MANILA, Philippines — The Philippine economy continues to lose steam and is poised to remain in recession until 2021 amid the raging COVID-19 pandemic, according to Dutch financial giant ING Bank. In a report, ING Bank Manila senior economist Nicholas Mapa said there is little hope of a big turnaround for the Philippines in 2021 […]
Read MoreMANILA, Philippines — The Department of Agriculture is urged to resume the issuance of rice import permits so as not to disrupt the supply of Filipinos’ main staple after the consecutive typhoons wrought damage in the farm sector. The Philippine Rice Industry Stakeholders’ Movement (PRISM) has called on the DA-Bureau of Plant Industry (BPI) to […]
Read MoreMANILA, Philippines — The prevailing pandemic will give rise to a period of ultra-low interest rates to support economies as they recover from scarring caused by the crisis, according to Capital Economics. The London-based think tank said that for some countries, a combination of economic growth and low interest rates may enable recovery in the […]
Read MoreMANILA, Philippines — The Bangko Sentral ng Pilipinas sees steady inflows from foreign direct investments (FDIs) and remittances from overseas Filipino workers as the adverse impact of the global health pandemic on the country’s external accounts reached its peak during the second quarter of the year, according to the Bangko Sentral ng Pilipinas (BSP). In […]
Read MoreMANILA, Philippines — Companies may further reduce their capital expenditures next year despite the gradual recovery of the economy as they need to protect their balance sheets, according to top company officials. JG Summit Holdings Inc. president and CEO Lance Gokongwei said there is a need to protect the balance sheet especially as many businesses […]
Read MoreMANILA, Philippines — Housing regulators backed appeals from homebuilders to postpone levying taxes in low-cost houses next year while the pandemic rages on, a levy that could end up getting passed to buyers through expensive prices that the poor may not afford. “This will surely have a significant impact on the sales of real properties intended for low-income buyers,” Housing […]
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