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THE BANKING INDUSTRY may see slower loan growth and an uptick in bad loans amid the economic impact of the coronavirus disease 2019 (COVID-19), with their credit ratings also likely to take a hit along with other banks in the region, according to S&P Global Ratings.
During financial crises, we talk about “belt tightening.” In these days of pandemic stress, the catchphrase is “flattening the curve.” Regardless, it’s always the poor who suffer disproportionately from these necessary correctives. Thankfully, countries affected by COVID-19 including the Philippines are taking steps to support the poor and hungry, while trying to flatten the infection curve in the near term.
The COVID-19 global pandemic declared by the World Health Organization has become overwhelming and staggering in the number of growing cases and deaths worldwide. As of writing, there are now 1,026,974 confirmed cases and 53,975 deaths globally. In the country, 3,018 cases have been confirmed while 136 deaths were recorded.
Think about our world during the enhanced community quarantine without the arts – no movies, no music, no online museums and galleries, no dancing, no designers making apps like TikTok or Houseparty, no free online concerts, no online art classes, no food shows, no YouTube, no theater plays and musicals available.
The DOST partners with DCTx to launch RapidPassPH, a quick verification system that aims to remove congestion, speed up vital deliveries, and protect frontliners via contact-free verification through Metro Manila’s 56 COVID-19 checkpoints.
THE Department of Health (DoH) reported that an additional 385 persons tested positive for coronavirus disease 2019 (COVID-19) positive cases on Friday, bringing the total to 3,018. Twenty-nine patients died, raising the total number of deaths due to the disease to 136.
THE government on Friday said it will set up a coronavirus disease 2019 (COVID-19) hospital in New Clark City (NCC) and will continue to convert more facilities in Metro Manila to accommodate COVID-19 patients in partnership with the private sector.
THE possible extension of the Luzon lockdown looms with lawmakers looking into recommending it as the number of confirmed cases of the coronavirus disease 2019 (COVID-19) in the Philippines continue to rise, and the pandemic seems to not have reached its peak yet.
THE government’s aggressive infrastructure program will still meet its target completions for the year despite the coronavirus disease 2019 (COVID-19) pandemic temporarily stopping the projects.
THE Department of Information and Communications Technology (DICT) offered its Philippine National Public Key Infrastructure (PNPKI) digital certificates to the prosecutors and officers of the Department of Justice — National Prosecution Service (DoJ-NPS).
HOLY WEEK celebrations will commence on April 5 with the Catholic faithful expected to participate in their homes rather than in churches.
THE government and the private sector have developed a way to make the checkpoint process of the enhanced community quarantine (ECQ) easier for front liners. The government teamed up with the non-profit organization Developers Connect Inc. (DevCon) to help create the Rapid Pass system which was launched on Friday afternoon.
THE Anti-Red Tape Authority (ARTA) is urging the social welfare department to help increase the percentage of Filipinos who have bank accounts through the use of e-wallets and e-banking as it delivers aid to families affected by the Luzon-wide lockdown to contain the coronavirus pandemic.
THE Bureau of Immigration (BI) said it is now allowing foreigners with approved visa applications to leave the country even if those visas have not been implemented and stamped in their passports.
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.
THE cost of the coronavirus pandemic could be as high as $4.1 trillion, or almost 5% of global gross domestic product, depending on the disease’s spread through Europe, the U.S. and other major economies, the Asian Development Bank said.
THE private sector continues to extend help to communities and frontliners fighting the coronavirus disease 2019 (COVID-19).
BANKS’ profitability is likely to plunge due to the adverse impact of the coronavirus disease 2019 (COVID-19), which could also cause an increase in nonperforming loans (NPL), according to Global Data.
MOODY’S INVESTORS Service lowered its outlook on the Philippine banking industry to “negative” from “stable,” with the Luzon lockdown meant to arrest the spread of the coronavirus disease 2019 (COVID-19) seen to take its toll on banks’ assets and profitability.
Big businesses in the Philippines continue to provide assistance to the public as the country fights the spread of the coronavirus disease 2019 (COVID-19).
More than any other time in the history of the world, small businesses will need the support of the government. In general, most small businesses are enterprises that survive on recent sales in order to move forward as an ongoing concern. The business model depends on recurring transactions. With the lockdown in place, and people prohibited from moving about, it is the small neighborhood business that immediately suffers.
The Covid-19 pandemic has had a major impact on physical activity levels for over 30 million active Fitbit users around the globe. Data gathered from Fitbit users around the world reveals a decline in physical activity due to the coronavirus crisis.
PRESIDENT Rodrigo R. Duterte should extend the month-long lockdown of the entire Luzon island by another month to contain coronavirus disease 2019 that has infected more than 2,300 people, a congressman said on Wednesday.
With AMA OEd’s “Learn Online Now, Pay Later” scheme, students and professionals get access to a variety of programs and short courses offered by AMA OEd without having to pay any tuition fee until April 15, 2020.
Singapore is making its Covid-19 contact tracing technology freely available to developers worldwide.
As our country continues to scramble for a response to the swelling pandemic, microfinance institutions have become a lifeline for entrepreneurs like farmers and fisherfolk, and will continue to play a significant role in our economy’s post-quarantine recovery. But without support, will this key industry survive the current crisis? Dr. Jaime Aristotle B. Alip explains.
THE World Health Organization (WHO) wants the Philippines to participate in drug trials to test treatments for the coronavirus disease 2019, according to the Department of Health (DoH).
“One of the things we need more than ever is to stay well-informed and to be aware of not only the bad but the good that is happening in the world.”
IBM, in collaboration with the U.S. Department of Energy and the White House Office of Science and Technology Policy, brings supercomputers into the global fight against the coronavirus pandemic with the COVID-19 High Performance Computing Consortium.
THE PHILIPPINES still has room for a more aggressive fiscal response to blunt the impact of the coronavirus disease 2019 (COVID-19) pandemic, according to credit raters who said that the expected widening of the budget deficit will not affect the country’s credit standing as long as the debt rise is temporary.
GOVERNMENT AGENCIES, including local government units (LGUs), are being urged to simplify and streamline procedures and requirements as the country is under a state of national emergency due to the coronavirus disease 2019 (COVID-19) outbreak.
THREE more lawmakers — one senator and two congressmen — tested positive for the coronavirus disease 2019, adding to the rising number of infections that the Health department said had reached 707 as of Thursday.
SEVENTY-ONE more people have tested positive for the coronavirus disease 2019, bringing the total infections to 707, according to the Department of Health.
THE president of the Philippine Pediatric Society died after contracting the coronavirus disease 2019, Health Secretary Francisco T. Duque III said yesterday.
A WIDER COVID-19 quarantine and more restrictive lending conditions worldwide pose the main risks to the Philippine economy, threatening to bring growth to their lowest levels since 2011, Fitch Solutions Macro Research said.