MANILA, Philippines — The Philippines is seen recovering from the pandemic-induced recession with a gross domestic product (GDP) growth of 6.9 percent this year and eight percent next year, prompting international debt watcher Fitch Ratings to affirm the country’s credit rating and outlook. The London-based credit rater affirmed the BBB rating and stable outlook of […]
Read MoreMANILA, Philippines — Fresh attempts to amend the Constitution’s restrictive economic provisions just got the support of the head of President Rodrigo Duterte’s economic team. “I am for really opening up the economy in all areas possible, with the exception of land ownership. Because the issue of land ownership is so emotional any mention of […]
Read MoreMANILA, Philippines — Spending growth was at its slowest under the Duterte administration last year when the pandemic created new public needs to fund, controlling a record-high deficit that ultimately settled below a government-imposed cap. The yearend fiscal performance, nonetheless, was welcomed by no less than Finance Secretary Carlos Dominguez III who justified anew his […]
Read MoreMANILA, Philippines — Compliance with mandatory credits to agriculture and agrarian (agri-agra) reform, as well as anti-money laundering continue to be the most challenging areas for banks and financial institutions, according to the Bangko Sentral ng Pilipinas (BSP). The BSP said most banking groups’ difficulty with Republic Act 10000 or the Agri-Agra Reform Credit Act […]
Read MoreMANILA, Philippines — Total investments approved by the Board of Investments (BOI) reached the P1 trillion level last year, but was down 11 percent compared to 2019 amid the pandemic. BOI chairman and Trade Secretary Ramon Lopez said during the SME Bayani: Beating the Odds webinar over the weekend that the value of total approved […]
Read MoreMANILA, Philippines — Lending by big banks slightly gained pace in November from previous month, but growth remained shallow and year-on-year expansion was at 14-year low, suggesting any improvement was temporary. Outstanding loans by universal and commercial banks, net of their lending to each other, reached P8.99 trillion in end-November, up 0.46% year-on-year and sustaining a […]
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