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Philippines: OFW remittances plunge further in May

MANILA, Philippines — Money sent home by overseas Filipino workers (OFWs) contracted for the third straight month, plunging by more than 19 percent in May due to the impact of the COVID-19 pandemic, according to the Bangko Sentral ng Pilipinas (BSP). Based on data released by the BSP, personal remittances fell by 19.2 percent to […]

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Philippines: T-bills fetch lower rates

MANILA, Philippines — Short-term government securities continued to fetch lower rates across-the-board amid strong liquidity in the financial system, according to the Bureau of the Treasury (BTr). During yesterday’s auction, the BTr fully awarded P5 billion worth of 91-day Treasury bills(T-bills) at an average rate of 1.221 percent, 11.4 basis points lower than the 1.335 […]

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Philippines likely slipped into recession in Q2

MANILA, Philippines — The Philippines likely slipped into a recession as the economy is expected to suffer from a double-digit contraction in the second quarter due mainly to the coronavirus lockdown, according to economists of private banks. Michael Ricafort, chief economist at Rizal Commercial Banking Corp. (RCBC), said the country’s gross domestic product (GDP) may […]

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Philippines: Government debt-to-GDP ratio eases in 2019

MANILA, Philippines — The ratio of the country’s consolidated general government debt to gross domestic product (GDP) slightly eased to 34.1 percent in 2019 on the back of the government’s prudent debt management strategy, according to the Department of Finance (DOF). In a statement, the DOF said the general government debt as of end-December 2019 […]

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Philippines: Inflation seen steady at 2.5% in July

MANILA, Philippines — Economists expect inflation to remain benign at 2.5 percent in July due to weak demand for goods owing to the coronavirus pandemic. Ruben Carlo Asuncion, chief economist at Union Bank of the Philippines, said consumption demand remains tepid amid the COVID-19 outbreak. Global oil prices would also remain subdued, keeping price levels […]

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