MANILA, Philippines — The Philippines’ foreign reserves rose in August, boosted by new Special Drawing Rights (SDRs) from the International Monetary Fund. What’s new Gross international reserves settled at $108.05 billion as of end-August, up 0.84% month-on-month, the Bangko Sentral ng Pilipinas reported on Monday. Why this matters Foreign reserves are investments in gold and foreign […]
Read MoreMANILA, Philippines — The government paid 37 percent more for its debt obligations in the seven months to July, using up nearly two-thirds of its debt servicing program for the year. According to the Bureau of the Treasury, the government hiked its debt payments to P834.32 billion as of end-July from P608.25 billion a year […]
Read MoreMANILA, Philippines — The country’s trade in goods posted a wider gap in July as the reopening of the economy paved the way for a surge in imports, the Philippine Statistics Authority (PSA) said. The trade shortfall reached $3.29 billion in July, jumping 54 percent from $2.13 billion in the same period last year, but […]
Read MoreMANILA, Philippines — Foreign investments in the country improved in the second quarter as the economy gradually reopened, but remain far behind local funders in the overall tally. Latest data from the Philippine Statistics Authority (PSA) showed foreign firms have slowly returned and are putting back much-needed capital to revive the economy. Approved foreign investments […]
Read MoreMANILA, Philippines — The Department of Finance (DOF) will pursue the real property valuation reform in Congress in an effort to attract builders and developers to invest in the Philippines. At the launch of Proptech Consortium of the Philippines yesterday, Finance Secretary Carlos Dominguez said the DOF would seek the enactment of the real property […]
Read MoreMANILA, Philippines — The government’s economic team has thumbed down a proposal to breach the budget deficit target to finance a further stimulus package, insisting that spending should be moderated to save up resources in the event the pandemic drags on. Finance Secretary Carlos Dominguez yesterday rejected Senate Minority Leader Franklin Drilon’s suggestion for the […]
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