ADB: PH economy to grow 2% in 2020

Credit to Author: Mayvelin U. Caraballo, TMT| Date: Fri, 03 Apr 2020 17:22:00 +0000

The Asian Development Bank (ADB) downgraded its growth forecast for the Philippine economy this year because of the effects of the coronavirus disease 2019 (Covid-19) pandemic on the country. “Economic growth is projected to fall to 2 percent in 2020 before a strong recovery to 6.5 percent in 2021, assuming the Covid-19 outbreak is contained […]

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Govt eyes tapping AIIB’s $5-B facility

Credit to Author: Mayvelin U. Caraballo, TMT| Date: Fri, 03 Apr 2020 17:18:26 +0000

Finance Secretary Carlos Dominguez 3rd said on Friday the government was interested to tap the Asian Infrastructure Investment Bank’s (AIIB) planned $5-billion crisis recovery facility. “This is a very welcome initiative from [the] AIIB,” Dominguez told reporters in a Viber message when asked about the China-backed AIIB’s plan to finance public and private sector entities […]

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Bargain-hunting boosts bourse

Credit to Author: Faye Almazan| Date: Fri, 03 Apr 2020 17:17:06 +0000

Bargain-hunting at the last minute helped the stock market end a roller-coaster week in the green. The benchmark Philippine Stock Exchange index (PSEi) added 0.09 percent or 4.66 points to close at 5,346.97 on Friday, while the wider All Shares inched up by 0.65 percent 21.18 points to finish at 3,259.66. In a market comment, […]

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Moody’s: PH banking outlook negative

Credit to Author: Mayvelin U. Caraballo, TMT| Date: Thu, 02 Apr 2020 16:16:34 +0000

Moody’s Investors Service lowered its outlook for the Philippine banking system from “stable” to “negative,” as it sees the enhanced community quarantine in Luzon raising asset risks and increasing pressure on profitability for banks. In a report on Thursday, the credit ratings agency said the spread of the coronavirus disease 2019 (Covid-19) in the Philippines […]

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DA targets 22.12 MMT palay output in 2020

Credit to Author: Eireene Jairee Gomez| Date: Thu, 02 Apr 2020 16:15:21 +0000

The Department of Agriculture (DA) aims to produce more palay (unmilled rice) this year on the back of a rice resiliency project under its food security program, according to its chief. In a statement on Thursday, Agriculture Secretary William Dar said his department was banking on various programs aimed at increasing local rice production by […]

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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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PSEi rises to 5,400 level to open Q2

Credit to Author: Faye Almazan| Date: Wed, 01 Apr 2020 17:37:27 +0000

The stock market continued its winning streak for the second consecutive day on Wednesday — the start of the second quarter of 2020 — but analysts do not expect it sustaining the rally for long. The benchmark Philippine Stock Exchange index (PSEi) increased by 1.64 percent or 87.29 points to close at 5,408.52, while wider […]

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MPIC donates over P190M in Covid-19 relief aid

Credit to Author: Faye Almazan| Date: Tue, 31 Mar 2020 16:13:35 +0000

Metro Pacific Investments Corp. (MPIC) and its subsidiaries and foundations gave goods, medicines and equipment worth more than P190 million as part of coronavirus disease 2019 (Covid-19) relief efforts. In a March 25 statement released to the Philippine Stock Exchange on Tuesday, the Pangilinan led conglomerate said it had donated virus specimen collection kits, personal […]

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NEA: ECs can seek short-term loans from banks

Credit to Author: Jordeene B. Lagare| Date: Tue, 31 Mar 2020 16:12:02 +0000

Electric cooperatives (ECs) are allowed to seek short-term loans from banks to mitigate the negative impact of the coronavirus disease 2019 (Covid-19) on their operations, the National Electrification Administration (NEA) said on Tuesday. According to NEA Administrator Edgardo Masongsong, all 121 ECs nationwide can avail themselves of these loans from financial institutions other than the […]

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