The national government’s debt ratio soared following its record budget deficit incurred last year due to unprecedented borrowings for the country’s coronavirus response, data from the Department of Finance (DOF) revealed. Finance Undersecretary Gil S. Beltran said on Sunday, March 21, that the...
Trade and Industry Secretary Ramon M. Lopez expressed confidence the domestic economy can recover in the third quarter this year as long as the government will not pull back the reopening of economic sectors into “quarantine in general,” but instead implement granular lockdowns in areas with...
Credit watcher Fitch Ratings said Philippine banks’ viability ratings (VRs) are vulnerable to downgrades if the economy fails to lift off this year, resulting to further deterioration of assets and loan quality amid a weak operating environment. “We see more prominent risks of a VR downgrade...
The national government’s budget deficit fell below the Duterte administration’s ceiling last year after public spending missed its target while revenues breached the revised full-year goal, data from the Bureau of the Treasury showed. Fiscal gap of the national government settled at...
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...
