Business
BSP cuts rates by 50 bps to boost lending amid pandemic
April 16, 2020, 8:28 pm
MANILA – Philippine monetary officials on Thursday reduced anew the Bangko Sentral ng Pilipinas’ (BSP) key policy rates by 50 basis points (bps) to help cushion the economic impact of the coronavirus disease 2019 (Covid-19) pandemic. “BSP cut key policy rates by 50 bps,” BSP Governor… Read More
Big contractors help gov’t build patient care centers
April 16, 2020, 6:28 pm
MANILA – Members of the Philippine Contractors Association (PCA) have supported the government in establishing emergency patient care centers (PCCs) for coronavirus disease 2019 (Covid-19) patients. PCA members, particularly giant names in the industry, have helped convert big sports venues and… Read More
Peso, stocks weaken after US decline
April 16, 2020, 5:12 pm
MANILA – Both the local stocks and the peso ended Thursday down partly on news about the decline in US’ retail sale and factory production last March due to lockdown to contain coronavirus disease 2019 (Covid-19) cases. After a three-day rally, the Philippine Stock Exchange index (PSEi) shed… Read More
PH consumers can absorb oil price hike after ECQ
April 16, 2020, 4:34 pm
MANILA – Consumers are enjoying cheaper fuel prices as trading of crude oil in the world market plunges by 50 percent. Kuala Lumpur-based Juwai IQI Chief Economist Shan Saeed said even oil prices will pick up in the coming months as some economic activities will resume after the enhanced… Read More
DOF exec bares requirement to qualify for wage subsidy program
April 16, 2020, 3:15 pm
MANILA – Workers of tax compliant-small businesses who will not receive salaries for at least two weeks because of the quarantine implemented to arrest further rise of coronavirus disease 2019 (Covid-19) are qualified for the wage subsidy program. This was disclosed by Department of Finance… Read More
PH, WB sign $500-M loan accord to fight coronavirus
April 16, 2020, 12:07 pm
MANILA – The Philippines and the World Bank recently signed a USD500-million loan agreement that would enable the Duterte administration to augment the government’s urgent financing requirements arising from the crisis spawned by the coronavirus disease 2019 (Covid-19) pandemic. Finance… Read More
Virus measures to cause $3.3-T fiscal cost directly: IMF
April 15, 2020, 9:57 pm
ISTANBUL – Measures against the novel coronavirus pandemic, such as health expenditure, tax, and spending supports for people and firms, will have USD3.3 trillion of fiscal cost directly, the International Monetary Fund (IMF) said on Wednesday. The Covid-19 and its economic results will cause a… Read More
BSP resumes 7-day TDF auction, rate declines
April 15, 2020, 7:20 pm
MANILA – After four weeks of suspension, the Bangko Sentral ng Pilipinas (BSP) on Wednesday resumed the auction for its term deposit facility (TDF) and it attracted strong demand even if only the seven-day facility was offered. Tenders reached PHP78.5 million, more than twice the PHP30-billion… Read More
DTI clarifies rents are deferred, not waived during ECQ
April 15, 2020, 7:16 pm
MANILA – Department of Trade and Industry (DTI) Secretary Ramon Lopez has clarified to tenants of both residential and commercial spaces that rental fees and charges are deferred but not waived, during the enhanced community quarantine. During the Laging Handa public briefing Wednesday, Lopez… Read More
LANDBANK launches loan program for Covid-19-hit firms, coops
April 15, 2020, 7:07 pm
MANILA – The Land Bank of the Philippines (LANDBANK) is offering a new lending program to help small and medium enterprises (SMEs), microfinance institutions (MFIs), and cooperatives recover from the impact of the coronavirus disease (Covid-19) pandemic. Through the I-RESCUE (Interim… Read More
Stocks rise anew, peso closes sideways
April 15, 2020, 6:11 pm
MANILA – Lower number of new coronavirus disease 2019 (Covid-19) cases in some European countries boosted anew local stocks Wednesday, while the peso remained on sideways movement. The Philippine Stock Exchange index (PSEi) rose by 2.86 percent, or 165.17 points, to 5,946.05 points. All Shares… Read More
SSS eyes launching of calamity loan program by April 24
April 15, 2020, 6:03 pm
MANILA – Executives of the Social Security System (SSS) target to launch by April 24, 2020 a calamity loan assistance program to support members affected by quarantine implemented to address the coronavirus disease 2019 (Covid-19) pandemic. In an online briefing Wednesday, SSS Vice President… Read More
DTI assures adequate food supply amid extended ECQ
April 15, 2020, 4:38 pm
MANILA – Department of Trade and Industry (DTI) Secretary Ramon Lopez has assured that the country has an adequate supply of food even with the extension of enhanced community quarantine that will last until April 30. In Laging Handa public briefing Wednesday, Lopez said food manufacturers have… Read More
PLDT, Smart allow customers to pay in 6-month installment
April 15, 2020, 4:30 pm
MANILA – Subscribers of PLDT Inc. and Smart Communications Inc. (Smart) will be allowed to pay their bills through a six-month installment payment scheme to help ease the financial distress caused by the coronavirus disease 2019 (Covid-19) pandemic in the country. In an advisory on Tuesday, PLDT… Read More
SEC warns public vs. investing in groups offering quick returns
April 15, 2020, 4:20 pm
MANILA -- The Securities and Exchange Commission (SEC) has warned the public against investing in groups promising quick returns supposedly from cryptocurrencies, artificial intelligence (AI), and other innovations.In separate advisories issued on April 14, the Commission flagged the… Read More
Global economy to drop 3% in 2020, grow 5.8% in 2021: IMF
April 15, 2020, 2:16 pm
WASHINGTON – The global economy will decline by 3 percent in 2020 but will show growth by 5.8 percent in the next year, the International Monetary Fund (IMF) says in its World Economic Outlook released on Tuesday. "As a result of the pandemic, the global economy is projected to contract sharply… Read More
Quarantine brings windfall to small bakers
April 15, 2020, 10:49 am
MANILA -- The government-imposed enhanced community quarantine, which has for the past month kept tens of millions of Filipinos indoors and also stymied many business operations, has brought an unexpected windfall to many small bakeries in the metropolis. The Asosasyon ng Pilipinong Panadero… Read More
IMF cuts '20 growth forecast for PH to 0.6% due to Covid-19
April 15, 2020, 7:56 am
MANILA – The International Monetary Fund (IMF) has slashed its growth outlook for the Philippines for 2020 from 6.3 percent to 0.6 percent due to the impact of the coronavirus disease 2019 (Covid-19). Despite the big drop in its projection, the lender, based on its World Economic Outlook (WEO)… Read More
Gov't to prioritize 2.6M small biz workers for aid program
April 14, 2020, 9:14 pm
MANILA – About 2.6 million workers of small businesses that pay proper taxes will be the initial beneficiaries of the PHP51 billion worth of subsidies planned for workers belonging to the middle class, a government official said on Monday. Finance Undersecretary Karl Chua said when the… Read More
DTI’s shared service facility beneficiary makes PPE
April 14, 2020, 8:53 pm
MANILA – A beneficiary of the Department of Trade and Industry’s (DTI) Shared Service Facility (SSF) Project in Region 4-A is now producing personal protective equipment (PPE) for healthcare workers. According to DTI, the Reliance Producers Cooperative in Carmona, Cavite is manufacturing… Read More
