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BSP shelves FX swap talks with China
The Bangko Sentral ng Pilipinas (BSP) is no longer pursuing the $2-billion bilateral swap arrangements (BSA) with People’s Bank of China (PBOC) which was originally intended to facilitate bilateral trade and investment, as well as short-term liquidity support when needed between the two countries.
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DOE directs NGCP to contract ample power reserves
In line with its warning of thin power supply during the summer months, system operator National Grid Corporation of the Philippines (NGCP) is being required by the Department of Energy (DOE) to contract ample power reserves.
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BSP seen to hike rates by 50bps this year, 100bps in 2023
The central bank will likely continue to keep its two percent policy rate until the fourth quarter this year and is expected to raise the benchmark by 50 basis points (bps) and another 100 bps in 2023, according to a British bank.
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DBM releases additional SRA for health workers
The Department of Budget and Management (DBM) announced that the national government has released another tranche of Special Risk Allowance (SRA) for public and private healthcare workers (HCWs).
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Grab broadens recovery program for Cebu micro businesses
In the wake of Typhoon Odette, Grab Philippines has partnered with the Philippine Red Cross and Ronald McDonald Kindness Kitchen where users can donate to relief operations via GrabPay and GrabRewards Points to support microentrepreneurs in Cebu.
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Big-time oil price hikes for 4th time this month
The continued rally in prices in the world market will cause another hole in Filipino consumers’ pockets as oil prices will be on big-time hike next week, the fourth time this month.
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On financial consumers and consumer associations
I am pleased to inform my readers that Laban Konsyumer Inc. will be assisting in strengthening a safe, secure and sustainable digital or e-wallet economy, both in the national and global forum. Our consumer group participated and submitted our recommendations in the stakeholders’ consultations held over the past 3 months on the National Strategy for Financial Inclusion and the Fair Digital Finance Accelerator Network programmes.
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Haus Talk more than doubles sales in 9 months
Haus Talk, Inc. reported a 164 percent jump in revenues to P173.99 million in the first three quarters of last year from the P65.97 million registered in the same period of 2020.
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Solane widens crackdown versus illegal LPG trade
Liquefied petroleum gas (LPG) brand Solane has seized in 2021 more than 1,000 counterfeit products in various areas in the country as it widened its crackdown against illegal trading and retailing of LPG products in the country.
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AC, Mermac infusing P17.4-B assets into ALI
Ayala Corporation and the Zobels’ holding firm Mermac Inc. are infusing P17.39 billion worth of real estate into Ayala Land Inc. through a property-for-equity swap.
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Business groups urge RCEP ratification but want safety nets for agriculture
With apparent hesitation, three major business groups and a foreign relations firm have called for the ratification of the country’s participation in the Regional Comprehensive Economic Partnership (RCEP) as they equally stressed the need for government to increase substantially the budget for agriculture as safety nets for local producers.
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SSS urges members to use online channels
State-run Social Security System (SSS) is urging members, pensioners, and employers to use the pension fund’s online services as the country continues to record a high number of COVID-19 cases.
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DHL Express appoints new PH country manager
DHL Express, the world’s leading international express services provider, appoints Nigel Lockett as the new country manager in the Philippines.