MANILA, Philippines — More companies may lay off workers as they shelve expansion plans for the fourth quarter and over the next 12 months as the economy took a downturn due to the implementation of mobility restrictions to curb the spread of the coronavirus pandemic, according to the Bangko Sentral ng Pilipinas (BSP). Redentor Paolo […]
Read MoreMANILA, Philippines — The Philippines may post the biggest economic contraction in Asia-Pacific at almost 10 percent this year after imposing one of the world’s longest and strictest lockdowns to slow the spread of COVID-19, according to S&P Global Ratings. In its latest economic research titled “Asia-Pacific’s recovery: The hard work begins,” the debt watcher […]
Read MoreMANILA, Philippines — The Bangko Sentral ng Pilipinas (BSP) is imposing a 24 percent cap on the annual interest rate on all credit card transactions starting Nov. 3 to ease the financial burden of consumers and small enterprises amid the COVID-19 pandemic. In a virtual press briefing, BSP Governor Benjamin Diokno said the imposition of […]
Read MoreMANILA, Philippines — Foreign funds still mostly pulled out of local financial markets in August, but losses were narrower than previous month even after the government placed key economic centers in brief lockdowns anew. Foreign portfolio investments posted a net outflow of $453.17 million last month, narrower than the $235.38 million in previous month and […]
Read MoreMANILA, Philippines — Consumer confidence sank to historic low in the third quarter while business sentiment likewise took a heavy beating, posing a big challenge to the government relying on its citizens to rebound from an unprecedented economic damage caused by the pandemic. A poll of 5,563 households released by the Bangko Sentral ng Pilipinas (BSP) on […]
Read MoreMANILA, Philippines — Consumer and business sentiments slumped to their lowest levels in the third quarter as the country slipped into recession due to the COVID-19 pandemic, the Bangko Sentral ng Pilipinas (BSP) said yesterday. In a virtual press conference, BSP Governor Benjamin Diokno said the results of the Consumer Expectations Survey (CES) and Business […]
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