Philippine banks are expected to report a bad loans ratio of six percent this year while a return to profits pre-health crisis could come as late as 2023, according to credit watcher S&P Global Ratings. S&P Global in its latest report (Philippine Banks: Buffers Won't Hold If COVID...
The government’s continued movement restrictions will deter the country’s economic recovery this year, one of three major international credit rating agencies said on Thursday, Feb. 18. In a credit opinion, Moody’s Investors Service said that the Philippine economy, as measured by its...
An Inter-Agency Task Force on National Employment Recovery Strategy (NERS) is being constituted to address the alarming high unemployment situation in the country and help Filipinos get back to the new normal. This developed as government agencies led by the Department of Trade and Industry signed...
The government’s limited number of coronavirus vaccines, coupled with logistical challenges and growing doubt about vaccine efficacy, would drag down the Philippines’ economic recovery, Moody’s Analytics said. In a research note, Eric Chiang, Moody’s Analytics economist, said the...
The Philippines posted its worst economic performance on record last year after the coronavirus pandemic crippled consumer spending and business activity. Jeepney drivers wearing face masks queue up to receive food packs from a concerned citizen on a road in Manila on August 6, 2020. (AFP / FILE...
Standard Chartered Bank (StanChart) said the local economy will bounce back strongly in the second quarter this year by 15.7 percent, driven by consumption and public spending as the economy gradually reopens more in 2021. StanChart’s Philippine-focused economist, Chidu Narayanan, said Friday he...
The economic bounce-back will be anchored on the Philippines’ ability to reopen as safely as possible together with a slew of pump-priming measures buttressed by the government’s strong fiscal position, the Duterte administration’s chief economic manager said....
The investment banking arm of the Metrobank Group expects the Philippine economy will return to its positive territory this year as overseas Filipino remittances and government spending are seen to boost growth. First Metro Investment Corp. (FMIC) said it is “cautiously optimistic” for the...
Mostly from domestic market The large structural liquidity in the local financial system will let the government continue preferring the domestic market as a key source of its funding requirements in 2021 to mitigate the buildup of foreign exchange risks from external borrowings, a Cabinet official...
Slightly below programmed The Duterte administration is likely incurred slightly lower than programmed budget deficit last year due to favorable revenue performance, the Department of Finance (DOF) said. Speaking at the Management Association of the Philippines (MAP) virtual meeting, Finance...
The banking industry expressed a more subdued optimism on the country’s economic prospects as risks remain tilted to the downside due to the effects of coronavirus pandemic, a new survey by the Bangko Sentral ng Pilipinas (BSP) revealed. Based on the results of the Banking Sector Outlook...
The National Economic and Development Authority (NEDA) said the continued general community quarantine (GCQ) in Metro Manila and nearly provinces is costing billions of pesos in foregone wages every month. In a statement, Acting Socioeconomic Planning Secretary Karl Kendrick T. Chua, said that...
