BSP dollar reserves dip in May

The central bank’s dollar reserves dipped in May, as the government withdrew foreign currency to use for debt repayments.   Data from the Bangko Sentral ng Pilipinas (BSP) showed the gross international reserves (GIR) declined by 0.67% to $106.978 billion as of end-May, from the $107.705 billion logged as of end-April.   However, this was 14.7% higher than the $93.288 […]

Senator cites threat strategic firms will fall into Chinese hands if restrictions on foreign ownership are relaxed

SENATOR Risa N. Hontiveros-Baraquel said Tuesday that easing the curbs on foreign investment in the Public Service Act will allow full foreign ownership in some public utilities and raised the prospect of Chinese control of strategic companies. In a statement, she said China may also use its ownership of key companies as leverage in its […]

Fishers group pushes gov’t to improve efforts in stopping foreign fishing vessels   

THE NATIONAL government should increase its efforts against foreign fishing vessels within Philippine waters as mandated by local and international laws following China’s declaration of an annual fishing ban in the South China Sea, a local fishing group said. Pambansang Lakas ng Kilusang Mamamalakaya ng Pilipinas (PAMALAKAYA) said in a statement on Monday that the […]

Ahong welcomes entry of foreign nationals

LAPU-Lapu City Mayor Junard “Ahong” Chan welcomes the Inter-Agency Task Force’s (IATF) Resolution No. 113 allowing foreign nationals entry to the country as the City has prepared for it. The IATF resolution allowed foreign nationals to enter provided certain conditions that include a valid visa, pre-booked accommodation for at least seven nights, and Covid-19 testing […]

Details of sweeping effort to counter China emerge in US Senate

WASHINGTON — Leaders of the US Senate Foreign Relations Committee introduced major legislation on Thursday to boost the country’s ability to push back against China’s expanding global influence by promoting human rights, providing security aid, and investing to combat disinformation. The draft measure, titled the “Strategic Competition Act of 2021,” mandates diplomatic and strategic initiatives […]

Outstanding debt rises to P10.4 trillion at end-February as gov’t borrowings increase

THE GOVERNMENT’S outstanding debt inched up by 0.8% to P10.405 trillion at the end of February from the month prior, the Bureau of the Treasury (BTr) reported. Latest BTr data showed the government’s debt stock rose from the P10.327 trillion recorded at end-January, after more borrowings last month. Meanwhile, the debt pile climbed by 27.4% […]

BoP swings to deficit in February

The country’s balance of payments (BoP) swung to a deficit of $2.02 billion in February after the government paid off more foreign loans, central bank data showed. “The BOP deficit in February 2021 reflected outflows, arising mainly from the Bangko Sentral ng Pilipinas’s (BSP) reserve management operations and the foreign currency withdrawals of the National […]