Day: December 12, 2024

MANILA: The non-performing loans (NPL) ratio of Philippine banks is anticipated to improve by 2025, driven by strong economic growth and decreasing interest rates, according to Fitch Ratings. This forecast comes as part of a broader trend of expected improvement in five out of 14 larger Asia Pacific markets, with further gains projected for nine markets by 2026. According to Philippines News Agency, Fitch Ratings’ recent report highlights that India, Vietnam, and the Philippines are poised for the most significant near-term improvements. This optimistic outlook is attributed to robust economic expansion and loan growth, with the Philippines benefiting additionally from

SIARGAO: A fault in a submarine cable has caused a power outage on Siargao Island, prompting local authorities to implement alternative power solutions and distribute essential supplies to residents. The Siargao Electric Cooperative announced the issue, which has persisted since December 1, and identified a fault in a 1.6-kilometer section of the submarine cable. This section is currently undergoing a thorough assessment after its retrieval from the seabed. According to Philippines News Agency, to mitigate the impact of the power shortage, a 4.4-megawatt generator arrived from Lanao del Norte on Wednesday. The generator is scheduled for commissioning on Friday and

BACOLOD CITY: Negros Occidental’s Provincial Disaster Risk Reduction and Management Council (PDRRMC) has recommended declaring a state of calamity across the province in response to the recent Mt. Kanlaon eruption, which displaced thousands of residents in central and southern Negros. The decision, made during a meeting at the Capitol Social Hall, now awaits approval from the Provincial Board. According to Philippines News Agency, the PDRRMC, chaired by Governor Eugenio Jose Lacson, passed a resolution to facilitate the use of the quick response fund (QRF) to aid affected local government units (LGUs). “Every local government unit willing to help can tap

MANILA: Almost half of Filipinos believe their economic situation has improved since the Covid-19 pandemic, according to a report titled “Cost of Living Monitor” by market research company Ipsos. The survey, conducted over two weeks in late October and early November, indicated that 49 percent of Filipinos feel financially better off compared to early 2020, prior to the global pandemic. According to Philippines News Agency, the survey involved 22,720 participants from 32 countries, including 500 from the Philippines. Of those who reported an improved financial situation, 17 percent felt “much better off,” while 32 percent felt “a little better off.”

DAVOS: Businesses worldwide face potential losses of up to 7 percent of their annual earnings by 2035 due to increasing climate risks, according to reports released by World Economic Forum (WEF). The reports, unveiled on Wednesday, underscore the urgency of addressing climate-related challenges, warning that failure to act could result in disruptions comparable to the Covid-19 pandemic every two years. According to Philippines News Agency, the reports identify telecommunications, utilities, and energy industries as particularly vulnerable to climate hazards. Extreme heat and other climate-induced disasters are expected to cause annual fixed asset losses ranging from USD560 to USD610 billion for