Economy

The Bangko Sentral ng Pilipinas (BSP) has raised the interest rate ceiling on credit card transactions by 100 basis points, from 2% to 3% each month. “The policy aligns the credit card interest rate ceiling with macroeconomic developments and cushions the impact of inflationary pressure on banks’/credit card issuers’ ability to provide quality credit card services to their clients,” said …

The latest poll by the Social Weather Stations (SWS) revealed that over three million Filipino households went without food at least once in the preceding three months, a marginal rise from the previous quarter. In a press statement issued on Thursday, January 19, the SWS stated that the 11.8% Hunger Rate documented in their December 2022 survey in the Philippines …

Although lower onion prices due to imports may seem like good news to consumers, it may be a matter of life and death for certain farmers. Monday, January 16th, Merlita Gallardo highlighted the suffering of onion growers in Bayambang, Pangasinan before a Senate committee hearing. Her husband, who had helped their family operate the farm, committed himself in 2021 after …

China’s abrupt shift away from a zero-COVID plan in December 2022 makes its reopening one of the year’s most significant economic developments. In the context of escalating economic and social costs involved with maintaining rigorous containment measures, it has occurred quicker and earlier than analysts predicted. On the expectation that Chinese consumers will unleash their pent-up demand, reopening has fuelled …

The South Korean President, Yoon Suk Yeol, left for the United Arab Emirates on Saturday as part of a two-nation tour aimed at promoting South Korean exports, particularly those related to the energy and defense industries. Yoon is scheduled to arrive in Abu Dhabi on a state visit, the first such visit by a South Korean leader since the two …

Some stores have adjusted their prices to reflect the increase in the Goods and Services Tax (GST), which has increased by 1 percentage point to 8% starting Jan. 1. CNA went to numerous stores to compare prices on a random assortment of things before and after the GST increase went into effect. While other retailers raised their prices, no notices …

Last year, the Japanese economy encountered a number of obstacles, including a record decline in the value of the yen versus the U.S. dollar and decades-high inflation. However, efforts were also made to recommence economic activity halted by the COVID-19 epidemic, exemplified by the reopening of borders for the first time in two years. According to economists, the forecast for …

Friday, the Chairman of the Indonesian Chamber of Commerce and Industry (KADIN), Arsjad Rasjid, stated that Indonesia has the capacity to become the ASEAN axis of the global economy. Indonesia will preside over the ASEAN Summit in 2019, and Rasjid has been named chair of the 2023 ASEAN Corporate Advisory Council (BAC), an important platform for the ASEAN business community. …

At least two banks in Singapore have announced modifications to credit card interest rates and surcharges. One of them is HSBC, which is increasing the annual percentage rate on outstanding credit card balances from 25.9% to 26.6%. Late payment costs – an extra flat fee charged to credit cardholders who fail to pay the minimum amount by the due date …

Anthony Loke, Malaysia’s Transport Minister, has asked domestic airlines to fix or lower their costs for the approaching holiday season in order to better serve the public. Wednesday (Dec. 28) at an event at the AirAsia headquarters, the budget airline said that it will operate additional flights at fixed rates to accommodate rising demand during the forthcoming holiday season. From …