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Philippines: Banks tighten lending standards

MANILA, Philippines — Banks continued to impose tighter overall credit standards for real estate loans amid less favorable economic conditions and deterioration in borrowers’ profile due to the impact of the pandemic. Dennis Lapid, deputy director of the Department of Economic Research at the Bangko Sentral ng Pilipinas (BSP), said the results of the fourth […]

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Philippines: Economy likely contracted 8.5% in Q4

MANILA, Philippines — Economic decline in the fourth quarter of 2020 likely continued to slow down, but nonetheless remained steep because of remaining restrictions, according to  London-based Capital Economics.  In a research paper issued over the weekend, the think tank said the Philippines’ fourth quarter 2020 gross domestic product (GDP) likely contracted by 8.5 percent […]

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Philippines: Tourism businesses seek delay in local taxes

MANILA, Philippines — Tourism stakeholders are requesting for the deferment of the payment of local business taxes this year given the severe impact of the COVID-19 pandemic on the operations of the industry. In a letter to Department of the Interior and Local Government (DILG) Secretary Eduardo Año, Tourism Congress of the Philippines (TCP) president […]

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Fitch unit bullish on Philippine construction sector

MANILA, Philippines — The Philippine construction industry is expected to enjoy double-digit growth this year as revived infrastructure projects are seen helping the country recover from the pandemic- induced recession, according to Fitch Solutions Country Risk & Industry Research. The research arm of the Fitch group said the Philippine construction sector would post a double-digit […]

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