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MONEY SENT HOME by Filipinos working abroad surged in May to the highest level in five months, the Bangko Sentral ng Pilipinas (BSP) reported Monday, signalling continued growth of household spending that contributes close to 60% to gross domestic product (GDP).
OFFICIALS of the International Monetary Fund (IMF) are in town for an annual health check on the Philippine economy, at a time the multilateral lender sees uneven prospects for global growth amid trade tensions.
THE CENTRAL BANK may respond with a more aggressive rate hike in the coming months to rein in rapid inflation, economists at the First Metro Investment Corp. (FMIC) said, against a backdrop of a “turbulent” but rapidly growing Philippine economy.
ADDITIONAL money supply due to cuts in bank reserves has been siphoned by the central bank’s open market operations, its chief said, as he sought to dispel worries that these adjustments offset rate tightening moves.
REMITTANCES may have grown by over 9% in May following the lifting of a deployment ban on overseas workers to Kuwait, HSBC Global Research said.
THE BANGKO SENTRAL ng Pilipinas (BSP) has tapped the National Bureau of Investigation (NBI) for a crackdown on peddlers of fake money on social media.
THE BANGKO SENTRAL ng Pilipinas (BSP) and commercial banks are exploring ways to use blockchain technology to fast-track payment and remittance services.
FOREIGN DIRECT INVESTMENTS (FDI) inflows rose further in April to a six-month peak, the central bank said in a statement on Tuesday, supported by solid investor optimism towards the Philippines.
THE IMPACT of the escalating trade row between the United States and China should remain “negligible” for now, a senior central bank official said, noting that Philippine reliance on the affected goods has been “negligible” so far.
OUTBOUND SALES of Philippine goods likely recovered in May but were not enough to stop the trade gap from growing further, analysts at ANZ Research said.
BIG BANKS will have to boost deposit taking and may cut back on long-term loans to comply with a new liquidity measure imposed by the central bank, analysts at BMI Research said.
THE PHILIPPINE ECONOMY can easily expand by at least 6.5% over the next few years on robust investments and consumer spending, analysts at S&P Global Ratings said, adding that sound policies and the infrastructure push should help lift growth prospects.
PHILIPPINE BANKS are less likely to explore mergers as they now favor digitalization in their bid to expand their client base, a credit analyst said.
INFLATION expectations largely dictate price trends in the Philippines more than changes in oil and non-oil import rates, economists from the International Monetary Fund (IMF) said.
INFLATION likely clocked in faster in June on the back of rising food and oil prices coupled with a weaker peso, economists said in a BusinessWorld poll, with some noting that another rate hike may still be on the table for the central bank to temper prices.
THE PESO will likely move sideways versus the dollar this week as market players anticipate the release of key economic data in the Philippines and in the United States, searching for hints about future rate decisions from the central banks of these countries.
THERE SHOULD BE little risk of problem loans even as interest rates rise further, a global credit rater said, noting that policy adjustments can be expected to temper credit growth.
THE PESO could weaken further to breach the P54 level against the dollar this year amid a persistent trade gap and faster inflation, analysts at BMI Research said, with recent rate hikes still not enough to keep the currency competitive.
BIGGER tax collections and a local infrastructure boom can be expected to help sustain Philippine economic growth, Capital Economics said in a report on Tuesday, even as it warned that persistent political uncertainties could dampen investor appetite.
A GROUP of Asian central banks have agreed to lend local currency bonds through a regional securities market, with the goal of improving cross-border bonds trade and boosting money supply.