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BSP says in ‘firm’ control as prices spike

The BANGKO SENTRAL ng Pilipinas (BSP) continues to have a firm hand on inflation, its chief said amid mounting calls for a more aggressive rate hike next month.

Thrift banks’ non-performing loans up at end-May

PROBLEM DEBTS held by thrift banks grew in May to log faster than the pickup in retail lending, latest central bank data showed.

May remittances signal GDP boost

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).

IMF team in town to validate Philippine economic outlook

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.

‘More aggressive’ hike likely from BSP

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.

BSP seeks to allay inflation worries from RRR reduction

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.

BSP net income surges to P17.55B at end-April

THE CENTRAL BANK saw its net profit surge nearly sixfold in April as it collected bigger interest incomes and trimmed operating costs.

End of Kuwait OFW ban to raise May remittances — HSBC

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.

WB maintains Philippine growth forecast

THE World Bank sees stronger growth during the second half of 2018 on the back of stronger public spending, with the Philippine economy expected to sustain its pace despite global headwinds.

BSP asks NBI’s help in search for fake money peddlers

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.

Peso slips amid lack of leads

THE PESO traded sideways versus the dollar on Friday, moving in sync with regional currencies due to a lack of leads.

Hot money flows bare investor unease

MORE FOREIGN FUNDS fled the Philippines in June -- marking the second straight month of net outflows -- as concerns about rising inflation and a weaker peso dampened investor appetite, the Bangko Sentral ng Pilipinas (BSP) said yesterday.

Banks’ bad debts rise, still deemed manageable

BAD DEBTS held by big banks grew in May but accounted for a small share of total lending, according to latest data released by the Bangko Sentral ng Pilipinas (BSP).

Philippine banking industry explores blockchain use

THE BANGKO SENTRAL ng Pilipinas (BSP) and commercial banks are exploring ways to use blockchain technology to fast-track payment and remittance services.

BSP check shows most Filipinos unbanked

MAJORITY of Filipinos still did not have bank accounts as of 2017 due to lack of funds to meet required minimum balances, a study of the Bangko Sentral ng Pilipinas (BSP) showed.

Yields on BSP’s term deposits inch lower

YIELDS on term deposits inched lower yesterday as market players swarmed the central bank’s offering with overwhelming bids across all tenors.

Net foreign direct investments biggest in six months in April

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.

Central bank official downplays initial impact of US-China trade spat

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.

Banks’ fund raising to bolster lending

ACTIVE fund-raising initiatives taken by Philippine banks should help sustain robust lending in the country, especially amid strong demand for infrastructure financing, a global credit rater said.

Rediscount loans up at end-June

BANKS SECURED additional loans from the central bank’s rediscount window in June to support capital expenses and commercial lending despite rising borrowing costs.

ANZ sees marginal export recovery in May, not enough to bridge...

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.

Second-round price pressures emerging

LAST WEEK’s increase in jeepney fares has added to inflation pressures, which state economic managers have expected to peak this quarter.

Big banks hard-pressed to comply with new liquidity rule — BMI

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.

Inflation surge spurs rate hike view

INFLATION surged in June to a fresh five-year high as it beat market and government estimates given for the month, leaving the door open for another policy interest rate hike.

BSP accredits two VC exchanges

TWO NEW digital currency exchanges have been accredited by the Bangko Sentral ng Pilipinas (BSP), a senior official said.

Demand for term deposits soars

DEMAND SOARED for term deposits offered by the central bank this week, accompanied by a surge in yields to hover close to four percent.

At least 6.5% growth ‘easily achievable’

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.

BSP, big banks firm up moves vs cyber threats

BIG BANKS are teaming up for an industry-wide monitoring scheme for cyber breaches just as the Bangko Sentral ng Pilipinas (BSP) is set to impose a one-day reporting period for such incidents.

PHL banks to favor digitalization over mergers or acquisitions for expansion

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.

IMF says inflation expectations affect prices more than oil

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.

Food, oil to stoke June inflation

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.

Peso seen sideways ahead of data

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.

Home price growth slows in Q1

HOME PRICES in the Philippines posted a modest increase in the first quarter, the Bangko Sentral ng Pilipinas (BSP) said.

BSP sees June inflation between 4.3-5.1%

INFLATION remained elevated in June given higher prices of rice and crops as well as cooking gas, the Bangko Sentral ng Pilipinas (BSP) reported on Friday.

Liquidity growth picks up slightly

By Melissa Luz T. Lopez, Senior Reporter MONEY SUPPLY grew faster in May even as growth in bank lending eased, the Bangko Sentral ng Pilipinas...

Gov’t outstanding debt down in May

OUTSTANDING DEBT went down in May as the government settled domestic loans, the Bureau of the Treasury reported on Friday.

Peso rebounds amid lingering overseas concerns

THE PESO strengthened versus the dollar on Friday to log its best showing in a week, as market players unwound their long positions and amid disappointing economic data in the United States.

‘Better-than-expected’ tax gains cited

“IMPRESSIVE” gains from tax reform bode well for the Philippines’ credit rating, Moody’s Investors Service said, even as local political noise and tighter global financial conditions pose risks for the economy.

Moody’s sees little risk of problem loans despite rising rates

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.

BSP warns vs fake papers

THE BANGKO SENTRAL ng Pilipinas (BSP) has issued a warning against fake loan documents being peddled by scammers, saying these are not guaranteed by the central bank.

TDF yields climb after BSP hike

YIELDS ON term deposits surged yesterday as banks took advantage of the higher interest rates set by the central bank, with appetite still skewed towards the shortest tenor.

Trade gap, inflation to push local currency past P54:$1

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.

Banks told to guard vs dummy accounts

THE ANTI-MONEY Laundering Council (AMLC) has warned banks and other financial companies to tighten their watch against dummy accounts, used by drug dealers to hide illicit funds.

Consultancy says political risk a blot on PHL outlook

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.

Asian central banks launch securities lending platform

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.