PNB’s Q1 net profit down 29.7% on large loan loss provision
Tycoon Lucio Tan-led Philippine National Bank (PNB) saw a 29.7 percent year-on-year drop in first quarter net profit to P1.3 billion due to a large increase in loan loss provisioning…
At worst case, PH’s 2020 GDP seen shrinking at fastest pace since 1985
MANILA, Philippines — The country’s economic managers have projected gross domestic product (GDP) to contract year-on-year during all four quarters of 2020 to bring full-year contraction to 2-3.4 percent. This…
Cirtek’s US unit rolls out 5G antennas
Quintel produces antennas for leading US telcos Silicon Valley-based Quintel USA Inc., a wholly-owned unit of electronics exporter Cirtek Holdings Philippines Corp., unveiled a new generation of antennas designed for…
China cuts Australian beef imports amid virus tension
In this May 14, 2019, file photo, frozen beef filets from Australia, the United States, and Canada are on sale at a supermarket in Beijing. China has suspended imports of…
Mold covers bags, shoes in department store after 2 months of coronavirus lockdown
A department store in Malaysia, which has been closed since March, has replaced items on display after they were found to have mold. Photos of bags and shoes covered in…
Bank lending accelerates as BSP’s economic boosters gain traction
Philippine banks lent out money at a quicker pace in March in step with the central bank’s moves to pump the local financial system with cheap funds and buttress the…
BIR relaxes receipt rules during COVID-19 lockdown
As some stores selling essential goods ran out of official receipts during enhanced community quarantine (ECQ), the Bureau of Internal Revenue (BIR) has allowed the use of temporary invoices. Internal…
Stable PH credit rating amid COVID-19 menace ‘positive development,’ says BSP chief
The decision of credit watcher Moody’s Investor Service to maintain the Philippines’ debt rating and outlook is a positive development given the economic malaise that is spreading around the world…
UK think tank: PH economic recovery to lag behind due to slow COVID-19 containment
The Philippines and Malaysia are expected to lag behind their Asia-Pacific peers in bouncing back from the socioeconomic fallout from the COVID-19 pandemic due to the slow containment of the…
Investors flocking to ‘safe havens’: Treasury sells P30 billion in T-bonds
The Bureau of the Treasury on Tuesday (May 12) sold P30 billion in three-year T-bonds amid robust demand for long-term securities. The bonds with a remaining life of two years…