Economy

Philippine business groups have warned that acts of intimidation and hatred could damage investor confidence, tourism and the country’s global reputation, urging authorities to quickly identify those responsible and enforce the law.

The Philippines’ gross international reserves (GIR) remained above the psychologically important USD100-billion mark in July, providing the country a sizable external cushion even as the stockpile edged lower during the month. 

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.