the country’s export earnings jumped 15.7 percent, the fastest growth it recorded since the 20.6 percent posted in October 2022. See “Feb,” A
RICE RESILIENCE Despite the sweltering summer heat, a resident of Barangay Burgos in Pakil, Laguna, checks on a palay farm in Estaca port, ready for harvest in the next three months, embodying hope for a fruitful yield despite challenging conditions. BERNARD TESTA
JOBLESS RATE SLOWS BUT GOVT FLAGS EXIT OF WOMEN, YOUTH
High inflation spurs ADB to cut PHL growth outlook
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ULNERABLE groups such as women and young Filipinos dropped out of the labor force in February 2024 due to household duties and schooling, according to the latest data released by the Philippine Statistics Authority (PSA). On Thursday, in the results of the February 2024 Labor Force Survey (LFS), there were 1.8 million Filipinos considered jobless in February 2024. National Statistician Claire Dennis S. Mapa said this was the second lowest in the series which started in 2005. (See: https://businessmirror.com.
ph/2024/04/11/unemployed-filipinosless-than-2m-in-feb-24-psa/) However, Socioeconomic Planning and National Economic and Development Authority (Neda) Secretary Arsenio M. Balisacan pointed out that 1.07 million women and young Filipinos still opted out of the labor force in February 2024. “ T he need s of v u l nerable groups, including women, youth, older people, and those with disabilities, remain our priority to encourage workforce participation,” Balisacan said. See “Jobless,” A
IGH inflation that could re s u lt f rom e x t re me weather events and pricey logistics costs prompted the Asian Development Bank (ADB) to reduce its growth expectations for the Philippines this year. In its latest Asian Development Outlook (ADO), the Manila-based multilateral development bank said the country's GDP growth is now projected to average 6 percent from the September and December 2023 forecast of 6.2 percent. However, inflation estimates averaged 3.8 percent this year, better than the 4-percent outlook
in September and December 2023. For 2025, the ADB estimates that growth will average 6.2 percent and inf lation will average 3.4 percent. “It’s [downward revision in growth estimate] basically [due to] an upside risk to inflation, mainly how the extreme weather events affect the agricultural production, the food prices that can affect the inflation in the Philippines, as food has a strong weighting of nearly 40 percent in the consumer price index (CPI) in See “High,” A
PESO EXCHANGE RATES Q US 56.5540 Q JAPAN 0.3697 Q UK 70.9131 Q HK 7.2184 Q CHINA 7.8173 Q SINGAPORE 41.7897 Q AUSTRALIA 36.8280 Q EU 60.7729 Q KOREA 0.0415 Q SAUDI ARABIA 15.0779 Source: BSP (April 11, 2024)