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Philippines – BSP: Rate hikes not enough to fight inflation

MANILA, Philippines — Various non-monetary measures and safety net programs of the government are necessary to control the continued increase in prices as raising interest rates alone would not be enough to curb rising inflationary pressures, according to the Bangko Sentral ng Pilipinas. BSP officer-in-charge Chuchi Fonacier said the central bank is reassessing its inflation forecasts and ready to […]

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Singapore’s Shopback targets more Philippine users

MANILA, Philippines — Singapore-based startup Shopback is aiming to increase the number of users and total spend for the cashback reward provided to shoppers this year as it takes advantage of opportunities in the fast growing e-commerce market in the Philippines. Shopback Philippines country manager Prashant Kala said the startup is aiming to see […]

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Philippines has great potential for microgrid development

SINGAPORE — The Philippines has great potential for microgrid developments and French multinational firm Schneider Electric is positioning itself aggressively in the middle of the country’s transition to power up off-grid areas by bringing in distributed energy solutions. In Southeast Asia, the Philippines and Indonesia share the challenge of providing power to every corner of […]

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Philippines: Gov’t debt payments ease in July

MANILA, Philippines — The national government spent P47.21 billion to pay off its debt, including interest payments and amortization in July, according to the Bureau of the Treasury. According to the latest data from the BTr, the government’s debt payments in July declined 52.63 percent to P47.21 billion from P99.66 billion in the same month […]

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Philippines: Price spikes expected in Ompong aftermath

MANILA, Philippines — The rise in consumer prices further accelerated this month after the onslaught of Typhoon Ompong, prompting the Bangko Sentral ng Pilipinas (BSP) to deliver stronger monetary action this week. Nicholas Mapa, senior economist at ING Bank, said the projected crop damage from the recent typhoon would put more pressure on the overall September […]

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