MANILA, Philippines — Foreign groups are closely looking at the Philippine mining industry as the government considers the sector as a major contributor to economic recovery. In a virtual forum Wednesday, the Philippine Mining and Exploration Association (PMEA) said international and local firms are now revisiting their prospects as the mineral industry has not been […]
Read MoreMANILA, Philippines — More foreign direct investments (FDI) flowed into the country for the fourth straight month in August, surging by 46.9 percent to $637 million on renewed investor confidence despite the raging coronavirus pandemic, according to the Bangko Sentral ng Pilipinas (BSP). The strong performance in August slowed the pace of decline during the […]
Read More‘Economy on the mend’ MANILA, Philippines — The Philippine economy shrank at a less severe pace in the third quarter, coming off a record nosedive in the second quarter, following the easing of mobility restrictions and reopening of more businesses. Economic output, as measured by gross domestic product (GDP), declined by 11.5 percent year-on-year in […]
Read MoreMANILA, Philippines — Banks continued to hold back from lending as loans in their books start to turn sour with the unwinding of regulatory relief extended to customers battered by the pandemic. Outstanding loans by big banks, net of their lending to each other, inched up 2.8% year-on-year as of September, sustaining a weakening trend […]
Read MoreMANILA, Philippines — Soured loans of Philippine banks continued to pick up for the ninth straight month, hitting the highest level in more than seven years due to the impact of the COVID-19 pandemic. Preliminary data from the Bangko Sentral ng Pilipinas (BSP) showed the gross non-performing loan (NPL) ratio of the banking sector rose […]
Read MoreMANILA, Philippines (UPDATE 11:47 a.m., Nov. 10) — The Philippine economy slipped anew into negative territory in third quarter, but the collapse moderated from a record-breaking plunge the previous 3 months after lockdowns were relaxed, businesses reopened and people were allowed to go out. Gross domestic product (GDP) sank 11.5% year-on-year in July-September period, a reversal of […]
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