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Philippines economy on track to grow by 6.5% this year

MANILA, Philippines — The Philippine economy is on track to grow by 6.5 percent this year, with consumption spending and hiring seen to continue in preparation for the Christmas season despite high inflation, according to First Metro Investment Corp. (FMIC) and University of Asia and the Pacific (UA&P) Capital Markets Research. “We still see GDP […]

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Philippines exerts more effort to exit gray list

MANILA, Philippines — AMLC chairman and Bangko Sentral ng Pilipinas Governor Felipe Medalla told reporters on the sidelines of the 2nd Bankers Association of the Philippines (BAP) CEO Forum that the country is exerting additional effort to exit FATF’s list of nations considered at high risk of money laundering and terror financing. “We will exert […]

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Philippines: Domestic trade plunges in Q2

DOMESTIC trade contracted in the second quarter even as the economy was further reopened, preliminary data released by the Philippine Statistics Authority (PSA) on Monday showed. The value of goods traded within the country fell by 17.9 percent to P190.09 billion from P231.51 a year earlier. Volume-wise, the plunge was a steeper 23.9 percent to […]

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Philippines: Inflows from OFWs, BPOs may prop up peso

MANILA, Philippines — The inflows of remittances and receipts from business process outsourcing (BPO) industry in the fourth quarter may help prop up the peso against the dollar, according to Finance Secretary Benjamin Diokno. During the 17th Philippine Summit hosted by The Asset, Diokno said he is banking on remittances from overseas Filipino workers (OFWs) […]

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Philippines: Local makers seek tariff cuts on e-vehicle equipment, parts

MANILA, Philippines — Philippine manufacturers of electric vehicles want the government to slash tariffs on raw materials needed to make e-vehicles to support the industry in boosting its local production. Electric Vehicle Association of the Philippines (EVAP) president Edmund Araga yesterday asked the government to consider cutting, if not totally  eliminating, the import duties imposed […]

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