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ECONOMY
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PH GDP projected to shrink between 8% and 9% in 2020
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OFW Remittances increased by 7.7% in June to USD2.465B
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Economists at FMIC and UA&P project Philippine gross domestic product (GDP) to shrink between 8-9% year-on-year in 2020.
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Cash remittances rebounded in June as land-based overseas Filipino workers (OFWs) sent more money home as lockdown restrictions eased.
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PH household spending to decline by 7.8% in 2020
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PH banks' bad loans highest in 6 years
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Household spending is projected to decline by 7.8% this year with consumption failing to recover to its pre-pandemic levels, according to Fitch Solutions.
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The non-performing loan (NPL) ratio of banks rose for the sixth straight month to hit its highest level in almost six years at 2.53 % in June.
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M.I.C.E.
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40% of tourist destinations have now eased travel restrictions
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PH tourism sector loses PHP190B in March-July
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The responsible restart of tourism is underway around the world as 40% of all destinations worldwide have now eased the restrictions in response to COVID-19.
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Philippine tourism revenues fell by PHP190B from March to July following international travel restrictions during the COVID-19 outbreak.
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US State Dept lifts advisory against international travel
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Countries that are reopening for Meetings
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The US State Department has lifted its global advisory avoiding international travel it set in place last 19 March albeit with caveats.
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Northstar provides the latest updates on countries around the world that are reopening for meetings.
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TRADE & INDUSTRY
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Livestock production fell in 2Q2020
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Philippine coconut fiber finds potential market in Switzerland
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Livestock production by volume fell in the second quarter with declines nearly across the board, with the exception of the chicken egg industry, according to the PSA.
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The Philippine coconut fiber may have found a potential market in Switzerland, as material for organic plywood made from coconut husks.
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Expensive, slow internet pulls down PH digital ranking
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Exporters urged to take advantage of Russia GSP
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The Philippines fell to 66th out of 85 countries in the 2020 Digital Quality of Life Index, challenged by expensive, low-quality internet and the need to upgrade its electronic infrastructure.
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DTI export marketing group is encouraging exporters to take advantage of preferential tariffs to sell to Russia under the EAEU GSP where the Philippines can export certain products to member countries at a 25% discount on customs duties.
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TRENDS
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Shopping behavioral shifts in the time of COVID-19
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Top 100 Food Trends in August 2020
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US Consumers in the time of COVID-19 have exhibited 5 interesting behavioral shifts that have shaped the way they continue to shop.
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Sustainable, convenient and flavorful food describe the top 100 food trends for the month of August.
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Organic food sales hit USD50B in 2019
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Pandemic blurs lines between work, life, and leisure
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Organic food sales reached $50 billion in 2019, a 5% increase compared to 2018 figures with produce as the most popular organic food category.
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Working from home resulted in less structured media consumption and an interweaving of work and play.
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Blink to the Future
Take a deeper understanding of the future of global
economy. If you are interested in reading more of
our featured insights, visit our website at: www.citem.gov.ph
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CENTER FOR INTERNATIONAL TRADE
EXPOSITIONS AND MISSIONS
CORPORATE PLANNING DIVISION
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