IMF on Philippines GDP in 2020, 2021 MANILA, Philippines — The International Monetary Fund (IMF) now expects a deeper economic contraction for the Philippines as the country continues to struggle to limit the impact of the pandemic. Yongzheng Yang, IMF resident representative to the Philippines, said the Philippine economy likely contracted by 9.6 percent in […]
Read MoreMANILA, Philippines — The Philippine economy is likely to grow slower this year after nose-diving to a deeper fall last year, trailing its peers in Southeast Asia because of expected persistent lockdowns that are likely to prevent an economic rebirth. Gross domestic product (GDP) likely slumped 9.6% year-on-year in 2020, worse than the 8.3% seen […]
Read MoreMANILA, Philippines — The Bureau of Internal Revenue (BIR)’s tax effort eased to 10.67 percent in 2020 as the pandemic-induced economic crisis slowed down the agency’s revenue generating capacity last year, the Department of Finance (DOF) reported yesterday. Citing an updated preliminary report from the BIR, the DOF said the tax effort of the country’s largest […]
Read MoreFor CK Colindres and her two children, 12 and 2, weekends were always spent strolling in malls and dining out in the Philippine capital of Manila. That all changed when the pandemic struck. They’ve been cooped up at home since the government ordered minors to stay indoors to curb virus transmissions, the only country in […]
Read MoreMANILA, Philippines — The delinquency rate of credit card issuers is expected to increase further due primarily to the loss of income and unforeseen major expenses caused by the prolonged lockdowns to slow the spread of COVID-19, according to the Credit Card Association of the Philippines. CCAP said the delinquency level of credit cards is […]
Read MoreMANILA, Philippines — Short-term government securities yesterday fetched lower rates across the board as investors swarmed the Bureau of the Treasury (BTr)’s auction facility amid strong liquidity in the financial system. Rates for the 91-day Treasury bills (T-bills) averaged at 0.969 percent, 1.5 basis points lower compared to the 0.984 percent recorded in the previous […]
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