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Philippines News Agency

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The Philippines News Agency

The Philippines News Agency (PNA) is a web-based newswire service of the Philippine government. The PNA Headquarters are housed at the 2nd floor of the PIA building along Visayas Avenue, Quezon City. PNA's website address is

It has been 35 years since PNA was launched in an era when newswire operations relied mainly on teletype machines and typewriters. PNA has steadily paced the highly competitive and changing arena of Philippine journalism; it is now slowly but surely coming to par with the challenges posed by the globalization of media communications. This has deeply shaped modern journalism and the news media organizations that have been instrumental in creating the very conditions that made globalization a reality.

PNA has evolved today as an Internet-based news service agency that caters to the global demand for news and information to its subscribers, readers and a host of other clients. PNA's mission is spelled out clearly: to provide the government, the Presidency, the public, as well as its media and non-media clients, both local and foreign based, sober, factual, impartial and objective news and information. PNA provides news 24/7, including photos of major events, feature stories, sports news and events, local and global opinions, general information, as well as global news and feature stories. PNA employs about a hundred journalists and stringers across the country, with several foreign-based correspondents.

PNA beat reporters and stringers are deployed practically in every government office and agency, including the main offices and camps of police and security forces, to provide news 24/7 for local, regional and global subscribers and readers. PNA likewise maintains active news exchanges with news agencies of ASEAN member-countries and the Organization of Asia-Pacific News Agencies (OANA).

Philippines News Agency
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Latest Press Release
Highmax Turbo Power Simulator  . (PNA)

Highmax Turbo Power Simulator . (PNA)

Banks eye above 6% growth level for PHL in ’14, '15

MANILA, (PNA) -- The recovery of the Philippine economy in the second quarter of 2014 made one of Asia’s leading securities and investment broker maintain its outlook on the possible hitting of the government’s growth target for this year and next year.

In a research note, the company said it is keeping its 6.8 percent growth forecast for the country this year and 7.6 percent for 2015.

The government’s 2014 growth target is a range between 6.5-7.5 percent while it is seven to eight percent for 2015.

The industry sector drove domestic output from April to June this year, which reached 6.4 percent, higher than quarter-ago’s 5.6 percent but lower than year-ago’s 7.98 percent.

The research note expects the continued six percent-level growth for the domestic economy in the second half of the year as it expects the recovery in government spending among others.

It also noted that problems caused by port congestion issue, due mainly to the expanded truck ban in the City of Manila that started last February, will be addressed.

”Thus, we believe the composition of growth will revert to one led by domestic demand, supported by net primary income, mostly remittances from overseas Filipinos,” it added.

Relatively, Bank of the Philippine Island (BPI) lead economist Emilio Neri Jr. maintained the bank’s 6.2 percent growth forecast for the country this year on back of projected improvements in domestic financial conditions, which in turn will support consumption.

“The faster-than-expected print for second quarter of helps reduce uncertainty about the sustainability of the Philippine economy’s surprisingly strong performance in the last few years,” Neri said in a research note.

The research note cited that growth in the second quarter of the year was led by the agriculture, manufacturing and exports while construction and retail trade slowed.

”We will not be surprised if this will actually lead to an improvement in employment and poverty statistics this year vs. 2013,” it said.

With the expected sustained growth of the domestic economy, Neri said this gives the central bank’s policy-making Monetary Board (MB) leeway to further increase the Bangko Sentral ng Pilipinas’ (BSP) key rates on their September 11, 2014 meeting to keep inflation within target.

Rate of price increases last July surged to 4.9 percent, almost hitting the upper end of the government’s three to five percent target for 2014, while average for the year stood at 4.3 percent. For 2015, the inflation target is a range between two to four percent.

”We are even more confident that both SDA (special deposit account) and RRP (reverse repurchase) rates will be (up) by 25 bps (basis points) to 2.5 percent and four percent, respectively before the end of 2014,” it added. (PNA)