MANILA, Philippines — Despite a miniscule contraction in 2020, growth in remittances of overseas Filipino workers (OFWs) remains vulnerable, the Economist Intelligence Unit said. In a report, the economic think tank said a further fall in remittances by seven percent this year can be expected due to the lingering effects of the pandemic on the […]
Read MoreMANILA, Philippines — The new law aiming to help banks get rid of their bad loans will cut down the industry’s non-performing loan (NPL) ratio by as much as seven percentage points, according to the Bangko Sentral ng Pilipinas. BSP Governor Benjamin Diokno said the signing of Republic Act 11523, or the Financial Institutions Strategic […]
Read MoreMANILA, Philippines — Global banking giant Citi has raised its inflation forecast for the Philippines over the next two years, but expects the Bangko Sentral ng Pilipinas (BSP) to keep rates at an all-time low of two percent until the middle of next year to help the economy recover from the pandemic-induced recession. Citi economist […]
Read MoreMANILA, Philippines — The Philippines ended 2020 with a double-digit decline in motor vehicle production and sales on subdued demand due to the health crisis. Data released by the Association of Southeast Asian Nations (ASEAN) Automotive Federation (AAF) showed motor vehicles assembled in the Philippines fell 29 percent to 67,297 units last year from 95,094 […]
Read MoreMANILA, Philippines — Robust household spending is seen fuelling a strong rebound from a pandemic-induced recession last year, the research unit of the Fitch Group said. Fitch Solutions Country Risk and Industry Research said consumer spending is seen bouncing back with a 5.7-percent growth this year after contracting by seven to nine percent last year. […]
Read MoreMANILA, Philippines — Dutch financial giant ING Bank said the Philippines is in for a strong bounceback with a double-digit growth in the second quarter, ending five quarters of contraction brought about by the pandemic-induced recession. In a virtual briefing, ING senior economist Nicholas Mapa said the country’s gross domestic product or GDP is seen […]
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