MANILA, Philippines — Bank lending posted a double-digit growth in September, continuing to reap the rewards of a reopened domestic economy despite rising borrowing costs, the Bangko Sentral ng Pilipinas reported Monday. Credit growth jumped 13.4% year-on-year in September, data released by the BSP showed. The increase was faster than the 12.2% annual expansion recorded […]
Read MoreMANILA, Philippines — The value of the country’s digital economy rose eight percent in 2021 from a year ago as digital adoption continued amid the pandemic. Data from the Philippine Statistics Authority (PSA) showed the Philippine digital economy’s value reached P1.87 trillion last year, higher than the P1.73 trillion in 2020. The PSA said the […]
Read MoreMANILA, Philippines — The depreciation of currencies in developing economies may exacerbate the food and energy crisis, according to the World Bank. In its Commodity Markets Outlook report, the World Bank said that while most commodity prices have gone down from their recent peaks amid concerns over a looming global recession, prices in local currency […]
Read MoreTHE peso came close to returning to the P57:$1 level on Thursday, strengthening to as much as P58.09 during intraday trade before closing at P58.22 against the greenback. The 21-centavo gain made for a best finish since September and was a significant improvement after the currency hit a record low of P59:$1 last October 3. […]
Read MoreMANILA, Philippines — The Philippine economy is on track to grow by 6.5 percent this year, with consumption spending and hiring seen to continue in preparation for the Christmas season despite high inflation, according to First Metro Investment Corp. (FMIC) and University of Asia and the Pacific (UA&P) Capital Markets Research. “We still see GDP […]
Read MoreMANILA, Philippines — AMLC chairman and Bangko Sentral ng Pilipinas Governor Felipe Medalla told reporters on the sidelines of the 2nd Bankers Association of the Philippines (BAP) CEO Forum that the country is exerting additional effort to exit FATF’s list of nations considered at high risk of money laundering and terror financing. “We will exert […]
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