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Philippines: BSP intervenes to keep peso below 50:$1

MANILA, Philippines — The peso managed to stay below the 50 to $1 level despite shedding 10 centavos as the Bangko Sentral ng Pilipinas (BSP) continues to intervene in the foreign exchange market to smoothen the volatility of the local currency. The peso closed at 49.90 to $1 yesterday, weaker than last Friday’s 49.80 to […]

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Philippines: ‘Economic stimulus bills fiscally unsustainable’

MANILA, Philippines — The Department of Finance (DOF) hopes Congress will come up with a downscaled economic stimulus bill in response to the coronavirus pandemic, as it warned that the pending pieces of legislation are “fiscally unsustainable.” “Multiple stimulus bills filed by the legislators from both Houses include a slew of additional provisions that make the proposals […]

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Philippines: BSP likely to keep rates steady

MANILA, Philippines — The Bangko Sentral ng Pilipinas (BSP) is likely to keep interest rates steady as it saves monetary ammunition amid the economic fallout from the coronavirus disease 2019 or COVID-19 pandemic.  BSP Governor Benjamin Diokno said in a television interview aired on ABS-CBN News Channel that it may be better for the BSP […]

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4 Asian countries bid to supply rice to Philippines

MANILA, Philippines — Four Asian countries have expressed interest to supply the Philippines with 300,000 metric tons of rice under a government-to-government scheme, the first for the country since the industry was liberalized. During Monday’s online G2G bidding, Myanmar, Thailand, Vietnam and India submitted their bids for the supply of imported rice with 25 percent […]

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Philippines: Century Properties profit falls 24% in Q1

MANILA, Philippines — Century Properties Group Inc. (CPG), the listed property developer of the Antonio family, posted a net income of P290 million in the first quarter of the year, down by 24 percent from P384 million a year ago. Consolidated revenue stood at P2.8 billion during the period, flat compared to the P2.77 billion posted […]

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