OECD: Global economic recovery to be uneven

The organization for Economic Co-operation and Development cautioned that as the world economy returns to pre-pandemic levels in 2021, that rebound is likely to be uneven and may lead to lasting changes. China is likely to be the only major economy to escape a contraction this year, with its economy growing by 1.8 percent and then surging by eight percent …

Time for Filipino software ingenuity to shine globally

As a tech expert who worked abroad for many years, it was not surprising that the very first system David Almirol Jr. developed was for overseas Filipino workers. Banking on his Computer Science degree from the University of Cordilleras, he widened and strengthened his knowledge while working side-by-side with a team of international experts in the war-torn Middle East. Upon …

Holidays prompt slow return of confidence among consumers, firms

Easing coronavirus restrictions and seasonal uptick in demand ahead of the Christmas season buoyed business expectations in the fourth quarter while consumers turned less pessimistic about their future. Separate surveys by the Bangko Sentral ng Pilipinas showed consumers and enterprises regained some confidence in the final three months, going into the next quarter and year, although levels remained below typical …

Banks’ bad loans highest in seven years

The non-performing loan ratio of the banking sector rose for the tenth straight month to hit the highest level in over seven years due to the impact of COVID-19, the Bangko Sentral ng Pilipinas said. According to preliminary data from the BSP, the gross NPL ratio of the banking sector rose to 3.7 percent in October from 3.5 percent in …

Tech giants continue to invest in cloud gaming

Tech giants like Google and Amazon are still investing in cloud gaming services like Stadia and Luna, hoping to join the console wars dominated by Sony and Nintendo. Jack Buser, games director at Google Stadia and a seven-year veteran at Sony, said, “The games business is a tough business…There’s a reason why there hasn’t been a major new entrant into …

Filipino consumers, businessmen upbeat on 2021 prospects — BSP survey

Confidence returned to Filipino consumers polled about their expectations for the first quarter of 2021, reversing negative sentiment about the current quarter, in the latest survey conducted by the Bangko Sentral ng Pilipinas. A parallel survey of the BSP also showed local businesses were more positive about their prospects in the first three months of next year, further building on …

Security is the top consideration in choosing which digital payment platform to use

The 2020 PayPal Consumer Insights Survey found that 49 percent of respondents identified security as the topmost consideration when choosing which digital payment platforms to use. The survey was conducted among 500 local respondents to identify the impact of COVID-19 on local payment behaviors. More importantly, respondents said the new method of transaction is here to stay, with an overwhelming …

Pricier Noche Buena looms due to truck ban, last minute shopping

Last minute shopping and the return of the Metro Manila truck ban could lead to pricier Noche Buena items before Christmas, a local supermarkets association said. Steven Cua, president of Philippine Amalgamated Supermarkets Association, said the truck ban starting December 14 may prompt suppliers to increase prices of basic and prime commodities due to limited windows for deliveries. He noted …

BSP: November inflation spike only ‘transitory’

The Bangko Sentral ng Pilipinas said the spike in inflation to 3.3 percent last November versus 2.5 percent in October was only “transitory,” with the full-year figures still seen to remain within the government’s target range. However, the central bank said the balance of risks to the inflation outlook is still tilted toward the downside due potential disruptions to domestic …