Downward Philippine inflation in the near term would be slightly offset by the new law imposing 12-percent value added tax (VAT) on digital services, Singapore-based United Overseas Bank (UOB) said. In an Oct. 4 report, UOB senior economist Julia Goh and economist Loke Siew Ting noted that there is...
Businesses in the Philippines enjoy operating in a strong regulatory environment but are most bogged down by inefficient government support services, the World Bank's new Business Ready report launched on Oct. 3 showed. In the inaugural report that assessed business climate in its pilot 50...
The Marcos Jr. administration will borrow $509.24 million (about P28.7 billion) from the World Bank to enhance health services in rural areas. World Bank documents showed that the Washington-based multilateral lender's board is expected to approve the Philippines Health System Resilience Project on...
The Philippine government is seeking a one-year extension and partial reallocation of a World Bank loan that has been partly funding the Pantawid Pamilyang Pilipino Program (4Ps) since 2021. A World Bank restructuring paper showed that the Department of Finance (DOF) on Sept. 17 requested the...
Downward interest rates and bank reserves would bolster loans to productive economic sectors in the Philippines, according to the World Bank. "Along with lower inflation, the reductions in the real interest rate and lower reserve requirements could spur demand for credit in the near term by...
Ayala-led Bank of the Philippine Islands (BPI) has secured financial backing from the US government's private-sector lending arm to increase lending to small businesses. In an Oct. 2 statement, the US International Development Finance Corp. (DFC) said its board of directors approved a $75 million...
Nearly three-fourths of the loan for a flood control project in Metro Manila that the World Bank extended to the Philippines seven years ago remained unspent even as this financing is scheduled to end before yearend. A Sept. 30 implementation status and results report seen by Manila Bulletin...
Despite the "heavy lifting" that the Bangko Sentral ng Pilipinas (BSP) is undertaking by slashing interest rates to support economic growth, lingering structural challenges in the economy like the lack of infrastructure and prevalent corruption continue to dampen near-term Philippine prospects,...
Smart Communications Inc. and Maya, the top digital bank in the Philippines, are urging the public to stay vigilant against the rising threat of “text hijacking” scams. The firm said these fraudulent messages mimic trusted companies like Smart and Maya, tricking unsuspecting users...
A $100-million financing backed by the China-based Asian Infrastructure Investment Bank (AIIB) is eyeing climate transition investments in the Philippines and other Asia-Pacific countries. In a Sept. 30 statement, the AIIB noted that three-fourths of the total commitment, or $75 million, is for the...
The Securities and Exchange Commission (SEC) is exploring the revival of a futures market in the Philippines decades after a commodity and currency futures bourse was shut down due to irregularities. In a statement, the SEC said it is looking to develop a futures market to expand options for...
Philippine National Bank is planning to sell 9.18 percent, worth about P2.3 billion, of its real estate subsidiary PNB Holdings Corporation after setting the stage for a possible listing by way of introduction. In a disclosure to the Philippine Stock Exchange, the bank said it had set Oct. 25,...
