Experts believe that Vietnam is unlikely to face a new COVID-19 wave, despite China beginning to open its borders and loosen COVID-19 control measures, thanks to the country’s high vaccination rate.
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(File photo) MANILA - Moody's Analytics forecasts the sustained expansion of the Philippine economy in the second quarter of 2022 at 8.8 percent. In its Asia Pacific Economic Preview for the week covering Aug. 8-12, 2022, the subsidiary of Moody's Investors Service said the projected growth of the domestic economy from April to June this year "have put the country on track to comfortably meet its GDP (gross domestic product) target of 7-9 percent in 2022." "Private consumption and investment will buoy second-quarter growth, but higher inflation rising interest rates, and fiscal consolidation will see the economic expansion slow in the second half of the year," it said. Economic managers have earlier reduced the growth target for this year between 6.5-7.5 percent on account of the impact of domestic and external developments. The domestic economy grew, as measured by GDP, by 8.3 percent in the first three months of this year, sustaining its expansion since re
(PNA file photo) MANILA A lawmaker on Friday endorsed to the Marcos administration the 2022 Fiscal Consolidation and Resource Mobilization Plan that was released by the previous administration to address the current economic challenges brought about by the pandemic, inflation, and outstanding national debt. Aklan Rep. Teodorico Haresco, Jr. said the plan of the Duterte administration's Department of Finance (DOF), led by then finance secretary Carlos Dominguez III, seeks to modify and supplement existing tax laws for more effective and efficient revenue collection. Haresco said it proposes the deferment of the personal income tax reduction under the Tax Reform for Acceleration and Inclusion Law; modifications to the Value-Added Tax (VAT) system; and expansion of tax administration to include social media influencers. He said it also pushes for additional excise taxes; expansion of health and sin taxes; admission charges for casinos and imposition of gaming tax on electronic betti
Budget and Management Secretary Amenah Pangandaman (PNA file photo) MANILA - Economic managers have lowered the government's growth target for 2022 after taking into consideration the impact of the latest external developments. In a briefing on Friday, Department of Budget and Management (DBM) Secretary Amenah Pangandaman said the latest gross domestic product assumption for the year was changed to between 6.5 percent and 7.5 percent, lower than the 7 percent to 8 percent approved by economic managers in May, "in consideration of recent external and domestic developments." However, the 2023-2025 forecasts were hiked to 6.5 percent to 8 percent from the previous 6 percent to 7 percent. The 2026-2028 growth assumption is between 6.5 percent and 8 percent. "The increase in household consumption and private investments, along with a robust manufacturing industry, high vaccination rate, improved health care capacity, and the upward trend on tourism and employment has allo