MANILA, Philippines — Deutsche Bank expects the Philippine economy to contract by a sharp 10 percent in the second quarter due to the business shutdowns when Luzon was placed under enhanced community quarantine on March 16 to limit the spread of the coronavirus disease 2019 or COVID-19 outbreak. Michael Spencer, chief economist and head of […]
Read MoreMANILA, Philippines — The value of electronic money transactions in the Philippines surged by 36.2 percent to P1.48 trillion in 2019 from P1.09 trillion in 2018 and the amount is expected to rise further as the Bangko Sentral ng Pilipinas (BSP) promotes digitalization amid the coronavirus disease 2019 or COVID-19 pandemic. Vicente de Villa, managing […]
Read MoreMANILA, Philippines — The Philippines continues to rely heavily on coal imports as it has consumed more imported coal than it produced last year, according to the Department of Energy (DOE). Government data showed the country used 33.12 million metric tons (MT) of coal last year. Of the total consumption, 26.98 million MT were from […]
Read MoreMANILA, Philippines — The projected five percent decline in overseas Filipino workers’ remittances may further slash the country’s economic output by 0.4 percent this year, according to the Bangko Sentral ng Pilipinas (BSP). In a press conference, BSP Governor Benjamin Diokno said monetary authorities lowered their growth forecast for OFW remittances to two percent from […]
Read MorePhilippine Maritime Industry Authority (Marina) is supporting direct shipping trade within the Brunei Darussalam- Indonesia-Malaysia-Philippines East ASEAN Growth Area (BIMP-EAGA) by issuing special permits to shipping lines wanting to expand. Marina Administrator Robert Empedrad has approved the amendment to the Marina Circular 2013-04, providing for the omnibus rules on the issuance of special permits for […]
Read MoreADB sees Phl economy shrinking by 3.8% MANILA, Philippines — The Asian Development Bank (ADB) has further downgraded its economic forecast for the Philippines this year, citing a slowdown in consumption and investments in the first quarter amid the coronavirus pandemic. In its latest report, the Manila-based multilateral lender said it now expects the Philippine […]
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