BSP okays 2nd guidelines set for digital banks
THE Bangko Sentral ng Pilipinas (BSP) announced on Wednesday that it has approved the second set of guidelines for digital banks.
BSP should hike again amid peso’s plunge, local economist says
BANK of the Philippine Islands (BPI) Lead Economist Emilio S. Neri Jr. said there is a possibility that monetary authorities will pull off another off-cycle rate hike before the year ends.
BSP raises rates for 3rd month, now 4.25%
THE Bangko Sentral ng Pilipinas (BSP) hiked its rates for the third consecutive month on Thursday, in an effort to anchor the rise of consumer prices and inflation expectations.
Lender adds sustainability
in plan to grow revenues
LOCAL commercial lender China Banking Corp. (China Bank) is seen to put its efforts more on sustainability as part of its overall strategy to achieve its business goals.
BTr fully awards reissued 7-year T-bonds
THE Bureau of Treasury (BTr) announced on Tuesday that it has fully awarded reissued 7-year Treasury bonds (T-bonds).
LandBank says donated ₧1.5M in financial aid to 13 quake-hit LGUs
STATE-run Land Bank of the Philippines announced on Tuesday that it has donated a total of P1.5 million worth of financial aid to local government units (LGU) in Northern Luzon affected by the earthquake earlier this year. The bank said extended donations of P200,000 for affected provinces and P100,000 each for municipalities. The donations are intended to support recovery efforts in the aftermath of the 7.0 earthquake that hit the region last July.
Dollar-bleeding PHL’s August BOP gap hits $572 million
THE Philippine economy continued to bleed millions of dollars in August, data from the Bangko Sentral ng Pilipinas (BSP) showed.
BTr rejects bids for 91-day, 364-day T-bills
THE Bureau of Treasury (BTr) has partially awarded treasury bills on Monday, as market players anticipate another rate hike from the US Federal Reserve.
July remittances hit $2.9B, highest for 2022
FILIPINO migrant workers sent around $2.9 billion in cash remittances in July this year, the highest monthly remittance to the country for 2022, data from the Bangko Sentral ng Pilipinas (BSP) showed.
Moody’s keeps PHL ratings at Baa2; outlook still stable
INTERNATIONAL credit watcher Moody’s Investors Service announced on Thursday that it affirmed the Philippines’s rating on the back of the country’s ongoing recovery amid turbulent times.
BSP: Transactions via PESONet, InstaPay grew 43% in 7 months
THE Bangko Sentral ng Pilipinas (BSP) reported on Thursday that the value of transactions via the two main automated clearing houses grew 43 percent in the first seven months of the year.
BSP: June FDI inflows plunge by 51.5% to $471 million
THE Bangko Sentral ng Pilipinas (BSP) reported on Monday that foreign direct investments (FDI) to the country declined by more than 50 percent in June this year.
Treasury partially awards T-bills on mounting rates
THE Bureau of Treasury (BTr) has partially awarded Treasury bills (T-bills) on Monday, as rates continued to climb.
BSP inks deal to solidify relations with Kyrgyz CB
THE Bangko Sentral ng Pilipinas (BSP) announced that it has inked a partnership with the National Bank of Kyrgyz Republic (NBKR) to strengthen bilateral relations.
DBM allocates P2.5 billion for airport modernization
The Department of Budget and Management (DBM) said it has allocated a total of P2.5 billion to develop various airports nationwide.
GIR falls to $99 billion in August, on 6th consecutive month of decline
THE country’s dollar reserves continued to fall in August, hitting the second consecutive month of a below $100-billion gross international reserves (GIR) level for the country for this year.
HSBC preps for doubling of PHL multi-millionaires
THE local office of the Hong Kong Shanghai Banking Corp. Ltd. (HSBC) announced last Wednesday that it has launched a new wealth management business in the country, allowing locals to place their money in various investment vehicles via the foreign bank.
DOF, BSP see inflation staying within range
THE country’s inflation is expected to peak in the third quarter before slowing down in the fourth quarter of this year, Finance Secretary Benjamin E. Diokno said on Tuesday, as the Bangko Sentral ng Pilipinas (BSP) signalled it will take further action to curb inflation, even after back-to-back hikes in recent months.
BSP: Banks optimistic on growth of industry
THE Bangko Sentral ng Pilipinas (BSP) reported last Tuesday that the banking industry maintained a positive growth outlook amid lingering local and international challenges, its survey showed.
Ex-Western Union exec named new Visa PHL chief
DIGITAL payments platform operator Visa Inc. announced last Monday the appointment of Jeffrey D. Navarro as its new Country Manager for the Philippines and Guam.
‘Peso could still weaken on global devts’
THE local currency could still weaken in the coming days as local and international developments could play to the strength of the dollar.
Jobs growth fastest since 2017 for manufacturing
THE local manufacturing sector recorded an improved performance in August this year, particularly on the rate of hiring for new employment in the sector.
BSP to deploy tech tool for BSFIs’ cyber strength
THE Bangko Sentral ng Pilipinas (BSP) announced it is pushing for industry-wide initiatives to enhance the so-called “cyber resilience” of players in the local financial system.
BSP projects August inflation at 5.9-6.7%
The BSP said inflation for August was driven by the continued increase in key food prices. This could, however, be offset in part by the decline in global oil prices, the reduction in electricity rates, lower meat and fish prices, and appreciation of the peso.
BSP reports 12% growth in bank lending in July
The BSP said the sustained growth in bank lending and liquidity will support the recovery of economic activity and domestic demand.
BSP, PPMI to roll out more digital-payments initiatives
IN an effort to further advance digitization in the country, the Bangko Sentral ng Pilipinas (BSP) said it is currently working with the Philippines Payments Management Inc. (PPMI) to roll out more digital payments initiatives in the country.
Hot money in net outflow territory of $103 million in July
SHORT-TERM investments made by foreign investors hit the net outflow territory for the third consecutive month in July, the Bangko Sentral ng Pilipinas (BSP) reported on Thursday.
BSP OKs full operation
of 6 licensed digibanks
THE Bangko Sentral ng Pilipinas (BSP) announced last Wednesday that all six licensed digital banks in the Philippines may now pursue full operations, after the regulator issued to each of the two remaining digital banks a Certificate of Authority to Operate.
Opening account requires aegis vs scams–survey
FILIPINO financial consumers are growing wary of cybercrime among banks and other online accounts, as a recent survey showed that 2 out of 5 Filipinos consider scam protection as a main consideration in opening an online financial account.
BSP poll: Private economists see 5.4% inflation in 2022
PRIVATE economists see inflation averaging at 5.4 percent in 2022, parallel with the Bangko Sentral ng Pilipinas’ (BSP) latest forecast on consumer price growth for the year.
Inflation to prompt more rate hikes–Fitch
FINANCIAL-information services provider Fitch Solutions Inc. said more rate hikes are in the cards for the country this year, even after the back-to-back rate hikes by monetary authorities in July and August.
Rise in e-money use boosts financial-account ownership
DUE to reliance on digital banking during the height of the pandemic, the Bangko Sentral ng Pilipinas (BSP) said the number of Filipinos that own a financial-transaction account hit a record high in 2021.
Coin deposit machines seen to boost circulation
IN an effort to boost coin circulation in the economy, the Bangko Sentral ng Pilipinas (BSP) is set to install so-called coin deposit machines in retail areas across Metro Manila and nearby provinces.
PESONet transactions up 48.1% to ₧2.9T
THE Bangko Sentral ng Pilipinas (BSP) reported a big jump in PESONet transactions, following the implementation of a multiple batch settlement (MBS) facility for the electronic funds transfer service.
With eye on inflation, BSP hikes rates by 50 bps
THE Bangko Sentral ng Pilipinas (BSP) chose the more aggressive path to monetary policy tightening, as it unleashed a fresh 50-basis-point hike in its main benchmark rates on Thursday.
Digital fraud originating from PHL declined in Q2, analysts say
SUSPECTED digital frauds originating from the Philippines declined overall in the second quarter of the year, a private quarterly fraud analysis showed.
BSP warns vs illegal VASPs
THE Bangko Sentral ng Pilipinas (BSP) urged the public last Wednesday to avoid transacting with Virtual Asset Service Providers (VASPs) that are either unregistered or domiciled abroad.
BSP not keen on penalizing bank lending to GHG emitters
THE Bangko Sentral ng Pilipinas (BSP) is not keen on implementing penalties for banks that are lending to activities that emit greenhouse gases.
Moneybees, Tambunting ink deal in crypto trading
VIRTUAL-asset service provider (VASP) Moneybees Forex Corp. recently announced a partnership with Tiwala sa Padala Co. Inc. (Tambunting Pawnshops), to make cryptocurrency exchange buy and sell services available in select pawnshops of the latter in the country’s capital.
BSP bans several money changers for operating without licenses
FOR operating as money service businesses without the Central Bank’s registration, several entities have been disqualified from registering with the Bangko Sentral ng Pilipinas (BSP).
June remittances hit $2.755 billion, highest in 2022
Dollar remittances to the Philippines hit their highest level for 2022 in June, as overseas Filipinos increased their padala to finance the higher prices of household goods and commodities in the country.
Interest-income rise lifts Security Bank’s bottom line
SECURITY Bank Corp. reported on Monday that it has posted a 100-percent growth in its net income in the first six months of the year, on the back of expansion in core businesses, lower credit provisions and normalized income tax provisions.
BSP to hike rates twice this year–SBC chief economist
THE Bangko Sentral ng Pilipinas (BSP) is expected to hike its rates twice more for the year, despite the recently-reported slower growth in the country.
FDI inflows up in May, boosting 5-month total
LONG-TERM investments by foreign investors to the Philippines continued to grow in May this year compared to its 2021 level, the Bangko Sentral ng Pilipinas (BSP) reported on Tuesday.
Economic chiefs stay upbeat amid slow growth
TOP economic managers in the country say the slower growth of the Philippines is well-within their expectations, and will still be on its way to reaching the government’s target for the year.
Debt-GDP ratio eases, but still above 60% threshold
THE country’s debt-to-gross domestic product (GDP) slightly eased in the second quarter of the year, but remained above the internationally-recommended 60-percent threshold for a healthy economy.
GIR falls to 2-yr low, at below $100B in July
THE country’s dollar defenses against potential imbalances fell below $100 billion in July, as the Bangko Sentral ng Pilipinas (BSP) continued to battle excessive fluctuations in the local currency.
BSP to take ‘all necessary policy action’ after noting rising inflationary pressure
THE Bangko Sentral ng Pilipinas (BSP) acknowledged on Friday that price pressures are broadening amid the “firmer indication” of second-round effects, as inflation accelerated anew to 6.4 percent in July this year.
DBP to finance new economic zone in Bataan for P2.3 billion
STATE-run Development Bank of the Philippines (DBP) reported that it is set to finance the establishment of a new economic zone in the coastal town of Pilar in Bataan.
LandBank H1 income grew 94% to ₧20.3B
State-lender Land Bank of the Philippines reported on Wednesday a 94-percent growth in its net income in the first half of the year, along with double-digit growth in assets and deposits.
BSP chief sees local prices easing in 2023
BANGKO Sentral ng Pilipinas (BSP) Governor Felipe Medalla hinted at lowering their inflation forecast for next year, as favorable global developments may bode well for local prices in 2023.
Faster loan expansion swells Metrobank’s H1 profit
METROPOLITAN Bank & Trust Co. (Metrobank) reported on Tuesday a 33-percent growth in its net profit in the first half of the year, as the bank noted improved performance across the board.
Expansion in fees, insurance premium boosted BDO’s biz
BDO Unibank Inc. announced on August 1 that it was able to grow its net profit by 12 percent in the first half of the year, owing largely to the strong performance of its core businesses during the period.
PHL manufacturing loses steam in July
THE country’s manufacturing sector slowed down in July amid challenging demand conditions, S&P Global reported on Monday.
DBM releases ₧8.5B cash allocation for farmers
The Department of Budget and Management (DBM) will be giving out P5,000 in cash allocations as subsidies to eligible rice farmers later this year.
OFCs’ domestic claims grew 7.3% in Q1–BSP
THE Bangko Sentral ng Pilipinas (BSP) reported over the weekend that the domestic claims of other financial corporations (OFCs) grew 7.3 percent in the first three months of the year.
Bank lending in June nears pre-pandemic levels–report
The Bangko Sentral ng Pilipinas (BSP) reported a 12 percent increase in bank lending in June this year, as the sector continues to recover from the ill-effects of the pandemic.
BSP: July inflation driven by higher food prices, fares
Consumer prices likely remained elevated in July, Bangko Sentral ng Pilipinas (BSP) Governor Felipe Medalla said.
BSP to use ‘full force’ vs. risks from inflation
BANGKO Sentral ng Pilipinas (BSP) Governor Felipe Medalla issued a statement on Thursday, expressing readiness to deploy measures to protect the Philippine economy from the ill effects of the recent aggressive rate hike by United States Federal Reserve.
Poll cites banks’ diverse lending trends
LOCAL banks showed a divergence in lending standard trends in the second quarter of the year, the latest Bangko Sentral ng Pilipinas (BSP) survey showed.
Medalla to markets: Another rate hike in August
BANGKO Sentral ng Pilipinas (BSP) Governor Felipe Medalla assured markets on Tuesday of another rate hike in their scheduled meeting in August after the surprise 75 basis points rate hike earlier this month.
BSP adopts international standard for managing external debt
THE Bangko Sentral ng Pilipinas (BSP) announced on Monday that it has adopted an international standard for external debt management.
LandBank’s BDA scheme seen to reach unbanked
STATE-run bank Land Bank of the Philippines announced over the weekend the launch of their basic deposit account (BDA) program in an effort to bring more unbanked and underserved Filipinos into the country’s formal banking system.
BPI’s H1 income includes
net gain through Create
THE Bank of the Philippine Islands (BPI) reported strong growth in its net income for the first half of the year, which the bank attributed to higher revenues and lower provision during the period.
PHL posts $1.57-B BOP gap in June; $3.1B in H1
THE Philippine economy was in a deficit of more than a billion dollars in its transactions with the rest of the world for the second consecutive month in June, owing largely to the National Government’s payment of foreign debt.
AMRO keeps PHL’s growth
forecast despite headwinds
REGIONAL think tank ASEAN+3 Macroeconomic Research Office (AMRO) announced on Wednesday that it has retained its forecast of the Philippine economy’s growth despite external uncertainties and heightened headwinds.
‘PHL most vulnerable to a strong dollar’
The Philippine economy is emerging as the most vulnerable to currency volatility in the region due to the country’s reliance on two imported commodities—food and fuel.
BSP rejects 2 firms’ bid to get licenses from CB
THE Bangko Sentral ng Pilipinas (BSP) announced last Tuesday that it has banned two entities from registering with the central bank for failure to comply with requirements.
Fitch arm keeps PHL growth forecast for 2022
INTERNATIONAL think tank Fitch Solutions retained its growth forecast of the Philippines despite new expectations of a more aggressive tightening cycle by the Bangko Sentral ng Pilipinas (BSP).
BankCom UITFs 3rd-best among peers, poll shows
BANK of Commerce (BankCom), the banking arm of San Miguel Corp., announced that two of its peso unit investment trust funds (UITFs) ranked third in their respective categories, according to a recent industry survey.
GoTyme Bank ‘heavily’ investing in cyber security
Digital bank GoTyme Bank Corp. announced that it is heavily investing in security measures before its launch later this year.
LandBank to lend ₧10B to banks affected by Odette
STATE-run Land Bank of the Philippines announced over the weekend that it is launching a P10-billion lending fund to help smaller banks affected by typhoon Odette to recover.
BSP hikes key rates to temper inflation
A FEW days after its new governor explained it is leaning towards “effective communication” in calming market movement, the Bangko Sentral ng Pilipinas (BSP) on Thursday surprised markets with an aggressive off-cycle move in a bid to control inflation and currency volatility in the country.
‘Too early’ to cut personal income tax rates—Diokno
FINANCE Secretary Benjamin Diokno said they are not looking to cut personal income tax rates anytime soon despite calls to amend it amid rising consumer prices.
DBM refining details of government plan to ‘rightsize’ agencies
THE Department of Budget and Management (DBM) chief said they are currently “polishing” the details of the current administration’s plan to “rightsize” government agencies.
BOC-Port of Clark gives 6,357.8L of fuel to PCG
THE Bureau of Customs (BOC)—Port of Clark announced on Wednesday that they have donated more than 6000 liters of fuel to the Philippine Coast Guard (PCG) earlier this week.
Folded banknotes are legal tender—BSP
The Bangko Sentral ng Pilipinas (BSP) said Tuesday that consumers need not replace their bifold wallet as folded banknotes, including the new polymer 1,000-peso bill, are legal tender and should be accepted in local transactions nationwide.
‘Communication key to calming markets’
The new governor of the Bangko Sentral ng Pilipinas (BSP) said effective communication is key to calming markets in times of volatility and rising prices.
GIR falls to $101.98 billion in June, a 22-month low
THE country’s dollar stockpile fell to its lowest in almost two years in June, data from the Bangko Sentral ng Pilipinas (BSP) showed, as it was used to pay foreign currency debts of the National Government (NG) and has been affected by the revaluation of gold in the international market.
Peso plunges to 56 against dollar, lowest in 17 years
THE local currency plummeted to the P56-territory on Thursday’s trade, marking its lowest value against the dollar in 17 years.
BSP signals ‘more aggressive’ monetary policy moves ahead
BANGKO Sentral ng Pilipinas (BSP) Governor Felipe Medalla signaled readiness to unleash “more aggressive” monetary policy moves in the coming months, amid rising price and currency pressures in recent weeks.
Digital payments share in retail rises to 30%
THE Bangko Sentral ng Pilipinas (BSP) is inching closer to its target for its digitalization efforts in 2023, as total digital payments hit about 30 percent in 2021.
Moody’s affirms rating of Baa2 for China Bank
INTERNATIONAL credit watcher Moody’s Investors Service recently announced that it has affirmed the credit rating of China Banking Corp. (China Bank) on the back of the lender’s strong capitalization and profitability.
‘No new PHL coin series released’
THE Bangko Sentral ng Pilipinas (BSP) clarified on Wednesday that they are not issuing new coin series, contrary to reports seen circulating on social media.
BSP, experts: Inflation to stay ‘elevated’ ahead
THE continued rise in global commodity prices and more pronounced second-round effects on domestic goods and services will trigger more price increases of local commodities ahead, the Bangko Sentral ng Pilipinas (BSP) said on Tuesday, after inflation shot up above 6 percent in June.
Data signal sustained growth—think tank
THE country’s economic growth is forecasted to continue in the second quarter, up until the rest of the year, but the weakness of the local currency could also still continue throughout the year.
PHL’s net external liability position hits ₧1.3T in Q4
THE Philippines’s net external liability position widened in the fourth quarter of last year owing largely to the expansion of the net external liability positions of the non-financial corporations (NFCs) and the general government (GG).
Moody’s affirms BPI, Metrobank’s ratings
INTERNATIONAL credit watcher Moody’s Investor Service over the weekend affirmed the ratings of Bank of the Philippine Islands (BPI) and Metropolitan Bank & Trust Co. (MBT), with both outlooks remaining on stable.
Softer progress for manufacturing as May PMI dips slightly to 53.8
THE country’s manufacturing sector improved, albeit at a slower rate in June this year—mirroring the region’s trend of softer improvement during the month.
Lower capital placement in May causes FPI $270-M net outflows
SHORT-TERM investments made by foreign investors reverted to the net outflow territory in May this year, owing mainly to lower capital placement during the month.
Consumers more confident than businessmen in Q3–BSP poll
THE local business community and the average Filipino consumer shared mixed views on their economic prospects in the coming months, with consumer confidence outshining that of the business sentiment in the local scene.
June inflation could hit 6% amid price hikes–Diokno
THE growth of consumer prices could accelerate to 6 percent in June this year, Bangko Sentral ng Pilipinas (BSP) Governor Benjamin Diokno said on Thursday, as continued increases in key commodities affect the consumer basket.
Peso closes at P55.06, weakest state in 16 years
AFTER weeks of depreciation, the local currency crossed the P55 territory on Wednesday—marking its weakest state against the US dollar in more than 16 years.
BSP wants more stable banks vs emerging risks
THE Bangko Sentral ng Pilipinas (BSP) vowed to intensify monitoring and surveillance of the financial industry amid various global and local risks.
Fitch Solutions: BSP could raise rates to 3.25%
MOUNTING inflationary pressures will lead to more rate hikes from the Bangko Sentral ng Pilipinas (BSP), an international think tank said in its recent assessment piece on the Philippines’s monetary policy landscape.
A-level credit rating part of Diokno’s focus at finance
BANGKO Sentral ng Pilipinas (BSP) governor and incoming Finance chief Benjamin Diokno said the attainment of an A-level credit rating will be part of his main focus as the head of the Department of Finance (DOF).
BSP hikes rates anew amid rising inflation
The Bangko Sentral ng Pilipinas (BSP) tightened its monetary policy for the second time this year amid expectations that inflation targets for 2022 and 2023 would be breached.
BSP: Home prices continued climb in Q1
RESIDENTIAL property prices continued to increase in the first quarter of the year, the Bangko Sentral ng Pilipinas (BSP) reported on June 23.
Fitch: PHL on track for gradual fiscal consolidation
INTERNATIONAL think tank Fitch Solutions said on Wednesday that the country is “on track” for a gradual fiscal consolidation over the coming years, following the recent release of the country’s National Budget Memorandum (NBM) earlier this month.