MANILA, Philippines — The International Monetary Fund (IMF) is still expecting a significant slowdown in the economic expansion of the Philippines over the next two years despite the stronger-than-anticipated expansion in the first quarter. IMF mission head Shanaka Jay Peiris said the multilateral lender is sticking to its gross domestic product (GDP) growth forecast of […]
Read MoreMANILA, Philippines — Money sent home by overseas Filipinos to their families sustained its uptrend in March, but an analyst expects growth to be tempered by inflation heating up in developed economies. Data released by the Bangko Sentral ng Pilipinas on Monday showed that cash remittances surged 3% year-on-year to $2.67 billion in March. Remittances […]
Read MoreMANILA, Philippines — The Philippine Competition Commission punished Grab Philippines to the tune of P9 million, after the ride-hailing giant failed to refund consumers in full more than three years since they were ordered to do so. A PCC statement on Monday said this new fine will be added to the P63.7 million in penalties stockpiled […]
Read MoreMANILA, Philippines — The government slashed its borrowings by nearly 10 percent to P980 billion in the first quarter, particularly on its obligations to the domestic market, and a further reduction is likely as the country’s budget deficit eases, the Bureau of the Treasury said. BTr data showed total borrowings in March dropped by almost […]
Read MoreMANILA, Philippines — The Senate labor panel approved “in principle” on Wednesday a proposal for a P150 across-the-board daily minimum wage hike after just one public hearing. Labor panel chairperson Sen. Jinggoy Estrada ended Wednesday’s hearing on proposals for a legislated wage hike by sending it to a technical working group, indicating that committee deliberations […]
Read MoreMANILA, Philippines — Foreign direct investments weathered headwinds in February, yielding inflows as an analyst believes an uptrend could materialize in the second half of 2023. Data released by the Bangko Sentral ng Pilipinas on Wednesday amounted to net inflows of $1 billion in February, surging 13% year-on-year. Year-to-date however, FDIs slumped at an annualized […]
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