MANILA, Philippines — The Bangko Sentral ng Pilipinas (BSP) now expects remittances to shrink for the first time in almost two decades as more overseas Filipino workers (OFWs) return to the Philippines amid the global virus outbreak. BSP assistant governor Iluminada Sicat told reporters in a virtual press briefing that the central bank initially expects […]
Read MoreMANILA, Philippines — Local and foreign business groups are calling on the government to suspend demurrage or detention fees and other penalties for cargo stuck at ports, extend the free storage period, and implement other measures to improve transport efficiency and reduce logistics costs of businesses whose operations have been affected by the enhanced community […]
Read MoreMANILA, Philippines — S&P Global Ratings said credit losses of Philippine banks may reach $2 billion this year due to deteriorating asset quality arising from defaults amid the coronavirus disease 2019 or COVID-19 pandemic. Credit loss arises from delinquent and bad debt or other credit that is likely to default. Banks are required to set […]
Read MoreMANILA, Philippines — Domestic trade grew marginally in terms of volume and contracted in terms of value in 2019, the Philippine Statistics Authority (PSA) said yesterday. Final results of the 2019 Highlights of the Domestic Trade Statistics in the Philippines showed that the total volume of domestic trade grew slightly by 0.4 percent to 25.89 […]
Read MoreMANILA, Philippines — Cash is running low in government coffers to fight the coronavirus disease-2019 (COVID-19), a rare admission from economic officials who for weeks have insisted there are sufficient funds to respond to public needs during the health crisis. “So far, we have sufficient cash but we are already getting squeezed by our budget allowance,” […]
Read MoreMANILA, Philippines — The Bangko Sentral ng Pilipinas (BSP) has waived the transaction fees imposed on interbank payments to cushion the impact of the coronavirus disease 2019 or COVID-19 outbreak. BSP Deputy Governor Maria Almasara Cyd Tuaño-Amador has issued a memorandum extending a temporary relief measure on real time fund transfer system transactions among banks […]
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