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Philippines: Free interbank payments extended

MANILA, Philippines — The Bangko Sentral ng Pilipinas (BSP) has further extended the free interbank payments after Malacañang lengthened the enhanced community quarantine by another 15 days to prevent further spread of the deadly coronavirus disease. BSP Deputy Governor Maria Almasara Cyd Tuaño-Amador issued Memorandum 2020-041, further extending a temporary relief measure on real time […]

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Philippines: Travel, tourism sectors lead relief package list

MANILA, Philippines — The tourism and travel industries are among the “easy candidates” for the provision of guarantees and equity infusion by the government as part of its economic recovery plan, acting Socioeconomic Planning Secretary Karl Chua said. Interviewed on Bloomberg, Chua said these sectors were among the hardest-hit sections of the economy since the […]

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Philippines remains competitive as BPO destination — Chua

MANILA, Philippines — The Philippines would remain as an attractive destination for business process outsourcing (BPO) post-pandemic due to competitive wages and a mature BPO sector, acting Socioeconomic Planning Secretary Karl Chua said. Interviewed on The Chiefs aired on One News Thursday night, Chua said despite the possibility that more multinational firms may onshore their […]

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Philippines: Remittances fall to 8 month low

BSP still confident of full-year growth MANILA, Philippines — Remittances from overseas Filipino workers (OFWs) fell to their lowest level in eight months last February, but the Bangko Sentral ng Pilipinas (BSP) remains confident of positive growth this year amid the coronavirus disease 2019 or COVID-19 pandemic. The central bank yesterday reported that personal remittances […]

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Philippines: Remittances slow as coronavirus pain looms

MANILA, Philippines — A month before migrant workers began coming home in droves, money sent to their families showed some signs of slowdown in February as the country’s top dollar-earning sector begins to feel the bite of the pandemic. Cash remittances coursed through banks stood at $2.36 billion in February, up 2.5% year-on-year from same period a […]

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Philippines to remain biggest rice importer

MANILA, Philippines — The Philippines is expected to become the world’s largest rice importer until 2021as local production will continue to decline. In the latest report of the United States Department of Agriculture-Foreign Agricultural Service, imports will slightly decline this year but will pick up again next year. Rice imports are seen to fall by […]

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