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Philippines: Budget deficit widens to P61.4B in October

The government’s fiscal gap ballooned year-on-year to P61.4 billion in October amid lower revenues and expenditures during the month, according to the Bureau of the Treasury (BTr). Data from the Treasury bureau showed on Wednesday that the shortfall was bigger than the P49.3-billion deficit a year earlier, but smaller than the P138.5-billion gap in September. […]

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Philippines: Growth to resume only by 2022

MANILA, Philippines — Growth will likely return to its pre-pandemic trajectory by the middle of 2022 when the economy has fully adapted to interventions and precautions implemented in line with its reopening, according to acting Socioeconomic Planning Secretary Karl Chua. Speaking during the BusinessWorld Virtual Economic Forum yesterday, Chua said while there would certainly be […]

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Philippines global financial inclusion ranking slips further

MANILA, Philippines — The global financial inclusion ranking of the Philippines slipped further this year despite improvements spurred by the government’s need to promote digital channels as part of its response to the COVID-19 pandemic. Based on the 2020 Global Microscope of the Economist Intelligence Unit (EIU), overall ranking of the Philippines dropped to eighth […]

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Philippines – Moody’s: Pandemic shock to spur income inequality

MANILA, Philippines — The shock from the coronavirus pandemic may spur income inequality with credit risks for fiscally weak countries like the Philippines, according to Moody’s Investors Service. In a report, Moody’s said governments with constrained fiscal capacity would have limited scope to address pandemic-related social and political strains that could amplify credit risks. Moody’s […]

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