The Philippine economy suffered its deepest contraction on record in the second quarter and revised down its forecast for the year amid one of Asia’s strictest lockdowns against the coronavirus.
Gross domestic product shrank 16.5 per cent from a year ago, according to the national statistics agency, the worst reading in a data series going back to 1981. The median forecast in a Bloomberg survey of 21 economists was for a 9.4 per cent contraction. GDP declined for a second consecutive quarter on a quarter-on-quarter basis, down 15.2 per cent, implying the economy is in recession.
The country’s economic managers said they now expect the economy to shrink 5.5 per cent this year — down from earlier estimates for a 2 per cent to 3.4 per cent decline — before rebounding strongly next year.
“The economic cost of trying to contain the virus is leaving large scars to household and corporate balance sheets, which will weigh heavily on demand for many months to come,” Capital Economics analyst Alex Holmes wrote in a note after the release. “A failure to contain the virus, continued restrictions to movement and inadequate policy support mean the Philippines is also likely to experience one of the region’s slowest recoveries.”
The benchmark stock index gave up earlier gains of as much as 0.5 per cent and was largely unchanged at mid-day. The peso was at 49.065 per dollar as of 11:55am local time, near its strongest level since November 2016.
President Rodrigo Duterte imposed a stringent quarantine that shut most businesses and suspended public transport from March to May. A surge in Covid-19 infections prompted the government on Tuesday to reimpose a lockdown in the capital region and surroundings.
Record-high unemployment and a steep decline in money sent home by Filipinos have weighed on private consumption, which drives roughly two-thirds of GDP. Exports suffered double-digit annual drops from March to June as the lockdown restricted production and snarled supply chains.
“The plunge in Philippine GDP in 2Q likely marked a nadir for the economy, but more weakness lies ahead," Bloomberg's Asia economist, Justin Jimenez, said. "Though economic activity has started to recover in 3Q with the reopening of the economy, a renewed surge in virus cases and the re-imposition of quarantine measures in parts of the country will be drags on growth.”
The number of Covid-19 cases has risen more than sixfold since restrictions were eased in June, making the Philippine outbreak the second-largest in Southeast Asia.
The country's consumer spending dropped 15.5 per cent, industrial production declined 22.9 per cent, services contracted 15.8 per cent, while government spending rose 22.1 per cent.
Lawmakers are still deliberating a spending plan and a proposed corporate income tax cut that Mr Duterte is hoping can support families and businesses hit hard by the pandemic. The amount of support the Senate has proposed — 140 billion pesos (Dh10.6bn/$2.9bn) — is far less than what governments elsewhere in Southeast Asia are providing.
“This is likely to be the worst economic contraction across regional peers, and should serve as a huge wake-up call to fiscal authorities that a support package needs to be urgently implemented with a size that is more comparable to what we see in other countries,” said Euben Paracuelles, an economist at Nomura in Singapore.
SPEC%20SHEET%3A%20SAMSUNG%20GALAXY%20S23%20ULTRA
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Real estate tokenisation project
Dubai launched the pilot phase of its real estate tokenisation project last month.
The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.
Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.
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Ferrari 12Cilindri specs
Engine: naturally aspirated 6.5-liter V12
Power: 819hp
Torque: 678Nm at 7,250rpm
Price: From Dh1,700,000
Available: Now
Key developments in maritime dispute
2000: Israel withdraws from Lebanon after nearly 30 years without an officially demarcated border. The UN establishes the Blue Line to act as the frontier.
2007: Lebanon and Cyprus define their respective exclusive economic zones to facilitate oil and gas exploration. Israel uses this to define its EEZ with Cyprus
2011: Lebanon disputes Israeli-proposed line and submits documents to UN showing different EEZ. Cyprus offers to mediate without much progress.
2018: Lebanon signs first offshore oil and gas licencing deal with consortium of France’s Total, Italy’s Eni and Russia’s Novatek.
2018-2019: US seeks to mediate between Israel and Lebanon to prevent clashes over oil and gas resources.
A list of the animal rescue organisations in the UAE
COMPANY PROFILE
Name: Akeed
Based: Muscat
Launch year: 2018
Number of employees: 40
Sector: Online food delivery
Funding: Raised $3.2m since inception
'Outclassed in Kuwait'
Taleb Alrefai,
HBKU Press
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
Globalization and its Discontents Revisited
Joseph E. Stiglitz
W. W. Norton & Company
Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
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Killing of Qassem Suleimani
Killing of Qassem Suleimani
Mohammed bin Zayed Majlis
More from Neighbourhood Watch
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
The five pillars of Islam
Classification from Tour de France after Stage 17
1. Chris Froome (Britain / Team Sky) 73:27:26"
2. Rigoberto Uran (Colombia / Cannondale-Drapac) 27"
3. Romain Bardet (France / AG2R La Mondiale)
4. Fabio Aru (Italy / Astana Pro Team) 53"
5. Mikel Landa (Spain / Team Sky) 1:24"
Our family matters legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
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In numbers: China in Dubai
The number of Chinese people living in Dubai: An estimated 200,000
Number of Chinese people in International City: Almost 50,000
Daily visitors to Dragon Mart in 2018/19: 120,000
Daily visitors to Dragon Mart in 2010: 20,000
Percentage increase in visitors in eight years: 500 per cent
UAE currency: the story behind the money in your pockets
COMPANY%20PROFILE
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The alternatives
• Founded in 2014, Telr is a payment aggregator and gateway with an office in Silicon Oasis. It’s e-commerce entry plan costs Dh349 monthly (plus VAT). QR codes direct customers to an online payment page and merchants can generate payments through messaging apps.
• Business Bay’s Pallapay claims 40,000-plus active merchants who can invoice customers and receive payment by card. Fees range from 1.99 per cent plus Dh1 per transaction depending on payment method and location, such as online or via UAE mobile.
• Tap started in May 2013 in Kuwait, allowing Middle East businesses to bill, accept, receive and make payments online “easier, faster and smoother” via goSell and goCollect. It supports more than 10,000 merchants. Monthly fees range from US$65-100, plus card charges of 2.75-3.75 per cent and Dh1.2 per sale.
• 2checkout’s “all-in-one payment gateway and merchant account” accepts payments in 200-plus markets for 2.4-3.9 per cent, plus a Dh1.2-Dh1.8 currency conversion charge. The US provider processes online shop and mobile transactions and has 17,000-plus active digital commerce users.
• PayPal is probably the best-known online goods payment method - usually used for eBay purchases - but can be used to receive funds, providing everyone’s signed up. Costs from 2.9 per cent plus Dh1.2 per transaction.
more from Janine di Giovanni
Game Changer
Director: Shankar
Stars: Ram Charan, Kiara Advani, Anjali, S J Suryah, Jayaram
Rating: 2/5
Naga
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UAE currency: the story behind the money in your pockets
Global state-owned investor ranking by size
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United States
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China
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3.
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UAE
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4.
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Japan
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5
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Norway
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6.
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Canada
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7.
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Singapore
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8.
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Australia
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9.
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Saudi Arabia
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10.
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South Korea
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The bio
Date of Birth: April 25, 1993
Place of Birth: Dubai, UAE
Marital Status: Single
School: Al Sufouh in Jumeirah, Dubai
University: Emirates Airline National Cadet Programme and Hamdan University
Job Title: Pilot, First Officer
Number of hours flying in a Boeing 777: 1,200
Number of flights: Approximately 300
Hobbies: Exercising
Nicest destination: Milan, New Zealand, Seattle for shopping
Least nice destination: Kabul, but someone has to do it. It’s not scary but at least you can tick the box that you’ve been
Favourite place to visit: Dubai, there’s no place like home
The stats: 2017 Jaguar XJ
Price, base / as tested Dh326,700 / Dh342,700
Engine 3.0L V6
Transmission Eight-speed automatic
Power 340hp @ 6,000pm
Torque 450Nm @ 3,500rpm
Fuel economy, combined 9.1L / 100km
MATCH INFO
Watford 2 (Sarr 50', Deeney 54' pen)
Manchester United 0
MATCH INFO
Uefa Champioons League semi-final:
First leg: Liverpool 5 Roma 2
Second leg: Wednesday, May 2, Stadio Olimpico, Rome
TV: BeIN Sports, 10.45pm (UAE)
Tank warfare
Lt Gen Erik Petersen, deputy chief of programs, US Army, has argued it took a “three decade holiday” on modernising tanks.
“There clearly remains a significant armoured heavy ground manoeuvre threat in this world and maintaining a world class armoured force is absolutely vital,” the general said in London last week.
“We are developing next generation capabilities to compete with and deter adversaries to prevent opportunism or miscalculation, and, if necessary, defeat any foe decisively.”
Our family matters legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
Andor
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RESULTS
5pm: Maiden (PA) Dh80,000 1,600m
Winner: Omania, Saif Al Balushi (jockey), Ibrahim Al Hadhrami (trainer)
5.30pm: Conditions (PA) Dh85,000 1,600m
Winner: Brehaan, Richard Mullen, Ana Mendez
6pm: Handicap (TB) Dh100,000 1,600m
Winner: Craving, Connor Beasley, Simon Crisford
6.30pm: The President’s Cup Prep (PA) Dh100,000 2,200m
Winner: Rmmas, Tadhg O’Shea, Jean de Roualle
7pm: Wathba Stallions Cup (PA) Dh70,000 1,200m
Winner: Dahess D’Arabie, Connor Beasley, Helal Al Alawi
7.30pm: Handicap (PA) Dh80,000 1,400m
Winner: Fertile De Croate, Sam Hitchcott, Ibrahim Aseel
