The Asian Development Bank (ADB) approved a fresh loan to the Philippines to help build elevated pathways in four areas along the Epifanio de los Santos Avenue, commonly known as EDSA. Design image of the elevated walkways on EDSA to be constructed with financing from a new ADB loan In a statement,...
The Asian Development Bank (ADB) downgraded its growth forecast for the Philippines as the nation struggled in containing the coronavirus outbreak that hampered economic recovery. Based on ADB’s Asian Development Outlook update, the Manila-based multilateral institution has projected that the...
Climate-related challenges remain formidable threats to the Philippines’ gradual recovery from the prolonged coronavirus pandemic, the Department of Finance (DOF) said. Speaking at a virtual World Bank forum, Finance Secretary Carlos G. Dominguez III acknowledged the urgency of implementing...
The World Bank expects the Philippine economy to slip deeper than initially estimated, but the level of contraction will be less severe than the Duterte administration’s projection. A motorcyclist travels along a deserted road in Bonifacio Global City, Metro Manila, the Philippines. (Geric...
Latest WB report on PH As many as 2.7 million Filipinos will slip into poverty this year due to the economic disruptions brought about by the coronavirus pandemic, the World Bank said. In a report, “Philippines Economic Update,” the Washington-based institution estimated that poverty rate...
With weak demand and risk-aversion, big banks’ lending growth further slowed down to 1.9 percent in October from 2.6 percent in September, based on Bangko Sentral ng Pilipinas (BSP) data. Domestic liquidity (M3) or the amount of money supply circulating in the financial system, in the meantime,...
Union Bank of the Philippines has successfully raised P9 billion from its Peso-denominated fixed rate bonds dual tranche offering. In a disclosure to the Philippine Stock Exchange, the bank said this is the third bond issuance by UnionBank from its P39 billion Bonds Program. The 3-year...
The Duterte administration has tapped anew the overseas debt markets to bridge the government’s wider budget deficit and cushion the impact of the COVID-19 pandemic, the Bureau of the Treasury announced. The national government is offering to overseas investors its 10.5-year and 25-year...
The Bangko Sentral ng Pilipinas (BSP) has approved the framework for digital banking in the country, creating a seventh bank category. “Digital banks will play an important role in the digital financial ecosystem,” said BSP Governor Benjamin E. Diokno in a statement Thursday. These banks, he...
The Department of Finance (DOF) has identified three sources of funds for the procurement of the coronavirus vaccines that will be given to priority sectors. In a report to President Duterte, Finance Secretary Carlos G. Dominguez III said the government would source the P73.2 billion COVID-19...
Gokongwei-led JG Summit Holdings, Inc. (JGS) reported an improvement in earnings for the third quarter of the year compared to the first half as the Philippine economy progressively opens up despite the COVID-19 pandemic. In a disclosure to the Philippine Stock Exchange, the firm...
Security Bank Corporation posted a decline of 13 percent in net income to P6.7 billion in the first nine months of 2020 from P7.7 billion in the same period last year as higher provisions offset increases in net interest income and trading gains. In a disclosure to the Philippine Stock Exchange,...
