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ECONOMY
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World's workers lost $3.5T in income in Jan-Sep
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Budget deficit hits P740.7B in Jan-Aug
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Over $3.5 T worth of labour income was lost in the first 9 months of the year due to COVID-19 economic shutdowns according to the International Labour Organization (ILO).
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The national government's budget deficit ballooned to P740.7B, up by 515% from last year's level on COVID-19 expenditures.
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PH consumer confidence crashes to worst level in 3Q2020
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Business confidence index decline to 5.3% in 3Q2020
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The country's consumer outlook turned pessimistic for Q3 2020 as the overall confidence index (CI) fell to a record low of -54.5% attributed generally to the COVID-19 pandemic.
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BSP nationwide poll showed the business confidence index sagged to -5.3% in 3Q2020 amid weak sentiment across sectors.
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M.I.C.E.
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Global tourism industry lost $460B due to pandemic
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Tourism set to take off in 2021
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The WTO estimated a loss of USD640 M for the global tourism sector in 1H2020 due to the COVID-19 pandemic.
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World tourism is projected to expand by 1.5% next year from pre-pandemic level and achieve normalcy by 2024.
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Boracay now open for tourists starting 1 October 2020
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AirAsia, local hotels offer deals on Snap
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Boracay Island will now be accepting visitors from all over the country starting 1 October per the DOT.
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In partnership with local hotels, AirAsia launched a flight+hotel combo platform named SNAP which aims at offering convenient and affordable fly and stay packages to tourists.
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TRADE &
INDUSTRY
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Value of domestic trade down by 2.9% in 2019
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Coconut Oil, Garments could be hit by GSP+ Withdrawal
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Despite an increase in the amount of goods traded domestically, the total value of these commodities contracted by 2.9% to P834.72B in 2019.
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Loss of GSP+ tariff advantages offered by the European Union (EU) could harm crude coconut oil and garment exports.
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PH banana exports decline by 10% due to market share loss
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Digital agri sector to benefit local farmers, consumers
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The DA has expressed concerns over the 10% decline in PH banana exports due to the possibility that the Philippines is losing its share in traditional banana markets abroad.
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The DA is pushing for the digitalization of the country's agriculture sector under the new normal to reduce poverty and attain food security.
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TRENDS
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PH design brands join Maison et Object Digital Trade Fair
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APAC SMEs more adaptive to remote work set-up
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Philippine brands recently participated in the Parisian digital show 'Maison et Objet and More' with the quarantine inspired theme 'Bubble living'.
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A study by SAP SE found that SMEs in the Asia-Pacific are more adaptive of a remote working environment amid COVID-19 compared to their European and American counterparts.
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Jewels keep their luster amid pandemic
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PH shopping malls may turn into logistics hubs amid prolonged lockdowns
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Jewelry, particularly gold, continues to sell even during the COVID-19 pandemic as world gold prices have gone up in August.
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PH malls have adapted to COVID-19 by leasing out space in its malls for alternative uses as empty mall spaces abound in the face of a prolonged quarantine lockdown.
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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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