MANILA, Philippines — The Bangko Sentral ng Pilipinas (BSP) is waiving anew the spread on its peso rediscount loans for two more months to allow banks to tap the facility to meet their temporary liquidity needs amid the coronavirus disease 2019 or COVID-19 pandemic. BSP Governor Benjamin Diokno said the Monetary Board, through Resolution 647, […]
Read MoreMANILA, Philippines — The Department of Finance (DOF) has warned the public against a fake news article saying that the Philippine government has created a platform where Filipinos can invest in cryptocurrency. “There is no such effort by the government,” Finance Assistant Secretary Antonio Lambino said in a statement. “We categorically deny that there is […]
Read MoreMANILA, Philippines — Economists expect a bigger drop in remittances from overseas Filipino workers (OFWs) this year due to job losses resulting from lockdowns in host countries amid the coronavirus disease 2019 or COVID-19 pandemic. Euben Paracuelles, economist at Japanese investment house Nomura, said the amount of money sent home by OFWs to their loved […]
Read MoreMANILA, Philippines — Repairing the pandemic’s damage on the government’s hard-earned strong balance sheet will go beyond the Duterte administration, a consequence of the health crisis and a necessary shift in priorities from achieving historic fiscal ambitions to saving lives and addressing people’s needs. “Revenues will normalize in about 4 to 5 years as what […]
Read MoreMANILA, Philippines — Despite the lifting of the price freeze last May 15, an increase in the prices of basic goods and commodities is unlikely until June, the Department of Trade and Industry (DTI) said on Tuesday. “We have requests for price increases from different manufacturers but we are not acting on them up yet […]
Read MoreMANILA, Philippines — The creation of the country’s strategic petroleum reserve remains a priority despite difficulty in its implementation, according to Energy Secretary Alfonso Cusi. State-run Philippine National Oil Co. (PNOC) would still pursue its planned oil strategic reserve storage because the country needs it, Cusi said. “It’s still a go especially now that we […]
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