Advertisements


Pandemic more damaging to economy in 2020 than thought

The economic damage from the coronavirus pandemic last year was greater than initially recorded, state statisticians said Thursday. .....»»

Category: financeSource: philstar philstarApr 8th, 2021

Filipinos Leaned to Embrace FinTech Amid the Pandemic

Filipinos have further embraced digital transactions and the digitalization of payments amid the coronavirus disease 2019 (COVID-19) pandemic, which helped the country’s economy to still have activity albeit limited. According the data from Bangko Sentral ng Pilipinas (BSP), the volume of PESONEt transactions in 2020 grew by an enormous 376-percent year-on-year to 15.3 million last […].....»»

Category: sportsSource:  abscbnRelated NewsFeb 20th, 2021

Vaccines and economic stimulus

The Philippines’ performance, both in the management of the pandemic and the economy, was the worst among all Southeast Asia countries in 2020. The nation’s recovery now hinges on two factors: the rapid vaccination of 80 percent of the population, and a financial stimulus to jumpstart the economy. The senators are worried that we have […] The post Vaccines and economic stimulus appeared first on Cebu Daily News......»»

Category: newsSource:  inquirerRelated NewsFeb 18th, 2021

Fitch sees economy expanding by 7.6%

An expected rebound in consumer spending this year will propel the Philippine economy to grow by 7.6 percent from a 9.5-percent contraction in 2020 due to the devastating and prolonged impact of the COVID-19 pandemic, Fitch Solutions, a unit of Fitch Group, said Tuesday......»»

Category: financeSource:  thestandardRelated NewsFeb 17th, 2021

Thai, Japan economies register deep contractions

TOKYO—Japan’s pandemic-hit economy shrank in 2020 for the first time in more than a decade, but the contraction was less than expected and it ended the year on a strong note thanks to a pick-up in exports and huge government support......»»

Category: financeSource:  thestandardRelated NewsFeb 15th, 2021

British economy shrank by a record 9.9% in 2020

London—Britain’s economy shrank by a record 9.9 percent last year on the fallout from the coronavirus pandemic despite managing strong growth in the second half, official data showed Friday......»»

Category: financeSource:  thestandardRelated NewsFeb 13th, 2021

MSME loans down 15% to P464.3 billion in end-September 2020

Loans extended to micro, small and medium enterprises declined by 15.2 percent as of end-September last year despite regulatory relief measures extended by the Bangko Sentral ng Pilipinas to banks to assist the sector in jumpstarting the economy amid the pandemic......»»

Category: financeSource:  philstarRelated NewsFeb 3rd, 2021

Growth prospects of Cebu property market

The Cebu property market has been affected by pandemic-induced disruptions to the country’s economy. Office leasing here, for instance, remains challenging while the launches and take up of residential units were down as of the first nine months of 2020. However, we see some positive developments including the government’s anti- COVID-19 efforts, and we are […] The post Growth prospects of Cebu property market appeared first on Cebu Daily News......»»

Category: newsSource:  inquirerRelated NewsJan 30th, 2021

Lowest dip in economy, lagging in COVID-19 response

Official statistics now affirm what the people – particularly the poor and the middle class, and the small and medium enterprises – have been feeling on the ground in light of the COVID-19 pandemic: In 2020, the drop in Philippine economic growth was the biggest since 1946......»»

Category: newsSource:  philstarRelated NewsJan 29th, 2021

Philippine economy shrank 9.5 percent in 2020

The economy contracted by a record 9.5 percent last year, buckling under the stress of a prolonged pandemic lockdown and a spate of natural disasters that hit the country during the year......»»

Category: newsSource:  philstarRelated NewsJan 28th, 2021

Economy sank 9.6% in 2020, says IMF

The International Monetary Fund said Tuesday it expects the Philippine economy to rebound 6.6 percent this year, after sinking by an estimated 9.6 percent in 2020 because of the prolonged global impact of the COVID-19 pandemic......»»

Category: financeSource:  thestandardRelated NewsJan 27th, 2021

Passenger traffic at airports returns to 1990 levels | Economy

The coronavirus pandemic has pushed a bitter bill into Spanish airports. In 2020, the airports of the Aena network were closed to 76 million passengers,.....»»

Category: newsSource:  thedailyguardianRelated NewsJan 14th, 2021

Brazil records highest inflation in four years

Brazil, Latin America's biggest economy, on Tuesday recorded inflation of 4.52 percent in 2020 -- the highest in four years -- fueled by food prices which shot up more than 14 percent amid the coronavirus pandemic......»»

Category: newsSource:  thestandardRelated NewsJan 13th, 2021

PH office space sales fell 70% in 2020 & mdash; Leechiu

Leechiu Property Consultants Inc. said Thursday the office market will continue to be a relevant segment of the real estate sector in 2021, as the economy begins to recover from the pandemic......»»

Category: lifestyleSource:  abscbnRelated NewsJan 8th, 2021

Mergers, acquisitions hit P909b, says PCC

Merger and acquisition (M&A) transactions in 2020 hit P909 billion despite the impact of pandemic on businesses and the economy, the Philippine Competition Commission (PCC) said Tuesday......»»

Category: financeSource:  thestandardRelated NewsJan 5th, 2021

Singapore s virus-hit economy suffers worst decline in 2020

Singapore's economy suffered its worst ever annual contraction in 2020 as the coronavirus pandemic hammered the city-state's vital trade and tourism sectors, official data showed Monday......»»

Category: newsSource:  thestandardRelated NewsJan 4th, 2021

Pilipinas Conference 2020

The Pilipinas Conference 2020 starts today in a five-day international virtual conference that gathers distinguished thought leaders to discuss the most critical economic, social, environmental, and political issues affecting the Philippines and the Indo-Pacific region in the context of the global crisis consequent to the COVID-19 pandemic......»»

Category: newsSource:  thestandardRelated NewsNov 23rd, 2020

Economy recovering from COVID-19 scourge – DOF chief

Economy recovering from COVID-19 scourge – DOF chief Christina Mendez (The Philippine Star) – November 12, 2020 – 12:00am MANILA, Philippines — The economy is on its way to recovery from the scourge of the pandemic and its contraction of 11.5 percent in the third quarter is a welcome improvement, according to Finance Secretary Carlos […].....»»

Category: newsSource:  balitaRelated NewsNov 11th, 2020

COVID-19’s impact on banks manageable – BSP report

The banking system remains on “solid footing” in terms of assets, loans, deposits, profitability, capital and liquidity buffers despite the COVID-19 health crisis, a report from the Bangko Sentral ng Pilipinas (BSP) said.  “The impact of the pandemic on the overall condition and performance of the banking system, which remains the core of the domestic financial system, has been manageable,” according to the BSP’s second semester report on the Philippine financial system. The total assets of the banking system account for 81.9 percent of the financial system’s total resources. MB file photo. The banks remained resilient during the worst of the lockdown period because of the “timely, time-bound and crucial” regulatory relief measures that BSP granted to them during the most severe quarantine months of March until June. These relief measures “helped address the adverse repercussions of the pandemic.” One of these reprieves was the suspension of the submission of some bank reports while most of the country was on enhanced community quarantine (ECQ) restrictions. Banks have had to adjust operations and deal with the slowdown in economic activities that affected their borrowers’ capacity to pay. Based on a set of financial soundness indicators (FSI) to assess banks’ health and soundness, it noted that the banking system is “stable and resilient despite global uncertainties related to the extent and path of COVID-19 menace.”  But, the BSP said that the FSI analysis also implies that “consequent risks from lending should be monitored especially in the event of excessive uncertainties that could place additional pressures on the banking system in the short and medium run.” As of the report timeline, banks surveyed have yet to determine the total impact of the grace periods under the Bayanihan law but generally, based on the BSP’s comprehensive baseline survey conducted in April, banks have proactive control measures that will ensure the continued delivery of financial services to the general public and also to protect their personnel, said the BSP. Banks’ business continuity plans, and previous efforts at digitalization, also helped them to respond quickly to conditions brought about by the ECQ. Despite the economy in recession due to the pandemic, the banking system’s total assets reached P18.6 trillion as of end-June, 98.8 percent of the GDP. The end-June tally was 7.9 percent higher year-on-year but was slower than the 9.8 percent growth recorded in June 2019 and the 8.4 percent growth as of end-December 2019. Assets continue to grow because of the expansion of funds that went to lending activities while funding came from deposits, bond issuances and capital infusion. In the meantime, the report said banks’ profitability or net income fell by 22.5 percent to P86.5 billion as of end-June 2020 because of higher provisioning requirements. This was a reversal of the 27.7 percent growth in earnings same time in 2019.  “Provisions on credit losses for loans and financial assets significantly increased, weighing heavily on bank profitability. Other income sources are expected to slow down due to lower volume of transactions, waiver of inter-branch and interbank fees as well as the temporary grace period moratorium on the imposition of bank fees, penalties and charges under the Bayanihan Act,” said the BSP. Based on the BSP survey, banks have measures to cushion the adverse impact of the pandemic on profitability such as banks’ plans to impose cost-cutting measures that includes deferred capital spending and freeze hiring of non-critical positions. The BSP said banks have also intensified loan collection activities and its loan monitoring. They have also become more prudent in loan releases, reduced the cost of funds and at the same time boosted marketing campaigns for new loans and deposits.  “Across banking groups, (the big banks) also intend to reduce their exposures to vulnerable sectors and to increase ancillary or fee-based business while thrift banks and rural/cooperative banks plan to fast track digitization initiatives to reduce operating expenses,” said the BSP......»»

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

Gov’t pushes digitalized, mechanized farm sector

The Department of Finance (DOF) said the government is rapidly digitalizing the country’s agricultural systems and mechanizing farm production to ensure food security over the long run. During the virtual 2020 Annual Meetings of the International Monetary Fund and the World Bank Group, Finance Secretary Carlos G. Dominguez III said the government wants to turn the coronavirus-induced health emergency into an opportunity. Finance Secretary Carlos G. Dominguez III (MANILA BULLETIN FILE PHOTO) To do so, Dominguez said efforts to implement the twin measures are being done to expand Filipinos’ market access for food producers while keeping food supply available and prices affordable. “We are confident that the innovative measures we are putting in place today will transform Philippine agriculture into a dynamic, high-growth sector that will fuel our country’s strong recovery,” Dominguez said during the high-level Food Security Roundtable at the meeting. Dominguez said the government is also promoting digital marketing to support ongoing efforts to boost consumer spending in the new normal and sustaining public investments in rural infrastructure. He added that the government is accelerating the move towards agricultural technology-based farming and value chain development to ensure long-term food security.  To channel more funds into the agriculture sector, the government is also encouraging more private-sector financing in the sector by proposing reforms in the Congress that will provide more access to credit for the entire agricultural value chain, Dominguez said.   “We all aspire for greater food and nutrition security for our people. Only an efficient and modern agriculture sector can fully deliver that,” Dominguez, who was Agriculture secretary during the administration of the late President Corazon Aquino, said. Amid pandemic, Dominguez III said the Philippines has been handling the COVID-19 crisis “with strength on the food security front” duets reforms, particularly with the passage of the Rice Tariffication Law (RTL). According to Dominguez, the agriculture sector was “one of the brightest spots” of the Philippines’s response to the pandemic owing in large part to the RTL. He pointed out that agriculture sector even continued to grow when the rest of the economy contracted because of the COVID-19 pandemic.  Dominguez said rice tariffication was among the main reasons why the government has succeeded in keeping food prices and supply stable, and inflation low during the COVID-19 emergency.  Keeping rice prices stable has been helpful for low-income households that spend a fifth of their budgets on rice alone, he added.   “The Philippines faced the COVID-19 pandemic with strength on the food security front,” Dominguez said.  He pointed out that despite logistical restrictions resulting from the lockdowns imposed to protect people and communities from the lethal coronavirus, the government was able to sustain the flow of produce from local farms to Filipino consumers.   “A food crisis did not happen. This is credited to the effective management of the food supply by our Agriculture Department,” Dominguez said......»»

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

Biden knocks Trump as rivals barnstorm heartland in election finale

Joe Biden intensified his attacks Friday on President Donald Trump as they battled over the American Midwest, chasing every last vote with four days to go in a region that propelled the Republican to victory in 2016. RUS President Donald Trump speaks during a campaign rally at Rochester International Airport October 30, 2020 in Rochester, Minnesota. With Election Day only four days away, Trump is campaigning in Minnesota despite the recent surge in coronavirus cases in the state. In accordance with state orders, only 250 people will be able to attend the rally with Trump while thousands of others will gather outside the airport to watch on a large television screen. (Chip Somodevilla/Getty Images/AFP) Trump and Biden barnstormed three heartland states each — with a resurgent coronavirus passing the milestone of nine million cases as they hit the stump — highlighting their differences in a race overshadowed by the pandemic. Trump, heralded a “big day” of campaigning as he left the White House, then held a rally in Michigan before heading to Wisconsin and Minnesota, all states battling climbing numbers of virus cases. “We just want normal,” Trump told supporters — many of them unmasked — at an outdoor rally near Detroit as he pushed states to relax public health restrictions and resume daily life. He again bucked his own administration’s health experts as he downplayed the Covid-19 threat, saying “if you get it, you’re going to get better, and then you’re going to be immune.” Covid-19 has killed nearly 230,000 people in the US, which is experiencing surges in most states as the winter flu season looms. The outbreak has ravaged the economy, and while there have been signs of recovery, millions remain jobless. Biden was also stumping in Wisconsin and in Minnesota, where he sharpened his attacks on the president on everything from Trump seeking to dismantle Obama-era health care protections and keep his taxes secret to climate change and trade policy with China. “We can not afford four more years of Donald Trump,” the 77-year-old Democrat said at a socially distanced drive-in rally in St. Paul, Minnesota. “So honk your horn if you want America to lead again!” he said, embracing the awkward pandemic-era campaign trend of rallying supporters in their vehicles. “Honk your horn if you want to have civility again, and honk your horn if you want America to be united again!” Earlier in Iowa he attacker Trump over his handling of the pandemic. “Donald Trump has given up (and) waved the white flag,” Biden told a drive-in rally with more than 300 cars in Des Moines. – ‘Less divided’ – Trump flipped Iowa, Michigan and Wisconsin from the Democrats to clinch his shock victory four years ago.  Now polls show Biden leading in all three, albeit narrowly in Iowa. It was Biden’s first visit to Iowa since his inauspicious campaign start in February, when he placed a dismal fourth in the opening Democratic nominating contest. So can Biden win over enough voters to prevail in the Hawkeye State? “I wouldn’t put money on it,” Iowa attorney Sara Riley, 61, said at Biden’s event, although she was more confident about him clinching the White House. “I think Americans, even Trump supporters, want to get to a place where the country is less divided,” Riley said. With voters concerned about the health hazards of crowded polling stations on November 3, a record 86 million have already cast early ballots by mail or in person. Even as the US hit a grim new high in daily Covid-19 infections Thursday, Trump has stuck to his guns, downplaying the dangers and branding Democrats as rampaging “socialists” intent on shuttering the country. And while Trump has touted the economic successes of his presidency, including positive GDP figures Thursday, US stocks closed out their worst week since March, highlighting concerns about a shaky recovery. – ‘Turn Texas blue?’ – After a campaign largely muted by the pandemic, Biden is on the offensive, pushing Trump onto the back foot in unexpected battlegrounds like Texas, a large, traditionally conservative bastion now rated a toss-up by multiple analysts. On Friday the state reported that a staggering nine million residents had already voted, surpassing its entire 2016 total. Biden’s running mate Kamala Harris visited Texas Friday in a bid to turn the state Democratic for the first time since president Jimmy Carter in 1976. “We have a chance to turn Texas blue,” the 96-year-old Carter said in a fundraising email. Biden winning there would be a dagger to Trump, but the president dismissed the notion, saying: “Texas, we’re doing very well.” Trump and Biden are focusing their greatest efforts on traditional battlegrounds that will decide the election — such as Florida, where both campaigned on Thursday. On Saturday Biden returns to the Midwest bringing with him perhaps his strongest surrogate: ex-president Barack Obama, making his first joint in-person campaign appearance of the year with his former VP. Motown music legend Stevie Wonder will join them, the Biden campaign said. Trump will spend the day campaigning in the critical state of Pennsylvania, where he narrowly trails Biden in polls. Biden will follow suit there both Sunday and Monday in a clear sign that his campaign sees the Keystone State as absolutely crucial to his victory......»»

Category: newsSource:  inquirerRelated NewsOct 31st, 2020