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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
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PHL officially launches ASEAN 2017. (PNA)

PHL officially launches ASEAN 2017. (PNA)

IMF hikes ‘16 GDP forecast for PHL to 6.8%

MANILA, (PNA) -- Higher-than-expected growth of the Philippine economy in the third quarter of 2016 made the International Monetary Fund (IMF) revise upwards its projection for the domestic economy this year to 6.8 percent.

This was previously at 6.4 percent, based on the lenders’ update in September 2016.

IMF Representative to the Philippines Shanaka Jayanath Peiris earlier disclosed the possible update of the lender’s 2016 growth forecast for the Philippines after gross domestic product (GDP) print in the third quarter of last year posted its highest for almost three years at 7.1 percent, which is also the highest in the region for the period.

The GDP in the first three quarters of 2016 averaged seven percent, the upper end of the government's six to seven percent target for the said period.

”The Philippines is expected to maintain its strong GDP growth momentum registered in 2016 into 2017 at a pace of about 6.8 percent, supported by a fiscal stimulus as the budget deficit widens towards the three percent of GDP target,” he said Monday.

The IMF official said exports, which was hurt by the weak global economy, “are also anticipated to recover reflecting the pick-up in global growth and commodity prices.”

“The medium-term growth outlook would depend on the more uncertain global economic outlook and the passage of the administration’s tax reform proposals that would be important to continue to raise public infrastructure investment and social spending to benefit from the demographic dividend,”he added.

The upgrade of the country’s projected growth is in line with the multilateral lender’s projection of possible bigger impact from the stimulus program in the US and China than currently projected.

IMF, in its World Economic Outlook (WEO) released Monday night (Philippine time), has a 4.1 percent growth forecast for emerging market and developing economies for 2016 and this is expected to rise to 4.5 percent this year and 4.8 percent for 2018.

The growth outlook for 2017, is however 0.1 percent lower than IMF’s projection made in October last year.

Growth for the Association of Southeast Asian Nations (ASEAN) 5, which groups Indonesia, Malaysia, Philippines, Thailand and Vietnam, is projected to be at 4.8 for 2016, 4.9 percent for 2017 and 5.2 percent in 2018.

The 2017 projection is lower by 0.2 percent than the figure in the October 2016 projections.

IMF, in its latest report, said “emerging market and developing economies face starkly diverse cyclical positions and structural challenges.”

”In general, enhancing financial resilience can reduce the vulnerability to a tightening of global financial conditions, sharp currency movements, and the risk of capital flow reversals,” it said.

The report said countries that have large and increasing non-financial liabilities, unhedged foreign debts or those that heavily rely on short-term loans to finance long-term investments “must adopt stronger risk management practices and contain balance sheet mismatches.”

It explained that on the back of weak growth and limited policy space in many countries “continued multilateral effort is required in several areas to minimize risks to financial stability and sustain global improvements in living standards.”

”To share the long-term benefits of economic integration more broadly, policymakers must ensure that well-targeted initiatives are in place to help those adversely affected by trade opening and to facilitate their ability to find jobs in the sectors of the economy that are expanding,” it said.

Multilateral and national efforts are also needed to address tax evasion, it said.

Measures to ensure the resiliency of financial systems should continuously be put in place to address emerging risks from non-bank factors, it said.

”Last but not the least, multilateral cooperation is also indispensable to address important longer-term global challenges,