MANILA, Philippines — The peso pierced the 55 to $1 level yesterday, closing at its weakest level in almost 17 years as investors believe the US Federal Reserve could maneuver the US economy to a soft landing and avoid recession. The local currency shed 29 centavos to close at 55.06 from Tuesday’s 54.77 to $1. […]
Read MoreMANILA, Philippines — Residential real estate purchases will likely slow down in the coming months as lower and middle-income Filipinos brace for rising inflation and interest rates, Leechiu Property Consultants (LPC) said Wednesday. In a news briefing, the private real estate brokerage said interest charged on home loans could go up to 10% as the Bangko […]
Read MoreMANILA, Philippines — The research units of the Moody’s Group and Fitch Group see the need for more aggressive rate hikes from the Bangko Sentral ng Pilipinas (BSP) to anchor inflation expectations and temper the depreciation of the peso. In its Asia-Pacific weekly highlights, Moody’s Analytics said the Monetary Board needs to aggressively tighten the […]
Read MoreMANILA, Philippines — Tariff collected from rice imports grew by 14 percent to more than P8 billion in the five months to May, closing in on the yearly P10-billion target for the Rice Competitiveness Enhancement Fund (RCEF) intended for palay farmers. In a report, the Bureau of Customs (BOC) said revenue from rice imports went […]
Read MoreMANILA, Philippines — The peso rebounded yesterday, gaining 20.50 centavos to close at 54.78 from Friday’s 54.985 to $1 and ending eight straight days of freefall, according to the Bankers Association of the Philippines (BAP). The local currency opened stronger at 54.93 before losing steam to hit an intraday low of 55.15 and rallying to […]
Read MoreMANILA, Philippines — The Philippine economy is expected to continue its recovery this year, with growth expected at seven percent, but external headwinds from elevated inflation could put a halt on this momentum. In its weekly economic preview, New York-based financial intelligence firm S&P Global said the country’s gross domestic product (GDP) could grow strongly […]
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