MANILA, Philippines — Local farmers are claiming that traders and importers managed to corner P51.5 billion in windfall profits during the first year of the opening up of the rice industry to cheap imports. In its latest study, the Federation of Free Farmers said farmers suffered P40 billion in losses and consumers barely gained any […]
Read MoreMANILA, Philippines — The national government’s budget deficit widened further to P700.6 billion from January to July as coronavirus-related expenses boosted disbursements while revenues declined, according to the Bureau of the Treasury (BTr). Based on the latest cash operations report of the BTr, the budget figure soared by nearly 500 percent from the P117.9 billion […]
Read MoreMANILA, Philippines — The country’s outstanding debt may reach more than P10 trillion by December and further swell to nearly P12 trillion next year as the government ramps up its borrowings amid the coronavirus pandemic, according to the Department of Budget and Management. The budget department said the national government’s debt stock may rise to […]
Read MoreMANILA, Philippines — Banks are seen weather the coronavirus pandemic with capital buffers nearly holding steady against a projected rise in bad loans, a scenario doubted by senators hearing a rescue bill meant to keep lenders afloat during the health crisis. Local lenders would likely end the year with capital adequacy ratio of 14.8% on a consolidated […]
Read MoreMANILA, Philippines — The non-performing loan ratio (NPL) of local banks may double to 4.6 percent by end-December from 2.4 percent in March as businesses and consumers grapple with the impact of the pandemic, according to a survey conducted by the Bangko Sentral ng Pilipinas (BSP). In a virtual conference organized by Japan-based Nomura, BSP […]
Read MoreMANILA, Philippines — Shakey’s Pizza Asia Ventures Inc., the listed restaurant chain operator, is bringing Singapore’s R&B milk tea brand to the Philippines, marking its foray into the popular segment. Shakey’s entered into a master franchise agreement with Singapore-based Koufu Group Ltd. as it hopes to take advantage of the growing milk tea and bubble […]
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