S&P Global Ratings kept its gross domestic product growth forecast for the Philippines at 6.5 percent for this year, but said scarring is largest in the country, as output would remain below pre-COVID trend in several Asia-Pacific economies.
The peso pierced the 55 to $1 level yesterday, closing at its weakest level in almost 17 years as investors believe the US Federal Reserve could maneuver the US economy to a soft landing and avoid recession.
Marcos to take charge of Dept of Agriculture for now cnnphilippines.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from cnnphilippines.com Daily Mail and Mail on Sunday newspapers.
The Philippines remains confident it will meet the deadline set by global dirty money watchdog Financial Action Task Force to address strategic deficiencies in countering money laundering, terrorist financing and proliferation financing.
Targeted subsidies on the most affected sectors should be the short-term solution to manage soaring inflation and not the suspension of excise taxes on fuel products, the Asian Development Bank said.