THE Bangko Sentral ng Pilipinas (BSP) announced on Wednesday that it has approved the second set of guidelines for digital banks.
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.
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.
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.
THE Bureau of Treasury (BTr) announced on Tuesday that it has fully awarded reissued 7-year Treasury bonds (T-bonds).
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.
THE Philippine economy continued to bleed millions of dollars in August, data from the Bangko Sentral ng Pilipinas (BSP) showed.
THE Bureau of Treasury (BTr) has partially awarded treasury bills on Monday, as market players anticipate another rate hike from the US Federal Reserve.
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.
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.
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.
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.
THE Bureau of Treasury (BTr) has partially awarded Treasury bills (T-bills) on Monday, as rates continued to climb.
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.
The Department of Budget and Management (DBM) said it has allocated a total of P2.5 billion to develop various airports nationwide.
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.
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.
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.
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.
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.
THE local currency could still weaken in the coming days as local and international developments could play to the strength of the dollar.
THE local manufacturing sector recorded an improved performance in August this year, particularly on the rate of hiring for new employment in the sector.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
SUSPECTED digital frauds originating from the Philippines declined overall in the second quarter of the year, a private quarterly fraud analysis showed.
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.
THE Bangko Sentral ng Pilipinas (BSP) is not keen on implementing penalties for banks that are lending to activities that emit greenhouse gases.
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.
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).
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
THE country’s manufacturing sector slowed down in July amid challenging demand conditions, S&P Global reported on Monday.
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.
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.
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.
Consumer prices likely remained elevated in July, Bangko Sentral ng Pilipinas (BSP) Governor Felipe Medalla said.
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.
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.
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.
THE Bangko Sentral ng Pilipinas (BSP) announced on Monday that it has adopted an international standard for external debt management.
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.
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.
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.
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.
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.
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.
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).
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.
Digital bank GoTyme Bank Corp. announced that it is heavily investing in security measures before its launch later this year.
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.
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.
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.
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.
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.
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.
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.
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.
THE local currency plummeted to the P56-territory on Thursday’s trade, marking its lowest value against the dollar in 17 years.
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.
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.
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.
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.
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.
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.
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).
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.
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.
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.
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.
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.
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.
THE Bangko Sentral ng Pilipinas (BSP) vowed to intensify monitoring and surveillance of the financial industry amid various global and local risks.
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.
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).
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.
RESIDENTIAL property prices continued to increase in the first quarter of the year, the Bangko Sentral ng Pilipinas (BSP) reported on June 23.
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.