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ADB lends $400 million to boost Philippines capital markets

MANILA, Philippines — The Asian Development Bank (ADB) has approved a $400-million policy-based loan to support the Philippine government’s efforts to strengthen its domestic capital markets. The multilateral development bank said yesterday that the Support to Capital Market-Generated Infrastructure Financing Program, Subprogram 1, aims to address key constraints that have limited the growth of domestic […]

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Philippines: Loans to large firms RRR compliant, BSP says

MANILA, Philippines — The Bangko Sentral ng Pilipinas (BSP) has expanded the coverage of relief measures to include large enterprises affected by the economic fallout from the coronavirus pandemic. BSP Deputy Governor Chuchi Fonacier said loans extended by banks after March 15 to large enterprises with an asset size of more than P100 million, excluding […]

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Philippines: Government eyes new taxes in 2021 to recover stimulus costs

MANILA, Philippines — New taxes are being considered by the Duterte administration starting 2021 to partially offset the costs of this year’s stimulus measures meant to counter the pandemic’s economic impact. Costing was already started for a proposed digital economy value added tax (VAT), higher sugar-sweetened beverage taxes as well as new levies on junk food, particularly those […]

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Philippines: Hotels allowed to operate at 50% capacity under modified quarantine

MANILA, Philippines — Accommodation establishments will be allowed to resume normal operations, but at limited capacity only once areas are placed under modified general community quarantine or MGCQ, according to the Department of Tourism (DOT). Based on Administrative Order 2020-002, the DOT said accommodation establishments may accept bookings of all guests, whether for work or […]

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