Philippine banks unlikely to face significant risks from FX volatility
PHILIPPINE BANKS are unlikely to face significant risks from foreign exchange volatility as their dollar exposures are low, analysts from Moody’s Investors Service and Fitch Ratings said.
Ex-Wirecard boss goes on trial for fraud
MUNICH — The trial begins on Thursday of the former Wirecard chief executive who steered the payments company through its rise and spectacular collapse two years ago in a fraud scandal that shook German politics and tarnished the country’s business reputation.
Manulife Philippines launches online platform
THE MANUFACTURERS LIFE Insurance Co. (Phils.), Inc. (Manulife Philippines) launched its online shop on Wednesday as more customers go digital.
Indonesia to allow former politicians to head central bank, financial regulator
INDONESIA’S parliament and government have agreed on a clause in a new financial bill to allow former politicians to stand as central bank governor, three sources familiar with the discussions told Reuters.
Sovereign wealth fund: a governance issue
By Benel D. Lagua
THE talk of the town these days is the proposed sovereign wealth fund (SWF). Briefly, the SWF will be capitalized at P250 billion and is supposed to promote economic development, strengthen the national budget and boost citizen savings.
Lawmakers eye BSP profits as wealth fund source
Philippine lawmakers are looking to tap central bank profits to seed a proposed sovereign wealth fund, after an earlier plan to use pension funds...
TDF rates rise as inflation hits 14-year high in Nov.
YIELDS on the central bank’s term deposits rose on Wednesday as inflation hit a 14-year high in November, which may prompt the Bangko Sentral ng Pilipinas (BSP) to continue raising borrowing costs.
BPI looking to raise P5 billion from 1.5-year bonds next month
BANK of the Philippine Islands (BPI) is looking to raise P5 billion from 1.5-year bonds to be offered next month, with the proceeds to go to funding requirements for small businesses.
BSP’s rediscount window left untouched last month
PHILIPPINE BANKS did not tap the rediscount facility of the central bank in November amid easing bad loans, continued recovery in credit growth, and ample liquidity in financial markets.
Peso rises on oil’s decline
THE PESO strengthened further against the dollar on Wednesday on lower global oil prices and better Philippine employment and factory data.
Gov’t fully awards bond offer on strong demand, dovish BSP bets
THE GOVERNMENT fully awarded the reissued 25-year Treasury bonds (T-bonds) it offered on Tuesday at a lower average rate amid strong demand and even as inflation reached a fresh peak in November.
HSBC Philippines set to absorb retail banking arm
HSBC PHILIPPINES is set to absorb its retail banking unit HSBC Savings Bank as the lender aims to streamline its operations in the country.