MANILA, Philippines — The Philippine Retailers Association (PRA) is pushing to keep the minimum required investment per store for foreign retailers to allow small Filipino entrepreneurs to compete. PRA vice chairman Roberto Claudio said in a text message the group is against the removal of the per store investment requirement of $830,000 for foreign retail […]
Read MoreMANILA, Philippines — Remittances contracted for the second straight month in January, declining by 1.7 percent as more overseas Filipino workers (OFWs) are still being displaced worldwide, a year after the COVID-19 outbreak was declared a global pandemic, according to the Bangko Sentral ng Pilipinas (BSP). Data released by the central bank showed personal remittances, […]
Read MoreMANILA, Philippines — Manila-based Asian Development Bank (ADB) is planning to lend $3.5 billion or about P168.65 billion to the Philippines this year to help the country recover from the pandemic-induced recession. During the Laging Handa briefing yesterday, ADB country director Kelly Bird said the multilateral lender remains committed in financially supporting the Philippines. “This […]
Read MoreMANILA, Philippines — A surge in COVID-19 cases, which has prompted the government to impose localized lockdowns anew to contain the spread of the virus, paints a dark picture of the future of the Philippine economy, according to a London-based think tank. In its weekly brief, Capital Economics has downgraded its gross domestic product outlook […]
Read MoreMANILA, Philippines — The national government spent P962.466 billion to settle its local and foreign debts in 2020, according to the Bureau of the Treasury (BTr). Debt service payments for the whole of 2020 rose by over 14 percent from P842.45 billion in 2019 as principal payments, paid on a monthly basis, were ramped up […]
Read MoreMANILA, Philippines — The share of tax collections to economic output fell last year as the pandemic-induced recession slowed down the revenue-generating capacity of collection agencies, according to the Department of Finance (DOF). In an economic bulletin issued over the weekend, Finance Undersecretary and chief economist Gil Beltran said tax effort in 2020 fell to […]
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