MANILA, Philippines — The government’s budget shortfall widened to P121 billion in August, three times more than the P40-billion deficit a year ago, as spending for COVID-19 measures, including social amelioration, increased following the revert to strict lockdown in Metro Manila. The Bureau of the Treasury yesterday reported that the budget deficit ballooned as expenditures […]
Read MoreMANILA, Philippines — Manila remained in the top 100 emerging startup ecosystems in this year’s Global Startup Ecosystem Report (GSER), but it ranked lower compared to last year. Policy advisory and research organization Startup Genome’s GSER 2021 showed Manila placed within the 91-100 rank in the top 100 emerging startup ecosystems or those at earlier […]
Read MoreMANILA, Philippines — The possible collapse of debt-troubled Evergrande, China’s second largest real estate company, is unlikely to jolt the Philippine banking sector, an official of the Bangko Sentral ng Pilipinas (BSP) said. Ma. Cynthia Sison, deputy director of the Supervisory Policy and Research Department at the BSP, said local banks’ cross-border exposures or claims […]
Read MoreMANILA, Philippines — The Philippines is doubling efforts to finish the ratification process within the year for the Regional Comprehensive Economic Partnership (RCEP) agreement, which is seen to provide benefits in terms of greater market access and higher economic growth for the country. “We consider RCEP to be a top priority and we are doubling […]
Read MoreMANILA, Philippines — The non-performing loan (NPL) ratio of Philippine banks may peak at 8.2 percent next year, the Bangko Sentral ng Pilipinas (BSP) said. In his weekly online press conference, BSP Governor Benjamin Diokno said the NPL ratio of the banking sector may double next year, but may remain at single-digit levels compared to […]
Read MoreMANILA, Philippines — The Asian Development Bank (ADB) has retained its 2021 economic growth outlook for the Philippines at 4.5 percent, but warned of continued downside risks from more transmissible COVID variants that may lead to fresh spikes in cases and lockdown measures. In its Asian Development Outlook 2021 Update released yesterday, the Manila-based multilateral […]
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