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Property prices slow in Q4
The growth in property prices has been sustained for 10 straight quarters, albeit at a slower pace in the fourth quarter last year, according to the Bangko Sentral ng Pilipinas......»»
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......»»
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 prodded to build up forex reserves
The Bangko Sentral ng Pilipinas should continue rebuilding its gross international reserves amid the wide current account deficit and heavy reliance on debt funding, according to Bank of America Global Research......»»
BSP to issue new guidelines for MSBs
The Bangko Sentral ng Pilipinas is finalizing a new regulatory framework for money service businesses to ensure that risks remain manageable amid the evolving industry......»»
BPI sees stronger credit growth
Bank of the Philippine Islands expects a robust growth in credit this year amid the country’s economic expansion and the planned interest rate cuts by the Bangko Sentral ng Pilipinas......»»
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 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......»»
2 more rural banks merge
Two more rural banks merged their operations last month to boost the financial strength of the industry amid the initiatives of the Bangko Sentral ng Pilipinas to improve the risk management of small banks......»»
Peso seen bouncing back to 54:$1 this year
The peso is expected to sustain its momentum and appreciate further to the 54 to $1 level this year after ending a two-year slump amid the expected rate cuts by the US Federal Reserve and the Bangko Sentral ng Pilipinas......»»
Stocks continue gains amid dovish Fed outlook
Philippine stocks continued to post gains yesterday driven by the dovish outlook of the US Federal Reserve as well as the decision of the Bangko Sentral ng Pilipinas (BSP) to keep rates unchanged......»»
BOP surplus widens to $3.2 billion in 10 months
The Philippines posted a balance of payments surplus of $3.2 billion from January to October amid rising remittances from overseas Filipino workers, narrowing trade deficit and higher foreign borrowings by the national government, according to the Bangko Sentral ng Pilipinas......»»
OFW remittances up 2.6% in September
Remittances from overseas Filipino workers increased at a slower pace of 2.6 percent in September from 2.8 percent in August amid the economic slowdown in some host countries, according to the Bangko Sentral ng Pilipinas ......»»
Prioritize OFW repatriation, reintegration — Go
Senator Christopher “Bong” Go has reiterated the urgency of providing repatriation support and eventually, reintegration plans for overseas Filipino workers returning from Israel and Lebanon, in the light of escalating tensions in the region. Go, vice chairperson of the Senate Committee on Migrant Workers, said a comprehensive repatriation and reintegration program should be in place to cater to the varying needs of returning OFWs. “It’s about empowering our OFWs to restart their lives here with dignity and hope,” Go remarked. Once the OFWs return home, Go called on the government to ensure that reintegration programs are made readily available for them to overcome the trauma they experienced and be able to recover. “Our kababayans are coming home under distressing circumstances. It is the government’s responsibility to extend all possible support to these modern-day heroes,” Go said. “Aside from possible employment opportunities, the government must be ready to provide assistance for their physical and psychological well-being, temporary housing if needed, and the welfare of their families as well,” he added. The Philippine government has approved voluntary repatriation for Filipinos in Lebanon amid brewing tension in the region while the situation in Israel is particularly concerning, with Israel intensifying its bombings in Gaza. With this, Go emphasized the need for both the government and OFWs to take proactive steps to ensure their safety. The senator urged the Department of Foreign Affairs, the Department of Migrant Workers and other relevant agencies to closely monitor the situation and provide timely updates to OFWs and their families. In another development, Go has urged various government agencies to amplify and accelerate their interventions for the most affected sectors of society as the country grapples with the economic challenges posed by high inflation rates. This call to action comes in the wake of a recent and concerning study conducted by the Bangko Sentral ng Pilipinas indicating that high inflation is expected to persist until 2025. Meanwhile, Go expressed his strong support and commendation for the 150 scholars currently enrolled in the Technical Education and Skills Development Authority program in Daet, Camarines Norte. The educational venture was initiated in collaboration with the Philippine Academy of Technical Studies Inc. The post Prioritize OFW repatriation, reintegration — Go appeared first on Daily Tribune......»»
Off-cycle rate hike on the table – BSP
An off-cycle rate hike is on the table as early as Thursday this week as monetary authorities weigh the impact of quickening inflation amid upside risks, Bangko Sentral ng Pilipinas Governor Eli Remolona Jr. said yesterday......»»
OFW remittances up 3 percent to $3.1 billion in August
Dollars sent home by Filipinos abroad grew almost three percent to $3.1 billion in August, as overseas workers sent more money to their families back home amid the continued rise in commodity prices, according to the Bangko Sentral ng Pilipinas (BSP)......»»
More rural banks taking merger route
More rural banks are consolidating their operations to boost the financial strength of the industry amid the initiatives of the Bangko Sentral ng Pilipinas to improve the risk management of small banks......»»
Phl economy still strongest this year — RCBC
The Philippine economy will remain among Asia’s strongest in the fourth quarter despite a possible higher interest rate because of strong consumer demand for certain products and services and more employed Filipinos, the chief economist of Rizal Commercial Banking Corporation said Saturday. “This growth forecast is still among the fastest in the region because our economy is doing well,” RCBC’s Michael Ricafort said. The World Bank recently downgraded this year’s Philippine economic growth to 5.6 percent from 6 percent due to inflation risks, apart from lower government spending and weaker demand for exports. However, it is still higher than China’s 5.1 percent, Indonesia’s 4.9 percent, and Malaysia’s 4.3 percent growth forecast. Ricafort said the Bangko Sentral ng Pilipinas (BSP) might raise its policy rate this year to slow inflation to 4 percent by year-end after it accelerated again to 6.1 percent last month. “The BSP is working to bring down prices of goods and services. As an unintended consequence, the economy could slow down. Borrowing costs for business owners also increase and consumer demand weakens,” he said. Ricafort said global oil prices have started falling which could discourage the central bank from raising its rate drastically. “Global oil prices have declined to $82 to $83 per barrel from a peak of $95 per barrel last month or since the war between oil-rich countries Russia and Ukraine began,” the economist said. He also expected a downtrend in rice prices starting this month as he said local farmers have begun collecting fresh harvests. “Inflation quickened last month mainly from higher prices of rice which accounted for nearly 9 percent of the inflation basket and grew 17 percent year-on-year,” Ricafort said. While a higher interest rate aims to slow consumption, Ricafort said the continued flow of remittances from overseas Filipino workers, or at least 3 percent growth yearly will still support substantial levels of consumer spending, especially during the Christmas season. “That is more than $40 billion a year. That’s the fourth largest in the world after India, China and Mexico,” the economist said. He added more Filipinos or 800,000 could earn from business process outsourcing or BPO this year as the industry’s revenue could rise from $32.5 billion to $59 billion based on data from the Contact Center Association of the Philippines. Another growth area is tourism, which Ricafort said saw 4 million foreign visitors last month, nearing the 4.8 million full-year target of the government. He added higher productivity among Filipinos is also expected as the country’s unemployment rate declined to 4.4 percent in August from 4.8 percent in July, based on data from the Philippine Statistics Authority. Moving forward, Ricafort said the government must improve science and technology education for higher quality jobs and increase spending on infrastructure amid the full reopening of most economies. “We are now fully reopened. Students are also back in schools which encourages putting up food businesses. Labor market in the US also improved which will affect export trade,” he said. Ricafort added the government could continue distributing financial and other assistance to farmers to control inflation. He believed the inflation rate will approach 3 percent next year, close to the ideal 2 percent for healthier economic growth. The post Phl economy still strongest this year — RCBC appeared first on Daily Tribune......»»