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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 […].....»»
BSP sinisipat 4.2% inflation noong Marso
Sa pagtaya ng Bangko Sentral ng Pilipinas, maaaring umabot sa 4.2% ang inflation nitong Marso. The post BSP sinisipat 4.2% inflation noong Marso first appeared on Abante......»»
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 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......»»
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......»»
Climate shocks on inflation can last up to 4 years – BSP
Climate-related inflation shocks may be felt for up to four years, causing a pronounced hike in headline inflation, a study by the Bangko Sentral ng Pilipinas Research Academy showed......»»
Cebu Province inflation rate soared in March 2024
CEBU CITY, Philippines — Cebu Province inflation rate rose in March as Cebuanos continue to grapple with rising prices of goods and commodities, the latest inflation report by the Philippine Statistics Authority (PSA) Cebu showed. On Wednesday, April 17, PSA Cebu Chief Statistical Specialist Melchor Bautista presented the inflation report in Cebu Province for March.....»»
Philippine daily wage insufficient to meet family living expenses
MANILA, Philippines — The nationwide daily wage disparity averaged P762 as of March 2024, with the daily minimum wage averaging only P440, the think tank Ibon Foundation said on Wednesday. Data from the Ibon Foundation showed that the wage gap was computed based on the average daily minimum wage and the average family living wage.....»»
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 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......»»
BSP governor says February rate cut not likely
In statements made to the press, BSP Governor Eli Remolona said that due to the “numbers we are seeing” a rate cut “is not likely (on) February 15”, which is the next scheduled meeting date for the BSP’s Monetary Board......»»
Remittances soar to P33.5 billion in 2023 – BSP
MANILA, Philippines — Filipinos abroad sent a record amount of money back home in 2023 as remittances hit $33.5 billion, boosted by a stronger peso. This increase in the value of remittances helped households cope with high inflation. According to the Bangko Sentral ng Pilipinas (BSP), cash remittances through banks totaled $33.5 billion, marking a.....»»
BSP: Inflation surpassed target in March
Inflation likely continued its uptick in March but breaching the target of the central bank for the first time in three months amid more expensive electricity costs, oil and food prices......»»
BSP urged: Ensure out-of-the-woods inflation before cutting interest rates
Monetary authorities must ensure that inflation is finally out of the woods before any move to ease policy rates, state-run Land Bank of the Philippines said......»»
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......»»
Fight vs inflation far from over – BSP
Bangko Sentral ng Pilipinas Governor Eli Remolona said it is too soon to declare victory in the fight against inflation, signaling a higher-for-longer rate environment, as inflationary risks continue to cloud the outlook......»»
BSP: February inflation expected to settle within gov t target
The Bangko Sentral ng Pilipinas expects that the inflation rate for February 2024 in the country will fall within the range of 2.8% to 3.6%......»»
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......»»
Philippines FDI net inflows decline 6.6 pct in 2023
MANILA, March 11 (Xinhua) -- Foreign direct investment (FDI) that flowed into the Philippines declined year-on-year by 6.6 percent in 2023, the country's central bank said Monday. The Bangko Sentral ng Pilipinas (BSP) said the FDI net inflows reached 826 million U.S. dollars last December, bringing the yearly total amount to 8.9 billion dollars in 2023, compared to 9.5 billion dollars in net inflows recorded in.....»»
Philippines FDI net inflows decline 6.6 pct in 2023
MANILA, March 11 (Xinhua) -- Foreign direct investment (FDI) that flowed into the Philippines declined year-on-year by 6.6 percent in 2023, the country's central bank said Monday. The Bangko Sentral ng Pilipinas (BSP) said the FDI net inflows reached 826 million U.S. dollars last December, bringing the yearly total amount to 8.9 billion dollars in 2023, compared to 9.5 billion dollars in net inflows recorded in.....»»