From January to November 2020 MANILA, Philippines — The gross non-performing loan (NPL) ratio of Philippine banks accelerated for the 11th straight month to hit the highest level in more than seven years as the industry’s bad debts surged by 74 percent due to the impact of the pandemic, according to the Bangko Sentral ng Pilipinas […]
Read MoreMANILA, Philippines — Banks are hoping for a double-digit credit expansion starting this year, signaling optimism lending will start to pick up after last year’s default fears triggered reluctance to lend, the Bangko Sentral ng Pilipinas (BSP) said. A new BSP survey of bank executives for the second half of 2020 showed majority of lenders projecting their […]
Read MoreMANILA, Philippines — Trade’s V-shaped rebound was disrupted in November, a sign of a sputtering recovery exacerbated by the lack of an expected nudge during the Christmas season. Merchandise trade shrank 10.6% year-on-year to $13.31 billion in November, easing from 11.9% annual contraction in October, but on a month-on-month basis, shipments sagged 7% from October. […]
Read MoreMANILA, Philippines — The World Bank has retained its 8.1 percent economic decline projection for the Philippines in 2020, putting the country among the worst performers in the East Asia and Pacific region owing to the prolonged lockdown. In its January 2021 Global Economic Prospects, the multilateral bank maintained its December projection of a contraction […]
Read MoreMANILA, Philippines — The Philippines is likely to be the last country in Asia-Pacific to fully recover from the pandemic-induced recession, with recovery seen only in the fourth quarter of 2022 while other economies are set to regain all of their lost output by the end of this year, according to Moody’s Analytics. In a […]
Read MoreMANILA, Philippines — The Philippines need to harness significant lessons from the pandemic to prepare for future shocks, according to BSP Governor Benjamin Diokno. “Indeed, deep into the pandemic and even during the strictest part of the lockdown, we have exhibited fortitude and resilience as individuals and as a nation. But resilience is not enough. […]
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