ADB keeps PHL GDP forecast at 6.5%

THE ASIAN Development Bank (ADB) has retained its growth forecast for the Philippines for this year, citing a strong rebound in domestic demand as the economy continues to reopen despite growing inflation risks.

Peso sinks to new low of P58 on hawkish Fed bets

THE PESO plunged to a new record low of P58 on Wednesday as the dollar remained strong on expectations of a huge rate hike from the US Federal Reserve overnight.

Mounting prices, weaker peso to hit consumption

THE PHILIPPINE ECONOMY may grow slower than initially expected as rising rates due to stubborn inflation and the peso’s continued depreciation could affect consumption, Moody’s Analytics said on Wednesday.

Insurance, policies vital to bolstering cybersecurity in the Philippines — experts

INSURANCE, workforce education, enactment of more cybersecurity laws, and addressing obstacles to implementing the government’s existing policies are crucial for strengthening the Philippines’ defenses against cyberattacks, experts said.

No more sugar imports this year — SRA

THE GOVERNMENT does not plan to import more sugar for the remainder of this crop year as output is expected to begin picking up, Sugar Regulatory Administration (SRA) chief David John Thaddeus P. Alba said on Tuesday.

Timely passage of 2023 budget to help PHL gov’t achieve economic goals

THE TIMELY PASSAGE of the proposed 2023 national budget will help ensure the fulfillment of the administration’s socioeconomic agenda, leaders of the House of Representatives said as they began plenary debates on the spending plan on Tuesday.

BSP sets digital banks’ RRR at 8%

THE reserve requirement ratio (RRR) of digital banks will be at 8% and they will likewise be covered by existing prudential requirements for big banks that mandate them to maintain adequate capital and liquidity buffers, the Bangko Sentral ng Pilipinas (BSP) said on Tuesday.

Marcos makes pitch to US business community, touts pro-market policies

PRESIDENT Ferdinand “Bongbong” R. Marcos, Jr. on Monday (Tuesday, Manila time) told the United States’ business community that the country has improved the ease of doing business, touting policies that have liberalized the Philippines’ “vibrant” economy.

August BoP deficit lowest since April

THE PHILIPPINES’ balance of payments (BoP) position remained in a deficit for a fifth straight month in August, mainly due to the National Government’s foreign debt payments, the central bank said on Monday.

Private firms’ debt-to-GDP ratios ease in Q2 as economy recovers

THE SHARE of the private sector’s outstanding debt in Philippine gross domestic product (GDP) eased in the second quarter, data from the Institute of International Finance (IIF) showed, amid a rebound in business activity and improved economic conditions.

FIRB decision on WFH to create employment, boost IT-BPM sector

THE RECENT DECISION of the interagency Fiscal Incentives Review Board (FIRB) to allow work-from-home (WFH) arrangements for information technology and business process management (IT-BPM) firms will help the industry grow and create more jobs, the IT and Business Process Association of the Philippines (IBPAP) said on Monday.

BSP to hike rates by 50 bps — poll

THE BANGKO SENTRAL ng Pilipinas (BSP) is likely to continue its rate hike cycle on Thursday, with several analysts forecasting a 50-basis-point (bp) increase as the US Federal Reserve is also expected to further tighten policy this week. 
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