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. […]
Read MoreMANILA, Philippines — The country’s fiscal deficit widened by almost three-fold from January to October as government spending continued to outpace revenue generation, the Bureau of the Treasury (BTr) reported yesterday. According to the latest cash operations report of the BTr, the government’s budget shortfall from January to October reached P940.6 billion, a sharp 170 […]
Read MoreMANILA, 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 […]
Read MoreMANILA, 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 […]
Read MoreMANILA, 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 […]
Read MoreMANILA, Philippines — The Bangko Sentral ng Pilipinas (BSP) has adopted a new money laundering and terrorist risk assessment framework for banks and other supervised financial institutions as part of efforts to avert the inclusion of the Philippines in the list of countries with massive sums of alleged dirty money by the Paris-based Financial Action […]
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