MANILA, Philippines — The global financial inclusion ranking of the Philippines slipped further this year despite improvements spurred by the government’s need to promote digital channels as part of its response to the COVID-19 pandemic. Based on the 2020 Global Microscope of the Economist Intelligence Unit (EIU), overall ranking of the Philippines dropped to eighth […]
Read MoreMANILA, Philippines — The shock from the coronavirus pandemic may spur income inequality with credit risks for fiscally weak countries like the Philippines, according to Moody’s Investors Service. In a report, Moody’s said governments with constrained fiscal capacity would have limited scope to address pandemic-related social and political strains that could amplify credit risks. Moody’s […]
Read MoreMANILA, Philippines — The Bangko Sentral ng Pilipinas (BSP) has adopted a new money laundering and terrorist risk assessment framework for banks and other supervised financial institutions as part of efforts to avert the inclusion of the Philippines in the list of countries with massive sums of alleged dirty money by the Paris-based Financial Action […]
Read MoreMoody’s Investors Service has tagged the Philippines as one of the countries in the Asia-Pacific (APAC) region that will face challenges in addressing income gaps after the coronavirus disease 2019 (Covid-19) pandemic ends. In a report on Tuesday, the New York-based debt watcher said the impact of the pandemic would exacerbate income inequality in the […]
Read MoreThe Philippine economy will likely contract by more than 8 percent this year and is expected to start to recover in the latter part of 2022 at the earliest, a former Cabinet official said on Monday. During the Pilipinas Conference 2020, former National Economic and Development Authority (NEDA) secretary Ernesto Pernia said he expects the […]
Read MoreEconomists have slashed their 2020 outlook for the Philippines by more than any other Southeast Asian nation as it struggles with one of the region’s worst coronavirus outbreaks. The forecast for the country’s gross domestic product dropped from a 6.1% expansion at the beginning of the year to an 8.9% contraction, a swing of 15 […]
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