Philippines Report

Browsing the "Business" Category

Pandemic funding pushes up BSP-approved foreign debt

Pandemic funding pushes up BSP-approved foreign debt

Central bank approvals for state foreign borrowings continued their climb in the first quarter, reflecting the government’s scouring of funds to finance an ongoing pandemic fight. From January to March, the Bangko Sentral ng Pilipinas (BSP) greenlighted $2.84 billion in offshore [...]

May 3, 2021 Business
Philippines unlikely to mount convincing rebound this year

Philippines unlikely to mount convincing rebound this year

A convincing recovery is unlikely for the Philippines this year and any rebound would be “fragile” and vulnerable to quarantine swings that have usurped business and consumer confidence coming into 2021. This was the forecast of Manila-based Asian Development Bank [...]

April 28, 2021 Business, News
Philippines, Chile sign accord for joint economic cooperation

Philippines, Chile sign accord for joint economic cooperation

The Philippines and Chile have inked an accord to strengthen the economic cooperation between the countries. Trade Undersecretary Ceferino Rodolfo and Chile’s Vice Minister for Trade Rodrigo Yáñez virtually signed a memorandum of understanding (MOU) for the establishment of a [...]

April 27, 2021 Business
Philippines Raises 2.1 Billion Euros in Three-Part Bond Sale

Philippines Raises 2.1 Billion Euros in Three-Part Bond Sale

The Philippines returned to the euro bond market for the first time in more than a year on Wednesday, raising 2.1 billion euros ($2.5 billion). The nation tapped low interest rates in the euro bond market with a three-part note [...]

April 22, 2021 Business
100 new mining projects to raise P21 billion

100 new mining projects to raise P21 billion

According to Jonas Leones, undersecretary of the Department of Environment and Natural Resources (DENR), with the lifting of the moratorium on new mining agreements, 100 mining projects, which are now in the pipeline, are expected to generate P21 billion in [...]

April 20, 2021 Business
Citi to exit retail banking in 13 markets

Citi to exit retail banking in 13 markets

Citigroup Inc. plans to exit retail banking in 13 markets across Asia and the Europe, Middle East and Africa region. The bank will instead operate its consumer-banking franchise in both regions from four wealth centres in Singapore, Hong Kong, the [...]

April 16, 2021 Business
Dito enters Luzon as telco expands further

Dito enters Luzon as telco expands further

China-backed Dito Telecommunity Corp. is entering Luzon and expanding to other areas in the Visayas and Mindanao where services were launched early last month. From the initial 15 cities and municipalities where the telco piloted, 21 locations will be added [...]

April 16, 2021 Business
Duterte to veto any measure changing lower tariffs on imported pork

Duterte veto any measure changing lower tariffs on imported pork

Malacañang announced on Tuesday that President Duterte is prepared to veto any legislative measure that seeks to change the import tariffs on pork products. Presidential spokesman Harry Roque said the Palace respects the call of some lawmakers to revoke Executive [...]

April 14, 2021 Business
Pandemic more damaging to economy in 2020

Pandemic more damaging to economy in 2020

The economic damage from the coronavirus pandemic last year was greater than originally reported, state statisticians said Thursday.  Gross domestic product (GDP), the sum of all products and services created in an economy, actually shrank at 9.6% on-year for the [...]

April 8, 2021 Business
Inflation has potential to climb to 5% in March

Inflation has potential to climb to 5% in March

The central bank said on Wednesday that inflation is likely to hit as much as 5% this month even as signs are emerging that tight meat supplies responsible for the price uptick in recent months are abating. The official projection [...]

March 31, 2021 Business