MANILA, Philippines — S&P Global Ratings has lowered anew its 2021 gross domestic product (GDP) growth forecast for the Philippines to six percent as the reimposition of strict lockdowns further restricted economic activity. Last March, the debt watcher slashed the growth forecast from its original peg of 9.6 percent to 7.9 percent the most optimistic […]
Read MoreMANILA, Philippines — In a widely expected move, the Bangko Sentral ng Pilipinas (BSP) yesterday left interest rates unchanged at their all-time lows, but said it remains vigilant against risks to the outlook for inflation and growth. In a virtual press conference, BSP Governor Benjamin Diokno said the central bank’s policy-setting Monetary Board kept the […]
Read MoreMANILA, Philippines — The Philippines on Friday secured a $400-million (P19.5 billion) loan from the World Bank to fund projects that would strengthen the country’s financial sector in the face of coronavirus fallout. The fresh funding — known as “Philippines First Financial Sector Reform Development Policy Financing” — is the first of two programs of World […]
Read MoreMANILA, Philippines — More dollars flowed out of the country in May as the national government paid foreign debt that ballooned as a result of higher borrowings to augment funds for pandemic response, the Bangko Sentral ng Pilipinas (BSP) said. Data released by the central bank showed the balance of payments (BOP) plunged to a […]
Read MoreMANILA, Philippines — The Securities and Exchange Commission (SEC) has tightened the requirements governing online advertisements of financing and lending companies. This developed as the SEC has received numerous reports of predatory and fraudulent schemes advertised online, with some even soliciting investments from the public. Many financing and lending companies have turned to different platforms […]
Read MoreMANILA, Philippines — The Department of Finance (DOF) is targeting to expand real property tax (RPT) collection of localities to more than P113 billion by 2024 through a multilateral-funded project that seeks to strengthen valuation and collection nationwide. In a statement yesterday, the DOF said it is looking to collect P113.4 billion from RPT in […]
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