MANILA, Philippines — Sales of car importers dropped 46 percent in the nine months to September as all vehicle segments posted declines, the Association of Vehicle Importers and Distributors Inc. (AVID) said. Although sales surged 212 percent on a quarter-on-quarter basis, the group is hopeful the automotive industry will continue to see improvement in the […]
Read MoreMANILA, Philippines — Strong inflows from foreign direct investments (FDIs) as well as a small contraction of remittances from overseas Filipino workers (OFWs), coupled with a sharp drop in import payments may result in record high foreign exchange buffers until next year, according to the Bangko Sentral ng Pilipinas. BSP Governor Benjamin Diokno said the […]
Read MoreMANILA, Philippines — Emerging market economies, including the Philippines, are facing constraints in government spending amid long-lasting revenue losses due to the coronavirus disease 2019 or COVID-19 pandemic, according to Moody’s Investors Service. The debt watcher said the ability of governments in emerging markets to implement and enforce effective revenue-raising measures would be an important […]
Read MoreMANILA, Philippines — S&P Global Ratings and Fitch Ratings have raised the red flag over the potential impact of the COVID-19 pandemic on Philippine banks as a deeper economic recession could impair the industry’s asset quality, capitalization and profitability. S&P said the economic risk trend for banks operating in the Philippines has turned to “negative” […]
Read MoreMANILA, Philippines — Multilateral lender International Monetary Fund (IMF) said the Philippines is expected to suffer the biggest blow from the coronavirus disease 2019 or COVID-19 pandemic in the region with a deeper economic recession this year despite the projected less severe global contraction. Yongzheng Yang, IMF resident representative to the Philippines, said the country’s […]
Read MoreMANILA, Philippines — The Philippines is likely to register a higher dollar surplus this year, but this is not all good news as doing so also meant demand that drives outflows would remain tepid and the economy weak. Overseas remittances would drop slower and so do foreign investments, which in turn meant more dollars would enter […]
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