The Philippine peso is the least loser among emerging-market in Asia this week, thanks to the remittance from its overseas workers and outsourcing industry, which shielded it from the Chinese economic slowdown and increase in US interest rates.
The Monetary Board of the Bangko Sentral ng Pilipinas has cleared the USD500 million loan from the Asian Development Bank. The said fund will be used to rehabilitate and reconstruct communities struck by super typhoon Haiyan.
The central bank of the Philippines approved the merger between China Bank Savings In and rural bank Unity Bank Inc, expanding China Bank's network to 90 branches.
According to the Central Bank of the Philippines, foreign direct investments in the country leaped in April.