MANILA, Philippines — Investment pledges approved by the Philippine Economic Zone Authority (PEZA) rose by 54 percent in the first quarter from a year ago despite the ongoing coronavirus pandemic. In a statement yesterday, the PEZA said it approved P25.38 billion worth of investments from January to March, higher than the previous year’s P16.5 billion. […]
Read MoreMANILA, Philippines — The Philippines may suffer its sixth consecutive economic decline in the second quarter as the prolonged lockdown coupled with rising prices force families to reduce their consumption, an international think tank said. UK-based Pantheon Macroeconomics said gross domestic product (GDP) may further slip by 0.6 percent in the second quarter, with families […]
Read MoreMANILA, Philippines — Bank lending shrank for the fourth straight month in March amid heightened risk aversion in the banking sector and tepid demand from borrowers as the pandemic continued to wreak havoc on the economy, the Bangko Sentral ng Pilipinas said. Data released by the BSP Monday showed outstanding loans granted by universal and […]
Read MoreMANILA, Philippines — The Bangko Sentral ng Pilipinas (BSP) will likely keep interest rates at record lows this year as rising cases of COVID-19 infections continue to impede recovery from the recession, top economists said. ING Bank Manila senior economist Nicholas Mapa said the central bank’s Monetary Board would likely maintain the benchmark interest rate […]
Read MoreMANILA, Philippines — Manila Water Co. Inc. reported an eight percent decline in its net income in the first quarter to P1.3 billion, largely due to the lower contribution from its east zone concession. In a disclosure to the Philippine Stock Exchange, Manila Water said consolidated operating revenues fell by 12 percent to P4.85 billion […]
Read MorePhilippine stuck in recession MANILA, Philippines — The country’s road to recovery hit another snag as the Philippines remained in recession in the first quarter, with gross domestic product (GDP) contracting by a weaker-than-expected 4.2 percent amid a resurgence of COVID-19 cases and slow vaccine rollout that kept a tight rein on business sentiment. The […]
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