MANILA, Philippines — Fintech companies are poised to overtake banks in capturing unbanked Filipinos, likely leading to missed opportunities for conventional lenders to attract new customers and create fresh sources of revenue. About 70% of adults in the Philippines lack access to banking and financial services, with Fintech firms like Globe Telecom Inc.’s GCash and […]
Read MoreMANILA, Philippines — Remittances from overseas Filipino workers (OFWs) recorded a double-digit growth for the second straight month in May as deployment continued to accelerate amid the easing of travel restrictions as host countries ramp up COVID-19 vaccination, Bangko Sentral ng Pilipinas (BSP) Governor Benjamin Diokno said yesterday. Diokno said personal remittances grew by 13.3 […]
Read MoreMANILA, Philippines — More debt watchers are expected to revise their economic outlook for the Philippines from stable to negative, paving the way for a possible downgrade of the country’s credit rating before the end of the year. However, government economic managers are convinced that the drag caused by the COVID-19 crisis is only transitory […]
Read MoreMANILA, Philippines — Local car and truck assemblers’ sales continued to rise, posting double-digit growth year-on-year in June and in the first semester, coming from a low base last year when the coronavirus pandemic greatly affected demand for vehicles. A joint report of the Chamber of Automotive Manufacturers of the Philippines Inc. (CAMPI) and Truck […]
Read MoreMANILA, Philippines — As pandemic restrictions ease, an old enemy of the Philippine economy is threatening to return and disrupt recovery: the current account deficit. Dollars have been flowing out of the economy since curbs were relaxed as imports recover. In turn, the exodus of foreign funds has already reversed the Philippines current account position, […]
Read MoreMANILA, Philippines — Despite a projected increase in global pork production this year, the Philippines’ pork output is seen to decline nearly 40 percent than its production prior to African swine fever (ASF), according to the United States Department of Agriculture (USDA). In its latest report, the USDA-Foreign Agricultural Service (FAS) said Philippine pork production […]
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