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2022–2023 Philippine sugar crisis. There has been a noted shortage of supply of sugar in the domestic market of the Philippines after a poor harvest of for the 2021–22 crop year. This led to the price increase of the commodity and there has been suspicions of traders taking advantage of the situation through hoarding and/or smuggling.
The economy of the Philippines is an emerging market, and considered as a newly industrialized country in the Asia-Pacific region. [31] In 2024, the Philippine economy is estimated to be at ₱26.55 trillion ($471.5 billion), making it the world's 32nd largest by nominal GDP and 13th largest in Asia according to the International Monetary Fund .
To counter adverse effects of the crisis, the Philippine government felt the need to increase its expenditures. Apart from government expenditure , of primary concern was the weak revenues generated by the government with the fiscal deficit reaching P111.8 billion in the first quarter of 2009 as compared to P25.8 billion in the same period of ...
August 16, 2024 at 7:31 AM. By Mikhail Flores. MANILA (Reuters) -The Philippines sought to assure China on Friday that the presence of a U.S. intermediate range missile system on its territory ...
The Philippines’ inflation target is measured through the Consumer Price Index (CPI). For 2009, inflation target has been set to be 3.5 percent, having a 1% tolerance level, and 4.5 percent for 2010, also having 1% tolerance. Also, the Monetary Board of the Philippines announced a target of around 4±1 percent from 2012 to 2014. [14]
The second column illustrates the tax rate on vehicles based on their specific price range. The third column portrays the actual average effective tax rate. Because the TRAIN law increases the PIT of 99% of the population, their increase in net income will still be more than enough to compensate for the effects of the excise tax on automobiles.
On July 31, 2022, the Philippines produced 1,792,102 metric tons of raw sugar and 737,254 metric tons of refined sugar, marking decreases of 16.18% and 2.84%, respectively, compared to the previous year. The projected raw sugar production for the crop year 2021-2022 was 1.80 million metric tons, a 16% drop from the previous year’s 2,143,018 ...
August 15, 2024 at 6:50 AM. The annual inflation rate has cooled, new data from the U.S. Bureau of Labor Statistics revealed on Wednesday. The July consumer-price index shows an annual inflation ...