The Philippine economy expanded by 7.1 percent from July to September, among the highest third-quarter growths in the Association of the Southeast Asian Nations and East Asian region amid the pandemic, boosting optimism about staging a strong recovery next year. The third-quarter gross domestic product (GDP) was higher compared to -11.6 percent in the same period in 2020, but lower than the 12 percent in the second quarter this year mainly driven by base effects. Year-to-date growth is currently at 4.9 percent. “Our progress in the third quarter shows that the recovery is accelerating, and it is very likely that

Ormoc City became the first local government unit (LGU) to partner with the Commission on Population and Development (PopCom) to pilot the social protection program for adolescent mothers and their children (SPPAMC). The SPPAMC will ensure that no one is left behind in progress and development, including almost 200,000 young Filipino mothers and their children, PopCom chief Dr. Juan Antonio Perez said in a statement on Tuesday. A special provision in Republic Act 11518, or the General Appropriations Act for Fiscal Year 2021, states that PopCom “shall develop a recommendation for a special protection program for teenage mothers and their

The total value of the cryptocurrency market hit a record USD3 trillion on Monday, while Bitcoin was trading close to an all-time high. The market capitalization of cryptocurrencies stood at almost USD3.03 trillion at 12.05 p.m. EDT, according to data by digital asset price-tracking website CoinGecko. The market size has nearly quadrupled this year, as demand for digital coins rises with their functionality and higher interest for decentralized finance, nonfungible tokens, and gaming. The price of Bitcoin, the world’s largest crypto by market size, stood around USD66,250 at the time, just short of its all-time high of USD67,000 recorded on

Diversified engineering conglomerate DMCI Holdings Inc. booked a record high core net income in the first nine months of the year, as it reaps benefits of a lower income tax under the Corporate Recovery and Tax Incentives for Enterprises (CREATE) law. In a report, DMCI Holdings said core net income expanded nearly three times from PHP4.50 billion to PHP12.31 billion in January to September, excluding a nonrecurring gain this year mainly due to deferred tax remeasurement because of CREATE Act and nonrecurring loss in 2020 owing to Davao project sales cancellations. “The Group reflected the changes in the current and

Two economist-lawmakers on Tuesday welcomed the Philippines’ economic growth at 7.1 percent during the third quarter amid the imposition of strict lockdowns to prevent the spread of the coronavirus Delta variant. Marikina City Rep. Stella Quimbo said the positive gross domestic product (GDP) growth means that businesses are re-opening and households are spending more after almost two years of economic downturn. The third-quarter GDP was higher compared to -11.6 percent in the same period in 2020, but lower than the 12 percent in the second quarter this year mainly driven by base effects. Year-to-date growth is currently at 4.9 percent.

Some 1,500 farmers in two Lanao del Sur towns are expected to boost their rice production with the operation of the PHP10-million Bangsamoro Autonomous Region in Muslim Mindanao (BARMM) solar-powered irrigation system (SPIS). Ministry of Agriculture, Fisheries and Agrarian Reform (MAFAR) – BARMM Minister Mohammad S. Yacob said Tuesday that the project has solar panels and 20 horsepower (HP) generation capacity, capable of accumulating 3.5 cubic meters of water per minute with 660 cubic meters that can supply water for 50 to 70 hectares of paddy fields. “We hope that the project will succeed and become a model for uplifting