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President Marcos signs into law Republic Act No. 12022 or the Anti-Agricultural Economic Sabotage Act, designating the smuggling, hoarding, and cartel activities affecting agricultural products as economic sabotage. [266] The first driverless bus system in the Philippines is launched in New Clark City. [267] September 27:
“Private consumption dominates the Philippines economy at around 70% of GDP, hence factors such as inflation and domestic interest rates are very important to overall growth outlook,” Holmes said.
The Philippine economy contracted by 0.2% in the first quarter of 2020, for the first time since 1998, due to the COVID-19 pandemic and resulting lockdown. [196] Fitch Ratings downgraded its outlook on the Philippines to factor in the impact of the global health crisis brought about by the coronavirus disease 2019 (COVID-19). [197]
The Philippines, for years among the world's fastest-growing economies, is forecast to see a 6.9% economic contraction this year, the World Bank has said, the biggest since the 1980s and worse ...
September 14 – The Philippines overtakes China as the world's top rice importer, according to the report by the United States Department of Agriculture. [267] [268] September 15 – Six Philippine companies are included in the Time Magazine's list of World's Best Companies of 2023. [269]
STORY: In Gloria Molina's household goods store in the Philippine capital Manila, toothpaste, instant coffee and laundry detergent go by the handful. A regular bottle of shampoo costs around $2 ...
Following the Asian economic crisis in 1997, the 2008 crisis imposed new challenges to the Philippines as a developing country. The following are expositions of the macroeconomic impacts of the crisis on the Philippines, its implications in the prevalent poverty scenario, and policies and programs undertaken by the government in response to the ...
FMIC and UA&P expect the economy to improve in the second half of 2018. [18] On October 24, the Philippines improved its ranking by 29 places in the Ease of Doing Business rankings. [19] On November 2, 2018, the Philippines slipped 11 places from the World Bank's Ease of Doing Business rankings.