Duterte locks down Luzon
PRESIDENT Rodrigo R. Duterte on Monday ordered the lockdown of the entire Luzon island to contain a rapid novel coronavirus outbreak, suspending work and public transportation and regulating food and health services, according to his spokesman.
The President ordered that Luzon be placed under “enhanced community quarantine” to stop the outbreak that has killed at least 12 people and sickened 128 more in the Philippines, presidential spokesman Salvador S. Panelo told reporters in a Viber message. READ MORE
Banks see lower loans, more bad debt on virus
BANKS HAVE NOW activated their business continuity plans (BCP) and are allowing flexible work arrangements as they brace for the impact of the coronavirus disease 2019 (COVID-19).
Some lenders also assessed the impact of the outbreak on their performance, including lower loan bookings and the rise of bad loans.
“A reduction in new loan bookings by 20% compared to the previous year is possible. Nonperforming loans (NPL) may double by December 2020 compared to the previous year’s,” AUB said in a filing on Monday. READ MORE
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