By Reuters Staff
2 Min Read
MANILA, Feb 3 (Reuters) - Philippine bank lending fell for the first time in more than 14 years in December, reflecting weak consumer and business activity, with the trend expected to persist as coronavirus restrictions remain in place in many parts of the country.
Outstanding loans of universal and commercial banks, net of reverse repurchase placements, dropped by 0.7% in December from a year ago, despite a series of interest rate cuts by the central bank to boost lending.
The decline was the first since September, 2006, preliminary data from the central bank showed, and some economists expect lending to remain weak given subdued consumer and corporate demand.
MANILA The Philippines will relax travel curbs on foreigners coming from more than 30 countries that have detected cases of the more contagious British variant of the coronavirus starting from next month, the presidential spokesman said on Friday. The move covers foreigners previously allowed to enter the Philippines, including those holding work visas and spouses of Filipinos, presidential spokesman Harry Roque said in a statement, adding that tourists would remain banned. Philippines President Rodrigo Duterte last year barred foreigners coming or transiting from countries with confirmed cases of the British coronavirus variant. The list, which includes the United States, Canada, China, Japan and Australia, has expanded to more than 30 countries, and the ban is due to be in effect until the end of January.
UPDATE 1-Philippines says may benefit from any pivot to Asia by Biden administration Reuters 1/29/2021 Philippines welcomes anticipated pivot to Asia United States pledges to stand with Southeast Asian nations President Duterte has pursued warmer ties with China (Adds quote, comment from Philippine diplomat, context)
By Neil Jerome Morales and Karen Lema
MANILA, Jan 29 (Reuters) - The Philippines may benefit if there is a renewed emphasis on Asia by the administration of U.S. President Joe Biden, which could help act as a counterbalance to China in the region, the country s defence minister said on Friday.
The former U.S. colony has long been a treaty ally of Washington, but its ties have warmed with China and Russia since President Rodrigo Duterte took office in 2016 amid Beijing s promises of billions if dollars of aid, loans and investments.
United States pledges to stand with Southeast Asian nations President Duterte has pursued warmer ties with China (Adds quote, comment from Philippine diplomat, context)
By Neil Jerome Morales and Karen Lema
MANILA, Jan 29 (Reuters) - The Philippines may benefit if there is a renewed emphasis on Asia by the administration of U.S. President Joe Biden, which could help act as a counterbalance to China in the region, the country s defence minister said on Friday.
The former U.S. colony has long been a treaty ally of Washington, but its ties have warmed with China and Russia since President Rodrigo Duterte took office in 2016 amid Beijing s promises of billions if dollars of aid, loans and investments.