MANILA, Philippines — The government’s spending on infrastructure declined by 9.4 percent from January to July compared to last year’s level due to the suspension of construction activities during the lockdown, the Department of Budget and Management (DBM) reported yesterday. According to the latest data from the DBM, infrastructure and other capital outlays amounted to […]
Read MoreMANILA, Philippines — Wealth was wiped out from most of the Philippines’ richest people this year as the pandemic left some businesses struggling while others benefitted from a change in consumer behavior brought by the health crisis. In the latest Forbes ranking of 50 wealthiest Filipinos, the Sy siblings controlling the country’s largest mall chain, […]
Read MoreMANILA, Philippines — Term deposits fetched mixed results yesterday as cash-rich banks swarmed the auction, according to the Bangko Sentral ng Pilipinas. The seven-day term deposits fetched 1.8377 percent or 1.01 basis points higher than last week’s 1.8276 percent. On the other hand, the yield of the 14-day tenor slipped by 0.19 basis points to […]
Read MoreMANILA, Philippines — The Asian Development Bank (ADB) has recast its forecast for the Philippine economy to a deeper decline of 7.3 percent this year, citing subdued private consumption and investment amid the coronavirus pandemic. In its Asian Development Outlook (ADO) 2020 Update released yesterday, the Manila-based multilateral bank downgraded the outlook for the Philippines […]
Read MoreMANILA, Philippines — Remittances from overseas Filipino workers (OFWs) declined by 2.4 percent to $16.08 billion from January to July compared to $18.66 billion in the same period last year, according to the Bangko Sentral ng Pilipinas (BSP). “The lower actual decline (of 2.4 percent) is a huge departure from many pessimistic forecasts that remittances […]
Read MoreMANILA, Philippines — The net inflow of foreign direct investments (FDIs) declined by 18.3 percent to $2.99 billion in the first half from $3.67 billion in the same period last year, according to the Bangko Sentral ng Pilipinas (BSP). The latest contraction, however, was an improvement from the nearly 22 percent decline recorded from January […]
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