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Philippine recovery seen by early 2021

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 […]

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Philippines: Foreign think tank sees 25 bps cut

MANILA, 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 […]

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Philippines – BSP: More layoffs loom in Q4

MANILA, 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 […]

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Philippines: BSP sets cap on credit card charges

MANILA, 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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