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Cash remittances up in 1st half despite June fall amid smaller...

CASH remittances slipped to a two-month low in June due to smaller flows from the Middle East, the Bangko Sentral ng Pilipinas (BSP) reported on Tuesday.

Central bank sticks to outlook of slower inflation by Q4

INFLATION should peak in the next two months before slowing closer to target, the country’s central bank chief said, noting that tax-related price pressures have been “tapering off.”

TDF yields rise to all-time highs

YIELDS on term deposits soared to all-time highs this week as banks scrambled to park their idle funds under the Bangko Sentral ng Pilipinas (BSP), taking advantage of higher accepted margins following a strong rate hike last week.

Fitch: Rate hikes could weigh on growth

THE CENTRAL BANK’s stronger tightening step last week could initially dampen growth, a Fitch Ratings analyst said, although robust domestic demand should continue to support expansion.

HSBC to roll out more digital services for firms

THE HONG KONG and Shanghai Banking Corp. (HSBC) is looking to roll out more mobile services to corporate clients in the Philippines over the coming year, following a jump in its credit card business secured through digital platforms.

BSP: PHL well-armed vs risk from Turkey

THE PHILIPPINES is well-armed with enough buffers to stay resilient to global shocks, the central bank chief said on Monday, amid fears that market turmoil over Turkey’s economic woes has begun to spill into emerging economies in Asia.

FDI inflows expected to yield long-term economic benefits

THE RECENT SURGE in foreign direct investments (FDI) should help fuel merchandise export growth “two or three years from now,” providing added impetus for overall economic expansion to pick up, the chief of the Bangko Sentral ng Pilipinas (BSP) said.

BSP’s Monetary Board shuts down Rural Bank of Pagbilao’s operations

THE CENTRAL BANK has ordered another provincial bank to shut down its operations, marking the eighth lender to fold this year.

IMF: Slower Q2 growth still ‘respectable’

ECONOMIC GROWTH remains “respectable” despite slowing sharply in the second quarter, the International Monetary Fund (IMF) said over the weekend, welcoming last week’s aggressive interest rate hike as a necessary policy step.

BSP eases rules for bank fund raising via bonds

BANKS can now raise fresh capital via corporate bonds with greater ease starting this month, as new rules do away with having to secure approval from the Bangko Sentral ng Pilipinas (BSP).

May FDI data bare continued investor confidence

FOREIGN DIRECT INVESTMENT (FDI) net inflows to the Philippines more than doubled in May from a year ago to a seven-month high, the Bangko Sentral ng Pilipinas (BSP) reported on Friday.

Banks to outperform Asian lenders as interest margins widen

PHILIPPINE BANKS will continue to outperform their Asian peers given wider interest margins, with a more aggressive rate hike from the Bangko Sentral ng Pilipinas (BSP) to give lenders another boost.

RCBC net income slips in first semester

RIZAL Commercial Banking Corp. (RCBC) posted a P2.2-billion net income as of end-June, fuelled by steady growth in its core businesses but dampened by lower trading gains.

UnionBank to conduct P10-billion SRO next month

UNIONBANK of the Philippines will proceed with its planned stock rights offer next month, as it works to raise fresh capital to support expansion.

Peso slips ahead of key US data

THE PESO slipped versus the dollar on Friday to its weakest in a week, as investors await the turnout of key economic data in the United States and further hints on its ongoing trade war with China.

Central bank fires off third rate hike

THE Bangko Sentral ng Pilipinas (BSP) raised rates anew yesterday in a more aggressive move as expected, to temper inflation amid signals that prices could remain elevated until next year.

Q2 GDP growth slowdown threatens full-year target

THE Philippine economy grew to its slowest pace in three years in the second quarter, leading some analysts to downgrade their forecasts despite the country remaining as one of Asia’s fastest-growing economies.

Philippines’ FX reserves slip in July

THE COUNTRY’s foreign exchange reserves dipped to a fresh six-year low in July as the Bangko Sentral ng Pilipinas (BSP) tapped the pool of funds to defend the local currency.

Term deposits attract demand

BANKS continued to crowd the one-week term deposits offered by the Bangko Sentral ng Pilipinas (BSP) this week, as players await the regulator’s decision on interest rates today.

Big banks post better earnings

BIG BANKS in the Philippines managed to grow their bottom lines during the first half of 2018 at a time of rising interest rates and bigger tax dues, latest central bank data showed.

July inflation boosts rate hike odds

INFLATION surged faster than market expectations in July to clock a fresh multi-year high, the Philippine Statistics Authority (PSA) reported on Tuesday, increasing the odds of an aggressive interest rate hike from the central bank on Thursday.

Gov’t all set for samurai bond sale

THE GOVERNMENT will soon proceed with its planned sale of yen-denominated bonds as it seeks to avail of favorable rates amid strong demand before the Aug. 11-Sept. 9 “ghost month” is well under way, a senior official who asked not to be identified told reporters on Tuesday.

Shifting gov’t fund releases to boost electronic payments

SHIFTING government fund releases to digital channels will give a substantial boost to electronic payments, the central bank chief said, but flagged that connectivity issues remain a barrier to adoption.

BSP considering the possibility of issuing digital currencies

THE BANGKO SENTRAL ng Pilipinas (BSP) is looking into the possibility of issuing digital currencies at a time of increasing use, although industry experts cautioned that doing so could disrupt monetary policy operations.

Standard Chartered sees BSP hiking rates by 25bps this week

THE CENTRAL BANK may find room to raise rates by just 25 basis points (bp) this week, a bank analyst said, provided it comes with a hawkish statement from policy makers in order to temper further price pressures.

Economists expect fresh rate hike

THE BANGKO SENTRAL ng Pilipinas (BSP) will most likely raise benchmark interest rates anew this week as inflation can be expected to have spiked further in July, analysts said in a BusinessWorld poll, with some noting there is room for a 50-basis-point (bp) hike to ease price pressures.

New reporting standards for banks in effect

NEW REPORTING RULES for banks and financial firms will formally take effect this year, which stand as the equivalent of global standards for pricing financial instruments.

Monetary Board orders closure of 2 rural banks

THE BANGKO SENTRAL ng Pilipinas (BSP) has shut down two rural banks last week as the regulator cracks down on more problem lenders.

Banks increase real property exposure as of March, but growth slows

BANKS handed out more real estate loans as of March, although growth eased from a year ago as the central bank tightened its watch on the sector.

Nomura estimates July inflation at 5.6%

INFLATION likely rose to 5.6% in July led by higher electricity rates and rice prices plus higher taxes on cigarettes, Nomura said, noting that the extent of the indicator’s rise would merit a stronger response from the Bangko Sentral ng Pilipinas (BSP).

Moody’s says fresh rate hike should help temper ‘imported’ inflation

ADDITIONAL rate hikes from the central bank will temper exchange rate movements and outbound capital flows, Moody’s Investors Service said, against a backdrop of a resilient and fast-growing economy.

Yields on term deposits drop as demand shifts to shorter tenors

DEMAND for term deposits shifted towards shorter tenors yesterday, driving yields slightly lower ahead of monetary policy decisions in the United States and in the Philippines.

BSP sees July inflation still past 5%

PRICES of widely used goods likely sustained their overall increase past an official full-year target in July, the Bangko Sentral ng Pilipinas (BSP) said on Tuesday.

Increase in money supply slows

MONEY SUPPLY continued to grow in June — although at a slower pace — amid a tempered increase in bank lending, the Bangko Sentral ng Pilipinas (BSP) reported on Tuesday.

Clear but adaptive regulations on blockchain sought

REGULATORS should adopt a clear but adaptive set of rules on the use of blockchain, industry experts said, with the Philippines currently well-positioned to be a global leader in adopting the new technology.

BSP forms fintech unit

THE BANGKO SENTRAL ng Pilipinas (BSP) has formed a new unit to oversee financial technology (fintech) companies, as the regulator keeps up with increased digital payments.

Robinsons Bank sees loan growth slowing

ROBINSONS BANK expects lending growth to ease this year, and is now recalibrating loan margins for a higher interest-rate environment.

IMF expects wider current account gap

THE International Monetary Fund (IMF) expects the Philippines’ external position to log a bigger deficit this year, although the central bank chief said the level will remain manageable and supportive of further economic growth.

Treasury bills, 20-year T-bonds expected to fetch higher rates

GOVERNMENT SECURITIES on offer this week will likely fetch higher rates, with the Bureau of the Treasury (BTr) expected to reject all bids for the 20-year papers, as investors continue to wait for the local central bank to raise interest rates anew.

Banks given two months to gear up for InstaPay

BANKS are given two months to get their online platforms ready to do real-time fund transfers under InstaPay, an industry official said, with only nine banks currently offering the full service.

Monetary Board orders closure of Bangko Buena

THE MONETARY BOARD has shuttered a rural bank based in Iloilo, marking the fifth lender to fold this year.

BSP simplifies rules for banks’ bond floats

THE CENTRAL BANK has simplified rules for lenders issuing bonds to raise additional capital, its chief said, which is expected to replace long-term note offerings.

Central bank eyes ‘national QR code’ for retail payments

THE BANGKO SENTRAL ng Pilipinas (BSP) will require financial firms to use a standard design for quick response (QR) codes to allow simpler transactions across service providers.

BDO books flat first-half net income

SY-LED BDO Unibank, Inc. reported a P13.1-billion net income as of end-June, slipping from a year ago amid lower non-interest gains and bigger operating costs.

Peso climbs on hawkish BSP

THE PESO gained strength versus the dollar on Friday, with hawkish remarks from the Bangko Sentral ng Pilipinas (BSP) boosting the currency to a one-month high.