MANILA, Philippines (UPDATE 2 2:20 p.m., Aug. 5) — Prices of basic goods and commodities quickened for the second straight month in July to a 6-month high, propelled by a recovering consumer demand on the second month of economic reopening. Inflation, as measured by the consumer price index, accelerated to 2.7% year-on-year in July, up from 2.5% in […]
Read MoreIn anticipation of higher loan defaults MANILA, Philippines — The Bangko Sentral ng Pilipinas (BSP) has ordered banks to conduct a comprehensive assessment of the impact of the COVID-19 pandemic on the industry’s loan portfolio in anticipation of higher defaults. BSP Deputy Governor Chuchi Fonacier said BSP-supervised financial institutions should be able to distinguish borrowers […]
Read MoreMANILA, Philippines — Moody’s Analytics said the Philippine economy may book a deeper contraction of eight percent in the second quarter of the year from 0.2 percent in the first quarter due to the containment measures against the deadly coronavirus disease 2019. Steven Cochrane, chief economist for Asia Pacific at Moody’s Analytics, said the country’s […]
Read MoreMANILA, Philippines — Money sent home by overseas Filipino workers (OFWs) contracted for the third straight month, plunging by more than 19 percent in May due to the impact of the COVID-19 pandemic, according to the Bangko Sentral ng Pilipinas (BSP). Based on data released by the BSP, personal remittances fell by 19.2 percent to […]
Read MoreMANILA, Philippines — Short-term government securities continued to fetch lower rates across-the-board amid strong liquidity in the financial system, according to the Bureau of the Treasury (BTr). During yesterday’s auction, the BTr fully awarded P5 billion worth of 91-day Treasury bills(T-bills) at an average rate of 1.221 percent, 11.4 basis points lower than the 1.335 […]
Read MoreMANILA, Philippines — The Philippines likely slipped into a recession as the economy is expected to suffer from a double-digit contraction in the second quarter due mainly to the coronavirus lockdown, according to economists of private banks. Michael Ricafort, chief economist at Rizal Commercial Banking Corp. (RCBC), said the country’s gross domestic product (GDP) may […]
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