Philippine Finance Secretary Benjamin Diokn. (Photo: mb.com.ph)
Hanoi (VNA) – The Philippines will use over 11%of the proposed national budget for 2023 to repay its debts, the Department ofFinance said on August 25.
Philippine Finance Secretary Benjamin Diokno said 11.6% ofthe budget, or roughly 10.9 billion USD, will be allocated for debt relief,including 10.4 billion USD for interest payments and roughly 500 million USDfor net lending.
Diokno said that the national debt remains "withinmanageable levels," adding that most of the national debt "islong-term, spread out, and set at the lowest possible rate."
He said that the structural reforms and enhanced taxsystem instituted by the previous administration ensure that the government canmeet its obligations.
He expressed confidence that government revenues willcontinue to pick up, and the deficit will decrease on the back of a strongeconomy, as demonstrated by a broad-based 7.4% GDP growth rate in the secondquarter of 2022.
The Philippine government aims to reduce the debt-to-GDPratio to less than 60% by 2025 and cut the deficit-to-GDP ratio from thecurrent 6.5% to 3.0% by 2028.
In July, days after Philippine President Ferdinand RomualdezMarcos took office, the new administration lowered its GDP target band for thisyear to 6.5% to 7.5% from 7% to 8% due to "recent external and domesticdevelopments."
The Manila-based Asian Development Bank forecasts a 6.5% GDPgrowth in 2022 and 6.3% in 2023 for the Philippines./.
The Asian Development Bank (ADB) said the Philippine economy is forecast to grow faster than initially expected in 2022, following the relaxation of COVID-19 mobility restrictions, the expansion of the COVID-19 vaccination programme, and a rebound in investment and household consumption.
The Philippine economy expanded by 7.4% year-on-year in the second quarter of 2022 as the country eased the COVID-19 mobility restrictions allowing more social and economic activities to thrive, according to the Philippine Statistics Authority (PSA).
Philippine President Ferdinand Romualdez Marcos has said that he is mulling extending the nationwide state of public health emergency until the end of this year as the country continues to grapple with COVID-19.
Thailand has imposed a comprehensive ban on electronic waste imports as it grapples with a burgeoning e-waste problem. A 2021 report from the Pollution Control Department revealed that the country generates over 400,000 tonnes of domestic electronic waste annually.
Phuket airport authorities said the incident did not affect flights or airport operations, and security personnel are also stepping up surveillance in public areas, with CCTV covering all the airport area.
The facility will integrate multiple components, including mining operations, a smelter, high-pressure acid leach (HPAL) processing, and production of precursors and cathodes.
A participant in the Malaysia Economic Forum 2025 said despite challenges, there are significant opportunities in AI, digital transformation, and green technologies, requiring the country to balance both risk and potential thoughtfully.
Themed “emerging trends in terrorism and violent extremism”, the event drew over 200 participants from domestic and international agencies, discussing the rapid evolution of terrorism and the need for stronger regional and global cooperation.
Indonesia aims to start nuclear power generation by 2034, with a government roadmap already in place to develop small modular reactors (SMRs) with capacities ranging from 300 to 500 megawatts.
The package, endorsed on June 24, comprises 481 projects designed to boost GDP by an additional 0.4% and generate temporary employment for about 7.4 million people nationwide.
An Indonesian official emphasised that energy security is extremely essential amid global geopolitical and economic fragmentation, highlighting the need for the energy industry to strengthen resilience and responsiveness in the face of fluctuating oil prices and the shift to clean energy.
ASEAN must deepen collaboration through platforms such as the ASEAN Senior Officials Meeting on Transnational Crime (SOMTC) to ensure regional responses keep pace with the rapidly evolving cyber threat landscape.
Speaking at the launch of the Indonesia Economic Prospects June 2025 edition on June 23 in Jakarta, Turk noted that Indonesia’s gross domestic product (GDP) expanded 4.9% in the first quarter of 2025 compared to the same period last year.
Anti-dumping duties will continue to be imposed on producers from China and Japan while those on relevant exporters from the RoK and Vietnam will be terminated, starting from June 23.
A specialist police unit has acquired a fleet of off-road vehicles to help officers navigate rough, unpaved terrain – and flood waters – to respond more quickly to public security incidents.
The pact covers goods, services, investments, intellectual property rights, customs facilitation, competition policy, sanitary and phytosanitary, trade and sustainable development, government procurement and economic cooperation.
The talent programmes mark another milestone in the technical partnership between PETRONAS and the Energy Institute, which focuses on three pillars: promoting decarbonisation and operational excellence through innovative solutions, enabling informed decision-making with expert advice, and nurturing the next generation of energy professionals.
The firefighters found an active blaze at the lorry depot located in the city of Pasir Gudang near the state capital of Johor Bahru, with flames spreading quickly due to strong winds and igniting a neighboring disused oil storage area.
Philippine Finance Secretary Benjamin Diokn. (Photo: mb.com.ph)
