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Philippines: Remittances reach $30 billion in 11 months

MANILA, Philippines — Remittances from overseas Filipino workers continued to grow in November 2020 although at a slower pace compared to previous months, the Bangko Sentral ng Pilipinas (BSP) reported yesterday. According to the latest data from the BSP, personal remittances rose by just 0.1 percent to $2.643 billion in November last year from $2.639 […]

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Philippines: Foreign reserves soar to all-time high in 2020

MANILA, Philippines — The country’s foreign reserves hit an all-time high in 2020 on the back of ballooning external debt while domestic demand that used to drive dollar outflows remained weak amid a pandemic-induced recession. Gross international reserves amounted to $109.8 billion as of end-December last year, up 4.77% on a month-on-month basis, the Bangko […]

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BSP sees no emerging risks in Philippine banking system

MANILA, Philippines — The Bangko Sentral ng Pilipinas (BSP) yesterday assured the public that the Philippine banking system remains sound and well-capitalized, with no emerging risks seen to pose problems in the industry going forward. BSP Governor Benjamin Diokno said the central bank remains proactive in monitoring the health of the financial system to determine […]

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Philippines: Deficit to GDP reaches 7.5% in 2020

MANILA, Philippines — The country’s fiscal deficit ballooned to 7.5 percent of gross domestic product in 2020, but settled slightly lower than the government’s forecast as both revenues and expenditures went below their revised targets, according to   the Department of Finance (DOF). In a presentation before the Management Association of the Philippines (MAP), Finance Secretary […]

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Philippines: ‘Opening’ seen to ease quarantine despite COVID-19 variant arrival

MANILA, Philippines — The Philippines continues to see an “opening” to roll back remaining movement restrictions despite a new coronavirus variant detected in the country, a necessary step for the economy to bounce back from last year’s recession.  “Given the experience of other countries, I think there’s an opening,” Acting Socioeconomic Planning Secretary Karl Kendrick […]

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