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Preliminary data indicated that outstanding loans of universal and commercial banks (U/KBs), net of reverse repurchase (RRP) placements with the BSP, expanded by 7.7 percent year-on-year in July from 7.8 percent in June. On a month-on-month seasonally-adjusted basis, outstanding universal and commercial bank loans, net of RRPs, rose by 0.6 percent, similar with the previous month. Outstanding loans to residents, …

The Philippines has received more than four million foreign visitors since the beginning of 2023, Tourism Secretary Christina Frasco shared the inspiring data Friday. The country hit a total of 4,005,465 in arrivals, accounting for over PHP316 billion in tourism spending as of posting. “I am very pleased to deliver the good news that today we have managed to reach …

The installation of floating barriers at Scarborough Shoal, also known as Bajo de Masinloc, by the China Coast Guard is an infringement of Philippine sovereignty, the Department of Foreign Affairs (DFA) said Monday. Bajo de Masinloc is an integral part of the Philippines over which it has sovereignty and territorial jurisdiction, according to UNCLOS (United Nations Convention on the Law …

The Department of Transportation (DOTr) on Monday signed two agreements with other government agencies and private partners to start and fast-track the Epifanio Delos Santos Avenue (EDSA) Greenways project. DOTr Secretary Jaime Bautista signed a memorandum of understanding (MOU) and a memorandum of agreement (MOA) with the Department of Labor and Employment, Philippine National Police (PNP), PLDT-Smart, Eastern Telecommunications and …

Department of Tourism (DOT) Secretary Christina Garcia Frasco on Monday said the country’s hosting of the FIBA World Cup 2023 from Aug. 25 to Sept. 10 has brought favorable improvements to the tourism industry. Frasco noted an uptick in the hotel occupancy rates as teams, basketball fans, families and members of various delegations enjoyed the country’s hospitality and accommodation, and …

The Department of Foreign Affairs (DFA) has raised “serious concern” over reports of coral destruction at the Rozul Reef within the Philippines’ exclusive economic zone (EEZ), calling for a halt to activities damaging marine life. In a statement Monday night, the DFA said the Philippines has consistently raised the alarm over ecologically harmful activities of foreign vessels in the country’s …

The benchmark Philippine Stock Exchange (PSEi) shed 1.77 points to close at 6,124.57 on Monday night. Broader All Shares dropped 10.94 points to 3,309.24 level. “Philippines shares traded quietly to start the week, as investors await the main event this week, which is the Monetary Board’s policy-setting meeting on September 21,” said Regina Capital Development Corp. head of sales Luis …

Lalamove, the leading on-demand delivery platform, aligned with their goal of prioritizing partner drivers’ safety, recently teamed up with the Metropolitan Manila Development Authority and turned over driving equipment, including a brand-new Honda Click motorcycle from Lalamove’s Panalomove Partner Agribank, an insulated Lalabag, a Lalamove helmet, and a Lalajacket, together with a first-aid kit. Lalamove Philippines managing director Djon Nacario …

An operation headed by the Bureau of Customs (BOC) on three warehouses in Manila led to the discovery of P400.2 million worth of suspected smuggled rice and other imported products. Customs Commissioner Bienvenido Rubio, in a statement Monday, said the goods discovered during the raid on Sept. 16 include P310 million worth of imported miscellaneous goods, such as children’s toys, …

State-owned Land Bank of the Philippines (LandBank) said Friday it has remitted to the Bureau of the Treasury (BTr) its P50 billion contribution to the Maharlika Investment Corporation (MIC) as mandated by Republic Act No. 11954 which establishes the Maharlika Investment Fund (MIF). In a statement, LandBank said the PHP50-billion investment to the MIF has already been settled with the …