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Government foreign borrowings surge to $13 billion in 9 months

Foreign borrowings by the national government surged by 44.2 percent to $13.14 billion in the nine months to September as the country turned to the offshore debt market for more funds to bankroll key infrastructure projects and to control the COVID-19 pandemic......»»

Category: financeSource: philstar philstarOct 24th, 2020

Millions more face English virus restrictions as cases spiral

Millions more people in northern England face stricter coronavirus rules next week, officials said Friday, as reports suggested the government is considering a nationwide lockdown. A digital display shows NHS health advice on the coronavirus in Leeds on October 30, 2020. – West Yorkshire is to be placed under tier three Covid restrictions from November 2, 2020, the strictest level of rules. (Photo by Lindsey Parnaby / AFP) From Monday, nearly 2.4 million residents in five districts of West Yorkshire, including in the city of Leeds, will be barred from socialising with other households indoors. Pubs and bars not serving “substantial meals” must close, alongside casinos and betting shops, while people have also been told to avoid unnecessary travel. The Department of Health said the measures were needed as infection rates in West Yorkshire were among the highest in the country and rising rapidly. The Times reported Friday that Prime Minister Boris Johnson was considering a return to a national lockdown to battle the surge. Johnson was expected to hold a press conference on Monday to announce new restrictions, which would close everything except “essential shops”, schools and universities, the paper said, quoting a government source. In its weekly study of Covid-19 prevalence, the Office for National Statistics (ONS) said the number of people with the virus had increased to around one in 100 nationwide. “There has been growth in all age groups over the past two weeks; older teenagers and young adults continue to have the highest current rates while rates appear to be steeply increasing among secondary school children,” it said. The country’s official science advisory panel warned in a report published Friday that the virus was spreading “significantly” faster and that hospitalisations were rising at a higher rate through England than its predicted “worst-case” scenario drawn up in July. The report said that in mid-October, shortly before new local rules were introduced, around four times as many people were catching Covid than anticipated in the July report. That study warned that 85,000 more people could die during the winter wave. West Yorkshire’s imminent restrictions are the latest step in the UK government’s localised response to the surging transmission, which has come under increasing scrutiny in recent weeks. More than 11 million people — about a fifth of England’s population — will be under the tightest measures from next week. Most of the areas in the “very high” category of the government’s three-tier Covid alert system are in northern and central parts of the country. Nottingham became the latest city to enter the highest tier Friday. On Thursday night, young people took to the streets in fancy dress and drank in large groups before a ban on alcohol sales in shops came into force at 2100 GMT. – ‘Targeted’ – The pandemic has hit Britain harder than any other country in Europe, with more than 45,000 people having died within 28 days of testing positive. Case rates are spiralling again after a lull, tracking the situation elsewhere on the continent. England is seeing nearly 52,000 new cases daily, a 47 percent weekly rise, according to the ONS, which conducts its analysis of households with the help of several universities and health bodies, and excludes people in hospitals and care homes.  Britain’s European neighbours and the devolved governments in Scotland, Wales and Northern Ireland have reimposed partial lockdowns to try to cut infection rates. Foreign Secretary Dominic Raab said Friday the government would continue its “targeted and focused” strategy of local restrictions in virus hotspots. “The arbitrariness of a blanket approach would be far worse than the effects of trying to be as targeted as possible,” he said. Meanwhile, a new study reported Friday that a Covid-19 variant originating in Spanish farm workers has spread rapidly throughout Europe in recent months and now accounts for most cases in Britain. The variant — called 20A.EU1 — is thought to have been spread from northeastern Spain by people returning from holidays there, according to the study, which is awaiting peer review in a medical journal. There is currently no evidence that the strain spreads faster or impacts illness severity and immunity......»»

Category: newsSource:  inquirerRelated NewsOct 31st, 2020

Okayed foreign borrowings up 48% in Q3

The country’s monetary authorities approved more foreign borrowings by the national government in the third quarter of 2020, the Bangko Sentral ng Pilipinas (BSP) reported on Friday. In a statement, the central bank said its policymaking Monetary Board (MB) greenlighted an aggregate $3.91 billion in foreign borrowings in July to September. The amount was a […].....»»

Category: newsSource:  manilatimes_netRelated NewsOct 24th, 2020

Government debt hits P1.86 trillion in 7 months

The government’s gross borrowings from January to July soared by more than 121 percent to P1.86 trillion from P840 billion in the same period last year as the country borrowed more to meet its pandemic needs, according to the Bureau of the Treasury......»»

Category: financeSource:  philstarRelated NewsSep 7th, 2020

WHO warns of drawn out pandemic as South Africa cases top 500,000

The UN health agency warned that the coronavirus pandemic would be lengthy and could lead to “response fatigue”, as the case count in South Africa topped half a million. Although many Latin American countries have begun relaxing stay-at-home measures, the virus is still spreading quickly across much of the region Six months after the World Health Organization declared a global emergency, the novel coronavirus has killed more than 680,000 people and infected more than 17.5 million, according to an AFP tally. South Africa is by far the hardest hit country in Africa, accounting for more than half of diagnosed infections, although President Cyril Ramaphosa said the fatality rate is lower than the global average. Health authorities had been expecting a surge in cases after the gradual loosening of a strict lockdown that was imposed at the end of March. Nigeria on Saturday also announced it would ease a lockdown in the commercial capital Lagos, allowing churches and mosques to reopen next week.  An emergency WHO committee reviewing the pandemic “highlighted the anticipated lengthy duration of this COVID-19 outbreak, noting the importance of sustained community, national, regional, and global response efforts”. “WHO continues to assess the global risk level of COVID-19 to be very high,” it said in its latest statement. The agency also said the effects of the pandemic “will be felt for decades to come”. Mexico overtook Britain to become the third hardest hit country in virus deaths — after Brazil and the United States — with more than 46,600 fatal cases. Although many Latin American countries have begun relaxing stay-at-home measures, the virus is still spreading quickly across much of the region, which has now recorded more than four million cases and almost 200,000 deaths. Half of them are in Brazil, where President Jair Bolsonaro said he believes “nearly everyone” will catch the virus eventually, after himself recovering from it. The US, the hardest-hit country in the world, has now tallied more than 4.6 million cases and 154,319 deaths. Vaccine race The outlook was bleak in Asia as well, where India and the Philippines reported record increases in new daily infections. “We are waging a losing battle against COVID-19, and we need to draw up a consolidated, definitive plan of action,” said an open letter signed by 80 Filipino medical associations. Japan’s Okinawa declared a state of emergency after a record jump in cases on the islands — many linked to US military forces stationed there. The pandemic has spurred a race for a vaccine with several Chinese companies at the forefront, while Russia has set a target date of September to roll out its own medicine. However, US infectious disease expert Anthony Fauci said it was unlikely his country would use any vaccine developed in either nation. “I do hope that the Chinese and the Russians are actually testing the vaccine before they are administering the vaccine to anyone,” he said. As part of its “Operation Warp Speed”, the US government will pay pharmaceutical giants Sanofi and GSK up to $2.1 billion for the development of a COVID-19 vaccine, the companies said. ‘Day of freedom’ France, Spain, Portugal and Italy all reported huge contractions in their economies for the April-June quarter, while Europe as a whole saw gross domestic product fall by 12.1 percent.  Daily case numbers in Switzerland have crept up again in recent weeks, while Norway recorded its first virus death in two weeks. At least 36 crew members confined to a Norwegian cruise ship have tested positive for the new coronavirus, the operator Hurtigruten said on Saturday.  Despite the resurgence in cases, there have been demonstrations in Europe against the curbs.  Thousands protested in Berlin on Saturday urging “a day of freedom” from the restrictions, with some demonstrators dubbing the pandemic “the biggest conspiracy theory”. In South Korea, the elderly leader of a secretive sect at the centre of the country’s early coronavirus outbreak was arrested for allegedly hindering the government’s effort to contain the epidemic. People linked to Lee Man-hee’s Shincheonji Church of Jesus accounted for more than half of the South’s coronavirus cases in February and March, but the country has since appeared to have brought the virus under control. The pandemic has also continued to cause mayhem in the travel and tourism sectors, with more airlines announcing mass job cuts. Latin America’s biggest airline, the Brazilian-Chilean group LATAM, said it would lay off least 2,700 crew, and British Airways pilots overwhelmingly voted to accept a deal cutting wages by 20 percent, with 270 jobs lost......»»

Category: sportsSource:  abscbnRelated NewsAug 2nd, 2020

Govt external financing exceeds $8B in Jan-June

The government’s external financing has surpassed $8 billion in the first half of 2020, the Bangko Sentral ng Pilipinas (BSP) revealed on Friday. Data provided by BSP Governor Benjamin Diokno showed that the government’s foreign loan proceeds reached $8.203 billion (over P403 billion) in January to June. Of the amount, $3.672 billion were commercial borrowings, […].....»»

Category: newsSource:  manilatimes_netRelated NewsAug 1st, 2020

Foreign loans, grants for COVID-19 hit $8.2 billion

Foreign borrowings and grant assistance secured by the Philippine government for its anti-COVID-19 measures and to finance various projects reached $8.2 billion as of end-June, the Bangko Sentral ng Pilipinas said......»»

Category: financeSource:  philstarRelated NewsJul 31st, 2020

BOP registered $1.67-billion surplus in April, says BSP

The country’s balance of payments posted a surplus of $1.67 billion in April, on strong inflows of foreign borrowings during the month as the government raised funds for the coronavirus disease 2019 response......»»

Category: financeSource:  thestandardRelated NewsJun 11th, 2020

MB-approved foreign borrowings down in Q1

The country’s monetary authorities approved fewer foreign borrowings by the national government in the first quarter of the year, the central bank reported on Monday. In a statement, the Bangko Sentral ng Pilipinas (BSP) said its policy-making Monetary Board approved an aggregate of $2.38 billion foreign borrowings of the national government in the January-March period. […].....»»

Category: newsSource:  manilatimes_netRelated NewsApr 20th, 2020

Foreign borrowings seen to rise sharply due to COVID-19

Foreign borrowings by the national government as well as state-run corporations jumped by 32 percent to $9.7 billion last year from $7.4 billion in 2018, and the figure may increase sharply this year as the government spends more to mitigate the impact of the coronavirus disease 2019 or COVID-19 outbreak, according to the Bangko Sentral ng Pilipinas.....»»

Category: financeSource:  philstarRelated NewsApr 12th, 2020

Govt borrowings down in Aug – BTr

Borrowings made by the national government dropped to P76.52 billion in August, as it borrowed less from domestic and foreign sources, according to the Bureau of the Treasury (BTr). Data…READ.....»»

Category: newsSource:  manilatimes_netRelated NewsOct 22nd, 2019

Government borrows 66% more in 7 months

The government’s gross borrowings in the first seven months of the year jumped by 66.21 percent year-on-year as both domestic and foreign debt increased during the period, the Bureau of the Treasury (BTr) reported......»»

Category: financeSource:  philstarRelated NewsSep 15th, 2019

National Government borrowings reach P661 billion in Jan-April

The national government’s borrowings almost tripled to P661.52 billion in the first four months, with the administration continuing to rely more heavily on domestic lenders, the Bureau of the Treasury (BTr) reported......»»

Category: financeSource:  philstarRelated NewsJun 23rd, 2019

Foreign investments surge to $5.9b

Net inflows of foreign direct investments jumped 25 percent in the first nine months to $5.9 billion from $4.7 billion a year ago, on sustained investors’ confidence in the economy......»»

Category: financeSource:  thestandardRelated NewsDec 12th, 2016

Foreign investments surge 79% to $4.7 B from January to July

MANILA, Philippines - Net inflow of foreign direct investments (FDI) jumped 79 percent to $4.69 billion in the first seven months, the Bangko Sentral ng Pili.....»»

Category: financeSource:  philstarRelated NewsOct 10th, 2016

Budget deficit surged 170% to P940.6b in 1st& nbsp;10 months

The government’s budget deficit increased 24.6 percent in October to P61.4 billion from the P49.3-billion shortfall a year ago, on double-digit decline in revenue collections and single-digit drop in spending amid the pandemic......»»

Category: financeSource:  thestandardRelated NewsNov 25th, 2020

PEZA out to prevent third straight year of investment slump

With only 2 months left into the year, Charito Plaza of PEZA said foreign placements “might exceed P100 billion” this year......»»

Category: financeSource:  philstarRelated NewsNov 23rd, 2020

Robinsons Bank earnings jump 70% in 9 months

The earnings of Gokongwei-led Robinsons Bank Corp. jumped by 70 percent to P786.22 billion from January to September compared to P461.28 million in the same period last year despite a surge in provision for potential loan losses due to uncertainties brought about by the pandemic......»»

Category: financeSource:  philstarRelated NewsNov 22nd, 2020

Oct forex reserves exceed $103 billion

The Bangko Sentral ng Pilipinas’ (BSP) foreign exchange (forex) operations and gains from its gold holdings, as well as deposits from the national government (NG), raised the country’s gross international reserves (GIR) to a new record high of $103.81 billion at end-October. Preliminary data from BSP Governor Benjamin Diokno showed on Friday that the amount […].....»»

Category: newsSource:  manilatimes_netRelated NewsNov 14th, 2020

Foreign reserves up to new record of $103.8 billion in October

Reserves were sufficient to cover 10.3 months worth of imports of goods and services......»»

Category: financeSource:  philstarRelated NewsNov 13th, 2020

Shell widens losses to P13.9-B in 9 months; P1B investment set for import facility

With additional valuation-anchored inventory losses and one-off charges booked, the net loss of listed firm Pilipinas Shell Petroleum Corporation (PSPC) had widened to P13.9 billion in nine months this year. That’s a complete reversal of the P4.4 billion net income it posted last year, when oil prices were at more predictable state and there had been no pandemic-induced uncertainties disrupting oil markets. It specified that if the P5.7 billion inventory valuation losses had not turned up, the company’s net loss in the third quarter should have been at leaner P700 million versus P900 million in the second quarter. And without the one-off charges that stood at P7.5 billion, the oil firm’s net loss should have been trimmed to P6.4 billion within the January-September stretch. The one-off charges came about because of the closure of its refining operations that subsequently prompted the conversion of its Tabangao facility into a world-class import terminal. But while the company works on improving its financial performance in the coming months, Pilipinas Shell President and CEO Cesar G. Romero announced that they will be re-investing roughly P1.0 billion in the next few years “to fully transform Tabangao into a world class facility that will support its marketing growth aspirations.” Part of the company’s major step this year is to set on stream the commercial operations of its 54-million liter capacity terminal in Subic to underpin its supply chain, primarily to serve the demand of its Northern Luzon customers; while its Tabangao import facility will cater to the needs of customers in other parts of Luzon and Northern Visayas. To complete the loop, its Northern Mindanao Import Facility (NMIF) in Cagayan de Oro will be supporting the rest of Visayas and well as customers in Mindanao. Pilipinas Shell said it now “has a more resilient network of three medium-range import terminals with sufficient finished products capacity to effectively serve the demands of customers nationwide.” The firm indicated that despite the challenges, it prioritized business strategies that shall result in cash preservation for the company. As of third quarter’s end, the savings logged by the company stood at P2.5 billion; and this is seen sustained at the level of P2.0 billion until the end of this year. “Savings of P1.2 billion were generated from OPEX (operating expenses); with P1.3 billion from CAPEX (capital expenditure),” Shell emphasized. While the company still navigates the tough terrain of business induced by the coronavirus pandemic, Romero asserted their overall frame “remains optimistic,” as he noted that the “government’s efforts to gradually reopen the economy by prudently relaxing quarantine restrictions are slowly giving elbow room for the economy to recover.” He specified that for Shell, “the wins are coming in gradually as more businesses operate at increased capacity in the areas of manufacturing and transportation.” The company chief executive expounded “our balance sheet, technical capability and resources are solid; and serve as well in continuing to provide Filipinos with high quality fuel products despite the challenging environment.” Parallel to the firm’s aspirations for demand and financial rebound, Romero noted they are also making “the right sustainable decision to protect the long-term interests of our shareholders.” The company’s gearing had risen to 47-percent, and that was mainly attributed to “lower equity from net loss rather than an increase in net debt,” with it emphasizing that “excluding the impact of the refinery one-off charges, the company’s gearing stands at 41-percent.” Romero indicated “the pandemic has forced us to rethink the way we do things, while ensuring the quality of service that Filipinos expect from us.”.....»»

Category: newsSource:  mb.com.phRelated NewsNov 12th, 2020