MANILA, Philippines — Building activity fell by 65.5 percent annually in the second quarter of the year, the height of pandemic-control lockdowns, the Philippine Statistics Authority (PSA) reported. Based on the PSA’s Construction Statistics from Approved Building Permits: Second Quarter report, the number of construction projects during the period declined to 16,004 from 46,453 projects […]
Read MoreMANILA, Philippines — The Philippines successfully raised $2.75 billion from its dual-tranche offering of dollar-denominated bonds, securing the lowest coupon rate ever achieved by the government in the debt market, top government officials said yesterday. In a text message, National Treasurer Rosalia de Leon said the government sold $1.25 billion worth of 10.5-year bonds and […]
Read MoreMANILA, Philippines — The Department of Trade and Industry (DTI) is reviewing the targets under the Philippine Export Development Plan (PEDP) to determine if these can still be achieved given the impact of the pandemic. “Currently, we are reviewing and assessing the PEDP’s strategies indicators and export targets to see if such are still doable […]
Read MoreMANILA, Philippines — Credit rating agency Moody’s Investors Service has downgraded its outlook on Rizal Commercial Banking Corp. (RCBC) and Philippine National Bank (PNB) to negative as the coronavirus pandemic has heightened asset risks, putting pressure on the profitability of these banks. Nevertheless, Moody’s said both banks have strong capital, prompting the debt watcher to […]
Read MoreMANILA, Philippines — The government has launched its second dollar global bond sale this year as it aims to raise more funds to address the economic impact of the coronavirus pandemic. The issuance, which has a dual tenor of 10.5 years and 25 years, comes on the heels of the country’s dollar bond offering in […]
Read MoreMANILA, Philippines (UPDATE 1:06 p.m., Dec. 3) — Fewer Filipinos went jobless and out of business in October, but this was largely a result of more people stopping job search for various reasons including going back to school or their old jobs getting killed by the ongoing digital shift. The jobless rate, which is the proportion of unemployed […]
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