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BSP sees room for further rate hike
After discounting the possibility of a rate cut in the first half of the year, the Bangko Sentral ng Pilipinas (BSP) believes there is still room to raise interest rates amid the country’s robust economic growth......»»
BSP Governor Eyes Potential Rate Cut as Inflation Eases
In a recent interview, Bangko Sentral ng Pilipinas (BSP) Governor Eli Remolona Jr. hinted at a potential rate cut later this year, signaling optimism amid the nation’s economic landscape. While cautious about the first semester, Remolona remains watchful, stating that the move could come “within the year.” The BSP, responding to escalating inflation, had hiked […].....»»
2.4M Dabawenyos working as of Oct 2023
The October 2023 Preliminary Employment report by the Philippine Statistics Authority-Davao Region (PSA-Davao) reveals that 64 percent of the 3.780 million Dabawenyos aged 15 and above are part of the labor force, indicating that 2.42 million individuals are employed. This represents a 1.8 percentage point increase from the previous year. The report also highlights a 97.1 percent employment rate in the Davao Region as of October 2023, with a 2.9 percent unemployment rate, lower than the national average. Despite this, the region still maintains the highest employment rate in the Philippines. Additionally, the report compares employment rates across different regions, with Soccsksargen, Barmm, Central Luzon, CAR, Caraga, Western Visayas, Cagayan Valley, Mimaropa, and Central Visayas surpassing the national average. The Bangsamoro Autonomous Region in Muslim Mindanao (Barmm) records the highest labor force participation rate among 17 regions, while the Zamboanga Peninsula has the lowest rate. The data is collected through the Labor Force Survey (LFS) conducted quarterly and monthly by the PSA central office and its regional statistical services offices. The Davao Region, with nearly 6 million inhabitants, remains the 7th most populous region in the country......»»
BSP onboards 1st nonbank electronic money issuer
The Bangko Sentral ng Pilipinas (BSP) achieved a significant milestone by welcoming OmniPay, Inc. as the first nonbank electronic money issuer (EMI) participant in its Real Time Gross Settlement (RTGS) payment system, PhilPaSSplus. This move aligns with the National Payment Systems Act and signifies a more inclusive national payment system, allowing nonbank financial institutions to conduct efficient and low-risk funds transfers directly through the central bank. Assistant Governor Mary Anne P. Lim emphasized the BSP's commitment to safeguarding the entire Peso RTGS payment system amidst global trends of diversified participation. With 236 institutions, including various banks and nonbank entities, utilizing PhilPaSSplus for large value transactions and retail payment clearing, the BSP's initiative reflects a broader trend of central banks facilitating direct access for nonbank entities to settlement services. This development comes as international standard-setting bodies work on access guidelines to manage risks in evolving payment systems with new players and financial technologies......»»
Gradual BSP rate cuts likely by Q3
The Bangko Sentral ng Pilipinas is expected to make gradual interest rate cuts starting in the third quarter of the year, according to global banking giant Citi......»»
Water bill to rise but no rate hike
Water bill to rise but no rate hike.....»»
BSP to review 3 percent rate cap on credit card transactions
The Bangko Sentral ng Pilipinas will review this month whether to keep or hike the three percent interest rate cap on credit card transactions......»»
BSP keeps policy rate at 6.5%
In the MB’s first policy rate meeting in 2024, the MB held steady at a 6.5% benchmark interest rate as the country’s inflation risks continued to lean on the upside. .....»»
Philippines inflation rate slows to 2.8 pct in January
MANILA, Feb. 6 (Xinhua) -- Year-on-year inflation in the Philippines further eased to 2.8 percent in January from 3.9 percent in December 2023, the Philippine Statistics Authority (PSA) said on Tuesday. PSA head Dennis Mapa told a press conference that the January inflation rate is the lowest since the 2.3 percent inflation rate was recorded in October 2020. In January 2023, inflation rate was 8.7 percent.....»»
BSP: Inflation likely eased further in January
Headline inflation likely slowed further for the fourth straight month in January, ranging between 2.8 and 3.6 percent, after easing to a 22-month low of 3.9 percent in December, according to the Bangko Sentral ng Pilipinas......»»
Bill pushing P100 daily wage hike gets Senate nod on 2nd reading
MANILA, Philippines — The Senate on Wednesday approved on second reading a bill pushing for a P100-daily minimum wage hike for private sector workers. Senate Bill No. 2534 under Committee Report No. 190 was unanimously approved during Wednesday’s plenary session. Senate President Juan Miguel Zubiri said that once the wage hike bill gets the final.....»»
BSP on guard vs inflation risks amid El Niño
The BSP chief said headline inflation likely further accelerated to 3.9 percent in March from 3.4 percent in February due to base effects, but lower than the 7.6 percent in March 2023......»»
Economy likely grew by 6.2 percent in Q4
The Philippine economy likely posted a faster growth rate in the fourth quarter of 2023 than in the third quarter, supported by gains in the labor market, according to an economist......»»
Inflation likely to continue downtrend – Global Source
Inflation in the country is likely to continue to slow down, but the Bangko Sentral ng Pilipinas is expected to keep the interest rate higher for longer, according to GlobalSource Partners......»»
BSP seen to stand pat on policy rates anew
The Bangko Sentral ng Pilipinas is likely to keep interest rates steady today as prices may continue to remain elevated this quarter, but analysts said the central bank may have room to be less hawkish amid easing inflationary pressures......»»
Further improvement in Philippines external position seen
The Bangko Sentral ng Pilipinas (BSP) sees a further improvement in the country’s external payments position this year due to a likely higher balance of payments (BOP) surplus and a narrower current account (CA) deficit......»»
BSP seen to keep rates unchanged
The Bangko Sentral ng Pilipinas is likely to leave rates unchanged anew this week as it remains on a hawkish stance despite easing inflation......»»
BSP logs 40K complaints relating to financial consumer protection; only 5% come from Mindanao
SINCE the effectivity of the Financial Consumer Protection Act (Republic Act 11765) in June 2022, the Bangko Sentral ng Pilipinas (BSP) has logged more than 40,000 complaints from customers of different BSP-supervised financial institutions from all over the Philippines. Of this number, only around 5 percent come from Mindanao, implying the Mindanaoans' unawareness of the law......»»
Peso may outperform peer currencies this year
The peso is seen outperforming other currencies in the region this year, but is not likely to strengthen against the dollar due to expectations of delayed rate cuts and the Philippines’ trade deficit, according to British banking giant HSBC......»»
Interest rates to remain at 6.5% — BSP
The Bangko Sentral ng Pilipinas’ (BSP) Monetary Board (MB) decided to retain its target reverse repurchase rate at 6.5%......»»