THE impact of the Covid-19 outbreak on the Philippine economy may be larger than first anticipated as the shock evolves, a report by JP Morgan Chase Bank suggested as it lowered the country’s growth forecast for 2020. “We now see full-year 2020 growth at 5.1 per cent year on year, from a previous forecast of 6.2 per […]
Read MoreMANILA, Philippines — Remittances from overseas Filipino workers (OFWs) increased at their fastest pace in three months as the impact of the rapid spread of the coronavirus disease 2019 or COVID-19 has not yet been felt, according to the Bangko Sentral ng Pilipinas (BSP). Data released by the central bank yesterday showed personal remittances went […]
Read MoreMANILA, Philippines — Banks and other financial institutions are business as usual during the one-month community quarantine adopted by Malacañang in the National Capital Region to prevent the further spread of the coronavirus disease 2019 or COVID-19, according to the Bangko Sentral ng Pilipinas. The BSP issued a statement Saturday evening assuring the public that […]
Read MoreMANILA, Philippines — The Asian Development Bank (ADB) announced yesterday that it is making available $200 million in supply chain financing for companies manufacturing and distributing personal protective equipment and medicines essential to the control of the spread of the 2019 coronavirus disease (COVID-19). Funding will be drawn from the multilateral bank’s Supply Chain Finance […]
Read MoreMANILA, Philippines — The Bangko Sentral ng Pilipinas (BSP) has tightened the guidelines on correspondent banking relationships as legislation against money laundering and terrorism financing needed to avoid being included in the watchlist of the global watchdog have yet to be passed. BSP Governor Benjamin Diokno said the BSP has approved amendments to the Manual […]
Read MoreMANILA, Philippines — Food supplies, including rice, are ordered moved closer to Metro Manila as the Department of Agriculture devises a “preemptive” move to ensure food sufficiency should the coronavirus disease-2019 (COVID-19) outbreak trigger supply disruptions. After local authorities floated the idea of “localized” lockdowns to control COVID-19 spread, Agriculture Secretary William Dar told Philstar.com his order for a “food […]
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