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Philippines News Agency

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The Philippines News Agency

The Philippines News Agency (PNA) is a web-based newswire service of the Philippine government. The PNA Headquarters are housed at the 2nd floor of the PIA building along Visayas Avenue, Quezon City. PNA's website address is http://www.pna.gov.ph

It has been 35 years since PNA was launched in an era when newswire operations relied mainly on teletype machines and typewriters. PNA has steadily paced the highly competitive and changing arena of Philippine journalism; it is now slowly but surely coming to par with the challenges posed by the globalization of media communications. This has deeply shaped modern journalism and the news media organizations that have been instrumental in creating the very conditions that made globalization a reality.

PNA has evolved today as an Internet-based news service agency that caters to the global demand for news and information to its subscribers, readers and a host of other clients. PNA's mission is spelled out clearly: to provide the government, the Presidency, the public, as well as its media and non-media clients, both local and foreign based, sober, factual, impartial and objective news and information. PNA provides news 24/7, including photos of major events, feature stories, sports news and events, local and global opinions, general information, as well as global news and feature stories. PNA employs about a hundred journalists and stringers across the country, with several foreign-based correspondents.

PNA beat reporters and stringers are deployed practically in every government office and agency, including the main offices and camps of police and security forces, to provide news 24/7 for local, regional and global subscribers and readers. PNA likewise maintains active news exchanges with news agencies of ASEAN member-countries and the Organization of Asia-Pacific News Agencies (OANA).

Philippines News Agency
www.pna.gov.ph
pnadesk@yahoo.com
+63 352 43 28,
+63 352 43 34,
+63 352 43 35
Latest Press Release
Cultural performers at KulTOURa mobile travel guide launch. (PNA)

Cultural performers at KulTOURa mobile travel guide launch. (PNA)

Economy to expand strongly in H2, GDP growth to hit 7% in 2017: FMIC-UA&P

MANILA, -- The Philippine economy is expected to accelerate strongly in the second half of 2017 and reach 7-percent growth for the full year, buoyed by the expansion in consumer spending and public construction.

In its latest issue of The Market Call, investment bank First Metro Investment Corp. (FMIC) and the University of Asia & the Pacific (UAP) said “a very strong” projected growth for the second half could offset the weakness in the first semester.

The country’s gross domestic product (GDP) expanded slower at 6.4 percent in January to March period, below forecasts of 7 percent, which was blamed to high base effects due to election spending last year.

FMIC and UA&P also attributed slower GDP growth in the first quarter to the effect of former Environment Secretary Gina Lopez’s anti-mining initiatives, construction slowdown especially infrastructure spending, and electricity-water-gas’ weak gain.

“With OFW (overseas Filipino workers) remittances (especially in peso terms) up double-digit, and the industry sector continuing to perk up, consumer spending should recover from a disappointing first quarter and clock closer to 6.5 percent in second quarter,” they said.

FMIC and UA&P also projected public construction on infrastructure to regain its double-digit growth pace starting this second quarter with the expansion of capital goods imports and industrial production.

They said domestic demand should be more robust for the next quarter.

“External demand is clearly a positive factor to GDP growth as exports to the US (United States), EU (European Union) and ASEAN have expanded at elevated rates with their improved economic performance and outlook,” added The Market Call.

Further, FMIC and UA&P noted that despite a slight slowdown in GDP growth in first quarter, the Investment-led growth of the Philippine economy remained intact on the back of higher capital goods imports, foreign direct investments (FDI) and manufacturing output.

“Capital goods imports should resume its elevated growth path starting second quarter, while the manufacturing sector maintains its pace of double-digit gains. The two, underpinned by FDIs and heavier infrastructure spending, should keep the shine on the country’s investment-led growth,” they added. (PNA))