MANILA, Philippines — The Philippine economy is expected to start recovering in the second quarter of next year after the country imposed the longest and strictest lockdowns to contain the spread of COVID-19, according to Fitch Solutions Country Risk & Industry Research. Michael Langham, senior analyst for Asia at Fitch Solutions, said during the Asia […]
Read MoreMANILA, Philippines (UPDATE 1 1:06 p.m., Sept. 29) — Around 2 million Filipinos would slide back to poverty this year because of the pandemic, nearly erasing gains over the past 5 years and making a rebound to pre-pandemic growth a struggle for the Philippines. The poverty rate could rise to 20.5% this year and 22.4% next year from the official 16.7% […]
Read MoreMANILA, Philippines — The Bangko Sentral ng Pilipinas (BSP) may bring the key interest rate down to 1.75 percent by year-end to support the economy amid the pandemic, according to London-based macroeconomy research firm Capital Economics. In a report, the think tank said the BSP may cut the main policy rate by 25 basis points […]
Read MoreMANILA, Philippines — More companies may lay off workers as they shelve expansion plans for the fourth quarter and over the next 12 months as the economy took a downturn due to the implementation of mobility restrictions to curb the spread of the coronavirus pandemic, according to the Bangko Sentral ng Pilipinas (BSP). Redentor Paolo […]
Read MoreMANILA, Philippines — The Philippines may post the biggest economic contraction in Asia-Pacific at almost 10 percent this year after imposing one of the world’s longest and strictest lockdowns to slow the spread of COVID-19, according to S&P Global Ratings. In its latest economic research titled “Asia-Pacific’s recovery: The hard work begins,” the debt watcher […]
Read MoreMANILA, Philippines — The Bangko Sentral ng Pilipinas (BSP) is imposing a 24 percent cap on the annual interest rate on all credit card transactions starting Nov. 3 to ease the financial burden of consumers and small enterprises amid the COVID-19 pandemic. In a virtual press briefing, BSP Governor Benjamin Diokno said the imposition of […]
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