MANILA, Philippines — The Bangko Sentral ng Pilipinas (BSP) has strengthened the oversight of payment systems to mitigate potential systemic risks amid the global health crisis and after the country was dragged into the $2.1 billion Wirecard AG scandal. BSP Governor Benjamin Diokno said the Monetary Board approved the Payment System Oversight Framework (PSOF), setting […]
Read MoreMANILA, Philippines — Despite economic shocks brought by the pandemic, the Philippines’ most-prized credit ratings are safe for now, securing another badge of creditworthiness from Moody’s Investors Service on Thursday who kept the country under investment grade. The global debt watcher kept the country’s credit rating at “Baa2” — two notches below the coveted “A” grade […]
Read MoreMANILA, Philippines — Layoffs have persisted more than a month since the government relaxed lockdowns and permitted businesses to reopen, demonstrating the uphill challenge for an economic recovery from the pandemic. In the latest labor department report, permanently displaced employees in the formal sector, or those in registered businesses, hit 121,921 from 501 establishments as […]
Read MoreMANILA, Philippines — Online barter of goods is not illegal, and not subject to taxes, so long as transactions are personal in nature and not conducted to earn a living, Trade Secretary Ramon Lopez clarified on Wednesday. “For local barter trade, there is no clear prohibition. But these are still subject to regulation, must be […]
Read MoreMANILA, Philippines – Investments approved by the Board of Investments (BOI) soared by 112 percent to P645.3 billion in the first semester from P304.4 billion a year ago, driven by projects in the infrastructure, transportation and real estate sectors. BOI managing head and Trade Undersecretary Ceferino Rodolfo said the approved investments are for 96 projects. […]
Read MoreMANILA, Philippines – Car sales plunged by 51 percent to 85,041 units in the first semester from 174,135 units a year ago on weak demand for both passenger cars (PC) and commercial vehicles (CV), according to the Chamber of Automotive Manufacturers of the Philippines Inc. (CAMPI). PC sales declined by 54 percent to 23,912 units […]
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