Lack of Covid vaccine could slow Philippine growth to below 0.7%

Credit to Author: Mayvelin U. Caraballo, TMT| Date: Thu, 09 Apr 2020 16:11:13 +0000

The Philippine economy could grow slower than 0.7 percent in 2020 as long as there is no anti-coronavirus disease 2019 (Covid-19) drug or vaccine, an economist warned. Union Bank of the Philippines (UnionBank) chief economist Ruben Carlo Asuncion told The Manila Times that the country’s gross domestic product (GDP) could expand by only 0.7 percent […]

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PH manufacturing at record low in March

Credit to Author: Mayvelin U. Caraballo, TMT| Date: Wed, 01 Apr 2020 17:26:49 +0000

The Philippine manufacturing sector contracted to its lowest level on record last month, according to the latest survey of IHS Markit, which attributed the plunge to the enhanced community quarantine imposed on Luzon. Results of the poll released on Wednesday showed the seasonally adjusted Purchasing Managers’ Index (PMI) dropping to 39.7 in March from 52.3 […]

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DoF: Bayanihan law orders loan-payment extension

Credit to Author: Mayvelin U. Caraballo, TMT| Date: Wed, 01 Apr 2020 17:25:27 +0000

Lenders must give their borrowers a one-month extension to pay their obligations without additional charges under Republic Act 11469, or the “Bayanihan to Heal as One Act,” the Department of Finance (DoF) said on Wednesday. “All covered institutions shall implement a 30-day grace period for all loans with principal and/or interest falling due within the […]

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DA: Rice supply still enough after quarantine

Credit to Author: Eireene Jairee Gomez| Date: Fri, 27 Mar 2020 19:12:06 +0000

The Department of Agriculture (DA) has assured that the Philippines has enough rice during the 30-day, Luzon-wide enhanced community quarantine, saying stocks of the staple are sufficient toward the lean planting months from July to September. “For rice, our major staple, we have enough supply to tide us over toward the lean months. In particular, […]

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DBP offers assistance to businesses, LGUs amid quarantine

Credit to Author: Mayvelin U. Caraballo, TMT| Date: Fri, 27 Mar 2020 19:11:22 +0000

Businesses and local government units (LGUs) affected by the enhanced community quarantine can tap the Development Bank of the Philippines (DBP) for their financing needs. In a statement on Friday, DBP President and Chief Executive Officer Emmanuel Herbosa said the state-owned bank’s Rehabilitation Support Program on Severe Events (DBP Response) could extend financing support for […]

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SSS extends filing period for sickness notifications, claims

Credit to Author: Mayvelin U. Caraballo, TMT| Date: Fri, 27 Mar 2020 19:10:34 +0000

Social Security System (SSS) members now have more time to file their sickness notifications and sickness-benefit claims in light of the ongoing enhanced community quarantine to contain the spread of the coronavirus disease 2019 (Covid-19) in the country. In a statement on Friday, SSS President and Chief Executive Officer Aurora Ignacio said the state pension […]

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S&P, Fitch unit further trim PH growth outlook

Credit to Author: Mayvelin U. Caraballo, TMT| Date: Mon, 23 Mar 2020 17:10:51 +0000

S&P Global Ratings and a Fitch Group unit both cut their growth forecasts for the Philippine economy this year on the back of the disruptions brought by the spread of the coronavirus disease 2019 (Covid-19) in the country. In separate reports released on Monday, S&P and Fitch Solutions said they now estimate the country’s gross […]

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BSP to buy P300-B govt securities

Credit to Author: Mayvelin U. Caraballo, TMT| Date: Mon, 23 Mar 2020 17:09:45 +0000

The central bank announced on Monday that it will buy P300 billion worth of government securities to support the national government’s programs to counter the impact of the coronavirus disease 2019 (Covid-19) on the country. In a statement, the Bangko Sentral ng Pilipinas (BSP) said its policy-making Monetary Board already approved the repurchase agreement with […]

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Business groups raise P1.5 billion to aid urban poor

Credit to Author: Eireene Jairee Gomez| Date: Mon, 23 Mar 2020 17:08:48 +0000

More than a week into the month-long lockdown in Luzon due to the coronavirus disease 2019 (Covid-19), top business groups raised over P1.5 billion to fund the distribution of grocery vouchers to urban poor residents of the greater Manila area. In a statement, Project Ugnayan said the initiative aims to distribute P1,000 gift certificates to […]

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Thrift banks seek more BSP relief

Credit to Author: Mayvelin U. Caraballo, TMT| Date: Mon, 23 Mar 2020 17:08:42 +0000

The Chamber of Thrift Banks (CTB) is asking the Bangko Sentral ng Pilipinas (BSP) for more regulatory relief that will ensure that lenders will remain liquid and will continue to provide assistance to the public during the month-long “enhanced community quarantine” in Luzon. In a statement on Monday, CTB Executive Director Suzanne Felix said “in […]

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