A Fitch Group unit has raised its forecast for the Philippines’ budget deficit this year as the coronavirus disease 2019 (Covid-19) pandemic continues to affect government revenues. In a report on Thursday, Fitch Solutions said it expected the government to post a fiscal shortfall of 9.3 percent of the country’s gross domestic product (GDP) in […]
Read MoreAn increase in new orders and export sales helped the Philippines’ manufacturing sector in September reach its highest growth rate in seven months, an IHS Markit survey has found. Results of the poll showed on Thursday that the country’s seasonally adjusted Purchasing Managers’ Index (PMI) rose to 50.1 last month — the highest since February’s […]
Read MoreThe country’s headline inflation could have slowed to 1.8 percent or accelerated to 2.6 percent last month on lower rice, oil and energy prices and a stronger peso, the Bangko Sentral ng Pilipinas (BSP) said on Wednesday. In a statement, the central bank said the projection provided by its Department of Economic Research compared with […]
Read MoreMANILA, Philippines — Fitch Ratings now expects a deeper economic contraction of eight percent for the Philippines amid the rampaging COVID-19 pandemic. “The continued spread of COVID-19 in the Philippines has necessitated renewed lockdown measures in and around the capital of Manila, which are likely to depress economic growth by much more than Fitch Ratings […]
Read MoreMANILA, Philippines — Provisioning for bad loans by most banks in Asia-Pacific (APAC) is expected to remain elevated until next year, with the Philippines booking the highest increase as the economic downturn amid the COVID-19 pandemic continues to strain borrowers’ repayment capacity, according to Fitch Ratings. In a report titled “APAC bank provisioning set to […]
Read MoreMANILA, Philippines — The local food service sector is seen to post a 54 percent decline in sales to $6.9 billion this year due to the coronavirus disease pandemic, according to the United States Department of Agriculture (USDA). Following an initial growth estimate of as much as 10 percent, the strict community quarantine measures imposed […]
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