MANILA, Philippines — The Philippines suffered the largest downward revision in outlook this year from the Asian Development Bank (ADB), which now see the economy plunging to a deeper contraction than most of its Southeast Asian peers due to the pandemic. The Manila-based lender now see the local economy shrinking 7.3% year-on-year in 2020, worse than […]
Read MoreMANILA, Philippines — The Philippine Competition Commission (PCC) is set to issue guidelines on the exemption of merger and acquisition deals below P50 billion from the body’s review under the recently approved Bayanihan 2 Law. Republic Act 11494 or the Bayanihan To Recover As One (Bayanihan 2) Act, signed by President Duterte on Sept.11, exempts […]
Read MoreMANILA, Philippines — Over 80 percent of chief executive officers in the country expect the economy to recover from the coronavirus disease 2019 or COVID-19 pandemic within one to three years, according to a survey of PwC Philippines and the Management Association of the Philippines (MAP). The PwC MAP 2020 CEO Survey released yesterday showed […]
Read MoreMANILA, Philippines — Vehicle sales declined by 48 percent from January to August compared to last year’s level as consumer demand remained weak amid the COVID-19 pandemic, according to the Chamber of Automotive Manufacturers of the Philippines Inc. (CAMPI) and Truck Manufacturers Association (TMA). In a joint report, CAMPI and TMA said total vehicle sales […]
Read MoreLower amortization expenses pulled down the national government’s debt servicing in July by more than 30 percent compared to the payments done a year ago, data released by the Bureau of the Treasury showed. Debt payments in July settled at P60.91 billion, shrinking by 34.12 percent from the P92.46 billion recorded a year earlier. Interest […]
Read MoreMANILA, Philippines — The Philippines is in danger of being included anew in the gray list of Paris-based dirty money watchdog Financial Action Task Force (FATF) if the country fails to pass the necessary amendments to the anti-money laundering law, according to the Anti-Money Laundering Council (AMLC). AMLC Secretariat executive director Mel Georgie Racela said […]
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