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Rice, corn output seen lower in 2Q on El Nino impact—PSA estimates
Rice and corn production is projected to have dropped in the second quarter, with water shortage caused by El Nino reducing both yield and areas cultivated for the important grains, the latest estimates from the Philippine Statistics Authority showed.
P2.09 trillion tourism receipts accounted for 8.6% PH output expansion in 2023
Tourism in 2023 played a significant role in the economy, contributing 8.6 percent to the gross domestic product, data from the Philippine Statistics Authority showed.
Four-month remittances aggregate $12 billion
The personal remittances of overseas Filipinos, an important source of foreign exchange for the Philippines, grew by 2.8 percent in the first four months this year to USD 12.01 billion, the Bangko Sentral ng Pilipinas reported on Monday.
Net exodus of Q1 foreign investments help moderate BOP surplus of only $238 million
The balance of payments (BOP), or what is left of the country's foreign currency earnings minus its foreign currency expenses, stood as a surplus of only USD238 million in the first three months this year, sharply lower than the year-earlier surplus of USD3.5 billion.
MERALCO surprises on downside, announces June rate cut instead
Manila Electric Company (Meralco) customers can expect a significant reduction in the June electricity rates, a turnaround from the increase announced earlier, as the power distributor implements staggered collection of generation costs from the Wholesale Electricity Spot Marker (WESM).
