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Near-target 2023 GDP growth acceptable amidst economic challenges – Neda chief
INQUIRER/ MARIANNE BERMUDEZ MANILA, Philippines — The country’s chief socioeconomic planner, Secretary Arsenio Balisacan of the National Economic and Development Authority (Neda), said that a 2023 economic growth slightly lower than the previous year’s 7.6 percent but near the government’s 6 to 7 percent target range would be considered acceptable, given the challenges faced by the.....»»
The Mystery of Post-Inflation Stability: Exploring Economic Uncertainty
Inflation, a sneaky force eating away at our financial stability, makes us wonder: what happens after its rampage? Do things settle back to normal, or are we stuck dealing with the aftermath? Inflation is simply prices creeping up over time, quietly changing our financial landscape. Think of your favorite café inching up its prices or […].....»»
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......»»
May, not March
Last Wednesday, equities dropped as Federal Reserve (Fed) Chair Jerome Powell dashed investor hopes for a March rate cut. Last Friday, despite better-than-expected US nonfarm payrolls and robust wage growth which typically usher in higher interest rates, the Dow and the S&P 500 were not deterred from hitting new all-time highs......»»
Interest rates to remain at 6.5% — BSP
The Bangko Sentral ng Pilipinas’ (BSP) Monetary Board (MB) decided to retain its target reverse repurchase rate at 6.5%......»»
BSP may cut rates by mid-2024
The Bangko Sentral ng Pilipinas may start cutting interest rates as early as June this year, according to economists......»»
T-bill rates climb ahead of BSP meet
The government upsized its sale of short-term securities yesterday to P17 billion, even after rates picked up ahead of the policy decision of the Bangko Sentral ng Pilipinas this week......»»
Think tank: No change in BSP rates
The Bangko Sentral ng Pilipinas is likely to keep key rates steady at its policy meeting on Thursday, according to UK-based think tank Pantheon Macroeconomics......»»
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.....»»
ADB cuts Philippines growth outlook to 6% in 2024
The Asian Development Bank has trimmed its growth forecast for the Philippines for this year, citing risks posed by extreme weather events that can drive up inflation and the slower growth in advanced economies......»»
US Federal Reserve holds rates steady
The US Federal Reserve decided to keep rates the same for the sixth straight time, and more importantly, gave no indication as to when it might “pivot” and begin to cut interest rates......»»
‘More robust’ Philippines-Australia ties seen in Marcos Jr. visit
President Marcos vowed yesterday to act as a “bridge” that would further link the Philippines with its strategic partner Australia during his two-day visit to Canberra, which he hopes will lead to “more robust” ties between the two countries......»»
Quick look at the week ahead
Domestically, Cebu Landmasters will wrap up its follow-on offering sale of preferred shares tomorrow (the listing is next week), and on Friday, we’ll get the inflation data for March from the Philippine Statistics Authority (which will set the table for the BSP’s decision on interest rates on Monday of next week). I.....»»
BSP to keep policy stance unchanged
Monetary authorities may keep the benchmark interest rates unchanged in the near term as inflation quickened for the first time in five months, and could accelerate further to above the two to four percent target in the second quarter......»»
Power rates down by P0.37/kWh for Feb-Mar billing
High on love but low on power rates! Valentine’s Day for residential consumers of Visayan Electric is expected to be sweeter as electricity rates for the billing month of February-March will be P0.37/kWh lower compared to last month. This decrease, bringing the total rate down from last month’s P11.62/kWh to P11.25/kWh, is attributed to lower.....»»
Power rates expected to rise because of El Niño
DAVAO CITY (MindaNews / 17 January)—Expect possible increasing power rates throughout the year amid the anticipated El Niño phenomenon in the country, an official from the Department of Energy (DOE)-Mindanao said. Engr. Darwin P. Galang, DOE-Mindanao senior science research specialist, said the anticipated increasing power rates can be possibly El Niño-related, with 26 percent of […].....»»
NEDA says 6 percent Q1 growth possible
A six percent economic growth in the first quarter is possible given developments in the labor market and lower inflation, according to the National Economic and Development Authority......»»
Philippines central bank keeps key interest rates unchanged
MANILA, April 8 (Xinhua) -- The Philippine central bank opted Monday to keep the bank's target reverse repurchase rate at 6.5 percent, and the interest rates on the overnight deposit and lending facilities at 6 percent and 7 percent respectively. In a press conference, Bangko Sentral ng Pilipinas (BSP) Governor Eli Remolona said the latest inflation path has shifted slightly higher but still remains within targe.....»»
Unilever bullish on Philippine growth prospects
Unilever Philippines is optimistic of sustaining robust growth this year as it aims to grow its business faster than the country’s gross domestic product......»»