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Philippines: Restoration of confidence crucial to economic recovery – Metrobank

MANILA, Philippines — The restoration of consumer confidence is crucial to get the country back on its feet from the pandemic-induced recession, according to Metropolitan Bank & Trust Co. (Metrobank). Pauline Revillas, research analyst at Metrobank, said the restoration of consumer confidence to spend outside of discretionary spending is vital to ensure that the country’s […]

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Philippine growth outlook dims further

MANILA, Philippines — The prospects of a strong economic rebound for the Philippines this year continue to fade as mobility restrictions and slow COVID-19 vaccine rollout are blocking the road toward recovery, a global think tank said. In its latest Global Outlook, London-based Oxford Economics slashed its gross domestic product (GDP) forecast for the country […]

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Philippines: Banks’ bad loans hit 11-year high

MANILA, Philippines — The asset quality of Philippine banks further deteriorated for the second straight month in February as the industry’s gross non-performing loan (NPL) ratio rose to 4.08 percent, the highest in more than 11 years due to the impact of the COVID-19 pandemic, according to the Bangko Sentral ng Pilipinas (BSP). The latest […]

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Moody’s raises credit outlook of Philippine banks

MANILA, Philippines — Moody’s Investors Service has raised the outlook of Philippine banks to stable from negative on expectations of a mild recovery from the pandemic-induced recession. In a report, Moody’s said the recovery from the record 9.6 percent gross domestic product (GDP) contraction last year would support the operating environment for banks. “Operating environment […]

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Philippines: Car sales rise 88% in March

MANILA, Philippines — The Chamber of Automotive Manufacturers of the Philippines Inc. (CAMPI) yesterday said sales rebounded in March with an 88 percent growth from the same month a year ago. Compared to the previous month, however, vehicle sales declined by 21 percent. A joint report released yesterday showed combined sales of the CAMPI and […]

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