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Fitch Solutions downplays corporate tax cut’s lure

LOWER CORPORATE INCOME TAX RATES are unlikely to provide a big boost to inbound investments, Fitch Solutions said, noting that a weak business environment hounded by red tape still deters investors from making big bets in the Philippines.

Cash sent home by OFWs recovers

CASH remittances recovered in July, the central bank reported on Monday, as overseas Filipino workers (OFWs) likely took advantage of a weakening peso.

BSP signals ‘strong monetary action’ on Sept. 27

THE CENTRAL BANK on Monday reiterated signals of “strong” monetary response to surging inflation when its Monetary Board meets next week, even as its chief said it was too early to tell how much damage from super typhoon Mangkhut, locally known as Ompong, would affect prices of goods.

BSP studying new tool to curb speculative FX trades

THE BANGKO SENTRAL ng Pilipinas (BSP) is readying a new measure that would ward off speculative players in the foreign exchange (FX) market, as the regulator searches for new ways to quell sharp swings in the daily peso-dollar trading.

Central bank opens FX hedging facility

THE BANGKO SENTRAL ng Pilipinas (BSP) has issued guidelines for a reopened facility allowing borrowers to hedge against foreign exchange (FX)-related risk.

July OFW remittances expected to have edged up

REMITTANCES likely grew modestly in July from a year ago as overseas Filipino workers (OFWs) reaped benefits of a weaker peso, a global bank said, giving their families more cash even with the same level of dollars they used to send home.

Hot money net inflow surges in Aug. — BSP

MORE FOREIGN FUNDS entered the Philippines in August to mark a four-month high, with hawkish cues from the Bangko Sentral ng Pilipinas (BSP) perking up investor appetite.

Tight liquidity due to lending, dollar demand leads to TDF offer...

THE CENTRAL BANK decided to reduce offerings under the term deposit facility (TDF) amid robust lending and higher dollar demand, reflecting tighter liquidity in the market.

Yields on BSP’s term deposits climb as demand drops further

TERM DEPOSITS saw tepid demand yesterday to mark a second straight week of settling below offer, while yields maintained their ascent across all tenors.

Online, interbank fund transfers mandatory by end-Nov.

ALL BANKS and other financial firms should be offering online fund transfer services by end-November, as the Bangko Sentral ng Pilipinas (BSP) flexes its muscle for more players to broaden their digital presence.

Banks increase exposure to real property sector

BANKS lent out more funds to the real property sector as of June, although growth slowed from the previous quarter as interest rates climbed.

Global banks expect more BSP rate hikes until 2019

THE BANGKO SENTRAL ng Pilipinas (BSP) may opt to raise rates several times until 2019 to make local yields competitive, two global banks said, noting that such moves would also boost the peso and help arrest surging inflation.

June fuels first-half FDI surge

NET INFLOWS of foreign direct investments (FDI) to the Philippines increased anew in June, helping to fuel a first-half surge that pushed the tally closer to an official full-year forecast, according to data the Bangko Sentral ng Pilipinas (BSP) released on Monday.

No currency sword of Damocles over the Philippines for now

THE PHILIPPINES is not expected to slip into a currency crisis anytime soon, Nomura economists said, citing little risk of such an event despite the recent weakness of the peso.

Rediscount borrowings reach P9.41B in August

BANKS SCRAMBLED to get hold of rediscount loans from the Bangko Sentral ng Pilipinas (BSP) in August to hit nearly P10 billion at a time of rising interest rates.

BSP likely to raise rates by another 50 bps

THE CENTRAL BANK will likely raise interest rates by another 50 basis points (bps) in the coming weeks following faster-than-expected August inflation, a global research firm said, even as price pressures due to oil and food products are seen to ease.

Outlook for rural banks positive

RURAL BANKS remain strong and profitable this year despite the closure of several players, the Bangko Sentral ng Pilipinas (BSP) said, with lenders actively looking to tap digital solutions to expand their operations.

BSP to set up CSF in Dinagat Islands

THE BANGKO SENTRAL ng Pilipinas (BSP) will open a new credit facility in Dinagat Islands this week, which is expected to help small businesses gain access to bank financing.

Economic growth expected to fall short of target

OVERALL economic growth will likely fall short of the official target this year, according to the country’s Finance chief and a financial and investment advisor, partly due to quickening inflation even as infrastructure development should pick up steam.

BSP can hold fire on rates even as inflation peaks

THE Bangko Sentral ng Pilipinas (BSP) has sufficient leeway to hold fire on policy rates this month even with higher inflation in August, a bank analyst said.

Poll sees fresh multiyear-high inflation

INFLATION likely zoomed to a fresh multi-year high in August due largely to higher food costs, analysts said in a BusinessWorld poll, boosting the case for another rate hike this month to douse surging prices.

Fiscal perks overhaul seen keeping investors on edge

THE PHILIPPINES still receives the least foreign direct investments (FDI) among Southeast Asian nations, a global bank has noted, pinning the blame on constitutional restrictions and uncertainty over a new system for tax perks.

Central bank flags even faster August inflation

THE OVERALL INCREASE in prices of widely used goods likely clock in around 5.9% in August — marking a fresh multiyear high — the Bangko Sentral ng Pilipinas (BSP) said in a statement on Friday, noting that food and utility costs maintained their ascent.

Money supply growth slows in July

GROWTH of money supply eased to its slowest pace in nearly three years in July amid smaller reserves held by the Bangko Sentral ng Pilipinas (BSP), even as bank lending accelerated in the same month.

Malaysia debt watcher raises Philippine rating further into investment grade

THE PHILIPPINES bagged a credit rating upgrade from a Malaysian debt watcher, which cited progress on the infrastructure front and reforms which are expected to help sustain economic growth.

Philippines seeks fresh China funds for studies on 12 big projects

THE PHILIPPINES has made a fresh bid for Chinese grants for studies on planned inter-island bridges as well as Mindanao’s first railway, the Department of Finance (DoF) announced in a statement on Friday.

BSP beefs up cybersecurity safeguards

THE BANGKO SENTRAL ng Pilipinas (BSP) will soon require banks to promptly report cybersecurity breaches, as the regulator tightens its watch on digital platforms.

BSP seen needing two more rate hikes in 2018

THE CENTRAL BANK will need at least two more rate hikes this year to keep local yields competitive and address inflation concerns “nervousness” in the global markets, a Danish international banker said.

FMIC, UA&P see faster economic growth this semester

ECONOMIC GROWTH can be expected to pick up this semester, though it may be nowhere near the 7.7% needed for gross domestic product (GDP) to hit the lower end of the government’s 7-8% full-year target, according to the latest joint assessment of First Metro Investment Corp. (FMIC) and the University of Asia and the Pacific (UA&P).

TDF yields climb after central bank’s rate hike

YIELDS FETCHED for term deposits moved higher this week, in line with the central bank’s expectations, following an aggressive rate hike which took effect early this month.

Maiden report flags key financial risks

THE CENTRAL BANK plans to roll out three new measures in a bid to better manage debt-related risks, at a time rising interest rates and exchange rate movements have been bumping up repayment costs.

Central bank keeps door open to more tightening

FURTHER policy tightening remains an option for the Bangko Sentral ng Pilipinas (BSP) as it seeks to temper overall price movements, BSP Governor Nestor A. Espenilla, Jr. said on Tuesday.

Instant loans ain’t cheap: The cost of convenience

PICTURE this: a family emergency crops up, and with it comes the urgent need for a few thousand pesos to save the day. Who do you run to?

Statistics body: GDP rebasing to wait

THE PHILIPPINE STATISTICS AUTHORITY (PSA) will hold off till 2020 the use of a new baseline for measuring economic growth.

Thrift banks’ NPLs up at end-June

SOURED DEBTS held by thrift banks continued to climb in June to take a bigger share in loans for retail borrowers, latest central bank data showed.

S&P says Q2 slack a mere ‘setback’

S&P GLOBAL RATINGS has kept its 6.7% Philippine growth forecast this year despite last quarter’s slower-than-expected expansion, amid signs that the economy’s “strength” remains intact.

Economic managers to meet on economic impact of federal shift

ECONOMIC MANAGERS of President Rodrigo R. Duterte will meet this week to assess economic implications of the planned shift to a federal system of government in order to come up with a uniform position on this issue.

Gov’t eyes pilot run for national ID system in December

AUTHORITIES will start a pilot run to register residents under the Philippine ID System (PhilSys) in December, as they look to start with households receiving cash transfers from government.

PHL to fast-track implementation of China-funded projects

THE Philippine government assured China on the speedy rollout of grant-funded projects during their meeting in Beijing this week, with the focus on two major railways in Luzon.

PNB’s Maclang to retire

PHILIPPINE National Bank (PNB) President Reynaldo A. Maclang will retire from his post mid-November, to be replaced by a bank executive from a global bank.

Peso inches higher on profit-taking

THE PESO gained some strength on Friday as investors took their profits from a stronger dollar earlier this week, although trading remained quiet due to lack of leads.

Moody’s flags capital outflow pressure

THE PHILIPPINES and other emerging markets are likely to see more outbound capital at a time of rising global yields and an ongoing trade dispute between the United States and China, a credit rater warned on Thursday.

Central bank sets Sept. 30 deadline for foreign borrowing plans

THE BANGKO SENTRAL ng Pilipinas (BSP) has given the government and businesses until next month to submit their offshore borrowing plans for 2019.

Banks’ bad debts grow slightly as of end-June

BAD DEBTS held by big banks increased slightly as of end-June, even as they accounted for a smaller share of total loans amid a growing portfolio, according to latest available central bank data.

Yields on term deposits rise on strong demand

YIELDS ON term deposits continued to inch higher this week amid robust demand as banks continue to sit on piles of excess cash.