MANILA, Philippines — Moody’s Investors Service is now looking at a slower rebound for the Philippines from the recession, lowering the country’s 2021 gross domestic product (GDP) growth forecast to 5.8 percent from the original target of 6.3 percent. In a report, the debt watcher said the degree and pace of recovery of the Philippine […]
Read MoreMANILA, Philippines — Ayala-led Bank of the Philippine Islands saw its earnings grow by over a fifth in the second quarter, after the lender funneled less resources on buffers against bad loans from pandemic-hit borrowers. The 169-year-old bank posted a net income of P6.8 billion in the April-June period, up 28.8% year-on-year, the company told […]
Read MoreMANILA, Philippines — Universal and commercial banks expect bad loans to increase in the next two years as consumer loans remain vulnerable and prone to weakening due to the COVID-19 pandemic, according to the Bangko Sentral ng Pilipinas (BSP). A majority of the respondents of the BSP’s First Semester 2021 Banking Sector Outlook Survey (BSOS) said […]
Read MoreMANILA, Philippines — The pace of economic recovery in the Philippines would be the slowest in Asia amid a lackluster fiscal response to the pandemic, with the threat of long-term scarring effects now more visible than ever, an international think tank said. In its latest economic outlook report for Emerging Asia, London-based Capital Economics said […]
Read MoreMANILA, Philippines — The Freedom from Debt Coalition (FDC) said the country’s record-high P11-trillion debt would make it difficult to revert the economy’s momentum to its pre-pandemic levels. In a forum hosted by the non-profit Freedom from Debt Coalition (FDC), former senator Wigberto Tañada said servicing the huge debt pile may restrict the next administration’s […]
Read MoreMANILA, Philippines — New York-based Fitch Ratings has lowered from stable to negative the outlook for several government and private-owned Philippine banks due to downside risks to the country’s medium-term growth prospects amid the COVID-19 pandemic. The debt watcher lowered the outlook of state-run Land Bank of the Philippines (Landbank) and Development Bank of the […]
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