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Philippines gets $2.8 billion from IMF, boosting COVID-19 war chest
The International Monetary Fund (IMF) gave the Philippines $2.8 billion (P139.4 billion) worth of special drawing rights (SDRs), boosting the country’s foreign exchange buffer and adding a funding source for COVID-19 expenses.
The allocation is part of the IMF’s $650 billion in SDRs, the largest distribution made in the multilateral lender’s history.
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PAL loses P16.6 billion, patches up bleeding by reducing workers and planes
PAL Holdings, the operator of flag carrier Philippine Airlines (PAL), suffered a P16.6-billion net loss in the first half of 2021, it told regulators on Monday, August 23.
PAL’s losses are narrower than the P20.7 billion incurred a year ago, as the airline resorted to more cost-cutting measures amid the coronavirus pandemic.