MANILA, Philippines — The Bangko Sentral ng Pilipinas (BSP) plans to put a cap on the finance charges imposed by banks and financial institutions on credit card loans to help ease the burden of consumers amid the COVID-19 pandemic. In a draft circular forwarded to major stakeholders for comment, the BSP is looking at imposing […]
Read MoreMANILA, Philippines — After taking a combined P20-billion loss in the second quarter, local airlines are seeking not only government support, but also unified and consistent policies as they continue to grapple with the effects of the pandemic. Air Carriers Association of the Philippines (ACAP) executive director and vice chairman Roberto Lim told The STAR […]
Read MoreMANILA, Philippines — The slow distribution of fiscal support as the pandemic wears on will contribute to the slow recovery of the economy, according to a London-based think tank. In a report, Capital Economics said the slow distribution of social assistance to vulnerable sectors may cause a slower economic recovery. “While second quarter gross domestic […]
Read MoreMANILA, Philippines — The Bangko Sentral ng Pilipinas (BSP) kept its key interest rates unchanged yesterday, as expected, saying the current monetary policy settings remain appropriate for the time being. In a virtual press briefing, BSP Governor Benjamin Diokno said the Monetary Board decided to maintain the overnight reverse repurchase rate at an all-time low […]
Read MoreMANILA, Philippines — The Bangko Sentral ng Pilipinas (BSP) has raised the real estate loan limit of big banks, releasing P1.2 trillion in additional funds which can be borrowed by the property sector. BSP Governor Benjamin Diokno said the Monetary Board has increased the cap on real estate loans by universal and commercial banks to […]
Read MoreMANILA: A joint Philippine congressional committee has approved a stimulus package worth up to 165 billion pesos (US$3.39bil) to aid the economy’s recovery from the novel coronavirus pandemic. The package is worth 140 billion pesos, with an additional 25 billion pesos in standby appropriations, Senator Sonny Angara told reporters. It includes funds for coronavirus isolation […]
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