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Reporter RESPONDING to climate change risks will benefit the Philippines in terms of debt servicing, as well as boost its credit rating, an International Monetary Fund (IMF) official said. “Joining the global effort to tackle the climate crisis will not only help protect the planet, but can also help strengthen public finances in the Philippines,” IMF Representative to the Philippines Yongzheng Yang said in an e-mail to BusinessWorld. Although the Philippines entered the crisis with a “favorable” debt position due to its macroeconomic policies in the past, Mr. Yang noted the country’s debt level will inevitably rise along with other economies due to the pandemic. ....
If you’ve been following the latest financial news, it might look like the U.S.’s longest economic expansion ever is nearing its untimely end. Markets are in turmoil, Global Central Banks cutting interest rates, and officials are rushing to contain the spread of a deadly coronavirus that’s already infected more than 100,000 people. The yield on the 10-year Treasury plunged to its lowest ever. Meanwhile, global firms are having to alter their supply chains as quarantines shut down factories. Why predicting recessions is difficult At the beginning of 2020, a rapidly spreading contagion wasn’t on anyone’s radar. As recession fears return to worry financial markets and everyday Americans alike, it casts a spotlight on just how complicated predicting downturns are even for those who are trained to identify them. ....