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MANILA - The International Monetary Fund (IMF) slashed its 2022 growth forecast for the Philippines from 6.7 percent to 6.5 percent after noting the impact of global economic slowdown. In a briefing on Monday after the debt lender's annual Article IV Consultation, Mission chief Cheng Hoon Lim said the 2023 growth forecast is at 5 percent, which is the same as the figure last July under the World Economic Outlook (WEO) update. "The Philippines is not isolated from the rest of the world. Its leading trading partners are the US and China and if these countries slow down, (the) Philippine...

DOWN. Concerns on the possibility of a recession in the US increased following another large increase in the Federal Reserve funds rate. This resulted in further depreciation of the Philippine peso and the drop to below 6,300 for the Philippine Stock Exchange index (PSEi) on Friday (Sept. 23, 2022). (PNA graphics) MANILA - Recession worries resulted in the local main stocks index ending the week below 6,300-level while the peso registered another record-low against the US dollar despite its sideways close on Friday. The local currency again slipped to its new record low after closing the week ...

MARKET-DETERMINED. The Philippine peso continues to depreciate against the US dollar as the greenback gets support from the sustained rise of the Federal Reserve funds rate. A ranking Bangko Sentral ng Pilipinas (BSP) executive said the increase in the BSP's key rate is primarily intended to bring domestic inflation back to within the government's 2-4 percent target band but is also expected to lessen pressures on the local currency. (PNA file photo) MANILA -- The latest increase in the Bangko Sentral ng Pilipinas' (BSP) key rates is expected to help address the peso's deprecia...

Pune (Maharashtra) [India], September 21 (ANI/BusinessWire India): A first-ever working committee of eminent parliamentarians from various political parties and Vidhan Sabha/Council Speakers/Chairmen from many States and Union Territories met in Pune to decide on the organization of the National Young Legislators' Conference (NYLC or Rashtriya Yuva Vidhayak Sammelan). The working committee meeting was co-chaired by the noted former Speakers of Lok Sabha - Shivraj Patil, Meira Kumar and Sumitra Mahajan. The incumbent and former Speakers of State Assemblies and Chairpersons of Legislative Co...

MANILA - The Court of Appeals has affirmed the 2019 conviction of the Makati Regional Trial Court (RTC) of two men found guilty of extorting from fellow Filipino-Chinese whom they even consider as family friends. Makati RTC Branch 137 had sentenced John Roel Cheng An and Alvin Go Tong to up to seven years imprisonment for robbery (extortion), which the CA upheld on September 15 "after a thorough and careful review of the records." "This Court is convinced that the prosecution has sufficiently proven beyond reasonable doubt appellants' guilt," the CA ruled. Separate char...