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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......»»
Teen centers in Cebu City pushed amid rising teen pregnancy cases
CEBU CITY, Philippines — In response to the alarming rise in teenage pregnancy cases across Cebu, a local legislator penned a resolution urging the establishment of local adolescents and teen centers in Cebu. City Councilor Rey Gealon stipulated in the resolution the importance of providing essential support and education to empower young individuals in making.....»»
DA chief orders transfer of suspended NFA supervisors’ authority
The transfer of authority of suspended warehouse supervisors of the National Food Authority has been ordered by Agriculture Secretary Francisco Tiu Laurel Jr. yesterday as NFA facilities remain closed amid the suspension order of the Office of the Ombudsman......»»
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......»»
Banks’ NPL ratio rises to 5-month high
The share of soured loans to the banking sector’s total loan book increased to a five-month high of 3.44 percent in October amid higher borrowing costs, after declining for two straight months to a six-month low of 3.40 percent in September......»»
Philippines seeks better financing terms from multilaterals
The Philippines has called on multilateral development banks (MDBs) to come up with better financing terms amid a high interest rate environment and volatile global market......»»
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......»»
Additional cuts in bank reserves now off the table
An additional reduction in the amount of cash banks are required to keep with the central bank is now off the table for this year after monetary authorities signaled a possible rate hike in November amid upside risks to inflation, according to Bangko Sentral ng Pilipinas Governor Eli Remolona Jr......»»
Rise in bank loans slows in July
The increase in loans disbursed by big banks slowed for the fourth straight month in July amid high borrowing costs after a series of aggressive interest rate hikes, according to the Bangko Sentral ng Pilipinas (BSP)......»»
The Advantage of Adopting the Right Digital Tools for your Business
Amid the uncertainty in customer behaviors and trends from the crisis, this much is clear: updating the business for a digital-first world, led by purpose, is now a must for almost every company. To do so, they must determine where new business value exists in the new normal, what digital business models will capture it, and which tools and behaviors will support the adaptability and resilience that these models require. On this section, we talked to the creators behind the award-winning platform made for businesses like yours. The Digital Advantage Companies need an understanding of 3rd Platform technologies to capitalize on improved decision-making and to deliver enhanced, customized experiences to stakeholders. The rapid acceleration of 3rd Platform technology adoption means that corporates need to actively be looking for ways to improve their operational efficiency and customer service, otherwise, they will be in danger of falling too far behind digitally-native competitors to ever catch up. Efficiency Past recessions show that controlling costs by improving operational efficiency—a task for which digital solutions are perfectly suited for—is more effective in sustaining businesses through financial turbulence than traditional cost-cutting measures alone. The biggest efficiency play is automation. Streamlining operations and automating manual processes result in greater speed, less waste and more focus on revenue-generating activities. The economics of automation is simple: the same work is performed faster and with fewer mistakes, while human capital resources can be redeployed to higher-value tasks or to fill critical gaps. Convenience Company bank accounts are available in any device, the only things you need are internet connection and a few taps on the screen. This brings about an increase in customer satisfaction as they are able to constantly keep track of their account balances and manage the information on their personal profile (i.e. add new mailing address, e-mails, telephone numbers, etc.). In addition to this, there is no need to go to the bank to get checks as they can be instantly sent via email. 24/7 Reliability Online banking services are available 24/7 all year round, even on weekends. There is no need to line up and wait for the bank to open in order to conduct certain operations. This is a huge advantage that comes with digital solutions Security With all the recent news about data breaches, you might be wondering about the security of mobile and online banking. Security is top priority for banks when choosing whether or not to offer online banking. All banks use “Pentagon-grade” encryption technology and sophisticated firewalls. Mandatory security upgrades are required by bank regulators, so you can be confident that keeping your information secure is one of your bank’s utmost priorities. As digital transactions increase and productivity grow, companies must take proactive steps to protect their data privacy and security and adopt models that give them governance over their data. Today’s Platform Driven Solutions Self-service account management, bills payment and electronic fund transfers are considered the basic banking functions that each business should have. Account management allows viewing of account balances and transaction history without going to the bank. All these were made easy and accessible, by just logging into UnionBank’s The Portal app. Bills Payment, on the other hand, gives businesses access to a large list of billers. They can pay their water, electricity, telco, and other utilities online. BIR ePayment is also available, allowing users to pay taxes online. If the company is an accounting firm, they can also pay for their client’s taxes on The Portal app. Electronic fund transfers save companies time and reduce their risk exposure. Just upload the batch crediting file on the platform and it automatically disburses it to their recipients. Clients can also set up their recipients in UnionBank Business Banking so they receive email and SMS notifications every time they are credited. All these are made possible without stepping inside a branch. Batch Electronic Funds Transfer is also now made available for UnionBank Transfers and PESONet. This enables the streamlining of bulk account to account transfers to another UnionBank account or to other bank accounts. This has highlighted the ease and convenience of going digital to corporate clients versus processing transactions through the traditional way of banking over-the-counter or paying via cheques. Going beyond the basic functions of a normal digital banking tool, The Portal’s self-enrollment feature allows businesses to conveniently self-enroll their nominated accounts and users through the simple enrollment steps. Once completed, access to The Portal is granted and clients may enjoy the convenience of processing their funds transfer instructions online. In addition, there is an option to initiate the enrollment of the beneficiary accounts individually or in bulk. This can be essential for clients that need a payee maintenance feature to ensure that the initiated transactions are only credited to enrolled account. With the convenient, hassle-free and straight-through processing in The Portal, businesses can easily push fund transfers in the comfort of their own homes or offices. This pandemic serves as a widespread test case for the effectiveness of these digital solutions, many of which will be permanent fixtures and lead to long-term changes for many businesses. Organizations that embrace digital solutions have greater resiliency in the face of adversity and are way ahead of the competition, which will enable them to recover faster and pivot from playing defense to chasing growth. While many believe it is too idealistic to have a good workplace culture and excellent compensation, many jobseekers significantly consider these two factors when applying for a job, according to two studies. The 2021 Employee Experience Survey by Willis Towers Watson reported that 89 percent of respondents believe a positive employee experience is a crucial driver of engagement, while a 2023 survey from the online recruitment platform JobStreet found that 53 percent of Filipino job seekers would like to know the salary range offered while still in the recruitment process. Aside from great benefits and compensation, employees in the IT industry pointed out that a good work culture and environment, as well as training programs, are the top priorities of job seekers. Vanessa Liwanag, business development director at Yondu, acknowledged the company’s role in her growth, “Yondu has helped me develop my leadership, decision-making, and communication skills through its effective leadership training programs. The company also helped me grow personally because of its hybrid setup. This allows me to have a work-life balance. I can still care for my family and health while contributing to the organization.” Leather, who specializes in securing networks from vulnerabilities, noted that training programs are essential as trends continuously evolve. IT professionals need to keep up in order to be efficient. Steph, a software solutions engineer, echoed this, adding that since the industry is highly competitive and fast-paced, getting equipped with the right skills and knowledge is essential. Grace, a malware researcher, said that one advantage in the IT field is that since it’s a broad industry, there is always much to learn and room for improvement. Yondu, an IT solutions company wholly owned by Globe, offers all these benefits and compensation, a good working environment, and training programs to Yondudes, a nickname for its employees. Competitive pay and benefits are OK for Yondu as the company ensures this through regularly benchmarking market data and best practices. There are also tailor-fitted rewards programs according to talent segments. Yondu also ensures its employees remain competitive and well-equipped by industry standards through various training, reskilling, and upskilling programs to hone their skills in the constantly changing tech industry. Despite the fast-paced sector continuously evolving, Yondu still values work-life balance and provides programs to support Yondudes’ well-being further. “What sets Yondu apart from other organizations is its genuine focus on understanding and supporting its employees,” said Javen Babac, lead application support specialist at Yondu. “The company recognizes that employees perform their best when they feel valued and supported, and this philosophy sets Yondu apart by fostering a positive and inclusive work environment. The organization’s commitment to understanding its employees and providing the necessary resources demonstrates its dedication to employee well-being and sets a strong foundation for professional growth and job satisfaction.” The post The Advantage of Adopting the Right Digital Tools for your Business appeared first on Daily Tribune......»»
BSP urges free service fee for small fund transfers
The Bangko Sentral ng Pilipinas plans to issue a payments framework aimed at removing transaction fees for small fund transfers. BSP Governor Eli Remolona Jr. on Thursday said central bank officials have also been talking with e-wallet firms and other digital financial services providers to create the framework which will require financial firms to offer free fund transfers for small amounts. He said only three major banks are offering such service so far amid the lack of formal guidelines and directive from the BSP. Shame major banks “We’re trying to shame other major banks into following the same service. We’re formalizing it through a payments framework, and we’re in touch with GCash, Maya and other digital financial services providers,” Remolona said Thursday during the Global Policy Forum on Financial Inclusion organized by the Alliance for Financial Inclusion at the Philippine International Convention Center in Pasay City. With zero fees for small fund transfers, Remolona said more Filipinos would be encouraged to avail of banking services like deposit accounts, build wealth, and promote equitable financial service. “In general, we want to make sure the poor do not subsidize the rich. If you have a credit card and a big spender, you can get rewards. Guess who pays for the rewards? It’s the poor guys who only use small amounts in their transactions and get charged,” the BSP governor said. As more Filipinos own deposit accounts even with small funds, Remolona added banks and other lenders can strengthen their capital capacities. “We’ve found that when deposits are small, they become sticky and depositors don’t run away at the first sign of trouble. If you can lend to the poor, you have a more diversified portfolio and so it’s safer for banks,” the BSP governor said. Manila Manifesto During the Global Policy Forum on Financial Inclusion attended by over 700 foreign bankers and other stakeholders, Remolona announced the Manila Manifesto. This is a commitment by the Philippines to collaborate with other state-members of the Alliance for Financial Inclusion or AFI on developing global standards for making financial products and services safe, accessible and affordable for all. AFI reported 1.4 billion people worldwide still cannot access financial services due to a range of factors, such as financial illiteracy and lack of Internet connection and digital banking platforms. “In the 15 years since AFI was created, with substantive support from the BSP, our members have brought over 840 million people into the financial system via enlightened national policies and strategies on financial inclusion,” Dr. Alfred Hannig, AFI executive director, said. The post BSP urges free service fee for small fund transfers appeared first on Daily Tribune......»»
Bank lending declines, consumer loans rise
Bank lending of universal and commercial banks posted slower expansion amid higher money supply in the country, data from Bangko Sentral ng Pilipinas showed on Thursday. Preliminary data showed that domestic liquidity (M3) grew by 5.9 percent year-on-year to about P16.4 trillion in June 2023 from 6.6 percent in May, driven by the sustained expansion in bank lending to non-financial private corporations and households. On a month-on-month seasonally-adjusted basis, M3 increased by about 0.2 percent. Domestic claims rose by 10.1 percent year-on-year in June from 11.4 percent in the previous month. Claims in the private sector grew by 7.9 percent in June from 9.3 percent in May. Net claims on the central government also expanded by 17.2 percent in June from 18.3 percent in May, owing mainly to the borrowings by the National Government. Net foreign assets in peso terms fell by 2.8 percent year-on-year in June following a 2.7-percent expansion in May. The BSP's NFA position declined by 0.6 percent in June after increasing by 4.2 percent in the previous month. Meanwhile, the NFA of banks declined on account of higher bills payable. "Looking ahead, the BSP will continue to ensure that domestic liquidity conditions remain in line with the BSP's price and financial stability objectives," BSP said. Meanwhile, U/KBs' outstanding loans, excluding those placed in the central bank's reverse repurchase facility, grew at a slower rate of 7.8 percent year-on-year in June from 9.4 percent in May due to a continued rise in lending to key sectors. On a month-on-month seasonally-adjusted basis, outstanding universal and commercial bank loans, net of RRPs, increased by 0.6 percent. Outstanding loans to residents, net of RRPs, also increased at a softer pace of 7.9 percent from 9.3 percent in May. Outstanding loans for production activities went up by 6.3 in June, following a 7.9-percent expansion in the previous month due to a continued rise in lending in electricity, gas, steam and airconditioning supply (11.8 percent); wholesale and retail trade, and repair of motor vehicles and motorcycles (9.7 percent); real estate activities (3.8 percent); financial and insurance activities (7.7 percent); and information and communication (11.2 percent). Likewise, outstanding loans to non-residents went up by 4.8 percent in June from 13.2 percent in the previous month. Meanwhile, consumer loans to residents rose at a slightly faster rate of 23.7 percent in June from 22.7 percent in May given the increase in credit card and motor vehicle loans. "The slowdown in credit activity reflects the impact of monetary policy tightening which continues to work its way through the economy," BSP said. "Looking ahead, the BSP remains prepared to ensure that domestic liquidity and lending dynamics are in line with its price and financial stability objectives," BSP added. The post Bank lending declines, consumer loans rise appeared first on Daily Tribune......»»
Credit card literacy revs up as use rises
The Credit Information Corporation continues its campaign for wise and safe use of credit cards as more Filipinos shift to cashless payments. CIC, along with the Credit Card Association of the Philippines, or CCAP, will hold the “Swipesmart” free webinar on 31 August on their Facebook page from 9 a.m. to 11 a.m. CIC on its website announced the webinar will discuss the responsible use of credit cards to build a good credit rating for easier access to loans and cybersecurity for prevention of financial theft. CCAP executive director Alex Ilagan said cases of credit card fraud have risen by 21 percent in 2021 amid the pandemic as interactions were conducted through remote technology. During this period, Visa Philippines said more Filipinos or 52 percent preferred online credit card payments while 44 percent chose card payments at physical stores. Rise in cards use inevitable CCAP expects more Filipinos to use credit cards as the Philippine Statistics Authority projected more income earners in the country with a 1.52 percent population growth each year and more businesses both online and physical open post-pandemic. Currently, 64 percent of the population own credit cards, CCAP reported. “As the economy continues to reopen and becomes more robust, pent-up demand for consumer goods and services will persist, feeding into the growth of the e-commerce, retail and services, travel and tourism, automotive, and housing sectors, among others,” Ilagan said. “A credit card is one way to extend your purchasing power,” he continued. Credit cards are used for small to medium purchases. For long-term and bigger purchases, banks strictly evaluate borrowers’ credit card histories submitted by the CIC as required by law. CIC shared it has obtained credit data of 41.8 million individuals as of 30 June 2023. Visit www.creditinfo.gov.ph for the registration link to the webinar. The post Credit card literacy revs up as use rises appeared first on Daily Tribune......»»
Retention of cap on credit card rate gets banks’ backing
The decision of the Bangko Sentral ng Pilipinas to maintain the rate cap on credit card transactions will benefit both the borrowers and the industry amid the aggressive rate hikes delivered by the central bank, according to banks and credit card issuers......»»
Research group: Interest cut not likely until Q2 2024 due to inflation risk
A subsidiary of Fitch Solutions said on Friday that cutting the interest rates in the Philippines is too early due to the potential inflationary effects of El Niño in the country. BMI, a division of Fitch Solutions, said in an emailed commentary that the Bangko Sentral ng Pilipinas might not lower its interest rates until next year after it kept its benchmark rate at 6.25 percent during its most recent policy-setting meeting. "With the clear risk to the inflation outlook and the external sector under pressure, policymakers will likely keep financial conditions very restrictive for a while longer," BMI said. "This feeds into our expectations for rate cuts to materialize only in the second quarter of 2024," it added. Although BMI anticipates that inflation will ease to less than 4 percent by the fourth quarter of this year, the start of El Niño "may threaten food prices" in the country. It also mentioned how the weather could raise concerns about the disinflationary process in the Philippines. "In addition to inflation, maintaining currency stability will be a key consideration in the central bank's near-term policy decisions," BMI said. The Fitch Solutions unit added that maintaining currency stability, apart from inflation, will be a key consideration in the central bank's near-term policy decisions. BMI noted that the Philippine peso has depreciated by about 1.9 percent against the US Dollar in the year-to-date and is currently trending towards its one-year low of P59.47 per dollar. "Policymakers will be cautious about exacerbating further weakness in the peso, especially given that the US Federal Reserve has not completely closed the door on further tightening – a key risk that we have been highlighting," BMI said. "These factors will prompt the BSP to keep interest rates at multi-year highs. But this will come at the expense of growth," it added. Meanwhile, BMI reduced its 2023 its growth forecast from 5.9 percent to 5.3 percent in light of "a poor economic performance" in the second quarter. For context, the Philippine economy decelerated by 4.3 percent year-on-year in the second quarter amid slow government spending. Latest data from Philippine Statistics Authority showed that the gross domestic product growth in April to June period was lower than the 7.5 percent recorded in the period last year and the 6.4 percent in the first quarter this year. The country's GDP also shrank by 0.9 percent during the second quarter after expanding by 1.1 percent during the first quarter. "Rate cuts would only be considered when food prices have stabilized, and major central banks have begun their easing cycle, which we expect in the second quarter of 2024," BMI said. The post Research group: Interest cut not likely until Q2 2024 due to inflation risk appeared first on Daily Tribune......»»
Index rebounds amid bargain hunt
Bargain hunting fueled a recovery at the local bourse as it gained by 74.18 points or 1.17 percent on Wednesday to 6,410.09. Market sentiment received an added boost from the first half 2.9 percent growth in cash remittances, even though slightly missing the government’s target of 3 percent growth for the year. Philstocks Financial Assistant Research Manager Claire Alviar said many investors remained on the sidelines, with a net market value turnover of P3.78 billion, as investors awaited the policy meeting of the Bangko Sentral ng Pilipinas. Banks receive beating The banking sector was the sole loser, down by 0.18 percent while the mining sector led the gainers among the indices, increasing by 1.85 percent. For index members, Universal Robina Corporation emerged as a front-runner, gaining 4.96 percent to P124.90 while PLDT Inc. had the biggest loss, dropping by 2.06 percent to P1,234.00. The post Index rebounds amid bargain hunt appeared first on Daily Tribune......»»
The Daily Guardian: Barclays shares plummet 5% amid anticipated decrease in UK interest earnings
Barclays, one of the leading banks in the United Kingdom, is set to face some disappointment in its upcoming financial results, according to analysts. The.....»»
Phl net external liability widens to P2-trillion
The Philippines' net external liability position widened by 29.9 percent in the fourth quarter of 2022 due to the higher net external liability positions of Non-Financial Corporations (NFCs) and the General Government (GG), as well as the lower net external asset position of the central bank (CB), the Bangko Sentral ng Pilipinas (BSP) said. The latest data from BSP showed earlier this week that the country's net external liability position rose to P2 trillion in the fourth quarter (Q4) of last year from P1.5 trillion in the third quarter (Q3) of 2022. By sector, the NFCs remained the largest net debtor in the domestic economy at P8.5 trillion in Q4 2022 from P8.1 trillion in Q3 2022 due to the sector's higher net indebtedness against the ROW. "This arose from the expansion in the NFCs' gross external liabilities and its lower external assets. The sector's external assets and liabilities were mostly comprised of loans and equity securities," BSP explained in a statement. In Q4 2022, the NFCs' liabilities-to-GDP ratio decreased slightly to 91.1 percent as the economy's growth in nominal terms exceeded the increase in the sector's gross financial liabilities. On a year-on-year basis, the NFCs' net debtor position widened due to its higher net indebtedness to the ODCs. "This resulted mainly from the rise in bank loans availed to sustain operations amid heightened consumer demand brought about by the improved economic outlook," BSP said. The GG's net debtor position widened to P8.2 trillion in Q4 2022 from P7.7 trillion in Q3 2022 due to the sector's deposit withdrawals from the CB, which it used to meet its higher operating expenditures during the last quarter of the year. "The GG remained partly insulated from exchange rate fluctuations as the majority of its liabilities were funded by the domestic sectors," BSP said. Notwithstanding the record-high debt levels, the growth in the GDP outpaced the increase in the GG's level of borrowings in Q4 2022. As a result, the sector's liabilities-to-GDP ratio for the quarter decreased to 62.7 percent. Year on year, the GG's net debtor position rose primarily due to the increase in loans from the ROW and higher GS issuances. The households (HHs) continued to be the top creditor of the economy at P11.9 trillion in Q4 2022 from P11.4 trillion in Q3 2022. The HHs' net claims on the CB, which were composed mainly of the sector's currency holdings, increased. Amid the steady increase in the HHs' assets, the sector's gross financial liabilities registered double-digit YoY growth rates for the last two quarters of 2022 – the fastest recorded since Q1 2020. This coincided with the steeper increase in prices as headline inflation accelerated to 7.9 percent in Q4 2022. The ODCs' net creditor position eased to P1.89 trillion in Q4 2022 from P1.95 trillion in Q3 2022. In Q4 2022, the sector's net claims on the GG declined due to the increase in the GG's deposits in banks. Meanwhile, the ODCs' net debtor position to the OFCs widened on the back of the OFCs' higher deposit placements with the ODCs. Similarly, on a YoY basis, the sector's net creditor position contracted, brought about by the annual increase in deposits from the HHs and OFCs. The CB's net creditor position contracted to P811.4 billion in Q4 2022 from P937.9 billion in Q3 2022 as its net financial liability positions to the ODCs and the HHs increased. "The CB's higher financial liabilities to these counterparty sectors were due mainly to the expansion in the deposits of the ODCs and currency holdings of the HHs. These developments were mitigated by the increase in the CB's net financial asset position with the GG, which resulted from the substantial decline in deposits from the NG. However, on a YoY basis, the CB's net creditor position increased mainly due to the NG's deposit withdrawals. The post Phl net external liability widens to P2-trillion appeared first on Daily Tribune......»»
Policy rate hike possible by Aug
BSP could match any Fed rate decision to maintain healthy interest rate differentials to support the stability of the peso exchange rate, import prices and overall inflation Economists see a possibility the Bangko Sentral ng Pilipinas or BSP will increase rates next month to match a US Federal Reserve’s move to maintain a healthy currency exchange rate and rein in inflation. Dan Roces, chief economist at Security Bank, forecasted an increase of 25 basis points or bps which would bring the current guidance to 6.5 percent. “This may likely occur in August at 25 bps, following an anticipated similar-sized hike by the US Federal Reserve on 26 July,” Roces told the Daily Tribune last Friday. “BSP could match any Fed rate decision to maintain healthy interest rate differentials to support the stability of the peso exchange rate, import prices, and overall inflation,” Michael Ricafort, chief economist of Rizal Commercial Banking Corp., added. Effect on peso stength A higher BSP rate tends to strengthen the peso value against the dollar, making prices of imported goods and services cheaper while discouraging some consumers from borrowing from banks. BSP aims to bring down inflation further from the latest figure of 5.4 percent in June to 2 percent to 4 percent this year. Meanwhile, Roces said the likely higher BSP rate should impact Philippine banks only minimally and enable them to still fulfill their loan, deposit and savings obligations to customers. “The Philippines is in a good position to withstand another rate hike though, with a well-capitalized and liquid banking system and robust private consumption.” Roces said the inflation rate might accelerate again as businesses increase prices to meet even stronger consumer demand for goods and services to be likely driven by higher salaries. “Considering the June inflation print, wage and fare hikes, and the upside risks to the inflation outlook especially in the core, the data suggests that the BSP may consider further policy rate adjustments.” The Regional Tripartite Wages and Productivity Board in the National Capital Region last month approved an additional P40 to the minimum daily wage of workers in this area which will be effective starting 16 July. This came also amid a downtrend in the unemployment rate in the country. Employment situation improves Jobless rate further improved to 4.3 percent in May from 4.5 percent in April, according to the Philippine Statistics Authority. It was the second lowest jobless rate since April 2005. Considering the June inflation print, wage and fare hikes, and the upside risks to the inflation outlook especially in the core, the data suggests that the BSP may consider further policy rate adjustments. Similarly, the US had 497,000 more workers in the private sector last month which was double the forecast among market analysts. Global analysts said this tempts the Federal Reserve to resume raising its rate on 26 July to prevent inflation from rising again as an effect of higher consumer demand for goods and services. The local economists said BSP would consider this and the other aforementioned factors in deciding its own rate on 17 August. The post Policy rate hike possible by Aug appeared first on Daily Tribune......»»
Banks’ bad loan ratio climbs to 3.46 percent in May
The share of soured loans to the banking sector’s total loan book climbed for the fifth straight month to hit a nine-month high in May amid the high interest rate regime, as the Bangko Sentral ng Pilipinas aggressively raised interest rates to control inflation......»»