DIGITAL payments took a larger share of retail payments last year in both volume and value, the Bangko Sentral ng Pilipinas (BPS) reported on Wednesday. By volume, e-payments accounted for 30.2 percent of all transactions, up from 20.1 percent in 2020. In value terms, meanwhile, they comprised 44.1 percent from 26.8 percent previously. “The latest […]
Read MoreTHE Philippine peso had its worst day in over 17 years, falling to P56 to the US dollar on Thursday. The local currency decreased 39 centavos from the P55.67 closing value of the previous day to end at $56.06:$1. It hasn’t been this soft since Sept. 27, 2005 when it closed at 56.29:$1. Nicholas Antonio Mapa, senior […]
Read MoreIN light of the slower expansion anticipated in the second half of this year, MUFG Bank Ltd. maintained its 2022 economic growth projection for the Philippines at 6.5 percent, the lower end of the government’s adjusted target. In a report released on Wednesday night, it noted that the Philippines’ real gross domestic product (GDP) growth in the first […]
Read MoreMANILA, Philippines — More Filipinos were either unemployed or out of business in May while the quality of available jobs worsened, in what could be a sign that the economy, while growing again, is struggling to heal the pandemic-battered labor market. There were 2.93 million jobless Filipinos in May, higher than 2.76 million recorded in […]
Read MoreMANILA, Philippines — The Marcos administration is now looking at a 6.5 to 7.5 percent economic growth in its first year in office, lower than the target set by the previous government. During a briefing at Malacañang yesterday, Finance Secretary Benjamin Diokno said the economic team has presented the medium-term fiscal framework to President Marcos […]
Read MoreMANILA, Philippines — The peso weakened further yesterday after depreciating by 44 centavos to close at 55.67, the lowest level in almost 17 years, from Tuesday’s 55.23 to $1 amid soaring inflation. This was the weakest level for the local currency since closing at 55.71 to $1 on Oct. 20, 2005. Data from the Bankers […]
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