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AMLC: Philippines faces sanctions if terror bill not passed

MANILA, Philippines — The Philippines faces possible sanctions from Paris-based anti-money laundering watchdog Financial Action Task Force (FATF) if it fails to pass key laws, including the controversial anti-terrorism bill, according to the Anti-Money Laundering Council (AMLC). The AMLC warned the Philippines may be included in the gray list if it fails to pass or […]

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Philippines: ‘Economy to shrink by 5%’

MANILA, Philippines — The Philippine economy is likely to contract by five percent this year due to the extent of lockdowns and the impact on tourism, said UK-based think tank Oxford Economics. In a new research brief titled “How COVID-19 impacts vary across ASEAN-5,” the economic research firm said the coronavirus pandemic delivers the largest […]

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Philippines: More groups want meat imports halted

MANILA, Philippines — More agriculture stakeholders are urging the government to put a temporary halt on the importation of meat products to help local farmers survive. In a joint statement, eight agriculture organizations appealed to the Department of Agriculture to stop issuing import permits for chicken meat, pork and processed products until the end of […]

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Philippines: FDI lowest in 6 months

MANILA, Philippines — The net inflow of foreign direct investments (FDIs) fell 31.5 percent to a six-month low of $505 million last February from $737 million in the same month a year ago, prompting the Bangko Sentral ng Pilipinas (BSP) to cut its target by more than half as uncertainties brought about by the coronavirus […]

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Philippines gets surprise credit upgrade

MANILA, Philippines — The Philippines achieved a credit rating of A after Tokyo-based Japan Credit Rating Agency (JCR) upgraded the country’s credit rating to A- from BBB+ to reflect the resilience of the economy amid the coronavirus disease 2019 or COVID-19 pandemic. Bangko Sentral ng Pilipinas Governor Benjamin Diokno said the upgrade and stable credit […]

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