MANILA, Philippines — The Philippines and the World Bank have signed a loan agreement of $370 million or approximately P18.3 billion to fast-track the distribution of land to agrarian reform beneficiaries, according to the Department of Finance (DOF). In a statement, the DOF said Finance Secretary Carlos Dominguez and Achim Fock, the World Bank’s acting […]
Read MoreMANILA, Philippines — Manila-based Asian Development Bank (ADB) has committed to continue providing support for crucial infrastructure and financial sector development among its member countries through its private sector operations. The multilateral bank announced yesterday that its private sector operations reached $3 billion in 2019, lifting the overall portfolio by 11 percent to $13.6 billion. […]
Read MoreTHE recovery in the tourism industry will be gradual and will depend on how well governments arrest the spread of infection, though the industry is expected to report significant losses over the full year, according to the International Institute of Finance (IIF). It said the industry in tourism-dependent emerging markets is disproportionately reliant on small […]
Read MoreMANILA, Philippines – The national government spent P512.96 billion from January to May to pay off its maturing domestic and external debt, according to the Bureau of the Treasury (BTr). According to the latest report from the Treasury, total debt service from January to May jumped by 70 percent from P301.44 billion in the same […]
Read MoreMANILA, Philippines – The Bangko Sentral ng Pilipinas (BSP) is in no rush to siphon off the extra liquidity it injected into the financial system, even as it starts to unwind some of the measures it implemented to cushion the impact of the pandemic on the economy. According to BSP Governor Benjamin Diokno, the central […]
Read MoreMANILA, Philippines — A prolonged lockdown that has now been in place for four months will cause the Philippine economy to contract by eight percent this year and make it among the slowest to recover in Asia, a London-based think tank said. In a report, Capital Economics placed the pace of economic recovery in the […]
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