Economy

The economy recorded a 2.3 percent expansion in the second quarter this year, according to data released by the Philippine Statistics Authority (PSA). The performance fell short of market expectations, slowing from the 2.8 percent growth recorded in the first quarter of the year. Excluding the severe disruptions caused by the COVID-19 pandemic, this represents the softest quarterly growth since the fourth quarter of 2009.

Philippine retailers are bracing for another challenging year, with industry growth expected to remain in the single digits as higher operating costs, cautious consumers, and intensifying competition from online sellers continue to squeeze margins, according to the Philippine Retailers Association (PRA).

Maynilad Water Services Inc. is backing government efforts to overhaul the permitting process for water infrastructure projects, saying faster approvals would accelerate investments, reduce service disruptions, and improve the delivery of water services to millions of consumers.

The Bureau of Customs (BOC) has tightened security over confiscated illicit cigarettes after reports of attempted theft, with Commissioner Ariel F. Nepomuceno warning that any personnel involved in pilferage or unauthorized removal would face immediate dismissal and criminal prosecution.

The Philippines' unemployment rate rose to 4.9 percent in June from 4.8 percent in May, as the number of jobless Filipinos climbed to 2.59 million, underscoring the uneven pace of labor market recovery despite an increase in overall employment.