MANILA, Philippines — The global outbreak of the coronavirus disease 2019 (COVID-19) would affect remittances from overseas Filipino workers (OFWs) this year amid travel bans and restrictions, economists said. Jun Trinidad, economist at Philippine National Bank (PNB), said COVID-19 raises complications as travel ban or restrictions obstruct overseas job placements in the first half. “We […]
Read MoreAfter Honda decision to stop local assembly MANILA, Philippines — The Department of Trade and Industry (DTI) said the government would need to put in place safeguard duty on imported automobiles to promote local manufacturing especially after Honda Cars Philippines Inc. (HCPI) said it would shut down its Sta. Rosa plant in Laguna next month. […]
Read MoreMANILA, Philippines — Farmers lost around P68 billion due to the effects of the Rice Tariffication Law, which saw the influx of more imported rice. The Federation of Free Farmers said losses of rice producers exceeded the gains of consumers by as much as P34 billion in the first year of implementation of the law. […]
Read MoreMANILA, Philippines — The country’s balance of payments (BOP) position booked its widest deficit in 16 months, hitting $1.36 billion in January amid the strong outflows of foreign exchange as the national government settled more external obligations. Data released by the Bangko Sentral ng Pilipinas (BSP) showed the shortfall last month reversed the $2.7-billion surplus […]
Read MoreMANILA, Philippines — For the third straight month, more speculative funds exited the Philippines as net outflow amounted to $486.1 million in January, reversing the $762.82 million inflow recorded in the same month in 2019. The Bangko Sentral ng Pilipinas (BSP) traced the net outflow of foreign portfolio investments last month to the continuing geopolitical […]
Read MoreMANILA, Philippines — Foreign investment pledges approved by the country’s main investment promotion agencies surged to an all-time high of P390.11 billion in 2019, more than double from P179 billion in 2018, data from the Philippine Statistics Authority showed. These investment pledges were lodged at the Board of Investments, Clark Development Corp., Philippine Economic Zone […]
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