Published May 13, 2021, 3:00 PM
With CREATE, FIST laws
The Bangko Sentral ng Pilipinas (BSP) expects the economy to post positive growth in the second quarter due to base effects, but whether or not this will be sustained for the rest of the year will depend on the implementation of recently approved laws, such as the Corporate Recovery and Tax Incentives for Enterprises (CREATE) and the Financial Institutions Strategic Transfer (FIST) Act.
BSP Deputy Governor Francisco G. Dakila Jr. of the monetary and economics sector, said the growth trajectory will turn positive beginning in the second quarter of the year, but to fully support a recovery that is sustainable, it will have to be supported by the implementation of key pieces of legislation including the CREATE and FIST laws – “which will then impact on growth starting in the second half of the year and well into 2022”. The stronger recovery in global economic activity will also contribute to this economic recovery.
BSP optimistic Philippines will report positive economic growth in Q2 By JON VIKTOR D. CABUENAS, GMA News
Published May 12, 2021 6:27pm The Philippine economic growth will likely return to positive territory in the second quarter of the year given the base effects in 2020, the Bangko Sentral ng Pilipinas (BSP) said Wednesday. In a virtual briefing, BSP Deputy Governor Francisco Dakila, Jr. said the economy will likely be supported by key measures which were recently passed by the government. As to the trajectory of growth, we expect this to turn positive beginning the second quarter of the year, again, mostly due to the positive base effects, he explained.
BusinessWorld
May 11, 2021 | 12:02 am
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NONPERFORMING LOANS (NPLs) held by banks picked up for the third consecutive month in March, reflecting the impact of the coronavirus crisis on borrowersâ ability to repay their debt.
Gross NPLs reached P448.593 billion in March, surging by 80% from the P249.184 billion seen a year earlier and also higher by 4.01% from the P431.266 billion in February, based on preliminary data from the Bangko Sentral ng Pilipinas (BSP).
This brought the NPL ratio to 4.21%, higher than the 2.25% in March last year as well as the 4.08% in February. This is the highest ratio since the 4.25% seen in August 2009.
SunStar
Drone shot by Mark Perandos
+ April 29, 2021 THE economy of Davao Region contracted by 7.6 percent in 2020 due to the Covid-19 pandemic but still remains to be the fifth biggest economy in the country, according to the Philippine Statistics Authority (PSA).
National Economic and Development Authority (Neda)-Davao Director Maria Lourdes Lim said this is better than the negative 9.6 percent growth rate of the country. Despite the pandemic, Davao Region remained as the biggest economy in Mindanao with a value of P832 billion, Lim said.
PSA-Davao Region Director Ruben Abaro said during the 2020 Economic Performance of Davao Region virtual presser on Thursday, April 29, that this was measured by the Gross Regional Domestic Product (GRDP) and Gross Regional Domestic Expenditure (GRDE).
BusinessWorld
April 28, 2021 | 12:06 am
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THE CENTRAL BANK has extended the implementation of a higher single borrower’s limit and less stringent rules on recognizing bad loans to continue providing relief to lenders as the coronavirus crisis stretches on.
In Memorandum No. M-2021-026 signed by Bangko Sentral ng Pilipinas (BSP) Deputy Governor Chuchi G. Fonacier, the central bank said the Monetary Board approved on April 22 the extension of these current regulatory relief measures as “an interim measure pending the full operationalization of the Financial Institutions Strategic Transfer (FIST) Act in 2021.”
The circular said the higher single borrower’s limit of 30% (from 25%) will remain in effect until Dec. 31. A previous issuance said the higher limit would be enforced only until March 31.