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Philippines: Last-minute boost seen as infrastructure spending falls to lockdown levels

MANILA, Philippines — The Duterte administration’s infrastructure spending fell back to lockdown levels in November, but a catch-up likely materialized in the last month of the year, a rebound that would be difficult to sustain in 2021. Direct spending on infrastructure by the national government amounted to P44.3 billion that month, down 25.4% year-on-year, latest […]

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Philippines: Lower tariff on MDM to be retained

MANILA, Philippines — Prices of processed meat products are expected to remain stable after the government retained the low tariff rate on imported mechanically deboned meat (MDM), a vital raw material used in meat processing. President Duterte yesterday formally signed Executive Order 123, which retained the current most favored nation (MFN) tariff rates on MDM […]

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DTI: Worst is over for Philippine economy

MANILA, Philippines — The Department of Trade and Industry (DTI) said the worst is over for the Philippines and the economy is seeing signs of recovery with improvements in different economic indicators as preparations for the COVID-19 vaccine rollout are underway. “We are still facing risk, but I would also say that the worst is over. […]

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Philippines: BSP earnings down 14% to P34.5 billion

MANILA, Philippines — The Bangko Sentral ng Pilipinas (BSP) reported a 14.3 percent decline in earnings to P34.5 billion from January to November last year compared to a year-ago level of P40.24 billion on the back of lower revenues and the net loss on foreign exchange rate fluctuations. Revenues of the regulator, which is made […]

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Philippines: Ecozone investments decline 19% in 2020

MANILA, Philippines — Investments for projects approved by the Philippine Economic Zone Authority (PEZA) went down by nearly a fifth last year amid the coronavirus disease 2019 (COVID-19) pandemic. In a statement, PEZA said it approved P95.03 billion worth of projects last year, 19 percent lower than the P117.5 billion in 2019. Also, only 326 […]

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Philippines: Money supply growth slows anew

MANILA, Philippines — The growth in the country’s money supply continued to ease for the sixth consecutive month in November 2020 as credit demand remained weak amid a pandemic-induced slowdown in business activities and consumer spending, the Bangko Sentral ng Pilipinas (BSP) said yesterday. Preliminary data from the central bank showed that domestic liquidity, as […]

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