Business NEWS

The Duterte administration’s borrowings increased by over ninefold in October due to Bangko Sentral ng Pilipinas’ (BSP) cash advance to the national government, data from the Bureau of the Treasury showed.

            The Department of Finance (DOF) is pursuing steps to untangle the legal issues tying down idle mining assets held by the government in an effort to speed up their privatization and revive their operations. 

The Department of Finance (DOF) said that local airlines have yet to submit the final loan plan to activate their P700 million financial support earmarked under the government’s economic stimulus programs.

The Philippines remains in a strong fiscal position to meet the financial challenges posed by the coronavirus pandemic and ride out the global economic crisis, the Department of Finance (DOF) said.

Despite the declining prices of locally produced palay, the Philippine government agencies are in full force to defend the Rice Tariffication Law (RTL), which allowed the unlimited entry of cheaper imported rice in the country.

The Department of Finance (DOF) wants to revive the mining industry to create jobs in rural as well as generate revenues for the government’s efforts in rebuilding the economy hit by the pandemic.

Businesses are pessimistic about their operations in the short-term as sales revenue remained depressed despite the easing community quarantine, a survey commissioned by the government and World Bank revealed.

The Philippines has the lowest gross external debt position among the major Southeast Asian economies, placing the country in a much stronger position to cushion the blow of the coronavirus-induced crisis, the Department of Finance (DOF) assured.

The national government’s debt payments declined in July this year due to lower amortization, data from the Bureau of the Treasury showed.

Bangko Sentral ng Pilipinas (BSP) Governor Benjamin E. Diokno said contrary to the latest survey results, the domestic economy is on a recovery path especially with the easing of lockdowns and gradual resumption of business operations.

The Asian Development Bank (ADB) has approved a new loan allowing the Philippines to quickly access emergency financing in the event of disasters triggered by natural hazards and public health emergencies.

Philippine borrowers are looking to raise fewer bonds overseas in the coming months, taking away a pillar of strength for the peso.

For the first time since the “JOBO” Bills in the 1980s, the Bangko Sentral ng Pilipinas (BSP) will issue P20 billion of 28-day BSP Bills on September 18 as an additional monetary instrument to manage market liquidity.

The Bureau of the Treasury said the government will closely coordinate with the Bangko Sentral ng Pilipinas (BSP) for the issuance of their respective debt papers.

The Bangko Sentral ng Pilipinas (BSP) has raised the term deposit facility (TDF) offer volume this week to P360 billion from P310 billion last September 2, with results still at oversubscribed levels while yields are mixed. The TDF had P541.44 billion tenders.