MANILA: The Philippine economy is expected to expand between 6.5 and 7.0 percent in the first quarter or faster, the economic planning minister said on Thursday, putting the government on track to meet its full-year target.
The Southeast Asian economy is among the world’s fastest growing with gross domestic product expanding by 6.8 percent in 2016, a three-year high.
Robust consumption and increased infrastructure spending, which spurred last year’s growth, continued to fuel economic activity, Ernesto Pernia told Reuters.
They should also bolster the country’s defenses against any economic fallout from Brexit, potential protectionist measures in the United States and divergent monetary policies around the world, Pernia said.
“First quarter growth will be in the neighborhood of 6.5-7.0 percent, maybe even more,” he said. The government has pledged to raise infrastructure spending to 5.2 percent of GDP this year from the projected 5 percent of GDP last year.
Pernia expects exports to perform better this year after declining 4.4 percent in 2016, as the government anticipates increased demand from China and Russia.
President Rodrigo Duterte has carried out a stunning U-turn in the Philippines’ foreign policy since assuming office last year, aggressively pursuing tighter business and defense ties with China and Russia and weaning the country off dependence on longtime ally, the US.
“China is ramping up its importation of (Philippine) products and Russia said it will increase its demand for agriculture products,” Pernia said.
China said on Wednesday it signed $1.74 billion worth of contracts to import Philippine products, such as fruits and lumber, during Vice Premier Wang Yang’s recent trip to Manila.
Pernia said full-year growth could be in the “midpoint” of the government’s 6.5-7.5 percent forecast range, bolstering expectations the central bank may raise rates for the first time this year in more than two years to temper rising inflation.
Annual inflation was 3.3 percent in February, the fastest pace in 27 months. While it remains within the central bank’s preferred range, the rate has moved closer to the top end of its 2-4 percent target.
The central bank is expected to keep its benchmark interest rate unchanged later on Thursday, but some economists said it would likely pull the rate-hike trigger at its next policy meeting in May.
Philippine economy seen growing 6.5-7.0% in Q1: Minister
Philippine economy seen growing 6.5-7.0% in Q1: Minister
Closing Bell: Saudi main market sheds 85 points to finish at 11,098
RIYADH: Saudi Arabia’s Tadawul All Share Index closed lower in the latest session, falling 85.79 points, or 0.77 percent, to finish at 11,098.06.
The MSCI Tadawul 30 Index declined 0.63 percent to close at 1,495.23, while the parallel market index Nomu dropped 0.91 percent to 23,548.56.
Market breadth was firmly negative, with 42 gainers against 218 decliners on the main market. Trading activity saw 226 million shares exchanged, with total turnover reaching SR4.5 billion ($1.19 billion).
Among the session’s gainers, Tourism Enterprise Co. rose 9.40 percent to SR15.02. SHL Finance Co. advanced 4.51 percent to SR16.00, while Almasar Alshamil for Education Co. gained 3.56 percent to SR23.88.
Dar Alarkan Real Estate Development Co. added 3.03 percent to SR19.70, and Banque Saudi Fransi climbed 2.61 percent to SR19.30.
On the losing side, Almasane Alkobra Mining Co. recorded the steepest decline, falling 6.61 percent to SR96.
Al Moammar Information Systems Co. dropped 5.14 percent to SR164.20, while National Company for Learning and Education declined 4.60 percent to SR124.30. Saudi Ceramic Co. slipped 4.14 percent to SR27.30, and Arabian Contracting Services Co. fell 4.12 percent to SR116.50.
On the announcement front, Saudi Telecom Co. announced the distribution of interim cash dividends for the fourth quarter of 2025 in line with its approved dividend policy.
The company will distribute SR2.74 billion, equivalent to SR0.55 per share, to shareholders for the quarter.
The number of shares eligible for dividends stands at approximately 4.99 billion shares. The eligibility date has been set for Feb. 23, with distribution scheduled for March 12.
The company noted that treasury shares are not entitled to dividends and that payments will be made through Riyad Bank via direct transfer to shareholders’ bank accounts. stc shares last traded at SR44.80, unchanged on the session.
Separately, National Environmental Recycling Co., known as Tadweer, reported its annual financial results for the year ended Dec. 31, 2025, posting significant growth in revenue and profit.
Revenue rose 53.5 percent year on year to SR1.24 billion, compared with SR806 million in the previous year. Net profit attributable to shareholders increased 68.4 percent to SR60.9 million, up from SR36.2 million a year earlier, driven by higher sales volumes and operational expansion.
Tadweer shares last traded at SR3.80, up 2.70 percent.
