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Loan demand up this year on slower inflation
Economists see demand for loans increasing this year as inflation has eased further and prospects of stable interest rates strengthen. Inflation slowed further to 4.7 percent in July from 5.4 percent in June and the peak of 8.7 percent in January due to cheaper prices of food, housing, fuels, and utilities, data from the Philippine Statistics Authority revealed Friday. However, prices in restaurants and accommodations increased to 10.1 percent from 9.8 percent in Metro Manila. Economists said the growth was likely brought by high demand for these services, which signals strong financial capacities among consumers. “Strong demand from consumers is probably preventing this from falling faster as they continue to spend heavily on these services after the pandemic,” Jun Neri, chief economist of the Bank of the Philippine Islands, said Friday. In a text message to Daily Tribune, BDO Unibank Inc.’s official statement added that “loan demand may be driven more by consumer demand and potential infrastructure projects.” Prices of most goods and services or core inflation, which excludes volatile items like food and gas, fell to 6.7 percent from 7.4 percent. With the possible inflation downtrend, economists said consumers could have more money to spend and commercial banks could charge more manageable costs of borrowing based on the policy rate of Bangko Sentral ng Pilipinas or BSP. “The current path of inflation gives BSP the space to keep rates steady until the end of the year,” Neri said. BSP aims to pull inflation within the range of 2 percent and 4 percent this year by adjusting its policy rates. Its Monetary Board will announce its next move on 15 August after keeping the rate at 6.25 percent. While BSP often matches the move of the US Federal Reserve, which increased its rate by 0.25 basis point last month, local economists said imposing several hikes this year is unlikely despite possible higher inflation from costlier food prices caused by the recent typhoon and El Nino. Neri said these weather disturbances could reduce food supplies, especially rice and increase their prices through weaker agricultural production and fewer imports. “El Nino is a global phenomenon that could affect the food production of other countries. India recently announced a ban on the export of non-basmati white rice, while a Thai government agency has encouraged farmers to plant less rice to save on water,” he said. Dan Roces, chief economist of Security Bank Corp., believed a likely small increase in the BSP policy rate would be enforced this year as bank executives wait for its full disinflationary effect. “With this, loan rates and demand may still exhibit some growth as monetary policy operates with a lag. A pronounced slowdown in loans, if any, may occur in 2024 should monetary policy remain elevated for long.” Michael Ricafort, chief economist of Rizal Commercial Banking Corp., added that stable rates for this year are possible as long as there will be no major negative turns in the economy. “The markets recently priced in lower odds of another 0.25 Federal Reserve’s rate hike for the rest of 2023, thereby supporting a possible pause on Fed and local policy rates, as supported by inflation moving closer to the inflation target of the central banks for both countries.” The post Loan demand up this year on slower inflation appeared first on Daily Tribune......»»
Tokyo stocks are up, extends US gains
Tokyo, Japan | AFP | Tokyo stocks opened higher on Monday, extending US gains as investors awaited crucial interest rate decisions from the Federal Reserve and other central banks. The benchmark Nikkei 225 index was up 0.28 percent, or 91.65 points, at 32,356.82 in early trade, while the broader Topix index added 0.33 percent, or 7.30 points, to 2,231.62. The dollar fetched 139.29 yen, against 139.41 yen in New York late Friday. "The Japanese market is seen starting with gains following rallies in US shares," but profit-taking could later weigh on the market, Monex senior market analyst Toshiyuki Kanayama said. Wall Street stocks finished slightly higher on Friday, helped by expectations that the Fed will hold off raising interest rates for the first time since starting its hiking cycle last year to combat high inflation. In addition to the US central bank, the European Central Bank and the Bank of Japan will also make policy decisions later this week. The ECB will unveil its next monetary policy decisions on June 15, with observers pencilling in a rate hike of 25 basis points. The Bank of Japan will announce its decisions on June 16 -- with a majority of observers expecting no changes to the bank's long-standing monetary easing policy. Sony Group was up 0.73 percent at 13,765 yen, Toyota was up 0.85 percent at 2,069 yen, and SoftBank Group rallied 2.52 percent to 6,050 yen. Eisai climbed 1.84 percent to 10,785 yen, following a 9.45 percent rally in the previous session after a US Food and Drug Administration document suggested the body favours approving an Alzheimer's drug made by Eisai and Biogen. Shipping firm Mitsui O.S.K. Lines was down 2.87 percent at 3,184 yen, and Uniqlo operator Fast Retailing was off 0.79 percent at 35,000 yen. kh/kaf/mtp © Agence France-Presse The post Tokyo stocks are up, extends US gains appeared first on Daily Tribune......»»
Thai firm acquires Home Credit’s largest stake
Home Credit Philippines, a consumer finance provider that promotes the principles of financial inclusion and safe lending owned and controlled by Czech firm PPF Group, is now in the hands of Thailand’s fifth largest financial group after taking a 75 percent share following the recent completion of its acquisition. Meanwhile, the remaining 25 percent of Home Credit Philippines shares are now owned by Mitsubishi UFJ Financial Group, a global financial leader from Japan. According to an official statement on Friday, Home Credit Philippines said a deal was completed with a base value of EUR 406 million (P24.4 billion), and the final consideration is subject to a one-to-one adjustment based on the equity book value at the closing of the transaction. Next chapter “We are pleased to announce the handover of Home Credit Philippines to our new shareholders Krungsri and MUFG, both market leaders in the financial industry. Together with our new shareholders, we will be opening the next chapter for Home Credit Philippines, building on the high performance that we have set over the past nine years. We are optimistic about our future together,” shared David Minol, Home Credit Philippines’ CEO. “The acquisition of Home Credit Philippines is a testament to the strong business it has established in the country and the growth opportunity that Krungsri and MUFG have seen for the company to further expand and maintain its dominance in the local consumer finance market,” Minol added. For his part, Home Credit Group CEO Radek Pluhar congratulated Home Credit Philippines for an incredible job well done. “Together, we have empowered nearly 10 million Filipinos to access the formal economy, via our innovative products and services. We are proud of these achievements and will be watching the company’s future growth with interest,” he added. Market leader The company has grown to become a market leader having the widest distribution network of more than 15,000 stores nationwide, allowing the company to acquire a growing customer base of almost 10 million to date in its nearly 10 years of operations in the country. For his part, Krungsri president and chief executive officer Kenichi Yamato said, “With the acquisition of Home Credit in the Philippines, we have achieved another significant milestone in our ASEAN expansion strategy through the successful execution of our medium-term business plan.” “By incorporating Home Credit in the Philippines into its portfolio, the Bank aims to cater to the evolving financial needs of consumers with a full range of innovative consumer finance products and services. Building upon its strong presence in the high potential country, this acquisition further solidifies Krungsri’s position as a leading financial institution in ASEAN,” he said. Yamato underscored that with the expertise and extensive experience of Krungsri, Home Credit “is well-positioned to capitalize on the growing demand for consumer finance solutions and reaffirms its commitment to providing suitable products and services that empower individuals and drive sustainable growth in the market.” This transaction is set to bolster the business operations of Home Credit Philippines as it continues to provide more Filipinos access to credit while building on Krungsri’s expertise as one of Thailand’s finance leaders. Home Credit Philippines is expected to retain its brand and continue its usual operations under the same local leadership team, with guidance from Krungsri. The company aims to further grow its consumer finance portfolio as it synergizes with both banks. The post Thai firm acquires Home Credit’s largest stake appeared first on Daily Tribune......»»
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