MANILA, Philippines — The government incurred a fiscal deficit of P37.6 billion in February, lower by nearly 51 percent than the budget gap of P76.4 billion a year ago following a decline in disbursements due to high base effects, the Bureau of the Treasury (BTr) reported yesterday. The latest figure, however, was a reversal of […]
Read MoreMANILA, Philippines — The Department of Transportation and the Philippine Ports Authority on Tuesday called on cargo shippers and consignees (recipients) to pull out “overstaying cargoes” clogging Manila ports, with yard utilization reportedly exceeding 90%. “The last time we called the attention of cargo shippers, and consignees, they pulled out their overstaying cargoes and we […]
Read MoreMANILA, Philippines – Economic managers have highlighted President Duterte’s newly-acquired powers to tinker on the budget as an assurance funding is sufficient for a coronavirus disease-2019 (COVID-19) response, with culled data showing the government already raising nearly P800 billion for that purpose. In a statement on Tuesday, Finance Secretary Carlos Dominguez III pointed to Republic Act […]
Read MoreMANILA, Philippines — Local manufacturing bounced back in February, but the recovery could prove to be short-lived as the lockdown of Luzon, which just got extended, forced businesses to close shops, including factories. The volume of production index— a measure of factory output— rose 3% in February, up from a 5.2% drop the month before […]
Read MoreMANILA, Philippines — Local banks vowed to comply with the implementing rules and regulations (IRR) of a new law aimed at easing the burden of Filipinos amid the coronavirus disease 2019 (COVID-19) pandemic. In a statement, the Bankers Association of the Philippines (BAP) said it has been in close coordination with regulators to ensure the […]
Read MoreMANILA, Philippines — The Asian Development Bank (ADB) significantly slashed its growth projections for the Philippines and rest of the region this year, the latest institution to turn sour on the economy as preoccupied governments shift resources to containing the global coronavirus disease-2019 (COVID-19) pandemic. In its latest Asian Development Outlook report released Friday, the […]
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