35459
Low Oil to Benefit Philippines
World Economy

Low Oil to Benefit Philippines

Falling global oil prices will benefit the Philippines, which is dependent on imports of crude and petroleum products, but the dollar remittances that support the economy could take a hit, NewsNow reported. Global oversupply has fostered a plunge in oil prices, which have led to volatile stock markets–the Philippines’ has not been spared—and concerns for economies dependent on exports of the commodity. The World Bank Group, in a report, said prices fell by 47% last year and could decline by another 27% in 2016. For the Philippines, this development could lead to even stronger consumption–a factor behind the country’s continued growth even as other economies weaken. The Philippines’ oil import bill, said Deutsche Bank Research economist Diana del Rosario, has fallen to 12% of total imports from 20% on the back of the global price drop. On average, she said this has given the Filipino consumer more funds to spend on food, travel and other goods and services.

 

Short URL : https://goo.gl/nU84rW
  1. https://goo.gl/qKkCvY
  • https://goo.gl/FhJdNx
  • https://goo.gl/NmHKVd
  • https://goo.gl/oBlC2m
  • https://goo.gl/FP3QZP

You can also read ...

Business confidence fell to its lowest level since August 2013 and around 7% of companies expected a contraction.
According to data from the International Monetary Fund in...
China Warned of Ballooning SOEs
Former chief of the World Bank Robert Zoellick cautioned China...
Shrinking unemployment in the US, Japan and the eurozone finally forces companies  to lift wages to retain and attract staff.
Workers in the world's richest countries are getting their...
New Zealand Q2 GDP Growth Picking Up
New Zealand’s economic growth is expected to have accelerated...
Saudi Sovereign Fund Secures $11 Billion Loan
Saudi Arabia's sovereign wealth fund said Monday it had...
Lira Eases Against Dollar
Turkey’s lira weakened against the dollar on Monday as...
By 2025 more than half of all current workplace tasks  will be performed by machines.
Robots will handle 52% of current work tasks by 2025, almost...
Myanmar Businesses Want Lower Taxes
Myanmar businesses are urging the government to lower the...

Trending

Googleplus