Connect with us

Hi, what are you looking for?


Economy likely expanded by 7.1% in first quarter


THE ECONOMY likely expanded by 7.1% in the first quarter, as consumption may have gotten a boost from higher remittances and personal income tax cuts, First Metro Investment Corp. (FMIC) and the University of Asia and the Pacific (UA&P) said.

“We expect a solid 7.1% GDP (gross domestic product) growth in the first quarter, buoyed further by personal income tax cuts and robust overseas Filipino workers (OFW) remittances…this should prove sufficient to boost business and consumer confidence moving forward,” FMIC and UA&P said in its Market Call on Monday.

The government set its growth target at 6-7% this year, slower than the 7.6% expansion seen in 2022.

Under the Tax Reform for Acceleration and Inclusion law, personal income tax cuts took effect this year. Taxpayers with annual taxable income above P250,000 but less than P8 million have lower tax rates ranging from 15% to 30%.

Cash remittances rose by 3.5% to $2.76 billion in January. The central bank expects remittances to grow by 4% this year.

“We expect National Government infrastructure spending, together with major ongoing public-private partnerships, to bulk up in 2023,” FMIC and UA&P said.

The government is planning to spend 5-6% of GDP on infrastructure this year.

“The employment picture should improve starting February when the weather permits more travel, eating out, and construction work,” it said.

At the same time, FMIC and UA&P said that inflation likely peaked in January and should slow in the coming months “though not as fast as policy makers would want.”

Inflation slowed to 8.6% in February from the 14-year high of 8.7% in January.

“Despite high inflation and negativity that troubles many minds, we think the economy is far from being down and out,” FMIC and UA&P said. — L.M.J.C. Jocson

Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!



Attention to all the gamers out there: vivo‘s got the smartphone for you! Whether it’s Mobile Legends or Call of Duty, the vivo Y35...


Fans applaud Angge and Bryce’s undeniable chemistry, and wait for their interactions in each Ang Lalaki sa Likod ng Profile episode. Since its premiere...


Hann Casino Resort, the first fully integrated resort in Central Luzon, now stands as an iconic landmark in Clark Freeport Zone as it flaunts...

Editor’s Pick

<?xml encoding=”utf-8″ ?????????> The windfall tax on oil and gas firms will be suspended if prices fall to normal levels for a sustained period,...


One of the first things that come to mind when you become financially independent is the excitement of finally having your own money to...


Smartphone screen showing the countries where GCash can be used with international SIMs GCash users can now opt for a hassle-free, cashless payment method...

You May Also Like


COVID-19 has had a significant impact on the mental health of Filipinos across different groups all over the archipelago. From frontline workers, parents balancing...


REUTERS By Luz Wendy T. Noble, Reporter The country’s foreign exchange buffers slightly increased as of end-October as the value of the central bank’s...


BW FILE PHOTO GROSS BORROWINGS by the National Government reached P2.6 trillion as of end-September as it continued to raise funds to respond to...


KARASOLAR.COM TENA, Ecuador — Ecuador’s rainforest Achuar people say their ancestors long dreamed of a “fire canoe” or “electric fish” that would let them...

Disclaimer: Respect, its managers, its employees, and assigns (collectively "The Company") do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2022 Respect Investment. All Rights Reserved.