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Philippines recovery may fall behind Asian neighbors

MANILA, Philippines — Philippine economic recovery may fall behind those of other countries in Asia after the “dreadful” labor and industrial data released recently, according to London-based Capital Economics. The macroeconomy research firm said that with lockdowns eased only gradually, it may be more difficult for the Philippine economy to recover from the collapse in […]

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Philippines: BSP waives fees on interbank fund transfer

MANILA, Philippines — The Bangko Sentral ng Pilipinas (BSP) has waived the fees of fund transactions made through the central bank until the end of the year, allowing banks and financial institutions to promote digitalization amid the changing economic landscape due to the pandemic. BSP Deputy Governor Maria Almasara Cyd Tuaño-Amador said it is critical […]

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Philippines: BSP may cut rates by another 25 bps

MANILA, Philippines — Although inflation can be expected to remain stable, the Bangko Sentral ng Pilipinas  (BSP) may slash policy rates anew by 25 basis points in the second half to support economic recovery amid the pandemic, according to the investment banking arm of the Metrobank Group. In its latest Market Call report, First Metro […]

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Philippines: Lockdowns destroy jobs of 5 million Filipinos in April

MANILA, Philippines — Five million more Filipinos were left jobless by the pandemic and government-initiated lockdowns in April, in the clearest sign of socioeconomic damage from the health crisis that saw businesses getting shuttered and people unemployed. While state officials said some job losses were temporary and could have since recovered with Metro Manila’s reopening, observers cautioned the […]

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Philippines: Foreign investment pledges fall 36% in Q1

Government-approved foreign investment pledges dropped to P29.4 billion in the first quarter of the year, which an analyst said could be attributed to concerns related to the coronavirus disease 2019 (Covid-19) pandemic. In a report on Thursday, the Philippine Statistics Authority (PSA) said the amount was a 36.2-percent decrease from the P46 billion recorded a […]

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Philippines: Government eyes VAT on digital services

MANILA, Philippines — The government is bent on capturing the digital economy into the country’s value-added tax (VAT) base even as the international community has not yet agreed on the taxation of cross-border digital transactions, according to the Department of Finance (DOF). In a text message to reporters, Finance Secretary Carlos Dominguez said the Philippines […]

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