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Women shaping Philippine monetary policy
Women have made significant strides as leaders in the Philippine financial services industry even as challenges continue to persist. At the helm are two distinguished female members of the Monetary Board (MB) – the policy-setting body of the Bangko Sentral ng Pilipinas (BSP) –both of whom are breaking the bias for women in finance......»»
BSP issues guidelines for payment systems
The Bangko Sentral ng Pilipinas (BSP) has released its first Manual of Regulations for Payment Systems (MORPS), a formal compilation of all payment system regulations approved by the Monetary Board as of end-December 2023......»»
Bank loans used as RRR compliance hit P6.4 billion
Mid-sized and small banks have extended around P6.4 billion loans to micro, small and medium enterprises (MSMEs) as well as large companies, and booked these loans in compliance with their reserve requirement ratios, according to the Bangko Sentral ng Pilipinas......»»
March inflation may pick up amid high food prices
Inflation likely accelerated for the second straight month in March, mainly driven by high rice prices, prompting the Bangko Sentral ng Pilipinas (BSP) to keep borrowing costs unchanged at its next policy review in April, analysts said......»»
Philippines posts 196 mln USD deficit in February
MANILA, March 19 (Xinhua) -- The Philippines' overall balance of payments (BOP) posted a 196-million-U.S. dollar deficit in February, significantly lower from the 895-million-dollar BOP deficit recorded a year ago, the country's central bank said on Tuesday. The Bangko Sentral ng Pilipinas (BSP) said the BOP deficit in February reflected outflows arising mainly from the national government's foreign currency deb.....»»
BSP backs digital payments in markets, public transport
The Bangko Sentral ng Pilipinas is seeking the help of the Department of Information and Communications Technology to provide public internet connectivity, allowing market vendors and public transport and other merchants to accept and use electronic payments using quick response codes......»»
Diokno backs move to pause rate hike cycle
Finance Secretary Benjamin Diokno has backed the case for a pause on interest rate hikes, saying that the current inflation rate is still within the government's target range. During Diokno’s weekly 'Chat with SBED briefing,' the Finance Secretary said that the Bangko Sentral ng Pilipinas should "reassess its monetary policy stance" in light of the recent decline in inflation. "The BSP should reassess its monetary policy stance in light of the recent decline in inflation," Diokno said. "The current inflation rate is still within the government's target range of 2-4 percent," he added. Diokno noted that the BSP has already raised interest rates by a total of 175 basis points since August 2021 to contain inflation. However, he said that the recent decline in inflation suggests that the BSP may need to pause on its rate hike cycle. "The recent decline in inflation suggests that the BSP may need to pause on its rate hike cycle," Diokno said. "The BSP should monitor the inflation trend closely and adjust its policy stance accordingly," he added. The central bank has been raising interest rates since May 2022 to combat inflation. The current rate is 6.25%, which is the highest it has been in nearly 16 years. However, inflation has been slowing down, and in April it reached 6.6%. Core inflation, which excludes volatile food and energy prices, is still high at 7.9%. This suggests that the central bank may pause in raising interest rates. Diokno, who is also a member of the central bank's Monetary Board, agrees that there is no need to raise interest rates further. He believes that the current rate is high enough to slow down inflation without harming economic growth. The BSP will next meet on 23 June to decide whether to raise interest rates again. It is expected to keep rates unchanged, but it will be closely watching inflation data to see if it needs to take further action. “Why are we talking further rate hikes, who’s doing the rate hikes? We’re not thinking of further rate hikes," Diokno said. He further stated that “Yes, I’m for a pause, that’s my opinion.” Diokno, who serves as the former BSP governor, noted that inflation is going down, the country has huge foreign reserves, and the current account deficit has expanded. "It’s financially manageable and that’s because of the improved economy, plus infrastructure spending,” Diokno said. The post Diokno backs move to pause rate hike cycle appeared first on Daily Tribune......»»
BSP backs changes to Agri-Agra Law
Further amendments to the mandated loan threshold for the agriculture and agrarian reform activities will push the country into the next stage of development post-pandemic, according to the Bangko Sentral ng Pilipinas......»»
BSP backs integrated bills payment facility
The Bangko Sentral ng Pilipinas is pushing for the creation of an integrated bills payment facility as it continues to ramp up efforts to transform the Philippines from a cash-heavy to a cash-lite economy......»»
BSP backs Salceda& rsquo;s virtual banking bill& nbsp;
The Bangko Sentral ng Pilipinas expressed support to a bill authored by House Ways and Means chair Joey Sarte Salceda which seeks to establish a separate regulatory and industry development regime for virtual-only banks in the country......»»
RCBC backs perks for sustainable financing
Rizal Commercial Banking Corp. supports a plan of the Bangko Sentral ng Pilipinas to extend regulatory incentives for banks which adopted sustainable and inclusive banking practices......»»
India backs Philippines in dispute with China
New Delhi has drawn a strong response from Beijing after reiterating its support for Manila in a territorial dispute India has "firmly reiterated" its support for the Philippines and its "national sovereignty," as Manila remains locked in a territorial dispute with Beijing in the South China Sea. Ten.....»»
India backs Philippines in sea dispute with China
New Delhi has drawn a strong response from Beijing after reiterating its support for Manila in a territorial dispute India has "firmly reiterated" its support for the Philippines and its "national sovereignty," as Manila remains locked in a territorial dispute with Beijing in the South China Sea. Ten.....»»
Fisherfolk group urges gov’t to regulate fish prices amid Lent
Fisherfolk group Pambansang Lakas ng Kilusang Mamamalakaya ng Pilipinas on Wednesday urged the government to address the surge in retail prices of fish during the Holy Week......»»
Globe gets P5 billion from sale of towers
Telco-to-tech provider Globe Telecom Inc. raised almost P5 billion from the sale of towers in the first quarter, providing it with some of the capital needed to upgrade services and pay debts......»»
PLDT puts up new unit for data centers
Telco leader PLDT Inc. has formed a new unit under its technology arm, delegating it with the task of building and operating data centers......»»
Upson International FY23 profit: P464-M (down 13.7%)
Upson International, the IT retailer primarily operating through the Octagon retail brand, teased its FY23 financial results headlined by a 13.7% dip in net income to P464 million......»»
Galunggong retail price up 20 percent
The retail price of galunggong or round scad has increased by 20 percent as fish demand rises during the Holy Week......»»
DA, DTI urged to enforce stricter price monitoring during Holy Week
A lawmaker has called on the Department of Agriculture and the Department of Trade and Industry to keep an eye on possible price surges during the Holy Week and set suggested retail price on basic commodities......»»
SM Group, Levi’s strengthen partnership
The SM Group is reinforcing its partnership with Levi Strauss & Co. (LS&Co.) to support the expansion of the iconic jeans brand’s retail footprint in the country. .....»»