TO maintain the integrity of the Philippine currency, the Bangko Sentral ng Pilipinas (BSP) retired 519.93 metric tons of unfit, demonetized, mutilated and counterfeit (UDMC) coins through defacement. In a statement on Wednesday, BSP said that the coin defacement was undertaken beginning October 2021 until September 2022. Coin defacement, done via machine, involves a process […]
Read MoreMANILA, Philippines — The Bangko Sentral ng Pilipinas is preparing another supersized rate hike in its next meeting to match the US Federal Reserve’s latest tightening action. BSP Governor Felipe Medalla said in a statement Thursday that the central bank would hike rates by 75 basis points after the Monetary Board meets on November 17. This would match […]
Read MoreMANILA, Philippines — Local factory output eked out moderate expansion in October despite growing demand as inflationary pressures continued to burden firms. A survey of around 400 manufacturers in the country found that the Philippines’ Purchasing Managers’ Index (PMI), a gauge of manufacturing output, softened to 52.6 in October from 52.9 in September, S&P Global […]
Read MoreMANILA, Philippines — Lazada Philippines is constantly investing in its operations in the country, particularly in areas such as logistics, to improve customer experience. In an interview with reporters, Lazada chief executive officer Carlos Barrera said the company is constantly making investments, citing logistics as one area of concentration to be able to serve its […]
Read MoreMANILA, Philippines — The affirmation of the Philippines’ investment grade rating by Fitch Ratings reflects a credible economic policy framework, strong economic growth and sound external finances, according to economic managers. Bangko Sentral ng Pilipinas Governor Felipe Medalla said the BSP “consistently signals to the market its unwavering commitment to use the tools at its […]
Read MoreMANILA, Philippines — A new poll showed that 11.3% of Filipino families or an estimated 2.9 million experienced “involuntary hunger” moving into the third quarter of 2022. The survey, the first of its kind conducted under the administration of President Ferdinand Marcos Jr., showed that people who reported that their family experienced hunger and did […]
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