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Philippines: BSP raises the bar for consumer protection

MANILA, Philippines — The Bangko Sentral ng Pilipinas (BSP) has raised the bar for consumer protection in line with its broader efforts to promote the welfare of financial consumers. BSP Governor Felipe Medalla has issued Circular 1160 to implement Republic Act 11765 or the Financial Products and Services Consumer Protection Act (FCPA). “The circular is […]

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S&P hikes Philippine 2022 GDP growth target to over 7%

MANILA, Philippines — The Philippine economy may grow above seven percent this year before slowing down significantly next year amid major external headwinds, according to S&P Global Ratings. In a report, the debt watcher raised its gross domestic product (GDP) growth forecast for the Philippines to 7.1 percent from the original target of 6.3 percent […]

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Philippines: Budget gap seen at 6% of GDP next year

MANILA, Philippines — The Philippines’ budget deficit is expected to remain wide as the Marcos administration prepares to execute a plan to bring the gap to pre-pandemic levels, according to Singapore-based DBS Bank Ltd. In a report, DBS economist Chua Han Teng said the Philippines aims to reduce the budget shortfall by one percentage point […]

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