The Philippine business landscape has been constantly evolving, with new economic developments emerging regularly. Keeping up with the latest news in the industry is crucial for business owners and investors who want to stay ahead of the curve. In this article, we’ll delve into the current state of the Philippine economy and the top business news updates that have been making headlines.
The Philippine economy has been hit hard by the COVID-19 pandemic, with the GDP plunging to a record low of -9.6% in the second quarter of 2020. However, the government has been implementing measures to boost the economy, such as the Bayanihan to Recover as One Act (Bayanihan 2) which aims to provide financial assistance to individuals and businesses affected by the pandemic.
In recent news, Philippine Airlines (PAL) has filed for Chapter 11 bankruptcy in the United States, citing a severe financial crisis caused by the pandemic. PAL has assured its customers that flights will continue and that there will be no disruption in service. Meanwhile, the Ayala Corporation has acquired a controlling stake in Phinma Energy Corporation, a move that strengthens Ayala’s position in the renewable energy industry.
Another significant development is the proposed Corporate Recovery and Tax Incentives for Enterprises (CREATE) Act, which seeks to provide tax cuts and incentives to businesses that were hit hardest by the pandemic. The bill has been approved by the House of Representatives and is currently under review by the Senate.
In the banking sector, the Philippine central bank has maintained its policy rate at a record low of 2%, citing the need to support the economy. Meanwhile, the Bangko Sentral ng Pilipinas has issued digital banking guidelines to promote financial inclusion and make banking more accessible to Filipinos.
Overall, while the pandemic has undoubtedly had a significant impact on the Philippine economy, the government and private sector are working together to implement measures to aid in its recovery. Keeping a close eye on the latest business news and developments can help businesses and investors make informed decisions in these challenging times.
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