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PHL slowdown this year, but recovery likely in 2021 — ADB

THE Philippine economy is seen to significantly slow down this year, as the coronavirus (COVID-19) pandemic dampens domestic consumption and growth in trade and tourism, the Asian Development Bank (ADB) said on Friday.

PHL eyes AIIB’s crisis recovery facility

Beijing-backed Asian Infrastructure Investment Bank (AIIB) said on Friday it was proposing to its board to form a $5 billion financing facility to help public and private sector entities navigate the coronavirus pandemic.

IC extends deadline for HMOs’ financial statements to June 30

HEALTH MAINTENANCE organizations (HMOs) can now submit their audited financial statements until June 30 from the original May 31 deadline as a relief for companies affected by the coronavirus disease 2019 (COVID-19) pandemic, the Insurance Commission (IC) said.

PHL rules out tapping global bond market

THE government probably won’t tap global bond markets to fund its anti-coronavirus disease 2019 (COVID-19) response, National Treasurer Rosalia V. de Leon said on Thursday, citing ample liquidity supply in the local market.

Rules on tax deadline extensions released

THE Bureau of Internal Revenue (BIR) extended the deadline for the filing of all tax returns, tax payments and submission of documents as the country remains under a state of national emergency due to the coronavirus outbreak.

LANDBANK rolls out LGU loan program

STATE-RUN Land Bank of the Philippines (LANDBANK) is rolling out a lending program worth P10 billion for local government units (LGUs) to provide them with emergency funding to respond to the coronavirus disease 2019 (COVID-19).

ADB implements $5 M food aid project for vulnerable communities

THE Asian Development Bank (ADB) rolled out its $5-million project to provide food to up to 55,000 poor households in Luzon affected by the month-long enhanced community quarantine (ECQ).

Factory activity plunges to record low

FACTORY ACTIVITY slumped to a record low in March, snapping a 43-month growth streak, as the Luzon-wide lockdown due to the coronavirus disease 2019 (COVID-19) pandemic brought factories to a halt.

Medical ‘brain drain’ comes back to haunt virus-stricken Philippines

WELLA, a 20-year-old fresh nursing graduate, chose to stay and work at a private hospital in Manila that’s caring for several of the more than 2,000 coronavirus-stricken patients in the country.

Banks ordered to give 30-day grace period for loans

THE government ordered all lenders to give a 30-day grace period for all loan payments that are falling due within the enhanced community quarantine (ECQ) period.

Imports needed for COVID-19 fight declared tax-exempt

IMPORTED GOODS, supplies and equipment, including test kits and protective equipment needed for containing the coronavirus disease 2019 (COVID-19) outbreak, as well as imported materials needed to manufacture these products have been declared exempt from all taxes, duties and fees, the Bureau of Customs said.

Nationwide round-up

THE ADMINISTRATION’S economic team is in favor of mass testing to contain the spread of the coronavirus disease 2019 (COVID-19) in the country and minimize the outbreak’s harm to the economy.

Virus to cut Philippine growth — World Bank

THE Philippine economy is seen growing at a slower pace this year due to the fallout from the coronavirus disease 2019 (COVID-19) outbreak, and may even contract by as much as 0.5% if the Luzon-wide enhanced community quarantine will be extended, the World Bank said in a new report.

Treasury turns down all bids for 35-day T-bills as rates increase

THE GOVERNMENT rejected all bids for the one-month Treasury bills (T-bills) it auctioned off on Tuesday as investors continue to ask for higher yields amid uncertainties caused by the coronavirus disease 2019 (COVID-19) pandemic.

Security Bank seeks to raise P50B via LTNCDs

SECURITY BANK Corp. is looking to raise P50 billion via long- term negotiable certificate of deposit (LTNCD) which will be used to lengthen the maturity of its liabilities.

Government preparing package to aid small firms

THE economic team is working on an economic package and rehabilitation plan to keep small and medium-sized enterprises (MSMEs) afloat after the quarantine period, which shut down most economic activity.

BIR suspends audits during emergency period

THE Bureau of Internal Revenue (BIR) has suspended audits due to the lockdown and plans to resume 60 days after the six-month state of emergency is lifted.

LGUs obtain more funds to fight virus

AT least P130 billion could be freed up from local government units’ (LGU) budgets to help them address the growing fallout from the coronavirus disease 2019 (COVID-19) after the National Government allowed them to use their development funds.

Gov’t rejects all bids for T-bills

THE GOVERNMENT rejected all bids for the Treasury bills (T-bills) it offered on Monday following the surge in rates as investors prefer to keep their cash amid the coronavirus disease 2019 (COVID-19) pandemic.

Life insurers extend grace period due to COVID-19

LIFE INSURANCE FIRMS extended the grace period for premium payments to up to 91 days to give relief to clients amid the coronavirus disease 2019 (COVID-19) outbreak.

PHL may go into recession — Diokno

THE Philippine economy could go into recession this year, central bank Governor Benjamin E. Diokno said on Sunday, as the coronavirus pandemic brings everything to a standstill.

ADB approves $5-M emergency grant for PHL fight vs virus

THE Asian Development Bank (ADB) has approved a $5-million emergency grant for the Philippines’ fight against the coronavirus disease 2019 (COVID-19), the Department of Finance (DoF) said on Sunday.

T-bill rates seen mixed on COVID-19 fears

RATES OF Treasury bills (T-bills) on offer this week will likely end mixed as the escalating coronavirus disease 2019 (COVID-19) outbreak and its impact on the economy raise uncertainties.

‘Significant’ hit to economy seen in 1st quarter; magnitude uncertain

THE ECONOMY is expected to “significantly” slow down in the first quarter after the government imposed lockdown measures that halted much economic activity, on top of global supply chain disruptions dating back from China’s COVID-19 outbreak, economists said.

February outstanding debt rises on bond sales

THE National Government’s outstanding debt rose by 5.2% from a month earlier to P8.165 trillion as of end-February due to bigger sales of both foreign and local bonds, according to the Treasury bureau.

Asia casino traffic seen dropping 60-80% during outbreak

THE Asia-Pacific gaming industry is bracing for “negative cash flows” as casino visits drop as governments prohibit large crowds during the COVID-19 outbreak, according to S&P Gobal Ratings.

BPI raises P33.9-B from oversubscribed 4.05% bonds

THE Bank of the Philippine Islands (BPI) raised P33.9 billion from an oversubscribed issue of fixed-rate bonds, with the bank expecting clients to borrow more to weather the effects of the COVID-19 outbreak and lockdown.

DBP touts recovery financing program for hard-hit firms, LGUs

THE Development Bank of the Philippines (DBP) said it is prepared to aid businesses and local governments with low-cost funding for their recovery efforts following the COVID-19 lockdown.

IC order extensions for policies expiring during quarantine

THE Insurance Commission (IC) ordered insurance firms and health maintenance organizations (HMOs) to extend for at least 30 days current policies and agreements expiring during the month-long enhanced community quarantine period.

Gov’t set to borrow P190B in April

THE government has set a P190-billion borrowing program for April focused on short-term tenors, even reintroducing a 35-day term, as investors shun securities with longer maturities amid ongoing uncertainties.

Dominguez says worker support main priority

FINANCE SECRETARY Carlos G. Dominguez III said the government is focused on saving jobs and ensuring workers are paid during the COVID-19 outbreak, and does not consider tax breaks a priority.

Government eyes up to $2-billion loan

THE COUNTRY is looking to borrow up to $2 billion from multilateral lenders to support increased spending to stem the impact of the coronavirus disease 2019 (COVID-19), the Finance chief said, adding the government’s fiscal position is sound and can accommodate larger debt to plug its budget deficit.

PHL bond market’s growth slows in Q4 on maturities, lower issues

THE GROWTH of the Philippine bond market eased in the fourth quarter of 2019 after the stock of government bonds declined as some issues matured and amid lower issuances, according to an Asian Development Bank (ADB) report.

Southeast Asia regresses on peace, inequality SDGs

SOUTHEAST Asia has regressed on Sustainable Development Goals (SDGs) like promoting peaceful and inclusive societies and reducing inequality, a United Nations (UN) agency said.

Economy may contract this year: NEDA

THE Philippine economy could contract by as much as 0.6% this year due to the widening fallout from the coronavirus disease 2019 (COVID-19) pandemic, according to the National Economic and Development Authority (NEDA).

Gov’t rejects bids for T-bonds

THE GOVERNMENT rejected all bids for the fresh seven-year Treasury bonds (T-bonds) it offered on Tuesday amid higher rates, amid uncertainties due to the coronavirus disease 2019 (COVID-19) pandemic.

Life insurers to adopt special process for all COVID-19 claims

THE LIFE INSURANCE sector will adopt a special management process for claims related to the new coronavirus disease 2019 (COVID-19) to help policyholders get assistance faster.

Government authorizes negotiated procurement under state of calamity

THE Department of Budget and Management (DBM) said the government procurement policy board (GPPB) has authorized a simplified procurement process to expedite transactions during the state of calamity declared in response to the COVID-19 outbreak.

BIR tax amnesty deadline extended

BUREAU of Internal Revenue (BIR) has extended the cut-off date for the tax amnesty on delinquencies by another 30 days to May 23 as a form of relief to taxpayers affected by the COVID-19 lockdown.

Lockdown to further drag growth this year

PHILIPPINE economic growth may slow to 4.3% if the coronavirus disease 2019 (COVID-19) continues to spread and the Luzon-wide lockdown extends into the second semester, Socioeconomic Planning Secretary Ernesto M. Pernia said on Monday.

Congress tackles bill to give Duterte special powers

CONGRESS on Monday sought to approve a measure that will give President Rodrigo R. Duterte special powers to address the national crisis triggered by the coronavirus disease 2019 (COVID-19) outbreak.

Gov’t rejects all bids for T-bills as rates spike due to...

THE GOVERNMENT rejected all bids for the Treasury bills (T-bills) auctioned off on Monday as rates spiked with the offer undersubscribed as investors opted to hold cash amid the coronavirus disease 2019 (COVID-19) pandemic.

BoC exempts donated protective gear from some import clearances

THE Bureau of Customs (BoC) said imported donations of personal protective equipment (PPE) will be exempt from Food and Drug Administration (FDA) clearance requirements to expedite their release to frontline personnel working to contain COVID-19 (coronavirus disease 2019).

Duterte eyes powers vs coronavirus

PRESIDENT Rodrigo R. Duterte wants Congress to give him special powers to enforce measures to contain the coronavirus disease 2019 (COVID-19) that has sickened 380 people in the country, with 25 deaths.

Rates of T-bills, T-bonds to rise as investors prefer to hold...

GOVERNMENT SECURITIES on offer this week will likely fetch higher rates as investors prefer to hold on to their cash amid the rising number of coronavirus disease 2019 (COVID-19) cases in the country and its potential impact on the economy.