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High debt servicing to persist until 2024 — DOF

The country will continue to pay its debts beyond the ideal international threshold of 60 percent of domestic output until 2024, a top finance official said......»»

Category: financeSource: philstar philstarAug 22nd, 2021

Foreign reserves declined for third month to $104.8 billion

The country’s gross international reserves fell for the third straight month in March to $104.82 billion from an all-time high of $110.117 billion in December 2020, pulled down by the government’s debt servicing, the Bangko Sentral ng Pilipinas said Friday......»»

Category: sportsSource:  abscbnRelated NewsApr 16th, 2021

Pandemic funding drives gov t debt to new record-high P11.2-T

The government’s outstanding debt continued its ascent in June to reach a new record-high, fueled by the Duterte administration’s borrowing spree to fund its pandemic response......»»

Category: financeSource:  philstarRelated NewsJul 29th, 2021

Swelling debt to slow economic momentum

The Freedom from Debt Coalition said the country’s record-high P11-trillion debt would make it difficult to revert the economy’s momentum to its pre-pandemic levels......»»

Category: financeSource:  philstarRelated NewsJul 20th, 2021

Debt servicing rises 53% to P37.8 billion in May

The government spent more than half for debt payments in May at nearly P38 billion as interest payments and amortization rose by double digits, the Bureau of the Treasury said......»»

Category: financeSource:  philstarRelated NewsJul 11th, 2021

Philippines debt hits record P11 trillion

The country’s total debt stock hit a new record high in May, passing the P11-trillion mark as the government borrowed more from the domestic market to finance its pandemic response......»»

Category: financeSource:  philstarRelated NewsJul 5th, 2021

Government debt swells to record high P11 trillion

The national government’s outstanding debt rose to a fresh record high of P10.991 trillion in April, boosted by both local and external borrowings, the Bureau of the Treasury said......»»

Category: financeSource:  philstarRelated NewsJun 3rd, 2021

Pandemic funding bloats gov t debt to new record high in April

The government continued to accumulate more debts in April to hit a new peak, driven by fresh borrowings at home and abroad to fund the country’s ballooning pandemic expenses......»»

Category: financeSource:  philstarRelated NewsJun 3rd, 2021

Foreign debt entry boosts reserves stock anew in April

Buffer funds still below the historic high of $110 billion, but are forecast to breach that level nonetheless by yearend......»»

Category: financeSource:  philstarRelated NewsMay 14th, 2021

NG debt rises to new record high of P10.77 trillion

The national government’s total outstanding debt rose to a new record high of P10.774 trillion in end-March, still mostly domestic borrowings, to fund its pandemic response, the Bureau of the Treasury said yesterday......»»

Category: financeSource:  philstarRelated NewsMay 4th, 2021

Pandemic costs bloat gov t debt to new record-high in March

The government continued to accumulate more debt in March as the country’s needs amid the lingering coronavirus pandemic grow......»»

Category: financeSource:  philstarRelated NewsMay 3rd, 2021

Regulators meet to discuss risks to financial stability

Financial regulators from 17 countries in Asia convened recently to talk about the scars left by the COVID-19 pandemic on corporate viability and debt servicing, according to Bangko Sentral ng Pilipinas Governor Benjamin Diokno......»»

Category: financeSource:  philstarRelated NewsApr 29th, 2021

NG debt rises to P10.4 trillion in February

The national government’s total outstanding debt rose to a new record high of P10.405 trillion as of February, as borrowings were ramped up to finance its pandemic response......»»

Category: financeSource:  philstarRelated NewsMar 29th, 2021

Govt debt rises to P10.3T at end-Jan

The government’s outstanding debt soared to a new all-time high of P10.32 trillion at end-January on bigger domestic obligations, according to the Bureau of the Treasury (BTr). Treasury data showed on Tuesday that the amount was a 5.4-percent or P532.45-billion increase from P9.79 trillion at end-December. Of the figure, 29 percent was generated from foreign […].....»»

Category: newsSource:  manilatimes_netRelated NewsMar 3rd, 2021

Banks bad loans unexpectedly ease from record

As a proportion of the entire loan book, local banks’ bad debt ratio eased from record-high to close 2020 at 3.61%, although up from 2.04% a year ago......»»

Category: financeSource:  philstarRelated NewsFeb 8th, 2021

Debt-to-GDP ratio jumped to 14-year high in 2020

Repayments and a stronger peso slightly tempered debt accumulation in December last year, but the record recession coupled with a jump in borrowings to fight COVID-19 jacked up the share of unpaid obligations to the Philippine economy to a 14-year high of 54.5 percent in 2020. The end-2020 national government debt-to-gross domestic product (GDP) ratio […] The post Debt-to-GDP ratio jumped to 14-year high in 2020 appeared first on Cebu Daily News......»»

Category: newsSource:  inquirerRelated NewsFeb 4th, 2021

Moody& rsquo;s sees high jobless rate in Asia

Global debt watcher Moody’s Investors Service said Tuesday the restrictions on cross-border travels implemented to contain the spread of COVID-19 pandemic will have a negative impact on employment situations in Asia-Pacific countries, including the Philippines......»»

Category: financeSource:  thestandardRelated NewsJan 13th, 2021

Coronavirus borrowings stoke debt burden to 14-year high

On Tuesday, Finance Secretary Carlos Dominguez III said emerging data showed outstanding state debt was equivalent to 53.5% of gross domestic product last year, the highest since 2006. .....»»

Category: financeSource:  philstarRelated NewsJan 13th, 2021

PDEx listings hit record high P388 billion

The Philippine Dealing and Exchange Corp., the country’s trading platform for fixed income securities, listed a record high P388 billion worth of debt papers this year......»»

Category: financeSource:  philstarRelated NewsDec 18th, 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

What next for Trump? Golf, Twitter and maybe another run?

When networks projected he had lost his bid for reelection to Joe Biden, President Donald Trump was playing golf. He’ll soon have plenty more time to enjoy the links if he so desires.  US President Donald Trump (Photo by MANDEL NGAN / AFP/ MANILA BULLETIN) But if there’s one constant for Trump, it is his love of the limelight and few expect this most unusual of presidents to pursue a traditional post-White House life of public reticence, reflective memoir-writing and occasional charitable events. He will lose the keys to the White House but not his login on Twitter, where Trump and his itchy fingers could still wield powerful control over his Republican Party. Some allies have already spoken of Trump planning a rematch in 2024. Only one other president, Grover Cleveland, has served non-consecutive terms, winning in 1892 after narrowly losing reelection four years earlier. Former White House chief of staff Mark Mulvaney said with understatement that Trump — who has refused to concede and made unsubstantiated claims of widespread fraud — “doesn’t like losing.” “I would absolutely expect the president to stay involved in politics and would absolutely put him on the shortlist of people who are likely to run in 2024,” he told an Irish think tank. “He’s a very high-energy 74-year-old.” Trump’s children have made clear that they are still demanding loyalty from Republicans. “The total lack of action from virtually all of the ‘2024 GOP hopefuls’ is pretty amazing,” Donald Trump Jr. tweeted on Thursday. He called out by name Senator Lindsey Graham, a former Trump critic turned supporter who coasted to reelection. Hours afterward, Graham was on Trump’s favorite Fox News show pledging money for the president’s legal defense and repeating unsubstantiated accusations of election irregularities. – Trump TV? – The thrice-married New York-born hotel developer and television celebrity has made no secret that he longs for some comforts of his pre-White House days. “I had a nice life. I had the greatest life,” Trump said in Grand Rapids, Michigan, in his final campaign rally. His main product to fund that lifestyle has been his own name. According to his disgraced former lawyer Michael Cohen, the 2016 presidential run itself was conceived as a “branding opportunity” — until he unexpectedly won. Trump had rebuilt his public profile in the 2000s as the host of reality TV series “Celebrity Apprentice” following a string of bankruptcies. The president has hinted about seeking to start a “Trump TV” brand as he has increasingly complained about Fox News, accusing the channel that helped fuel his rise of being insufficiently right-wing. Viewers, he tweeted, “want an alternative now. So do I!” And no one can deny Trump has the gift of the gab.  At his innumerable rallies, he held large crowds in a kind of mesmerized attention with stream-of-consciousness shifts from conspiracy theories to jokes to pet peeves, like his peculiarly passionate criticism of feeble water pressure in bathroom faucets. And he has a potential readymade vehicle for the project in the form of openly Trump-supporting cable channels One America News and NewsMax TV — current minnows that a Trump takeover could turn into giants. – Prison, or a road trip? – No less plausible is a scenario where Trump is embroiled in serious legal problems. Prosecutors in New York are already probing Trump’s hush money payment to a porn star, his tangled business dealings and mysterious accounting practices. Then there are those old rape and other sexual assault allegations. As president, Trump is largely protected from prosecution. Some have speculated that he may again challenge accepted norms by trying to issue a pre-emptive pardon to himself. Eight Trump associates, including men who served as his campaign managers, lawyer and national security advisor, have already been indicted or imprisoned for serious crimes including over the 2016 campaign’s links to Russia. Or, just maybe, Trump will want to get away from it all. However implausible this sounds, he has dropped a few hints. In June at the White House he mused about taking a road trip in an RV with his former model wife Melania. Less romantic but equally heartfelt, he paused mid-speech during a campaign rally in Pennsylvania to admire parked trucks. “Nice trucks,” the president said. “You think I could hop into one of them and drive it away? I’d love to do it, just drive the hell out of here. Just get the hell out of this.”.....»»

Category: newsSource:  mb.com.phRelated NewsNov 8th, 2020