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Philippines: Roque says ‘POGOs are BPOs’ as gov’t allows reopening under lockdown

MANILA, Philippines (Updated 3:46 p.m.) — Online casino centers will partially resume operations to help raise funds for the government’s massive response to the coronavirus disease-2019 (COVID-19) outbreak, Malacañang announced Friday, insisting that the highly controversial industry forms part of the country’s business process outsourcing sector, not the gaming sector. In a text message to reporters, presidential […]

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RCBC cuts Philippines growth outlook to -1.5-0.5%

THE Rizal Commercial Banking Corp. (RCBC) further trimmed its growth estimate for the Philippine economy this year to between -1.5 and 0.5 percent after taking into account the impact of the Luzon-wide enhanced community quarantine (ECQ) on the country’s economic activities. The forecast is a downgrade from the Yuchengco-led lender’s previous gross domestic product (GDP) […]

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Philippines: BSP lowers credit risk weight for MSME loan

MANILA, Philippines — Loans for micro, small and medium enterprises (MSMEs) now carry a lower credit risk weighting to encourage banks to lend more to the sector as the coronavirus disease 2019 or COVID-19 has severely disrupted economic activity across the country, according to the Bangko Sentral ng Pilipinas. BSP Governor Benjamin Diokno said the […]

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Philippines: Technology use hastens food delivery — DA

MANILA, Philippines — The government continues to adopt technology to combat the possible threat of food security amid the coronavirus disease 2019 or COVID-19 pandemic. The Department of Agriculture will partner with ride-hailing app Grab and other enterprises with an online-driven platform to speed up movement of food and agricultural products from provinces to consumers. […]

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Philippines sugar supply adequate — SRA

MANILA, Philippines — The Sugar Regulatory Administration maintains that supply of sugar in the country is sufficient even if local production is seen to hit its 10-year low and further decline in the next crop year. Local sugar production is expected to dip 3.5 percent to 2.025 million metric tons. A sugar crop year starts […]

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Philippines: Vehicle importers expect 40% sales drop this year

MANILA, Philippines — Vehicle importers in the country expect total sales to fall 40 percent this year amid disruptions caused by the coronavirus disease 2019 or COVID-19 crisis. “The local industry is reeling from this invisible enemy as vehicle manufacturing, importation, distribution and maintenance have stopped completely. Demand has likewise declined as consumers spend on […]

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