MANILA, Philippines — The inter-agency Development Budget Coordination Committee (DBCC) has further lowered its gross domestic product (GDP) projection this year as the economy continues to suffer from the impact of the coronavirus disease 2019 or COVID-19 pandemic. In a statement, DBCC said the Philippine economy is expected to shrink by a range of two […]
Read MoreMANILA, Philippines — Fitch Ratings has taken negative ratings action on state-run Land Bank of the Philippines and Development Bank of the Philippines (DBP) as well as privately-owned China Banking Corp. and Philippine National Bank (PNB) as the coronavirus disease 2019 or COVID-19 outbreak is expected to take its toll on the economy and the […]
Read MoreMaintains Phl credit rating at Baa2 MANILA, Philippines — Moody’s Investors Service now expects the Philippine economy contracting this year as the rapid and widening spread of the coronavirus disease 2019 or COVID-19 outbreak, deteriorating global economic outlook, falling oil prices and financial market turmoil are creating a severe and extensive economic and financial shock. […]
Read MoreMANILA, Philippines — Poultry stakeholders are calling on the government to suspend the importation of chicken meat and its products amid an oversupply resulting in the decline of farmgate prices. In a letter to Agriculture Secretary William Dar, the United Broiler Raisers’ Association (UBRA) urgently requested the government to suspend the importation immediately as the […]
Read MoreThe Philippines announced Tuesday an easing of restrictions on economic activities in the capital Manila from Saturday despite extending a lockdown on the main island of Luzon to stem the coronavirus outbreak. Presidential spokesman Harry Roque said some manufacturing sectors in the capital will be allowed to restart at up to 50% workforce capacity, with […]
Read MoreMANILA, Philippines — Bank lending grew in March as easing moves by the Bangko Sentral ng Pilipinas (BSP) to stimulate demand and soften the impact of the coronavirus disease-2019 (COVID-19) outbreak on the economy make their way through the country’s financial system. Central bank data released Tuesday showed outstanding loans by big banks, net of reverse […]
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