BBM’s team slashes PH economic growth outlook  for 2022

By Eileen Mencias

President Ferdinand “Bongbong” Marcos Jr.’s economic managers expect the local economy to expand at a slower pace than earlier predicted as the country grapples with inflation, bloated debt levels and heighted global uncertainty.

Finance Secretary Benjamin Diokno said gross domestic product is seen growing by 6.5 to 7.5 percent this year, slightly lower than the 7 to 8 percent projected by the previous administration.

Marcos’ economic team raised its inflation forecast from 3.7 to 4.7 percent to 4.5-5.5 percent amid the continued surge in gasoline prices as a result of Russia’s invasion of Ukraine and disruptions in the supply chain.

It sees the peso trading between P51 to P53 versus the US dollar even as the peso slumped to a 17-year low of P56 to the dollar this week.

The economic team, however, raised its imports growth assumption for the year to 18 percent from 15 percent after taking into account the rising import bill.

Maynilad fined P9.26M over water service interruptions

West zone concessionaire Maynilad Water Services Inc. of Manuel V. Pangilinan-led Metro Pacific Investments Corp., has been fined P9.26 million by the Metropolitan Waterworks and Sewerage System (MWSS) for prolonged water service interruptions.

BRAFE GOLF set to tee off at at Forest Hills

The core group is composed of chairman JR Hernandez, Ting Yupangco, George Elazegui, Bong Africa, Roy Peña, Randy Nonato and BRAFE GOLF founder Albert MG Garcia, owner of the Megafiber brand.

BRAFE GOLF set to tee off at at Forest Hills

The core group is composed of chairman JR Hernandez, Ting Yupangco, George Elazegui, Bong Africa, Roy Peña, Randy Nonato and BRAFE GOLF founder Albert MG Garcia, owner of the Megafiber brand.

Germany raids properties belonging to Russian oligarch

German investigators on Wednesday raided properties belonging to a Russian oligarch suspected of tax evasion and breaking EU sanctions, police and prosecutors said, with sources naming billionaire Alisher Usmanov as the target.