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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 http://www.pna.gov.ph

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
www.pna.gov.ph
pnadesk@yahoo.com
+63 352 43 28,
+63 352 43 34,
+63 352 43 35
Latest Press Release
ASEAN Ministers Spouses lead the Mangrove Planting. (PNA)

ASEAN Ministers Spouses lead the Mangrove Planting. (PNA)

S&P eyes 6-6.5% GDP growth for PHL this ‘17

MANILA, (PNA) -- Debt rater Standard & Poor’s (S&P) forecasts an average growth of between six to 6.5 percent for the Philippine economy this 2017 given the strong expansion of consumption and investments.

“GDP growth of six percent to 6.5 percent is still easily achievable for the Philippines,” it said in report released Wednesday.

The upper end of S&P’s growth projection is the lower end of the government’s 6.5 to 7.5 percent target for this year.

In 2016, GDP grew by 6.8 percent, near the upper end of the government’s six to seven percent target.

The report said gross domestic product (GDP) continues to be fueled by “solid consumption and investments.”

“A growing middle class continues to support domestic demand,” it said.

Private consumption is seen to get additional support from the weakness of the peso against the dollar since depreciation of the local unit against the greenback translates to higher peso value of remittances.

However, S&P said risks from the “potential decline in confidence due to global market and/or geopolitical uncertainty, on top of the previous risks related to a sharper-than-expected downturn in China’s growth” remain.

Inflation is seen to “significantly” rise this year due to strong domestic growth and the possible approval of the government’s proposal to hike excise taxes on fuel and vehicles.

”But given the low starting point, it is not a big concern,” it said.

Rate of price increases in the first month this year rose to 2.7 percent from month-ago’s 2.6 percent.

Monetary officials expect inflation to sustain its rise partly due to increases in oil prices in the international market but it is not expected to exceed the government’s two to four percent target.

Inflation went up back to within target levels starting in September last year when it jumped to 2.3 percent from the previous month’s 1.8 percent because of continued increases in oil prices.

With the expected rise of inflation “we expect the BSP to begin raising interest rates in response,” the report said.

To date, the Bangko Sentral ng Pilipinas’ (BSP) overnight borrowing or reverse repurchase (RRP) rate is three percent, the overnight lending or repurchase (RP) rate is 3.5 percent and the rate of the special deposit account (SDA) is 2.5 percent. (PNA)