Bigger budget deficit not expected to hurt Philippines’ credit profile
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.
LGUs, agencies urged to cut red tape amid ECQ
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.
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.
Household consumption to take hit amid coronavirus pandemic
ANNA CRUZ, a mother of two, has been struggling to feed her family since last week when Luzon was placed under enhanced community quarantine in order to contain the spread of the coronavirus disease 2019 (COVID-19) in the country.
Foreign business groups urge gov’t to address cargo delays amid ECQ
FOREIGN business groups are urging the government to ensure the unhampered transport of food and other essential products, amid reports that cargo trucks are still being stopped at checkpoints amid the Luzon-wide enhanced community quarantine (ECQ).
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).
BSP pumps more cash into economy with cut in banks’ reserve requirements
THE Bangko Sentral ng Pilipinas (BSP) will slash the reserve requirement ratio (RRR) of universal and commercial banks by 200 basis points (bps) to release additional liquidity into the market amid the coronavirus disease 2019 (COVID-19) outbreak.
Fitch outlook on banking industry turns negative
FITCH RATINGS downgraded its outlook on the Philippine banking industry to “negative,” from “stable,” citing the growing fallout from the coronavirus disease 2019 (COVID-19) outbreak.
BSP throws P300-B lifeline to gov’t
THE Bangko Sentral ng Pilipinas (BSP) will buy short-term securities from the Bureau of the Treasury (BTr) to support the government in lessening the impact of the coronavirus disease 2019 (COVID-19) outbreak on the economy.
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.
Outbreak exposes disparity, leaves many out of work, pay
WHAT used to be a bustling street near the Centro Escolar University in Las Piñas City was now bare, except for a cart of sorbetes being pushed by Alex H. Reales, 55.
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.