Posted at 02/28/20 11:07 PM
The Anti-Red Tape Authority (ARTA), along with other concerned agencies, launched a new program that seeks to simplify the process of starting a business in the country.
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The Philippine Stock Exchange Index fell 4.3 percent in early trading, its steepest fall since January 2016 based on Bloomberg data. Financial markets reopened from a public holiday on Tuesday.
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The Philippine central bank has rolled out preemptive measures to support banks that may be affected by the epidemic
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But Manila's ambassador to Beijing said the move is only meant to target criminals.
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The BSP could implement its second 25-basis point cut for the year "possibly in May or even earlier," Standard Chartered Asia economist Chidu Narayanan told ANC's Market Edge.
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The tourism industry will need at least a year to recover from COVID-19, which slowed demand for air travel as some countries closed their borders to China, where the virus was first detected, said Rajah Travel Corp President Aileen Clemente.
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Hundreds of workers of Honda Cars Philippines are holed up in the company's manufacturing facility as they defy the car maker's decision to end its assembly operations in the country.
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Shares of embattled media giant ABS-CBN outperformed local peers as the Senate holds a hearing on its franchise.
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Asian currencies take a hit from the continued spread of the new coronavirus.
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Philippine shares finished lower amid fears over the creeping spread of the COVID-19 across Asia.
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