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PH rises to 50th place out of 131 economies in the 2020 Global Innovation Index
The Philippines has risen in the ranking of the Global Innovation Index (GII) 2020, moving to 50th place out of 131 countries.
Up four points from its 54th position in 2019, the Philippines’ position has been improving for two years in a row. The Global Innovation Index ranks the innovation capabilities of countries around the world.
According to the GII 2020 report, the Philippines stood out in the areas of innovation in the business sector, as well as in the innovative results produced by its investments.
“The report revealed that the country performed beyond expectations by ranking 6thth in Productivity Growth, ranked 7th in companies offering formal training and rank 8th worldwide in the area of utility models by origin, “said the Department of Science and Technology (DOST) in a statement.
Along with India, Vietnam and China, the Philippines has made the most significant progress in the world rankings. -AAC
The downward trend of inflation continues at 1.7% in August 2019
The inflation rate in the Philippines continued to fall to 1.7% in August 2019, according to the Philippine Statistics Authority (PSA).
The August 2019 rate is lower compared to the 2.4% inflation rate in June. This is also the lowest rate since October 2016 (1.8%).
According to national statistician Dennis Mapa, the downward trend in inflation is due to the slow rise in prices of food, including non-alcoholic beverages.
He also said that low prices for fuel and rice have also decreased since the implementation of the rice tariffication law.
Meanwhile, the Bangko Sentral ng Pilipinas (BSP) estimates that the inflation rate will continue to decline this September.
“The most recent inflation result is consistent with Bangko Sentral ng Pilipinas’ prevailing assessment that it will continue to slow down in Q3 2019 and pick up slightly in Q4,” according to BSP Governor Benjamin Diokno in a statement. .—AAC (with reports from Harlene Delgado)
China becomes the world’s largest trade in goods in 70 years
China’s trade in goods has grown strongly over the past seven decades thanks to the country’s reform and opening-up efforts.
The volume of trade in goods stood at just $ 1.13 billion in 1950, while the figure rose to $ 4.6 trillion in 2018, the Office for National Statistics said in a report on Tuesday.
Average annual trade growth remained below 10 percent from 1950 to 1977 under the planned economy, but accelerated to around 14.5 percent after China initiated the reform and opening campaign in 1978.
The country’s trade in goods only accounted for 0.8 percent of the world total in 1978, while the number soared to 11.8 percent in 2018.
China surpassed the United States to become the world’s largest goods trading country in 2013 for the first time.
The country has also seen a rapid inflow of foreign direct investment (FDI), ranking first among developing economies with the highest inflow of FDI in 27 consecutive years, the report showed. (REUTERS)
BSP sees PH inflation in a range of 2.2 to 3 percent in June
Manila, Philippines – The Bangko Sentral ng Pilipinas (BSP) said on Friday that the country’s inflation could fall within the range of 2.2 to 3.0 percent in June.
The BSP said that inflationary pressure during the month will likely be tempered by lower prices for rice and oil, along with other factors.
“Lower prices of rice and domestic oil, together with the downward adjustment of electricity rates and the recent appreciation of the peso, are considered to moderate inflationary pressure during the month,” said the Department of Economic Research of the BSP in a release.
Inflation in the Philippines rebounded in May, but still remained within the BSP target range for the fourth consecutive month.
The consumer price index rose to 3.2 percent last month from 3 percent in April, still within the government’s projected range of 2.8 to 3.6 percent.
The BSP assured that it will remain attentive to the evolution of the inflationary environment to guarantee that the orientation of the monetary policy remains consistent with its mandate of price stability.
