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Philippines: Safeguards on imported cars protect local industry

MANILA, Philippines — The provisional safeguard duty imposed on imported vehicles is meant to support and protect the domestic manufacturing industry by encouraging consumers to buy locally manufactured cars, the Department of Trade and Industry (DTI) said yesterday. In a virtual briefing, Trade Secretary Ramon Lopez said the imposition of a provisional safeguard measure on […]

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Philippine bank assets up 70% to P20 trillion in 2020

MANILA, Philippines — The domestic banking sector managed to post a 6.9 percent growth in total assets despite the uncertainties brought about by the pandemic, according to the Bangko Sentral ng Pilipinas (BSP). Total resources of Philippine banks hit a record high of P20 trillion last year, P1.29 trillion higher than the P18.71 trillion recorded […]

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Philippines: T-bill rates continue to rise

MANILA, Philippines — The government awarded in full the short-term debt papers offered yesterday even as rates continued to rise across the board on concerns over rising inflation and weakening demand. In yesterday’s T-bill auction, the Bureau of the Treasury raised P20 billion from total tenders worth P41 billion, making the initial offer twice oversubscribed. […]

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Philippines: BSP unlikely to cut rate further

MANILA, Philippines — Singapore’s DBS Bank Ltd. expects the Bangko Sentral ng Pilipinas (BSP) to keep the benchmark interest rate at an all-time low of two percent this year due to rising inflation. Philip Wee, foreign exchange strategist for Asia at DBS, said inflation is seen accelerating further after breaching the higher end of the […]

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