Philippine economy to fall 9.2 percent in H2: ANZ Research
ANZ Research predicts that the Philippine economy will fall 9.2 percent in the second half of 2020 as the economy is likely to book a double-digit contraction in the third quarter due to the coronavirus pandemic.
In a market in Manila, the Philippines (Photo: AFP/VNA)
Hanoi (VNA) - ANZ Research predicts that thePhilippine economy will fall 9.2 percent in the second half of 2020 as theeconomy is likely to book a double-digit contraction in the third quarter dueto the coronavirus pandemic.
ANZResearch expects the Philippines’ GDP would contract by 11.5 percent in thethird quarter and by 7.1 percent in the fourth quarter.
KanikaBhatnagar, economist at ANZ Research, said as a result, the economy is nowexpected to contract by 9.1 percent this year, a reversal of the six percentgrowth in 2019.
Theeconomy stalled after Luzon was placed under enhanced community quarantine inthe middle of March. The lockdown was relaxed as the National Capital Region(NCR) shifted to general community quarantine in June.
However,Metro Manila and nearby provinces reverted to stricter modified enhancedcommunity quarantine from August 4 to 18 as COVID-19 cases surged.
Theeconomist also cited the unprecedented fall in remittances due to therepatriation of overseas Filipino workers, a surge in unemployment rate to arecord 17.7 percent as well as slow fiscal delivery.
Inaddition, Bhatnagar noted the limited efficacy of monetary policy even if the Philippines’central bank (BSP) slashed interest rates by a cumulative 175 basis points to arecord low of 2.25 percent so far this year and lowered the reserve requirementratio./.
Philippine President Rodrigo Duterte on August 17 decided to ease lockdown measures in and around the capital Manila as his government promised a “refreshed” approach to fighting COVID-19 that includes intensified testing.
In his article, Oscar Sanchez Serra highlighted President Ho Chi Minh’s founding of the Thanh Nien (Young People) newspaper on June 21, 1925, which marked the birth of Vietnam's revolutionary press rooted in a bold and far-sighted vision.
Several ASEAN meetings are scheduled to take place in Port Dickson this September, including the Senior Officials' Meeting (SOM) for ASEAN Plus Three (APT), the East Asia Summit (EAS), the 15th ASEAN Maritime Forum, and the 13th Expanded ASEAN Maritime Forum.
Thailand's Prime Minister Paetongtarn Shinawatra has ordered the urgent implementation of a national policy to crack down on all forms of call centre scams, online fraud, and illegal gambling, which are now considered threats to national security.
Coordinating Minister for Economic Affairs Airlangga Hartarto and EAEU Trade Minister Andrey Slepnev jointly declared the conclusion of FTA talks on the sidelines of the 28th St. Petersburg International Economic Forum (SPIEF 2025), according to the statement.
The article stressed that throughout his revolutionary career, the founder of modern Vietnam consistently regarded the revolutionary press as a vital part of the Vietnamese Party’s and nation’s revolutionary struggle.
Pichai said the trade talks with the US are important and need to move forward professionally, without regard for any political changes in Thailand, believing that Thailand has clear principles, guidelines and procedures in place.
The tax adjustment supports the Malaysian Government’s strategy to reduce reliance on foreign food supply chains and to assist domestic farmers, a finance official has said.
The proposed venue is located in the Chatuchak area of Bangkok, featuring eight public sites, including Krungthep Aphiwat Central Terminal and several nearby parks.
Connectivity is expected to improve further with the completion of the fifth Laos–Thailand Friendship Bridge by the end of 2025, facilitating logistics and agricultural exports to Vietnam, Thailand, and China.
Two naval gunboats intercepted a fishing vessel carrying 1.5 tonnes of methamphetamine hydrochloride off the coast of the main island of Luzon just before dawn, in a joint operation with the Philippine Drug Enforcement Agency.
In the today context of socio-economic development and growth, the professionalism of Vietnam’s revolutionary journalists continues to rise, guided by exemplary mastery of new information technologies and the modernisation of their founding principles to preserve the enduring values of revolutionary journalism.
Thai Permanent Secretary of the Ministry of Commerce Vuttikrai Leewiraphan Thailand's formal proposal will be substantial enough for the US to consider further detailed negotiations. He hoped for a tariff rate not exceeding 10% and suggested that the US might extend the negotiation period if an agreement is not reached by the July 8 deadline.
Organised by the Ministry of Culture and the Association of Thai Silk & Culture Promotions, the event honors Her Majesty the Queen on her 47th birthday anniversary and promotes Thai craftsmanship on an international stage.
Prensa Latina's recent article on Vietnam’s assurance of smooth and effective transition to a leaner structure highlighted Prime Minister Pham Minh Chinh’s latest directions on implementing 28 resolutions regarding the decentralisation and delegation of authority.
The lab focuses on four key thematic areas: energy transition and green innovation, sustainable agriculture, circular economy and sustainable cities, and nature-based solutions and biodiversity.
The key content of the document titled "Accelerating Innovative Strategies: Addressing the OOSCY Challenges" will be refined further in a seminar preceding the 47th ASEAN Summit in Kuala Lumpur this October.
This follows Telegram’s serious failure to address the content that has been repeatedly reported to them, despite various efforts of negotiation and cooperation made by MCMC, it said.
In a market in Manila, the Philippines (Photo: AFP/VNA) 
