MANILA, Philippines — The Bangko Sentral ng Pilipinas is not worried about the current weakness of the peso, adding it is ready to step in to tame any sharp depreciation of the local currency. In a Monday morning interview with ABS-CBN News Channel, BSP Governor Benjamin Diokno said the central bank is already intervening in […]
Read MoreMANILA, Philippines — The government spent more than half for debt payments in May at nearly P38 billion as interest payments and amortization rose by double digits, the Bureau of the Treasury said. BTr data showed debt servicing in May went up by over 53 percent to P37.8 billion from P24.64 billion during the same […]
Read MoreMANILA, Philippines — The Philippines risks losing the gains it made in recovering job losses if the government decides to revert economic areas to lockdown to stem the spread of new variants, the Department of Finance said. In an economic bulletin, Finance Undersecretary and chief economist Gil Beltran cautioned that the Philippines has yet to […]
Read MoreMANILA, Philippines — Banks’ bad loans climbed for the fifth straight month in May to hit the highest level in almost 13 years as the country continues to struggle amid the resurgence of COVID-19 cases. Preliminary data from the Bangko Sentral ng Pilipinas (BSP) showed the gross non-performing loan (NPL) ratio of banks rose further […]
Read MoreMANILA, Philippines — Foreign trade posted a double-digit expansion in May, albeit slower than the previous month, as both exports and imports record softer growth. External trade continued its ascent for the fourth straight month in May, growing 39.9% year-on-year to $14.54 billion, the Philippine Statistics Authority reported Friday morning. But the expansion eased from […]
Read MoreMANILA, Philippines — Surging demand for dollars amid a spike in imports sank the Philippine peso to its lowest level in more than a year on Friday, with the local unit now back to the P50-level against the greenback. The local currency shed 0.4% from the previous day to cap the week at P50.08 versus […]
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